Capgemini Reports Resilient 2024 Performance Amid Challenging Market, Maintains Stable Margins
PARIS, 20 January 2026 – French multinational IT services and consulting giant Capgemini SE has published its full-year 2024 financial results, demonstrating operational resilience despite a slight revenue contraction. The company maintained stable operating margins and strong free cash flow generation while navigating what it described as “an environment that proved weaker than initially anticipated.”
Financial Performance Overview
Capgemini reported revenues of €22,096 million for 2024, representing a year-on-year decline of 1.9% at reported rates and 2.0% at constant exchange rates. Despite the revenue contraction, the Group maintained its operating margin at 13.3% of revenues, in line with its target for the year. Operating profit showed modest growth of 0.4% to €2,356 million, while net profit attributable to the Group increased by 0.5% to €1,671 million.
Basic earnings per share rose by 1.2% to €9.82, and organic free cash flow generation remained robust at €1,961 million, essentially stable compared to 2023 despite lower revenues. The company ended the year with net debt of €2,107 million, slightly higher than the previous year’s €2,047 million.
Key Financial Metrics 2024
| Metric | 2024 Performance |
|---|---|
| Revenues | €22,096 million (-1.9%) |
| Operating Margin | 13.3% (stable) |
| Operating Profit | €2,356 million (+0.4%) |
| Net Profit (Group Share) | €1,671 million (+0.5%) |
| Basic Earnings Per Share | €9.82 (+1.2%) |
| Organic Free Cash Flow | €1,961 million (stable) |
| Net Debt | €2,107 million |
Regional and Business Segment Performance
Geographically, performance varied across regions. North America, representing 28% of Group revenues, saw a 4.1% decline at constant exchange rates but showed improving trends in the second half. The United Kingdom and Ireland region demonstrated resilience with only a 1.0% revenue decrease, while France experienced a 3.5% decline primarily driven by contraction in the Manufacturing sector.
The Rest of Europe region showed relative stability with 0.1% revenue growth, and Asia-Pacific and Latin America reported a slight 0.3% decrease. By business segment, Strategy & Transformation consulting services grew by 3.2%, while Applications & Technology and Operations & Engineering services both declined by 2.1%.
Capital Allocation and Strategic Moves
In 2024, Capgemini actively redeployed approximately €2.0 billion of capital, primarily funded by organic free cash flow. The Group invested €827 million in acquisitions, including the purchase of enterprise data management company Syniti. Dividend payments to shareholders totaled €580 million (€3.40 per share), and the company allocated €972 million to share buybacks.
The company also strengthened its sustainability consulting capabilities through the acquisition of Purpose, a social impact consultancy, which was integrated into its Capgemini Invent division. These strategic moves align with Capgemini’s focus on enhancing its data-driven digital transformation capabilities and expanding its high-value service offerings.
Market Position and Competitive Landscape
According to recent market analyses, Capgemini maintains its position as the leading IT services provider in France, with estimated revenues of €4.38 billion in the French market. The company ranks second in the broader EMEA region, behind Accenture but ahead of competitors like Tata Consultancy Services, IBM, and Atos.
The French IT services market showed modest growth of 0.3% in 2024, with Capgemini’s performance slightly below this market average. The company faces intense competition from both global giants and specialized regional players, particularly in high-growth areas like artificial intelligence, cybersecurity, and cloud services.
Outlook for 2025
For 2025, Capgemini has set cautious financial targets reflecting ongoing market uncertainty. The Group expects revenue growth in the range of -2.0% to +2.0% at constant currency, an operating margin between 13.3% and 13.5%, and organic free cash flow of approximately €1.9 billion.
Chief Executive Officer Aiman Ezzat commented on the outlook: “We remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”
Frequently Asked Questions
How did Capgemini perform in 2024 compared to 2023?
Capgemini reported a 1.9% decline in revenues to €22,096 million but maintained stable operating margins at 13.3%. Net profit increased slightly by 0.5% to €1,671 million, and the company generated strong organic free cash flow of €1,961 million, essentially unchanged from 2023.
What are Capgemini’s main growth areas?
The company’s Strategy & Transformation consulting business grew by 3.2% in 2024, demonstrating continued demand for high-value advisory services. Capgemini is also focusing on expanding its capabilities in artificial intelligence, cloud services, and data analytics, areas where it has made strategic acquisitions and partnerships.
What is Capgemini’s position in the French market?
Capgemini remains the undisputed leader in the French IT services market, with estimated revenues of €4.38 billion in France. The company holds a significant lead over its nearest competitors, SCC France and Accenture, in the French market.
What challenges does Capgemini face in 2025?
The company cites ongoing uncertainty in the Manufacturing sector and European markets as key challenges. Client decision cycles remain long, and discretionary spending continues to be soft in certain sectors. However, Capgemini believes its focus on operational efficiency and high-value services positions it well to navigate these challenges.