TLDR
- Accenture posted Q2 adjusted EPS of $2.93, beating the $2.84 estimate
- Revenue hit $18 billion, above the $17.84 billion forecast
- Q3 revenue guidance midpoint came in slightly below analyst estimates
- Full-year earnings outlook narrowed to $13.65–$13.90, missing consensus at midpoint
- ACN stock fell over 3% in premarket, extending a 27% year-to-date decline
Accenture (ACN) beat Wall Street’s earnings and revenue targets for its fiscal second quarter, but the stock still dropped Thursday as investors focused on soft forward guidance and ongoing concerns about client spending.
Accenture, $ACN, Q2-26.
Solid growth, steady margins.
📊 Adj. EPS: $2.93 Vs. $2.85 (est.)🟢
💰 Revenue: $18B Vs. $17.8B (est.)🟢
📈 Net Income: $1.83BBookings hit $22.1B with AI-led demand building.
Margin expansion remains modest in competitive environment.🧵 Thread below pic.twitter.com/ucLPnbT3Up
— EarningsTime (@Earnings_Time) March 19, 2026
The company reported adjusted EPS of $2.93 for Q2, ahead of the $2.84 analyst estimate. Revenue came in at $18.04 billion, up 8.3% year-over-year and above the $17.84 billion consensus.
New bookings rose 6% to $22.1 billion in the quarter. CEO Julie Sweet pointed to “strong AI-driven growth” as a key theme, citing progress in deploying AI at enterprise clients.
Despite the beat, the market wasn’t buying it. ACN fell more than 3% in premarket trading Thursday, a stark contrast to Nasdaq futures, which were down just 0.3%.
The reaction comes as ACN has already had a rough 2026. The stock is down 27% this year and 35% over the past 12 months — a steep underperformance versus the Nasdaq Composite, which is off just 4.7% in 2026.
The concern isn’t the past quarter — it’s what’s ahead. Accenture’s Q3 revenue guidance range of $18.35 billion to $19.00 billion puts the midpoint at $18.675 billion, slightly below the $18.72 billion analysts had penciled in.
Clients are pulling back. The company said enterprises are delaying large digital transformation projects and prioritizing short-term cost control instead.
Federal Business Adding Pressure
Accenture also flagged a 1% revenue drag for fiscal 2026 from its federal business, as government agencies cut spending and shift budgets.
That’s a notable headwind given the size of Accenture’s public sector exposure. The slowdown in federal IT spending is hitting several large contractors, and Accenture is no exception.
For the full fiscal year, Accenture narrowed its adjusted EPS outlook to $13.65–$13.90, tightening from the earlier range of $13.52–$13.90. The midpoint of the new range is $13.775, still below the FactSet consensus of $13.86.
The company also lifted its full-year revenue growth outlook slightly, now guiding for 4%–6% growth in local currency versus a prior range of 3%–6%.
Analyst Outlook Tempered
Analysts have said AI could support long-term growth for the company, but weak near-term demand is unlikely to fully rebound before 2028, according to current projections.
That’s a long wait for investors already sitting on double-digit losses this year. The market has been skeptical of Accenture’s AI growth story, partly because the technology that was supposed to drive demand may also be disrupting the consulting work the company charges premium fees for.
Accenture noted its fiscal 2026 forecast also reflects the potential impact of the conflict in the Middle East, adding another layer of uncertainty to the outlook.
ACN stock entered Thursday’s session down 27% year-to-date, with the Q2 report doing little to change that trajectory.
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