Accenture (ACN) Q1 FY2024 earnings: revenue $16.2 billion, up 3.0% on the year

Accenture plc (ACN) reported revenue of $16.2 billion for Q1 FY2024, the quarter ended 30 November 2023, up 3.0% on the same quarter a year earlier. Net income was $2.0 billion, up 0.4% on the year, and diluted earnings per share $3.10. The figures are the company's own, from the 10-Q it filed with the SEC on 19 December 2023.

Revenue

$16.2 billion

+3.0% on the year · +1.5% on the quarter

Q2 FY2022Q1 FY2024

Operating margin

15.8%

16.5% a year earlier

Q2 FY2022Q1 FY2024

Net income

$2.0 billion

+0.4% on the year · +43.7% on the quarter

Q2 FY2022Q1 FY2024

Diluted EPS

$3.10

+0.6% on the year · +44.2% on the quarter

Q2 FY2022Q1 FY2024

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Revenue	16,224	15,985	15,748	+1.5%	+3.0%
Cost of revenue	10,776	10,804	10,562	-0.3%	+2.0%
Gross profit	5,448	5,182	5,186	+5.1%	+5.0%
Gross margin	33.6%	32.4%	32.9%
Operating income	2,565	1,913	2,593	+34.1%	-1.1%
Operating margin	15.8%	12.0%	16.5%
Interest expense	14.5	17.4	7.3	-16.7%	+99.1%
Pre-tax income	2,617	1,959	2,602	+33.6%	+0.6%
Income tax	607	551	605	+10.1%	+0.2%
Effective tax rate	23.2%	28.1%	23.3%
Net income	1,973	1,373	1,965	+43.7%	+0.4%
Net margin	12.2%	8.6%	12.5%
Diluted EPS	$3.10	$2.15	$3.08	+44.2%	+0.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Operating cash flow	499	3,409	495	-85.4%	+0.6%
Capital expenditure	68.9	180	98.8	-61.8%	-30.3%
Free cash flow	430	3,229	397	-86.7%	+8.3%
Free cash flow margin	2.6%	20.2%	2.5%
Cash from investing	-855	-1,367	-782
Cash from financing	-1,552	-1,480	-1,677
Depreciation and amortisation	245	284	253	-13.7%	-3.3%
Share-based compensation	423	383	425	+10.4%	-0.6%
Buybacks	1,191	1,005	1,419	+18.6%	-16.0%
Dividends paid	810	706	706	+14.7%	+14.8%
Dividend per share	$1.29	n/a	$1.12		+15.2%
Diluted shares, weighted	637m	639m	639m	-0.3%	-0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Shareholders' equity	26,677	25,693	22,975	+3.8%	+16.1%
Non-controlling interest	809	766	691	+5.6%	+17.0%
Debt	147	148	54.6	-0.5%	+169.7%
Operating lease liabilities	2,249	2,311	2,538	-2.7%	-11.4%
Other liabilities	21,649	22,328	20,858	-3.0%	+3.8%
Total liabilities and equity	51,531	51,245	47,116	+0.6%	+9.4%
Fixed assets	1,468	1,530	1,634	-4.1%	-10.2%
Goodwill	16,236	15,573	13,791	+4.3%	+17.7%
Intangible assets	2,144	2,073	2,030	+3.4%	+5.6%
Investments	203	202	328	+0.3%	-38.3%
Cash and equivalents	7,141	9,045	5,900	-21.1%	+21.0%
Receivables	11,467	10,691	11,211	+7.3%	+2.3%
Other assets	12,872	12,132	12,222	+6.1%	+5.3%
Total assets	51,531	51,245	47,116	+0.6%	+9.4%

Questions

What was Accenture's revenue in Q1 FY2024?

Accenture (ACN) reported revenue of $16.2 billion for Q1 FY2024, the quarter ended 30 November 2023, up 3.0% on the same quarter a year earlier.

How much did Accenture earn in Q1 FY2024?

Net income for Q1 FY2024 was $2.0 billion, up 0.4% on the year, and diluted earnings per share $3.10.

When did Accenture report Q1 FY2024 results?

Accenture filed its 10-Q for the quarter ended 30 November 2023 with the SEC on 19 December 2023.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Revenue	14,965	15,047	16,159	15,424	15,748	15,814	16,565	15,985	16,224	15,800	16,467	16,406	17,690	16,659	17,728	17,596	18,742	18,044	18,718	18,679
Cost of revenue	10,048	10,523	10,844	10,478	10,562	10,979	11,036	10,804	10,776	10,921	10,968	11,068	11,867	11,684	11,901	11,985	12,545	12,585	12,584	12,694
Gross profit	4,917	4,524	5,315	4,946	5,186	4,835	5,529	5,182	5,448	4,878	5,498	5,337	5,823	4,975	5,827	5,611	6,197	5,459	6,134	5,985
Gross margin	33%	30%	33%	32%	33%	31%	33%	32%	34%	31%	33%	33%	33%	30%	33%	32%	33%	30%	33%	32%
Operating income	2,434	2,062	2,603	2,268	2,593	1,945	2,359	1,913	2,565	2,046	2,631	2,354	2,948	2,245	2,983	2,050	2,874	2,494	3,175	2,863
Operating margin	16%	14%	16%	15%	16%	12%	14%	12%	16%	13%	16%	14%	17%	13%	17%	12%	15%	14%	17%	15%
Interest expense	11.2	11.2	12.1	12.9	7.3	11.6	11.2	17.4	14.5	10.3	11.3	22.8	30.0	64.7	67.6	66.2	65.4	63.6	70.6	104
Pre-tax income	2,406	2,050	2,495	2,245	2,602	1,947	2,632	1,959	2,617	2,096	2,654	2,333	2,955	2,289	2,951	2,075	2,968	2,457	3,150	2,798
Tax rate	24%	19%	27%	25%	23%	20%	22%	28%	23%	18%	25%	26%	22%	20%	24%	30%	24%	24%	24%	27%
Net income	1,791	1,635	1,786	1,665	1,965	1,524	2,010	1,373	1,973	1,675	1,932	1,684	2,279	1,788	2,198	1,414	2,212	1,825	2,339	1,991
Net margin	12%	11%	11%	11%	12%	10%	12%	9%	12%	11%	12%	10%	13%	11%	12%	8%	12%	10%	12%	11%
Diluted EPS	$2.78	$2.54	$2.79	$2.60	$3.08	$2.39	$3.15	$2.15	$3.10	$2.63	$3.04	$2.66	$3.59	$2.82	$3.49	$2.25	$3.54	$2.93	$3.80	$3.29
Operating cash flow	531	2,155	3,065	3,790	495	2,330	3,289	3,409	499	2,101	3,142	3,389	1,022	2,853	3,684	3,914	1,664	3,818	3,786	3,095
Capital expenditure	182	165	195	177	98.8	108	142	180	68.9	110	124	214	152	171	169	108	157	150	186	250
Free cash flow	349	1,991	2,870	3,613	397	2,223	3,148	3,229	430	1,991	3,018	3,176	870	2,683	3,515	3,806	1,508	3,668	3,600	2,845
Buybacks	845	1,693	972	605	1,419	1,118	789	1,005	1,191	1,322	1,383	628	898	1,448	1,800	474	2,331	1,679	1,184	2,328
Dividends paid	613	617	614	614	706	708	708	706	810	813	811	808	926	929	924	922	1,010	1,008	995	974
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 November 2023, filed 19 December 2023: the filing.