Genpact LTD (G) · Nov 5, 2026 · Earnings
Beat — Adjusted diluted EPS $1.07 vs ~$1.04 consensus
Genpact’s Q3 earnings beat expectations as Advanced Technology Solutions growth reached 30.3%, while higher full-year EPS guidance reinforces its Agentic Operations pivot.
Genpact is in the middle of shifting from traditional outsourced operations toward AI-enabled “Agentic Operations,” with Advanced Technology Solutions as the growth engine. That direction was already established: after Q2, management was targeting at least 25% full-year growth in that segment and at least 12% adjusted EPS growth for 2026.
The pivot is gaining measurable traction. Q3 revenue rose 7.3% year over year, while Advanced Technology Solutions growth accelerated to 30.3%. 〔0〕 The faster-growing business now represents roughly 29% of quarterly revenue, up from about 24% for full-year 2025, indicating that the mix is moving toward the strategy Genpact is emphasizing.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Net revenue (Financial Statements) | $1,385.4M (+7.3%) | $1,291.3M | ~$1,380M |
| Advanced Technology Solutions revenue (Segment results) | $405.1M (+30.3%) | $311.0M | |
| Adjusted diluted EPS (EPS reconciliation) | $1.07 (+10.3%) | $0.97 | ~$1.04 |
| Adjusted income from operations margin (Non-GAAP reconciliation) | 17.8% (+10 bps) | 17.7% | |
| Operating cash flow, nine months (Cash Flow statement) | $142.0M (-73.0%) | $526.2M |
The quarter modestly cleared the published bar. Adjusted diluted EPS of $1.07 exceeded the roughly $1.04 consensus, while revenue of $1.385 billion was slightly above the roughly $1.38 billion expectation. The beat is therefore real but narrow; the more important change is that it arrived alongside continued margin expansion rather than simply cost cutting.
Full-year confidence increased, but not dramatically. Management raised 2026 gross-margin and adjusted-EPS guidance. 〔1〕 The new adjusted diluted EPS outlook is $4.14, versus the prior Q2 framework of at least 12% growth; against 2025 adjusted EPS of $3.65, that implies roughly 13.4% growth rather than the earlier floor.
Cash conversion is the main counterweight. Nine-month operating cash flow fell to $142 million from $526 million, largely because accounts receivable increased by $405.8 million and other operating assets absorbed another $149.9 million. That does not negate the earnings beat, but it means the operational improvement has not yet translated cleanly into cash generation.
Bottom line: This is a modestly better-than-expected quarter that strengthens Genpact’s Agentic Operations transition, especially through 30% growth in Advanced Technology Solutions and higher EPS guidance. The story advances, but weak cash conversion keeps it from being a step-change event.
Q4 results and 2027 outlook, early February 2027
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