Genpact NYSE: G executives said the company capped a “record year” in 2025 with solid fourth-quarter execution, accelerating demand for data, AI and “agentic” offerings, and another year of margin expansion. Management also issued 2026 guidance calling for at least 7% revenue growth and continued profitability improvement, even as the company invests aggressively in advanced technology capabilities.
2025 results: revenue up 6.6% with margin expansion
For full-year 2025, Genpact reported revenue of $5.08 billion, up 6.6% year over year. President and CEO BK Kalra said growth was driven by “focused execution, accelerating innovation, and broad-based demand,” while CFO Mike Weiner highlighted that the company exceeded its expectations in the fourth quarter.
Profitability improved despite what management described as significant growth investments. Kalra said gross margin expanded 60 basis points in 2025 and adjusted operating income margin improved 40 basis points. Weiner added that adjusted operating income rose 9.1% to $888 million, with adjusted operating margin reaching 17.5%. Adjusted diluted EPS increased 11.3% to a record $3.65, marking the fifth consecutive year it grew faster than revenue, according to management.
In the fourth quarter, revenue increased 5.6% to $1.319 billion. Gross margin expanded about 90 basis points to 36.6%, and adjusted operating income was $232 million with a 17.6% adjusted operating margin. Genpact reported fourth-quarter net income of $143 million and diluted EPS of $0.81; adjusted diluted EPS rose 6.6% to $0.97.
Advanced Technology Solutions takes a bigger role
A major theme of the call was the company’s pivot toward Advanced Technology Solutions (ATS), which management said includes data and AI, digital technologies, advisory, and agentic offerings. For 2025, ATS revenue grew 17% to about $1.2 billion, which Kalra said now represents 24% of total revenue and contributed “more than half of total revenue growth” for the year. Core Business Services (CBS) revenue increased 3.7% to $3.876 billion.
In the fourth quarter, ATS revenue rose 15% to $323 million, with Weiner citing particular strength in data and AI. CBS grew 2.9% to $996 million, though Weiner noted CBS growth was partly offset by softness in Decision Support Services as Genpact works through its go-to-market approach.
Weiner also emphasized the business characteristics of ATS, saying it generates more than 2x the revenue per headcount versus the company average, is “roughly 70% annuitized revenue,” and about 70% comes from non-FTE models. He said non-FTE revenue represented 48% of fourth-quarter revenue, reflecting a shift to fixed-fee, consumption, and outcome-based deals.
By vertical in the fourth quarter, Genpact reported growth of 9.9% in High Tech and Manufacturing, 5% in Financial Services, and 1.5% in Consumer and Healthcare.
Agentic Operations and AP Suite traction
Kalra spent much of his prepared remarks describing Genpact’s “Agentic Operations” model—positioning it as a collaborative operating approach between AI agents and human experts. He said the model has three pillars: domain-specific agents that execute tasks, “last-mile experts” who validate exceptions and improve models, and governance/skills frameworks underpinned by responsible AI. Kalra described the shift as moving from “human-processed, human-validated” to “machine-processed, human-validated.”
On commercialization, Kalra said Genpact closed over $200 million in total contract value in 2025 for its accounts payable (AP) agentic solutions. He added that more than 40% of awarded contract value came from new clients, and that for existing accounts rotating from FTE-led to agentic, both revenue and gross margin expansion have been “notably above” what the company discussed at its Investor Day in June.
On the Q&A, Kalra said adoption is coming from a mix of enterprise and mid-market clients, net-new Genpact customers, and existing customers that were not previously using Genpact for finance but are now adopting its finance technology.
Bookings, backlog, partnerships, and “Client Zero” efficiencies
Genpact reported more than $5.5 billion in new bookings in 2025, with Kalra noting ATS accounts for “more than a third of total bookings.” He said the company won 16 large deals and entered 2026 with its backlog “never been higher.” Weiner said Genpact had additional large deals awarded that it expects to close in the coming months, including some that are net new to the company. Management defines large deals as $50 million or more in total contract value.
Kalra highlighted growth in partner-related revenue, saying it increased nearly 50% year over year in 2025, supported by alliances with AWS, Microsoft, GCP, and Databricks. He also said Genpact has scaled its “AI Gigafactory” and now has more than 400 GenAI solutions in market (deployed or going live), nearly 3x last year’s level. Kalra said the company’s data and AI pipeline is up 50% year over year, and he pointed to the introduction of “AI Maestro,” a platform intended to help embed AI into “last-mile business processes” faster.
When asked about margin drivers and whether improvements were mostly mix-shift or also operational, management pointed to both. Kalra and Weiner cited a higher mix of ATS and non-FTE commercial models, while Weiner also discussed “Client Zero,” describing Genpact’s internal use of AI and technology to drive efficiencies, with part of those benefits reinvested into future growth initiatives.
Guidance: at least 7% revenue growth in 2026, continued margin expansion
For 2026, management guided to at least 7% revenue growth on an as-reported basis, with ATS expected to grow at least in the high teens. Gross margin is expected to expand by 50 basis points to 36.5%, while adjusted operating margin is expected to increase 25 basis points to 17.7%. Weiner said adjusted diluted EPS is expected to rise about 10%, again faster than revenue.
For the first quarter of 2026, the company expects revenue of $1.282 billion to $1.294 billion (about 6% growth at the midpoint), gross margin of 36.3%, adjusted operating margin of 17.3%, and adjusted diluted EPS of $0.92 to $0.93. Weiner said ATS growth is expected to accelerate to high teens year over year in the first quarter.
On capital allocation, Weiner said Genpact aims to return about 50% of operating cash flow to shareholders through buybacks and dividends. The board approved a 10% increase in the regular quarterly dividend to $0.1875 per share (or $0.75 annually). In the fourth quarter, Genpact returned $129 million to shareholders through $100 million in share repurchases and $29 million in dividends. For full-year 2025, it returned $401 million through $283 million in buybacks and $118 million in dividends. The company ended the fourth quarter with $854 million in cash and cash equivalents, up $207 million from a year ago.
Separately, Kalra noted an investor relations leadership change: Krista Bessinger will transition to a new advisory role in 2026, and Kyle Wickstrom, who joined from Microsoft, will become Head of Investor Relations.
About Genpact NYSE: G
Genpact is a global professional services firm specializing in digitally powered business process management and services. The company partners with clients across industries to design, transform and run key operations, leveraging data analytics, artificial intelligence, automation and domain expertise. Its offerings span finance and accounting, supply chain management, procurement, customer experience, risk and compliance, and other critical business functions.
Founded in 1997 as the business process outsourcing arm of General Electric and originally known as GE Capital International Services, the company rebranded as Genpact in 2005 and completed its initial public offering on the New York Stock Exchange in 2007 under the ticker symbol “G.” Over time, Genpact has expanded beyond traditional outsourcing to focus on digital transformation and innovation, helping organizations accelerate growth and improve operational efficiency.
Headquartered in New York City, Genpact serves clients in more than 30 countries across North America, Latin America, Europe and Asia Pacific.
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