Capgemini Grows 11% in Q1 with Agentic AI Accounting for Over 11% of Bookings
The French group recorded €5.9 billion in revenue during the first quarter, exceeding expectations. North America and the UK advanced by over 20%, while France, the domestic market, was the only negative performer.
Capgemini opened 2026 with its best organic performance in recent years. The French group recorded €5.94 billion in revenue for the first quarter, an 11% growth in constant currency, surpassing what most analysts anticipated. For a company with 421,000 people competing in the same markets as Accenture and TCS, such an organic growth rate is not trivial.
The engine behind the result is concentrated in two markets: North America and the UK, which grew by 20.7% and 21.7%, respectively. The domestic market, France, was the only negative performer, experiencing a decline of 1.0%. Latin America and Asia-Pacific combined reported the highest percentage growth for the group at 26.9%, even though they represent the smallest absolute revenue block.
Within the service portfolio, the segment driving growth was Operations and Engineering, which increased by 25.2%. This figure reflects the absorption of the acquisitions of WNS and Cloud4C, completed in Q4 of 2025, and signals that the focus on infrastructure services and platform engineering is already generating scale. Applications and Technology, which accounts for 63% of total revenue, grew by 4.8%.
What is beginning to show measurable results is the impact of AI. Bookings of generative and agentic AI now account for over 11% of the group's total bookings for the quarter. While this number does not yet significantly affect revenue, bookings serve as a leading indicator: they reflect what will appear on invoices in the following quarters. CEO Aiman Ezzat stated that the results validate the company's cloud and AI strategy, and the group is outperforming most competitors in the market.
The group ended the quarter with total bookings of €6.05 billion, a 6.2% increase in constant currency, and a book-to-bill ratio of 1.02. The guidance for the full year remains between 6.5% and 8.5% growth in constant currency, with an operating margin between 13.6% and 13.8%, and organic free cash flow between €1.8 billion and €1.9 billion.
Two noteworthy signals from the results are relevant for those following the sector. The Operations and Engineering segment is growing three times faster than Applications and Technology within the same group, indicating where corporate demand is shifting. The two acquisitions completed at the end of 2025 are already showing measurable growth in Q1, confirming that consolidation through M&A continues to be an effective path for scaling in the IT services sector.