Accenture (ACN) Q2 FY2024 earnings: revenue $15.8 billion, down 0.1% on the year

Accenture plc (ACN) reported revenue of $15.8 billion for Q2 FY2024, the quarter ended 29 February 2024, down 0.1% on the same quarter a year earlier. Net income was $1.7 billion, up 9.9% on the year, and diluted earnings per share $2.63. The figures are the company's own, from the 10-Q it filed with the SEC on 21 March 2024.

Revenue

$15.8 billion

-0.1% on the year · -2.6% on the quarter

Q3 FY2022Q2 FY2024

Operating margin

13.0%

12.3% a year earlier

Q3 FY2022Q2 FY2024

Net income

$1.7 billion

+9.9% on the year · -15.1% on the quarter

Q3 FY2022Q2 FY2024

Diluted EPS

$2.63

+10.0% on the year · -15.2% on the quarter

Q3 FY2022Q2 FY2024

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

Income statement (profit and loss)

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Revenue	15,800	16,224	15,814	-2.6%	-0.1%
Cost of revenue	10,921	10,776	10,979	+1.3%	-0.5%
Gross profit	4,878	5,448	4,835	-10.5%	+0.9%
Gross margin	30.9%	33.6%	30.6%
Operating income	2,046	2,565	1,945	-20.2%	+5.2%
Operating margin	13.0%	15.8%	12.3%
Interest expense	10.3	14.5	11.6	-28.9%	-11.4%
Pre-tax income	2,096	2,617	1,947	-19.9%	+7.6%
Income tax	387	607	396	-36.3%	-2.4%
Effective tax rate	18.4%	23.2%	20.4%
Net income	1,675	1,973	1,524	-15.1%	+9.9%
Net margin	10.6%	12.2%	9.6%
Diluted EPS	$2.63	$3.10	$2.39	-15.2%	+10.0%

$ 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	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Operating cash flow	2,101	499	2,330	+321.4%	-9.8%
Capital expenditure	110	68.9	108	+59.3%	+2.1%
Free cash flow	1,991	430	2,223	+363.5%	-10.4%
Free cash flow margin	12.6%	2.6%	14.1%
Cash from investing	-2,208	-855	-478
Cash from financing	-1,866	-1,552	-1,515
Depreciation and amortisation	255	245	258	+4.0%	-1.3%
Share-based compensation	642	423	632	+51.7%	+1.6%
Buybacks	1,322	1,191	1,118	+11.0%	+18.2%
Dividends paid	813	810	708	+0.3%	+14.8%
Dividend per share	$1.29	$1.29	$1.12	0.0%	+15.2%
Diluted shares, weighted	637m	637m	638m	-0.1%	-0.1%

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	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Shareholders' equity	27,123	26,677	23,763	+1.7%	+14.1%
Non-controlling interest	834	809	695	+3.1%	+20.0%
Debt	183	147	56.0	+24.2%	+226.6%
Operating lease liabilities	2,293	2,249	2,452	+1.9%	-6.5%
Other liabilities	20,875	21,649	20,762	-3.6%	+0.5%
Total liabilities and equity	51,307	51,531	47,727	-0.4%	+7.5%
Fixed assets	1,459	1,468	1,561	-0.6%	-6.5%
Goodwill	17,947	16,236	14,191	+10.5%	+26.5%
Intangible assets	2,453	2,144	2,006	+14.4%	+22.3%
Investments	243	203	329	+20.1%	-26.1%
Cash and equivalents	5,121	7,141	6,239	-28.3%	-17.9%
Receivables	11,374	11,467	10,998	-0.8%	+3.4%
Other assets	12,710	12,872	12,404	-1.3%	+2.5%
Total assets	51,307	51,531	47,727	-0.4%	+7.5%

Questions

What was Accenture's revenue in Q2 FY2024?

Accenture (ACN) reported revenue of $15.8 billion for Q2 FY2024, the quarter ended 29 February 2024, down 0.1% on the same quarter a year earlier.

How much did Accenture earn in Q2 FY2024?

Net income for Q2 FY2024 was $1.7 billion, up 9.9% on the year, and diluted earnings per share $2.63.

When did Accenture report Q2 FY2024 results?

Accenture filed its 10-Q for the quarter ended 29 February 2024 with the SEC on 21 March 2024.

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 29 February 2024, filed 21 March 2024: the filing.