EX-99.1 2 d82532dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Amdocs Limited Reports Fourth Quarter Fiscal 2025 Results & Full Year Fiscal 2025 Results

Fiscal 2025 Revenue of $4.53 Billion, down 9.4% YoY as Reported and up 3.1% YoY in Pro Forma(1) Constant Currency(2)

Successfully Achieved Accelerated Profitability Improvement Targets

Strong Sales Momentum & 12-Month Backlog of $4.19 Billion, up 3.2% YoY

Initiates Fiscal 2026 Outlook:

Expects Fiscal 2026 Revenue Outlook of 1.7%-5.7% YoY as Reported and 1.0%-5.0% YoY in Constant Currency(2)

Increasing GenAI Investment to Unlock & Accelerate New Growth Opportunities

Board Approves 8% Increase of Quarterly Cash Dividend(4)

Full Year Fiscal 2025 Highlights

(All comparisons are against the prior year)

 

  •  

Revenue of $4,533 million, down 9.4% as reported due to the phase out of certain business activities, and up 3.1% in pro forma(1) constant currency(2)

 

  •  

Record managed services revenue of $2,996 million, equivalent to approximately 66% of total revenue

 

  •  

GAAP diluted EPS of $5.05, up 18.8% including a restructuring charge of 65 cents per share, without which GAAP diluted EPS would have been above the guidance range of 31.5%-33.5%

 

  •  

Non-GAAP diluted EPS of $6.99, up 8.5% and at the midpoint of the 8.0%-9.0% guidance range

 

  •  

Free cash flow(5) of $645 million, comprised of cash flow from operations of $749 million, less $104 million in net capital expenditures and other; excluding $90 million of restructuring payments which were not included in the full year free cash flow(5) guidance of $710 million to $730 million, free cash flow would have been $735 million

 

(1)

For comparison purposes, pro forma adjusts fourth quarter fiscal year 2024 revenue by approximately $150 million and the full fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook

(2)

Revenue on a constant currency basis assumes exchange rates in the current period were unchanged from the prior period

(3)

Expected total shareholder return assumes midpoint of fiscal year 2026 non-GAAP EPS growth outlook, plus dividend yield

(4)

Subject to shareholder approval at January 2026 annual meeting

(5)

Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding)

  •  

Repurchased $551 million of ordinary shares during the fiscal year

 

  •  

Twelve-month backlog of $4.19 billion up 3.2% as compared to last year’s fourth fiscal quarter, and up approximately $40 million sequentially

Fourth Quarter Fiscal 2025 Highlights

(All comparisons are against the prior year)

 

  •  

Revenue of $1,150 million, down 9.0% as reported due to the phase out of certain business activities, and up 2.8% in pro forma(1) constant currency(2); revenue was above the midpoint of the $1,125-$1,165 million guidance range with no impact from foreign currency movements compared to our guidance assumptions

 

  •  

Managed services revenue of $748 million, equivalent to approximately 65% of total revenue and up 3.7% as compared to last year’s fourth quarter

 

  •  

GAAP diluted EPS of $0.88, including a restructuring charge of 60 cents per share, without which GAAP diluted EPS would have been at the high-end of the $1.41-$1.49 guidance range

 

  •  

Non-GAAP diluted EPS of $1.83, slightly above the midpoint of the guidance range of $1.79-$1.85

 

  •  

GAAP operating income of $133 million; including a restructuring charge of $74 million; GAAP operating margin of 11.5%, up 260 basis points as compared to last year’s fourth fiscal quarter, reflecting the phase out of certain non-core business activities, and a continued focus on operational excellence; GAAP operating margin was down 620 basis points sequentially,

 

  •  

Non-GAAP operating income of $248 million; non-GAAP operating margin of 21.6%, up 290 basis points as compared to last year’s fourth fiscal quarter, reflecting the phase out of certain non-core business activities and a continued focus on operational excellence, and up 20 basis points sequentially

 

  •  

The Board of Directors (the “Board”) approved an 8% increase in the Company’s quarterly cash dividend payment from $0.527 per share to $0.569 per share, anticipated to be first paid in April 2026, subject to shareholder approval at the January 2026 annual meeting

JERSEY CITY, NJ – November 11, 2025 – Amdocs Limited (NASDAQ: DOX), a leading provider of software and services to communications and media companies, today reported operating results for the three months ended September 30, 2025.

“Fiscal 2025 was another important year as we delivered financial results consistent with our expectations while serving our global telecommunications customers with cutting-edge cloud, digital and AI-driven solutions designed to meet their strategic imperatives. Cloud-related activities delivered double-digit growth, reaching over 30% of total revenue, and we achieved significantly better profitability while maintaining our commitment to R&D. The year finished with very strong sales momentum. We secured Google Cloud migration awards at TELUS in Canada and Lumen Technologies in US and signed a digital transformation and IT operations agreement with Fidium, a new fiber customer in the US. Our international footprint expanded with modernization awards at British Telecom, or BT-EE in the UK, Altice SFR in France, Telia in Finland, PLDT in Philippines and Claro Brazil. Additionally, Telefónica Germany chose Amdocs to implement new GenAI use cases using the amAIz Sales Agent. This latest win extends our momentum following recent GenAI-related deals with Altice Optimum, e& UAE, and Consumer Cellular, and further demonstrates Amdocs’ pivotal role in accelerating generative AI adoption in the telecom industry,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

“Profitability improved significantly in fiscal 2025, reflecting the phase-out of certain low-margin, non-core business activities a year ago, and internal efficiency gains driven by automation, AI and a focus on operational excellence. Managed services as a share of overall revenue reached a record high 66% this year, further strengthening our business resilience as we maintained high renewal rates and expanded our customer activities under long-term agreements. Notably, Amdocs announced today a multi-year strategic expansion of our long-standing managed services engagement with PLDT. This landmark agreement will focus on modernizing PLDT’s IT operations and streamlining business processes through AI and generative AI capabilities to empower next-generation customer experiences,” said Tamar Rapaport-Dagim, chief financial officer & chief operating officer of Amdocs Management Limited.

Sheffer concluded, “With our unique tech-led and outcomes-based accountability model, Amdocs is strongly positioned to monetize a rich pipeline of opportunities across cloud, digital, network, and generative AI. That said, we are closely watching for any impacts of the uncertain global macroeconomic environment on us and our customers’ demand and spending behavior. As generative AI technology matures, we believe there is now the potential to unlock even greater opportunities to enhance telco customer experience, agility, and efficiency. To fully capture this potential, we are accelerating our generative AI investments to open new pathways for future growth across our entire customer base. Overall, we expect revenue growth in the range of 1.7% to 5.7% as reported and 1.0% to 5.0% in constant currency(2) in fiscal year 2026, positioning us to deliver high-single digit expected total shareholder returns(3) as we balance our strategic long-term investments with the benefits of ongoing cost and efficiency gains across the business.”

Revenue

(All comparisons are against the prior year period)

 

     In millions  
     Three months ended      Twelve months ended  
     September 30, 2025      September 30, 2025  
     Actual     Previous
Guidance		      Actual     Previous
Guidance		  

Revenue

    $ 1,150     $ 1,125-$1,165      $ 4,533       —   

Revenue Growth, as reported

      (9.0 )%      —         (9.4 )%      (10.0 )%-(9.0)% 

Revenue Growth, Pro-forma(1) constant currency(2)

      2.8 %      —         3.1 %      2.4 %-3.4% 

 

  •  

Revenue for the fourth fiscal quarter of 2025 was above the midpoint of Amdocs’ guidance

 

  •  

Revenue for the fourth fiscal quarter includes a positive impact from foreign currency movements of approximately $5 million relative to the fourth quarter of fiscal 2024 and a positive impact from foreign currency movements of approximately $3 million relative to the third quarter of fiscal 2025

  •  

Revenue for the full year fiscal 2025 includes an unfavorable impact from foreign currency movements of approximately 0.2% year-over-year

Net Income and Earnings Per Share

 

`    In thousands, expect per share data  
     Three months ended      Twelve months ended  
     September 30,      September 30,  
     2025      2024      2025      2024  

GAAP Measures

            

Net Income

    $ 97,114      $ 87,176      $ 567,769      $ 496,321  

Net Income attributable to Amdocs Limited

    $ 96,327      $ 86,441      $ 564,704      $ 493,197  

Diluted earnings per share

    $ 0.88      $ 0.76      $ 5.05      $ 4.25  

Non-GAAP Measures

            

Non-GAAP Net Income

    $ 202,203      $ 195,668      $ 784,267      $ 750,928  

Non-GAAP Net Income attributable to Amdocs Limited

    $ 201,416      $ 194,933      $ 781,202      $ 747,804  

Non-GAAP Diluted earnings per share

    $ 1.83      $ 1.70      $ 6.99      $ 6.44  

 

  •  

Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition related liabilities measured at fair value, equity-based compensation expenses, restructuring charges, and other, net of related tax effects. For further details of the reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below.

Capital Allocation

 

  •  

Quarterly Cash Dividend Program: On November 11, 2025, the Board approved the Company’s next quarterly cash dividend payment of $0.527 per share, and set December 31, 2025 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on January 30, 2026

 

  •  

The Board also approved an 8% increase in the Company’s quarterly cash dividend payment to $0.569 per share, which is anticipated to be first paid in April 2026, provided that the increase is approved by shareholders at the January 2026 annual general meeting of shareholders

  •  

Share Repurchase Activity: Repurchased $136 million of ordinary shares during the fourth quarter of fiscal 2025

Twelve-month Backlog

Twelve-month backlog was $4.19 billion at the end of the fourth quarter of fiscal 2025, up approximately 3.2% as compared to last year’s fourth fiscal quarter. Twelve-month backlog includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities.

First Quarter Fiscal 2026 Outlook

 

     In millions, except
per share data		  
     Q1 – 2026  

Revenue

    $ 1,135-$1,175  

GAAP Diluted earnings per share

    $ 1.36-$1.44  

Non-GAAP Diluted earnings per share

    $ 1.73-$1.79  

 

  •  

First quarter revenue guidance assumes a negative $1 million sequential impact from foreign currency fluctuations as compared to the fourth quarter of fiscal 2025

 

  •  

First quarter non-GAAP diluted EPS guidance excludes primarily equity-based compensation expense of approximately $0.21-$0.23 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.11 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects

 

  •  

GAAP diluted EPS guidance does not include the impact of future restructuring charges

Full Year Fiscal 2026 Outlook

 

     FY 2026, year-over-
year growth
     Guidance

Revenue growth, as reported

    1.7%-5.7%

Revenue growth, constant currency(2)

   1.0%-5.0%

GAAP diluted EPS growth

    13.5%-20.5%

Non-GAAP diluted EPS growth

    4.0%-8.0%
     FY 2026, in
millions
     Guidance

Free cash flow(5)

   $710-$730

 

  •  

Full year fiscal 2026 revenue guidance incorporates an expected positive impact from foreign currency fluctuations of approximately 0.7% year-over-year and includes some inorganic contribution

 

  •  

Non-GAAP diluted earnings per share growth excludes primarily equity-based compensation expense of approximately $0.90-$0.98 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.41 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects

 

  •  

GAAP diluted EPS guidance does not include the impact of future restructuring charges

 

  •  

Non-GAAP operating margin is anticipated to be within a range of 21.3% to 21.9% for the full year fiscal 2026

 

  •  

Non-GAAP operating margin is comprised of GAAP operating margin, excluding amortization of purchased intangible assets and other, equity-based compensation expense, restructuring charges, and changes in certain acquisitions related liabilities measured at fair value

 

  •  

Non-GAAP effective tax rate is anticipated to be within a range of 16% to 19% for the full year fiscal 2026

 

  •  

Full year fiscal 2026 free cash flow(5) of $710 million to $730 million; free cash flow(5) is comprised of cash flow from operations, less net capital expenditures, and excludes payments related to restructuring charges

The forward-looking statements regarding our first fiscal quarter 2026 and full year fiscal 2026 guidance take into consideration the Company’s current expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, we note that market dynamics continue to shift rapidly and we cannot predict all possible outcomes, including those resulting from certain geopolitical events, the current inflationary environment, changes to trade policies including tariffs and trade restrictions and the resulting impact on economic activities (as our outlook assumes current economic conditions do not deteriorate significantly due to trade policy or other macro factors), global or regional events, and the prevailing level of macro-economic, business and operational uncertainty, which have created, and continue to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities.

Conference Call and Earnings Webcast Presentation Details

Amdocs will host a conference call and earnings webcast presentation on November 11, 2025 at 5:00 p.m. Eastern Time to discuss the Company’s fourth quarter of fiscal 2025 results. To participate in the call, please register here to receive the dial-in numbers and unique access PIN. The conference call and webcast will also be carried live on the Internet and may be accessed via the Amdocs website at https://investors.amdocs.com. Presentation slides will be available shortly before the webcast.

Non-GAAP Financial Measures

This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow(5), revenue on a constant currency(2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth. These other non-GAAP measures exclude the following items:

 

  •  

amortization of purchased intangible assets and other acquisition-related costs;

 

  •  

changes in certain acquisition-related liabilities measured at fair value;

 

  •  

restructuring and unusual charges or benefits;

  •  

equity-based compensation expense;

 

  •  

other; and

 

  •  

tax effects related to the above.

Free cash flow(5) equals cash generated by operating activities less net capital expenditures. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow(5), revenue on a constant currency(2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition-related liabilities measured at fair value, restructuring and unusual charges or benefits, equity-based compensation expense, other and related tax effects. Amdocs’ management also

uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, interest and other expenses, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

Supporting Resources

 

  •  

Keep up with Amdocs news by visiting the Company’s website

 

  •  

Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube

About Amdocs

Amdocs empowers the world’s leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Contact:

Matthew Smith

Head of Investor Relations

Amdocs

314-212-8328

E-mail: dox_info@amdocs.com

AMDOCS LIMITED

Consolidated Statements of Income

(In thousands, except per share data)

 

     Three months ended
September 30,		     Fiscal year ended
September 30,		  
     2025 (a)     2024     2025 (a)     2024  

Revenue

    $ 1,150,218     $ 1,263,882     $ 4,532,913     $ 5,004,989  

Operating expenses:

         

Cost of revenue

      719,878       824,888       2,811,333       3,249,598  

Research and development

      87,865       90,069       340,845       360,798  

Selling, general and administrative

      121,807       138,705       506,108       572,845  

Amortization of purchased intangible assets and other

      14,287       14,333       62,424       62,052  

Restructuring charges

      73,756       83,213       80,539       131,088  
  

 

 

    

 

 

    

 

 

    

 

 

  
     1,017,593       1,151,208       3,801,249       4,376,381  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      132,625       112,674       731,664       628,608  

Interest and other expense, net

      (11,843 )      (9,237 )      (38,422 )      (37,537 ) 

Income before income taxes

      120,782       103,437       693,242       591,071  

Income taxes

      23,668       16,261       125,473       94,750  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 97,114     $ 87,176     $ 567,769     $ 496,321  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to noncontrolling interests

      787       735       3,065       3,124  

Net income attributable to Amdocs Limited

    $ 96,327     $ 86,441     $ 564,704     $ 493,197  
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per share attributable to Amdocs Limited

    $ 0.88     $ 0.76     $ 5.08     $ 4.27  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share attributable to Amdocs Limited

    $ 0.88     $ 0.76     $ 5.05     $ 4.25  
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic weighted average number of shares outstanding

      109,279       113,745       111,147       115,489  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average number of shares outstanding

      109,853       114,378       111,746       116,145  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash dividends declared per share

    $ 0.527     $ 0.479     $ 2.060     $ 1.872  
  

 

 

    

 

 

    

 

 

    

 

 

  

AMDOCS LIMITED

Selected Financial Metrics

(In thousands, except per share data)

 

     Three months ended
September 30,		      Fiscal year ended
September 30,		  
     2025(a)      2024      2025(a)      2024  

Revenue

    $ 1,150,218      $ 1,263,882      $ 4,532,913      $ 5,004,989  

Non-GAAP operating income

      248,118        236,223        968,330        923,288  

Non-GAAP net income

      202,203        195,668        784,267        750,928  

Non-GAAP net income attributable to Amdocs Limited

      201,416        194,933        781,202        747,804  

Non-GAAP diluted earnings per share

    $ 1.83      $ 1.70      $ 6.99      $ 6.44  

Diluted weighted average number of shares outstanding

      109,853        114,378        111,746        116,145  

Free Cash Flows

(In thousands)

 

     Three months ended
September 30,		     Fiscal year ended
September 30,		  
     2025     2024     2025     2024  

Net Cash Provided by Operating Activities

    $ 229,840     $ 217,922     $ 749,096     $ 724,428  

Purchases of property and equipment, net (b)

      (31,212 )      (25,812 )      (103,952 )      (105,495 ) 

Free Cash Flow

    $ 198,628     $ 192,110     $ 645,144     $ 618,933  
 
(a)

During the three months ended December 31, 2024, we phased out several low-margin, non-core business activities, which were included in the prior periods numbers.

(b)

The amounts under “Purchase of property and equipment, net”, include immaterial proceeds from sale of property and equipment for all periods presented.

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(In thousands)

 

     Three Months Ended September 30, 2025(a)  
     GAAP     Amortization
of purchased
intangible
assets and
other		     Equity based
compensation
expense		     Changes in
certain
acquisitions
related
liabilities
measured
at fair
value		     Restructuring
charges		     Other      Tax
effect		     Non-GAAP  

Operating expenses:

                  

Cost of revenue

    $ 719,878     $ —      $ (13,062 )    $ (360 )    $ —      $ —       $ —      $ 706,456  

Research and development

      87,865         (2,600 )               85,265  

Selling, general and administrative

      121,807         (11,068 )      (360 )             110,379  

Amortization of purchased intangible assets and other

      14,287       (14,287 )                 —   

Restructuring charges

      73,756             (73,756 )           —   

Total operating expenses

      1,017,593       (14,287 )      (26,730 )      (720 )      (73,756 )      —         —        902,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Operating income

      132,625       14,287       26,730       720       73,756            248,118  

Interest and other expense, net

      (11,843 )              1,545          (10,298 ) 

Income taxes

      23,668                  11,949       35,617  

Net income

      97,114       14,287       26,730       720       73,756       1,545        (11,949 )      202,203  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to noncontrolling interests

      787                    787  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to Amdocs Limited

    $ 96,327     $ 14,287     $ 26,730     $ 720     $ 73,756     $ 1,545      $ (11,949 )    $ 201,416  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

     Three Months Ended September 30, 2024  
     GAAP     Amortization
of purchased
intangible
assets and
other		     Equity based
compensation
expense		     Restructuring
charges		     Other      Tax
effect		     Non-GAAP  

Operating expenses:

                

Cost of revenue

    $ 824,888     $ —      $ (13,283 )    $ —      $ —       $ —      $ 811,605  

Research and development

      90,069         (2,355 )             87,714  

Selling, general and administrative

      138,705         (10,365 )             128,340  

Amortization of purchased intangible assets and other

      14,333       (14,333 )               —   

Restructuring charges

      83,213           (83,213 )           —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total operating expenses

      1,151,208       (14,333 )      (26,003 )      (83,213 )           1,027,659  

Operating income

      112,674       14,333       26,003       83,213            236,223  

Interest and other expense, net

      (9,237 )            2,549          (6,688 ) 

Income taxes

      16,261                17,606       33,867  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income

      87,176       14,333       26,003       83,213       2,549        (17,606 )      195,668  

Net income attributable to noncontrolling interests

      735                  735  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to Amdocs Limited

    $ 86,441     $ 14,333     $ 26,003     $ 83,213     $ 2,549      $ (17,606 )    $ 194,933  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(In thousands)

 

     Fiscal year ended September 30, 2025(a)  
     GAAP     Amortization
of purchased
intangible
assets and
other		     Equity based
compensation
expense		     Changes in
certain
acquisitions
related
liabilities
measured
at fair
value		     Restructuring
charges		     Other      Tax
effect		     Non-GAAP  

Operating expenses:

                  

Cost of revenue

    $ 2,811,333     $ —      $ (51,320 )    $ (1,081 )    $ —      $ —       $ —      $ 2,758,932  

Research and development

      340,845         (9,603 )               331,242  

Selling, general and administrative

      506,108         (43,941 )      12,242              474,409  

Amortization of purchased intangible assets and other

      62,424       (62,424 )                 —   

Restructuring charges

      80,539             (80,539 )           —   

Total operating expenses

      3,801,249       (62,424 )      (104,864 )      11,161       (80,539 )           3,564,583  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Operating income

      731,664       62,424       104,864       (11,161 )      80,539            968,330  

Interest and other expense, net

      (38,422 )              7,524          (30,898 ) 

Income taxes

      125,473                  27,692       153,165  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income

      567,769       62,424       104,864       (11,161 )      80,539       7,524        (27,692 )      784,267  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to noncontrolling interests

      3,065                    3,065  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to Amdocs Limited

    $ 564,704     $ 62,424     $ 104,864     $ (11,161 )    $ 80,539     $ 7,524      $ (27,692 )    $ 781,202  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

     Fiscal year ended September 30, 2024  
     GAAP     Amortization
of purchased
intangible
assets and
other		     Equity based
compensation
expense		     Changes in
certain
acquisitions
related
liabilities
measured
at fair
value		     Restructuring
charges		     Other      Tax
effect		     Non-GAAP  

Operating expenses:

                  

Cost of revenue

    $ 3,249,598     $ —      $ (53,409 )    $ 3,000     $ —      $ —       $ —      $ 3,199,189  

Research and development

      360,798         (8,644 )               352,154  

Selling, general and administrative

      572,845         (42,487 )               530,358  

Amortization of purchased intangible assets and other

      62,052       (62,052 )                 —   

Restructuring charges

      131,088             (131,088 )           —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total operating expenses

      4,376,381       (62,052 )      (104,540 )      3,000       (131,088 )           4,081,701  

Operating income

      628,608       62,052       104,540       (3,000 )      131,088            923,288  

Interest and other expense, net

      (37,537 )              8,087          (29,450 ) 

Income taxes

      94,750                  48,160       142,910  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income

      496,321       62,052       104,540       (3,000 )      131,088       8,087        (48,160 )      750,928  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to noncontrolling interests

      3,124                    3,124  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net income attributable to Amdocs Limited

    $ 493,197     $ 62,052     $ 104,540     $ (3,000 )    $ 131,088     $ 8,087      $ (48,160 )    $ 747,804  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

AMDOCS LIMITED

Condensed Consolidated Balance Sheets

(In thousands)

 

     As of  
     September 30,
2025		      September 30,
2024		  

ASSETS

      

Current assets:

      

Cash and cash equivalents

    $ 324,999      $ 346,085  

Short-term interest-bearing investments

      —         168,242  

Accounts receivable, net, including unbilled

      935,751        1,028,357  

Prepaid expenses and other current assets

      331,387        228,498  
  

 

 

     

 

 

  

Total current assets

      1,592,137        1,771,182  

Property and equipment, net

      768,557        755,601  

Lease assets

      182,088        149,254  

Goodwill and other intangible assets, net

      3,046,962        3,005,637  

Other noncurrent assets

      660,086        704,468  
  

 

 

     

 

 

  

Total assets

    $ 6,249,830      $ 6,386,142  
  

 

 

     

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities

      

Accounts payable, accruals and other

    $ 1,201,206      $ 1,315,679  

Lease liabilities

      38,725        39,983  

Deferred revenue

      118,861        115,247  
  

 

 

     

 

 

  

Total current liabilities

      1,358,792        1,470,909  

Lease liabilities

      140,776        103,462  

Long-term debt, net of unamortized debt issuance costs

      646,901        646,291  

Other noncurrent liabilities

      632,681        666,303  

Total Amdocs Limited Shareholders’ equity

      3,429,453        3,456,976  

Noncontrolling interests

      41,227        42,201  
  

 

 

     

 

 

  

Total equity

      3,470,680        3,499,177  
  

 

 

     

 

 

  

Total liabilities and equity

    $ 6,249,830      $ 6,386,142  
  

 

 

     

 

 

  

AMDOCS LIMITED

Consolidated Statements of Cash Flows

(In thousands)

 

     2025     2024  

Cash Flow from Operating Activities:

     

Net income

    $ 567,769     $ 496,321  

Reconciliation of net income to net cash provided by operating activities:

     

Depreciation, amortization and impairment

      195,435       195,234  

Amortization of debt issuance cost

      608       596  

Equity-based compensation expense

      104,864       104,540  

Deferred income taxes

      20,291       (45,673 ) 

Loss from short-term interest-bearing investments

      3,487       5,576  

Net changes in operating assets and liabilities, net of amounts acquired:

     

Accounts receivable, net

      79,606       (104,413 ) 

Prepaid expenses and other current assets

      (55,061 )      (8,478 ) 

Other noncurrent assets

      (15,445 )      (2,250 ) 

Lease assets and liabilities, net

      3,221       (6,485 ) 

Accounts payable, accrued expenses and accrued personnel

      (77,041 )      216,324  

Deferred revenue

      8,172       (60,332 ) 

Income taxes payable, net

      (15,109 )      (47,241 ) 

Other noncurrent liabilities

      (71,701 )      (19,291 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      749,096       724,428  
  

 

 

    

 

 

  

Cash Flow from Investing Activities:

     

Purchase of property and equipment, net(b)

      (103,952 )      (105,495 ) 

Proceeds from sale of short-term interest-bearing investments

      169,993       68,659  

Purchase of short-term interest-bearing investments

      —        (9,061 ) 

Net cash paid for business and intangible assets acquisitions

      (86,317 )      (86,824 ) 

Net cash from equity investments and other

      18,215       5,315  
  

 

 

    

 

 

  

Net cash used in investing activities

      (2,061 )      (127,406 ) 
  

 

 

    

 

 

  

Cash Flow from Financing Activities:

     

Repurchase of shares

      (551,340 )      (563,121 ) 

Proceeds from employee stock option exercises

      21,294       26,949  

Payments of dividends

      (224,394 )      (211,967 ) 

Distribution to noncontrolling interests

      (4,039 )      (4,096 ) 

Payment of contingent consideration and deferred payment of business acquisitions

      (9,642 )      (18,782 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (768,121 )      (771,017 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (21,086 )      (173,995 ) 

Cash and cash equivalents at beginning of year

      346,085       520,080  
  

 

 

    

 

 

  

Cash and cash equivalents at end of year

    $ 324,999     $ 346,085  
  

 

 

    

 

 

  

AMDOCS LIMITED

Supplementary Information

(In millions)

 

     Three months ended  
     September 30,
2025 (a)		      June 30,
2025 (a)		      March 31,
2025 (a)		      December 31,
2024 (a)		      September 30,
2024		  

North America

    $ 762.4      $ 745.4      $ 738.3      $ 737.4      $ 835.8  

Europe

      179.8        189.4        180.7        155.2        184.1  

Rest of the World

      208.0        209.6        209.2        217.4        244.0  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Revenue

    $ 1,150.2      $ 1,144.4      $ 1,128.2      $ 1,110.1      $ 1,263.9  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     Three months ended  
     September 30,
2025		      June 30,
2025		      March 31,
2025		      December 31,
2024		      September 30,
2024		  

Managed Services Revenue

    $ 748.3      $ 771.5      $ 747.1      $ 728.9      $ 721.4  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     As of  
     September 30,
2025		      June 30,
2025		      March 31,
2025		      December 31,
2024		      September 30,
2024(c)		  

12-Month Backlog

    $ 4,190      $ 4,150      $ 4,170      $ 4,140      $ 4,060  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(c)

Excluding the phase out of certain business activities in the fourth fiscal quarter of 2024 only.

 

 

# # #