WNS (WNS) Q4 2025 earnings summary

Executive summary

• Fiscal Q4 revenue was $323.3M, up 1.3% sequentially (2.6% constant currency), with margin expansion and strong free cash flow; full-year net revenue was $1,266M, down 1.5% reported and 1.7% constant currency.

• Q4 profit rose to $50.8M from $14.5M YoY, aided by a $12.2M facility asset sale and tax reversal; full-year profit was $170.1M, up from $147.5M.

• Nine new clients and 50 relationship expansions in Q4; two large transformational deals in banking/financial services and travel expected to generate revenue in H1 FY26.

• Acquisition of Kipi.ai enhances data management, AI, and analytics capabilities, adding 600+ employees and over 250 accelerators and solutions.

• Investments in leadership and M&A (Vuram, The Smart Cube, OptiBuy, Kipi.ai) have strengthened digital and AI-led offerings.

Financial highlights

• Q4 net revenue: $323.3M, down 0.8% YoY, up 1.3% sequentially (2.6% constant currency); full-year net revenue: $1,266M, down 1.5% YoY.

• Q4 adjusted operating margin: 21.4% (vs. 20.9% YoY, 19.3% prior quarter); Q4 adjusted net income: $66.2M (vs. $53.9M YoY); adjusted diluted EPS: $1.45 (vs. $1.12 YoY).

• FY25 adjusted net income: $208.7M, down 4% YoY; adjusted EPS: $4.55, up 3% YoY due to a 7% lower share count from repurchases.

• Non-recurring benefits (tax reversal, facility sale) contributed $21M to adjusted net income and $0.46 to adjusted EPS.

• Q4 cash/investments: $267.4M; debt: $243.5M; net cash: $24M at year-end.

Outlook and guidance

• FY26 net revenue guidance: $1.352B–$1.404B, 7–11% YoY growth (reported and constant currency), with 90% visibility to midpoint.

• Kipi.ai expected to contribute ~2% to revenue, neutral to adjusted EPS.

• FY26 adjusted net income guidance: $199M–$211M; adjusted EPS: $4.43–$4.70, up >11% YoY excluding FY25 one-time benefits.

• FY26 capex expected up to $65M.

• Operating margin expected to be flat YoY at ~19.5%, with Q1 margin soft at 17–17.5% due to productivity and wage headwinds, improving through the year.