Research Reports

Prepared Highlights

Q4 2025 revenue of $5.3B grew 3.8% YoY in constant currency, all organic (CFO). Full-year 2025 revenue of $21.1B grew 6.4% in constant currency, including 260 bps from Belcan (CFO).
Financial Services led Q4 with constant currency revenue growth of 9% YoY; full-year growth of ~7%, highest annual level since 2016 (CEO, CFO).
Q4 bookings grew 9% YoY, driving a record quarterly total contract value. Signed 12 large deals (TCV ≥$100M), including one >$1B (CEO). TCV of large deal wins 60% greater than a year ago (CEO).
Adjusted operating margin in Q4 was 16%, up 30 bps YoY (CEO). Full-year adjusted operating margin was 15.8%, up 50 bps YoY, exceeding guidance (CEO).
Full-year adjusted diluted EPS of $5.28, up 11% YoY (CFO). Q4 adjusted diluted EPS of $1.35, up 12% YoY (CFO).
Full-year free cash flow of $2.7B, representing >100% of net income (CFO). Q4 free cash flow ~$800M (CFO).
Trailing twelve-month bookings book-to-bill of 1.3; backlog visibility at year-end similar to prior year (CFO).
Digital engineering practice grew 8% YoY in both Q4 and full year; BPO business grew 9% YoY in both periods (CEO).
Over 4,000 AI engagements; >30% of developer effort in software development is AI-assisted (CEO).
Returned ~$2B to shareholders in 2025 via dividends and share repurchases (CEO). In Q4, returned ~$500M (CFO).

Official Guidance

Q1 2026: revenue growth of 2.7%–4.2% YoY in constant currency, including ~100 bps from Three Cloud (CFO).
Full-year 2026: revenue growth of 4.0%–6.5% in constant currency, including ~150 bps inorganic contribution (of which ~1/3 from future M&A); midpoint implies organic growth of ~3.8% (CFO).
Full-year 2026 adjusted operating margin: 15.9%–16.1% (10–30 bps expansion) (CFO).
Full-year 2026 adjusted diluted EPS: $5.56–$5.70 (5%–8% YoY growth) (CFO).
Full-year 2026 free cash flow conversion: 90%–100% of net income (CFO).
Full-year 2026 adjusted effective tax rate: 25%–26% (CFO).
2026 capital return: ~$1.6B, including ~$1B in share repurchases and remainder in dividends (CFO).

Mgmt Quotes

“Revenue growth and adjusted operating margin again outpaced our expectations.” (CEO)
“Our ambition is to lead as an AI builder and maintain a position in our industry’s winner’s circle.” (CEO)
“We expect that our calendar year 2025 constant currency revenue growth will be in the top tier among the 10 peers against which we benchmarked performance, placing us definitively in the winner’s circle.” (CFO)
“We delivered these results during a period of significant macroeconomic complexity and technological change, further bolstering our conviction in the strategic actions we have taken to become an AI builder company.” (CFO)
“We delivered fourth-quarter revenue growth above the high end of our guidance range and exceeded the initial full-year guidance we provided in February across all revenue, adjusted operating income, EPS, and free cash flow.” (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 Revenue ($B)	5.3	CFO; 3.8% YoY constant currency growth, all organic
Full-Year 2025 Revenue ($B)	21.1	CFO; 6.4% constant currency growth, incl. 260 bps Belcan
Q4 Financial Services growth	9% YoY constant currency	CEO
Full-Year 2025 Financial Services growth	~7% YoY constant currency	CFO
Q4 Adjusted Operating Margin	16.0%	CEO; +30 bps YoY
Full-Year 2025 Adjusted Operating Margin	15.8%	CEO; +50 bps YoY
Q4 Adjusted Diluted EPS ($)	1.35	CFO; +12% YoY
Full

Q&A Batch (1-5 of 5)

Q1 — Jason Kupferberg

Topic: AI战略定位及毛利率展望
Key points:
- AI被视为扩大总可寻址支出的机遇，而非威胁；管理層引用研究称美国15万亿美元劳动力中有4.5万亿美元可通过AI提升效率，但价值尚未实际显现。
- Q4毛利率同比下降主因全年更高变动薪酬发放（因全年运营利润率强劲）及11月生效的加薪影响。
- 2025年全年毛利率受Belcan并表（结构性更多驻场工作，毛利率较低）及更高奖金影响；2026年需关注行业效率滞后压力（同等营收需更少投入），但管理層认为若能控制成本曲线低于价格曲线则非利润率拖累。
Mgmt stance: 对AI机遇持看涨态度（认为需要大量“桥接”工作，如重新设计流程、整合确定性与概率性软件，将创造新需求）；对毛利率谨慎乐观（强调核心利润率在2025年保持稳健，2026年通过内部效率维持）。

Q2 — Tien-Tsin Huang

Topic: 大型交易管线及增长能见度
Key points:
- Q4订单额同比增9%，TTM增5%；全年大型交易总合同价值（TCV）增50%，Q4大型交易TCV增60%。
- Q4签下1笔10亿美元级交易，全年共5笔大型交易，Q4共2笔；固定价格业务占比从3年前的41-42%升至约50%。
- 管理層预计2026年Q2-Q3将出现更强劲的环比增长（受Q4强劲订单驱动及季节性因素影响，如Q1计费天数少于2025年Q1）。
Mgmt stance: 看涨（大型交易成为顺风，AI辅助代码已占32%，且新订单包含创新驱动型交易，预计年内加速爬坡）。

Q3 — Keith Bachman

Topic: 固定价格/成果型合同的经济风险与定价
Key points:
- 固定价格业务占比达50%，承包商承担了大部分交付风险；管理層通过月度“投标vs实际”监控，确认整体投资组合利润率接近预算目标，未出现重大超支或不足。
- 历史表明行业总能通过新技术进步实现承诺的生产力；管理層强调人均营收和人均利润TTM各增长5%和8%，证明能够与客户分享生产力并同时保持自身利润率。
Mgmt stance: 中性偏乐观（风险存在但可控，认为能够通过内部执行和AI非线性机遇实现双赢）。

Q4 (管理层主动阐述) — Ravi Kumar (未署分析师名)

Topic: BPO业务前景及AI影响
Key points:
- BPO业务已连续三年实现9-10%增长，管理層认为总可寻址支出是传统科技支出的10-20倍（因嵌入技术、数据与流程）。
- 管理層判断维护概率性技术所需工作量大于维护确定性技术，AI自动化需要持续“背景工程”和基于情境的维护，因此将创造更多长期工作需求。
Mgmt stance: 看涨（视为显著长期顺风，称为“直觉运营”）。

Q5 — Jim Schneider

Topic: Health Sciences业务增长信心及毛利率拐点
Key points:
- 健康科学业务年增长超过6%，远超公司均值；平台处理5千亿美元交易，覆盖2亿会员；管理層认为监管不确定性（尤其在支付方领域）将推动更多行政层转型工作，将资金转向护理。
- 已与Palantir、Microsoft、AWS、Google Cloud合作；AI可应用于病历记录、患者全生命周期等场景，提升医护人员效率。
- 关于毛利率：2025年受到Belcan并表及更高奖金影响，但管理層认为核心利润率得到保护；2026年将通过扩大招聘应届毕业生（扩大金字塔底部）、5%人均营收和8%人均利润增长来改善毛利率。
Mgmt stance: 看涨健康科学业务（监管压力仅限Medicaid/Medicare，非商业领域，但不确定性反而创造转型机遇）；对毛利率谨慎乐观（认为有结构性改善顺风）。

Q&A Batch (6-7 of 7)

Q6 — Bryan Bergin

Topic: ACV增长与2026年指引的关联性，以及SG&A优化空间
Key points:
- 2025年Q4 ACV出现疲软，但管理层认为这是小规模交易整合为大型合同（TCV显著）的行业动态，并非增长挑战。
- SG&A在2024和2025年已连续两年实现优化，管理层指出AI在企业工作中的应用为2026年提供了额外机会。
Mgmt stance: 中性偏积极——ACV疲软被归因于行业结构变化，而非需求问题；SG&A仍有AI驱动的优化空间。

Q7 — James Faucette

Topic: 近期销售活动放缓、金融服务业表现及印度上市进展
Key points:
- 管理层指出金融服务业Q4同比增长超9%，2025全年增长超7%，为自2018年以来最佳表现，且该垂直行业大量涉及可自由支配支出。
- AI从提高生产力转向创新，预计将解锁更多可自由支配支出，如物理AI（制造业、汽车、航空航天）及AI实验进入生产阶段。
- 印度上市仍在推进中，已与顾问及监管机构进行建设性讨论，但尚未提供具体时间框架。
Mgmt stance: 积极——金融服务业强劲表现被视为正向风向标，AI创新将推动新价值池；印度上市继续有序推进。