Accenture (ACN)

IT consulting + system integration services — implements others software (SAP/cloud/AI), not a product

AI exposure 10% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to Q4 FY2026, reported 2026-10-01

Accenture implements and runs other companies' software, and both halves of the business — Managed Services 50.3% of Q4 FY2026 revenue and Consulting 49.7% — sit in Enterprise & Business Software, so the sub-tier is the whole company. It consumes AI infrastructure rather than supplying it.

Reported segments

• Consulting — 49.7% of revenue
• Managed Services — 50.3% of revenue

Accenture (Q4 FY2026, reported 1 Oct 2026: revenue $18.68B, +6% USD and +7% local currency). Managed Services 50.3% ($9.40B, +7%) and Consulting 49.7% ($9.28B, +6% USD, +7% local) — both B5 Enterprise & Business Software. Bookings a record $84.5B for fiscal 2026. Accenture stopped reporting advanced-AI bookings and revenue separately after Q1 FY2026. [2026-10-03: the earlier 50/50 'reconciled by the external segment check to 0.8pp' had matched the prior-year quarter's column; the Q3 card was right anyway.]

How the 10% is built

• Consulting — 49.7% of revenue × 12% AI-driven (estimate). AI advisory and implementation, embedded in the large transformation deals behind record bookings
• Managed Services — 50.3% of revenue × 8% AI-driven (estimate). Application and infrastructure outsourcing, where AI shows up as delivery productivity and managed AI operations

Investment read

Moat. Global consulting and system-integration scale plus incumbent delivery relationships. The demand signal turned back up in Q4 FY2026: record annual bookings of $84.5B, $22.17B in the quarter at a 1.2x book-to-bill and Managed Services at 1.4x — after Q3's bookings decline had broken the stock.

Bottleneck / pricing power. Moderate pricing power — relationships, scale and delivery, priced into a competitive day-rate market. AI work carries a premium but not scarcity; GAAP operating margin 15.3% in Q4 with 15.9-16.1% guided for fiscal 2027.

Role in the AI stack. The IT-consulting + AI-implementation layer — AI is demand + threat.

Connected companies

• Microsoft (MSFT) — ACN supplies: Azure/Copilot implementation at scale via 25-yr alliance + Avanade JV (Microsoft's top SI partner)
• NVIDIA (NVDA) — ACN supplies: Accenture NVIDIA Business Group: enterprise AI deployment/integration services built on NVIDIA AI stack
• IBM (IBM) — ACN competes with: IT consulting / systems integration rivalry — Accenture vs IBM Consulting
• Salesforce (CRM) — ACN supplies: implements Salesforce for enterprise clients (SI partner)
• SAP SE (SAP) — ACN supplies: implements SAP for enterprise clients
• EPAM Systems (EPAM) — ACN competes with: IT services — EPAM (digital engineering/the build) vs Accenture (broad consulting)
• Oracle (ORCL) — ACN competes with: The Accenture Oracle Business Group — a 30-year alliance co-selling and implementing Oracle Cloud, extended in 2024 to generative-AI deployments
• Dynatrace (DT) — ACN competes with: Accenture is a Dynatrace delivery partner, deploying the platform inside large transformation programmes

Others in Enterprise & Business Software

• ServiceNow (NOW)
• Salesforce (CRM)
• SAP SE (SAP)
• Workday (WDAY)
• Intuit (INTU)
• Pegasystems (PEGA)
• HubSpot (HUBS)
• Twilio (TWLO)
• UiPath (PATH)
• Veeva Systems (VEEV)
• Adobe (ADBE)
• EPAM Systems (EPAM)

All 176 companies · What moved this quarter · How the map is built