Capgemini delivered steady growth in 2025, reporting revenue of €22.5 billion, up 1.7% from the previous year. On a constant-currency basis, growth stood at 3.4%. The company ended the year on a stronger note, with fourth-quarter revenue rising 10.6%, helped by sustained demand and the impact of recent acquisitions.
Bookings for the year reached €24.4 billion, reflecting a 3.9% increase at constant exchange rates. The book-to-bill ratio was 1.08 for the full year and improved to 1.21 in the final quarter, suggesting healthier order momentum as the year progressed.
Generative AI emerged as a meaningful contributor to new business. AI-related engagements accounted for more than 8% of total bookings in 2025 and crossed 10% in the fourth quarter. Operating margin remained stable at 13.3%, showing resilience despite a complex economic environment.
Growth during the year was supported by continued client spending on cloud, data and AI services, along with digital business process transformation. The company also saw a rise in large-scale transformation contracts. Acquisitions completed during the year, including WNS and Cloud4C, added to overall performance, particularly toward the end of the year.
Chief Executive Officer Aiman Ezzat said the group exceeded its revenue growth objective while meeting margin and free cash flow targets. He noted that demand for cloud, data and AI services strengthened throughout the year, supported by an increasing number of large transformation deals. In the fourth quarter alone, generative and agentic AI accounted for more than 10% of total bookings.
The acquisition of WNS was described as a strategic step forward. According to the company, the deal enhances its ability to deliver AI-powered intelligent operations at scale and accelerate automation across end-to-end business processes.
As part of its forward plans, Capgemini is adjusting its capabilities and workforce structure in selected markets to align with growth priorities. These changes are expected to result in restructuring costs of around €700 million over the next two years.
Looking ahead to 2026, the company expects momentum to be driven by AI-led transformation programmes, intelligent operations contracts, and demand related to digital sovereignty initiatives. Recent announcements with hyperscalers such as Amazon Web Services, Google and Microsoft highlight this direction.
Capgemini is targeting revenue growth of 6.5% to 8.5% at constant exchange rates in 2026, along with an operating margin between 13.6% and 13.8%.
Headcount stood at 423,400 at the end of 2025, up 24% year-on-year, mainly due to the integration of WNS employees. The offshore workforce rose 42% to 279,200, accounting for two-thirds of total staff, while the onshore workforce remained broadly stable at 144,200.
Also Read: OpenAI Set to Test Ads on ChatGPT Free and Go Plans in the US
