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Did Amdocs beat or miss consensus estimates last quarter?

What factors drove the changes in Amdocs's revenue and profit?

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What were the key takeaways from Amdocs's earnings call?

What is Amdocs's latest dividend and current dividend yield?

What guidance did Amdocs's management provide for the next earnings period?

- **Q1 Revenue Beat**: $1.16 billion (+4.1% YoY), with non-GAAP EPS of $1.81, driven by North America and Europe growth.
- **Strategic Wins**: 5-year T-Mobile deal and MATRIXX acquisition ($197M) to enhance AI and billing capabilities.
- **Innovation Launch**: aOS, a telecom-specific agentic OS, positioned as a long-term growth engine.
- **Leadership Transition**: Shimie Hortig to succeed Shuky Sheffer as CEO, ensuring continuity in strategic execution.
- **FY26 Guidance**: 1%-5% revenue growth (1.5%-5.5% reported), 4%-8% EPS growth, with 50% of growth from M&A.

**【CEO Summary Section】**
- Q1 2026 revenue of $1.16 billion, up 4.1% YoY, with non-GAAP EPS of $1.81, above guidance. 12-month backlog of $4.25 billion, up 2.7% YoY.
- Signed 5-year multiyear agreement with T-Mobile, including managed services, AI innovation, and USCellular integration support. Despite this, T-Mobile revenue expected to decline in FY26 due to lower spending.
- Acquired MATRIXX Software for $197 million, enhancing billing and monetization capabilities for Tier 1 operators.
- Launched aOS, a purpose-built agentic OS for telecom, to be showcased at Mobile World Congress. Aims to simplify AI adoption and drive long-term growth.
- Announced CEO transition: Shimie Hortig to succeed Shuky Sheffer effective March 31, 2026.

**【CFO Financial Commentary】**
- Q1 revenue growth of 3.5% in constant currency, driven by North America (+4%) and Europe (+17% YoY). Rest of the World (ROW) improved sequentially but remained down YoY.
- Non-GAAP operating margin of 21.6%, up 40bps YoY, with free cash flow of $237 million (33% of FY26 target). FY26 guidance: revenue growth 1%-5% (1.5%-5.5% reported), EPS growth 4%-8%.
- MATRIXX contribution minimal in Q1, with integration cautious due to its software product nature.

**【Q&A Key Highlights】**
- **T-Mobile Deal Details**: 5-year agreement covers managed services, AI, and integration of common systems. USCellular integration is non-recurring, expected to ramp down post-completion.
- **MATRIXX Strategic Value**: Strengthens Amdocs' position in charging solutions, targeting Tier 1 and mid-tier operators. MATRIXX's customer base includes Verizon, Telefonica, and others.
- **aOS Potential**: Aims to simplify telecom AI adoption, enabling end-to-end workflows across BSS/OSS. Early-stage but seen as a long-term growth engine.
- **Verizon Collaboration**: Amdocs engaged with Verizon on cost-cutting and AI initiatives, though specifics not disclosed.
- **Revenue Visibility**: FY26 guidance reflects cautious macroeconomic outlook, with 50% of growth from M&A (e.g., MATRIXX).

Amdocs Limited (DOX) Q1 2026 Earnings Call Transcript

- **Revenue Resilience**: 3.1% pro forma growth in 2025, driven by 30%+ cloud contribution and $1.15B Q4 revenue (+2.8% YoY).
- **AI Breakthrough**: First commercial GenAI deal with Telefonica Germany, with e&UAE achieving +10% NPS via amAIz agents.
- **2026 Outlook**: 1.7%-5.7% revenue growth, 4%-8% EPS growth, targeting high single-digit total return.
- **Strategic Bet**: $60M+ GenAI investment to launch Cognitive Core mid-2026, targeting $60B telecom AI TAM.

**【CEO Summary Section】**
- **Revenue Growth**: Fiscal 2025 pro forma constant currency revenue increased 3.1%, driven by 30%+ cloud revenue contribution. Q4 revenue was $1.15 billion, up 2.8% YoY.
- **Cloud Momentum**: Signed multiyear cloud deals with AT&T, Lumen, TELUS, and BT-EE, expanding eSIM SaaS platform to over 100 million devices.
- **Generative AI Breakthrough**: Won Telefonica Germany deal to deploy amAIz agents for personalized upselling, achieving double-digit NPS improvements at e&UAE.
- **2026 Outlook**: Revenue growth 1.7%-5.7% (1.0%-5.0% CC), non-GAAP EPS growth 4%-8%, targeting high single-digit total shareholder return.

**【CFO Financial Commentary】**
- **Q4 Financials**: Non-GAAP EPS $1.83 (vs. $1.41-$1.49 guidance), free cash flow $735 million (vs. $710-$730M guidance). 12-month backlog $4.19 billion (+3.2% YoY).
- **2026 Guidance**: Operating margin 21.3%-21.9% (midpoint +20bps YoY), driven by $60M+ GenAI R&D/S&M investments. Free cash flow $710-$730M, excluding $90M restructuring.
- **Below-the-line Pressures**: Higher tax rate (16%-19% vs. 15%-17% prior) and reduced cash balance financing costs.

**【Q&A Highlights】**
- **AI Impact**: Internal GenAI adoption improves software dev/QA by 20%+ efficiency. Customer-facing Cognitive Core (mid-2026) will enable agentic BSS systems, a $60B TAM.
- **Customer Dynamics**: T-Mobile reducing discretionary spend (-$10M+ impact), but 2025 sales momentum (+$120M backlog) offsets, with 66% Managed Services renewals.
- **Growth Drivers**: Cloud (30%+ rev), GenAI (Cognitive Core), and 66% Managed Services share (record 30%+ growth).

Amdocs Limited (DOX) Q4 2025 Earnings Call Transcript

- **Revenue Beats Expectations**: Q3 revenue up 3.5% YoY, exceeding midpoint of guidance, with Europe posting 8% growth.
- **Cloud Growth Accelerating**: On track for double-digit cloud revenue growth in FY25, with ConnectX SaaS expanding to 40+ customers.
- **AI Breakthroughs**: 4 POCs converted to commercial Gen AI deals, including U.S. service provider and UAE operator.
- **Strong Cash Flow**: Free cash flow of $230M in Q3, with FY25 target of $710-730M. Non-GAAP EPS growth expected 8-9%.
- **BT Deal Significance**: Multiyear managed services agreement with BT, though size undisclosed and not reflected in Q3 backlog.


**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $1.14 billion, up 3.5% YoY (pro forma constant currency), exceeding guidance midpoint. Europe saw record growth of nearly 8%.
- **Cloud Momentum**: On track for double-digit cloud revenue growth in FY25, with wins in Elisa (Finland), Claro Brazil, and Eastern European operators. ConnectX SaaS platform expanded to 40+ customers.
- **AI Breakthroughs**: Converted 4 POCs to commercial Gen AI deals, including U.S. service provider and UAE operator. Maze agent bill presenter simplifies billing inquiries.
- **Customer Wins**: BT awarded multiyear managed services deal; Comcast extended Bill Presenter agreement; Telstra expanded network automation engagement.
- **Fiber Expansion**: Acquired Mobia's network engineering business to boost Canadian fiber footprint; supports AT&T's fiber rollout.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP EPS of $1.72 (vs. $1.71 guidance), driven by 280bp margin expansion (21.4% operating margin). Free cash flow of $230M in Q3, on track for $710-730M FY25 target.
- **Backlog**: 12-month backlog of $4.15 billion (+3% YoY), with 90% visibility into FY25 revenue. Managed Services revenue hit record $771M (+4.1% YoY).
- **Guidance Update**: FY25 revenue growth revised to 2.4-3.4% (midpoint 2.9%), up 20bp from prior outlook. Non-GAAP EPS growth expected 8-9%.

**【Q&A Key Highlights】**
- **BT Deal Size**: Not disclosed, but noted as significant modernization project with multiyear managed services extension. Signed post-June 30, not in Q3 backlog.
- **AI Commercialization**: 4 POCs converted to deals this quarter; UAE customer expanding use cases. Data services (e.g., plumbing for Gen AI) driving near-term revenue.
- **SaaS Growth**: ConnectX and eSIM platforms growing double-digit, with 40+ customers. SaaS margins improving as scale increases.
- **Margin Sustainability**: 60-70bp margin expansion in FY25 from automation and Gen AI. FY26 guidance pending, but productivity gains expected to continue.
- **Customer Migration**: Most customers in early/mid stages of cloud migration. Few fully migrated, but pipeline remains strong.


Amdocs Limited (DOX)-6 Aug 25-2025 Q3 Earnings call transcript

- **Revenue growth accelerates**: Q2 revenue up 4% YoY, driven by cloud deals and project execution, with backlog rising 3.5% YoY.
- **Profitability improves**: Non-GAAP margin up 290bps YoY to 21.3%, supported by cost cuts and automation.
- **AI momentum builds**: GenAI PoCs maturing, with early revenue from data services and Microsoft Azure migrations.
- **Cash return focus**: $1.26B share buyback authorization signals commitment to shareholder returns.
- **Customer resilience**: No signs of spending pullback; pipeline remains robust despite macro risks.


**【CEO Summary Section】**
- Q2 revenue of $1.13 billion, up 4% YoY in pro forma constant currency, driven by cloud sales momentum and project execution.
- Non-GAAP EPS of $1.78 exceeded guidance, supported by lower tax rate and strong free cash flow of $181 million.
- 12-month backlog rose 3.5% YoY to $4.17 billion, with record managed services revenue of $747 million (66% of total revenue).
- Key wins include Microsoft Azure migration for a Tier-1 European operator, PLDT cloud modernization, and Amdocs connectX SaaS adoption by Consumer Cellular.
- GenAI progress: launched amAIz network agents and AI Factory, with PoCs in advanced stages for flagship customers.

**【CFO Financial Commentary】**
- Pro forma operating margin improved 290bps YoY to 21.3%, driven by low-margin business phaseout and automation.
- Free cash flow target of $710-730 million for FY25, with 90%+ conversion to non-GAAP net income.
- Share buyback authorization increased to $1.26 billion, reflecting confidence in cash generation.
- FY25 revenue outlook reiterates 2.7% midpoint (1.7%-3.7% range), with double-digit cloud growth expected.

**【Q&A Highlights】**
- AI contributions: early-stage revenue from GenAI-related data services, with cloud migration and AI Factory driving synergies.
- Customer spending stable despite macro uncertainty; no material changes in backlog or pipeline.
- AR/DSO fluctuations reflect large North America transformation projects, but trends indicate progress in milestone achievement.
- NVIDIA collaboration expanded into network automation, with tools like NVIDIA AI Enterprise and Omniverse Digital Twin.
- AI adoption in internal operations (e.g., software development) showing early productivity gains.


Amdocs Limited (DOX)-7 May 25-2025 Q2 Earnings call transcript

- **Q1 Strong Execution**: Revenue $1.11B (+1.7% pro forma), EPS $1.66 beat, 310bps margin expansion. Backlog $4.14B (+$80M QoQ), driven by cloud and GenAI wins.
- **Cloud & AI Growth**: Cloud +double-digit FY25, 10+ GenAI PoCs completed Q1, amAIz platform expanding with Etisalat and AT&T.
- **Financial Resilience**: 66% revenue recurring (managed services), $78M free cash flow, $144M buybacks. FY25 margin 21.2-21.7%, 6.5-10.5% EPS growth.
- **Pipeline Momentum**: Mature pipeline across geographies, 10+ GenAI PoCs, 3.5% YoY backlog growth signals accelerating Q2+ revenue.
- **Customer Diversification**: Top 2 customers stable, new wins (NTT, VodafoneZiggo) reduce concentration risk. 90%+ backlog visibility ensures execution certainty.


**【CEO Summary Section】**
- Q1 2025 revenue reached $1.11 billion, exceeding midpoint guidance by 1.7% YoY (pro forma constant currency). Non-GAAP EPS of $1.66 beat expectations, driven by 310bps margin expansion from low-margin business phase-out and operational efficiency gains.
- 12-month backlog rose to $4.14 billion (+$80M QoQ, +2.7% YoY pro forma), fueled by cloud wins (e.g., VodafoneZiggo, CT Montenegro) and GenAI PoCs (10+ completed Q1). Key wins include AT&T Cricket expansion, Bell Canada billing consolidation, and DreamWorks AI collaboration.
- Strategic growth engines: cloud (+double-digit growth), digital modernization (e.g., Optus CX suite), network automation (Procom Consulting), and GenAI (amAIz platform expansion with Etisalat, AT&T).
- FY25 guidance: 1-4.5% revenue growth (pro forma), 21.2-21.7% operating margin, and 6.5-10.5% EPS growth, targeting 5th year of double-digit TSR.

**【CFO Financial Commentary】**
- Q1 GAAP revenue $1.11B (-10.9% YoY reported, +1.7% pro forma). Managed services revenue $729M (+0.9% YoY), 66% of total, with 100% renewal rate (e.g., Comcast, Claro Chile extensions).
- Free cash flow $78M (incl. $23M restructuring), supporting $144M share buybacks and $54M dividends. FY25 free cash flow target $710-730M (90%+ of non-GAAP net income).
- 12-month backlog growth (3.5% YoY pro forma) signals accelerating Q2+ revenue momentum, with 90%+ visibility from multi-year contracts.
- FY25 margin expansion driven by 230bps from low-margin exit and 60-70bps from automation/AI adoption.

**【Q&A Highlights】**
- **Pipeline Dynamics**: CEO cites "rich, mature pipeline" across geographies, with focus on new cloud, BSS/OSS modernization, and GenAI projects. Notably, 10+ GenAI PoCs completed Q1, with Etisalat expanding use cases beyond billing to care and knowledge management.
- **AI Adoption**: CFO notes data readiness is key (e.g., AT&T preparing data for GenAI use cases). Shuky highlights call center automation as a high-impact AI application, with 100% accuracy required for unionized workforces.
- **Customer Concentration**: Top 2 customers (AT&T, T-Mobile) remain core, but diversification efforts (e.g., NTT Japan, VodafoneZiggo cloud ops) mitigate risk. 66% of revenue now recurring (managed services), reducing exposure to project timing volatility.
- **Backlog Composition**: $80M QoQ growth driven by AT&T cloud migration ramp-up and PROFINET acquisition. 3.5% YoY growth (pro forma) reflects accelerating deal execution, offsetting $6M FX headwinds.
- **Cloud Growth**: FY25 cloud revenue expected to grow >10%, with VodafoneZiggo, CT Montenegro, and connectX (AWS telco-in-a-box) leading the charge.


Amdocs Limited (DOX) Q1 2025 Earnings Call Transcript

Amdocs Limited (DOX)-12 Nov 24-2024 Q4 Earnings call transcript

Amdocs (DOX)-7 Aug 24-2024 Q3 Earnings call transcript

Amdocs (DOX)-8 May 24-2024 Q2 Earnings call transcript

- **Revenue Growth**: Q1 $1.25B (+5% YoY), with 58% from high-margin managed services and 20%+ cloud revenue growth. 
- **AI Breakthrough**: Generative AI POCs reduce handling time by 50%, with production deployments expected in next 2 quarters. 
- **Cloud Expansion**: Won 12 new cloud deals, including NTT Fernet and Delta Fiber, driving double-digit growth. 
- **Financial Strength**: 18.1% operating margin, $139M free cash flow, and $210M returned to shareholders in Q1. 
- **Guidance**: FY24 EPS growth 8-12%, 4th straight year of double-digit growth, and $750M free cash flow target.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q1 revenue of $1.25 billion, up 5% YoY, driven by North American market recovery and cloud migration projects (e.g., T-Mobile, AT&T). 
- **Backlog Expansion**: 12-month backlog reaches $4.21 billion (+3% YoY), with $60 million sequential growth from new deals like NTT Fernet and Delta Fiber. 
- **AI Strategy Progress**: Generative AI now embedded in core products (e.g., AmdocsQ Pro), with pilot use cases reducing handling time by 50% and deflecting 20% of customer inquiries. 
- **Cloud Momentum**: Double-digit growth in cloud activities, winning deals in Canada, Southeast Asia, and Japan. 
- **Customer Wins**: New logos in Spain (FiNetwork), Netherlands (Delta Fiber), and UAE (Etisalat by EN), plus expanded agreements with AT&T, T-Mobile, and Claro Brazil. 

**【CFO Financial Commentary】**
- **Top Line Performance**: Q1 GAAP revenue $1.245 billion (+4.8% YoY in constant currency), with 58% of revenue from high-margin managed services. 
- **Profitability Improvement**: Non-GAAP operating margin 18.1% (+40bps YoY), driven by automation and AI adoption. 
- **Cash Flow Strength**: Free cash flow $139 million (excluding $16M restructuring), with $750M annual target supporting 100% conversion of non-GAAP net income. 
- **Shareholder Returns**: $210M returned via buybacks and dividends in Q1, with plans to return majority of free cash flow in FY24. 
- **Balance Sheet Health**: $601M cash on hand, investment-grade ratings from S&P and Moody’s. 

**【Q&A Highlights】**
- **Legacy vs. Modernization Tradeoff**: Customers maintaining legacy spending while accelerating cloud and AI projects, with no material change in headwinds vs. prior guidance. 
- **AI Adoption**: Early POCs showing 20% call deflection and 50% handling time reduction in care, with production deployments expected in next 2 quarters. 
- **Cloud Momentum**: 20%+ cloud revenue growth YoY, with pipeline supporting double-digit expansion. 
- **Customer Confidence**: 100% managed services renewal rate, new logos in Europe and North America, and $60M sequential backlog growth. 
- **FY24 Outlook**: 1.2-5.2% YoY revenue growth (midpoint 3.2%), 8-12% EPS growth, and 4th straight year of double-digit EPS growth. 


Actual											1.08	1.07	1.23	1.16	1.13	1.35	1.16	1.2	1.54	1.27	1.29	1.45	1.47	1.57	1.42	1.56	1.56	1.62	1.7	1.66	1.78	1.72	1.83	1.81
Forecast											1.0634	1.0487	1.185	1.1464	1.1318	1.2033	1.1767	1.184	1.2487	1.2662	1.2904	1.3404	1.4701	1.4798	1.4168	1.5637	1.5736	1.6029	1.699	1.638	1.705	1.7145	1.8226	1.7585
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.56%	+2.03%	+3.80%	+1.19%	-0.16%	+12.19%	-1.42%	+1.35%	+23.33%	+0.30%	-0.03%	+8.18%	-0.01%	+6.10%	+0.23%	-0.24%	-0.86%	+1.07%	+0.06%	+1.34%	+4.40%	+0.32%	+0.41%	+2.93%

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