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IT services · Technology · Fiscal year ends Sep 30
Amdocs reported revenue of $4.5B in the fiscal year ended Sep 2025, down 9.4% from the year before. Operating income was $732M, an operating margin of 16.1%, and net income was $565M. Operating cash flow of $749M less capital expenditure of $104M left free cash flow of $645M. Net debt was $322M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 4,289 | 4,577 | 4,888 | 5,005 | 4,533 |
| Cost of revenue | 2,811 | 2,958 | 3,160 | 3,250 | 2,811 |
| Gross profit | 1,478 | 1,619 | 1,728 | 1,755 | 1,722 |
| Selling, general & admin | 487 | 529 | 571 | 573 | 506 |
| Operating income | 599 | 665 | 654 | 629 | 732 |
| Interest expense | 21.3 | 16.9 | 23.1 | 34.9 | 42.4 |
| Pre-tax income | 814 | 648 | 636 | 591 | 693 |
| Income tax | 126 | 98.9 | 93.4 | 94.8 | 125 |
| Net income | 688 | 550 | 541 | 493 | 565 |
| Diluted EPS | 5.32 | 4.44 | 4.49 | 4.25 | 5.05 |
| Diluted shares | 128 | 122 | 118 | – | – |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 709 | 573 | 520 | 346 | 325 |
| Receivables | 867 | 947 | 944 | 1,028 | 936 |
| Current assets | 2,067 | 2,003 | 1,912 | 1,771 | 1,592 |
| Net PP&E | 699 | 794 | 791 | 756 | 769 |
| Goodwill | 2,623 | 2,663 | 2,749 | 2,845 | 2,891 |
| Total assets | 6,512 | 6,390 | 6,426 | 6,386 | 6,250 |
| Payables | 121 | 134 | 293 | 306 | 371 |
| Deferred revenue | 237 | 254 | 171 | 115 | 119 |
| Current liabilities | 1,304 | 1,253 | 1,353 | 1,471 | 1,359 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 645 | 645 | 646 | 646 | 647 |
| Total liabilities | 2,877 | 2,830 | 2,859 | 2,887 | 2,779 |
| Shareholders' equity | 3,593 | 3,518 | 3,524 | 3,457 | 3,429 |
| Backlog (remaining obligations) | 6,700 | 6,300 | – | – | – |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 926 | 757 | 823 | 724 | 749 |
| Capital expenditure | 210 | 227 | 124 | 105 | 104 |
| Free cash flow | 715 | 530 | 698 | 619 | 645 |
| Depreciation & amortisation | 209 | 225 | 128 | 129 | 129 |
| Stock-based compensation | 54.2 | 71.8 | 89.7 | 105 | 105 |
| Acquisitions | 143 | 24.4 | 122 | 86.8 | 86.3 |
| Share buybacks | 680 | 508 | 490 | 563 | 551 |
| Dividends paid | 177 | 186 | 199 | 212 | 224 |
| Dividend per share | 1.41 | 1.54 | 1.70 | 1.87 | 2.06 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | 6.8% | 2.4% | −9.4% |
| Operating income growth (YoY) | – | 11.0% | −1.6% | −3.9% | 16.4% |
| EPS growth (YoY) | – | −16.5% | 1.1% | −5.3% | 18.8% |
| Gross margin | 34.5% | 35.4% | 35.3% | 35.1% | 38.0% |
| Operating margin | 14.0% | 14.5% | 13.4% | 12.6% | 16.1% |
| Net margin | 16.1% | 12.0% | 11.1% | 9.9% | 12.5% |
| Return on equityBlank when equity is negative | 19.2% | 15.6% | 15.3% | 14.3% | 16.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 12.9% | 12.9% | 12.8% | 15.0% |
| Free cash flow margin | 16.7% | 11.6% | 14.3% | 12.4% | 14.2% |
| Cash conversion (CFO ÷ net income) | 1.34x | 1.38x | 1.52x | 1.47x | 1.33x |
| Receivable days | 74 | 76 | 71 | 75 | 75 |
| Payable days | 16 | 17 | 34 | 34 | 48 |
| Interest cover | 28.1x | 39.3x | 28.3x | 18.0x | 17.2x |
| Debt ÷ equity | 0.18x | 0.18x | 0.18x | 0.19x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −64.5 | 71.7 | 126 | 300 | 322 |
| Current ratio | 1.59x | 1.60x | 1.41x | 1.20x | 1.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.