Capgemini lifts 2026 growth target on strong AI demand

Capgemini lifted its 2026 constant-currency revenue growth target to about 8.5% to 9.0% after first-half sales rose 8.8% to €12,082 million, a sharp signal that enterprise AI spending is moving from pilots into bigger implementation work.

The French consulting and technology-services group said first-half revenue growth reached 11.3% at constant exchange rates, with second-quarter growth at 11.6%. Operating margin improved 10 basis points to 12.5% of revenue, while organic free cash flow came in at €37 million. Capgemini’s board reviewed and adopted the half-year accounts on July 29 in Paris.

The upgraded outlook points to where corporate budgets are flowing: digital modernization, data engineering, cloud migration, software integration, automation, analytics and change management. Those are the projects that generate revenue for consultants and systems integrators when large clients decide AI is no longer just an experiment and must be wired into legacy operations.

Aiman Ezzat told analysts that the main barrier to wider AI adoption was not access to models, but old systems, fragmented data and other infrastructure bottlenecks. In practical terms, that means many companies cannot buy their way directly into AI returns. They first have to spend on cleaning data, connecting platforms and redesigning workflows, which is exactly the kind of work Capgemini sells.

The company said bookings strengthened on larger AI projects, and second-quarter bookings were up 9.2% in the summaries around its results. That matters because bookings usually show whether demand is broadening beyond one-off proofs of concept into larger, multi-quarter contracts. Capgemini had already been signaling this shift on May 27, when it said AI was opening access to client spending beyond traditional IT budgets and framed its strategy around an Agentic AI push.

The results conference call was set for July 30 at 8:00 a.m. CEST, with Ezzat and Chief Financial Officer Nive Bhagat due to explain how much of the growth is tied to AI-led transformation versus broader enterprise spending. For investors, the revised target offers one of the clearest signs yet that AI is feeding real consulting revenue, not just executive rhetoric.