Capgemini raised its 2026 revenue-growth forecast after third-quarter sales climbed sharply, providing evidence that corporate artificial-intelligence investment is increasingly moving from infrastructure into enterprise implementation.
The French technology-consulting group reported third-quarter revenue of €6.073 billion, an increase of 12.6% at reported exchange rates and 11.7% at constant currencies.
Bookings reached €5.401 billion, increasing 3.4% at constant exchange rates.
Capgemini now expects full-year constant-currency revenue growth of 9.0% to 9.5%, increasing its previous forecast of approximately 8.5% to 9.0%. The company maintained its operating-margin target of 13.6% to 13.8%.
Growth was particularly strong in Britain and Ireland, where constant-currency revenue increased 25.2%, and North America, where growth reached 18.3%. France increased 4.9%.
The results provide another perspective on the AI investment cycle. Much of the market’s attention has focused on processors, data centers and electricity infrastructure. Capgemini’s performance indicates that spending is increasingly moving into the next stage.
Companies need to modernize existing technology, reorganize data and integrate AI systems into operating processes before many applications can produce meaningful economic returns.
The next question is whether enterprise AI investment continues migrating from infrastructure construction toward implementation projects that generate revenue for consulting and IT-services companies.
