Quarterly and Annual Revenue Growth
Q4 revenue of ~$2.55B with constant-currency growth of 3.1% (above prior guidance). Full-year fiscal 2025 constant-currency revenue growth of 2.1%, 60 bps above the high end of guidance.
Profitability and Margins (Non-GAAP)
Q4 non-GAAP operating income of $323M and non-GAAP operating margin of 12.7% (sequential increase of 40 bps). FY non-GAAP operating income $1.254B and FY non-GAAP operating margin 12.8%.
Record and Growing Cash Generation
Q4 adjusted free cash flow > $287M (quarterly record). Full-year adjusted free cash flow of $626M, a 32% increase YoY (> $100M increase vs prior year). FY 2026 adjusted free cash flow guidance $630M–$650M.
Capital Return and Balance Sheet Actions
Returned $258M to shareholders in FY25 (repurchases of $169M, ~3.6M shares at ~$47 avg; dividends ~$89M). Reduced net debt by ~$184M in the year; year-end cash $327M, total debt $4.639B and net debt $4.311B; liquidity ~ $1.6B including $1.1B undrawn LOC.
AI Platform Traction (IXSuite)
Launched IXSuite; incremental investment ~ $25M in FY25 and total IX-related spend a bit over $50M in the year. Exited FY25 with > $60M of annualized AI revenue from the platform and achieved breakeven on the AI product line. >40% of new business includes company-owned technology attach.
Quality of Revenue & Commercial Momentum
Reduced non-complex work from 7% to 5% of revenue. Invested ~$95M in capabilities/footprint and moved 4% of onshore business offshore to capture share. Sales/account actions yielded: 6% increase in annual contract value in pipeline exit, 9% increase in new wins YoY, 14% increase in transformational deal values, 23% increase in cross-sell/upsell deals, and 37% increase in new service area deal values. 98% of top 50 clients now buy >1 solution.
Operational Efficiency Investments
Reduced non-billable resources and infrastructure expenditures by close to $100M run-rate exiting Q1 2026 through automation and internal technology; expecting sequential margin improvement through 2026 as duplicate/overcapacity costs are removed.