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ACN Q2 FY2026 Earnings: $0.25 Hidden EPS Drag Masks 13% Operating Beat

Accenture beat Q2 FY2026 estimates with $18.04 billion in revenue (+8% Y/Y) and $2.93 EPS — but the 10-Q tells a different story. Below-the-line headwinds from a 390-basis-point tax rate spike and an unexplained $84.5 million non-operating swing consumed $0.25 per share of the $0.30 operating improvement investors didn't see. Meanwhile, EMEA's operating margin collapsed to 10.30% in a quarter with zero restructuring costs — worse than Q1's 12.99% which included $170 million in business optimization charges. The headline 'beat and raise' masks a business where 85% of revenue is growing at low-single-digit local currency rates and the post-restructuring margin recovery thesis faces its first real test.

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10 min

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