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Compare IT services companies by lining up the same fiscal periods and growth bases, then assess bookings, margins, and guidance on their own terms. Revenue shows work recognized during a period; bookings indicate new business under each company’s definition. Neither a strong booking figure nor a higher adjusted margin is enough to declare one company the better performer without checking what the numbers include.
Start with matched reporting periods and growth bases
Before comparing headline growth, record each company’s fiscal period, reporting currency, and whether its growth rate is reported, constant currency, or organic. Fiscal-year labels can hide different calendars: Accenture’s fiscal year and Cognizant’s calendar-year reporting do not align, so their annual results are not a like-for-like period comparison.
Reported growth reflects the effect of currency translation and may include acquired businesses. Constant-currency growth removes the effect of exchange-rate movements under the company’s stated method. Organic growth aims to exclude acquisitions or divestitures, but definitions vary and companies may not provide enough detail to calculate it independently.
Cognizant said its Belcan acquisition contributed approximately 260 basis points to FY2025 revenue growth. That company-reported contribution illustrates why reported growth should be separated from organic growth when the company provides enough information; it does not, by itself, establish a complete organic-growth rate.
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Bookings vs. revenue: treat demand and recognized sales separately
Revenue is recognized over a reporting period. Bookings describe new business according to a company-specific definition, and may include work scheduled across multiple years. Accenture’s FY2025 annual report says, “Information regarding our new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time.” Accenture FY2025 annual report
Contract mix affects how quickly bookings may become revenue. Accenture says managed-services bookings, typically tied to multi-year contracts, generally convert to revenue over a longer period than consulting bookings. Delivery schedules, renewals, delays, and cancellations can also affect conversion. Do not use bookings as a direct forecast of near-term revenue unless the company provides enough detail to support that inference.
What does book-to-bill mean?
Book-to-bill is commonly read as bookings relative to revenue, but check the company’s calculation and the period it covers before comparing ratios. Cognizant reported approximately 1.3x book-to-bill on a trailing-twelve-month basis for 2025. It also reported $28.4 billion in trailing-twelve-month bookings, up 5% year over year, and fourth-quarter bookings up 9% year over year. These are Cognizant’s FY2025 results reported in 2026, not a universal conversion rate or a direct forecast of revenue.
When a company reports bookings, note the amount and growth, time window, definition, any large-deal threshold, and whether cancellations are disclosed. If the definition or period is missing, the number may still provide context for that company but is weaker evidence for a peer comparison.
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Operating margin is operating income divided by revenue. Accenture’s SEC-filed results define GAAP operating margin this way. Compare GAAP with GAAP; compare adjusted with adjusted only after checking what each company excludes. Adjustments and business mix can differ, so an adjusted margin from one company is not automatically comparable to another company’s adjusted figure.
Accenture reported FY2026 revenue of $74.18 billion, up 6% in U.S. dollars and 5% in local currency, with a 15.4% GAAP operating margin and a 15.8% adjusted operating margin. These FY2026 figures are an example of keeping accounting bases distinct, not a direct peer ranking against Cognizant’s different fiscal-year period and measures. Accenture FY2026 SEC-filed results
If a company does not clearly define its adjustments, label its figure as company-reported adjusted margin rather than treating it as a standardized measure. Do not infer that a wider adjusted margin means stronger underlying performance without considering the excluded items and the company’s service mix.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare guidance with the right range, period, and currency basis
Guidance is a dated forecast range for a specified period and measure, not a promise. Save the initial range when issued, then track any revisions separately. When actual results arrive, compare them with the guidance that applied to that period and use the same basis—such as constant-currency growth rather than reported-currency growth.
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Cognizant’s initial FY2026 revenue growth guidance was 4.0% to 6.5% on a constant-currency basis. Accenture reported FY2026 revenue growth of 5% in local currency, above its guided range of 3% to 4% local-currency growth. The two examples have different fiscal-year contexts, so they illustrate how to compare actuals with a company’s own guidance, not which company outperformed the other.
For a historical check, Infosys provides a tool for comparing actual revenue and EPS with issued guidance. Infosys financial results and guidance comparison
A practical comparison checklist
- Align the period. Record the fiscal year or quarter and period end date for each result.
- Label the growth basis. Separate reported-currency, constant-currency, and organic growth; note acquisition or divestiture effects when disclosed.
- Read bookings as a demand indicator. Record the company’s definition, time window, large-deal threshold, and cancellations if disclosed. Keep bookings separate from recognized revenue.
- Verify book-to-bill. Confirm the numerator, denominator, and calculation period before comparing ratios.
- Match the margin basis. Compare GAAP with GAAP and adjusted with adjusted, while checking the adjustment definitions.
- Keep a guidance record. Save the date, original range, measure, currency basis, and later revisions, then compare the actual with the relevant range.
These operating measures help explain business performance, but they do not establish valuation, investment suitability, or future returns. Company-reported examples should be read in context; they are not a standardized sector-wide ranking.
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