Accenture 10-Q 2025-11-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2025

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission File Number: 001-34448

Accenture plc

(Exact name of registrant as specified in its charter)

Ireland			98-0627530
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1 Grand Canal Square,

Grand Canal Harbour,

Dublin 2, Ireland

(Address of principal executive offices)

(353) (1) 646-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A ordinary shares, par value $0.0000225 per share			ACN			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☑			Accelerated filer			☐			Non-accelerated filer			☐
Smaller reporting company			☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of December 4, 2025 was 660,432,542 (which number includes 45,125,788 issued shares held by the registrant). The number of shares of the registrant’s Class X ordinary shares, par value $0.0000225 per share, outstanding as of December 4, 2025 was 302,358.

Table of Contents

						Page
Part I.			Financial Information			3
Item 1.			Financial Statements			3
			Consolidated Balance Sheets as of November 30, 2025 (Unaudited) and August 31, 2025			3
			Consolidated Income Statements (Unaudited) for the three months ended November 30, 2025 and 2024			4
			Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended November 30, 2025 and 2024			5
			Consolidated Shareholders’ Equity Statement (Unaudited) for the three months ended November 30, 2025 and 2024			6
			Consolidated Cash Flows Statements (Unaudited) for the three months ended November 30, 2025 and 2024			8
			Notes to Consolidated Financial Statements (Unaudited)			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			21
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.			Controls and Procedures			31
Part II.			Other Information			32
Item 1.			Legal Proceedings			32
Item 1A.			Risk Factors			32
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			32
Item 3.			Defaults Upon Senior Securities			32
Item 4.			Mine Safety Disclosures			33
Item 5.			Other Information			33
Item 6.			Exhibits			33
Signatures						34

Table of Contents						Consolidated Financial Statements (In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q						3

Part I — Financial Information

Consolidated Balance Sheets

November 30, 2025 and August 31, 2025

			November 30, 2025						August 31, 2025
ASSETS			(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents			$	9,649,405					$	11,478,729
Short-term investments			5,906						5,945
Receivables and contract assets			16,006,709						14,985,073
Other current assets			2,404,674						2,430,942
Total current assets			28,066,694						28,900,689
NON-CURRENT ASSETS:
Contract assets			188,147						180,362
Investments			803,000						721,260
Property and equipment, net			1,558,316						1,566,374
Lease assets			2,758,958						2,740,321
Goodwill			22,621,663						22,536,416
Deferred contract costs			1,045,856						1,025,391
Deferred tax assets			3,690,039						3,791,215
Intangibles			2,331,615						2,410,755
Other non-current assets			1,634,175						1,522,114
Total non-current assets			36,631,769						36,494,208
TOTAL ASSETS			$	64,698,463					$	65,394,897
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings			$	113,676					$	114,484
Accounts payable			2,971,647						2,695,589
Deferred revenues			5,494,732						6,073,170
Accrued payroll and related benefits			7,937,214						8,084,214
Income taxes payable			665,737						701,219
Lease liabilities			729,244						729,003
Other accrued liabilities			1,984,271						1,954,418
Total current liabilities			19,896,521						20,352,097
NON-CURRENT LIABILITIES:
Long-term debt			5,031,646						5,034,169
Deferred revenues			727,393						642,361
Retirement obligation			1,828,303						1,858,499
Deferred tax liabilities			459,236						471,931
Income taxes payable			1,329,110						1,291,921
Lease liabilities			2,327,433						2,305,210
Other non-current liabilities			1,176,539						1,197,742
Total non-current liabilities			12,879,660						12,801,833
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of November 30, 2025 and August 31, 2025			57						57
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 660,352,923 and 657,964,764 shares issued as of November 30, 2025 and August 31, 2025, respectively			15						14
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 302,358 shares issued and outstanding as of November 30, 2025 and August 31, 2025,			—						—
Restricted share units			2,954,675						2,790,652
Additional paid-in capital			17,236,636						16,603,344
Treasury shares, at cost: Ordinary, 40,000 shares as of November 30, 2025 and August 31, 2025; Class A ordinary, 44,997,383 and 36,108,842 shares as of November 30, 2025 and August 31, 2025, respectively			(9,875,573)						(7,751,973)
Retained earnings			22,148,070						21,018,731
Accumulated other comprehensive loss			(1,596,377)						(1,465,379)
Total Accenture plc shareholders’ equity			30,867,503						31,195,446
Noncontrolling interests			1,054,779						1,045,521
Total shareholders’ equity			31,922,282						32,240,967
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	64,698,463					$	65,394,897

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						Consolidated Financial Statements (In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q						4

Consolidated Income Statements

For the Three Months Ended November 30, 2025 and 2024

(Unaudited)

			2025						2024
REVENUES:
Revenues			$	18,742,125					$	17,689,545
OPERATING EXPENSES:
Cost of services			12,545,007						11,866,716
Sales and marketing			1,874,932						1,811,109
General and administrative costs			1,140,947						1,063,243
Business optimization costs			307,541						—
Total operating expenses			15,868,427						14,741,068
OPERATING INCOME			2,873,698						2,948,477
Interest income			106,223						76,027
Interest expense			(65,365)						(30,042)
Other income (expense), net			53,114						(39,217)
INCOME BEFORE INCOME TAXES			2,967,670						2,955,245
Income tax expense			725,774						639,055
NET INCOME			2,241,896						2,316,190
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.			(2,083)						(2,170)
Net income attributable to noncontrolling interests – other			(28,252)						(35,126)
**NET

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The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended August 31, 2025, and with the information under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended August 31, 2025.

We use the terms “Accenture,” “we,” “our” and “us” in this report to refer to Accenture plc and its subsidiaries. All references to years, unless otherwise noted, refer to our fiscal year, which ends on August 31. For example, a reference to “fiscal 2026” means the 12-month period that will end on August 31, 2026. All references to quarters, unless otherwise noted, refer to the quarters of our fiscal year.

We use the term “in local currency” so that certain financial results may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Financial results “in local currency” are calculated by restating current period activity into U.S. dollars using the comparable prior year period’s foreign currency exchange rates. This approach is used for all results where the functional currency is not the U.S. dollar.

Disclosure Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “aspires,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook,” “goal,” “target,” and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to those identified below.

Business Risks

• Our results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and geopolitical conditions and the effects of these conditions on our clients’ businesses and levels of business activity.

• Our business depends on generating and maintaining client demand for our solutions and services, including through the adaptation and expansion of our solutions and services in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect our results of operations.

• Risks and uncertainties related to the development and use of AI, including advanced AI, could harm our business, damage our reputation or give rise to legal or regulatory action.

• If we are unable to match people and their skills with client demand around the world and attract and retain professionals with strong leadership skills, our business, the utilization rate of our professionals and our results of operations may be materially adversely affected.

• We face legal, reputational and financial risks from any failure to protect client and/or Accenture data from security incidents or cyberattacks.

• The markets in which we operate are highly competitive, and we might not be able to compete effectively.

• If we do not successfully manage and develop our relationships with our ecosystem partners or if we fail to anticipate and establish new alliances in new technologies, our results of operations could be adversely affected.

• Our ability to attract and retain business and employees may depend on our reputation in the marketplace.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			22

Financial Risks

• Our profitability could materially suffer due to pricing pressure, if we are unable to remain competitive, if our cost-management strategies are unsuccessful or if we experience delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels.

• Changes in our level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on our effective tax rate, results of operations, cash flows and financial condition.

• Our results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates.

• Our debt obligations could adversely affect our business and financial condition.

Operational Risks

• As a result of our geographically diverse operations and our strategy to continue to grow in our key markets around the world, we are more susceptible to certain risks.

• If we are unable to manage the organizational challenges associated with our size, we might be unable to achieve our business objectives.

• We might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses.

Legal and Regulatory Risks

• Our business could be materially adversely affected if we incur legal liability.

• Our work with government clients exposes us to additional risks inherent in the government contracting environment.

• Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, and violation of these regulations could harm our business.

• If we are unable to protect or enforce our intellectual property rights, or if our solutions or services infringe upon the intellectual property rights of others or we lose our ability to utilize the intellectual property of others, our business could be adversely affected.

• We are incorporated in Ireland and Irish law differs from the laws in effect in the United States and might afford less protection to our shareholders. We may also be subject to criticism and negative publicity related to our incorporation in Ireland.

For a more detailed discussion of these factors, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2025. Our forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to update any forward-looking statements.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23

Overview

Accenture is a leading solutions and services company that helps enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together our people, proprietary assets and platforms, and deep ecosystem relationships. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. We serve clients in three geographic markets: the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific.

Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, new and rapidly changing technologies, and levels of business confidence. We continue to see significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business. While the discretionary environment is unchanged, clients continue to prioritize large-scale transformations, which include becoming AI-ready.

Key Metrics

Key metrics for the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 are included below. We have presented operating income, operating margin, effective tax rate and diluted earnings per share for the first quarter of fiscal 2026 on a non-GAAP or “adjusted” basis to exclude the impact of $308 million in business optimization costs recorded during the quarter. For additional information regarding our business optimization actions and related costs, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

• Revenues of $18.7 billion, an increase of 6% in U.S. dollars and 5% in local currency;

• New bookings of $20.9 billion, an increase of 12% in U.S. dollars and 10% in local currency;

• Operating margin of 15.3%, compared to operating margin of 16.7% in the first quarter of fiscal 2025; adjusted operating margin was 17.0%.

• Diluted earnings per share of $3.54, compared to diluted earnings per share of $3.59, a 1% decrease from the first quarter of fiscal 2025; adjusted earnings per share increased 10% to $3.94; and

• Cash returned to shareholders of $3.3 billion, including dividends of $1.0 billion and share purchases of $2.3 billion.

Revenues

						Three Months Ended									Percent Increase (Decrease) U.S. Dollars						Percent Increase (Decrease) Local Currency									Percent of Revenues for the Three Months Ended
(in billions of U.S. dollars)						November 30, 2025			November 30, 2024												November 30, 2025						November 30, 2024
Geographic Markets			Americas			$	9.1		$	8.7					4		%				4		%							48		%				49		%
EMEA			6.9			6.4						8						4									37						36
Asia Pacific			2.7			2.5						7						9									15						14
Total Revenues			$	18.7		$	17.7					6		%				5		%							100		%				100		%
Industry Groups			Communications, Media & Technology			$	3.1		$	2.9					9		%				8		%							17		%				16		%
Financial Services			3.6			3.2						14						12									19						18
Health & Public Service			3.8			3.8						—						(1)									20						22
Products			5.7			5.4						6						4									31						31
Resources			2.5			2.4						3						2									13						14
Total Revenues			$	18.7		$	17.7					6		%				5		%							100		%				100		%
Type of Work			Consulting			$	9.4		$	9.0					4		%				3		%							50		%				51		%
Managed Services			9.3			8.6						8						7									50						49
Total Revenues			$	18.7		$	17.7					6		%				5		%							100		%				100		%

Amounts in table may not total due to rounding.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24

Revenues for the first quarter of fiscal 2026 increased 6% in U.S. dollars and 5% in local currency compared to the first quarter of fiscal 2025. During the first quarter of fiscal 2026, revenue growth in local currency was very strong in Asia Pacific and solid in the Americas and EMEA. We experienced local currency revenue growth that was very strong in Financial Services and Communications, Media & Technology, solid in Products and modest in Resources, partially offset by a slight decline in Health & Public Service. Revenue growth in local currency was strong in managed services and modest in consulting. While the business environment remained competitive, pricing improved in several areas of our business. We define pricing as the contract profitability or margin on the work that we sell.

In our consulting business, revenues for the first quarter of fiscal 2026 increased 4% in U.S. dollars and 3% in local currency compared to the first quarter of fiscal 2025. Consulting revenue growth in local currency for the first quarter of fiscal 2026 was driven by strong growth in Asia Pacific, modest growth in the Americas and slight growth in EMEA. Our consulting revenue continues to be driven by helping our clients accelerate their reinvention, leveraging cloud, enterprise platforms, security, AI and data, including advanced AI, as well as our change capabilities to help clients build new skills and drive the successful adoption of new processes and technologies. In addition, clients continue to be focused on initiatives designed to deliver cost savings, supply chain and operational resilience, as well as to accelerate growth and improve customer experiences. While we continue to experience demand for these services, we are seeing a slower pace and level of client spending, particularly for smaller contracts with a shorter duration.

In our managed services business, revenues for the first quarter of fiscal 2026 increased 8% in U.S. dollars and 7% in local currency compared to the first quarter of fiscal 2025. Managed services revenue growth in local currency for the first quarter of fiscal 2026 was driven by very strong growth in Asia Pacific and strong growth in EMEA and the Americas. We continue to experience growing demand to assist clients with reinvented operations, application development and maintenance, and infrastructure management including cloud and security. Clients continue to be focused on transforming their operations through technology, AI and data, and leveraging our proprietary assets and platforms and talent to drive productivity and cost savings.

As we are a global company, our revenues are denominated in multiple currencies and may be significantly affected by currency exchange rate fluctuations. While a significant portion of our revenues are in U.S. dollars, the majority of our revenues are denominated in other currencies, including the Euro, Japanese yen and U.K. pound. There continues to be volatility in foreign currency exchange rates. Unfavorable fluctuations in foreign currency exchange rates have had and could in the future have a material effect on our financial results. If the U.S. dollar weakens against other currencies, resulting in favorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be higher. If the U.S. dollar strengthens against other currencies, resulting in unfavorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be lower. The U.S. dollar weakened against various currencies during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025, resulting in favorable currency translation and U.S. dollar revenue growth that was 1.4% higher than our revenue growth in local currency. Assuming that exchange rates stay within recent ranges for the remainder of fiscal 2026, we estimate that our full fiscal 2026 revenue growth in U.S. dollars will be approximately 2% higher than our revenue growth in local currency.

People Metrics

Utilization						Workforce						Annualized Voluntary Attrition
93%						784,000						13%
compared to 91% in the first quarter of fiscal 2025						compared to approximately 799,000 as of November 30, 2024						compared to 12% in the first quarter of fiscal 2025

Utilization for the first quarter of fiscal 2026 was 93%, compared to 91% in the first quarter of fiscal 2025. We hire to meet current and projected future demand. We proactively plan and manage the size and composition of our workforce and take actions as needed to address changes in the anticipated demand for our solutions and services, given that compensation costs are the most significant portion of our operating expenses. Our workforce, the majority of which serves our clients, was approximately 784,000 as of November 30, 2025, compared to approximately 779,000 as of August 31, 2025 and 799,000 as of November 30, 2024.

For the first quarter of fiscal 2026, annualized attrition, excluding involuntary terminations, was 13% compared to 12% in the first quarter of fiscal 2025. We evaluate voluntary attrition, adjust levels of new hiring and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25

In addition, we adjust compensation to provide market relevant pay based on the skills of our people and locations where we operate. We also consider a variety of factors, including the macroeconomic environment, in making our decisions around pay and benefits. We strive to adjust pricing as well as drive cost and delivery efficiencies, such as changing the mix of people and utilizing technology, to reduce the impact of compensation increases on our margin and contract profitability.

Our ability to grow our revenues and maintain or increase our margin could be adversely affected if we are unable to: match people and skills with the types or amounts of solutions and services clients are demanding; recover or offset (increases) in compensation; deploy our employees globally on a timely basis; manage attrition; and/or effectively assimilate new employees.

New Bookings

						Three Months Ended									Percent Increase (Decrease) U.S. Dollars						Percent Increase (Decrease) Local Currency
(in billions of U.S. dollars)						November 30, 2025			November 30, 2024
Consulting						$	9.9		$	9.2					7		%				5		%
Managed Services						11.1			9.5						17		%				15		%
Total New Bookings						$	20.9		$	18.7					12		%				10		%

Amounts in table may not total due to rounding.

We provide information regarding our new bookings, which include new contracts, including those acquired through acquisitions, as well as renewals, extensions and changes to existing contracts, because we believe doing so provides useful trend information regarding changes in the volume of our new business over time. New bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large managed services contracts. The types of solutions and services clients are demanding and the pace and level of their spending may impact the conversion of new bookings to revenues. For example, managed services bookings, which are typically for multi-year contracts, generally convert to revenue over a longer period of time compared to consulting bookings.

Information regarding our new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. New bookings involve estimates and judgments. There are no third-party standards or requirements governing the calculation of bookings. We do not update our new bookings for material subsequent terminations or reductions related to bookings originally recorded in prior fiscal years. New bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations.

The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Only the non-cancelable portion of these contracts is included in our remaining performance obligations disclosed in Note 2 (Revenues) to our Consolidated Financial Statements under Item 1, “Financial Statements.” Accordingly, a significant portion of what we consider contract bookings is not included in our remaining performance obligations.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			26

Results of Operations for the Three Months Ended November 30, 2025 Compared to the Three Months Ended November 30, 2024

Revenues

Revenues by geographic market, industry group and type of work are as follows:

			Three Months Ended									Percent Increase (Decrease) U.S. Dollars			Percent Increase (Decrease) Local Currency
(in millions of U.S. dollars)			November 30, 2025			November 30, 2024
Geographic Markets
Americas			$	9,080		$	8,733					4		%	4		%
EMEA			6,935			6,412						8			4
Asia Pacific			2,727			2,544						7			9
Total			$	18,742		$	17,690					6		%	5		%
Industry Groups
Communications, Media & Technology			$	3,102		$	2,858					9		%	8		%
Financial Services			3,602			3,169						14			12
Health & Public Service			3,797			3,813						—			(1)
Products			5,741			5,425						6			4
Resources			2,499			2,425						3			2
Total			$	18,742		$	17,690					6		%	5		%
Type of Work
Consulting			$	9,415		$	9,045					4		%	3		%
Managed Services			9,328			8,644						8			7
Total			$	18,742		$	17,690					6		%	5		%

Amounts in table may not total due to rounding.

Geographic Markets

The following revenues commentary discusses the primary drivers of local currency revenue changes by geographic market for the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025:

• Americas revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Industrials and Software & Platforms, partially offset by a decline in Public Service, driven by our U.S. federal business. Revenue growth was driven by the United States.

• EMEA revenues increased 4% in local currency, led by growth in Banking & Capital Markets, Insurance and Life Sciences. Revenue growth was driven by the United Kingdom and Italy.

• Asia Pacific revenues increased 9% in local currency, led by growth in Banking & Capital Markets, Communications & Media and Public Service. Revenue growth was driven by Japan and Australia.

Operating Expenses

Operating expenses for the first quarter of fiscal 2026 increased $1,127 million, or 8%, compared to the first quarter of fiscal 2025, and increased as a percentage of revenues to 84.7% from 83.3% during the first quarter of fiscal 2025.

The primary categories of operating expenses include Cost of services, Sales and marketing and General and administrative costs. Cost of services is primarily driven by the cost of people serving our clients, which consists mainly of compensation and other payroll costs, as well as non-payroll costs such as subcontractors, facilities, technology and travel. Cost of services and the related gross margin may be impacted by several factors, including contract profitability, which includes the pricing on the work that we sell, as well as by the investments we make in our business, such as research and development to build assets, platforms and industry and functional solutions and strategic acquisitions, as well as in our people, such as total rewards and learning and professional development. Sales and marketing costs are driven primarily by compensation costs for business development activities; marketing- and advertising-related activities; and certain acquisition-related costs. General and administrative costs primarily include costs for people that are non-client-facing, information systems, office space and certain acquisition-related costs.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			27

Operating expenses by category are as follows:

						Three Months Ended
(in millions of U.S. dollars)						November 30, 2025									November 30, 2024									Increase (Decrease)
Operating Expenses						$	15,868		84.7		%				$	14,741		83.3		%				$	1,127
Cost of services						12,545			66.9						11,867			67.1						678
Sales and marketing						1,875			10.0						1,811			10.2						64
General and administrative costs						1,141			6.1						1,063			6.0						78
Business optimization costs						308			1.6						—			—						308

Amounts in table may not total due to rounding.

Cost of Services

Cost of services for the first quarter of fiscal 2026 increased $678 million, or 6%, over the first quarter of fiscal 2025, and decreased as a percentage of revenues to 66.9% compared to 67.1% during this period. Gross margin for the first quarter of fiscal 2026 increased as a percentage of revenues to 33.1% from 32.9% during the first quarter of fiscal 2025. The increase in gross margin was primarily due to a decrease in non-payroll costs.

Sales and Marketing

Sales and marketing expense for the first quarter of fiscal 2026 increased $64 million, or 4%, over the first quarter of fiscal 2025, and decreased as a percentage of revenues to 10.0% from 10.2% during this period.

General and Administrative Costs

General and administrative costs for the first quarter of fiscal 2026 increased $78 million, or 7%, over the first quarter of fiscal 2025, and increased as a percentage of revenues to 6.1% from 6.0% during this period.

Business Optimization Costs

During the first quarter of fiscal 2026, we recorded business optimization costs of $308 million, primarily for employee severance. For additional information, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

Non-GAAP Financial Measures

We have presented operating income, operating margin, effective tax rate and diluted earnings per share on a non-GAAP or “adjusted” basis excluding the business optimization costs recorded in fiscal 2026 as we believe doing so facilitates understanding as to the impact of this item and our performance in comparison to the prior periods. While we believe that this non-GAAP financial information is useful in evaluating our operations, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.

Operating Income and Operating Margin

Operating income and operating margin for each of the geographic markets are as follows:

			Three Months Ended
			November 30, 2025									November 30, 2024
(in millions of U.S. dollars)			Operating Income			Operating Margin						Operating Income			Operating Margin						Increase (Decrease)
Americas			$	1,527		17		%				$	1,377		16		%				$	150
EMEA			900			13						1,036			16						(135)
Asia Pacific			446			16						535			21						(89)
Total			$	2,874		15.3		%				$	2,948		16.7		%				$	(75)

Amounts in table may not total due to rounding.

Operating income for the first quarter of fiscal 2026 decreased $75 million, or 3%, compared with the first quarter of fiscal 2025. Operating margin for the first quarter of fiscal 2026 was 15.3%, compared with 16.7% for the first quarter of fiscal 2025.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			28

Geographic Markets

We estimate that the aggregate percentage impact of foreign currency exchange rates on our operating income during the first quarter of fiscal 2026 was similar to that disclosed for revenue for each geographic market. Additionally, payroll costs for our geographic markets increased in line with revenues. The commentary below provides insight into other factors affecting geographic market performance and operating income for the first quarter of fiscal 2026 compared with the first quarter of fiscal 2025:

• Americas operating income increased due to revenue growth and lower non-payroll costs, partially offset by the impact of business optimization costs.

• EMEA operating income decreased as revenue growth was offset by the impact of business optimization costs and higher non-payroll costs.

• Asia Pacific operating income decreased as revenue growth was offset by the impact of business optimization costs and higher non-payroll costs.

Operating Income and Operating Margin Excluding Business Optimization Costs (Non-GAAP)

The business optimization costs reduced operating margin for the first quarter of fiscal 2026 by 170 basis points. Adjusted operating margin for the first quarter of fiscal 2026 was 17.0%.

			Three Months Ended
			November 30, 2025												November 30, 2024
(in millions of U.S. dollars)			Operating Income (GAAP)			Business Optimization (1)			Operating Income (Non-GAAP)			Operating Margin (Non-GAAP)			Operating Income (GAAP)																		Operating Margin (GAAP)						Increase (Decrease)
Americas			$	1,527		$	67		$	1,594		18		%	$	1,377																	16		%				$	217
EMEA			900			170			1,070			15			1,036																		16						34
Asia Pacific			446			71			517			19			535																		21						(18)
Total			$	2,874		$	308		$	3,181		17.0		%	$	2,948																	16.7		%				$	233

Amounts in tables may not total due to rounding.

(1)Costs recorded in connection with business optimization actions initiated during the fourth quarter of fiscal 2025 and completed during the first quarter of fiscal 2026, primarily for employee severance.

Interest Income

Interest income for the first quarter of fiscal 2026 was $106 million, an increase of $30 million, or 40%, over the first quarter of fiscal 2025 primarily due to a higher average cash balance.

Interest Expense

Interest expense for the first quarter of fiscal 2026 was $65 million, an increase of $35 million over the first quarter of fiscal 2025 primarily due to a higher average long-term debt balance.

Other Income (Expense), net

Other income (expense), net primarily consists of foreign currency gains and losses, non-operating components of pension expense, as well as gains and losses associated with our investments. During the first quarter of fiscal 2026, Other income (expense), net increased $92 million from the first quarter of fiscal 2025 primarily due to higher gains on investments.

Income Tax Expense

The effective tax rates for the first quarter of fiscal 2026 and 2025 were 24.5% and 21.6%, respectively. The higher effective tax rate was primarily due to reduced benefits from adjustments to prior year tax liabilities.

Income Tax Expense Excluding Business Optimization Costs (Non-GAAP)

Excluding the business optimization costs of $308 million and related reduction in tax expense of $57 million, our adjusted effective tax rate was 23.9% for the first quarter of fiscal 2026.

Earnings Per Share

Diluted earnings per share were $3.54 for the first quarter of fiscal 2026, compared with $3.59 for the first quarter of fiscal 2025. For information regarding our earnings per share calculations, see Note 3 (Earnings Per Share) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			29

Earnings Per Share Excluding Business Optimization Costs (Non-GAAP)

The business optimization costs of $250 million, net of related taxes, decreased diluted earnings per share by $0.40 for the first quarter of fiscal 2026. Adjusted diluted earnings per share were $3.94 for the first quarter of fiscal 2026.

			Three Months Ended
November 30, 2024 As Reported			$	3.59
November 30, 2025 As Reported			3.54
Business optimization costs			0.49
Tax effect of business optimization costs (1)			(0.09)
November 30, 2025 As Adjusted			$	3.94

(1)The income tax effect of business optimization costs includes both the current and deferred income tax impact and was calculated by using the relevant tax rate of the country where the adjustments were recorded.

Changes in adjusted diluted earnings per share for the first quarter of fiscal 2026 compared to diluted earnings per share for the first quarter of fiscal 2025 were due to the following factors:

			Three Months Ended
November 30, 2024 As Reported			$	3.59
Higher revenue and operating results			0.29
Higher non-operating income			0.11
Lower share count			0.06
Lower net income attributable to noncontrolling interests			0.01
Higher effective tax rate			(0.12)
November 30, 2025 As Adjusted			$	3.94

Liquidity and Capital Resources

As of November 30, 2025, Cash and cash equivalents was $9.6 billion, compared with $11.5 billion as of August 31, 2025.

Cash flows from operating, investing and financing activities, as reflected in our Consolidated Cash Flows Statements, are summarized in the following table:

			Three Months Ended
(in millions of U.S. dollars)			November 30, 2025						November 30, 2024						Change
Net cash provided by (used in):
Operating activities			$	1,664					$	1,022					$	642
Investing activities			(505)						(386)						(119)
Financing activities			(2,911)						2,752						(5,663)
Effect of exchange rate changes on cash and cash equivalents			(77)						(87)						10
Net increase (decrease) in cash and cash equivalents			$	(1,829)					$	3,302					$	(5,131)

Amounts in table may not total due to rounding.

Operating activities: The $642 million increase in operating cash flows was primarily due to changes in operating assets and liabilities.

Investing activities: The $119 million increase in cash used was primarily due to higher spending on business acquisitions. For additional information, see Note 5 (Business Combinations) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

Financing activities: The $5,663 million decrease in financing cash flows was primarily due to lower net proceeds from borrowings as well as an increase in the net purchases of shares. For additional information, see Note 9 (Borrowings and Indebtedness) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

We believe that our current and longer-term working capital, investments and other general corporate funding requirements will be satisfied for the next twelve months and thereafter through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

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ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			30

Substantially all of our cash is held in jurisdictions where there are no regulatory restrictions or material tax effects on the free flow of funds. Domestic cash inflows for our Irish parent, principally dividend distributions from lower-tier subsidiaries, have been sufficient to meet our historic cash requirements, and we expect this to continue into the future.

Borrowings and Indebtedness

On September 30, 2024, we filed a registration statement on Form S-3, pursuant to which Accenture plc’s wholly owned finance subsidiaries Accenture Capital and Accenture Global Capital DAC may issue debt securities. As of November 30, 2025, we had outstanding long-term debt in the form of senior unsecured notes issued by Accenture Capital in an aggregate principal amount of $5 billion, which mature from 2027 through 2034. Accenture plc fully and unconditionally guarantees these notes, as well as all future debt securities that may be issued by these entities.

For additional information regarding our outstanding borrowings, credit facilities and other debt, see Note 9 (Borrowings and Indebtedness) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

Share Purchases and Redemptions

The Board of Directors of Accenture plc has authorized funding for our publicly announced open-market share purchase program for acquiring Accenture plc Class A ordinary shares and for purchases and redemptions of Accenture plc Class A ordinary shares and Accenture Canada Holdings Inc. exchangeable shares held by current and former members of Accenture Leadership and their permitted transferees.

Our share purchase activity during the first quarter of fiscal 2026 is as follows:

			Accenture plc Class A Ordinary Shares									Accenture Canada Holdings Inc. Exchangeable Shares
(in millions of U.S. dollars, except share amounts)			Shares						Amount						Shares						Amount
Open-market share purchases (1)			9,075,643						$	2,227					—						$	—
Other share purchase programs			—						—						3,500						1
Other purchases (2)			421,017						103						—						—
Total			9,496,660						$	2,330					3,500						$	1

(1)We conduct a publicly announced open-market share purchase program for Accenture plc Class A ordinary shares. These shares are held as treasury shares by Accenture plc and may be utilized to provide for select employee benefits, such as equity awards to our employees.

(2)During the first quarter of fiscal 2026, as authorized under our various employee equity share plans, we acquired Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under those plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and the other share purchase programs.

We intend to continue to use a significant portion of cash generated from operations for share repurchases during the remainder of fiscal 2026. The number of shares ultimately repurchased under our open-market share purchase program may vary depending on numerous factors, including, without limitation, share price and other market conditions, our ongoing capital allocation planning, the levels of cash and debt balances, other demands for cash, such as acquisition activity, general economic and/or business conditions, and board and management discretion. Additionally, as these factors may change over the course of the year, the amount of share repurchase activity during any particular period cannot be predicted and may fluctuate from time to time. Share repurchases may be made from time to time through open-market purchases, in respect of purchases and redemptions of Accenture Canada Holdings Inc. exchangeable shares, through the use of Rule 10b5-1 plans and/or by other means. The repurchase program may be accelerated, suspended, delayed or discontinued at any time, without notice.

Off-Balance Sheet Arrangements

In the normal course of business and in conjunction with some client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients with respect to certain matters.

To date, we have not been required to make any significant payment under any of the arrangements described above. For further discussion of these transactions, see Note 11 (Commitments and Contingencies) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

Significant Accounting Policies

See Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

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ACCENTURE FORM 10-Q						Item 3. Quantitative and Qualitative Disclosures About Market Risk			31

During the three months ended November 30, 2025, there were no material changes to the information on market risk exposure disclosed in our Annual Report on Form 10-K for the year ended August 31, 2025. For a discussion of our market risk associated with foreign currency risk, interest rate risk and equity investment risk as of August 31, 2025, see “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A, of our Annual Report on Form 10-K for the year ended August 31, 2025.

For additional information regarding our outstanding borrowings, credit facilities and other debt, see Note 9 (Borrowings and Indebtedness) to our Consolidated Financial Statements under Item 1, “Financial Statements.”

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based on that evaluation, the principal executive officer and the principal financial officer of Accenture plc have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the first quarter of fiscal 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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ACCENTURE FORM 10-Q						Part II — Other Information			32

Part II — Other Information

Item 1. Legal Proceedings

The information set forth under “Legal Contingencies” in Note 11 (Commitments and Contingencies) to our Consolidated Financial Statements under Part I, Item 1, “Financial Statements,” is incorporated herein by reference.

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2025. There have been no material changes to the risk factors disclosed in our Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Accenture plc Class A Ordinary Shares

The following table provides information relating to our purchases of Accenture plc Class A ordinary shares during the three months ended November 30, 2025.

Period						Total Number of Shares Purchased						Average Price Paid per Share (1)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)
																								(in millions of U.S. dollars)
September 1, 2025 — September 30, 2025						2,395,815						$	244.02					2,378,644						$	7,271
October 1, 2025 — October 31, 2025						3,912,930						246.11						3,635,739						6,375
November 1, 2025 — November 30, 2025						3,187,915						245.34						3,061,260						5,623
Total (4)						9,496,660						$	245.32					9,075,643

(1)Average price paid per share reflects the total cash outlay for the period, divided by the number of shares acquired, including those acquired by purchase or redemption for cash and any acquired by means of employee forfeiture.

(2)Since August 2001, the Board of Directors of Accenture plc has authorized and periodically confirmed a publicly announced open-market share purchase program for acquiring Accenture plc Class A ordinary shares. During the three months ended November 30, 2025, we purchased 9,075,643 Accenture plc Class A ordinary shares under this program for an aggregate price of $2,227 million. The open-market purchase program does not have an expiration date.

(3)As of November 30, 2025, our aggregate available authorization for share purchases and redemptions was $5,623 million which management has the discretion to use for either our publicly announced open-market share purchase program or the other share purchase programs. Since August 2001 and as of November 30, 2025, the Board of Directors of Accenture plc has authorized an aggregate of $59.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc.

(4)During the three months ended November 30, 2025, Accenture purchased 421,017 Accenture plc Class A ordinary shares in transactions unrelated to publicly announced share plans or programs. These transactions consisted of acquisitions of Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under our various employee equity share plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and the other share purchase programs.

Item 3. Defaults Upon Senior Securities

None.

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ACCENTURE FORM 10-Q						Part II — Other Information			33

Item 4. Mine Safety Disclosures

Not applicable.

Trading Arrangements

The table below summarizes the terms of trading arrangements adopted or terminated by our executive officers or directors during the three months ended November 30, 2025. All of the trading arrangements listed below are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name			Title			Date of Adoption or Termination			Duration of Plan (1)			Aggregate number of Class A ordinary shares to be sold pursuant to the trading agreement
Melissa Burgum			Chief accounting officer			Adopted on October 28, 2025			January 26, 2026 — October 29, 2026			4,400			(2)
Kate Clifford			Chief leadership and human resources officer			Adopted on October 20, 2025			January 20, 2026 — October 23, 2026			1,500			(2)
Kate Hogan			Chief operating officer			Adopted on October 27, 2025			January 26, 2026 — October 23, 2026			2,880
John Walsh			Chief executive officer — the Americas			Adopted on October 28, 2025			January 26, 2026 — October 29, 2026			28,000			(2)

(1) The plan will expire on the earlier of the expiration date or the completion of all transactions under the trading arrangement.

(2) The actual number of shares sold will depend on the vesting of certain performance-based equity awards and the number of shares withheld by Accenture to satisfy its income tax withholding obligations, and may vary from the approximate number provided.

Exhibit Index:

Exhibit Number						Exhibit
3.1						Amended and Restated Memorandum and Articles of Association of Accenture plc (incorporated by reference to Exhibit 3.1 to Accenture plc’s 8-K filed on February 7, 2018)
10.1						Form of Employment Agreement of executive officers in Italy (filed herewith)
31.1						Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2						Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1						Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2						Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101						The following financial information from Accenture plc’s Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets as of November 30, 2025 (Unaudited) and August 31, 2025, (ii) Consolidated Income Statements (Unaudited) for the three months ended November 30, 2025 and November 30, 2024, (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended November 30, 2025 and November 30, 2024, (iv) Consolidated Shareholders’ Equity Statement (Unaudited) for the three months ended November 30, 2025 and November 30, 2024, (v) Consolidated Cash Flows Statements (Unaudited) for the three months ended November 30, 2025 and November 30, 2024 and (vi) the Notes to Consolidated Financial Statements (Unaudited)
104						The cover page from Accenture plc’s Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025, formatted in Inline XBRL (included as Exhibit 101)

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ACCENTURE FORM 10-Q						Signatures			34

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: December 18, 2025

			ACCENTURE PLC
			By:			/s/ Angie Park
			Name:			Angie Park
			Title:			Chief Financial Officer
						(Principal Financial Officer and Authorized Signatory)