DOX

MKT CAP:$7B

Amdocs Limited

Market Cap

$7B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$65.73-$14.43 (-18.00%)

Apr 22, 2026

Company Details

Amdocs Limited, through its subsidiaries, provides software and services worldwide. The company designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. It provides CES21, a 5G and cloud-native micros...

CEO

Tamar Rapaport-Dagim

IPO Date

Jun 19, 1998

Website

www.amdocs.com

Key Metrics TTM

Revenue

$4.7B

-1.6% YoY

Net Income

$573M

EPS (Diluted)

$5.00

Free Cash Flow

$523M

Revenue / Share

$42.08

Gross Margin

36.8%

Operating Margin

15.4%

Net Margin

12.1%

FCF Margin

11.0%

P/S

1.5x

P/E

12.3x

Earnings Reports

Q3 2025

May 6, 2026

PENDING

Q2 2025

May 19, 2025

$1.1B-9.4%EPS $1.45

Q1 2025

Feb 18, 2025

$1.1BEPS $1.33

Q3 2024

Aug 19, 2024

$1.3B+1.1%EPS $1.21

Q2 2024

May 8, 2024

$1.2B+1.8%EPS $1.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1.1B	$349M	$147M
Q1 21	$1.1B	$358M	$140M
Q2 21	$1.0B	$363M	$149M
Q3 21	$1.1B	$377M	$155M
Q4 21	$1.1B	$380M	$154M
Q1 22	$1.1B	$388M	$160M
Q2 22	$1.1B	$404M	$164M
Q3 22	$1.2B	$412M	$169M
Q4 22	$1.2B	$415M	$172M
Q1 23	$1.2B	$429M	$150M
Q2 23	$1.2B	$428M	$182M
Q3 23	$1.2B	$432M	$183M
Q2 24	$1.2B	$444M	$156M
Q3 24	$1.3B	$440M	$176M
Q1 25	$1.1B	$428M	$199M
Q2 25	$1.1B	$430M	$198M

Valuation

Quarter	P/S	P/E
Q4 20	1.7x	14.4x
Q1 21	1.7x	10.6x
Q2 21	1.7x	10.5x
Q3 21	1.7x	10.1x
Q4 21	1.6x	10.3x
Q1 22	1.6x	13.5x
Q2 22	1.6x	12.6x
Q3 22	1.6x	13.0x
Q4 22	1.5x	12.9x
Q1 23	1.5x	13.0x
Q2 23	1.5x	13.2x
Q3 23	1.5x	12.5x
Q2 24	1.4x	12.7x
Q3 24	1.4x	12.5x
Q1 25	1.5x	12.4x
Q2 25	1.5x	12.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$205M	$145M
Q1 21	$416M	$366M
Q2 21	$120M	$70M
Q3 21	$190M	$140M
Q4 21	$200M	$139M
Q1 22	$204M	$147M
Q2 22	$169M	$122M
Q3 22	$167M	$126M
Q4 22	$217M	$135M
Q1 23	$83M	$50M
Q2 23	$294M	$259M
Q3 23	$173M	$144M
Q2 24	$133M	$113M
Q3 24	$191M	$175M
Q1 25	$106M	$78M
Q2 25	$172M	$156M

Capital Expenditures

Quarter	CapEx
Q4 20	$60M
Q1 21	$50M
Q2 21	$49M
Q3 21	$50M
Q4 21	$61M
Q1 22	$57M
Q2 22	$47M
Q3 22	$41M
Q4 22	$82M
Q1 23	$34M
Q2 23	$35M
Q3 23	$29M
Q2 24	$20M
Q3 24	$16M
Q1 25	$27M
Q2 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+2.8%	+2.7%
Q1 21	+5.4%	+6.8%
Q2 21	+0.7%	+0.1%
Q3 21	+3.9%	+3.7%
Q4 21	+3.3%	+3.0%
Q1 22	+1.7%	-0.2%
Q2 22	+9.2%	+9.1%
Q3 22	+8.8%	+8.7%
Q4 22	+7.3%	+6.6%
Q1 23	+7.3%	+9.7%
Q2 23	+6.8%	+6.1%
Q3 23	+6.5%	+6.3%
Q2 24	+6.8%	+9.6%
Q3 24	+5.4%	+3.7%
Q1 25	-9.3%	-12.5%
Q2 25	-8.7%	-11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$10M	0.9%
Q1 21	$13M	1.2%
Q2 21	$13M	1.3%
Q3 21	$14M	1.3%
Q4 21	$14M	1.3%
Q1 22	$17M	1.5%
Q2 22	$18M	1.6%
Q3 22	$18M	1.6%
Q4 22	$19M	1.6%
Q1 23	$19M	1.6%
Q2 23	$21M	1.7%
Q3 23	$24M	1.9%
Q2 24	$26M	2.1%
Q3 24	$26M	2.1%
Q1 25	$27M	2.4%
Q2 25	$26M	2.3%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 20	$76M	$106M	—
Q1 21	$76M	$122M	—
Q2 21	$75M	—	$117M
Q3 21	$81M	—	$122M
Q4 21	$81M	—	$126M
Q1 22	$82M	—	$128M
Q2 22	$87M	—	$135M
Q3 22	$89M	—	$136M
Q4 22	$96M	—	$129M
Q1 23	$96M	—	$143M
Q2 23	$89M	—	$143M
Q3 23	$92M	—	$144M
Q2 24	$91M	—	$148M
Q3 24	$90M	—	$144M
Q1 25	$84M	—	$122M
Q2 25	$82M	—	$135M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 20	2.8%	19.0%	21.7
Q1 21	5.4%	38.5%	44.0
Q2 21	0.7%	19.0%	19.6
Q3 21	3.9%	19.8%	23.7
Q4 21	3.3%	40.7%	44.0
Q1 22	1.7%	20.0%	21.7
Q2 22	9.2%	18.7%	27.9
Q3 22	8.8%	20.9%	29.8
Q4 22	7.3%	19.0%	26.3
Q1 23	7.3%	17.8%	25.1
Q2 23	6.8%	18.3%	25.1
Q3 23	6.5%	18.5%	25.0
Q2 24	6.8%	16.7%	23.5
Q3 24	5.4%	17.7%	23.2
Q1 25	-9.3%	22.1%	12.8
Q2 25	-8.7%	21.6%	12.9

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$593M	$263M	$856M
Q3 22	$598M	$253M	$850M
Q4 22	$573M	$245M	$818M
Q1 23	$492M	$242M	$735M
Q2 23	$623M	$238M	$862M
Q3 23	$518M	$232M	$750M
Q4 23	$520M	$222M	$743M
Q1 24	$383M	$218M	$601M
Q2 24	$343M	$201M	$544M
Q3 24	$318M	$184M	$502M
Q4 24	$346M	$168M	$514M
Q1 25	$214M	$135M	$349M
Q2 25	$247M	$76M	$324M
Q3 25	$267M	$75M	$342M
Q4 25	$325M	$0	$325M
Q1 26	$248M	$0	$248M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	133M	+0.1%	-2.6%
Q1 21	130M	-1.7%	-4.2%
Q2 21	129M	-0.9%	-4.0%
Q3 21	128M	-1.0%	-3.4%
Q4 21	127M	-1.0%	-4.4%
Q1 22	124M	-2.5%	-5.2%
Q2 22	122M	-1.4%	-5.7%
Q3 22	123M	+0.9%	-3.8%
Q4 22	122M	-0.7%	-3.5%
Q1 23	122M	-0.7%	-1.8%
Q2 23	121M	-0.1%	-0.5%
Q3 23	120M	-0.8%	-2.3%
Q2 24	117M	-2.7%	-4.2%
Q3 24	116M	-1.3%	-4.9%
Q1 25	113M	-1.8%	-6.5%
Q2 25	113M	-0.8%	-6.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$40.7K	26K
Q1 21	$42.0K	26K
Q2 21	$40.5K	26K
Q3 21	$41.2K	26K
Q4 21	$40.0K	27K
Q1 22	$40.6K	27K
Q2 22	$42.1K	27K
Q3 22	$42.7K	27K
Q4 22	$38.6K	30K
Q1 23	$39.2K	30K
Q2 23	$40.5K	30K
Q3 23	$40.9K	30K
Q2 24	$40.6K	31K
Q3 24	$40.7K	31K
Q1 25	$38.2K	29K
Q2 25	$38.8K	29K

Revenue / Employee