Capgemini is finding more work as companies move AI from experiments into real operations. The French IT consultancy raised its full-year revenue forecast on October 30 after a strong third quarter, even as its workforce remained smaller than at the end of 2025.
Third-quarter revenue reached €6.07 billion, up 11.7%. Capgemini lifted its 2026 growth outlook to 9%–9.5%, from 8.5%–9%, while quarterly bookings rose 3.4% to €5.40 billion. Those figures show rising demand, although acquisitions are expected to contribute about five percentage points to annual revenue growth.
AI Demand Means More Consulting Work
According to Capgemini's quarterly announcement, clients are investing in the data systems, technology foundations, security and governance needed to deploy AI across entire businesses. Building those foundations is creating consulting work even as AI promises to automate parts of the jobs that follow.
Its Strategy & Transformation business grew 18.6% in the quarter at constant exchange rates. Applications & Technology grew 3.5%, while Operations & Engineering jumped 26.9%, helped by demand for intelligent business operations and the addition of WNS.
The Headcount Number Needs Context
Capgemini employed 417,500 people at the end of September, 5,900 fewer than at the end of 2025. Yet the workforce was also 18% bigger than a year earlier, largely because the company acquired WNS. Both comparisons matter.
Nothing in the quarterly release establishes that AI caused the workforce decline since December. Capgemini is also pursuing its Fit-for-Growth restructuring program. It maintained its 2026 operating margin target of 13.6%–13.8% and organic free cash flow target of €1.8 billion–€1.9 billion.
What Comes Next for IT Consulting
North America and the UK and Ireland delivered constant-currency revenue growth of 18.3% and 25.2%, respectively, with acquisitions contributing to both markets. For the fourth quarter, Capgemini expects 3%–4% constant-currency growth against a tougher comparison.
The bigger industry question is changing. AI is already generating demand for consultants to rebuild companies' systems. Now investors and employees will be watching whether that work requires the same pace of hiring as before—or whether the economics of IT services are starting to change.
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Sources: Capgemini Q3 2026 press release and Capgemini investor disclosure.