Accenture plc (ACN)
Recap: Q2 FY26
Maintaining Outperform on Accenture: A Beat-and-Raise With Record $22.1B Bookings, a Second Straight Gross-Margin Expansion, and a Capitulation Reversal at ~14x — the De-Rating Was Multiple Compression, Not a Broken Business
Recap: Q1 FY26
Upgrading Accenture to Outperform: Gross Margin Inflects for the First Time in Four Quarters, Advanced-AI Bookings Nearly Double to $2.2B, and Management Bought the Bottom — the Cannibalization Bear Case Is Breaking Down
Recap: Q4 FY25
Maintaining Hold on Accenture: A Clean Beat and a Record Cash Year Meet a Decelerating FY26 Guide and an $865M Restructuring — Quality Is Cheap, But the Growth Algorithm Just Stepped Down
Recap: Q3 FY25
Initiating Accenture at Hold: A Clean Beat the Market Sold — Federal Cuts, Decelerating Bookings, and an Unquantifiable AI-Cannibalization Overhang Cap a High-Quality, De-Rated Compounder