Amdocs Limited Reports Fourth Quarter Results for Fiscal 2025

Fiscal 2025 Revenue of $4.53 Billion, down 9.4% YoY as Reported and up 3.1% YoYin Pro Forma (1) Constant Currency (2)

Successfully Achieved Accelerated Profitability Improvement Targets

Strong Sales Momentum & 12-Month Backlog of $4.19 Billion, up 3.2% YoY

Initiates Fiscal 2026 Outlook:

Expects Fiscal 2026 Revenue Outlook of 1.7%-5.7% YoY as Reported and 1.0%-5.0% YoY in Constant Currency (2)

Increasing GenAI Investment to Unlock & Accelerate New Growth Opportunities

Board Approves 8% Increase of Quarterly Cash Dividend (4)

Full Year Fiscal 2025 Highlights

(All comparisons are against the prior year)

Revenue of $4,533 million, down 9.4% as reported due to the phase out of certain business activities, and up 3.1% in pro forma (1) constant currency (2)

Record managed services revenue of $2,996 million, equivalent to approximately 66% of total revenue

GAAP diluted EPS of $5.05, up 18.8% including a restructuring charge of 65 cents per share, without which GAAP diluted EPS would have been above the guidance range of 31.5%-33.5%

Non-GAAP diluted EPS of $6.99, up 8.5% and at the midpoint of the 8.0%-9.0% guidance range

Free cash flow (5) of $645 million, comprised of cash flow from operations of $749 million, less $104 million in net capital expenditures and other; excluding $90 million of restructuring payments which were not included in the full year free cash flow (5) guidance of $710 million to $730 million, free cash flow would have been $735 million

Repurchased $551 million of ordinary shares during the fiscal year

Twelve-month backlog of $4.19 billion up 3.2% as compared to last year's fourth fiscal quarter, and up approximately $40 million sequentially

Fourth Quarter Fiscal 2025 Highlights

(All comparisons are against the prior year)

Revenue of $1,150 million, down 9.0% as reported due to the phase out of certain business activities, and up 2.8% in pro forma (1) constant currency (2); revenue was above the midpoint of the $1,125-$1,165 million guidance range with no impact from foreign currency movements compared to our guidance assumptions

Managed services revenue of $748 million, equivalent to approximately 65% of total revenue and up 3.7% as compared to last year's fourth quarter

GAAP diluted EPS of $0.88, including a restructuring charge of 60 cents per share, without which GAAP diluted EPS would have been at the high-end of the $1.41-$1.49 guidance range

Non-GAAP diluted EPS of $1.83, slightly above the midpoint of the guidance range of $1.79-$1.85

GAAP operating income of $133 million; including a restructuring charge of $74 million; GAAP operating margin of 11.5%, up 260 basis points as compared to last year's fourth fiscal quarter, reflecting the phase out of certain non-core business activities, and a continued focus on operational excellence; GAAP operating margin was down 620 basis points sequentially,

Non-GAAP operating income of $248 million; non-GAAP operating margin of 21.6%, up 290 basis points as compared to last year's fourth fiscal quarter, reflecting the phase out of certain non-core business activities and a continued focus on operational excellence, and up 20 basis points sequentially

The Board of Directors (the "Board") approved an 8% increase in the Company's quarterly cash dividend payment from $0.527 per share to $0.569 per share, anticipated to be first paid in April 2026, subject to shareholder approval at the January 2026 annual meeting

(1) For comparison purposes, pro forma adjusts fourth quarter fiscal year 2024 revenue by approximately $150 million and the full fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook

(2) Revenue on a constant currency basis assumes exchange rates in the current period were unchanged from the prior period

(3) Expected total shareholder return assumes midpoint of fiscal year 2026 non-GAAP EPS growth outlook, plus dividend yield

(4) Subject to shareholder approval at January 2026 annual meeting

(5) Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding)

JERSEY CITY, NJ / ACCESS Newswire / November 11, 2025 / Amdocs Limited (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today reported operating results for the three months ended September 30, 2025.

"Fiscal 2025 was another important year as we delivered financial results consistent with our expectations while serving our global telecommunications customers with cutting-edge cloud, digital and AI-driven solutions designed to meet their strategic imperatives. Cloud-related activities delivered double-digit growth, reaching over 30% of total revenue, and we achieved significantly better profitability while maintaining our commitment to R&D. The year finished with very strong sales momentum. We secured Google Cloud migration awards at TELUS in Canada and Lumen Technologies in US and signed a digital transformation and IT operations agreement with Fidium, a new fiber customer in the US. Our international footprint expanded with modernization awards at British Telecom, or BT-EE in the UK, Altice SFR in France, Telia in Finland, PLDT in Philippines and Claro Brazil. Additionally, Telefónica Germany chose Amdocs to implement new GenAI use cases using the amAIz Sales Agent. This latest win extends our momentum following recent GenAI-related deals with Altice Optimum, e& UAE, and Consumer Cellular, and further demonstrates Amdocs' pivotal role in accelerating generative AI adoption in the telecom industry," said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.

"Profitability improved significantly in fiscal 2025, reflecting the phase-out of certain low-margin, non-core business activities a year ago, and internal efficiency gains driven by automation, AI and a focus on operational excellence. Managed services as a share of overall revenue reached a record high 66% this year, further strengthening our business resilience as we maintained high renewal rates and expanded our customer activities under long-term agreements. Notably, Amdocs announced today a multi-year strategic expansion of our long-standing managed services engagement with PLDT. This landmark agreement will focus on modernizing PLDT's IT operations and streamlining business processes through AI and generative AI capabilities to empower next-generation customer experiences," said Tamar Rapaport-Dagim, chief financial officer & chief operating officer of Amdocs Management Limited.

Sheffer concluded, "With our unique tech-led and outcomes-based accountability model, Amdocs is strongly positioned to monetize a rich pipeline of opportunities across cloud, digital, network, and generative AI. That said, we are closely watching for any impacts of the uncertain global macroeconomic environment on us and our customers' demand and spending behavior. As generative AI technology matures, we believe there is now the potential to unlock even greater opportunities to enhance telco customer experience, agility, and efficiency. To fully capture this potential, we are accelerating our generative AI investments to open new pathways for future growth across our entire customer base. Overall, we expect revenue growth in the range of 1.7% to 5.7% as reported and 1.0% to 5.0% in constant currency (2) in fiscal year 2026, positioning us to deliver high-single digit expected total shareholder returns (3) as we balance our strategic long-term investments with the benefits of ongoing cost and efficiency gains across the business."

Revenue

(All comparisons are against the prior year period)

In millions

Three months ended

Twelve months ended

September 30, 2025

Actual

Guidance

Actual

Guidance

1,150

1,125-$1,165

4,533

(9.0

(9.4

(10.0)%-(9.0)%

2.8

3.1

2.4%-3.4%

Revenue for the fourth fiscal quarter of 2025 was above the midpoint of Amdocs' guidance

Revenue for the fourth fiscal quarter includes a positive impact from foreign currency movements of approximately $5 million relative to the fourth quarter of fiscal 2024 and a positive impact from foreign currency movements of approximately $3 million relative to the third quarter of fiscal 2025

Revenue for the full year fiscal 2025 includes an unfavorable impact from foreign currency movements of approximately 0.2% year-over-year

Net Income and Earnings Per Share

In thousands, expect per share data

Three months ended

Twelve months ended

September 30,

2025

2024

2025

2024

97,114

87,176

567,769

496,321

96,327

86,441

564,704

493,197

0.88

0.76

5.05

4.25

202,203

195,668

784,267

750,928

201,416

194,933

781,202

747,804

1.83

1.70

6.99

6.44

Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition related liabilities measured at fair value, equity-based compensation expenses, restructuring charges, and other, net of related tax effects. For further details of the reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below.

Capital Allocation

Quarterly Cash Dividend Program: On November 11, 2025, the Board approved the Company's next quarterly cash dividend payment of $0.527 per share, and set December 31, 2025 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on January 30, 2026

The Board also approved an 8% increase in the Company's quarterly cash dividend payment to $0.569 per share, which is anticipated to be first paid in April 2026, provided that the increase is approved by shareholders at the January 2026 annual general meeting of shareholders

Share Repurchase Activity: Repurchased $136 million of ordinary shares during the fourth quarter of fiscal 2025

Twelve-month Backlog

Twelve-month backlog was $4.19 billion at the end of the fourth quarter of fiscal 2025, up approximately 3.2% as compared to last year's fourth fiscal quarter. Twelve-month backlog includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities.

First Quarter Fiscal 2026 Outlook

In millions, except per share data

Q1 - 2026

1,135-$1,175

1.36-$1.44

1.73-$1.79

First quarter revenue guidance assumes a negative $1 million sequential impact from foreign currency fluctuations as compared to the fourth quarter of fiscal 2025

First quarter non-GAAP diluted EPS guidance excludes primarily equity-based compensation expense of approximately $0.21-$0.23 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.11 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects

GAAP diluted EPS guidance does not include the impact of future restructuring charges

Full Year Fiscal 2026 Outlook

FY 2026, year-over-year growth

Guidance

1.7%-5.7%

1.0%-5.0%

13.5%-20.5%

4.0%-8.0%

FY 2026, in millions

Guidance

710-$730

Full year fiscal 2026 revenue guidance incorporates an expected positive impact from foreign currency fluctuations of approximately 0.7% year-over-year and includes some inorganic contribution

Non-GAAP diluted earnings per share growth excludes primarily equity-based compensation expense of approximately $0.90-$0.98 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.41 per share, changes in certain acquisitions related liabilities measured at fair value, and other, net of related tax effects

GAAP diluted EPS guidance does not include the impact of future restructuring charges

Non-GAAP operating margin is anticipated to be within a range of 21.3% to 21.9% for the full year fiscal 2026

Non-GAAP operating margin is comprised of GAAP operating margin, excluding amortization of purchased intangible assets and other, equity-based compensation expense, restructuring charges, and changes in certain acquisitions related liabilities measured at fair value

Non-GAAP effective tax rate is anticipated to be within a range of 16% to 19% for the full year fiscal 2026

Full year fiscal 2026 free cash flow (5) of $710 million to $730 million; free cash flow (5) is comprised of cash flow from operations, less net capital expenditures, and excludes payments related to restructuring charges

The forward-looking statements regarding our first fiscal quarter 2026 and full year fiscal 2026 guidance take into consideration the Company's current expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, we note that market dynamics continue to shift rapidly and we cannot predict all possible outcomes, including those resulting from certain geopolitical events, the current inflationary environment, changes to trade policies including tariffs and trade restrictions and the resulting impact on economic activities (as our outlook assumes current economic conditions do not deteriorate significantly due to trade policy or other macro factors), global or regional events, and the prevailing level of macro-economic, business and operational uncertainty, which have created, and continue to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities.

Conference Call and Earnings Webcast Presentation Details

Amdocs will host a conference call and earnings webcast presentation on November 11, 2025 at 5:00 p.m. Eastern Time to discuss the Company's fourth quarter of fiscal 2025 results. To participate in the call, please register here to receive the dial-in numbers and unique access PIN. The conference call and webcast will also be carried live on the Internet and may be accessed via the Amdocs website at https://investors.amdocs.com. Presentation slides will be available shortly before the webcast.

Non-GAAP Financial Measures

This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow (5), revenue on a constant currency (2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth. These other non-GAAP measures exclude the following items:

amortization of purchased intangible assets and other acquisition-related costs;

changes in certain acquisition-related liabilities measured at fair value;

restructuring and unusual charges or benefits;

equity-based compensation expense;

other; and

tax effects related to the above.

Free cash flow (5) equals cash generated by operating activities less net capital expenditures. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs' results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow (5), revenue on a constant currency (2) basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs' management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition-related liabilities measured at fair value, restructuring and unusual charges or benefits, equity-based compensation expense, other and related tax effects. Amdocs' management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, interest and other expenses, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

Supporting Resources

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About Amdocs

Amdocs empowers the world's leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company's customers. Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company's offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Contact:

Matthew Smith

Head of Investor Relations

Amdocs

314-212-8328

E-mail: dox_info@amdocs.com

AMDOCS LIMITED

Consolidated Statements of Income

(In thousands, except per share data)

Three months ended

September 30,

Fiscal year ended

September 30,

2025 (a)

2024

2025 (a)

2024

1,150,218

1,263,882

4,532,913

5,004,989

719,878

824,888

2,811,333

3,249,598

87,865

90,069

340,845

360,798

121,807

138,705

506,108

572,845

14,287

14,333

62,424

62,052

73,756

83,213

80,539

131,088

1,017,593

1,151,208

3,801,249

4,376,381

132,625

112,674

731,664

628,608

(11,843

)

(9,237

)

(38,422

)

(37,537

)

120,782

103,437

693,242

591,071

23,668

16,261

125,473

94,750

97,114

87,176

567,769

496,321

787

735

3,065

3,124

96,327

86,441

564,704

493,197

0.88

0.76

5.08

4.27

0.88

0.76

5.05

4.25

109,279

113,745

111,147

115,489

109,853

114,378

111,746

116,145

0.527

0.479

2.060

1.872

AMDOCS LIMITED

Selected Financial Metrics

(In thousands, except per share data)

Three months ended

September 30,

Fiscal year ended

September 30,

2025 (a)

2024

2025 (a)

2024

1,150,218

1,263,882

4,532,913

5,004,989

248,118

236,223

968,330

923,288

202,203

195,668

784,267

750,928

201,416

194,933

781,202

747,804

1.83

1.70

6.99

6.44

109,853

114,378

111,746

116,145

Free Cash Flows

(In thousands)

Three months ended

September 30,

Fiscal year ended

September 30,

2025

2024

2025

2024

229,840

217,922

749,096

724,428

(31,212

)

(25,812

)

(103,952

)

(105,495

)

198,628

192,110

645,144

618,933

(a) During the three months ended December 31, 2024, we phased out several low-margin, non-core business activities, which were included in the prior periods numbers.

(b) The amounts under "Purchase of property and equipment, net", include immaterial proceeds from sale of property and equipment for all periods presented.

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(In thousands)

Three Months Ended September 30, 2025 (a)

GAAP

Amortization of purchased intangible assets and other

Equity based compensation expense

Changes in certain acquisitions related liabilities measured at fair value

Restructuring charges

Other

Tax

effect

Non-GAAP

719,878

(13,062

)

(360

)

706,456

87,865

(2,600

)

85,265

121,807

(11,068

)

(360

)

110,379

14,287

(14,287

)

73,756

(73,756

)

1,017,593

(14,287

)

(26,730

)

(720

)

(73,756

)

902,100

132,625

14,287

26,730

720

73,756

248,118

(11,843

)

1,545

(10,298

)

23,668

11,949

35,617

97,114

14,287

26,730

720

73,756

1,545

(11,949

)

202,203

787

96,327

14,287

26,730

720

73,756

1,545

(11,949

)

201,416

Three Months Ended September 30, 2024

GAAP

Amortization of purchased intangible assets and other

Equity based compensation expense

Restructuring charges

Other

Tax

effect

Non-GAAP

824,888

(13,283

)

811,605

90,069

(2,355

)

87,714

138,705

(10,365

)

128,340

14,333

(14,333

)

83,213

(83,213

)

1,151,208

(14,333

)

(26,003

)

(83,213

)

1,027,659

112,674

14,333

26,003

83,213

236,223

(9,237

)

2,549

(6,688

)

16,261

17,606

33,867

87,176

14,333

26,003

83,213

2,549

(17,606

)

195,668

735

86,441

14,333

26,003

83,213

2,549

(17,606

)

194,933

AMDOCS LIMITED

Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP

(In thousands)

Fiscal year ended September 30,2025 (a)

GAAP

Amortization of purchased intangible assets and other

Equity based compensation expense

Changes in certain acquisitions related liabilities measured at fair value

Restructuring charges

Other

Tax

effect

Non-GAAP

2,811,333

(51,320

)

(1,081

)

2,758,932

340,845

(9,603

)

331,242

506,108

(43,941

)

12,242

474,409

62,424

(62,424

)

80,539

(80,539

)

3,801,249

(62,424

)

(104,864

)

11,161

(80,539

)

3,564,583

731,664

62,424

104,864

(11,161

)

80,539

968,330

(38,422

)

7,524

(30,898

)

125,473

27,692

153,165

567,769

62,424

104,864

(11,161

)

80,539

7,524

(27,692

)

784,267

3,065

564,704

62,424

104,864

(11,161

)

80,539

7,524

(27,692

)

781,202

Fiscal year ended September 30,2024

GAAP

Amortization of purchased intangible assets and other

Equity based compensation expense

Changes in certain acquisitions related liabilities measured at fair value

Restructuring charges

Other

Tax

effect

Non-GAAP

3,249,598

(53,409

)

3,000

3,199,189

360,798

(8,644

)

352,154

572,845

(42,487

)

530,358

62,052

(62,052

)

131,088

(131,088

)

4,376,381

(62,052

)

(104,540

)

3,000

(131,088

)

4,081,701

628,608

62,052

104,540

(3,000

)

131,088

923,288

(37,537

)

8,087

(29,450

)

94,750

48,160

142,910

496,321

62,052

104,540

(3,000

)

131,088

8,087

(48,160

)

750,928

3,124

493,197

62,052

104,540

(3,000

)

131,088

8,087

(48,160

)

747,804

AMDOCS LIMITED

Condensed Consolidated Balance Sheets

(In thousands)

As of

September 30,

2025

September 30,

2024

324,999

346,085

168,242

935,751

1,028,357

331,387

228,498

1,592,137

1,771,182

768,557

755,601

182,088

149,254

3,046,962

3,005,637

660,086

704,468

6,249,830

6,386,142

1,201,206

1,315,679

38,725

39,983

118,861

115,247

1,358,792

1,470,909

140,776

103,462

646,901

646,291

632,681

666,303

3,429,453

3,456,976

41,227

42,201

3,470,680

3,499,177

6,249,830

6,386,142

AMDOCS LIMITED

Consolidated Statements of Cash Flows

(In thousands)

2025

2024

567,769

496,321

195,435

195,234

608

596

104,864

104,540

20,291

(45,673

)

3,487

5,576

79,606

(104,413

)

(55,061

)

(8,478

)

(15,445

)

(2,250

)

3,221

(6,485

)

(77,041

)

216,324

8,172

(60,332

)

(15,109

)

(47,241

)

(71,701

)

(19,291

)

749,096

724,428

(103,952

)

(105,495

)

169,993

68,659

(9,061

)

(86,317

)

(86,824

)

18,215

5,315

(2,061

)

(127,406

)

(551,340

)

(563,121

)

21,294

26,949

(224,394

)

(211,967

)

(4,039

)

(4,096

)

(9,642

)

(18,782

)

(768,121

)

(771,017

)

(21,086

)

(173,995

)

346,085

520,080

324,999

346,085

AMDOCS LIMITED

Supplementary Information

(In millions)

Three months ended

September 30,

June 30,

March 31,

December 31,

September 30,

2025 (a)

2024 (a)

2024

762.4

745.4

738.3

737.4

835.8

179.8

189.4

180.7

155.2

184.1

208.0

209.6

209.2

217.4

244.0

1,150.2

1,144.4

1,128.2

1,110.1

1,263.9

Three months ended

September 30,

June 30,

March 31,

December 31,

September 30,

2025

2024

748.3

771.5

747.1

728.9

721.4

As of

September 30,

June 30,

March 31,

December 31,

September 30,

2025

2024 (c)

4,190

4,150

4,170

4,140

4,060

SOURCE: Amdocs - IR