ACN – F3Q26 Preview: Sail On

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ACN – F3Q26 Preview: Sail On

June 11, 2026

Jonathan Lee jonathan.lee@guggenheimpartners.com ACN – F3Q26 Preview: Sail On

212 518 5388

Johnson Ooi Key Message: We expect ACN to maintain the midpoint of its FY26 revenue outlook

johnson.ooi@guggenheimpartners.com and trim its margin expansion outlook to +20bps y/y, driven by continued deal ramps, AI-

212 518 9962 driven demand, and softer-than-expected AFS headwinds. That said, we are lowering

Alexa Ong our price target to $225 (vs. $250 prior) amid industry-wide multiple compression, as

alexa.ong@guggenheimpartners.com this quarter is unlikely to refute the terminal bear case (that AI-driven efficiency gains

212 416 5842 compress engagement sizes and disintermediate SI work). We acknowledge near-term

skepticism, though valuation keeps us Buy-rated as Accenture's client breadth and

capabilities should drive share gains as enterprise AI scales.

ACN is scheduled to report F3Q26 earnings on Thursday, June 18, before market open.ACN BUY

Accenture plc Expecting relative stability and AI orchestration demand commentary from Sector: IT Services

management, driving a narrowing of the FY26 outlook. We expect management to

Earnings Preview highlight relative stability in the quarter and come in slightly below +4% y/y cc for F3Q26 (vs.

+1–5% y/y cc in management's current outlook for F3Q26), as large deal ramps continue Share Price $170.50

and AFS headwinds moderate. We expect AFS revenue for FY26 to come in slightly

Price Target $225.00 above $5bn vs. c. $5.6bn in FY25, leading to a (0.5)% y/y headwind vs. the (1)% impact

Prior $250.00 contemplated in management's current outlook. Additionally, demand for orchestration of

AI-driven solutions continues to grow as enterprises grapple with higher-than-expected