CGI reports fourth quarter and Fiscal 2025 results
Executive Summary
- CGI reported Q4 FY2025 revenue of C$4.01 billion, up 9.7% YoY, and FY2025 revenue of C$15.91 billion, up 8.4% YoY.
- Adjusted EBITDA (EBIT) rose year‑over‑year in both periods (+11.2% Q4, +8.1% FY), while GAAP earnings before tax fell modestly.
- The Board declared a 13% increase to the quarterly cash dividend ($0.17 per share).
Key Details
- Q4 FY2025 Financial Highlights
- Revenue: C$4.01 bn (+9.7% YoY, +5.5% constant‑currency)
- EBIT (adjusted): C$667.4 m (+11.2% YoY), margin 16.6% (up 20 bps)
- GAAP earnings before tax: C$516.2 m (‑12.9% YoY), margin 12.9%
- Net earnings: C$381.4 m (‑12.5% YoY), EPS $1.72 (‑9.9%)
- Adjusted net earnings: C$471.7 m (+7.4% YoY), adjusted EPS $2.13 (+10.9%)
- Cash from operations: C$663.0 m (16.5% of revenue)
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Bookings: C$4.79 bn, book‑to‑bill 119.2% (110.4% TTM)
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FY2025 Financial Highlights
- Revenue: C$15.91 bn (+8.4% YoY, +4.6% constant‑currency)
- EBIT (adjusted): C$2.61 bn (+8.1% YoY), margin 16.4% (‑10 bps)
- GAAP earnings before tax: C$2.24 bn (‑2.1% YoY), margin 14.1%
- Net earnings: C$1.66 bn (‑2.0% YoY), EPS $7.35 (+0.5%)
- Adjusted net earnings: C$1.87 bn (+6.0% YoY), adjusted EPS $8.30 (+8.9%)
- Cash from operations: C$2.23 bn (14.0% of revenue)
- Bookings: C$17.57 bn, book‑to‑bill 110.4% (119% Q4)
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Backlog: C$31.45 bn (2.0× annual revenue)
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Capital Allocation & Shareholder Returns
- Q4 share repurchase under NCIB: C$490.8 m of Class A subordinate voting shares cancelled.
- FY2025 total NCIB purchases: C$1.27 bn.
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Dividend paid in Q4: C$33.3 m; FY2025 dividend total: C$135.1 m (13% increase to $0.17/share).
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Investments & Acquisitions
- Q4 invested C$80.5 m back into the business and acquired businesses for a net cash outlay of C$237.5 m.
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FY2025 invested C$368.4 m internally and spent C$1.83 bn on acquisitions (net of cash acquired).
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Debt & Liquidity
- Long‑term debt & lease liabilities: C$4.33 bn (up from C$3.31 bn) – primarily due to issuance of senior unsecured notes for C$923.9 m.
- Net debt: C$3.45 bn (↑ from C$1.82 bn).
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Net‑debt‑to‑capitalization ratio: 25.1% (vs. 16.2% prior year).
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Operational Metrics
- Consultants & professionals worldwide: ~94,000 as of Sep 30 2025.
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Days Sales Outstanding (DSO): 45 days (up from 41).
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Management Commentary
- CEO François Boulanger highlighted AI‑embedded managed services, M&A activity, and the share buyback program as drivers of revenue growth and EPS expansion.
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Outlook emphasizes continued pipeline growth (+≈30% new opportunities YoY) and leveraging financial strength for future expansion.
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Conference Call
- Management call scheduled for the morning of release (9:00 a.m. EDT); replay available until Dec 5 2025.
Notable Quotes
“In the fourth quarter, CGI delivered revenue growth, strong cash generation and double‑digit EPS expansion led by our AI‑embedded managed services, M&A and our share buyback program.” – François Boulanger, President & CEO
Materiality Assessment: Material – Positive (significant quarterly and annual financial results, dividend increase, major capital allocation actions).