Capgemini stock: Higher outlook meets slower core growth
Published on 11/11/2026 at 10:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth Target Meets Core Business Caution
- Capgemini raised its 2026 constant-currency revenue growth target after third-quarter revenue increased strongly.
- Applications and Technology growth slowed, while acquired businesses drove much of the expansion.
- Operating margin and organic free cash flow targets remained unchanged.
Capgemini raised its 2026 revenue growth outlook on October 30, according to Investing.com. The consulting and technology group now expects constant-currency revenue growth of 9% to 9.5% in 2026, compared with its previous target of about 8.5% to 9%.
Third-quarter revenue reached 6.07 billion euros, up 11.7% at constant exchange rates and 12.6% at current exchange rates. Nine-month revenue rose 11.4% at constant exchange rates to 18.16 billion euros, but bookings increased only 3.4% to 5.40 billion euros, down from 6.2% growth in the first quarter.
Acquisitions Drive Reported Expansion
The growth mix remains uneven. Applications and Technology, Capgemini's core business and 63% of 2025 group revenue, grew 3.5%, slowing from 5.3% in the second quarter. Demand for legacy-technology modernization supported the division, while the softer bookings trend points to a more selective customer environment.
Operations and Engineering grew 26.9%, supported by double-digit like-for-like growth in Intelligent Business Operations. Strategy and Transformation increased 18.6%. The WNS and Cloud4C acquisitions, which closed in the fourth quarter of 2025, contributed materially in North America, the United Kingdom and Ireland, and Asia-Pacific.
Margins Remain A Key Test
Capgemini kept its operating margin target at 13.6% to 13.8% and its organic free cash flow target at 1.8 billion to 1.9 billion euros. The cash-flow range includes about 200 million euros of additional restructuring cash outflow linked to the Fit-for-Growth program. Chief Executive Aiman Ezzat said the fourth-quarter growth target of 3% to 4% at constant exchange rates is set against a higher comparison base.
Capgemini stock traded at 123.20 euros on Lang & Schwarz at 10:04 CET on Wednesday, November 11. The combination of a higher group outlook and slower underlying Applications and Technology growth leaves execution, acquisition integration and cash conversion as the key issues for investors.
Capgemini stock at a glance
- Company: Capgemini SE
- ISIN: FR0000125338
- Trading venue: Lang & Schwarz
- Quote: 123.20 euros at 10:04 CET on November 11, 2026
- Latest business update: Third-quarter 2026 results and raised full-year outlook
France's technology sector remains sensitive to corporate technology budgets, artificial intelligence investment and demand for modernization. Current CAC 40 market reports provide the broader French equity-market context.
