Accenture plc (ACN)

Hold Recap: Q3 FY26

Downgrading to Hold: A Headline Beat Masks a Bookings Rollover, a Margin Re-Compression, and a Guide Cut — the $9B Debt-Funded M&A Pivot Confirms the AI Squeeze on the Core

Outperform Recap: Q2 FY26

Maintaining Outperform on Accenture: A Beat-and-Raise With Record $22.1B Bookings, a Second Straight Gross-Margin Expansion, and a Capitulation Reversal at ~14x — the De-Rating Was Multiple Compression, Not a Broken Business

Outperform Recap: Q1 FY26

Upgrading Accenture to Outperform: Gross Margin Inflects for the First Time in Four Quarters, Advanced-AI Bookings Nearly Double to $2.2B, and Management Bought the Bottom — the Cannibalization Bear Case Is Breaking Down

Hold Recap: Q4 FY25

Maintaining Hold on Accenture: A Clean Beat and a Record Cash Year Meet a Decelerating FY26 Guide and an $865M Restructuring — Quality Is Cheap, But the Growth Algorithm Just Stepped Down

Hold Recap: Q3 FY25

Initiating Accenture at Hold: A Clean Beat the Market Sold — Federal Cuts, Decelerating Bookings, and an Unquantifiable AI-Cannibalization Overhang Cap a High-Quality, De-Rated Compounder