Capgemini vs NEC: Revenue, Profit and Business Model
Capgemini had ~$25.4B of annual revenue in FY2025 and ~$1.8B of net income. NEC had ~$24B of annual revenue in FY2026 and ~$1.8B of net income.
Latest financial snapshot
Financial summary
Capgemini
Capgemini reports in euros; approximate US-dollar figures in summary cards are conversions, not figures from its filing. The group reported €22.465 billion of FY2025 revenue, up 1.7% as reported and 3.4% at constant exchange rates. Its company-defined operating margin was €2.983 billion, or 13.3% of revenue; operating profit after other operating items was €2.199 billion, or 9.8%. Net profit attributable to the Group was €1.601 billion and company-defined organic free cash flow was €1.949 billion. In H1 2026, revenue was €12.082 billion, up 8.8% reported and 11.3% at constant exchange rates. Operating margin rose year over year from 12.4% to 12.5% (€1.506 billion), while operating profit fell to €878 million (7.3%) and Group-share net profit fell to €498 million. H1 organic free cash flow was €37 million. Capgemini's 2026 targets of 8.5%–9.0% constant-currency revenue growth and 13.6%–13.8% operating margin are management forecasts, not reported full-year results. WNS and Cloud4C contributed materially to growth after their 2025 acquisitions.
NEC
NEC's numbers show a company trading revenue for margin. Revenue moved from ~$20.2 billion (3,014.1 billion yen) in FY22/3 to ~$24 billion (3,582.7 billion yen) in FY26/3, but the bigger change was profitability: FY26/3 adjusted operating profit reached ~$2.59 billion (386.8 billion yen) (10.8% margin, up 2.4 points), net profit attributable to owners was ~$1.81 billion (270.2 billion yen), and non-GAAP net profit was ~$1.87 billion (279.8 billion yen), a record under IFRS. Momentum carried into FY27/3: first-quarter revenue rose 14.5% to ~$5.49 billion (819.8 billion yen), net profit was ~$333 million (49.7 billion yen), and NEC raised full-year guidance to ~$23.7 billion (3,540 billion yen) revenue and ~$2.88 billion (430 billion yen) adjusted operating profit. NEC Corporation is a colossal Japanese multinational information technology and electronics company, maintaining a robust market valuation typically over $20 billion.
Revenue and profit by year
Capgemini
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$25.4B | ~$1.8B | 7.1% | +1.7% | Source |
| FY2024 | ~$25B | ~$1.9B | 7.6% | -1.9% | Source |
| FY2023 | ~$25.4B | ~$1.9B | 7.4% | +2.4% | Source |
| FY2022 | ~$24.9B | ~$1.7B | 7.0% | +21.1% | Source |
| FY2021 | ~$20.5B | ~$1.3B | 6.4% | +14.6% | Source |
| FY2020 | ~$17.9B | — | — | +12.2% | Source |
| FY2019 | ~$16B | — | — | +7.0% | Source |
| FY2018 | ~$14.9B | — | — | +3.2% | Source |
| FY2017 | ~$14.5B | — | — | +2.0% | Source |
| FY2016 | ~$14.2B | — | — | — | Source |
Where the revenue comes from
Capgemini
- Applications & Technology63%
Cloud, data & AI, ERP and custom software services (2025).
- Operations & Engineering29%
Capgemini Engineering, cloud infrastructure and digital business process services incl. WNS (2025).
- Strategy & Transformation8%
Capgemini Invent consulting and design (2025).
NEC
- IT Services70.0%
FY26/3 revenue was ~$16.8 billion (2,508.9 billion yen), including Domestic IT and International digital government/digital finance work.
- Social Infrastructure26.1%
FY26/3 revenue was ~$6.27 billion (935.3 billion yen), including telecom services and aerospace/national security systems.
- Others3.9%
FY26/3 other revenue was ~$928 million (138.5 billion yen).
Business model and strategy
Capgemini
How it makes money
Capgemini earns fees for people and outcomes rather than selling software licences. Clients pay through time-and-materials contracts, fixed-price projects and multi-year managed-services agreements. Strategy & Transformation (8% of 2025 revenue) covers Capgemini Invent's consulting work. Applications & Technology (63%) covers cloud, data and AI, ERP and custom software.
Growth strategy
Capgemini grows through a mix of organic AI-led demand and sizeable acquisitions. Recent deals include Altran (2020, about $4.07 billion (€3.6 billion) equity value), Syniti (2024, SAP data migration), WNS (2025, $3.3 billion cash, business process services) and Cloud4C (2025, managed cloud).
Competitive advantage
Capgemini's edge is breadth: it can take a client from strategy (Capgemini Invent) through software and cloud delivery to product engineering (Capgemini Engineering) and outsourced operations (WNS), all under one contract. It has deep relationships with European industrial and public-sector clients, a large offshore delivery base, and alliances with Microsoft, AWS, Google Cloud and SAP.
NEC
How it makes money
NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers. In FY26/3 (year ended March 31, 2026), IT Services produced ~$16.8 billion (2,508.9 billion yen), about 70% of revenue: system integration, managed services and the BluStellar DX offering in Japan, plus digital government and digital finance software abroad through subsidiaries such as Avaloq, KMD a…
Growth strategy
Under its 2025 Mid-term Management Plan, which NEC says it achieved in FY26/3, the company prioritized digital government and digital finance, 5G, and core DX (now branded BluStellar) as growth businesses while monitoring and pruning low-profit work.
Competitive advantage
NEC's edge comes from decades of trusted delivery to Japanese ministries, municipalities, the Ministry of Defense and NTT-group carriers, which makes it hard to displace on security-sensitive systems. Its face and fingerprint algorithms have repeatedly placed at or near the top of US NIST benchmark tests, which supports border-control and airport contracts abroad.
Questions about Capgemini vs NEC
Which company has higher revenue — Capgemini or NEC Corporation?
Capgemini had ~$25.4B (FY2025), while NEC Corporation had ~$24B (FY2026). By latest annual revenue, Capgemini is the larger business, with NEC Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Capgemini vs NEC Corporation?
NEC Corporation has a market capitalisation of $40.2B. A public market cap figure for Capgemini was not available (it may be privately held).
How does revenue per employee compare for Capgemini and NEC Corporation?
Capgemini has $61k / employee in revenue per employee, while NEC Corporation has $236k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Capgemini and NEC Corporation make money?
Capgemini and NEC Corporation generate revenue in fundamentally different ways. Capgemini: Capgemini earns fees for people and outcomes rather than selling software licences. NEC Corporation: NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers.
Is Capgemini bigger than NEC Corporation?
By last reported revenue, Capgemini (~$25.4B (FY2025)) is the larger company compared to NEC Corporation (~$24B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Capgemini vs NEC overview