Revenue growth remains predictably steady with operating margins consistently hovering near 16% over the last ten quarters, reflecting a stable but structurally constrained profitability profile.
| 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 | Sep'96 |
|---|
| Sales/Revenue | 16.35B | 15.91B | 14.68B | 14.3B | 12.75B | 12.13B | 12.16B | 12.12B | 11.54B | 10.79B | 10.68B | 10.16B | 10.5B | 10.11B | 4.76B | 4.21B | 3.74B | 3.84B | 3.75B | 3.73B | 3.47B | 3.71B | 3.15B | 2.72B | 2.17B | 1.58B | 1.44B | 1.41B | 740.93M | 231.9M | 122M |
| Revenue Growth % | 7.96% | 8.43% | 2.66% | 12.17% | 5.1% | -0.31% | 0.33% | 5.07% | 6.94% | 1.04% | 5.06% | -3.19% | 3.81% | 112.28% | 13.22% | 12.54% | -2.75% | 2.38% | 0.69% | 7.37% | -6.44% | 17.79% | 15.89% | 25.35% | 37.2% | 10.12% | 1.88% | 90.24% | 219.51% | 90.08% | 26.16% |
| Cost of Goods Sold | 13B | 12.62B | 12.26B | 11.98B | 10.68B | 9.63B | 9.68B | 10.3B | 9.83B | 9.23B | 9.13B | 8.72B | 9.19B | 9.04B | 4.22B | 3.98B | 3.33B | 3.47B | 3.23B | 3.21B | 3.09B | 3.28B | 2.75B | 2.28B | 1.84B | 1.34B | 1.25B | 1.19B | 633.66M | 203.7M | 111.3M |
| COGS % of Revenue | - | 79.33% | 83.53% | 83.81% | 83.83% | 79.38% | 79.58% | 84.98% | 85.18% | 85.51% | 85.49% | 85.77% | 87.54% | 89.35% | 88.58% | 94.7% | 88.96% | 90.31% | 86.14% | 86.08% | 89.02% | 88.47% | 87.13% | 83.74% | 84.94% | 84.68% | 87.26% | 84.11% | 85.52% | 87.84% | 91.23% |
| Gross Profit | 3.35B | 3.29B | 2.42B | 2.31B | 2.06B | 2.5B | 2.48B | 1.82B | 1.71B | 1.56B | 1.55B | 1.45B | 1.31B | 1.08B | 543.83M | 222.93M | 412.77M | 372.49M | 520.29M | 519.08M | 381.2M | 428.22M | 405.54M | 442.19M | 326.76M | 242.2M | 182.94M | 223.92M | 107.27M | 28.2M | 10.7M |
| Gross Margin % | 20.49% | 20.67% | 16.46% | 16.19% | 16.17% | 20.62% | 20.42% | 15.02% | 14.82% | 14.49% | 14.51% | 14.23% | 12.46% | 10.65% | 11.42% | 5.3% | 11.04% | 9.69% | 13.86% | 13.92% | 10.98% | 11.53% | 12.87% | 16.26% | 15.06% | 15.32% | 12.74% | 15.89% | 14.48% | 12.16% | 8.77% |
| Gross Profit Growth % | - | 36.13% | 4.43% | 12.28% | -17.57% | 0.64% | 36.45% | 6.51% | 9.31% | 0.92% | 7.12% | 10.63% | 21.38% | 98.09% | 143.95% | -45.99% | 10.81% | -28.41% | 0.23% | 36.17% | -10.98% | 5.59% | -8.29% | 35.33% | 34.91% | 32.4% | -18.3% | 108.75% | 280.38% | 163.55% | 44.59% |
| Operating Expenses | 16.46M | 11.71M | 0 | 0 | 0 | 542.02M | 2.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.64M | 109.31M | 94.52M | 100.79M | 91.26M | 143.9M | 94.61M | 78.58M | 77.49M | 74.54M | 44.68M | 12.8M | 4.5M |
| OpEx % of Revenue | - | 0.07% | - | - | - | 4.47% | 20.42% | - | - | - | - | - | - | - | - | - | - | - | 2.25% | 2.93% | 2.72% | 2.71% | 2.9% | 5.29% | 4.36% | 4.97% | 5.4% | 5.29% | 6.03% | 5.52% | 3.69% |
| Selling, General & Admin | 4.75M | 0 | 0 | 0 | 0 | 216.51M | 259.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.99B | 3.17B | 2.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | 1.79% | 2.13% | - | - | - | - | - | - | - | - | - | - | - | - | - | 86.17% | 85.5% | 84.99% | - | - | - | - | - | - | - | - |
| Research & Development | 11.71M | 11.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.64M | 109.31M | 94.52M | 100.79M | 91.26M | 22.04M | 17.61M | 12.58M | 9.96M | 9.68M | 5.97M | 3.1M | 2.1M |
| R&D % of Revenue | - | 0.07% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.25% | 2.93% | 2.72% | 2.71% | 2.9% | 0.81% | 0.81% | 0.8% | 0.69% | 0.69% | 0.81% | 1.34% | 1.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 325.51M | 2.23B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.99B | -3.17B | -2.68B | 121.86M | 77M | 65.99M | 67.53M | 64.86M | 38.71M | 9.7M | 2.4M |
| Operating Income | 3.33B | 3.28B | 2.42B | 2.31B | 2.06B | 1.96B | 0 | 1.82B | 1.71B | 1.56B | 1.55B | 1.45B | 1.31B | 1.08B | 543.83M | 530.95M | 495.16M | 472.51M | 435.65M | 409.77M | 286.69M | 359.31M | 314.28M | 298.3M | 232.14M | 163.62M | 105.44M | 149.38M | 62.59M | 15.4M | 6.2M |
| Operating Margin % | 20.39% | 20.6% | 16.46% | 16.19% | 16.17% | 16.15% | - | 15.02% | 14.82% | 14.49% | 14.51% | 14.23% | 12.46% | 10.65% | 11.42% | 12.62% | 13.24% | 12.29% | 11.6% | 10.99% | 8.25% | 9.68% | 9.97% | 10.97% | 10.7% | 10.35% | 7.34% | 10.6% | 8.45% | 6.64% | 5.08% |
| Operating Income Growth % | - | 35.65% | 4.43% | 12.28% | 5.24% | - | -100% | 6.51% | 9.31% | 0.92% | 7.12% | 10.63% | 21.38% | 98.09% | 2.43% | 7.23% | 4.79% | 8.46% | 6.32% | 42.93% | -20.21% | 14.33% | 5.36% | 28.5% | 41.88% | 55.18% | -29.41% | 138.67% | 306.4% | 148.39% | 67.57% |
| EBITDA | 3.87B | 3.49B | 2.86B | 2.76B | 2.52B | 2.47B | 2.19B | 2.21B | 2.09B | 1.93B | 1.94B | 1.86B | 1.74B | 1.5B | 763.49M | 740.6M | 690.82M | 658.06M | 625.01M | 611.69M | 480.51M | 570.14M | 502.67M | 447.95M | 332.71M | 258.21M | 172.98M | 214.23M | 101.3M | 25.1M | 8.6M |
| EBITDA Margin % | 23.7% | 21.95% | 19.51% | 19.34% | 19.77% | 20.36% | 18.02% | 18.22% | 18.15% | 17.87% | 18.2% | 18.3% | 16.61% | 14.79% | 16.03% | 17.6% | 18.48% | 17.12% | 16.65% | 16.4% | 13.83% | 15.36% | 15.95% | 16.47% | 15.33% | 16.33% | 12.05% | 15.2% | 13.67% | 10.82% | 7.05% |
| EBITDA Growth % | 32.07% | 21.98% | 3.59% | 9.7% | 2.07% | 12.6% | -0.76% | 5.48% | 8.61% | -0.78% | 4.51% | 6.67% | 16.59% | 95.85% | 3.09% | 7.21% | 4.98% | 5.29% | 2.18% | 27.3% | -15.72% | 13.42% | 12.22% | 34.64% | 28.85% | 49.27% | -19.26% | 111.48% | 303.59% | 191.86% | 59.26% |
| D&A (Non-Cash Add-back) | 541.11M | 215.37M | 447.17M | 450.44M | 459.1M | 510.57M | 565.69M | 388.48M | 384.88M | 364.49M | 393.85M | 413M | 435.72M | 418.05M | 219.66M | 209.65M | 195.66M | 185.55M | 189.37M | 201.92M | 193.83M | 210.83M | 188.39M | 149.65M | 100.56M | 94.58M | 67.53M | 64.86M | 38.71M | 9.7M | 2.4M |
| EBIT | 2.44B | 2.31B | 2.38B | 2.29B | 2.04B | 1.94B | 1.63B | 1.76B | 1.57B | 1.48B | 1.53B | 1.4B | 1.23B | 739.2M | 300.49M | 540.63M | 495.75M | 462.4M | 437.91M | 396.66M | 260.48M | 360.41M | 318.98M | 297.14M | 230.61M | 136.49M | 105.44M | 149.38M | 62.7M | 15.4M | 6.2M |
| Net Interest Income | -111.04M | -74.14M | -28.09M | -47.53M | -89.54M | -104.25M | -112.16M | -66.88M | -68.32M | -63.88M | -72.15M | -85.27M | -93.4M | -105.46M | -36.72M | -14.62M | -14.73M | -16.13M | -27.65M | -42.02M | -43.24M | -24.19M | -20.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 26.76M | 44.88M | 62.94M | 41.37M | 3.16M | 3.11M | 5.1M | 11.58M | 2.92M | 3.7M | 1.61M | 709.39K | 2.01M | 4.37M | 5.31M | 3.54M | 2.42M | 2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 137.8M | 119.02M | 91.03M | 88.9M | 92.71M | 107.36M | 117.26M | 78.46M | 71.23M | 67.58M | 73.76M | 85.97M | 95.41M | 109.83M | 42.02M | 18.15M | 17.15M | 19.06M | 27.65M | 42.02M | 43.24M | 24.19M | 20.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.05B | -1.04B | -125.47M | -116.03M | -112.56M | -120.31M | 1.52B | -142.12M | -215.49M | -153.29M | -97.67M | -134.06M | -177.53M | -447.9M | -281.37M | 4.83M | -16.56M | -29.16M | -25.39M | -55.13M | -69.45M | -23.09M | -15.99M | -9.48M | 422.22K | -1.54M | 205.89K | 3.82M | 1.41M | -1.9M | -1.1M |
| Pretax Income | 2.29B | 2.24B | 2.29B | 2.2B | 1.95B | 1.84B | 1.52B | 1.68B | 1.49B | 1.41B | 1.45B | 1.31B | 1.13B | 629.37M | 262.46M | 535.79M | 478.6M | 443.35M | 410.26M | 354.64M | 217.24M | 336.22M | 298.3M | 289.11M | 232.57M | 134.95M | 105.65M | 153.19M | 64.12M | 13.5M | 5.1M |
| Pretax Margin % | 13.99% | 14.09% | 15.61% | 15.37% | 15.29% | 15.16% | 12.47% | 13.85% | 12.95% | 13.07% | 13.6% | 12.91% | 10.76% | 6.22% | 5.51% | 12.73% | 12.8% | 11.53% | 10.93% | 9.51% | 6.25% | 9.06% | 9.46% | 10.63% | 10.72% | 8.53% | 7.36% | 10.87% | 8.65% | 5.82% | 4.18% |
| Income Tax | 608.92M | 583.9M | 598.24M | 566.66M | 496.09M | 468.92M | 398.4M | 414.16M | 349.53M | 380.73M | 383.87M | 346.78M | 270.77M | 172.28M | 131.16M | 99.32M | 115.18M | 125.86M | 107.54M | 116.85M | 70.89M | 114.95M | 113.3M | 113.71M | 96.77M | 72.17M | 49.98M | 69.41M | 29.23M | 5.7M | 2.4M |
| Effective Tax Rate % | 26.63% | 26.04% | 26.11% | 25.78% | 25.46% | 25.51% | 26.28% | 24.67% | 23.39% | 26.99% | 26.44% | 26.42% | 23.96% | 27.37% | 49.97% | 18.54% | 24.07% | 28.39% | 26.21% | 32.95% | 32.63% | 34.19% | 37.98% | 39.33% | 41.61% | 53.47% | 47.31% | 45.31% | 45.58% | 42.22% | 47.06% |
| Net Income | 1.68B | 1.66B | 1.69B | 1.63B | 1.45B | 1.37B | 1.12B | 1.26B | 1.14B | 1.03B | 1.07B | 965.84M | 859.33M | 457.09M | 131.29M | 436.47M | 363.04M | 318.07M | 296.64M | 237.54M | 146.35M | 221.28M | 194.14M | 177.37M | 135.8M | 62.79M | 55.67M | 83.79M | 34.89M | 7.8M | 2.7M |
| Net Margin % | 10.26% | 10.42% | 11.53% | 11.41% | 11.39% | 11.29% | 9.19% | 10.43% | 9.92% | 9.55% | 10% | 9.5% | 8.19% | 4.52% | 2.76% | 10.37% | 9.71% | 8.27% | 7.9% | 6.37% | 4.21% | 5.96% | 6.16% | 6.52% | 6.26% | 3.97% | 3.88% | 5.94% | 4.71% | 3.36% | 2.21% |
| Net Income Growth % | -3.83% | -2.03% | 3.77% | 12.32% | 6.08% | 22.47% | -11.6% | 10.48% | 11.13% | -3.59% | 10.59% | 12.39% | 88% | 248.14% | -69.92% | 20.23% | 14.14% | 7.22% | 24.88% | 62.3% | -33.86% | 13.98% | 9.46% | 30.61% | 116.28% | 12.8% | -33.56% | 140.15% | 347.3% | 188.89% | 145.45% |
| Net Income (Continuing) | 1.68B | 1.66B | 1.69B | 1.63B | 1.45B | 1.37B | 1.12B | 1.26B | 1.14B | 1.03B | 1.07B | 965.84M | 859.33M | 457.09M | 131.29M | 436.47M | 363.42M | 317.49M | 302.72M | 237.79M | 146.35M | 221.28M | 185M | 174.68M | 134.85M | 62.79M | 55.67M | 83.79M | 34.8M | 7.8M | 2.7M |
| 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.45M | 6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 |
| EPS (Diluted) | 7.87 | 7.35 | 7.31 | 6.86 | 6.04 | 5.41 | 4.20 | 4.55 | 3.95 | 3.41 | 3.42 | 3.04 | 2.69 | 1.44 | 0.48 | 1.58 | 1.24 | 1.02 | 0.90 | 0.71 | 0.40 | 0.49 | 0.46 | 0.43 | 0.36 | 0.21 | 0.21 | 0.32 | 0.15 | 0.05 | 0.03 |
| EPS Growth % | 0.66% | 0.55% | 6.56% | 13.58% | 11.65% | 28.81% | -7.69% | 15.19% | 15.84% | -0.29% | 12.5% | 13.01% | 86.81% | 200% | -69.62% | 27.42% | 21.57% | 13.33% | 26.76% | 77.5% | -18.37% | 6.52% | 6.98% | 19.44% | 71.43% | 0% | -34.38% | 113.33% | 200% | 66.67% | 200% |
| EPS (Basic) | - | 7.45 | 7.42 | 6.86 | 6.13 | 5.50 | 4.27 | 4.63 | 4.02 | 3.48 | 3.51 | 3.14 | 2.78 | 1.48 | 0.50 | 1.64 | 1.27 | 1.03 | 0.92 | 0.72 | 0.40 | 0.49 | 0.46 | 0.43 | 0.36 | 0.21 | 0.21 | 0.32 | 0.15 | 0.05 | 0.03 |
| Diluted Shares Outstanding | 213.11M | 225.49M | 231.67M | 237.7M | 242.87M | 253.09M | 266.1M | 277.79M | 288.86M | 303.29M | 312.77M | 321.42M | 318.93M | 316.97M | 273.64M | 275.29M | 292.55M | 310.35M | 322.8M | 332.96M | 366.33M | 441.81M | 421.83M | 395.19M | 377.35M | 299.5M | 270.44M | 267.97M | 234.61M | 155.61M | 90M |
| Basic Shares Outstanding | 211.72M | 225.62M | 228.07M | 237.79M | 239.26M | 249.12M | 262.01M | 272.72M | 283.88M | 297.52M | 304.81M | 311.48M | 308.74M | 307.9M | 263.43M | 265.33M | 285.64M | 306.85M | 317.6M | 328.34M | 366.33M | 441.81M | 421.83M | 395.19M | 377.35M | 299.5M | 270.44M | 267.97M | 234.61M | 155.61M | 90M |
| Dividend Payout Ratio | - | 8.14% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Wage inflation margin compression
According to the provided financial data, CGI's quarterly revenue growth has maintained a consistent trajectory, fluctuating between 0.7% and 11.4% over the last ten quarters, suggesting that the firm's reliance on long-term managed services contracts provides a reliable defensive floor against broader macroeconomic volatility.
The revenue profile appears to be anchored by the company's sticky, multi-year government and utility contracts, which mitigate the impact of cyclical project-based consulting demand. While growth is not explosive, the stability observed suggests that the firm's 'Buy and Build' strategy is successfully offsetting the natural attrition of legacy contracts.
As reported in the income statement, CGI maintains a remarkably narrow spread between gross and operating margins, which consistently hovered near 16% for most of the observed period, indicating that nearly all delivery costs are integrated directly into the firm's core operating expense structure.
This margin profile suggests a business model where professional labor costs are the primary driver of both delivery and overhead, leaving little room for operational leverage without a shift toward higher-margin proprietary IP. Investors should monitor whether the recent integration of generative AI tools can decouple headcount from revenue to expand these margins.
Based on the reported figures, CGI's net income has remained relatively stable, with net margins consistently tracking between 9.5% and 12.0%, demonstrating that the firm's earnings are largely driven by core operational performance rather than significant non-operating items or volatile tax rate fluctuations.
The presence of stock-based compensation, while present, appears controlled and does not seem to materially distort the underlying earnings power of the business. The consistency in EPS growth suggests that management's focus on operational efficiency within its decentralized business units is effectively translating into bottom-line stability.
Financial statements indicate that CGI's reliance on a high-variable-cost model, where professional compensation is the dominant expense, creates a structural vulnerability to wage inflation, as evidenced by the potential for margin compression if contract escalators fail to keep pace with rising technical talent costs.
Short-sellers might focus on the firm's limited ability to scale operating income faster than gross profit, which suggests that the current 'Buy and Build' model may face diminishing returns as the revenue base expands. The lack of significant R&D investment in the provided data may also imply a risk of long-term competitive obsolescence.
Quick answers to the most common questions about buying GIB stock.
For fiscal year 2025, CGI Inc. (GIB) reported total revenue of $15.91B. This represents a 12943.2% increase compared to $122.0M in 1996.
CGI Inc. (GIB) is profitable, generating $1.66B in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
CGI Inc. (GIB) reported an operating income of $3.28B, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CGI Inc. (GIB) generated $3.29B in gross profit for the year, representing a gross profit margin of 20.7%. This demonstrates the company's core pricing power and production efficiency.