Accenture(ACN) - 2025 Q4 - Annual Report

Part I Disclosure Regarding Forward-Looking Statements The report contains forward-looking statements based on current expectations, with actual outcomes potentially differing due to risks - The report contains forward-looking statements that are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict[10] - Risks and uncertainties that could cause actual results to differ materially are discussed in the 'Risk Factors' section[10] Available Information Accenture's public filings, including 10-K, 10-Q, and 8-K reports, are available on its Investor Relations website and the SEC's site - Accenture provides its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments free of charge on its Investor Relations website (http://investor.accenture.com)[11](index=11&type=chunk) - The SEC's website (http://www.sec.gov) also contains reports and other information regarding issuers that file electronically[12] Item 1. Business Accenture is a global professional services company focused on digital core development and AI integration, operating across three markets and five industry groups - Accenture is a leading global professional services company, helping clients reinvent through digital core building and AI integration[13] - The company's strategy is to be the reinvention partner of choice, the most AI-enabled, client-focused, and a great place to work[13] Fiscal 2025 Highlights | Metric | Value | | :--- | :--- | | Revenues | $69.7B | | Number of Clients | >9,000 | | Employees | ~779,000 | | Long-term Client Relationships (10+ years with top 200) | 195 | | Diamond Clients (largest relationships) | 305 | Fiscal 2025 Investments | Investment Area | Amount | | :--- | :--- | | Strategic Acquisitions (23 acquisitions) | $1.5B | | Research and Development (R&D) | $0.8B | | Learning and Professional Development (47 million training hours) | ~$1.0B | - Accenture made a significant multi-year investment of $3 billion in generative AI starting in fiscal 2023 to establish early leadership[18] Overview This section provides a general introduction to Accenture's business model and strategic focus Fiscal 2025 Highlights This section summarizes Accenture's key achievements and financial performance for fiscal year 2025 Fiscal 2025 Investments This section details Accenture's strategic investments made during fiscal year 2025 across various areas Geographic Markets Accenture operates through three geographic markets: Americas, EMEA, and Asia Pacific, responsible for client relationships and revenue goals - Accenture operates through three geographic markets: Americas, EMEA (Europe, Middle East and Africa), and Asia Pacific[14][19] - These markets are responsible for building client relationships, delivering solutions, ensuring client satisfaction, and achieving revenue and profitability goals[19] Reinvention Services Effective September 1, 2025, all services were integrated into 'Reinvention Services' to accelerate solution development and AI integration - Effective September 1, 2025, all services were integrated into a single business unit called 'Reinvention Services'[21] - This model combines capabilities across strategy, consulting, technology, operations, Song, and Industry X, with industry and functional expertise and technology ecosystem partnerships[21] - The goal is to create leading solutions faster, embed AI and data more easily, and simplify selling and delivery across the client base[21] Ecosystem Partner Relationships Accenture maintains strong relationships with technology ecosystem partners, crucial for scaling AI adoption and achieving business outcomes - Accenture is the number-one partner for its top 10 technology ecosystem partners[27] - These partnerships are vital for helping clients achieve business outcomes from technology and scale AI adoption[27] - In fiscal 2025, Accenture expanded its AI and data partnerships beyond the top 10[27] Clients Accenture serves approximately 9,000 clients, including Fortune Global 100 and 500 companies, with a focus on long-term relationships - Accenture serves approximately 9,000 clients, including a significant portion of the Fortune Global 100 and 500[28] - The company has long-term relationships, partnering with 195 of its top 200 clients for 10 or more years[28] - Accenture has 305 'Diamond clients,' representing its largest client relationships[28] Industry Groups Accenture leverages deep industry expertise across five groups to provide client-specific solutions and accelerate reinvention - Accenture goes to market through five industry groups: Communications, Media & Technology, Financial Services, Health & Public Service, Products, and Resources[29] - This industry focus provides understanding of industry evolution, business issues, trends, operating models, and emerging technologies[29] FY25 Revenues by Industry Group | Industry Group | FY25 Revenues | | :--- | :--- | | Communications, Media & Technology | $11.5B | | Financial Services | $12.8B | | Health & Public Service | $14.8B | | Products | $21.2B | | Resources | $9.5B | People Accenture employs approximately 779,000 people globally, focusing on talent development and managing attrition rates - Accenture had approximately 779,000 people as of August 31, 2025, serving clients in over 120 countries[36] - The company's talent strategy includes investing in upskilling, exiting people where reskilling isn't viable, and driving operating efficiencies through AI[39] People Metrics (Fiscal 2025 vs. 2024) | Metric | Fiscal 2025 | Fiscal 2024 | Change | | :--- | :--- | :--- | :--- | | Workforce | ~779,000 | ~774,000 | +5,000 | | Learning & Professional Development Investment | ~$1.0B | N/A | N/A | | Training Hours | ~47M | N/A | +9% YoY | | AI and Data Practitioners | ~77,000 | N/A | N/A | | Promotions | ~97,000 | N/A | N/A | | Voluntary Attrition (excluding involuntary) | 14% | 13% | +1% | | Q4 FY25 Annualized Voluntary Attrition | 15% | N/A | -1% QoQ (from Q3 FY25) | Global Delivery Capability Accenture's global delivery network across 52 countries provides scalable innovation, automation, and cost advantages - Accenture's global delivery capability is a key differentiator, utilizing one of the world's largest networks of centers across 52 countries[36][45] - The global approach offers scalable innovation, standardized processes, automation, AI, industry expertise, cost advantages, and foreign language fluency[45] Innovation and Intellectual Property Accenture invests significantly in R&D for competitive advantage, protecting intellectual property across AI, cloud, and cybersecurity - Innovation is a source of competitive advantage, with significant R&D investments to address market realities and leverage emerging technologies[46] R&D Spending (Fiscal Years) | Fiscal Year | R&D Spending | | :--- | :--- | | 2025 | $0.8B | | 2024 | $1.2B | | 2023 | $1.3B | - Accenture protects its intellectual property through patents, trade secrets, copyrights, and contractual arrangements, covering AI, cloud, cybersecurity, automation, analytics, and quantum technologies[49] Assets and Platforms Accenture leverages proprietary assets and platforms, including GenWizard and SynOps, with embedded AI to deliver client value - Accenture utilizes proprietary assets and platforms, including GenWizard, myNav, SynOps, and AI Navigator for Enterprise, to deliver client value[51] - Advanced AI is deeply embedded into platforms like GenWizard to enhance service delivery[51] Competition Accenture operates in a highly competitive global market, competing with diverse service providers, but believes its scale offers a unique position - Accenture operates in a highly competitive and rapidly changing global marketplace[52] - Competitors include large multinational IT service providers, offshore firms, accounting firms, consultancies, and technology startups[53] - Accenture believes its full range of services at scale provides a unique competitive position[52] Information About Our Executive Officers This section provides brief biographies of Accenture's executive officers as of October 10, 2025, detailing their roles and tenure - Key executive officers as of October 10, 2025, include Julie Sweet (Chair and CEO), Angie Park (CFO), and Manish Sharma (Chief Strategy and Services Officer)[61][62][59] - The biographies highlight their extensive experience and tenure within Accenture and prior roles[54][55][56][57][58][59][60][61][62][63][64] Organizational Structure Accenture plc, incorporated in Ireland, operates through subsidiaries, with noncontrolling interests representing less than 1% ownership - Accenture plc was incorporated in Ireland on June 10, 2009, and operates through its subsidiaries[65] - Noncontrolling ownership interests in Accenture Canada Holdings Inc. were less than 1% as of August 31, 2025[66] Item 1A. Risk Factors This section details various business, financial, operational, and legal risks that could materially affect Accenture's performance and stock price - Accenture's business is exposed to risks from volatile economic and geopolitical conditions, which can reduce client spending[68][69] - Rapid technological changes, particularly in AI, pose risks related to client demand, competition, and the potential replacement of services by automation[70][71][76] - Failure to attract, retain, and upskill talent, especially in new technologies, could adversely affect business and utilization rates[80] - Cybersecurity incidents and attacks, increasingly sophisticated with AI, pose significant legal, reputational, and financial risks due to potential data breaches and system disruptions[87][88][89] - The company faces intense competition from various service providers and technology companies, which could lead to market share loss or pricing pressure[90][92][93] - Profitability is vulnerable to pricing pressures, unsuccessful cost-management strategies, delivery inefficiencies, and failure to meet contractual targets[103][104][106][107] - Changes in tax laws, audits, and foreign currency exchange rate fluctuations could materially affect the effective tax rate, results of operations, and cash flows[109][111][114] - Global operations expose Accenture to risks from health emergencies, geopolitical unrest, natural disasters, and the challenges of managing a large, geographically diverse workforce[117][120] - Legal and regulatory risks include potential liability from contractual failures, government contracting complexities, diverse global compliance requirements, and intellectual property infringement claims[126][127][133][135][141][143] Business Risks This section outlines risks related to Accenture's core business operations, market conditions, and strategic execution Financial Risks This section describes financial risks, including those related to profitability, foreign currency, and tax matters Operational Risks This section covers risks associated with Accenture's global operations, talent management, and service delivery Legal and Regulatory Risks This section details legal and regulatory risks, including compliance, intellectual property, and contractual liabilities Item 1B. Unresolved Staff Comments Accenture reports no unresolved staff comments from the SEC - There are no unresolved staff comments[151] Item 1C. Cybersecurity Accenture's cybersecurity program, integrated into enterprise risk management, leverages international standards and Board oversight to protect data - Accenture's cybersecurity risk management program is integrated into its overall enterprise risk management system[152] - The security framework leverages international standards (ISO 27001/27701, NIST CSF, CSA STAR, CIS Critical Security Controls) and includes regular risk assessments and penetration testing[153] - Key strategic security programs include secure integration of acquisitions and supplier cyber risk management[153] - All employees are required to complete annual information security and data privacy training[156] - Cybersecurity governance is overseen by the Board of Directors, with the Audit Committee specifically responsible for IT risk exposures, including cybersecurity and data privacy[160][161] - The Chief Information Security Officer (CISO) leads Accenture's global cybersecurity program, supported by a team of over 1,000 experts[162] Cybersecurity Risk Management and Strategy This section details Accenture's cybersecurity risk management framework, strategy, and protective measures Cybersecurity Governance This section describes the oversight and leadership structure for Accenture's global cybersecurity program Item 2. Properties Accenture operates major offices in over 200 cities across 52 countries, primarily through leased facilities rather than owned properties - Accenture has major offices in over 200 cities across 52 countries worldwide[164] - The company does not own any material real property; substantially all facilities are leased under long-term leases[164] Item 3. Legal Proceedings Legal proceedings information is incorporated by reference from Note 15 (Commitments and Contingencies) in the financial statements - Legal proceedings information is incorporated by reference from Note 15 (Commitments and Contingencies) in the Consolidated Financial Statements[166] Item 4. Mine Safety Disclosures This item is not applicable to Accenture - This item is not applicable[167] Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Accenture's Class A ordinary shares trade on the NYSE, with details on share ownership, dividends, and active share repurchase programs - Accenture plc Class A ordinary shares are traded on the New York Stock Exchange (NYSE) under the symbol 'ACN'[168] - As of September 26, 2025, there were 356 holders of record for Class A ordinary shares and 14 for Class X ordinary shares[168][169] Dividend Declaration (Q1 Fiscal 2026) | Dividend Type | Amount per Share | Record Date | Payable Date | | :--- | :--- | :--- | :--- | | Quarterly Cash Dividend (Class A) | $1.63 | October 10, 2025 | November 14, 2025 | - Irish dividend withholding tax (DWT) of 25% may apply to dividends, with exemptions for shareholders in 'relevant territories' like the US and EU member states[171] Purchases of Class A Ordinary Shares (Q4 Fiscal 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased under Publicly Announced Plans | | :--- | :--- | :--- | :--- | | June 1, 2025 – June 30, 2025 | 633,762 | $305.70 | 606,123 | | July 1, 2025 – July 31, 2025 | 961,398 | $289.01 | 945,536 | | August 1, 2025 – August 31, 2025 | 8,341 | $259.47 | — | | Total | 1,603,501 | $295.45 | 1,551,659 | - As of August 31, 2025, the aggregate available authorization for share purchases and redemptions was $2,851 million[175] - An additional $5.0 billion in share repurchase authority was approved on September 22, 2025, bringing the total to $7.851 billion[175][438] Dividends This section provides details on Accenture's dividend declarations and related tax implications Recent Sales of Unregistered Securities This section reports on any recent sales of unregistered securities by Accenture Purchases of Accenture plc Class A Ordinary Shares This section details Accenture's share repurchase activities for its Class A ordinary shares Item 6. [Reserved] This item is reserved and contains no information Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes Accenture's financial performance, including revenue, bookings, operating metrics, and liquidity, for fiscal 2025 versus 2024 - Accenture's fiscal 2025 revenues increased 7% in both U.S. dollars and local currency to $69.7 billion[184][187] - New bookings for fiscal 2025 were $80.6 billion, a decrease of 1% in both U.S. dollars and local currency[184][197] Key Financial Metrics (Fiscal 2025 vs. 2024) | Metric | Fiscal 2025 | Fiscal 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $69.7 billion | $64.9 billion | +7% | | New Bookings | $80.6 billion | $81.2 billion | -1% | | Operating Margin (GAAP) | 14.7% | 14.8% | -0.1% | | Adjusted Operating Margin (Non-GAAP) | 15.6% | 15.5% | +0.1% | | Diluted EPS (GAAP) | $12.15 | $11.44 | +6% | | Adjusted Diluted EPS (Non-GAAP) | $12.93 | $11.95 | +8% | | Cash Returned to Shareholders | $8.3 billion | N/A | N/A | | - Dividends | $3.7 billion | N/A | N/A | | - Share Purchases | $4.6 billion | N/A | N/A | - The company initiated business optimization actions in Q4 fiscal 2025, incurring $615 million in costs, primarily for employee severance ($344 million) and asset impairments ($271 million) from divesting misaligned acquisitions[184][218] - Accenture's workforce increased to approximately 779,000 as of August 31, 2025, with a voluntary attrition rate of 14% (excluding involuntary terminations), up from 13% in fiscal 2024[193][194] Overview This section provides a high-level summary of Accenture's financial condition and operational highlights Key Metrics This section presents key financial and operational metrics used to evaluate Accenture's performance Revenues Accenture's fiscal 2025 revenues increased 7% to $69.7 billion, with strong growth in Americas, EMEA, and various industry groups Revenues by Geographic Market (Fiscal 2025 vs. 2024) | Geographic Market | FY25 Revenue ($B) | FY24 Revenue ($B) | % Increase (USD) | % Increase (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Americas | $35.1 | $32.6 | 8% | 9% | | EMEA | $24.6 | $22.8 | 8% | 6% | | Asia Pacific | $10.0 | $9.5 | 5% | 4% | | Total | $69.7 | $64.9 | 7% | 7% | Revenues by Industry Group (Fiscal 2025 vs. 2024) | Industry Group | FY25 Revenue ($B) | FY24 Revenue ($B) | % Increase (USD) | % Increase (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Communications, Media & Technology | $11.5 | $10.8 | 6% | 6% | | Financial Services | $12.8 | $11.6 | 10% | 10% | | Health & Public Service | $14.8 | $13.8 | 7% | 6% | | Products | $21.2 | $19.6 | 8% | 8% | | Resources | $9.5 | $9.1 | 5% | 5% | | Total | $69.7 | $64.9 | 7% | 7% | Revenues by Type of Work (Fiscal 2025 vs. 2024) | Type of Work | FY25 Revenue ($B) | FY24 Revenue ($B) | % Increase (USD) | % Increase (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Consulting | $35.1 | $33.2 | 6% | 5% | | Managed Services | $34.6 | $31.7 | 9% | 9% | | Total | $69.7 | $64.9 | 7% | 7% | - Consulting revenue growth was driven by client reinvention efforts leveraging cloud, enterprise platforms, security, AI, and data[188] - Managed services revenue growth was driven by demand for reinvented operations, application development and maintenance, and infrastructure management[189] People Metrics Accenture's workforce grew to 779,000, with consistent utilization and a slight increase in voluntary attrition in fiscal 2025 People Metrics (Fiscal 2025 vs. 2024) | Metric | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Utilization | 92% | 92% | | Workforce | ~779,000 | ~774,000 | | Voluntary Attrition (excl. involuntary) | 14% | 13% | | Q4 FY25 Annualized Voluntary Attrition (excl. involuntary) | 15% | N/A | - The company manages workforce size and composition through hiring adjustments and involuntary terminations to balance skills with client demand[193][194] New Bookings New bookings for fiscal 2025 totaled $80.6 billion, a 1% decrease, with consulting up and managed services down New Bookings (Fiscal 2025 vs. 2024) | Type of Work | FY25 New Bookings ($B) | FY24 New Bookings ($B) | % Change (USD) | % Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Consulting | $37.6 | $37.0 | +2% | +2% | | Managed Services | $43.0 | $44.2 | -3% | -3% | | Total New Bookings | $80.6 | $81.2 | -1% | -1% | - Managed services bookings typically convert to revenue over a longer period compared to consulting bookings[197] - The majority of contracts are terminable by clients on short notice, meaning a significant portion of bookings is not included in remaining performance obligations[199] Critical Accounting Policies and Estimates Accenture's financial reporting relies on significant estimates and judgments, particularly for revenue recognition and income taxes - Revenue recognition involves judgments on distinct performance obligations, satisfaction over time or at a point in time, and measuring progress towards completion[201] - Income tax accounting requires judgments on current tax exposures, recoverability of deferred tax assets, and the likely outcomes of ongoing audits and tax proceedings[204][206] - Estimates for total contract costs and variable consideration (like incentive fees) are continuously monitored and subject to revision[202][203] Revenues by Segment/Geographic Market Accenture reports revenues by geographic market, industry group, and type of work, but does not track unit or rate volume - Reportable operating segments are the geographic markets: Americas, EMEA, and Asia Pacific[207] - Revenues are also categorized by industry group and type of work (consulting and managed services)[207] - The company does not track standard measures of unit or rate volume, making it difficult to measure revenue growth attributable to price or volume changes[209] Results of Operations for Fiscal 2025 Compared to Fiscal 2024 Fiscal 2025 operating income increased 7% to $10.2 billion, with adjusted operating margin up, and diluted EPS growing 6% to $12.15 Operating Income and Margin (Fiscal 2025 vs. 2024) | Metric | Fiscal 2025 | Fiscal 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Income | $10,226 million | $9,596 million | +7% | | Operating Margin | 14.7% | 14.8% | -0.1% | | Adjusted Operating Margin (Non-GAAP) | 15.6% | 15.5% | +0.1% | Operating Expenses by Category (Fiscal 2025 vs. 2024) | Expense Category | FY25 ($M) | FY25 (% of Rev) | FY24 ($M) | FY24 (% of Rev) | Change ($M) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cost of services | $47,438 | 68.1% | $43,734 | 67.4% | +$3,703 | | Sales and marketing | $7,043 | 10.1% | $6,847 | 10.6% | +$197 | | General and administrative costs | $4,351 | 6.2% | $4,281 | 6.6% | +$70 | | Business optimization costs | $615 | 0.9% | $438 | 0.7% | +$177 | | Total Operating Expenses | $59,447 | 85.3% | $55,301 | 85.2% | +$4,147 | - Gross margin decreased to 31.9% in fiscal 2025 from 32.6% in fiscal 2024, primarily due to higher payroll costs[215] Earnings Per Share (Fiscal 2025 vs. 2024) | Metric | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Diluted EPS (GAAP) | $12.15 | $11.44 | | Adjusted Diluted EPS (Non-GAAP) | $12.93 | $11.95 | - The increase in adjusted diluted EPS was primarily due to higher revenue and operating results, lower share count, and a lower effective tax rate, partially offset by lower non-operating income[237] Results of Operations for Fiscal 2024 Compared to Fiscal 2023 Discussion of fiscal 2024 versus 2023 results is incorporated by reference from the prior year's 10-K report - Discussion and analysis for fiscal 2024 compared to fiscal 2023 are available in the prior year's 10-K report[238] Liquidity and Capital Resources Accenture's liquidity is strong, with cash and equivalents at $11.5 billion and operating cash flows increasing by $2.3 billion - Primary liquidity sources are cash flows from operations, available cash reserves, and debt capacity[239] Cash and Cash Equivalents (Fiscal Year-End) | Fiscal Year-End | Amount ($B) | | :--- | :--- | | August 31, 2025 | $11.5 | | August 31, 2024 | $5.0 | Cash Flows Summary (Fiscal 2025 vs. 2024) | Activity | FY25 ($M) | FY24 ($M) | Change ($M) | | :--- | :--- | :--- | :--- | | Operating activities | $11,474 | $9,131 | +$2,343 | | Investing activities | $(2,020) | $(7,062) | +$5,042 | | Financing activities | $(2,948) | $(6,064) | +$3,115 | | Net increase (decrease) in cash | $6,474 | $(4,041) | +$10,515 | - The increase in operating cash flows was due to higher net income and lower cash outflows for compensation[242] - The decrease in cash used in investing activities was primarily due to lower spending on business acquisitions[242] - Accenture plans to continue using a significant portion of cash from operations for share repurchases in fiscal 2026[246] Item 7A. Quantitative and Qualitative Disclosures about Market Risk Accenture manages foreign currency risk with forward contracts, has immaterial interest rate risk, and faces equity investment risks Foreign Currency Risk This section details Accenture's exposure to foreign currency fluctuations and its hedging strategies - Accenture uses derivative financial instruments, primarily forward contracts, to manage foreign currency exchange rate risk for cash flow and balance sheet exposures[251][252] - A 10% change in foreign currency exchange rates against the U.S. dollar would result in a hypothetical change in the fair value of hedge instruments of approximately $722 million as of August 31, 2025[253] Interest Rate Risk This section discusses Accenture's exposure to interest rate changes and its management approach - Interest rate risk associated with borrowing and investing activities is not material[254] Equity Investment Risk This section outlines risks associated with Accenture's equity investments, particularly in non-marketable securities - Equity investment risk includes non-marketable securities in privately held companies, which are inherently risky due to early-stage technologies[256] Item 8. Financial Statements and Supplementary Data Consolidated Financial Statements and Supplementary Data are incorporated by reference, commencing on page F-1 (page 57) - The Consolidated Financial Statements and Supplementary Data are incorporated by reference and commence on page F-1 (page 57)[258] Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Accenture reports no changes in or disagreements with accountants on accounting and financial disclosure - There have been no changes in or disagreements with accountants on accounting and financial disclosure[259] Item 9A. Controls and Procedures Management and KPMG LLP concluded that Accenture's disclosure controls and internal control over financial reporting were effective as of August 31, 2025 - Disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of August 31, 2025[260] - Management concluded that internal control over financial reporting was effective as of August 31, 2025, based on the COSO framework[263] - KPMG LLP audited and issued a report on the effectiveness of internal control over financial reporting[264] - No material changes in internal control over financial reporting occurred during the fourth quarter of fiscal 2025[265] Evaluation of Disclosure Controls and Procedures This section details the evaluation of Accenture's disclosure controls and procedures Management's Annual Report on Internal Control over Financial Reporting This section presents management's annual report on the effectiveness of internal control over financial reporting Changes in Internal Control over Financial Reporting This section reports any material changes in internal control over financial reporting during the period Item 9B. Other Information This section summarizes Rule 10b5-1(c) trading arrangements adopted by executive officers and directors in Q4 fiscal 2025 - Executive officers and directors adopted trading arrangements in Q4 fiscal 2025 under Rule 10b5-1(c)[266] Executive Officer Trading Arrangements (Q4 Fiscal 2025) | Name | Title | Date of Adoption | Duration of Plan | Aggregate Shares to be Sold | | :--- | :--- | :--- | :--- | :--- | | Julie Sweet | Chair and CEO | July 12, 2025 | Oct 22, 2025 - July 24, 2026 | 39,000 | | Manish Sharma | Chief Strategy and Services Officer | June 24, 2025 | Oct 22, 2025 - July 24, 2026 | 11,500 | | Ryoji Sekido | Co-CEO—Asia Pacific | June 24, 2025 | Oct 22, 2025 - July 24, 2026 | 6,000 | | Mauro Macchi | CEO—EMEA | July 28, 2025 | Oct 27, 2025 - July 24, 2026 | 4,000 | Trading Arrangements This section details the trading arrangements adopted by executive officers and directors Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Accenture reports no disclosures regarding foreign jurisdictions that prevent inspections - There are no disclosures regarding foreign jurisdictions that prevent inspections[271] Part III Item 10. Directors, Executive Officers and Corporate Governance Information on directors, executive officers, and corporate governance is incorporated by reference from the 2026 proxy statement - Information on executive officers is included in Part I of this Form 10-K[273] - Remaining information on directors and corporate governance will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting[273] Item 11. Executive Compensation Executive compensation information will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting - Executive compensation information will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting[274] Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters This section details securities authorized under equity compensation plans, with remaining ownership information incorporated by reference Securities Authorized for Issuance under Equity Compensation Plans (as of August 31, 2025) | Plan Category | Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price | Shares Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | 2001 Share Incentive Plan | 1,872 | $— | — | | Amended and Restated 2010 Share Incentive Plan | 16,388,598 | — | 20,971,852 | | Amended and Restated 2010 Employee Share Purchase Plan | — | N/A | 46,056,389 | | Total | 16,390,470 | | 67,028,241 | - The remaining information on security ownership will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting[278] Securities Authorized for Issuance under Equity Compensation Plans This section provides details on securities authorized for issuance under Accenture's equity compensation plans Item 13. Certain Relationships and Related Transactions, and Director Independence Information on certain relationships, related transactions, and director independence will be incorporated by reference from the 2026 proxy statement - Information on certain relationships, related transactions, and director independence will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting[279] Item 14. Principal Accountant Fees and Services Information on principal accountant fees and services will be incorporated by reference from the 2026 Annual General Meeting proxy statement - Information on principal accountant fees and services will be incorporated by reference from the definitive proxy statement for the 2026 Annual General Meeting[280] Part IV Item 15. Exhibits, Financial Statement Schedules This section lists exhibits, financial statements, and an Exhibit Index, including corporate documents and certifications - The report includes Consolidated Financial Statements as of August 31, 2025 and 2024, and for the three years ended August 31, 2025[281] - No Financial Statement Schedules are filed[281] - A detailed Exhibit Index lists various corporate documents, agreements, and certifications, including the Amended and Restated Memorandum and Articles of Association, Indenture for senior unsecured notes, and various share incentive plans[281][282][283] Item 16. Form 10-K Summary This item is not applicable to Accenture - This item is not applicable[285] Signatures The Annual Report on Form 10-K was signed on October 10, 2025, by authorized executive officers and directors - The Annual Report on Form 10-K was signed on October 10, 2025[286] - Signatories include Julie Sweet (CEO, Chair), Angie Park (CFO), Melissa A. Burgum (Chief Accounting Officer), and other directors[287][288][289] Consolidated Financial Statements and Supplementary Data This section presents the audited consolidated financial statements and related notes for Accenture Report of Independent Registered Public Accounting Firm KPMG LLP issued unqualified opinions on Accenture's consolidated financial statements and internal control over financial reporting for fiscal 2025 - KPMG LLP issued an unqualified opinion on the consolidated financial statements for the three-year period ended August 31, 2025, stating they present fairly in conformity with U.S. GAAP[291][292] - KPMG LLP also issued an unqualified opinion on the effectiveness of Accenture's internal control over financial reporting as of August 31, 2025[291][292] - Critical audit matters included the evaluation of estimated costs to complete certain technology integration consulting services contracts and unrecognized tax benefits related to transfer pricing[298][300][303] Consolidated Balance Sheets Total assets increased to $65.4 billion, driven by cash and goodwill, while liabilities rose due to long-term debt, and equity grew to $32.2 billion Consolidated Balance Sheet Highlights (as of August 31) | Item | 2025 ($M) | 2024 ($M) | Change ($M) | | :--- | :--- | :--- | :--- | | ASSETS | | | | | Cash and cash equivalents | $11,478,729 | $5,004,469 | +$6,474,260 | | Receivables and contract assets (current) | $14,985,073 | $13,664,847 | +$1,320,226 | | Goodwill | $22,536,416 | $21,120,179 | +$1,416,237 | | Total assets | $65,394,897 | $55,932,363 | +$9,462,534 | | LIABILITIES | | | | | Current portion of long-term debt and bank borrowings | $114,484 | $946,229 | -$831,745 | | Long-term debt | $5,034,169 | $78,628 | +$4,955,541 | | Total current liabilities | $20,352,097 | $18,976,127 | +$1,375,970 | | Total non-current liabilities | $12,801,833 | $7,787,988 | +$5,013,845 | | SHAREHOLDERS' EQUITY | | | | | Total shareholders' equity | $32,240,967 | $29,168,248 | +$3,072,719 | Consolidated Income Statements Revenues increased to $69.7 billion in fiscal 2025, with net income rising to $7.7 billion and diluted EPS growing to $12.15 Consolidated Income Statement Highlights (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Revenues | $69,672,977 | $64,896,464 | $64,111,745 | | Total operating expenses | $59,447,313 | $55,300,617 | $55,301,856 | | Operating income | $10,225,664 | $9,595,847 | $8,809,889 | | Income before income taxes | $10,270,393 | $9,699,323 | $9,139,332 | | Income tax expense | $2,437,993 | $2,280,126 | $2,135,802 | | Net income attributable to Accenture plc | $7,678,433 | $7,264,787 | $6,871,557 | | Diluted earnings per Class A ordinary share | $12.15 | $11.44 | $10.77 | | Cash dividends per share | $5.92 | $5.16 | $4.48 | Consolidated Statements of Comprehensive Income Net income was $7.8 billion, with total comprehensive income of $7.9 billion, influenced by foreign currency translation gains Consolidated Statements of Comprehensive Income Highlights (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Net income | $7,832,400 | $7,419,197 | $7,003,530 | | Other comprehensive income (loss) attributable to Accenture plc | $89,363 | $188,359 | $447,241 | | Comprehensive income | $7,927,994 | $7,609,673 | $7,459,260 | | Comprehensive income attributable to Accenture plc | $7,767,796 | $7,453,146 | $7,318,798 | - Foreign currency translation contributed $235.7 million in other comprehensive income in fiscal 2025[310] - Cash flow hedges resulted in a net loss of $204.6 million in other comprehensive income in fiscal 2025[310] Consolidated Shareholders' Equity Statements Total shareholders' equity increased to $32.2 billion, driven by net income and share-based compensation, offset by repurchases and dividends Consolidated Shareholders' Equity Highlights (as of August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Total Accenture plc shareholders' equity | $31,195,446 | $28,288,646 | $25,692,839 | | Total shareholders' equity | $32,240,967 | $29,168,248 | $26,458,593 | | Net income attributable to Accenture plc | $7,678,433 | $7,264,787 | $6,871,557 | | Purchases of Class A shares | $(4,614,969) | $(4,509,392) | $(4,322,529) | | Share-based compensation expense | $2,093,878 | $1,941,590 | $1,913,051 | | Dividends | $(3,696,677) | $(3,238,259) | $(2,824,435) | - During fiscal 2025, Accenture cancelled 22,738,965 Class A ordinary shares held as treasury shares, with an aggregate cost of $6.7 billion[313][436] Consolidated Cash Flows Statements Operating cash flows increased to $11.5 billion, investing cash use decreased due to lower acquisitions, and financing cash use also decreased Consolidated Cash Flows Summary (Fiscal Years Ended August 31) | Activity | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $11,474,399 | $9,131,027 | $9,524,268 | | Net cash provided by (used in) investing activities | $(2,019,650) | $(7,061,818) | $(2,622,470) | | Net cash provided by (used in) financing activities | $(2,948,334) | $(6,063,508) | $(5,645,326) | | Net increase (decrease) in cash and cash equivalents | $6,474,260 | $(4,040,563) | $1,155,199 | | Cash and cash equivalents, end of period | $11,478,729 | $5,004,469 | $9,045,032 | - The increase in operating cash flows was primarily due to higher net income and lower cash outflows for certain compensation payments[242][314] - The decrease in cash used in investing activities was primarily due to lower spending on business acquisitions[242][314] - The decrease in cash used in financing activities was primarily due to higher net proceeds from borrowings[242][314] Notes to Consolidated Financial Statements This section provides detailed notes explaining the accounting policies, estimates, and specific financial statement line items Note 1. Summary of Significant Accounting Policies This note outlines Accenture's significant accounting policies for revenue recognition, income taxes, share-based compensation, and business optimization costs - Accenture recognizes revenue over time for managed services and technology integration consulting, and at a point in time for certain non-technology consulting, based on progress towards satisfying performance obligations[324][325][326][327] - Variable consideration, such as incentive fees, is included in the transaction price when reasonably estimable and a significant revenue reversal is not probable[322][323] - Income taxes involve estimating current tax exposures and judging the recoverability of deferred tax assets, with ongoing audits and investigations[332] Business Optimization Costs (Fiscal 2025 vs. 2024) | Item | Fiscal 2025 ($M) | Fiscal 2024 ($M) | | :--- | :--- | :--- | | Employee severance | $344 | N/A | | Asset impairments | $271 | N/A | | Total Business Optimization Costs | $615 | $438 | - Accenture retrospectively adopted ASU No. 2023-07 (Improvements to Reportable Segment Disclosures) in fiscal 2025 and is evaluating ASU No. 2023-09 (Improvements to Income Tax Disclosures) and ASU No. 2024-03 (Disaggregation of Income Statement Expenses) for future periods[349][350][351] Note 2. Revenues Remaining performance obligations were $34 billion, with $4.3 billion in deferred revenues recognized in fiscal 2025 Remaining Performance Obligations (as of August 31) | Fiscal Year-End | Amount ($B) | | :--- | :--- | | 2025 | $34 | | 2024 | $30 | - Approximately 65% of remaining performance obligations as of August 31, 2025, are expected to be recognized as revenue in fiscal 2026[353] - Revenues recognized during fiscal 2025 that were included in Deferred revenues as of August 31, 2024, amounted to $4.3 billion[357] Contract Balances (as of August 31) | Item | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Receivables | $13,065,433 | $11,873,442 | | Contract assets (current) | $1,919,640 | $1,791,405 | | Deferred revenues (current) | $6,073,170 | $5,174,923 | | Deferred revenues (non-current) | $642,361 | $641,091 | Note 3. Earnings Per Share Diluted earnings per share for fiscal 2025 was $12.15, calculated based on net income and diluted weighted average shares Earnings Per Share Calculation (Fiscal Years Ended August 31) | Item | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net income attributable to Accenture plc ($M) | $7,678,433 | $7,264,787 | $6,871,557 | | Basic weighted average Class A ordinary shares | 624,891,649 | 627,852,613 | 630,608,186 | | Basic earnings per share | $12.29 | $11.57 | $10.90 | | Diluted weighted average Class A ordinary shares | 632,435,108 | 635,940,044 | 638,591,616 | | Diluted earnings per share | $12.15 | $11.44 | $10.77 | - Diluted EPS calculation assumes the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class A ordinary shares on a one-for-one basis[358] Note 4. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss decreased to $(1.465) billion, driven by foreign currency translation gains and cash flow hedge losses Accumulated Other Comprehensive Loss (as of August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Foreign currency translation, net of tax | $235,681 | $214,889 | $341,688 | | Defined benefit plans, net of tax | $58,232 | $(27,669) | $122,268 | | Cash flow hedges, net of tax | $(204,550) | $1,139 | $(16,715) | | Accumulated other comprehensive loss | $(1,465,379) | $(1,554,742) | $(1,743,101) | - Approximately $115 million of net unrealized losses related to derivatives designated as cash flow hedges are expected to be reclassified into cost of services within the next twelve months[360] Note 5. Property and Equipment Net property and equipment increased to $1.566 billion, with depreciation expense of $622.5 million in fiscal 2025 Property and Equipment, Net (as of August 31) | Item | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Computers, related equipment and software | $2,260,910 | $2,163,222 | | Furniture and fixtures | $447,533 | $431,516 | | Leasehold improvements | $1,784,561 | $1,640,236 | | Property and equipment, gross | $4,493,004 | $4,234,974 | | Total accumulated depreciation | $(2,926,630) | $(2,713,855) | | Property and equipment, net | $1,566,374 | $1,521,119 | Depreciation Expense (Fiscal Years Ended August 31) | Fiscal Year | Amount ($M) | | :--- | :--- | | 2025 | $622,493 | | 2024 | $547,935 | | 2023 | $620,659 | Note 6. Business Combinations Accenture completed several acquisitions in fiscal 2025 for $1.169 billion, adding $1.054 billion in goodwill - Accenture completed a number of individually immaterial acquisitions in fiscal 2025, 2024, and 2023 to expand solutions and services[362] Acquisition Details (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Total consideration | $1,168,698 | $6,456,648 | $2,482,109 | | Goodwill | $1,054,190 | $5,320,890 | $2,094,972 | | Intangible assets | $199,120 | $1,265,290 | $544,661 | - Intangible assets primarily consist of customer-related intangibles, amortized over four to eighteen years[362] Note 7. Goodwill and Intangible Assets Goodwill increased to $22.5 billion, with no impairment, and definite-lived intangible assets totaled $2.4 billion Goodwill by Geographic Market (as of August 31) | Geographic Market | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Americas | $12,414,698 | $11,960,650 | $9,149,539 | | EMEA | $8,036,627 | $7,341,686 | $5,152,149 | | Asia Pacific | $2,085,091 | $1,817,843 | $1,271,315 | | Total | $22,536,416 | $21,120,179 | $15,573,003 | - No goodwill impairment existed as of August 31, 2025 or 2024[343] Definite-Lived Intangible Assets (as of August 31, 2025) | Intangible Asset Class | Net Carrying Amount ($M) | | :--- | :--- | | Customer-related | $2,163,436 | | Technology | $120,428 | | Patents | $42,309 | | Other | $84,582 | | Total | $2,410,755 | Intangible Asset Amortization Expense (Fiscal Years Ended August 31) | Fiscal Year | Amount ($M) | | :--- | :--- | | 2025 | $745,892 | | 2024 | $530,062 | | 2023 | $440,957 | Note 8. Leases Accenture's lease obligations are primarily for office real estate, with operating lease costs of $729.7 million in fiscal 2025 - Substantially all lease obligations are for office real estate[366] Lease Costs (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Operating lease cost | $729,727 | $719,434 | $868,082 | | Variable lease cost | $229,094 | $220,953 | $213,078 | | Sublease income | $(16,122) | $(18,618) | $(17,061) | | Total | $942,699 | $921,769 | $1,064,099 | Operating Lease Metrics (as of August 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Weighted average remaining lease term | 6.5 years | 6.7 years | | Weighted average discount rate | 4.3% | 4.2% | - Future undiscounted cash outflows for operating leases total $3.47 billion as of August 31, 2025[371] Note 9. Financial Instruments Accenture uses derivative financial instruments to manage foreign currency risk, with $36.8 million maximum credit risk from derivatives - Accenture uses derivative financial instruments (foreign currency forward contracts) to manage foreign currency exchange rate risk, not for trading[372] - Credit risk from derivatives is limited to the fair value of favorable contracts, totaling $36.8 million as of August 31, 2025[373] - Cash flow hedges are used to mitigate foreign exchange risk of forecasted intercompany expenses, with $10.2 million net losses reclassified into Cost of services in fiscal 2025[376][378] - Undesignated foreign currency forward contracts, hedging balance sheet exposures, resulted in net losses of $147.2 million in fiscal 2025[379] Fair Value of Derivative Instruments (as of August 31) | Item | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Total derivative assets | $36,847 | $119,248 | | Total derivative liabilities | $281,389 | $90,567 | | Total fair value (net) | $(244,542) | $28,681 | | Total notional value | $17,201,447 | $14,824,483 | Note 10. Borrowings and Indebtedness Accenture issued $5 billion in senior unsecured notes, bringing total outstanding debt to $5.1 billion as of August 31, 2025 - Accenture Capital Inc. issued $5 billion aggregate principal amount of senior unsecured notes in October 2024, maturing from 2027 through 2034[381] Total Outstanding Debt (as of August 31) | Item | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Current portion of long-term debt and bank borrowings | $114,484 | $946,229 | | Long-term debt (Senior notes) | $4,967,226 | $0 | | Other long-term debt | $66,943 | $78,628 | | Total outstanding debt | $5,100,000 (principal) | $935,000 (principal) | - Accenture maintains a $5.5 billion syndicated loan facility maturing in May 2029, and other uncommitted credit facilities[385][386] - No borrowings were outstanding under the syndicated loan facility or other credit facilities as of August 31, 2025[386][387] Note 11. Income Taxes Fiscal 2025 income tax expense was $2.438 billion (23.7% effective rate), with $2.410 billion in unrecognized tax benefits Income Tax Expense (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Current taxes | $2,080,645 | $2,374,114 | $2,404,755 | | Deferred taxes (benefit) expense | $357,348 | $(93,988) | $(268,953) | | Total income tax expense | $2,437,993 | $2,280,126 | $2,135,802 | Effective Income Tax Rate Reconciliation (Fiscal Years Ended August 31) | Item | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | U.S. federal statutory income tax rate | 21.0% | 21.0% | 21.0% | | Non-U.S. operations taxed at other rates | — | 1.0% | 1.4% | | Other net activity in unrecognized tax benefits | 3.0% | 2.7% | 3.2% | | Effective income tax rate | 23.7% | 23.5% | 23.4% | - As of August 31, 2025, Accenture had $2.410 billion of unrecognized tax benefits, with $1.615 billion potentially favorably affecting the effective tax rate if recognized[397] - The company is negotiating a bilateral Advance Pricing Agreement (APA) with the U.S. and Ireland covering fiscal 2021 through 2025, expected to conclude in fiscal 2026 or 2027[399] - Ireland and other countries where Accenture operates have enacted Pillar Two, the OECD's global minimum tax rate, which applies starting fiscal year 2025[112] Note 12. Retirement and Profit Sharing Plans Accenture maintains defined benefit and contribution plans, with pension expense of $219.9 million and a funded status of $(1.116) billion Pension and Postretirement Expense (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Pension expense | $219,933 | $222,891 | $206,346 | | Postretirement expense | Not material | Not material | Not material | Funded Status for Defined Benefit Plans (as of August 31) | Item | 2025 ($M) | 2024 ($M) | | :--- | :--- | :--- | | Funded status, end of year (Pension Plans) | $(1,116,081) | $(1,057,951) | | Funded status, end of year (Postretirement Plans) | $(538,989) | $(566,831) | - Plan assets are invested in a diversified portfolio primarily consisting of fixed income instruments and equities to mitigate market and interest rate risks[412] Defined Contribution Plan Expenses (Fiscal Years Ended August 31) | Fiscal Year | Amount ($M) | | :--- | :--- | | 2025 | $949,214 | | 2024 | $914,092 | | 2023 | $976,230 | Note 13. Share-Based Compensation Share-based compensation expense was $2.094 billion in fiscal 2025, with 7.64 million RSUs granted and shares available for future grants Share-Based Compensation Expense (Fiscal Years Ended August 31) | Item | 2025 ($M) | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | :--- | | Total share-based compensation expense | $2,093,878 | $1,941,590 | $1,913,051 | | Income tax benefit related to share-based compensation | $581,521 | $572,904 | $585,767 | - As of August 31, 2025, 20,971,852 shares were available for future grants under the Amended and Restated Accenture plc 2010 Share Incentive Plan[422] Restricted Share Unit Activity (Fiscal 2025) | Item | Number of Restricted Share Units | Weighted Average Grant-Date Fair Value | | :--- | :--- | :--- | | Nonvested balance as of Aug 31, 2024 | 15,823,227 | $311.06 | | Granted | 7,642,010 | $346.49 | | Vested | (6,119,669) | $310.36 | | Forfeited | (1,360,494) | $345.82 | | Nonvested balance as of Aug 31, 2025 | 15,985,074 | $325.33 | - As of August 31, 2025, there was $1.672 billion of unrecognized RSU compensation expense, expected to be recognized over a weighted average period of 1.1 years[425] - The 2010 ESPP allows eligible employees to purchase Class A ordinary shares at a discount, and Accenture Leadership participants in the VEIP receive matching restricted share units[427] Note 14. Shareholders' Equity Accenture's equity structure includes various share classes, with $4.615 billion in share repurchases and $3.7 billion in dividends in fiscal 2025 - Accenture plc has Ordinary Shares (non-voting, liquidation rights), Class A Ordinary Shares (voting, dividend, liquidation rights), and Class X Ordinary Shares (voting, no dividends, no liquidation rights, linked to exchangeable shares)[429][430][431] - Holders of Accenture Canada Holdings Inc. exchangeable shares can exchange them for Accenture plc Class A ordinary shares on a one-for-one basis[432] Share Purchase Activity (Fiscal 2025) | Item | Class A Ordinary Shares (Shares) | Class A Ordinary Shares (Amount $M) | Accenture Canada Exchangeable Shares (Shares) | Accenture Canada Exchangeable Shares (Amount $M) | | :--- | :--- | :--- | :--- | :--- | | Open-market share purchases | 11,878,584 | $3,838,976 | — | — | | Other share purchase programs | — | — | 12,271 | $4,528 | | Other purchases (e.g., tax withholding) | 2,203,778 | $775,993 | — | — | | Total | 14,082,362 | $4,614,969 | 12,271 | $4,528 | - During fiscal 2025, 22,738,965 treasury shares were cancelled, with an aggregate cost of $6.666 billion[436] Dividend Payments (Fiscal 2025) | Dividend Payment Date | Dividend Per Share | Total Cash Outlay ($M) | | :--- | :--- | :--- | | November 15, 2024 | $1.48 | $925,558 | | February 14, 2025 | $1.48 | $928,992 | | May 15, 2025 | $1.48 | $923,894 | | August 15, 2025 | $1.48 | $921,725 | | Total Dividends | | $3,700,169 | - On September 22, 2025, the Board declared a quarterly cash dividend of $1.63 per share and approved an additional $5 billion in share repurchase authority[438] [Note 15. Commitments and Contingencies](index=98&type=section&id=Note%2015.%20Commitments%20and%20