CGI (GIB) Q4 FY2026 earnings review

Net earnings rose 20.8% as stated, and the quarterly dividend was raised 8.8%.

CGI · Q4 FY2026 · Published Nov 11, 2026 · By DeepCell AI · Sources

CGI (GIB) Q4 FY2026 earnings review

Quarter and year ended September 30, 2026. Figures in Canadian dollars unless noted.

For information only, not investment advice. No rating or price target.

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1 · CGI (GIB) Q4 FY2026 earnings review

Net earnings rose 20.8% as stated, and the quarterly dividend was raised 8.8%

  1. 1.Revenue was C$4,146.1M, up 3.3% as stated, or 2.5% in constant currency
  2. 2.Net earnings were C$460.7M, up 20.8% as stated, and diluted EPS rose 30.2% as stated to C$2.24
  3. 3.Adjusted diluted EPS was C$2.31, up 8.5% as stated
  4. 4.The Board approved a quarterly dividend of C$0.185 a share, up 8.8% as stated
  5. 5.NYSE-listed shares were -1.7% at the Nov 11 regular-session close of $81.13

Note: Company figures are in Canadian dollars. The NYSE GIB share price is in U.S. dollars. No Q4 revenue consensus is shown because the Yahoo Finance current-quarter estimate had already rolled to December 2026. The 122% managed-services book-to-bill ratio is a company figure for AI-embedded managed services, not the overall 109.2% book-to-bill ratio.Source: CGI Q4 FY2026 press release, Nov 11, 2026; CNBC, Nov 11, 2026 close

2

2 · Executive summary

Adjusted diluted EPS of C$2.31 was slightly above the Yahoo Finance earnings-history estimate of C$2.30

Q4 FY2026 adjusted diluted EPS vs. Yahoo Finance earnings history (Nov 11, 2026 8:50 AM EST, quarter ended Sep 30, 2026)

MetricActualConsensusVarianceResult
Q4 adjusted diluted EPS (C$)C$2.31C$2.30C$+0.01 / +0.4%Slight beat

Share price, Nov 10 regular close to Nov 11 regular-session close (NYSE: GIB, U.S. dollars)

CGI (NYSE)Nov 10 closeNov 11 close, 4:10 PM ESTChange ($)Change (%)
GIB$82.51$81.13-$1.38-1.7%

Both prices are from the CNBC quote page and are in U.S. dollars. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move. CGI also trades on the TSX as GIB.A; this page uses the NYSE quote.

Note: A Q4 FY2026 revenue consensus is not shown. On the Yahoo Finance analysis page at 8:50 AM EST on Nov 11, the current-quarter revenue estimate had already rolled to December 2026. The $2.30 figure is the earnings-history EPS estimate for the quarter ended Sep 30, 2026, compared with official adjusted diluted EPS of C$2.31. Official GAAP diluted EPS was C$2.24, up 30.2% as stated.Source: CGI Q4 FY2026 press release, Nov 11, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close

3

3 · Q4 results vs. estimates

The Board raised the quarterly dividend 8.8% as stated, to C$0.185 a share

Capital returns

ItemQ4 FY2026 reading
Quarterly dividend, approved Nov 10, 2026C$0.185, up 8.8% as stated
Q4 purchases of Class A shares and related taxC$166.7M
Cash returned via the Q4 dividendC$35.1 million, as stated

Note: The company did not issue a numerical Fiscal 2027 financial outlook in the Nov 11 materials. The dividend increase and the issuer-bid purchases are the capital-return items disclosed with the results. Management said CGI is well positioned for Fiscal 2027, without giving a quantified target.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

4

4 · Dividend and capital returns

Revenue rose 3.3% as stated and net earnings rose 20.8% as stated

  1. Revenue grew in reported and constant currencyRevenue was C$4,146.1M, up 3.3% as stated, or 2.5% in constant currency.
  2. Adjusted EBIT rose modestlyAdjusted EBIT was C$678.0M, up 1.6% as stated, for a margin of 16.4% compared with 16.6%.
  3. GAAP earnings grew faster than adjusted earningsNet earnings were C$460.7M, up 20.8% as stated. Adjusted net earnings rose 0.8% as stated, to C$475.4M.

Key figures

C$ M unless notedQ4 FY2025Q4 FY2026YoY
RevenueC$4,013.8MC$4,146.1M3.3% as stated
Earnings before income taxesC$516.2MC$628.3M21.7% as stated
Adjusted EBITC$667.4MC$678.0M1.6% as stated
Net earningsC$381.4MC$460.7M20.8% as stated
Diluted EPS (C$)C$1.72C$2.2430.2% as stated
Adjusted diluted EPS (C$)C$2.13C$2.318.5% as stated

Note: Year-on-year percentages in this table are the official figures from the press release. Adjusted EBIT, adjusted net earnings and adjusted diluted EPS are non-GAAP measures as defined by the company. Q4 FY2026 was adjusted for C$14.6 million of restructuring, acquisition and related integration costs, net of tax, compared with C$90.4 million a year earlier.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

5

5 · Q4 key financials

Finland, Poland and Baltics rose 14.4% as stated, and U.S. Federal rose 6.2% as stated

Q4 segment revenue and official as-reported change

C$ M, from the MD&A three-month table

SegmentQ4 FY2025Q4 FY2026Official YoY
Western and Southern EuropeC$673.5MC$697.0M3.5%
U.S. Commercial and State GovernmentC$627.7MC$627.6MUnchanged, as stated
U.K. and AustraliaC$566.0MC$586.7M3.7%
U.S. FederalC$548.1MC$582.3M6.2%
CanadaC$508.7MC$514.8M1.2%
Scandinavia, Northwest and CEEC$424.4MC$424.2M-0.1%
Finland, Poland and BalticsC$212.0MC$242.6M14.4%
GermanyC$234.9MC$231.0M-1.7%
Asia PacificC$255.4MC$273.7M7.2%
The MD&A presents U.S. Commercial and State Government revenue as unchanged (—%). Scandinavia, Northwest and Central-East Europe declined -0.1% as stated. The company said the Q4 revenue increase was mainly due to recent business acquisitions and organic growth in government, partially offset by lower volume in health.“CGI’s fourth quarter performance reflects the strength of our client relationships, the relevance of our offerings and the operational excellence of our team. We continued to deliver revenue growth, earnings expansion and strong bookings which were driven by a 122% quarterly book-to-bill ratio for our AI-embedded managed services.” Tim Hurlebaus, President and Chief Executive Officer

Note: Official percentages are the MD&A as-reported changes. Constant-currency segment rates are discussed in the MD&A and are not repeated in this table, except for the company-level 2.5% official figure on the summary pages. Segment totals plus eliminations reconcile to revenue of C$4,146.063 million.Source: CGI Q4 FY2026 press release, Nov 11, 2026; CGI Q4 FY2026 press release, Nov 11, 2026

6

6 · Segment revenue

Revenue was C$4,146.1M, up 3.3% as stated, or 2.5% in constant currency

Revenue

C$ M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: 4,014Mv · Q4 FY2026: 4,146MQ4 FY2025Q4 FY20260M1,000M2,000M3,000M4,000M5,000M4,014M4,146M
The press release rounds revenue to C$4,146.1 million and C$4,013.8 million. The MD&A totals used in the model are C$4,146.063 million and C$4,013.837 million, which produce the same official 3.3% increase.

Note: Both the 3.3% reported increase and the 2.5% constant-currency increase are official.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

7

7 · Revenue

U.S. Federal revenue rose 6.2% as stated, to C$582.3M

Selected segment revenue

C$ M, Q4 FY2025 vs Q4 FY2026

Western and Southern Europe · Q4 FY2025: 674MWestern and Southern Europe · Q4 FY2026: 697MU.S. Commercial and State Gov. · Q4 FY2025: 628MU.S. Commercial and State Gov. · Q4 FY2026: 628MU.K. and Australia · Q4 FY2025: 566MU.K. and Australia · Q4 FY2026: 587MU.S. Federal · Q4 FY2025: 548MU.S. Federal · Q4 FY2026: 582MQ4 FY2025Q4 FY20260M250M500M750M900M674M697M628M628M566M587M548M582M
Western and Southern Europe, the largest segment, rose 3.5% as stated to C$697.0M. U.S. Commercial and State Government was unchanged, as stated, at C$627.6M.

Note: The chart shows the four largest segments. Official year-on-year percentages for all nine segments are in the preceding table. Bars for Western and Southern Europe are highlighted.Source: CGI Q4 FY2026 press release, Nov 11, 2026

8

8 · Selected segments

Adjusted EBIT was C$678.0M, up 1.6% as stated, for a margin of 16.4%

Adjusted EBIT

C$ M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: 667.4Mv · Q4 FY2026: 678.0MQ4 FY2025Q4 FY20260M250M500M750M900M667.4M678.0M
GAAP earnings before income taxes rose faster, to C$628.3M from C$516.2M, up 21.7% as stated, after a smaller restructuring and integration charge.

Note: The official 1.6% adjusted EBIT increase compares C$678.0 million with C$667.4 million. The official margin declined 20 basis points, to 16.4% from 16.6%.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

9

9 · Adjusted EBIT

Bookings were C$4,526M, for a book-to-bill ratio of 109.2%

Bookings

C$ M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: 4,786Mv · Q4 FY2026: 4,526MQ4 FY2025Q4 FY20260M2,000M4,000M6,000M4,786M4,526M
The trailing twelve-month book-to-bill ratio was 105.6%, and backlog was C$32,074M at Sep 30, 2026, or 1.9 times annual revenue, as stated.

Note: Book-to-bill, trailing book-to-bill and backlog are company key performance measures, not IFRS measures. The 109.2% and 105.6% ratios are official. The 122% AI-embedded managed-services book-to-bill ratio cited by the CEO is a separate company figure.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

10

10 · Bookings and backlog

Operating cash flow was C$551.9M, or 13.3% of revenue as stated

  1. Operating cash flow declined year-on-yearCash provided by operating activities was C$551.9M, compared with C$663.0M, or 16.5% of revenue a year earlier.
  2. The company continued to return cashCGI distributed C$35.1 million through the Q4 dividend and purchased C$166.7 million of Class A shares, including related tax.
  3. The dividend was raisedThe Board approved a quarterly dividend of C$0.185 a share, up 8.8% as stated.

Cash flow and returns

C$ M unless notedQ4 FY2025Q4 FY2026
Operating cash flowC$663.0MC$551.9M
Operating cash flow, percent of revenue16.5%13.3%
Share purchases and related taxC$490.8 millionC$166.7M

Note: The 13.3% and 16.5% operating-cash-flow-to-revenue ratios are official. Days sales outstanding were 43, compared with 45 a year earlier, as stated.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

11

11 · Cash flow and returns

Net debt was C$3,422.7M at Sep 30, 2026, and the net-debt-to-capitalization ratio was 24.7%

  1. Cash declined from a year earlierCash and cash equivalents were C$493.9M, compared with C$864.2M at Sep 30, 2025.
  2. Net debt was little changedNet debt was C$3,422.7M, compared with C$3,451.4M.
  3. Long-term debt and leases declinedLong-term debt and lease liabilities were C$3,955.8M, compared with C$4,331.3M.

Capital structure

C$ M unless notedSep 30, 2025Sep 30, 2026
Cash and cash equivalentsC$864.2MC$493.9M
Long-term debt and lease liabilitiesC$4,331.3MC$3,955.8M
Net debtC$3,451.4MC$3,422.7M
Net debt to capitalization25.1%24.7%
Return on invested capital13.6%13.9%

Note: Net debt, the net-debt-to-capitalization ratio and ROIC are company key performance measures. Year-end figures coincide with the close of Q4. ROIC was 13.9%, compared with 13.6% a year earlier, as stated.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

12

12 · Net debt and capital structure

Backlog was C$32,074M at Sep 30, 2026, or 1.9 times annual revenue as stated

  1. Backlog increasedBacklog was C$32,074M, compared with C$31,451M a year earlier.
  2. Cash remains available after buybacksCash was C$493.9M at year-end, after C$1,553.1 million of share purchases and related tax in Fiscal 2026.
  3. Fiscal 2026 bookings were C$17.51 billionThe trailing twelve-month book-to-bill ratio was 105.6%, as stated.

Year-end position

C$ M unless notedSep 30, 2025Sep 30, 2026
BacklogC$31,451MC$32,074M
Cash and cash equivalentsC$864.2MC$493.9M
Net debtC$3,451.4MC$3,422.7M

Note: The 1.9 times annual revenue description of backlog is official. Fiscal 2026 bookings of C$17.51 billion and the 105.6% trailing book-to-bill ratio are from the press release.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

13

13 · Backlog and year-end position

A weaker health vertical, lower U.S. Federal adjusted EBIT and a declining cash balance are the main watch items

Indicator
What to watch
Implication
Latest reading
Demand mix
The company said Q4 growth was partly offset by lower volume in the health vertical
A further slowdown in health, or in other verticals, could weigh on Fiscal 2027 organic growth
Revenue C$4,146.1M, up 3.3% as stated
U.S. Federal profitability
U.S. Federal revenue rose 6.2% as stated, but adjusted EBIT fell to C$73.5 million from C$88.8 million and the margin declined to 12.6% from 16.2%
Federal profitability is a swing factor for group adjusted EBIT
U.S. Federal adjusted EBIT C$73.5M
Cash conversion and buybacks
Operating cash flow declined to 13.3% of revenue from 16.5%, and year-end cash was C$493.9 million after substantial buybacks
A weaker cash conversion ratio would limit the capacity for dividends and further issuer bids
Operating cash flow C$551.9M
Integration and restructuring costs
Q4 adjusted results still exclude restructuring, acquisition and related integration costs, albeit a smaller C$14.6 million net of tax
Further acquisitions, which management highlighted for Fiscal 2027, could keep these costs material
Adjusted EBIT C$678.0M

Source: CGI Q4 FY2026 press release, Nov 11, 2026; CGI F2026 MD&A, Q4 segment revenue table; Q4 segmented adjusted EBIT

14

14 · Key risks to the outlook

15 · Appendix: Income detail

16 · Appendix: Segment EBIT

Appendix: dividend and returns

ClaimEvidenceCalculation
Quarterly dividend (C$)C$0.185Up 8.8% as stated, approved Nov 10, 2026
Q4 share purchases and related taxC$166.7MClass A subordinate voting shares
Q4 cash dividend paidC$35.1 millionAs stated in the press release
Return on invested capital13.9%Compared with 13.6% a year earlier, as stated

Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

17

17 · Appendix: Dividend and returns

18 · Appendix: Cash and net debt

Appendix: income statement detail

Earnings

C$ M unless notedQ4 FY2025Q4 FY2026Official YoY
RevenueC$4,013.8MC$4,146.1M3.3% as stated
Earnings before income taxesC$516.2MC$628.3M21.7% as stated
Adjusted EBITC$667.4MC$678.0M1.6% as stated
Net earningsC$381.4MC$460.7M20.8% as stated

Per share (C$)

C$ M unless notedQ4 FY2025Q4 FY2026Official YoY
Diluted EPS (C$)C$1.72C$2.2430.2% as stated
Adjusted diluted EPS (C$)C$2.13C$2.318.5% as stated

Note: Year-on-year percentages in this appendix are official press-release figures. Per-share items are in Canadian dollars and are labelled (C$) in the model so they are not scaled in millions.Source: CGI Q4 FY2026 press release, Nov 11, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Results release: CGI Inc., Nov 11, 2026 — https://www.cgi.com/sites/default/files/2026-11/cgi-q4-f2026-pr-2461356-en.pdf
  • MD&A for the years ended Sep 30, 2026 and 2025 — https://www.cgi.com/sites/default/files/2026-11/cgi-q4-2026-mda-2461356-en.pdf
  • Audited consolidated financial statements, years ended Sep 30, 2026 and 2025 — https://www.cgi.com/sites/default/files/2026-11/cgi-q4-2026-fs-2461356-en.pdf
  • Q4 F2026 investor presentation — https://www.cgi.com/sites/default/files/2026-11/cgi-q4-2026-presentation-en.pdf
  • Investor relations — https://www.cgi.com/en/investors
  • A Form 6-K or 40-F for these results was not yet posted on EDGAR at the time of this review. Figures were taken from the company IR PDFs.
  • Consensus and earnings history: Yahoo Finance, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/GIB/analysis/. The current-quarter revenue estimate had rolled to December 2026 and is omitted. Earnings-history EPS estimate for the quarter ended Sep 30, 2026 was $2.30, compared with official adjusted diluted EPS of C$2.31.
  • Share price: CNBC GIB (NYSE) quote in U.S. dollars, Nov 10, 2026 regular close $82.51 and Nov 11, 2026 regular-session close $81.13 at 4:10 PM EST — https://www.cnbc.com/quotes/GIB
  • Company financial figures are in Canadian dollars. Official year-on-year percentages and margins are used where the company stated them. The NYSE share price is in U.S. dollars and is labelled separately. Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from CGI Inc.’s Nov 11, 2026 press release, MD&A, audited financial statements and investor presentation. Earnings-history estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data. A Form 6-K or 40-F was not yet on EDGAR at the time of this review.

Basis of presentation. Company financial figures are in Canadian dollars, for the quarters and years ended September 30, 2026 and September 30, 2025. Adjusted EBIT, adjusted net earnings and adjusted diluted EPS are non-GAAP measures as defined by the company. Bookings, book-to-bill, backlog, DSO, net debt and ROIC are company key performance measures. The NYSE GIB share price is in U.S. dollars.

Forward-looking statements. Company commentary, the dividend, and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original IR documents.

Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026, for NYSE: GIB.

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21 · Disclosures

Sources

Not investment advice; no rating or price target.

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