{"schemaVersion":1,"research":true,"symbol":"acn","name":"Accenture plc","topic":"moat","path":"/stock/acn/moat","status":"published","version":5,"updatedAt":"2026-10-19T10:48:14.933Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Accenture has a narrow moat from accumulated industry knowledge, longstanding client relationships and the organizational capability to deliver complex enterprise services globally. Decades-long relationships, large-contract wins and demonstrated workforce development support a current advantage. Operational switching friction provides additional support, but easy termination and non-exclusive engagements limit customer dependency. Reported contract profitability was stable or improving in parts of the business; premium prices and unilateral pricing power are unproven. Talent mobility, AI disruption and continuing reinvestment requirements constrain durability.","advantages":[{"mechanism":"intangible_assets","claim":"Accumulated industry expertise, client-specific knowledge and coordinated global delivery capabilities support an established enterprise-services franchise. Longstanding relationships and realized large-contract bookings corroborate these capabilities; spending and size alone do not establish competitive superiority.","durability":"Relationships extending beyond 20 years and demonstrated development of specialized capabilities support persistence. Maintaining the advantage requires continued training, technology investment and delivery execution; exceptional or guaranteed durability is not established.","risks":"Expertise resides substantially in mobile employees. AI-native providers, internal client capabilities and lower-cost providers can challenge delivery models. Ecosystem relationships contribute materially to revenue but are not shown to be exclusive. Management's claims of unmatched breadth and cost advantages lack comparative verification.","invalidation":"Persistent loss of major longstanding relationships, sustained deterioration in large-contract demand and contract profitability, or repeated inability to develop commercially relevant skills would undermine this advantage. Evidence that comparable delivery capabilities are readily interchangeable would also invalidate it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]},{"mechanism":"switching_costs","claim":"Running client systems and business functions creates operational familiarity and potential transition friction. Long relationships and longer notice periods or termination charges on complex managed-services contracts support a limited current advantage, although client switching costs are not quantified.","durability":"Most credible in complex ongoing managed services. Relationship longevity demonstrates repeat engagement, but does not prove that customers are locked in or that the same work remains continuously contracted.","risks":"Clients generally engage Accenture non-exclusively, and most contracts permit short-notice termination with little or no penalty. Consulting projects are often short. Operational familiarity may reflect satisfaction rather than costly switching.","invalidation":"Evidence of frequent replacement on complex ongoing engagements without meaningful transition cost or disruption, together with declining repeat demand from longstanding clients, would undermine the switching-friction thesis.","competitors":[],"evidenceIds":["e1","e13","e14"],"counterEvidenceIds":["e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business, Clients: relationship longevity and Diamond clients","excerpt":"We have long-term relationships and have partnered with 85% of our top 200 commercial clients and all of the G7 for 20 or more years, and have 317 Diamond clients, our largest client relationships."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: fiscal 2026 acquisitions, R&D and training","excerpt":"In fiscal 2026, we invested $4.9 billion across 17 strategic acquisitions, $1.0 billion in R&D, and approximately $1.0 billion in learning and professional development, including approximately 46 million training hours."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Business: achieved AI and data workforce goal","excerpt":"At the end of fiscal 2026, we had nearly 110,000 skilled AI and data practitioners, exceeding our three-year goal to double our AI and data workforce, through a combination of developing our people and hiring specialized talent."},{"id":"e4","sourceId":"filing-6","location":"Proxy, Our Company: fiscal 2025 large-contract bookings, AI bookings and operating margins","excerpt":"We also delivered a record 129 quarterly client bookings of more than $100 million and $5.9 billion in generative AI new bookings\n14.7%\nA decrease of 10 basis points from fiscal 2024 operating margin of 14.8%; after excluding the 90 and 70 basis point impact from business optimization costs in fiscal 2025 and 2024, respectively, adjusted operating margin was 15.6%, an increase of 10 basis points\nFree Cash Flow\nCash Returned to Shareholders\n$10.9B"},{"id":"e5","sourceId":"filing-1","location":"Item 1, Business, Global Reinvention Centers: issuer description of delivery capabilities","excerpt":"Our global approach provides scalable innovation, standardized processes, methods and tools, automation and AI, industry expertise and specialized capabilities, along with cost advantages, foreign language fluency, proximity to clients, and time zone advantages—to deliver high-quality solutions and services."},{"id":"e6","sourceId":"filing-1","location":"Item 1, Business, Ecosystem Partner Relationships: partner-related revenue","excerpt":"Our key 18 ecosystem partners represented approximately 65% of fiscal 2026 revenue, with growth outpacing Accenture overall."},{"id":"e7","sourceId":"filing-1","location":"Note 16, Segment Reporting: fiscal 2026 and 2025 revenues, costs and operating income","excerpt":"Fiscal 2026\nAmericas\nEMEA\nAsia Pacific\nTotal\nRevenues\n$\n36,546,614 \n$\n26,958,994 \n$\n10,677,837 \n$\n74,183,445 \nLess:\n Payroll costs\n23,034,530 \n18,174,946 \n6,635,594 \n47,845,070 \n Non-payroll costs including subcontractor costs (1)\n6,451,512 \n4,576,032 \n2,035,520 \n13,063,064 \n Depreciation and amortization (2)\n749,520 \n601,780 \n210,510 \n1,561,810 \n Business optimization costs (3)\n66,749 \n169,811 \n70,981 \n307,541 \nOperating income (4)\n6,244,303 \n3,436,425 \n1,725,232 \n11,405,960 \nNet assets as of August 31, 2026 (5)\n6,683,491 \n3,725,264 \n148,084 \n10,556,839 \nProperty & equipment, net as of August 31, 2026\n556,621 \n508,406 \n656,625 \n1,721,652 \nFiscal 2025\nRevenues \n$\n35,056,715 \n$\n24,643,957 \n$\n9,972,305 \n$\n69,672,977 \nLess:\n Payroll costs\n22,603,084 \n16,859,804 \n6,216,464 \n45,679,352 \n Non-payroll costs including subcontractor costs (1)\n5,917,032 \n4,000,523 \n1,709,620 \n11,627,175 \n Depreciation and amortization (2)\n791,791 \n560,657 \n173,014 \n1,525,462 \n Business optimization costs (3)\n420,469 \n131,980 \n62,875 \n615,324 \nOperating income (4)\n5,324,339 \n3,090,993 \n1,810,332 \n10,225,664 \nNet assets as of August 31, 2025 (5)"},{"id":"e8","sourceId":"filing-1","location":"Item 1, Business, Competition: generic competitor categories including AI-native providers and internal capabilities","excerpt":"Our competitors include large multinational IT service providers, including the services arms of large global technology providers; offshore IT service providers in lower-cost locations, particularly in India; accounting firms and consultancies that provide consulting, managed services and other IT solutions and services; solution or service providers that compete with us in a specific geographic market, industry or service area, including advertising agency holding companies, engineering services providers and technology start-ups, AI-native companies and software companies that can scale rapidly to focus on or disrupt certain markets and provide new or alternative products, end-to-end solutions, services, or commercial or delivery models; and in-house IT departments of large corporations that use their own resources rather than engage an outside firm, such as global capability centers (“GCCs”)."},{"id":"e9","sourceId":"filing-1","location":"Item 1A, Risk Factors: competition for specialized talent","excerpt":"There is competition for scarce talent with market-leading skills and capabilities in new technologies, and our people have been directly and will continue to be targeted because of their highly sought-after skills."},{"id":"e10","sourceId":"filing-4","location":"Item 2, MD&A, New Bookings: consulting and managed-services booking changes","excerpt":"dollars)\nMay 31, 2026\nMay 31, 2025\nMay 31, 2026\nMay 31, 2025\nConsulting\n$\n10.3 \n$\n9.1 \n13 \n%\n11 \n%\n$\n31.5 \n$\n28.8 \n9 \n%\n6 \n%\nManaged Services\n9.1 \n10.6 \n(15)\n%\n(16)\n%\n30.9 \n30.5 \n1 \n%\n(1)\n%\nTotal New Bookings\n$\n19.3 \n$\n19.7 \n(2)\n%\n(3)\nNew bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations."},{"id":"e11","sourceId":"filing-1","location":"Item 1, Business, Competition: management claim about breadth at scale","excerpt":"We compete with a variety of organizations that offer solutions and services competitive with those we offer—but we believe no other company offers the full range of services at scale that Accenture does, which uniquely positions us in a highly competitive market."},{"id":"e12","sourceId":"filing-1","location":"Note 16, Segment Reporting: completed optimization program, severance and acquisition-related impairments","excerpt":"We recorded a total of $923 million under the program, including $628 million of employee severance and $295 million primarily for asset impairments related to the divestiture of two acquisitions in the Americas that are no longer aligned with our strategic priorities."},{"id":"e13","sourceId":"filing-1","location":"Item 7, MD&A: ongoing managed-services work","excerpt":"Managed services revenues typically reflect ongoing, repeatable services or capabilities provided to transition, run and/or manage operations of client systems or business functions."},{"id":"e14","sourceId":"filing-1","location":"Item 1A, Risk Factors: termination terms for complex managed-services contracts","excerpt":"Longer-term, larger and more complex contracts, such as the majority of our managed services contracts, generally require a longer notice period for termination and often include an early termination charge to be paid to us, but this charge might not be sufficient to cover our costs or make up for anticipated ongoing revenues and profits lost upon termination of the contract."},{"id":"e15","sourceId":"filing-1","location":"Item 1, Business, Competition: non-exclusive client engagements","excerpt":"Our clients typically retain us on a non-exclusive basis."},{"id":"e16","sourceId":"filing-1","location":"Item 7, MD&A, New Bookings: majority of contracts readily terminable","excerpt":"The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice."},{"id":"e17","sourceId":"filing-1","location":"Item 1A, Risk Factors: consulting duration and termination rights","excerpt":"Many of our consulting contracts are less than 12 months in duration, and these contracts typically permit a client to terminate the agreement with as little as 30 days’ notice."},{"id":"e18","sourceId":"filing-4","location":"Item 2, MD&A, Overview: management reports relatively stable pricing","excerpt":"While the business environment remained competitive, pricing was relatively stable."},{"id":"e19","sourceId":"filing-4","location":"Item 2, MD&A, Overview: pricing defined as contract profitability","excerpt":"We define pricing as the contract profitability or margin on the work that we sell."},{"id":"e20","sourceId":"filing-5","location":"Item 2, MD&A, Overview: management reports pricing improvement in some areas","excerpt":"While the business environment remained competitive, pricing improved in some areas of our business."},{"id":"e21","sourceId":"filing-1","location":"Item 7, MD&A: fiscal 2026 and 2025 adjusted operating margins","excerpt":"Adjusted operating margin for fiscal 2026 was 15.8% compared to adjusted operating margin for fiscal 2025 of 15.6%."},{"id":"e22","sourceId":"filing-4","location":"Item 2, MD&A: intended pricing and delivery-efficiency responses to compensation costs","excerpt":"We strive to adjust pricing as well as drive cost and delivery efficiencies, such as changing the mix of people and utilizing technology, to reduce the impact of compensation increases on our margin and contract profitability."},{"id":"e23","sourceId":"filing-6","location":"Proxy, Our Company: fiscal 2025 operating cash flow, capital expenditure, repurchases and dividends","excerpt":"Defined as operating cash flow of $11.5 billion net of property and equipment additions of $600 million, with a free cash flow to net income ratio of 1.4\n$8.3B\nDefined as share repurchases of $4.6 billion and cash dividends of $3.7 billion."},{"id":"e24","sourceId":"filing-1","location":"Note 10, Borrowings and Indebtedness: senior note issuances in 2024 and 2026","excerpt":"(“Accenture Capital”), a wholly owned finance subsidiary of Accenture plc, issued $5 billion aggregate principal amount of senior unsecured notes on October 4, 2024, and issued $5 billion aggregate principal amount of senior unsecured notes on July 10, 2026."},{"id":"e25","sourceId":"filing-1","location":"Note 10, Borrowings and Indebtedness: stated use of financing proceeds","excerpt":"Net proceeds from the offerings are being used for general corporate purposes, including repayment of outstanding commercial paper borrowing and funding acquisitions."},{"id":"e26","sourceId":"filing-6","location":"Proxy, Executive Compensation: realized pay and zero relative-TSR component payouts","excerpt":"The Company’s performance with respect to total shareholder return over a three-year period was at the 3rd percentile among the companies in our peer group as of August 31, 2025, and this was directly reflected in our chair and chief executive officer’s realizable pay over the same period, which was at the 16th percentile among such companies, as the relative total shareholder return component of our Key Executive Performance Share awards granted on January 1, 2022 and January 1, 2023 both paid out at 0%."},{"id":"e27","sourceId":"filing-6","location":"Proxy, Executive Compensation: approved equity compensation increases and performance conditions","excerpt":"As a result, it approved increases in the form of equity compensation, and a majority of such additional values granted under the Key Executive Performance Share Program, under which vesting of awards is tied to meeting performance objectives related to operating income results and relative total shareholder return, in each case, over a 3-year performance period."},{"id":"e28","sourceId":"filing-6","location":"Proxy, Executive Compensation: provisional age-based vesting conditions","excerpt":"Provisional age-based vesting means that if a participant voluntarily terminates their employment after reaching age 50 and completing eight years of continuous service (or with respect to awards granted while a participant was a senior managing director, fifteen years of continuous service), the participant is entitled to pro rata vesting of their award at the end of the applicable three-year performance period based on the portion of the performance period during which they were employed."},{"id":"e29","sourceId":"filing-6","location":"Proxy, Corporate Governance Practices: director independence and combined chair/CEO","excerpt":"Our governance practices and policies include the following, among other things:\nBoard Structure and Independence\nIndependent Board\nAll of our current directors are independent except for our chair and chief executive officer."},{"id":"e30","sourceId":"filing-6","location":"Proxy, Corporate Governance Practices: independent committees","excerpt":"100% independent Board committees\nEach of our four committees consists solely of independent directors."},{"id":"e31","sourceId":"filing-6","location":"Proxy, Corporate Governance Practices: independent lead director and executive sessions","excerpt":"We have an independent Lead Director of the Board who has comprehensive duties that are set forth in the Company’s Corporate Governance Guidelines, including leading regular executive sessions of the Board, where independent directors meet without management present."},{"id":"e32","sourceId":"filing-1","location":"Item 9A, Controls and Procedures: management conclusion on internal controls","excerpt":"Based on its evaluation, our management concluded that our internal control over financial reporting was effective as of the end of the fiscal year covered by this Annual Report on Form 10-K."},{"id":"e33","sourceId":"filing-1","location":"Note 15, Commitments and Contingencies: ongoing DOJ investigation","excerpt":"AFS is responding to an administrative subpoena and cooperating with DOJ’s investigation."},{"id":"e34","sourceId":"filing-4","location":"Item 2, MD&A, Overview: slower spending on smaller short-duration contracts","excerpt":"While we continue to experience demand for these services, we also continue to see a slower pace and level of client spending, particularly for smaller contracts with a shorter duration."},{"id":"e35","sourceId":"filing-4","location":"Item 2, MD&A, Liquidity and Capital Resources: nine-month cash flows","excerpt":"dollars)\nMay 31, 2026\nMay 31, 2025\nChange\nNet cash provided by (used in):\nOperating activities\n$\n9,268 \n$\n7,560 \n$\n1,708 \nInvesting activities\n(3,452)\n(1,248)\n(2,204)\nFinancing activities\n(7,091)\n(1,673)\n(5,417)\nEffect of exchange rate changes on cash and cash equivalents\n(39)\n(11)\n(27)\nNet increase (decrease) in cash and cash equivalents\n$\n(1,313)\n$\n4,627 \n$\n(5,941)\nAmounts in table may not total due to rounding"},{"id":"e36","sourceId":"filing-4","location":"Item 2, MD&A: operating cash-flow growth partly reflects accrual and payment timing","excerpt":"Operating activities: The $1,708 million increase in operating cash flows was primarily due to higher net income, higher accruals for certain compensation payments reflected in accrued payroll and benefits, and the timing of vendor accruals and payments in accounts payable and other current and non-current liabilities."},{"id":"e37","sourceId":"filing-1","location":"Item 5, Share Repurchases: actual fourth-quarter fiscal 2026 repurchases","excerpt":"During the fourth quarter of fiscal 2026, we purchased 17,494,585 Accenture plc Class A ordinary shares under this program for an aggregate price of $2,300 million."}],"changes":["Retain the previous narrow-moat verdict, with stronger explicit support from the disclosed 20-plus-year client relationships and achieved AI workforce goal.","Recognize limited operational switching friction while preserving the distinction between repeat engagement and contractual lock-in.","Expand pricing assessment to include improvement in some areas during the second quarter followed by relative stability in the third quarter; neither establishes premium unit pricing.","Add management assessments using actual compensation payouts and governance disclosures. Balance execution achievements and cash generation against acquisition impairments, increased financing and uneven bookings."],"limitations":["The supplied competition passage names categories rather than individual competing companies; competitor arrays are therefore empty. Comparative market shares, win rates and delivery-cost benchmarks are unavailable.","The evidence consists of issuer filings. Relationship longevity, achieved workforce targets, contractual terms and reported results support assessments, while claims of unmatched breadth, differentiation and cost advantages remain management assertions.","Pricing disclosures measure contract profitability rather than comparable service prices. They cannot separate price changes from staffing, mix, technology or cost efficiencies.","Client longevity demonstrates repeat engagement but supplies neither a retention rate nor quantified transition costs. The selected top-client populations also create survivorship limitations.","The December 12, 2025 proxy supplies actual historical compensation and governance disclosures, but complete current ownership and fiscal 2026 executive compensation outcomes are absent. Proposed plan amendments and future award values are not treated as vested awards or proven outcomes.","Source dates are treated as filing dates, preserving their supplied dateKind. The June 2026 pricing and bookings disclosures are interim observations, not full-year outcomes.","No network effect, protected efficient-scale market or verified relative cost advantage is established. Margin performance corroborates resilience and execution but does not independently establish the moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Long client relationships, realized large-contract bookings and achieved specialized workforce development support a substantial accumulated expertise and relationship advantage. Comparative superiority and exclusive assets are not proven.","evidenceIds":["e1","e3","e4","e11"]},{"criterion":"durability","grade":2,"rationale":"Relationships exceeding 20 years support persistence, but mobile talent, rapidly changing competitive models and substantial recurring investment requirements make durability conditional.","evidenceIds":["e1","e2","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Ongoing management of systems and business functions supports operational familiarity and possible transition friction. Non-exclusive engagements and broad termination rights limit dependency; longevity does not prove lock-in.","evidenceIds":["e1","e13","e14","e15","e16"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Workforce development, revenue growth and large-contract wins demonstrate adaptation. Falling interim managed-services bookings and realized acquisition impairments indicate uneven results. AI competition is a disclosed threat rather than demonstrated franchise collapse.","evidenceIds":["e3","e4","e7","e8","e10","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Management reported improvement in some areas in fiscal Q2 2026 and relative stability in Q3. These are observed contract-profitability assessments, not comparable unit-price data, so they support mixed pricing resilience rather than demonstrated premium pricing.","evidenceIds":["e18","e19","e20"]},{"criterion":"retention","grade":3,"rationale":"Partnerships lasting at least 20 years with 85% of the top 200 commercial clients and all G7 governments strongly demonstrate sustained engagement. This assesses repeat demand from relationship evidence, not a calculated renewal or revenue-retention rate.","evidenceIds":["e1","e16"]},{"criterion":"margin_resilience","grade":3,"rationale":"Adjusted operating margin increased from 15.6% to 15.8% in fiscal 2026, while reported operating income also increased. Resilience is demonstrated, although lower optimization costs and cost management contributed, and Asia Pacific operating income declined. This does not isolate pricing power.","evidenceIds":["e7","e21","e22"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Most contracts permit short-notice cancellation with little or no penalty, consulting commitments are often short, and engagements are generally non-exclusive. Some managed-services termination protection exists, but disclosed terms provide weak support for imposing durable pricing or terms.","evidenceIds":["e14","e15","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2025 free cash flow of $10.9 billion exceeded $8.3 billion returned to shareholders, and nine-month fiscal 2026 operating cash generation increased. However, acquisition spending rose to $4.9 billion, another $5 billion of notes was issued, and acquisition-related impairments demonstrate imperfect allocation outcomes. Cash-flow growth partly reflects payment timing; repurchases alone do not establish value creation.","evidenceIds":["e2","e12","e23","e24","e25","e35","e36","e37"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual zero payouts on the relative-TSR components of two historical award vintages demonstrate consequences for weak shareholder returns. Multi-year performance conditions support alignment. Approved compensation increases and age-based pro rata vesting temper the assessment; complete current ownership and fiscal 2026 payout evidence are missing.","evidenceIds":["e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Revenue and operating-income growth, achieved AI workforce expansion and realized large-contract wins demonstrate strong operating execution. This is assessed indirectly from operating outcomes rather than project-level customer results. 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