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CGI provides end-to-end IT and business consulting services that help clients design, implement, run and operate technology supporting their business strategies. Q2 F2026 revenue was C$4.156 billion, up 3.3% from Q2 F2025 and 1.6% in constant currency. The key review question is whether CGI can translate this operating and financial setup into durable cash generation while managing general economic and political conditions, competition, technology shifts, demand for IT and consulting services, risks related to its growth strategy and acquisitions, integration of new operations.
CGI does not provide a single numeric revenue or EPS guidance range in the selected packet, so the earnings outlook must be built from source-backed indicators. Q2 Fiscal 2026 bookings of $4.31 billion and backlog of $31.50 billion, or 1.9 times annual revenue, support future revenue visibility, while approximately $11.5 billion of backlog at March 31, 2026 is expected to convert into revenue within the next twelve months. The service mix in the Q2 presentation shows managed IT and business process services at 54% of revenue and business and strategic IT consulting and systems integration at 46%, while vertical exposure is led by government at 37%, manufacturing, retail and distribution at 22%, and financial services at 22%. Earnings sensitivity remains tied to bookings conversion, client spending on AI and legacy modernization, managed-services renewal and extension activity, acquisition integration, consultant utilization, wage inflation, public-sector procurement, foreign currency, and share count reduction from repurchases.
CGI Inc. is a global IT and business consulting services firm with approximately 94,000 consultants and professionals worldwide, a mix of proximity-based teams and global delivery centers, and a Build and Buy growth strategy that combines organic contract growth with acquisitions. The AIF describes CGI's end-to-end portfolio across business and strategic IT consulting, systems integration, managed IT and business process services, and IP-based services. The Q2 Fiscal 2026 packet shows a durable earnings and backlog profile: revenue of $4.16 billion, adjusted EBIT of $691.6 million, net earnings of $444.7 million, diluted EPS of $2.09, adjusted diluted EPS of $2.27, bookings of $4.31 billion, and backlog of $31.50 billion. The thesis to review is whether CGI can continue compounding earnings per share and cash flow through AI-led modernization demand, managed services, consulting and systems integration, disciplined delivery, acquisitions, and share repurchases while managing public-sector exposure, contract execution, talent, pricing, acquisition, cybersecurity, AI, and foreign-exchange risks.
Street
bullMarket-Implied
bearMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 93.83 compares with a low/mean/high consensus range of 100.00, 121.00, and 147.00 across 13 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is bear because the current quote sits below the low end of the target range, showing that investors still discount material delivery or cycle risk.
The overall case is base because CGI must convert its IT consulting and managed-services platform into durable evidence around bookings, margin discipline, cash conversion, and recurring client relationships. The report context is constructive enough to keep the scenario live, but client budget cycles, delivery execution, wage inflation, and acquisition integration keep the range from being a one-way read.
Current Price
$93.83
Expected Value
$122.25
Implied Move
+30.3%
Current vs low/median/mean/high target prices
CGI's operating risk is concentrated in delivery execution across consulting, systems integration, managed IT, business process services and IP-based offerings. The Q2 F2026 MD&A identifies risks from early termination, modification, delay or suspension of contracts, including managed-services contracts with termination-for-convenience and change-of-control clauses. Fixed-price and long-term engagements require accurate estimates of cost, timing and resources; unexpected labour shortages, supply-chain disruptions, inflation, tariffs or other external factors can pressure delivery schedules and margins. The company also relies on teaming partners, subcontractors, software vendors and hardware vendors for some contracts, so partner non-performance can impair profitability and client delivery. Staffing is another operating risk because CGI says demand for qualified IT professionals is strong, some work requires government security clearances, and weak hiring, retention, succession planning or utilization management could result in lost revenue or higher costs. Acquisition integration adds further execution risk because CGI's growth strategy requires integrating acquired employees, systems, controls, policies and cultures while management attention is also needed for existing operations.
Insufficient structured data
Options positioning visual unavailable for this report.
CGI reported Q2 F2026 cash provided by operating activities of $451.1 million, cash and investments of $740.6 million, available capital resources of $2.24 billion and compliance with debt covenants, but the source packet still identifies financial risks around leverage, working capital, funding access and market conditions. At March 31, 2026, long-term debt and lease liabilities were $4.30 billion, net debt was $3.57 billion, and net debt to capitalization was 26.3%, with negative working capital attributed to the upcoming September 2026 maturity of 2021 U.S. senior notes. CGI states that inability to service debt, satisfy covenants, refinance obligations or obtain future funding on acceptable terms could harm its business and growth opportunities. Interest-rate fluctuations can raise debt service on variable-rate borrowings, credit-rating changes can affect capital-market access and cost, and foreign-exchange movements can affect reported results because most revenue and costs are denominated outside the Canadian dollar. The company also highlights accounts-receivable and work-in-progress credit risk, noting that delayed billing, collection issues or client defaults during downturns could reduce revenue, net earnings and cash flow.
CGI Inc. operates an end-to-end IT and business consulting services model that combines local client proximity with an extensive global delivery network. CGI works near its clients through local teams that understand client industries and metro markets, while also using global delivery centers to provide scale, specialized skills, flexible onshore, nearshore and offshore delivery, and 24/7 access to digital capabilities. Revenue is generated from business and strategic IT consulting, systems integration, managed IT and business process services, and IP-based business solutions. CGI's Build and Buy strategy combines contract wins, renewals and extensions, large managed IT and business process services contracts, metro market acquisitions and larger transformational acquisitions.
CGI Inc. is a Quebec-governed company headquartered in Montreal, Canada, with executive and registered offices at 1350 Rene-Levesque Boulevard West. The company was incorporated in 1981, continued the activities of Conseillers en gestion et informatique CGI Inc., originally founded in 1976, and became public in 1986. CGI's Class A subordinate voting shares trade on the Toronto Stock Exchange under GIB.A and on the New York Stock Exchange under GIB. The Q2 fiscal 2026 MD&A describes CGI as a leading IT and business consulting services firm with approximately 94,000 consultants and professionals worldwide.
CGI's cost structure is primarily people, delivery and platform driven. Costs of services include salaries net of tax credits, performance-based compensation, direct costs including travel, professional fees, contracted labour, hardware, software and delivery center costs. Selling and administrative costs include salaries, performance-based compensation, office space, internal solutions, business development travel and other administrative and management costs. In fiscal 2025, costs of services, selling and administrative expenses were $13.301 billion, or 83.6% of revenue. In Q2 fiscal 2026, costs of services, selling and administrative expenses were $3.465 billion, or 83.4% of revenue. Other cost levers include restructuring, acquisition and integration costs, net finance costs, foreign exchange, utilization, acquisition dilution, tax credits, delivery center mix and compensation.
Barriers to entry in CGI's market include scale, delivery credibility, client relationships, industry-specific knowledge, specialized IT talent, information-security controls, proprietary platforms and the ability to deliver across local, nearshore, offshore and global delivery locations. CGI's AIF identifies proprietary assets such as software, processes, methodologies, tools, trade secrets, patents, copyrights, trademarks, customer lists and know-how as central to operations. It also highlights ISO 9001-certified operations, ISO 27001 certification in more than 90 locations and CMMI Level 5 certification for India delivery centers. Substitutes and alternatives include clients managing IT functions internally, delaying or reducing systems projects, using local specialists or software providers, adopting cloud or SaaS platforms directly, or selecting government-focused and global IT services competitors.
CGI's competitive advantages are tied to its end-to-end service portfolio, client-proximity model, global delivery network, industry domain expertise, proprietary IP solutions and quality processes. Its AIF says CGI combines local relationships and accountability with global reach, giving clients 24/7 access to digital capabilities and resources. CGI also emphasizes committed experts, everyday innovation, comprehensive quality processes and long-standing practices in core industries. Its IP portfolio includes configurable business platforms as a service, integrated security and data privacy practices, provider-neutral cloud approaches and advanced AI capabilities. CGI's ownership culture is also a differentiator, with 87.5% of employees described as shareholders at September 30, 2025.
The IT and business consulting services market is competitive and includes local companies providing specialized services and software, government pure-play providers and global business consulting and IT services providers. CGI's AIF says these firms compete to deliver some or all of CGI's services. It identifies industry leadership factors including depth and breadth of industry and technology expertise, local presence and client relationships, an extensive and flexible global delivery network, digital IP solutions, AI embedded in client transformation, total cost and value delivered, practical innovation and consistent on-time, within-budget delivery. CGI's own risk disclosures also note that weaker economic conditions can increase competition and pressure service pricing.
Capital structure composition and liquidity ratios
CGI ended March 31, 2026 with total assets of C$19.305 billion, down from C$19.522 billion at September 30, 2025. Cash and cash equivalents were C$708.4 million, and total current assets were C$4.960 billion including funds held for clients. Total liabilities were C$9.304 billion, while equity was C$10.001 billion. The largest asset remains goodwill at C$11.715 billion, reflecting the scale of acquired operations in CGI's service model. Debt was concentrated in long-term debt of C$2.797 billion plus a C$836.9 million current portion. Current liabilities exceeded current assets because the 2021 U.S. senior notes mature in September 2026.
The balance sheet supports continued cash deployment but shows higher leverage than a year earlier. Long-term debt and lease liabilities were C$4.303 billion, while net debt was C$3.573 billion and the net debt-to-capitalization ratio was 26.3%. CGI reported C$2.237 billion of available capital resources, including C$708.4 million of cash and C$1.496 billion available under its revolving credit facility. Operating cash flow was C$451.1 million in Q2 F2026, but financing uses included C$396.9 million for share purchases and related tax plus C$36.2 million of dividends. The mix indicates strong recurring cash generation, with capital allocation focused on acquisitions, buybacks, dividends and debt capacity.
Operating, investing, and financing cash flow by period
Cash provided by operating activities was C$451.1 million in Q2 F2026, compared with C$438.2 million a year earlier, and represented 10.9% of revenue. For the first six months of fiscal 2026, operating cash flow was C$1.323 billion, up from C$1.085 billion. Investing cash used was C$115.5 million in the quarter, mainly from additions to contract costs, intangible assets, property and equipment, and smaller acquisition cash outflows. Financing cash used was C$197.3 million, reflecting Class A share purchases, lease payments and dividends, partly offset by changes in client funds obligations. Cash and cash included in funds held for clients increased by C$148.3 million during the quarter.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| DSG | 21.0% | The Descartes Systems Group Inc. | 15.1% |
| OTEX | 99.0% | Open Text Corporation | 2.2% |
| CSU | 169.9% | Constellation Software Inc. | 19.9% |
| CLS |
| All numbers in thousands (CAD) | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 |
|---|---|---|---|---|---|
•Total Revenue | 16,338,543 | 15,912,673 | 14,676,152 | 14,296,360 | 12,867,201 |
| All numbers in thousands (CAD) | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 |
|---|---|---|---|---|
•Total Assets | 19,521,828 | 16,685,468 | 15,799,499 | 15,175,420 |
•Current Assets |
| All numbers in thousands (CAD) | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 2,472,627 | 2,234,197 | 2,204,983 | 2,112,249 | 1,864,998 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 1,521,531,510 | 16,290,487 | institutional | Caisse De Depot Et Placement Du Quebec | Mar 2026 | 8.79% |
| 709,550,097 | 7,596,896 | institutional | FIL LTD | Mar 2026 | 4.10% |
| 508,073,405 | 5,439,758 | institutional | Mackenzie Financial Corporation |
CGI Inc. reports an environmental strategy focused on climate change mitigation and energy, climate adaptation, circular economy, sustainable solutions, and responsible digital innovation. The 2025 ESG Report states that CGI's near-term science-based targets were approved by the Science Based Targets initiative in 2025, including a 62.3% reduction in absolute Scope 1 and Scope 2 greenhouse gas emissions by 2030 from a 2019 baseline, use of 100% renewable electricity at offices and data centers by 2030, and a transition of the global car fleet to 80% full electric vehicles and 20% hybrid or plug-in hybrid electric vehicles by 2030. CGI reports that, as of 2025, Scope 1 and Scope 2 emissions were down 60.3% from 2019, 77.8% of electricity used by offices and data centers came from renewable sources, and the global vehicle fleet consisted of 34.5% full EVs and 11.9% hybrid vehicles. For Scope 3, CGI reports a business-travel emissions intensity reduction of 54.5% from 2019, and a supplier-related goal that 77% of suppliers by spend covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by fiscal 2030. CGI also describes waste and resource initiatives, including e-waste treatment through certified service providers, reuse and donation of IT devices, data-center efficiency measures, near-zero water recharge for closed-loop chilled-water cooling, total 2025 water consumption of 172,000 cubic meters, and nature-positive projects such as tree planting and client solutions for biodiversity and environmental monitoring. The ESG Report also identifies sustainable IT practices, eco-design training, green software guidance, and sustainability services that help clients reduce emissions, waste, resource use, and environmental risk.
CGI's selected filings identify ESG risks and opportunities tied to climate change, regulation, responsible innovation, digital services, talent, human rights, procurement, privacy, cybersecurity, ethics, and operational resilience. The 2025 ESG Report states that CGI completed a double materiality assessment in 2024 to identify and prioritize ESG impacts, risks and opportunities across the value chain and stakeholder expectations. Its material topics include local community development, responsible procurement, workforce working conditions, responsible leadership and governance, data privacy and cybersecurity, business ethics and compliance, talent attraction, retention and development, sustainable solutions, responsible digital innovation, climate change mitigation and energy, equal treatment and opportunities, climate adaptation, and circular economy. CGI's Enterprise Risk Management process uses a structured Risk Universe that includes environmental risks such as physical and transition climate risks and emerging environmental regulation, social risks such as human capital risks, and governance risks such as security, data privacy and ethics. The ESG Report states that climate-related hazards may affect CGI Partners, premises, infrastructure, operations, clients or suppliers, and insurance or operating costs, while the AIF and ESG Report identify additional risks from market activity, AI and technology trends, client demand, government contracting, qualified employee attraction and retention, ESG initiative implementation, cybersecurity incidents, data privacy, and supplier practices. CGI also identifies opportunities in sustainability services and solutions, sustainable IT, responsible artificial intelligence, ESG advisory, carbon management, sustainable energy transition, digital twins, renewable energy asset management, ecosystem data sharing, biodiversity analytics, low-impact software, and client offerings that help reduce emissions, waste and resource use, improve accessibility and inclusion, strengthen regulatory compliance, and mitigate environmental, resource and supply-chain risks.
Potential catalysts requiring analyst review include conversion of the $31.50 billion backlog, maintaining book-to-bill above revenue consumption over the trailing twelve months, further client spending on AI-enabled modernization, managed IT and business process services renewals and extensions, accretive acquisitions under the Build and Buy strategy, execution under the renewed normal course issuer bid, dividend continuation, use of the expanded $2.50 billion revolving credit facility for capital needs, and segment-level recovery in slower geographies. These are source-backed items to monitor, not automated triggers.
1Y cumulative return vs XIC
The source packet provides inputs for analyst review but does not by itself establish market mispricing. Items requiring analyst review include Q2 Fiscal 2026 revenue growth of 3.3%, constant-currency revenue growth of 1.6%, adjusted EBIT margin of 16.6%, diluted EPS growth of 10.6%, bookings of $4.31 billion, a book-to-bill ratio of 103.8%, trailing-twelve-month book-to-bill of 108.4%, backlog of $31.50 billion, and cash provided by operating activities of $2.47 billion over the trailing twelve months. Analyst review should weigh those inputs against uneven segment growth, U.S. federal client concentration, net debt of $3.57 billion, integration costs, consulting demand cyclicality, competition for skilled professionals, and risks from large contracts, AI adoption, cybersecurity, foreign exchange, and government-client procurement cycles.
The primary risks are those disclosed in the AIF, annual report, Q2 Fiscal 2026 MD&A, press release, presentation, and StatCan industry context. CGI identifies risks from general economic and political conditions, competition, technology shifts, demand for IT and consulting services, risks related to its growth strategy and acquisitions, integration of new operations, financial and operational risks inherent in worldwide operations, contracting with government clients, foreign exchange, income tax laws, termination or modification of contracts, future revenue from bookings and backlog, ability to attract and retain qualified employees, ability to negotiate favourable contract terms, service delivery and receivables collection, ESG disclosure and commitments, cybersecurity and other incidents including through the use of artificial intelligence, liquidity needs, financial ratios, dividends, interest rates, creditworthiness and credit ratings. The thesis is also exposed to margin pressure, project delivery complexity, client budget delays, and acquisition execution risk.
Recent developments are centered on Q2 Fiscal 2026 results, capital returns, and expanded credit capacity. The Q2 Fiscal 2026 press release reports revenue of $4.16 billion, earnings before income taxes of $617.7 million, adjusted EBIT of $691.6 million, net earnings of $444.7 million, adjusted net earnings of $483.4 million, diluted EPS of $2.09, adjusted diluted EPS of $2.27, cash provided by operating activities of $451.1 million, bookings of $4.31 billion, and backlog of $31.50 billion. CGI invested $104.5 million back into the business, used $396.9 million under its normal course issuer bid to purchase and cancel Class A subordinate voting shares, and paid $36.2 million of dividends during the quarter. The MD&A says the renewed NCIB allows purchases for cancellation of up to 18,975,360 Class A shares, and the press release says the unsecured committed revolving credit facility was increased to $2.50 billion on April 28, 2026.
The source packet does not support an automated portfolio action. Any action requires analyst review of CGI's source-backed revenue growth, margin profile, bookings and backlog, AI and modernization demand, managed services mix, cash generation, acquisition strategy, leverage, share repurchases, and risk disclosures. The review should also incorporate current market data and portfolio constraints outside this source-only packet before any action is set.
The source packet supplies valuation work inputs but does not establish a standalone valuation outcome; that requires analyst review. Relevant source-backed inputs include Q2 Fiscal 2026 revenue of $4.16 billion, adjusted EBIT of $691.6 million, adjusted EBIT margin of 16.6%, net earnings of $444.7 million, adjusted net earnings of $483.4 million, diluted EPS of $2.09, adjusted diluted EPS of $2.27, cash provided by operating activities of $451.1 million, trailing-twelve-month operating cash flow of $2.47 billion, bookings of $4.31 billion, backlog of $31.50 billion, cash and short-term investments of $716.0 million, net debt of $3.57 billion, and net debt-to-capitalization of 26.3%. Analyst review should normalize acquisition and integration costs, backlog duration, segment growth, organic versus acquired growth, share repurchase pace, debt, and foreign currency before deriving any valuation view.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on client budget cycles, delivery execution, wage inflation, and acquisition integration.
Bear Case
In the bear case, CGI remains tied to its IT consulting and managed-services platform, but investors put more weight on client budget cycles, delivery execution, wage inflation, and acquisition integration than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, CGI needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that bookings, margin discipline, cash conversion, and recurring client relationships are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if client budget cycles, delivery execution, wage inflation, and acquisition integration weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, CGI executes broadly in line with the prepared report context. The business continues to show credible support from its IT consulting and managed-services platform, while the market waits for clearer evidence that bookings, margin discipline, cash conversion, and recurring client relationships can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, CGI converts the strengths identified in the report into clearer market evidence. Investors give more credit to bookings, margin discipline, cash conversion, and recurring client relationships, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its IT consulting and managed-services platform into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around client budget cycles, delivery execution, wage inflation, and acquisition integration, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
CGI competes in a global IT services market where large providers, government-focused providers, global consulting and IT firms, lower-cost delivery platforms and specialized regional competitors can pressure pricing and contract wins. Its Q2 F2026 MD&A says competitive bidding consumes cost and management time, limits the ability to negotiate some terms, and can still lead to inaccurate resource and cost estimates after award. The same source states that CGI must keep pace with rapid changes in digital, cloud, security and AI services, including agentic AI, generative AI, automation and machine learning; failure to adapt offerings in a timely way could weaken client retention and new business. Statistics Canada's industry context shows Canada's software development and computer services industries grew operating revenue 8.5% to $161.9 billion in 2024, but also notes 2025 volatility and analyst expectations that AI growth could contribute to computer-component shortages. CGI's annual information form also describes technology as a business driver and identifies value-chain evolution, digitization, supply-chain reconfiguration, and changing political, fiscal and regulatory environments as material industry forces.
CGI operates across many jurisdictions and is exposed to legal and regulatory requirements covering anti-corruption, trade restrictions, immigration, taxation, securities, antitrust, data privacy, labour relations and environmental matters. The Q2 F2026 MD&A says these laws change frequently, can impose conflicting requirements and can consume significant resources, with non-compliance potentially leading to penalties and reputational harm. Government contracting adds specific risk: CGI's U.S. federal work is subject to audits, procurement-integrity rules, disclosure requirements, national-security concerns, and possible penalties such as contract termination, suspension of payments, suspension or debarment, and fines. Privacy and cybersecurity obligations are also central because CGI processes and stores client, proprietary and employee information; the MD&A cites GDPR and privacy laws in Canada, the U.S. and other countries, increasing complexity and penalties, while the ESG report describes privacy assessments, cross-border transfer mechanisms, incident and breach processes, security governance, third-party security reviews and mandatory training. Legal proceedings, tax audits, intellectual-property claims, ESG disclosure requirements and developing AI legal frameworks can also create financial, operational and reputational consequences.
Insufficient structured data
Risk sensitivity visual unavailable for this report.
The source-backed risk frame for CGI is tied to whether its documented Build and Buy strategy can keep converting bookings and backlog into profitable revenue while integrating acquisitions and maintaining delivery quality. CGI's strategy depends on winning, renewing and extending contracts, adding large managed IT and business process services contracts, and using metro-market and transformational acquisitions to expand scale and capabilities. The risk disclosures show pressure points around longer sales cycles, contract termination or scope reduction, fixed-price estimate errors, acquisition integration costs and complexity, and the need to keep services current in AI, cloud, cybersecurity and digital transformation. Q2 F2026 results also show exposure to U.S. federal government efficiency initiatives and lower demand in some vertical markets, while U.S. federal government work represented 12.3% of quarterly revenue. For a source-only investment view, these risks mean the durability of growth, backlog conversion, margins and acquisition benefits depends on execution across contracts, talent, compliance, technology relevance and balance-sheet flexibility rather than on a single disclosed risk factor.
CGI goes to market through local client teams, metro-market offices, global delivery centers, industry-focused leadership, account relationships, contract renewals, managed services bids, consulting and systems integration engagements, IP-based solutions, alliances with technology and business partners, and acquisition-led expansion. Its proximity model places CGI teams near clients to build relationships and accountability, while global delivery centers provide access to specialized skills across locations and time zones. CGI serves targeted industries including financial services, government, manufacturing, retail and distribution, communications and utilities, and health. Its bookings measure includes new binding contractual agreements, wins, extensions and renewals.
CGI operates globally through nine operating segments: Western and Southern Europe; U.S. Commercial and State Government; U.S. Federal; Canada; Scandinavia, Northwest and Central-East Europe; U.K. and Australia; Germany; Finland, Poland and Baltics; and Asia Pacific Global Delivery Centers of Excellence. Fiscal 2025 revenue by client geography was 32% U.S., 14% Canada, 14% France, 14% U.K., 6% Germany, 6% Finland, 4% Sweden and 10% rest of world. Fiscal 2025 reported segment revenue before eliminations was $2.679 billion in Western and Southern Europe, $2.523 billion in U.S. Commercial and State Government, $2.248 billion in U.S. Federal, $2.091 billion in Canada, $1.689 billion in Scandinavia, Northwest and Central-East Europe, $2.020 billion in U.K. and Australia, $902 million in Germany, $904 million in Finland, Poland and Baltics, and $1.014 billion in Asia Pacific.
Key operating levers include bookings, backlog, book-to-bill ratio, contract wins, renewals and extensions, managed services signings, client retention, utilization, delivery center mix, onshore, nearshore and offshore delivery balance, acquisition execution and integration, IP-based revenue, consulting and systems integration demand, managed IT and business process services demand, salaries and subcontractor costs, tax credits, restructuring efficiencies, foreign exchange, net finance costs, project execution, quality processes, client satisfaction, and demand in government, financial services, manufacturing, retail and distribution, communications and utilities, and health. At March 31, 2026, CGI reported backlog of $31.501 billion, Q2 bookings of $4.314 billion, a Q2 book-to-bill ratio of 103.8%, and a trailing twelve-month book-to-bill ratio of 108.4%.
CGI provides end-to-end IT and business consulting services that help clients design, implement, run and operate technology supporting their business strategies. Its portfolio includes business and strategic IT consulting, systems integration, managed IT services, business process services and IP-based business solutions. Consulting work covers strategy, organization and change management, core operations and technology, responsible AI, sustainable supply chain management, ESG, mergers and acquisitions and related business priorities. Systems integration includes enterprise modernization, legacy modernization and adoption of new technologies. Managed services include application development, modernization and maintenance, enterprise digitization, AI and automation, hybrid and cloud management and business process services. IP solutions include configurable business platforms delivered with security, data privacy, cloud and AI capabilities.
CGI operates in a global IT and business consulting services market shaped by digitization, political, fiscal and regulatory changes, supply chain reconfiguration, climate and energy transition, demographic shifts, talent shortages, legacy system modernization, AI adoption, cybersecurity, data privacy and protection, client procurement rules and public-company reporting requirements. The competitive environment includes local specialized software and services firms, government-focused providers and global business consulting and IT services companies. CGI's operating environment also includes securities regulation in Canada and the United States, TSX and NYSE listing requirements, foreign exchange exposure, credit ratings, information security certifications, privacy and business continuity standards, anti-corruption and ethics requirements, client contract obligations and risks around service delivery, technology, cybersecurity, talent and acquisitions.
Revenue drivers include demand for ROI-led digitization, business and strategic IT consulting, systems integration, managed IT and business process services, IP-based solutions, contract wins, extensions and renewals, bookings, backlog conversion, pricing and indexation within contracts, managed services and global delivery demand, client spending across target verticals, acquisitions, utilization, delivery location mix and foreign exchange. In fiscal 2025, CGI generated $15.913 billion of revenue, with 55% from managed IT and business process services and 45% from business and strategic IT consulting and systems integration. Fiscal 2025 vertical-market revenue mix was 38% government, 22% financial services, 21% manufacturing, retail and distribution, 12% communications and utilities, and 7% health. In Q2 fiscal 2026, revenue was $4.156 billion and constant-currency revenue growth was 1.6%.
CGI operates in the IT and business consulting services industry. Its services include business and strategic IT consulting, systems integration, managed IT and business process services and intellectual property business solutions. CGI's annual report describes the company as a leading IT and business consulting services firm with about 94,000 consultants and professionals worldwide, using technology to help clients accelerate digital transformation. Statistics Canada reported that Canada's software development and computer services industries generated C$161.9 billion of operating revenue in 2024, including computer systems design and related services, software publishers and computing infrastructure providers, data processing, web hosting and related services.
Industry demand is supported by digitization, modernization of legacy systems, cloud adoption, AI and automation, cybersecurity, data privacy, business process outsourcing and client efforts to improve efficiency and resilience. CGI's AIF says technology is no longer merely an enabler but increasingly a business driver, and that executives are relying more on managed services across applications, infrastructure, enterprise services and industry-specific services. Statistics Canada reported 8.5% operating revenue growth for Canadian software development and computer services in 2024. Cyclicality comes from client business activity, economic and political conditions, inflation, tariffs or trade wars, technology spending priorities and the ability to sign, renew and extend contracts. CGI states that clients may cancel, reduce or defer existing contracts or delay new engagements during downturns or political uncertainty.
CGI's industry risks include competition, changing technology demand, AI adoption, cybersecurity incidents, data privacy obligations, intellectual property protection, government contracting rules, export and import restrictions, anti-corruption laws, employment obligations, ESG disclosure and commitments, tax laws, foreign exchange exposure and contract termination or delay. CGI's AIF says CGI is required to comply with laws and regulations in the jurisdictions where it operates, including competition laws, securities laws and insider trading rules, export and import laws, laws protecting classified information, and anti-bribery and anti-corruption laws. Government work can require security clearances and compliance with rules for classified information and restricted facilities. CGI's MD&A also identifies risks from reputational and financial effects of cybersecurity incidents, including incidents involving artificial intelligence.
Pricing power is moderated by competitive bidding, benchmark clauses, fixed-price delivery risk and client sensitivity to cost savings. CGI's MD&A states that bookings include committed spend and estimates tied to demand-driven usage, volume-based and time-and-material contracts, price indexation and option years. It also says some managed IT and business process services contracts allow clients to benchmark CGI's pricing against peer providers, which can pressure revenue, earnings and cash flow if pricing is reset. CGI discloses that many project-oriented contracts are fixed-price and that acceptable margins depend on accurately estimating cost, timing and resources. Its cost position depends heavily on skilled labour, contracted labour, delivery efficiency, global resource mix, utilization and the ability to reuse IP and delivery methods.
CGI's customers span financial services, government, manufacturing, retail and distribution, communications and utilities, and health. Its Q2 fiscal 2026 presentation shows government as the largest vertical at 37% of revenue, followed by manufacturing/retail/distribution and financial services at 22% each. Customer relationships include new work, renewals, extensions and add-ons, with Q2 fiscal 2026 bookings split 19% new business and 81% extensions, renewals and add-ons. Supplier dynamics are centered on skilled professionals, subcontractors, technology partners and infrastructure resources. CGI's AIF says it has commercial alliances with hardware, software, cloud and AI technology companies, and its service model relies on access to the right skills from local, nearshore, offshore and global delivery locations.
Normalized cash conversion and accrual quality metrics
Cash Conversion
1.01x
Good
Accrual Intensity
-0.2%
Good
Earnings Margin
10.7%
OK
OCF Margin
10.9%
OK
Cash Conversion
1.01x
Accrual Intensity
-0.2%
Earnings Margin
10.7%
OCF Margin
10.9%
Revenue
$4.2M
Net Income
$445K
Operating CF
$451K
Reported earnings were affected by acquisition and integration activity, financing costs and tax rate movement. Q2 F2026 included C$40.9 million of restructuring, acquisition and related integration costs, consisting mainly of redundancy, vacated lease premises, integration costs and professional fees. Net finance costs rose to C$33.0 million from C$16.6 million, mainly because interest income on cash was lower and interest expense increased after the March 2025 note issuance. Income tax expense was C$172.9 million, and the effective tax rate rose to 28.0% from 26.2%; adjusted for integration-related items, the rate was 26.6%, with management attributing the increase mainly to a French corporate tax surcharge.
Insufficient structured data
Earnings history visual unavailable for this report.
CGI did not provide revenue or earnings guidance in the prepared packet, but management disclosed operating indicators and liquidity context. Backlog was C$31.501 billion at March 31, 2026, equal to 1.9 times annual revenue, with about C$11.5 billion expected to convert to revenue within twelve months. Bookings were C$4.314 billion for a 103.8% book-to-bill ratio and 108.4% on a trailing twelve-month basis. On April 28, 2026, CGI increased its unsecured committed revolving credit facility to C$2.5 billion, split between tranches maturing in 2029 and 2031. Management said available capital resources allow funding of operations while maintaining adequate liquidity.
Q2 F2026 revenue was C$4.156 billion, up 3.3% from Q2 F2025 and 1.6% in constant currency. Earnings before income taxes were C$617.7 million, up 6.0%, while net earnings were C$444.7 million, up 3.5%. Diluted EPS rose to C$2.09 from C$1.89, supported by higher earnings and a lower diluted share count. Adjusted EBIT was C$691.6 million, up 3.9%, with adjusted EBIT margin at 16.6%. Compared with the prior eight-quarter table, Q2 F2026 revenue was the highest shown, while net earnings margin remained at 10.7%, in line with Q2 F2025 but below some earlier quarters.
Revenue (USD) and profitability margins (% of revenue)
Revenue increased to C$4.156 billion in Q2 F2026 from C$4.023 billion in Q2 F2025. The MD&A attributes the increase mainly to recent business acquisitions, partly offset by U.S. federal government efficiency initiatives and lower demand in financial services and manufacturing, retail and distribution vertical markets. Costs of services, selling and administrative expenses were C$3.465 billion and remained stable at 83.4% of revenue. Earnings before income taxes rose to C$617.7 million from C$582.6 million. Net earnings were C$444.7 million, and diluted EPS was C$2.09, helped by lower weighted average diluted shares after share repurchases.
Key Q2 F2026 metrics show modest revenue growth and stable profitability. Earnings before income taxes margin was 14.9%, adjusted EBIT margin was 16.6%, and net earnings margin was 10.7%. Adjusted net earnings were C$483.4 million, or C$2.27 per diluted share. Cash provided by operating activities was 10.9% of revenue, DSO was 40 days, and return on invested capital was 13.1%. Bookings were C$4.314 billion, book-to-bill was 103.8%, and backlog was C$31.501 billion. Net debt was C$3.573 billion, and net debt to capitalization was 26.3%.
Several Q2 F2026 items limit straight-line trend reading. Acquisition and related integration costs were C$40.9 million in the quarter and C$67.1 million for the first six months, while the prior year included restructuring costs from a Continental European program completed in fiscal 2025. Business acquisition cash used was only C$8.3 million in Q2 F2026 versus C$1.561 billion in Q2 F2025, creating a major year-over-year difference in investing cash flow. Financing cash flow also differed because Q2 F2025 included C$923.9 million of senior unsecured note issuance, while Q2 F2026 included larger share-purchase cash uses. Tax rate effects from France and integration-related costs should also be separated from day-to-day operating trends.
| 147.3% |
| Celestica Inc. |
| 52.8% |
| SHOP | Shopify Inc. | 34.3% |
| 10.6% | Subject (GIB-A) | 3.3% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 7.8% | 10.9% | DSG | 22.5% | The Descartes Systems Group Inc. | 77.1% | 31.2% |
| 5.2% | 12.8% | OTEX | 9.9% | Open Text Corporation | 76.5% | 21.4% |
| 8.0% | 19.7% | CSU | 6.1% | Constellation Software Inc. | 37.4% | 13.8% |
| 10.7% | 52.5% | CLS | 7.0% | Celestica Inc. | 12.0% | 6.6% |
| 9.6% | 11.3% | SHOP | 10.8% | Shopify Inc. | 48.0% | 15.7% |
| 8.8% | 16.6% | 10.3% | Subject (GIB-A) | 20.5% | 16.6% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 3.82 | 38.10 | 11.59 | DSG | 27.09x | 11.43x | $8.4bn | 21.96 | The Descartes Systems Group Inc. | $8.3bn |
| 1.41 | 11.31 | 1.50 | OTEX | 8.31x | 2.50x | $7.8bn | 5.20 | Open Text Corporation | $13.0bn |
| 10.62 | 55.38 | 4.69 | CSU | 25.59x | 5.11x | $57.0bn | 14.41 | Constellation Software Inc. | $62.0bn |
| 20.22 | 44.62 | 4.24 | CLS | 43.99x | 4.40x | $58.5bn | 24.56 | Celestica Inc. | $60.7bn |
| 10.96 | 102.15 | 15.11 | SHOP | 84.94x | 14.75x | $186.9bn | 44.74 | Shopify Inc. | $182.4bn |
| 1.96 | 12.15 | 1.19 | 8.04x | 1.44x | $19.5bn | 9.59 | Subject (GIB-A) | $23.5bn |
| 16,338,543 |
| 15,912,673 |
| 14,676,152 |
| 14,296,360 |
| 12,867,201 |
Cost of Revenue | 13,656,998 | 13,301,045 | 12,259,730 | 11,982,421 | 10,776,564 |
Gross Profit | 2,681,545 | 2,611,628 | 2,416,422 | 2,313,939 | 2,090,637 |
•Operating Expense | -- | -- | -- | -- | 509,131 |
•Selling General and Administrative | -- | -- | -- | -- | 214,430 |
•General & Administrative Expense | -- | -- | -- | -- | 214,430 |
Other G and A | -- | -- | -- | -- | 214,430 |
•Depreciation Amortization Depletion | -- | -- | -- | -- | 414,886 |
•Depreciation & amortization | -- | -- | -- | -- | 414,886 |
Depreciation | -- | -- | -- | -- | 274,946 |
•Amortization | -- | -- | -- | -- | 139,940 |
Amortization of Intangibles | -- | -- | -- | -- | 139,940 |
Other Operating Expenses | -- | -- | -- | -- | 94,245 |
Operating Income | 2,681,545 | 2,611,628 | 2,416,422 | 2,313,939 | 2,090,637 |
•Net Non Operating Interest Income Expense | -122,560 | -83,692 | -27,889 | -52,463 | -92,023 |
Interest Income Non Operating | 26,750 | 44,885 | 63,045 | 41,497 | 3,194 |
Interest Expense Non Operating | 136,623 | 119,021 | 84,799 | 87,768 | 86,804 |
Total Other Finance Cost | 12,687 | 9,556 | 6,135 | 6,192 | 8,413 |
•Other Income Expense | -273,696 | -285,746 | -97,582 | -63,563 | -31,655 |
Gain on Sale of Security | -1,292 | -715 | -653 | -1,198 | -4,001 |
•Special Income Charges | -272,404 | -285,031 | -96,929 | -60,184 | -27,654 |
Restructuring & Mergers Acquisition | 272,404 | 285,031 | 96,929 | 56,014 | 27,654 |
Impairment of Capital Assets | -- | -- | 12,550 | 4,170 | 4,854 |
Write Off | -- | -- | -- | -- | 0 |
Other Non Operating Income Expenses | -- | -- | -9,013 | -2,181 | -- |
Pretax Income | 2,285,289 | 2,242,190 | 2,290,951 | 2,197,913 | 1,966,959 |
Tax Provision | 608,606 | 583,905 | 598,236 | 566,664 | 500,817 |
•Net Income Common Stockholders | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
•Net Income | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
•Net Income Including Non-Controlling Interests | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
Net Income Continuous Operations | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
Diluted NI Available to Com Stockholders | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
Basic EPS | 7.74 | -- | 7.42 | 6.97 | 6.13 |
Diluted EPS | 7.66 | -- | 7.31 | 6.86 | 6.04 |
Basic Average Shares | 217,255.02 | -- | 228,074.11 | 234,041.04 | 239,262 |
Diluted Average Shares | 219,359.71 | -- | 231,672.86 | 237,702.08 | 242,867.45 |
Total Expenses | 13,656,998 | 13,301,045 | 12,259,730 | 11,982,421 | 10,776,564 |
Net Income from Continuing & Discontinued Operation | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
Normalized Income | 1,877,489.74 | 1,869,617.81 | 1,764,815.41 | 1,676,794.44 | 1,489,724.98 |
Interest Income | 26,750 | 44,885 | 63,045 | 41,497 | 3,194 |
Interest Expense | 136,623 | 119,021 | 84,799 | 87,768 | 86,804 |
Net Interest Income | -122,560 | -83,692 | -27,889 | -52,463 | -92,023 |
EBIT | 2,421,912 | 2,361,211 | 2,375,750 | 2,285,681 | 2,053,763 |
EBITDA | 2,951,227 | 2,865,333 | 2,822,924 | 2,736,123 | 2,528,385 |
Reconciled Cost of Revenue | 13,656,998 | 13,301,045 | 12,259,730 | 11,982,421 | 10,776,564 |
Reconciled Depreciation | 529,315 | 504,122 | 447,174 | 450,442 | 474,622 |
Net Income from Continuing Operation Net Minority Interest | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
Total Unusual Items Excluding Goodwill | -273,696 | -285,746 | -97,582 | -61,382 | -31,655 |
Total Unusual Items | -273,696 | -285,746 | -97,582 | -61,382 | -31,655 |
Normalized EBITDA | 3,224,923 | 3,151,079 | 2,920,506 | 2,797,505 | 2,560,040 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -72,889.26 | -74,413.19 | -25,481.59 | -15,836.56 | -8,072.03 |
| All numbers in thousands (CAD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 16,338,543 | 4,156,169 | 4,078,355 | 4,013,837 | 4,090,182 | 4,023,409 |
Operating Revenue | 16,338,543 | 4,156,169 | 4,078,355 | 4,013,837 | 4,090,182 | 4,023,409 |
Cost of Revenue | 13,656,998 | 3,464,596 | 3,422,704 | 3,345,865 | 3,423,833 | 3,357,197 |
Gross Profit | 2,681,545 | 691,573 | 655,651 | 667,972 | 666,349 | 666,212 |
Operating Income | 2,681,545 | 691,573 | 655,651 | 667,972 | 666,349 | 666,212 |
•Net Non Operating Interest Income Expense | -122,560 | -33,035 | -29,076 | -29,588 | -30,861 | -16,631 |
Interest Income Non Operating | 26,750 | 5,824 | 3,625 | 8,862 | 8,439 | 10,486 |
Interest Expense Non Operating | 136,623 | 34,792 | 32,701 | 35,504 | 33,626 | 26,267 |
Total Other Finance Cost | 12,687 | 4,067 | -- | 2,946 | 5,674 | 850 |
•Other Income Expense | -273,696 | -40,869 | -26,783 | -122,143 | -83,901 | -66,965 |
Gain on Sale of Security | -1,292 | 35 | -538 | -583 | -206 | -553 |
•Special Income Charges | -272,404 | -40,904 | -26,245 | -121,560 | -83,695 | -66,412 |
Restructuring & Mergers Acquisition | 272,404 | 40,904 | 26,245 | 121,560 | 83,695 | 66,412 |
Pretax Income | 2,285,289 | 617,669 | 599,792 | 516,241 | 551,587 | 582,616 |
Tax Provision | 608,606 | 172,949 | 157,796 | 134,886 | 142,975 | 152,878 |
•Net Income Common Stockholders | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
•Net Income | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
•Net Income Including Non-Controlling Interests | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
Net Income Continuous Operations | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
Diluted NI Available to Com Stockholders | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
Basic EPS | 7.74 | 2.10 | 2.05 | -- | 1.84 | 1.92 |
Diluted EPS | 7.66 | 2.09 | 2.03 | -- | 1.82 | 1.89 |
Basic Average Shares | 217,255.02 | 211,723.76 | 215,952.33 | -- | 221,781.41 | 224,275.02 |
Diluted Average Shares | 219,359.71 | 213,107.67 | 217,664.07 | -- | 224,356.55 | 227,190.03 |
Total Expenses | 13,656,998 | 3,464,596 | 3,422,704 | 3,345,865 | 3,423,833 | 3,357,197 |
Net Income from Continuing & Discontinued Operation | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
Normalized Income | 1,877,489.74 | 474,145.68 | 461,732.81 | 471,583.87 | 470,782.64 | 479,158.17 |
Interest Income | 26,750 | 5,824 | 3,625 | 8,862 | 8,439 | 10,486 |
Interest Expense | 136,623 | 34,792 | 32,701 | 35,504 | 33,626 | 26,267 |
Net Interest Income | -122,560 | -33,035 | -29,076 | -29,588 | -30,861 | -16,631 |
EBIT | 2,421,912 | 652,461 | 632,493 | 551,745 | 585,213 | 608,883 |
EBITDA | 2,951,227 | 817,826 | 781,245 | 594,100 | 758,056 | 756,289 |
Reconciled Cost of Revenue | 13,656,998 | 3,464,596 | 3,422,704 | 3,345,865 | 3,423,833 | 3,357,197 |
Reconciled Depreciation | 529,315 | 165,365 | 148,752 | 42,355 | 172,843 | 147,406 |
Net Income from Continuing Operation Net Minority Interest | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
Total Unusual Items Excluding Goodwill | -273,696 | -40,869 | -26,783 | -122,143 | -83,901 | -66,965 |
Total Unusual Items | -273,696 | -40,869 | -26,783 | -122,143 | -83,901 | -66,965 |
Normalized EBITDA | 3,224,923 | 858,695 | 808,028 | 716,243 | 841,957 | 823,254 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -72,889.26 | -11,443.32 | -7,046.19 | -31,914.13 | -21,730.36 | -17,544.83 |
| 5,053,179 |
| 4,817,306 |
| 4,933,727 |
| 4,349,047 |
•Cash, Cash Equivalents & Short Term Investments | 867,884 | 1,464,424 | 1,575,623 | 1,000,316 |
•Cash And Cash Equivalents | 864,209 | 1,461,145 | 1,568,291 | 966,458 |
Cash | -- | -- | -- | 966,458 |
Other Short Term Investments | 3,675 | 3,279 | 7,332 | 33,858 |
•Receivables | 1,642,482 | 1,421,673 | 1,431,184 | 1,368,682 |
•Accounts receivable | 1,343,282 | 1,117,712 | 1,152,880 | 1,106,187 |
Gross Accounts Receivable | 1,349,436 | 1,120,772 | 1,155,799 | 1,109,647 |
Allowance For Doubtful Accounts Receivable | -6,154 | -3,060 | -2,919 | -3,460 |
Taxes Receivable | 196,304 | 173,226 | 163,735 | 168,745 |
Other Receivables | 102,896 | 130,735 | 114,569 | 93,750 |
•Inventory | 1,367,989 | 1,208,095 | 1,143,685 | 1,191,844 |
Work in Process | 1,367,989 | 1,208,095 | 1,143,685 | 1,191,844 |
Prepaid Assets | -- | -- | -- | 189,366 |
Restricted Cash | 978,436 | 506,780 | 488,727 | 598,839 |
Hedging Assets Current | 2,492 | 5,055 | 96,131 | -- |
Other Current Assets | 193,896 | 211,279 | 198,377 | 189,366 |
•Total non-current assets | 14,468,649 | 11,868,162 | 10,865,772 | 10,826,373 |
•Net PPE | 919,887 | 832,938 | 871,597 | 904,729 |
•Gross PPE | 2,538,494 | 2,358,097 | 2,369,181 | 2,361,449 |
Properties | 0 | 0 | 0 | 0 |
Land And Improvements | 83,194 | 80,530 | 81,381 | 77,371 |
Machinery Furniture Equipment | 808,615 | 779,694 | 808,585 | 791,497 |
Other Properties | 215,028 | 201,611 | 199,501 | 180,164 |
Leases | 1,431,657 | 1,296,262 | 1,279,714 | 1,312,417 |
Accumulated Depreciation | -1,618,607 | -1,525,159 | -1,497,584 | -1,456,720 |
•Goodwill And Other Intangible Assets | 12,632,788 | 10,188,951 | 9,347,553 | 9,097,415 |
Goodwill | 11,744,782 | 9,470,376 | 8,724,450 | 8,481,456 |
Other Intangible Assets | 888,006 | 718,575 | 623,103 | 615,959 |
•Investments And Advances | 27,687 | 24,209 | 17,113 | 16,826 |
•Investment in Financial Assets | 27,687 | 24,209 | 17,113 | 16,826 |
Available for Sale Securities | 27,687 | 24,209 | 17,113 | 16,826 |
Other Investments | -- | -- | 17,113 | 16,826 |
Financial Assets | 854 | 2,644 | 22,005 | 237,877 |
Non Current Accounts Receivable | 8,509 | 10,114 | 20,774 | 10,590 |
•Non Current Deferred Assets | 612,650 | 589,021 | 416,409 | 350,234 |
Non Current Deferred Taxes Assets | 239,284 | 242,567 | 105,432 | 85,795 |
Non Current Prepaid Assets | 47,778 | 37,564 | 44,308 | 45,909 |
Defined Pension Benefit | 200,683 | 154,391 | 108,370 | 137,811 |
Other Non Current Assets | 17,813 | 28,330 | 17,643 | 24,982 |
•Total Liabilities Net Minority Interest | 9,239,496 | 7,257,478 | 7,489,205 | 7,902,696 |
•Current Liabilities | 5,102,170 | 3,549,091 | 4,645,799 | 3,649,331 |
•Payables And Accrued Expenses | 1,094,167 | 1,150,090 | 1,175,528 | 1,170,391 |
•Payables | 1,094,167 | 1,150,090 | 1,175,528 | 1,170,391 |
Accounts Payable | 1,014,834 | 999,790 | 924,659 | 1,016,407 |
•Total Tax Payable | 79,333 | 150,300 | 250,869 | 153,984 |
Income Tax Payable | 79,333 | 150,300 | 250,869 | 153,984 |
Current Provisions | 144,331 | 27,471 | 24,965 | 33,103 |
Pension & Other Post Retirement Benefit Plans Current | 1,269,767 | 1,165,903 | 1,100,566 | 1,130,726 |
•Current Debt And Capital Lease Obligation | 1,018,324 | 151,251 | 1,357,828 | 251,391 |
•Current Debt | 845,253 | 999 | 1,158,971 | 93,447 |
Other Current Borrowings | 845,253 | 999 | 1,158,971 | 93,447 |
Current Capital Lease Obligation | 173,071 | 150,252 | 198,857 | 157,944 |
•Current Deferred Liabilities | 577,286 | 536,788 | 488,761 | 453,579 |
Current Deferred Revenue | 577,286 | 536,788 | 488,761 | 453,579 |
Other Current Liabilities | 998,295 | 517,588 | 498,151 | 610,141 |
•Total Non Current Liabilities Net Minority Interest | 4,137,326 | 3,708,387 | 2,843,406 | 4,253,365 |
Long Term Provisions | 39,665 | 18,951 | 19,198 | 17,482 |
•Long Term Debt And Capital Lease Obligation | 3,312,995 | 3,157,152 | 2,384,456 | 3,724,844 |
Long Term Debt | 2,792,582 | 2,687,309 | 1,941,350 | 3,173,587 |
Long Term Capital Lease Obligation | 520,413 | 469,843 | 443,106 | 551,257 |
•Non Current Deferred Liabilities | 364,862 | 283,029 | 241,196 | 329,229 |
Non Current Deferred Taxes Liabilities | 71,673 | 21,132 | 31,081 | 157,406 |
Non Current Deferred Revenue | 153,872 | 137,450 | 112,370 | 90,371 |
Tradeand Other Payables Non Current | -- | -- | -- | 0 |
•Employee Benefits | 198,715 | 190,366 | 163,379 | 155,045 |
Non Current Pension And Other Post-Retirement Benefit Plans | 198,715 | 190,366 | 163,379 | 155,045 |
Derivative Product Liabilities | 173,105 | 19,704 | 1,700 | 6,480 |
Other Non Current Liabilities | 47,984 | 39,185 | 33,477 | 20,285 |
•Total Equity Gross Minority Interest | 10,282,332 | 9,427,990 | 8,310,294 | 7,272,724 |
•Stockholders' Equity | 10,282,332 | 9,427,990 | 8,310,294 | 7,272,724 |
•Capital Stock | 1,499,917 | 1,470,333 | 1,477,180 | 1,493,169 |
Common Stock | 1,499,917 | 1,470,333 | 1,477,180 | 1,493,169 |
Additional Paid in Capital | 351,899 | 377,034 | 345,032 | 314,804 |
Retained Earnings | 7,428,172 | 7,129,370 | 6,329,107 | 5,425,005 |
•Gains Losses Not Affecting Retained Earnings | 1,002,344 | 451,253 | 158,975 | 39,746 |
Other Equity Adjustments | 1,002,344 | 451,253 | 158,975 | 39,746 |
Total Capitalization | 13,074,914 | 12,115,299 | 10,251,644 | 10,446,311 |
Common Stock Equity | 10,282,332 | 9,427,990 | 8,310,294 | 7,272,724 |
Capital Lease Obligations | 693,484 | 620,095 | 641,963 | 709,201 |
Net Tangible Assets | -2,350,456 | -760,961 | -1,037,259 | -1,824,691 |
Working Capital | -48,991 | 1,268,215 | 287,928 | 699,716 |
Invested Capital | 13,920,167 | 12,116,298 | 11,410,615 | 10,539,758 |
Tangible Book Value | -2,350,456 | -760,961 | -1,037,259 | -1,824,691 |
Total Debt | 4,331,319 | 3,308,403 | 3,742,284 | 3,976,235 |
Net Debt | 2,773,626 | 1,227,163 | 1,532,030 | 2,300,576 |
Share Issued | 220,062.75 | 227,896.92 | 233,160.20 | 237,748.26 |
Ordinary Shares Number | 217,815.40 | 225,295.57 | 230,850.46 | 237,748.26 |
Treasury Shares Number | 2,247.35 | 2,601.36 | 2,309.74 | -- |
| All numbers in thousands (CAD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 19,304,714 | 18,913,352 | 19,521,828 | 19,191,229 | 18,723,390 |
•Current Assets | 4,959,627 | 4,574,043 | 5,053,179 | 5,253,090 | 4,712,955 |
•Cash, Cash Equivalents & Short Term Investments | 716,036 | 841,101 | 867,884 | 1,134,788 | 1,101,256 |
Cash And Cash Equivalents | 708,444 | 836,369 | 864,209 | 1,130,220 | 1,099,450 |
Other Short Term Investments | 7,592 | 4,732 | 3,675 | 4,568 | 1,806 |
•Receivables | 1,596,350 | 1,572,860 | 1,642,482 | 1,558,284 | 1,515,723 |
•Accounts receivable | 1,561,512 | 1,553,570 | 1,343,282 | 1,554,623 | 1,510,169 |
Gross Accounts Receivable | -- | -- | 1,349,436 | -- | -- |
Allowance For Doubtful Accounts Receivable | -- | -- | -6,154 | -- | -- |
Taxes Receivable | 34,838 | 19,290 | 196,304 | 3,661 | 5,554 |
Other Receivables | -- | -- | 102,896 | -- | -- |
•Inventory | 1,378,492 | 1,182,524 | 1,367,989 | 1,368,172 | 1,304,254 |
Work in Process | 1,378,492 | 1,182,524 | 1,367,989 | 1,368,172 | 1,304,254 |
Restricted Cash | 1,067,806 | 792,220 | 978,436 | 978,749 | 553,639 |
Hedging Assets Current | 1,455 | 486 | 2,492 | 7,274 | 20,422 |
Other Current Assets | 199,488 | 184,852 | 193,896 | 205,823 | 217,661 |
•Total non-current assets | 14,345,087 | 14,339,309 | 14,468,649 | 13,938,139 | 14,010,435 |
•Net PPE | 889,637 | 920,216 | 919,887 | 881,160 | 890,381 |
•Gross PPE | 889,637 | 920,216 | 2,538,494 | 881,160 | 890,381 |
Properties | -- | -- | 0 | -- | -- |
Land And Improvements | -- | -- | 83,194 | -- | -- |
Machinery Furniture Equipment | -- | -- | 808,615 | -- | -- |
Other Properties | 889,637 | 920,216 | 215,028 | 881,160 | 890,381 |
Leases | -- | -- | 1,431,657 | -- | -- |
Accumulated Depreciation | -- | -- | -1,618,607 | -- | -- |
•Goodwill And Other Intangible Assets | 12,560,216 | 12,537,747 | 12,632,788 | 12,188,900 | 12,277,576 |
Goodwill | 11,714,904 | 11,658,020 | 11,744,782 | 11,182,236 | 11,212,113 |
Other Intangible Assets | 845,312 | 879,727 | 888,006 | 1,006,664 | 1,065,463 |
•Investments And Advances | 151,649 | 163,880 | 27,687 | 27,676 | 39,227 |
•Investment in Financial Assets | 151,649 | 163,880 | 27,687 | 27,676 | 39,227 |
Available for Sale Securities | -- | -- | 27,687 | 27,676 | 39,227 |
Financial Assets | -- | -- | 854 | 2,275 | 9,784 |
Non Current Accounts Receivable | -- | -- | 8,509 | 7,852 | -- |
•Non Current Deferred Assets | 596,328 | 581,052 | 612,650 | 605,265 | 588,607 |
Non Current Deferred Taxes Assets | 207,668 | 209,675 | 239,284 | 238,125 | 223,693 |
Non Current Prepaid Assets | -- | -- | 47,778 | -- | -- |
Defined Pension Benefit | -- | -- | 200,683 | 120,508 | 114,671 |
Other Non Current Assets | 147,257 | 136,414 | 17,813 | 104,503 | 90,189 |
•Total Liabilities Net Minority Interest | 9,303,513 | 8,966,666 | 9,239,496 | 8,981,535 | 8,550,067 |
•Current Liabilities | 5,246,406 | 4,867,795 | 5,102,170 | 4,122,685 | 3,713,391 |
•Payables And Accrued Expenses | 1,169,521 | 1,104,047 | 1,094,167 | 1,132,020 | 1,201,491 |
•Payables | 1,169,521 | 1,104,047 | 1,094,167 | 1,132,020 | 1,201,491 |
Accounts Payable | 1,019,690 | 1,004,069 | 1,014,834 | 1,045,303 | 1,039,955 |
•Total Tax Payable | 149,831 | 99,978 | 79,333 | 86,717 | 161,536 |
Income Tax Payable | 149,831 | 99,978 | 79,333 | 86,717 | 161,536 |
Current Provisions | 95,510 | 133,216 | 144,331 | 76,776 | 43,691 |
Pension & Other Post Retirement Benefit Plans Current | 1,159,911 | 1,172,965 | 1,269,767 | 1,186,776 | 1,105,645 |
•Current Debt And Capital Lease Obligation | 1,018,240 | 998,768 | 1,018,324 | 167,535 | 164,862 |
•Current Debt | 836,923 | 822,040 | 845,253 | 413 | 873 |
Other Current Borrowings | 836,923 | 822,040 | 845,253 | 413 | 873 |
Current Capital Lease Obligation | 181,317 | 176,728 | 173,071 | 167,122 | 163,989 |
•Current Deferred Liabilities | 693,028 | 639,219 | 577,286 | 570,240 | 642,979 |
Current Deferred Revenue | 693,028 | 639,219 | 577,286 | 570,240 | 642,979 |
Other Current Liabilities | 1,110,196 | 819,580 | 998,295 | 989,338 | 554,723 |
•Total Non Current Liabilities Net Minority Interest | 4,057,107 | 4,098,871 | 4,137,326 | 4,858,850 | 4,836,676 |
Long Term Provisions | 35,943 | 31,701 | 39,665 | 28,250 | 23,907 |
•Long Term Debt And Capital Lease Obligation | 3,284,692 | 3,292,273 | 3,312,995 | 4,076,571 | 4,203,013 |
Long Term Debt | 2,797,456 | 2,771,219 | 2,792,582 | 3,574,761 | 3,697,230 |
Long Term Capital Lease Obligation | 487,236 | 521,054 | 520,413 | 501,810 | 505,783 |
•Non Current Deferred Liabilities | 51,532 | 64,833 | 364,862 | 93,687 | 54,782 |
Non Current Deferred Taxes Liabilities | 51,532 | 64,833 | 71,673 | 93,687 | 54,782 |
Non Current Deferred Revenue | -- | -- | 153,872 | -- | -- |
•Employee Benefits | 196,584 | 194,729 | 198,715 | 197,364 | 187,247 |
Non Current Pension And Other Post-Retirement Benefit Plans | 196,584 | 194,729 | 198,715 | 197,364 | 187,247 |
Derivative Product Liabilities | 182,005 | 179,164 | 173,105 | 150,119 | 42,752 |
Other Non Current Liabilities | 306,351 | 336,171 | 47,984 | 312,859 | 324,975 |
•Total Equity Gross Minority Interest | 10,001,201 | 9,946,686 | 10,282,332 | 10,209,694 | 10,173,323 |
•Stockholders' Equity | 10,001,201 | 9,946,686 | 10,282,332 | 10,209,694 | 10,173,323 |
•Capital Stock | 1,471,478 | 1,493,280 | 1,499,917 | 1,522,022 | 1,522,370 |
Common Stock | 1,471,478 | 1,493,280 | 1,499,917 | 1,522,022 | 1,522,370 |
Additional Paid in Capital | 317,159 | 313,425 | 351,899 | 341,553 | 332,420 |
Retained Earnings | 7,338,251 | 7,297,175 | 7,428,172 | 7,545,260 | 7,437,183 |
•Gains Losses Not Affecting Retained Earnings | 874,313 | 842,806 | 1,002,344 | 800,859 | 881,350 |
Other Equity Adjustments | 874,313 | 842,806 | 1,002,344 | 800,859 | 881,350 |
Total Capitalization | 12,798,657 | 12,717,905 | 13,074,914 | 13,784,455 | 13,870,553 |
Common Stock Equity | 10,001,201 | 9,946,686 | 10,282,332 | 10,209,694 | 10,173,323 |
Capital Lease Obligations | 668,553 | 697,782 | 693,484 | 668,932 | 669,772 |
Net Tangible Assets | -2,559,015 | -2,591,061 | -2,350,456 | -1,979,206 | -2,104,253 |
Working Capital | -286,779 | -293,752 | -48,991 | 1,130,405 | 999,564 |
Invested Capital | 13,635,580 | 13,539,945 | 13,920,167 | 13,784,868 | 13,871,426 |
Tangible Book Value | -2,559,015 | -2,591,061 | -2,350,456 | -1,979,206 | -2,104,253 |
Total Debt | 4,302,932 | 4,291,041 | 4,331,319 | 4,244,106 | 4,367,875 |
Net Debt | 2,925,935 | 2,756,890 | 2,773,626 | 2,444,954 | 2,598,653 |
Share Issued | 212,251.58 | 215,703.14 | 220,062.75 | 223,512.55 | 225,302.55 |
Ordinary Shares Number | 210,213.49 | 213,649.27 | 217,815.40 | 221,260.64 | 223,040.39 |
Treasury Shares Number | 2,038.09 | 2,053.88 | 2,247.35 | 2,251.91 | 2,262.16 |
| 2,472,687 |
| 2,234,257 |
| 2,204,983 |
| 2,112,249 |
| 1,864,998 |
Net Income from Continuing Operations | 1,676,683 | 1,658,285 | 1,692,715 | 1,631,249 | 1,466,142 |
•Operating Gains Losses | 24,881 | 11,427 | -11,327 | -766 | -254 |
Gain Loss On Sale of PPE | -244 | -712 | -- | -- | -- |
Net Foreign Currency Exchange Gain Loss | 25,125 | 12,139 | -11,043 | -766 | -254 |
•Depreciation Amortization Depletion | 529,315 | 504,122 | 447,174 | 450,442 | 474,622 |
•Depreciation & amortization | 529,315 | 504,122 | 447,174 | 450,442 | 474,622 |
Depreciation | -- | 272,483 | 261,433 | 286,395 | -- |
•Amortization | 233,699 | 231,639 | 185,741 | 164,047 | 474,622 |
Amortization of Intangibles | 233,699 | 231,639 | 185,741 | 164,047 | 474,622 |
•Deferred Tax | 40,767 | 626 | -146,100 | -109,496 | -7,496 |
Deferred Income Tax | 40,767 | 626 | -146,100 | -109,496 | -7,496 |
Asset Impairment Charge | -- | 31,439 | 28,642 | 12,235 | -- |
Stock based compensation | 58,684 | 68,636 | 67,840 | 58,214 | 48,996 |
Other non-cash items | 91,691 | 78,705 | 61,043 | 53,906 | -6,119 |
•Change in working capital | 32,153 | -119,043 | 64,996 | 16,465 | -110,893 |
•Change in Receivables | 193,430 | 80,109 | 106,360 | -31,120 | -33,703 |
Changes in Account Receivables | 193,430 | 80,109 | 106,360 | -31,120 | -33,703 |
Change in Inventory | -82,174 | -63,386 | -8,999 | 76,554 | -116,260 |
Change in Prepaid Assets | 41,112 | 49,158 | 4,466 | 3,547 | -10,907 |
Change in Payables And Accrued Expense | -162,499 | -167,764 | 22,151 | -130,172 | 108,188 |
Change in Other Current Assets | -9,629 | -9,329 | -24,423 | -9,911 | 8,843 |
Change in Other Current Liabilities | 25,207 | 7,857 | 34,174 | 18,211 | -28,144 |
Change in Other Working Capital | -105,525 | -15,688 | -68,733 | 89,356 | -38,910 |
•Investing Cash Flow | -746,120 | -2,200,582 | -775,384 | -561,858 | -911,947 |
•Cash Flow from Continuing Investing Activities | -746,120 | -2,200,582 | -775,384 | -561,858 | -911,947 |
•Net PPE Purchase And Sale | -120,187 | -115,316 | -104,001 | -159,769 | -152,346 |
Purchase of PPE | -120,187 | -116,611 | -109,733 | -159,769 | -156,136 |
Sale of PPE | 0 | 1,295 | 5,732 | 0 | 3,790 |
•Net Intangibles Purchase And Sale | -149,149 | -153,285 | -153,907 | -147,200 | -137,621 |
Purchase of Intangibles | -149,149 | -153,285 | -153,907 | -147,200 | -137,621 |
•Net Business Purchase And Sale | -365,482 | -1,842,104 | -380,313 | -13,039 | -571,911 |
Purchase of Business | -365,482 | -1,842,104 | -380,313 | -13,039 | -571,911 |
•Net Investment Purchase And Sale | -4,039 | -1,247 | -47,612 | -123,922 | 34,214 |
Purchase of Investment | -142,021 | -119,010 | -161,842 | -174,406 | -16,786 |
Sale of Investment | 137,982 | 117,763 | 114,230 | 50,484 | 51,000 |
Net Other Investing Changes | -107,263 | -88,630 | -89,551 | -117,928 | -84,283 |
•Financing Cash Flow | -1,622,920 | -246,665 | -1,607,657 | -1,192,376 | -1,591,098 |
•Cash Flow from Continuing Financing Activities | -1,622,920 | -246,665 | -1,607,657 | -1,192,376 | -1,591,098 |
•Net Issuance Payments of Debt | -249,484 | 698,504 | -716,713 | -296,407 | -668,686 |
•Net Long Term Debt Issuance | -249,484 | 698,504 | -716,713 | -296,407 | -668,686 |
Long Term Debt Issuance | 0 | 923,922 | 747,073 | 948 | 0 |
Long Term Debt Payments | -249,484 | -225,418 | -1,463,786 | -297,355 | -668,686 |
•Net Common Stock Issuance | -1,726,952 | -1,225,852 | -925,089 | -774,159 | -942,000 |
Common Stock Issuance | 42,655 | 62,001 | 76,523 | 88,316 | 41,691 |
Common Stock Payments | -1,769,607 | -1,287,853 | -1,001,612 | -862,475 | -983,691 |
Cash Dividends Paid | -140,101 | -135,052 | -- | -- | -- |
Net Other Financing Charges | 493,617 | 415,735 | 34,145 | -121,810 | 19,588 |
•End Cash Position | 1,478,137 | 1,568,712 | 1,694,729 | 1,838,083 | 1,471,184 |
Changes in Cash | 103,587 | -213,050 | -178,058 | 358,015 | -638,047 |
Effect of Exchange Rate Changes | 19,081 | 87,033 | 34,704 | 8,884 | -46,500 |
Beginning Cash Position | 1,374,550 | 1,694,729 | 1,838,083 | 1,471,184 | 2,155,731 |
Income Tax Paid Supplemental Data | 655,453 | 603,370 | 740,325 | 480,607 | 435,558 |
Interest Paid Supplemental Data | 97,923 | 129,133 | 102,180 | 130,570 | 115,408 |
Capital Expenditure | -269,336 | -269,896 | -263,640 | -306,969 | -293,757 |
Issuance of Capital Stock | 42,655 | 62,001 | 76,523 | 88,316 | 41,691 |
Issuance of Debt | 0 | 923,922 | 747,073 | 948 | 0 |
Repayment of Debt | -249,484 | -225,418 | -1,463,786 | -297,355 | -668,686 |
Repurchase of Capital Stock | -1,769,607 | -1,287,853 | -1,001,612 | -862,475 | -983,691 |
Free Cash Flow | 2,203,291 | 1,964,301 | 1,941,343 | 1,805,280 | 1,571,241 |
| All numbers in thousands (CAD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 2,472,627 | 451,083 | 871,925 | 663,014 | 486,605 | 438,155 |
•Cash Flow from Continuing Operating Activities | 2,472,687 | 451,083 | 871,925 | 663,074 | 486,605 | 438,155 |
Net Income from Continuing Operations | 1,676,683 | 444,720 | 441,996 | 381,355 | 408,612 | 429,738 |
•Operating Gains Losses | 24,881 | 6,162 | -1,391 | 8,429 | 11,681 | -151 |
Gain Loss On Sale of PPE | -244 | -348 | 104 | 0 | 0 | -764 |
Net Foreign Currency Exchange Gain Loss | 25,125 | 6,510 | -1,495 | 8,429 | 11,681 | 613 |
•Depreciation Amortization Depletion | 529,315 | 165,365 | 148,752 | 42,355 | 172,843 | 147,406 |
•Depreciation & amortization | 529,315 | 165,365 | 148,752 | 42,355 | 172,843 | 147,406 |
•Amortization | 233,699 | -- | -- | -230,128 | 172,843 | 147,406 |
Amortization of Intangibles | 233,699 | -- | -- | -230,128 | 172,843 | 147,406 |
•Deferred Tax | 40,767 | -1,599 | 23,525 | 10,447 | 8,394 | -21,209 |
Deferred Income Tax | 40,767 | -1,599 | 23,525 | 10,447 | 8,394 | -21,209 |
Stock based compensation | 58,684 | 11,973 | 18,109 | 14,583 | 14,019 | 15,756 |
Other non-cash items | 91,691 | 6,510 | -- | -- | -- | 613 |
•Change in working capital | 32,153 | -175,538 | 240,934 | 95,701 | -128,944 | -133,385 |
•Change in Receivables | 193,430 | -- | 88,422 | 16,023 | -49,049 | 105,166 |
Changes in Account Receivables | 193,430 | -- | 88,422 | 16,023 | -49,049 | 105,166 |
Change in Inventory | -82,174 | -- | 178,319 | 33,721 | -75,724 | -120,518 |
Change in Prepaid Assets | 41,112 | -- | 12,676 | 18,911 | 5,652 | -7,571 |
•Change in Payables And Accrued Expense | -162,499 | -- | -105,092 | 42,138 | 99,197 | -159,961 |
•Change in Payable | -- | -- | -6,165 | -- | 27,014 | -51,997 |
Change in Account Payable | -- | -- | -6,165 | -- | 27,014 | -51,997 |
Change in Accrued Expense | -- | -- | -98,927 | -- | 72,183 | -107,964 |
Change in Other Current Assets | -9,629 | -- | -5,809 | -2,175 | -12,004 | 7,795 |
Change in Other Current Liabilities | 25,207 | -- | 13,584 | -4,099 | 16,732 | -25,202 |
Change in Other Working Capital | -105,525 | -- | 58,834 | -8,818 | -113,748 | 66,906 |
•Investing Cash Flow | -746,120 | -115,484 | -199,058 | -321,824 | -109,754 | -1,654,634 |
•Cash Flow from Continuing Investing Activities | -746,120 | -115,484 | -199,058 | -321,824 | -109,754 | -1,654,634 |
•Net PPE Purchase And Sale | -120,187 | -31,655 | -24,729 | -27,745 | -36,058 | -26,810 |
Purchase of PPE | -120,187 | -31,655 | -24,729 | -27,745 | -36,058 | -26,810 |
Sale of PPE | 0 | 0 | 0 | 0 | 0 | 0 |
•Net Intangibles Purchase And Sale | -149,149 | -36,994 | -38,926 | -33,603 | -39,626 | -45,143 |
Purchase of Intangibles | -149,149 | -36,994 | -38,926 | -33,603 | -39,626 | -45,143 |
•Net Business Purchase And Sale | -365,482 | -8,261 | -105,711 | -249,671 | -1,839 | -1,560,553 |
Purchase of Business | -365,482 | -8,261 | -105,711 | -249,671 | -1,839 | -1,560,553 |
•Net Investment Purchase And Sale | -4,039 | -2,714 | -6,846 | 8,348 | -2,827 | -2,950 |
Purchase of Investment | -142,021 | -32,500 | -33,084 | -23,436 | -54,490 | -25,707 |
Sale of Investment | 137,982 | 29,786 | 26,238 | 31,784 | 51,663 | 22,757 |
Net Other Investing Changes | -107,263 | -35,860 | -22,846 | -19,153 | -29,404 | -19,178 |
•Financing Cash Flow | -1,622,920 | -197,326 | -881,345 | -615,710 | 71,461 | 115,352 |
•Cash Flow from Continuing Financing Activities | -1,622,920 | -197,326 | -881,345 | -615,710 | 71,461 | 115,352 |
•Net Issuance Payments of Debt | -249,484 | -44,685 | -60,998 | -97,131 | -46,670 | 883,923 |
•Net Long Term Debt Issuance | -249,484 | -44,685 | -60,998 | -97,131 | -46,670 | 883,923 |
Long Term Debt Issuance | 0 | 0 | -- | 0 | 0 | 923,922 |
Long Term Debt Payments | -249,484 | -44,685 | -60,998 | -97,131 | -46,670 | -39,999 |
•Net Common Stock Issuance | -1,726,952 | -390,227 | -580,859 | -482,562 | -273,304 | -319,998 |
Common Stock Issuance | 42,655 | 6,653 | 14,917 | 8,203 | 12,882 | 24,632 |
Common Stock Payments | -1,769,607 | -396,880 | -595,776 | -490,765 | -286,186 | -344,630 |
Cash Dividends Paid | -140,101 | -36,239 | -37,000 | -33,282 | -33,580 | -34,057 |
Net Other Financing Charges | 493,617 | 273,825 | -202,488 | -2,735 | 425,015 | -414,516 |
•End Cash Position | 1,478,137 | 1,497,218 | 1,348,954 | 1,568,712 | 1,830,192 | 1,374,550 |
Changes in Cash | 103,587 | 138,273 | -208,478 | -274,520 | 448,312 | -1,101,127 |
Effect of Exchange Rate Changes | 19,081 | 9,991 | -11,280 | 13,040 | 7,330 | 6,561 |
Beginning Cash Position | 1,374,550 | 1,348,954 | 1,568,712 | 1,830,192 | 1,374,550 | 2,469,116 |
Income Tax Paid Supplemental Data | 655,453 | -- | 98,406 | 138,994 | 198,979 | 157,343 |
Interest Paid Supplemental Data | 97,923 | -- | 10,902 | 67,753 | 9,799 | 30,936 |
Capital Expenditure | -269,336 | -68,649 | -63,655 | -61,348 | -75,684 | -71,953 |
Issuance of Capital Stock | 42,655 | 6,653 | 14,917 | 8,203 | 12,882 | 24,632 |
Issuance of Debt | 0 | 0 | -- | 0 | 0 | 923,922 |
Repayment of Debt | -249,484 | -44,685 | -60,998 | -97,131 | -46,670 | -39,999 |
Repurchase of Capital Stock | -1,769,607 | -396,880 | -595,776 | -490,765 | -286,186 | -344,630 |
Free Cash Flow | 2,203,291 | 382,434 | 808,270 | 601,666 | 410,921 | 366,202 |
| Mar 2026 |
| 2.94% |
| 498,981,942 | 5,342,419 | institutional | Royal Bank of Canada | Mar 2026 | 2.88% |
| 491,778,841 | 5,265,298 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.84% |
| 468,819,346 | 5,019,479 | institutional | Fiera Capital Corporation | Mar 2026 | 2.71% |
| 446,110,910 | 4,776,348 | institutional | 1832 Asset Management L.P. | Mar 2026 | 2.58% |
| 442,934,096 | 4,742,335 | institutional | Bank of Montreal /CAN/ | Mar 2026 | 2.56% |
| 351,703,963 | 3,765,567 | institutional | Federation Des Caisses Desjardins Du Quebec | Mar 2026 | 2.03% |
| 348,500,903 | 3,731,273 | institutional | Beutel, Goodman & Company Ltd | Mar 2026 | 2.01% |
| 268,881,231 | 2,878,814 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.55% |
| 173,227,955 | 1,854,689 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 1.00% |
| 81,038,791 | 867,653 | mutual_fund | Fidelity Concord Street Trust-Fidelity SAI Canada Equity Index Fund | Mar 2026 | 0.47% |
| 63,853,845 | 683,660 | mutual_fund | J.P. Morgan Exch-Trd Fd. TRT-JPMorgan BetaBuilders Canada ETF | Jan 2026 | 0.37% |
| 40,709,137 | 435,858 | mutual_fund | VANGUARD Intl Eqy. INDEX Fd.S-Vanguard FTSE All-World ex-US Index Fd. | Jan 2026 | 0.24% |
| 40,432,860 | 432,900 | mutual_fund | LOOMIS SAYLES FUNDS II-Loomis Sayles Global Allocation Fund | Dec 2025 | 0.23% |
| 39,392,478 | 421,761 | mutual_fund | Fidelity Concord Street TRT-Fidelity SAI Global ex U.S. Low Volatility | Mar 2026 | 0.23% |
| 38,963,772 | 417,171 | mutual_fund | SCHWAB STRATEGIC TRUST-Schwab International Equity ETF | Feb 2026 | 0.23% |
| 32,270,541 | 345,509 | mutual_fund | Fidelity Salem Street Trust-Fidelity Series Global ex U.S. Index Fund | Mar 2026 | 0.19% |
| 29,695,316 | 317,937 | mutual_fund | iShares, Inc.-iShares MSCI Canada ETF | Mar 2026 | 0.17% |
CGI's governance disclosures describe Board and management oversight of ESG strategy, risks, ethics, data privacy, cybersecurity, procurement, and human capital. The 2025 ESG Report states that the Board approves CGI's strategic plan, including ESG-related objectives and targets, and reviews and approves material ESG public disclosure. The Corporate Governance Committee reviews ESG strategies, objectives, policies and practices, including climate change, updates the Board on ESG issues and risks, and reviews Code of Ethics matters and director education. The Human Resources Committee advises the Board on human-resources topics including discrimination, harassment, succession planning, health and well-being, compensation, and inclusiveness. The Audit and Risk Management Committee assesses risk tolerance and actions taken to manage major risks, including climate and ESG-related issues, and receives quarterly updates on data privacy and cybersecurity. Management oversight includes the CEO and Executive Management Committee, an ESG Executive Steering Committee, global and local ESG teams, ESG leads, and working groups dedicated to material sustainability topics. CGI reports 43% women on the Board of Directors, 97.7% annual Code of Ethics acknowledgement by CGI Partners, 97.5% completion of mandatory Security and Code of Ethics annual learning, 98.4% completion of mandatory Data Privacy and Records Management Fundamentals training, and ESG assessments for 70% of its most significant suppliers. Governance policies and programs include the Code of Ethics and Business Conduct, Third Party Code of Ethics, Anti-Corruption Policy, Ethics Reporting Policy, Procurement Policy, Third Party Management Framework, ESG Policy, Data Privacy Policy, Global Security Program, Enterprise Security Management Framework, Privacy Program, and confidential Ethics Hotline.