Capgemini SE is a Paris-headquartered technology services and transformation group, listed on Euronext Paris under the ticker CAP, where it is a component of the CAC 40 index. It ended 2025 with a workforce of 423,400, which places it among the largest IT services and outsourcing groups headquartered in Europe. Capgemini reported revenues of €22,465 million for 2025, up 1.7%.
Its offering spans the full arc of an enterprise transformation programme: strategy and design work through Capgemini Invent, application and technology services, and long-term operations and engineering services that include business process outsourcing. That breadth positions Capgemini less as a specialist BPO provider than as an integrated transformation partner, competing for the same enterprise programmes as the large US consulting firms and the Indian IT services majors.
2025 was a year of structural change. The group's strategic acquisition of WNS, which it described as a milestone, deepened its business process services capability, and its offshore workforce rose by 82,300 to 279,200 people, or 66% of total headcount. The reshaping has continued into 2026: in September 2026 Capgemini signed a definitive agreement to sell Capgemini Government Solutions, its US federal unit, to ITC Federal, after criticism of the unit's contract with US Immigration and Customs Enforcement.
Older records describe a smaller group. Outsource Accelerator's directory profile cites a workforce of nearly 350,000 operating across more than 50 nations, a picture that predates the WNS acquisition and the offshore expansion of 2025.
Services & Capabilities
Capgemini reports its business through three service lines, and their 2025 growth rates show where demand is moving.
- Strategy & Transformation: consulting work, including Capgemini Invent's design and innovation practice, grew 2.4% in 2025.
- Applications & Technology: the largest line, covering application development, systems integration, cloud and data work, grew 4.6%.
- Operations & Engineering: managed operations, business process services and engineering grew 4.9%, the fastest of the three.
The group's directory profile lists the capabilities behind these lines: cloud services, cybersecurity, data and artificial intelligence, enterprise management, intelligent industry, sustainability, customer service, consulting, application services and infrastructure services.
The faster growth in operations and engineering than in consulting is consistent with the direction of the WNS acquisition. Capgemini is weighting its portfolio towards multi-year, run-type services, which carry more predictable revenue than discretionary advisory work, while using consulting as the entry point to larger programmes.
Artificial intelligence now runs through all three lines. In September 2026 Ambarella engaged Capgemini to help accelerate enterprise adoption of edge and physical AI, an example of the group pairing a technology vendor's platform with its own implementation capacity. Capgemini also publishes sector research that feeds its consulting pipeline, including its World Payments Report series for financial services clients.
Client Base & Market Position
Capgemini's client base is concentrated among very large enterprises and public bodies. Its Outsource Accelerator directory profile states that it serves as the chosen provider for 85% of the 200 largest public companies on the Forbes Global 2000 list.
Named engagements in 2026: Recent news shows the mix of public-sector and enterprise work. In September 2026 Capgemini was selected to support Sweden's next-generation emergency network, and Ambarella engaged it on edge and physical AI. The same month, The Register reported that HM Revenue & Customs, the UK tax authority, had paid Capgemini a further £4.2 billion after earlier pledging to end the relationship, an illustration of how deeply embedded its public-sector contracts can be.
Regional mix: The Rest of Europe was the largest region in 2025 at 30% of group revenues, but its revenues declined by 0.7%. North America, at 29% of group revenues, grew 7.3%. France, at 19%, fell 4.1% in what the company called a challenging environment. The United Kingdom and Ireland, at 13%, grew 10.5%, and Asia-Pacific and Latin America, at 9%, grew 13.8%.
The pattern matters for buyers and competitors alike: Capgemini's home markets in France and continental Europe contracted while its English-speaking and emerging markets grew, so its centre of gravity is shifting away from its French base.
Pipeline: Bookings rose 3.9% at constant exchange rates to €24.4 billion in 2025, a book-to-bill ratio of 1.08, meaning the group signed slightly more new work than it delivered during the year.
Delivery Infrastructure & Operations
Capgemini's delivery model has moved decisively offshore. At December 31, 2025 the group's total headcount stood at 423,400, of whom 279,200, or 66%, worked in offshore centres. The offshore workforce grew by 82,300 people, or 42%, in a single year, a jump that coincides with the WNS acquisition and that changes the group's cost base and delivery profile.
Footprint: The platform record lists delivery locations across the Americas, Europe, Africa and Asia-Pacific, including India, Poland, Morocco, Egypt, Mexico, Guatemala, Brazil, Colombia, Romania, Hungary and the Czech Republic alongside its home markets in France, the United Kingdom, Germany and the United States. The mix gives Capgemini near-shore options for European clients in North Africa and Central Europe, and for US clients in Latin America, in addition to its large Indian base.
Global delivery leadership: The group runs its delivery network as a distinct function. Piotr Wierzbicki is CEO of Capgemini Poland and head of a Global Delivery Center, and Francisco Bermudez Atalaya is Executive Vice President for Global Delivery Centers.
Capacity building: Hiring remains active. The platform tracks 119 open roles, with current postings for HR transformation and ERP adoption consultants in Glasgow and Manchester, a payments advisory director in London and cloud transformation managers in Belgium. A graduate intake in London spans public sector, financial services, energy and utilities, and enterprise data and analytics.
Ownership, Financials & Scale
Ownership: Capgemini SE is a publicly listed company on Euronext Paris under the ticker CAP. Employees are also shareholders: in September 2026 the group launched its thirteenth employee share ownership plan.
Financials: Capgemini reported revenues of €22,465 million for 2025, up 1.7%, or 3.4% at constant exchange rates. Fourth-quarter revenue grew 10.6% at constant exchange rates. The operating margin was stable at 13.3% of revenues. Net profit, Group share, was €1,601 million. Organic free cash flow was stable at €1.95 billion. The group proposed a dividend of €3.40 per share.
2026 trajectory: With its 2025 results the group targeted revenue growth of around 6.5% to 8.5% at constant exchange rates for 2026, with an operating margin of 13.6% to 13.8%. In July 2026 it raised its 2026 growth target after first-half revenue rose 8.8%.
Scale: At the end of 2025 Capgemini employed 423,400 people. Earlier records put the workforce at around 340,000, and the directory profile at nearly 350,000, so the group has added tens of thousands of employees within a few years, largely offshore.
Taken together, the figures describe a large, cash-generative group whose margin has held steady through a weaker 2025 in its European home markets, and whose 2026 growth depends heavily on the integration of WNS and on demand in North America and the United Kingdom.
People, Leadership & Culture
Leadership: Aiman Ezzat is Chief Executive Officer of the Capgemini Group. He has taken a public position on artificial intelligence, arguing in 2026 interviews that enterprise AI adoption is not as easy as companies were told and that many are thinking about AI the wrong way. That stance matches the group's pitch: AI as a transformation programme rather than a tool purchase.
The wider leadership is organised around business units and regions. Michael Schulte is CEO of Capgemini Engineering, and Andrea Falleni is CEO of the Southern Central Europe strategic business unit and a member of the Group Executive Board. In August 2026 Capgemini appointed Sayan Guha as Director of its global AI and data science practice.
Talent movement: Over the past 24 months the platform recorded 39 senior hires into Capgemini and 34 departures. Arrivals came most often from Accenture, Infosys and Tech Mahindra, its direct competitors, and departures went most often to HCLTech, Softtek, Cognizant and NTT DATA. The flows show Capgemini competing for the same senior talent pool as the largest Indian and US services firms.
Culture and recognition: Its directory profile notes that Capgemini has been recognised as one of the World's Most Ethical Companies. Employee share ownership plans tie staff to the group's performance. The group also faces employee-relations scrutiny: in August 2026 Capgemini America was sued over the investment options in its 401(k) plan.
Technology & Innovation
Capgemini's technology proposition rests on scale implementation rather than proprietary platforms. Its directory profile lists cloud services, cybersecurity, data and artificial intelligence and intelligent industry among its capabilities, and its growth in 2025 came from applications, technology and operations work rather than from licensed products.
Design and innovation: Capgemini Invent, launched in 2018 as the design and consulting subdivision of the Capgemini Group, is the front end of its innovation work, combining strategy, design studios and labs with the group's delivery capacity.
Artificial intelligence: AI is the group's central technology theme. In July 2026 Reuters reported that Capgemini sees a multi-year IT modernisation boom as companies prepare their systems for AI, a view that positions its applications and infrastructure services as the precondition for AI adoption. The Ambarella engagement in September 2026 extends this into edge and physical AI, and the appointment of a global AI and data science practice director in August 2026 adds dedicated leadership.
Acquisitions: The group continues to buy capability. Beyond WNS, in September 2026 it expanded its Seattle-area presence with an acquisition.
Thought leadership: Its research programme, including the World Payments Report and studies on sustainability in business decisions, supports its consulting positioning in financial services and sustainability.
Strategic Assessment
Strengths
- Scale and cash generation: 423,400 employees, €22,465 million in 2025 revenues, a stable 13.3% operating margin and €1.95 billion in organic free cash flow give it the capacity to run very large programmes.
- Integrated offer: It sells from strategy and design through technology to long-term operations, so consulting work can lead to multi-year managed services.
- Offshore depth: 66% of headcount offshore, after a 42% increase in 2025, gives it a cost base closer to the Indian majors.
- Enterprise reach: It is the chosen provider for 85% of the 200 largest public companies on the Forbes Global 2000 list.
Risks and Vulnerabilities
- Home-market weakness: France fell 4.1% and the Rest of Europe 0.7% in 2025, its two largest European regions.
- Integration load: Absorbing WNS and an offshore workforce that grew by 82,300 in one year is a large operational task.
- Reputational exposure: The ICE contract controversy forced the sale of its US federal unit, and its UK public-sector work draws scrutiny.
- Competition for talent and deals: It competes directly with Accenture, Infosys, Tech Mahindra and HCLTech, the same firms it trades senior staff with.
Opportunities
- AI-driven modernisation: Demand to prepare enterprise systems for AI plays to its applications and infrastructure services.
- Business process services: WNS gives it a larger platform for operations work, the fastest-growing line in 2025.
- Growth markets: North America, the United Kingdom and Ireland, and Asia-Pacific and Latin America all grew faster than the group in 2025.
