ACN - F3Q LC Growth Miss & Softer F4Q Guide

Research evidence excerpt

ACN - F3Q LC Growth Miss & Softer F4Q Guide

Payments, Processors, & IT Services

FLASH

FLASH: ACCENTURE PLC (ACN) June 18, 2026

ACN - F3Q LC Growth Miss & Softer F4Q Guide Rating:

Outperform ●ACN reported F3Q26 results this morning that came in below the Street on Price:

LC growth but above on margins and EPS. Bookings were -3% Y/Y LC (vs. +1% $156.01

last quarter). ACN saw 30 clients with quarterly bookings over $100mn (vs. 41 Price Target:

$200 in 2Q26 and 33 in 1Q26). Headcount grew 1% Y/Y (vs. -1.8% LQ). For F4Q,

% Upside:

ACN guided to 1-5% LC growth, below the Street at the midpoint. The FY26 28.2%

LC guide was adjusted from 3-5% to 3-4%, while the margin guidance was

narrowed to 15.8% and EPS was raised at the low-end. ACN also announced Source: FactSet, Wolfe Research

Priced as of 06/17/26

the acquisition of a majority stake in Dragos and 100% of runZero and NetRise

(at a combined EV of ~$4.175bn) to bolster its operational technology security

solutions. We had signaled caution into the print around top-line results (in

our preview) given heightened uncertainty associated with the Middle East

conflict, though we note F3Q growth and F4Q guidance came in below our

expectations. We look to the call for color on demand, bookings, and M&A Darrin Peller

strategy. Shares are trading -15% pre-market. dpeller@wolferesearch.com (646) 582-9310

View Darrin’s Research

View ACN Model ●F3Q26 Results: Revenue of $18.72bn (+5.6% Y/Y reported and +3.1% LC) View Comp Table

was just above our $18.68bn and below the Street's $18.80bn. This growth

compares to +8.3% Y/Y reported and +3.9% LC last quarter. The 3.1% LC Paul Obrecht pobrecht@wolferesearch.com

growth missed our 3.6% and the Street's 4.1%. There was a 2.5% FX tailwind, (646) 582-9308

consistent with guidance.