Revenue growth has faced significant cyclical headwinds, evidenced by a contraction of 9.43% in 2025Q2, while gross margins remain tightly clustered around the 37% level.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Sales/Revenue | 4.62B | 4.53B | 5B | 4.89B | 4.58B | 4.29B | 4.17B | 4.09B | 3.97B | 3.87B | 3.72B | 3.64B | 3.56B | 3.35B | 3.25B | 3.18B | 2.98B | 2.86B | 3.16B | 2.84B | 2.48B | 2.04B | 1.77B | 1.48B | 1.61B | 1.53B | 1.12B | 626.9M | 403.8M | 290.1M |
| Revenue Growth % | -2.73% | -9.43% | 2.4% | 6.79% | 6.72% | 2.87% | 2.02% | 2.81% | 2.78% | 4.01% | 2.05% | 2.24% | 6.51% | 3.05% | 2.18% | 6.48% | 4.25% | -9.47% | 11.49% | 14.36% | 21.65% | 14.93% | 19.58% | -8.07% | 5.19% | 37.16% | 78.39% | 55.25% | 39.19% | - |
| Cost of Goods Sold | 2.9B | 2.87B | 3.25B | 3.16B | 2.96B | 2.81B | 2.76B | 2.65B | 2.6B | 2.51B | 2.41B | 2.35B | 2.31B | 2.17B | 2.09B | 2.07B | 1.91B | 1.83B | 2.03B | 1.8B | 1.58B | 1.3B | 1.12B | 913.36M | 933.34M | 853.24M | 645.52M | 332.7M | 213M | 169M |
| COGS % of Revenue | - | 63.42% | 64.93% | 64.65% | 64.62% | 65.54% | 66.1% | 64.92% | 65.29% | 64.84% | 64.76% | 64.48% | 64.73% | 64.77% | 64.23% | 65.12% | 63.86% | 64.09% | 64.08% | 63.34% | 63.86% | 63.56% | 63.3% | 61.58% | 57.84% | 55.63% | 57.72% | 53.07% | 52.75% | 58.26% |
| Gross Profit | 1.73B | 1.66B | 1.76B | 1.73B | 1.62B | 1.48B | 1.41B | 1.43B | 1.38B | 1.36B | 1.31B | 1.29B | 1.26B | 1.18B | 1.16B | 1.11B | 1.08B | 1.03B | 1.14B | 1.04B | 896.22M | 742.97M | 650.9M | 569.97M | 680.23M | 680.67M | 472.8M | 294.2M | 190.8M | 121.1M |
| Gross Margin % | 37.33% | 36.58% | 35.07% | 35.35% | 35.38% | 34.46% | 33.9% | 35.08% | 34.71% | 35.15% | 35.24% | 35.52% | 35.27% | 35.23% | 35.77% | 34.88% | 36.14% | 35.91% | 35.92% | 36.66% | 36.14% | 36.44% | 36.7% | 38.42% | 42.16% | 44.37% | 42.28% | 46.93% | 47.25% | 41.74% |
| Gross Profit Growth % | - | -5.54% | 1.61% | 6.7% | 9.57% | 4.54% | -1.4% | 3.91% | 1.48% | 3.76% | 1.25% | 2.97% | 6.61% | 1.5% | 4.79% | 2.76% | 4.92% | -9.49% | 9.23% | 16.02% | 20.63% | 14.14% | 14.2% | -16.21% | -0.06% | 43.97% | 60.71% | 54.19% | 57.56% | - |
| Operating Expenses | 918.22M | 834.71M | 1.13B | 1.07B | 954.35M | 878.98M | 818.72M | 863.75M | 866.2M | 842.17M | 827.05M | 765.1M | 761.1M | 697.25M | 718.96M | 704M | 668.12M | 639.88M | 716.31M | 675.6M | 538.37M | 391.88M | 354.7M | 345.46M | 579.44M | 521.39M | 398.67M | 147.2M | 105.9M | 66.6M |
| OpEx % of Revenue | - | 18.41% | 22.51% | 21.97% | 20.85% | 20.5% | 19.64% | 21.14% | 21.79% | 21.78% | 22.24% | 21% | 21.36% | 20.84% | 22.14% | 22.15% | 22.39% | 22.35% | 22.65% | 23.82% | 21.71% | 19.22% | 20% | 23.29% | 35.91% | 33.99% | 35.65% | 23.48% | 26.23% | 22.96% |
| Selling, General & Admin | 518.02M | 493.87M | 572.85M | 570.71M | 528.57M | 487.25M | 458.54M | 492.46M | 481.09M | 472.78M | 464.88M | 440.08M | 445.13M | 418.57M | 424.67M | 409.46M | 373.58M | 344.33M | 404.13M | 370.19M | 314M | 232.07M | 210.38M | 206.26M | 223.55M | 195.59M | 137M | 75.7M | 51.2M | 40.8M |
| SG&A % of Revenue | - | 10.9% | 11.45% | 11.68% | 11.55% | 11.36% | 11% | 12.05% | 12.1% | 12.23% | 12.5% | 12.08% | 12.49% | 12.51% | 13.08% | 12.89% | 12.52% | 12.03% | 12.78% | 13.05% | 12.66% | 11.38% | 11.86% | 13.91% | 13.85% | 12.75% | 12.25% | 12.08% | 12.68% | 14.06% |
| Research & Development | 343.69M | 340.85M | 360.8M | 374.86M | 354.71M | 312.94M | 282.04M | 273.94M | 276.62M | 259.1M | 252.29M | 254.94M | 257.9M | 240.27M | 242.06M | 221.89M | 207.84M | 210.39M | 225.49M | 230.44M | 186.76M | 144.46M | 126.41M | 119.26M | 124.08M | 105.81M | 74.85M | 40.9M | 25.6M | 17.4M |
| R&D % of Revenue | - | 7.52% | 7.21% | 7.67% | 7.75% | 7.3% | 6.77% | 6.7% | 6.96% | 6.7% | 6.79% | 7% | 7.24% | 7.18% | 7.46% | 6.98% | 6.96% | 7.35% | 7.13% | 8.13% | 7.53% | 7.09% | 7.13% | 8.04% | 7.69% | 6.9% | 6.69% | 6.52% | 6.34% | 6% |
| Other Operating Expenses | 3M | 0 | 193.14M | 128.06M | 71.08M | 78.78M | 78.14M | 97.36M | 108.49M | 110.29M | 109.87M | 70.07M | 58.07M | 38.41M | 52.23M | 72.65M | 86.7M | 85.15M | 86.69M | 74.96M | 37.61M | 15.36M | 17.91M | 19.94M | 231.8M | 219.99M | 186.82M | 30.6M | 29.1M | 8.4M |
| Operating Income | 807.34M | 823.36M | 628.61M | 653.99M | 664.8M | 598.69M | 594.76M | 569.75M | 428.31M | 517.33M | 483.14M | 515.95M | 495.65M | 481.55M | 442.47M | 404.36M | 410.43M | 367.32M | 405.6M | 357.43M | 332.13M | 338.49M | 296.2M | 210.42M | 49.16M | 159.28M | 74.12M | 147M | 84.9M | 54.5M |
| Operating Margin % | 17.47% | 18.16% | 12.56% | 13.38% | 14.53% | 13.96% | 14.27% | 13.94% | 10.78% | 13.38% | 12.99% | 14.16% | 13.91% | 14.39% | 13.63% | 12.72% | 13.75% | 12.83% | 12.83% | 12.6% | 13.39% | 16.6% | 16.7% | 14.19% | 3.05% | 10.38% | 6.63% | 23.45% | 21.03% | 18.79% |
| Operating Income Growth % | - | 30.98% | -3.88% | -1.63% | 11.04% | 0.66% | 4.39% | 33.02% | -17.21% | 7.08% | -6.36% | 4.1% | 2.93% | 8.83% | 9.42% | -1.48% | 11.74% | -9.44% | 13.47% | 7.62% | -1.88% | 14.28% | 40.77% | 328.02% | -69.14% | 114.88% | -49.58% | 73.14% | 55.78% | - |
| EBITDA | 1.01B | 1.02B | 821.67M | 849.69M | 889.33M | 807.52M | 793.17M | 775.52M | 639.53M | 732.22M | 694.93M | 690.74M | 658.42M | 622.33M | 602.09M | 585.84M | 606.37M | 565.44M | 598.53M | 522.43M | 450.03M | 432.32M | 397.08M | 307.87M | 358.98M | 441.91M | 229.48M | 177.6M | 114M | 62.9M |
| EBITDA Margin % | 21.93% | 22.48% | 16.42% | 17.38% | 19.43% | 18.83% | 19.03% | 18.98% | 16.09% | 18.93% | 18.69% | 18.96% | 18.48% | 18.6% | 18.54% | 18.44% | 20.32% | 19.75% | 18.93% | 18.42% | 18.15% | 21.21% | 22.39% | 20.76% | 22.25% | 28.81% | 20.52% | 28.33% | 28.23% | 21.68% |
| EBITDA Growth % | 16.1% | 23.99% | -3.3% | -4.46% | 10.13% | 1.81% | 2.28% | 21.26% | -12.66% | 5.37% | 0.61% | 4.91% | 5.8% | 3.36% | 2.77% | -3.39% | 7.24% | -5.53% | 14.57% | 16.09% | 4.1% | 8.88% | 28.98% | -14.24% | -18.77% | 92.57% | 29.21% | 55.79% | 81.24% | - |
| D&A (Non-Cash Add-back) | 206.36M | 195.44M | 193.07M | 195.7M | 224.53M | 208.83M | 198.41M | 205.77M | 211.22M | 214.88M | 211.79M | 174.79M | 162.77M | 140.78M | 159.61M | 181.48M | 195.94M | 198.12M | 192.94M | 164.99M | 117.9M | 93.83M | 100.88M | 97.45M | 309.82M | 282.63M | 155.36M | 30.6M | 29.1M | 8.4M |
| EBIT | 745.61M | 731.66M | 625.96M | 659.45M | 665.32M | 835.58M | 593.75M | 571.8M | 424.31M | 514.51M | 486.37M | 516.55M | 493.03M | 479.03M | 444.7M | 398.59M | 388.43M | 374.02M | 448.44M | 364.19M | 357.86M | 351.09M | 296.2M | 224.51M | 100.79M | 159.28M | 74.12M | 147M | 84.9M | 54.5M |
| Net Interest Income | -40.78M | -33.28M | -17.44M | -1.84M | -9.09M | -16.45M | -6.19M | 2.31M | 3.84M | 6.37M | 5.15M | 1.47M | -8.49M | -2.79M | 2.3M | 1.08M | 3.81M | 8.51M | 11.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -11.27M | 9.15M | 17.45M | 21.25M | 7.82M | 4.82M | 4.23M | 6.22M | 6.6M | 7.97M | 6.82M | 4.62M | 4.08M | 4.92M | 5.48M | 6.18M | 7.67M | 16.37M | 42.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.51M | 42.44M | 34.89M | 23.09M | 16.91M | 21.27M | 10.43M | 3.91M | 2.76M | 1.6M | 1.67M | 3.14M | 3.48M | 3.56M | 3.17M | 2.88M | 3.13M | 7.87M | 30.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -123.49M | -130.12M | -37.54M | -17.63M | -16.39M | 215.61M | -11.44M | -1.86M | -6.77M | -4.42M | 1.56M | -2.54M | -6.1M | -6.08M | -948K | -8.66M | -25.14M | -1.17M | 11.96M | 50.57M | 41.74M | 22.3M | 4.9M | 14.76M | 19.3M | 22.29M | 10.73M | -6.3M | -24.1M | -30.8M |
| Pretax Income | 683.86M | 693.24M | 591.07M | 636.36M | 648.41M | 814.31M | 583.32M | 567.89M | 421.54M | 512.91M | 484.7M | 513.4M | 489.55M | 475.48M | 441.52M | 395.71M | 385.3M | 366.15M | 417.55M | 408M | 373.87M | 360.8M | 301.1M | 225.18M | 68.46M | 181.57M | 84.86M | 140.8M | 60.8M | 23.7M |
| Pretax Margin % | 14.79% | 15.29% | 11.81% | 13.02% | 14.17% | 18.99% | 13.99% | 13.9% | 10.61% | 13.26% | 13.04% | 14.09% | 13.74% | 14.21% | 13.6% | 12.45% | 12.91% | 12.79% | 13.2% | 14.39% | 15.08% | 17.7% | 16.98% | 15.18% | 4.24% | 11.84% | 7.59% | 22.46% | 15.06% | 8.17% |
| Income Tax | 134.71M | 125.47M | 94.75M | 93.4M | 98.91M | 125.93M | 85.48M | 88.44M | 67.14M | 76.09M | 75.37M | 67.24M | 67.43M | 63.04M | 50.15M | 49.04M | 41.39M | 39.98M | 38.65M | 43.06M | 55.24M | 72.16M | 66.24M | 56.29M | 73.52M | 115.18M | 78.88M | 42.2M | 30.4M | 17.8M |
| Effective Tax Rate % | 19.7% | 18.1% | 16.03% | 14.68% | 15.25% | 15.46% | 14.65% | 15.57% | 15.93% | 14.83% | 15.55% | 13.1% | 13.77% | 13.26% | 11.36% | 12.39% | 10.74% | 10.92% | 9.26% | 10.55% | 14.77% | 20% | 22% | 25% | 107.39% | 63.44% | 92.96% | 29.97% | 50% | 75.11% |
| Net Income | 546.5M | 564.7M | 493.2M | 540.71M | 549.5M | 688.37M | 497.84M | 479.45M | 354.4M | 436.83M | 409.33M | 446.16M | 422.12M | 412.44M | 391.37M | 346.67M | 343.91M | 326.18M | 378.91M | 364.94M | 318.64M | 288.64M | 234.86M | 168.88M | -5.06M | 66.39M | 5.98M | 98.5M | 30.1M | 5.9M |
| Net Margin % | 11.82% | 12.46% | 9.85% | 11.06% | 12.01% | 16.05% | 11.94% | 11.73% | 8.92% | 11.3% | 11.01% | 12.25% | 11.85% | 12.33% | 12.05% | 10.91% | 11.52% | 11.39% | 11.98% | 12.87% | 12.85% | 14.16% | 13.24% | 11.39% | -0.31% | 4.33% | 0.53% | 15.71% | 7.45% | 2.03% |
| Net Income Growth % | 1% | 14.5% | -8.79% | -1.6% | -20.17% | 38.27% | 3.84% | 35.29% | -18.87% | 6.72% | -8.26% | 5.7% | 2.35% | 5.38% | 12.9% | 0.8% | 5.44% | -13.92% | 3.83% | 14.53% | 10.39% | 22.9% | 39.07% | 3436.95% | -107.62% | 1010.51% | -93.93% | 227.24% | 410.17% | - |
| Net Income (Continuing) | 549.14M | 567.77M | 496.32M | 542.96M | 549.5M | 688.37M | 497.84M | 479.45M | 354.4M | 436.83M | 409.33M | 446.16M | 422.12M | 412.44M | 391.37M | 346.67M | 343.91M | 326.18M | 378.91M | 364.94M | 318.64M | 288.64M | 234.86M | 168.88M | -5.06M | 66.39M | 5.98M | 98.5M | 30.4M | 5.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 41.13M | 41.23M | 42.2M | 43.17M | 42.51M | 42.51M | 42.51M | 42.51M | 43.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.09 | 5.05 | 4.25 | 4.49 | 4.44 | 5.32 | 3.71 | 3.47 | 2.47 | 2.96 | 2.71 | 2.85 | 2.62 | 2.53 | 2.31 | 1.86 | 1.69 | 1.58 | 1.74 | 1.65 | 1.48 | 1.35 | 1.08 | 0.77 | -0.02 | 0.29 | 0.03 | 0.49 | 0.19 | 0.05 |
| EPS Growth % | 5.93% | 18.82% | -5.35% | 1.13% | -16.54% | 43.4% | 6.92% | 40.49% | -16.55% | 9.23% | -4.91% | 8.78% | 3.56% | 9.52% | 24.19% | 10.06% | 6.96% | -9.2% | 5.45% | 11.49% | 9.63% | 25% | 40.26% | 3447.83% | -107.93% | 866.67% | -93.88% | 157.89% | 280% | - |
| EPS (Basic) | - | 5.08 | 4.27 | 4.52 | 4.47 | 5.36 | 3.73 | 3.49 | 2.49 | 2.99 | 2.74 | 2.89 | 2.65 | 2.56 | 2.33 | 1.87 | 1.70 | 1.61 | 1.83 | 1.76 | 1.57 | 1.44 | 1.13 | 0.78 | -0.02 | 0.30 | 0.03 | 0.50 | 0.19 | 0.05 |
| Diluted Shares Outstanding | 107.47M | 111.75M | 113.96M | 118.49M | 121.89M | 127.97M | 133.25M | 137.16M | 143.7M | 147.43M | 151.18M | 156.81M | 161.34M | 163.12M | 169.44M | 186.56M | 204.08M | 207.61M | 219.61M | 223.26M | 218.53M | 217.16M | 220.28M | 219.88M | 220.36M | 226.83M | 216.94M | 200.26M | 159.44M | 196.8M |
| Basic Shares Outstanding | 107.09M | 111.15M | 113.3M | 117.66M | 121.05M | 127.18M | 132.61M | 136.47M | 142.42M | 146.02M | 149.17M | 154.42M | 159.01M | 161.33M | 168.28M | 185.21M | 202.58M | 202.87M | 206.59M | 207.85M | 203.19M | 201.02M | 208.73M | 215.85M | 220.36M | 222M | 212M | 197.44M | 158.53M | 196.8M |
| Dividend Payout Ratio | - | 39.74% | 42.98% | 36.89% | 33.86% | 25.78% | 32.95% | 30.79% | 37.89% | 27.82% | 26.7% | 22.59% | 21.54% | 20.37% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1590.37% | 305.08% |
Carrier Capex Concentration Risk
As reported in recent financial filings, Amdocs experienced a notable period of contraction with year-over-year revenue growth dipping to -9.43% in 2025Q2, highlighting the sensitivity of its project-based delivery model to the shifting capital expenditure cycles of its primary North American telecommunications carrier clients.
The recent revenue volatility suggests that the company's reliance on large-scale digital transformation projects leaves it vulnerable to the discretionary spending patterns of a concentrated client base. While the return to positive growth in 2026Q2 is encouraging, investors should monitor whether this reflects a sustainable recovery or merely the timing of milestone-based revenue recognition.
Based on the company's reported figures, gross margins have remained tightly clustered around the 37% level, reflecting the high-touch, labor-intensive nature of its hybrid software and managed services delivery model which limits the scalability typically seen in pure-play enterprise software firms.
The inability to significantly expand gross margins beyond this range suggests that the company remains tethered to high personnel costs required for custom systems integration. This profile warrants further investigation into whether management can successfully transition toward more standardized, cloud-native modules to decouple revenue growth from headcount expansion.
According to the income statement data, operating margins have fluctuated between 8.9% and 17.9% over the last ten quarters, indicating that the company struggles to achieve consistent operating leverage as SG&A expenses often offset gains in gross profit during periods of revenue volatility.
The lack of a clear upward trend in operating margins implies that the firm's cost structure is relatively rigid, likely due to the specialized nature of its global engineering workforce. Investors should interpret these fluctuations as a sign that the company's profitability is highly sensitive to the efficiency of its project delivery cycles.
As evidenced by the historical income statement, the company utilized stock-based compensation of approximately $26 million per quarter through 2025Q3, which, while now absent in recent filings, previously served as a meaningful non-cash expense that impacted the quality of reported net income and diluted EPS.
The cessation of stock-based compensation in recent quarters appears to have provided a mechanical boost to net income, though this should be viewed as a change in accounting presentation rather than an operational improvement. Analysts should remain cautious of how such non-operating items influence the perceived earnings trajectory of the business.
Based on the provided data, the company's heavy reliance on a small cohort of North American carriers creates a structural vulnerability, as evidenced by the -9.43% revenue decline in 2025Q2 which suggests that the firm lacks the diversification to offset localized downturns in carrier spending.
Short-term observers may argue that the company's 'sticky' managed services are insufficient to protect the top line when major clients undergo significant consolidation or budget tightening. This concentration risk suggests that the company's long-term growth durability may be more fragile than the 'annuity-like' narrative implies.
Quick answers to the most common questions about buying DOX stock.
For fiscal year 2025, Amdocs Limited (DOX) reported total revenue of $4.53B. This represents a 1462.5% increase compared to $290.1M in 1997.
Amdocs Limited (DOX) is profitable, generating $564.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Amdocs Limited (DOX) reported an operating income of $823.4M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Amdocs Limited (DOX) generated $1.66B in gross profit for the year, representing a gross profit margin of 36.6%. This demonstrates the company's core pricing power and production efficiency.