Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Accenture PLC, solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
The analyzed period reveals a strategic shift in the capital structure, characterized by a transition from a virtually debt-free position to a progressive increase in leverage. While traditional debt ratios remained negligible through mid-2023, an upward trend emerged starting in late 2023, culminating in a significant increase in borrowed capital by August 2026.
- Traditional Debt Ratios
- Debt to equity, debt to capital, and debt to assets ratios remained at or near zero from November 2021 through May 2023. A measurable increase began in August 2023, with a notable escalation in November 2024, where debt to equity reached 0.18. This trend peaked in August 2026, with debt to equity rising to 0.32 and debt to assets reaching 0.14, indicating a deliberate expansion of the company's debt obligations relative to its equity and asset base.
- Lease-Adjusted Solvency
- When incorporating operating lease liabilities, the solvency profile demonstrates a more consistent baseline of obligations. The debt to equity ratio including leases fluctuated between 0.12 and 0.17 until November 2024, when it rose to 0.28. Consistent with traditional debt metrics, this ratio experienced a sharp increase to 0.42 by August 2026, suggesting that lease liabilities remain a central component of the total liability structure even as traditional debt increases.
- Financial Leverage and Asset Utilization
- Financial leverage remained relatively stable, oscillating between 1.89 and 2.16 for the majority of the period. However, a clear rising trend is observed in the final quarters, with leverage increasing to 2.33 by August 2026. This indicates a heightened reliance on debt to finance assets toward the end of the analyzed timeframe.
- Interest Servicing Capacity
- A stark divergence is observed in the interest coverage ratio. Initially, the capacity to service interest was exceptionally high, peaking at 220.23 in May 2023. From August 2023 onward, a consistent and steep decline is evident, with the ratio falling to 38.48 by August 2026. This substantial reduction in coverage, occurring in tandem with rising debt levels, indicates a significant increase in interest expenses relative to operating earnings.
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Debt to Equity
Accenture PLC, debt to equity calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Total Accenture plc shareholders’ equity | 31,567,256) | 31,890,566) | 31,210,676) | 30,867,503) | 31,195,446) | 30,554,725) | 29,246,053) | 29,190,495) | 28,288,646) | 27,744,489) | 27,122,853) | 26,676,751) | 25,692,839) | 25,332,431) | 23,762,619) | 22,974,611) | 22,106,097) | 21,389,094) | 20,560,023) | 20,353,199) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.32 | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.04 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.54 | 0.58 | 0.54 | 0.53 | 0.53 | 0.54 | 0.47 | 0.40 | 0.39 | 0.38 | 0.24 | 0.22 | 0.23 | 0.24 | 0.26 | 0.29 | 0.29 | 0.30 | 0.30 | ||||||
| AppLovin Corp. | — | — | 1.11 | 1.49 | 1.65 | 2.38 | 3.01 | 6.45 | 3.22 | 3.74 | 4.32 | 4.64 | 2.48 | 2.85 | 2.11 | 1.69 | 1.69 | 1.71 | 1.69 | 1.60 | ||||||
| Cadence Design Systems Inc. | — | 0.38 | 0.36 | 0.44 | 0.45 | 0.48 | 0.49 | 0.52 | 0.53 | 0.62 | 0.32 | 0.18 | 0.19 | 0.21 | 0.22 | 0.23 | 0.27 | 0.29 | 0.13 | 0.13 | ||||||
| Datadog Inc. | — | — | 0.23 | 0.25 | 0.26 | 0.29 | 0.31 | 0.55 | 0.59 | 0.28 | 0.31 | 0.34 | 0.37 | 0.41 | 0.45 | 0.49 | 0.52 | 0.57 | 0.61 | 0.66 | ||||||
| International Business Machines Corp. | — | 1.80 | 1.80 | 2.01 | 1.88 | 2.26 | 2.33 | 2.35 | 2.01 | 2.31 | 2.35 | 2.56 | 2.51 | 2.39 | 2.59 | 2.72 | 2.32 | 2.53 | 2.59 | 2.85 | ||||||
| Intuit Inc. | 0.40 | 0.30 | 0.32 | 0.32 | 0.30 | 0.32 | 0.35 | 0.34 | 0.33 | 0.32 | 0.35 | 0.35 | 0.35 | 0.38 | 0.45 | 0.43 | 0.42 | 0.40 | 0.43 | 0.21 | ||||||
| Microsoft Corp. | 0.09 | 0.10 | 0.10 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.32 | 0.23 | 0.25 | 0.26 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | ||||||
| Oracle Corp. | 3.05 | 3.50 | 3.61 | 3.78 | 4.53 | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | 0.06 | 0.05 | 0.00 | 0.00 | 0.00 | 0.05 | 0.08 | 0.11 | 0.19 | 0.26 | 0.42 | 0.90 | 1.14 | 2.99 | 5.05 | 7.24 | 17.51 | 10.89 | 31.19 | 7.08 | ||||||
| Salesforce Inc. | 0.24 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.19 | 0.24 | 0.06 | ||||||
| ServiceNow Inc. | — | 0.57 | 0.60 | 0.13 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.21 | 0.21 | 0.27 | 0.30 | 0.33 | 0.35 | 0.39 | ||||||
| Synopsys Inc. | — | 0.32 | 0.33 | 0.33 | 0.48 | 0.52 | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.38 | 0.34 | 0.33 | 0.33 | 0.33 | 0.35 | 0.36 | 0.37 | 0.37 | 0.45 | 0.47 | 0.50 | 0.53 | 0.55 | 0.80 | 0.86 | 0.41 | 0.44 | 0.48 | 0.55 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to equity = Total debt ÷ Total Accenture plc shareholders’ equity
= 10,111,758 ÷ 31,567,256 = 0.32
2 Click competitor name to see calculations.
The analyzed period reveals a strategic transition in the company's capital structure, moving from a virtually debt-free position to a moderately leveraged framework. While shareholders' equity grew consistently, total debt experienced several step-wise increases, leading to a gradual rise in the solvency ratio.
- Shareholders' Equity Trend
- Total shareholders' equity demonstrated a steady and consistent upward trajectory. Starting at 20.35 billion USD in November 2021, equity grew to 31.89 billion USD by May 2026. This continuous growth indicates a strengthening of the company's equity base, which has served as a buffer against the increasing debt loads observed in the later stages of the period.
- Total Debt Volatility
- Debt levels remained marginal and stable between November 2021 and May 2023, fluctuating below 65 million USD. A shift occurred in August 2023, with debt rising to 147.9 million USD. Significant escalations followed: a spike to 1.68 billion USD in May 2024, a subsequent increase to 5.15 billion USD in November 2024, and a final sharp increase to 10.11 billion USD by August 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained at 0.00 for the first six quarters of the data set, reflecting minimal leverage. The ratio began a measured ascent in August 2023 (0.01) and May 2024 (0.06). Between November 2024 and May 2026, the ratio plateaued and stabilized within the 0.16 to 0.18 range. The period concluded with a significant increase to 0.32 in August 2026, coinciding with the most substantial increase in total debt.
In summary, the company has shifted its financing strategy to incorporate higher levels of debt. However, because the growth in shareholders' equity has remained robust, the overall debt to equity ratio has remained relatively low, suggesting that the increase in leverage has been managed in proportion to the company's expanding equity base.
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Debt to Equity (including Operating Lease Liability)
Accenture PLC, debt to equity (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Current operating lease liabilities | 768,373) | 750,922) | 754,699) | 729,244) | 729,003) | 724,278) | 691,158) | 709,964) | 726,202) | 680,484) | 682,553) | 683,628) | 690,417) | 690,584) | 700,570) | 707,863) | 707,598) | 733,805) | 728,381) | 738,285) | ||||||
| Non-current operating lease liabilities | 2,516,859) | 2,495,583) | 2,448,283) | 2,327,433) | 2,305,210) | 2,289,941) | 2,211,882) | 2,282,652) | 2,369,490) | 2,242,156) | 2,293,252) | 2,249,466) | 2,310,714) | 2,351,375) | 2,451,961) | 2,537,632) | 2,563,090) | 2,694,489) | 2,763,519) | 2,674,020) | ||||||
| Total debt (including operating lease liability) | 13,396,990) | 8,388,770) | 8,347,367) | 8,201,999) | 8,182,866) | 8,165,258) | 8,060,330) | 8,146,397) | 4,120,549) | 4,601,543) | 3,158,581) | 3,080,222) | 3,149,034) | 3,096,213) | 3,208,501) | 3,300,047) | 3,325,756) | 3,488,608) | 3,553,144) | 3,477,278) | ||||||
| Total Accenture plc shareholders’ equity | 31,567,256) | 31,890,566) | 31,210,676) | 30,867,503) | 31,195,446) | 30,554,725) | 29,246,053) | 29,190,495) | 28,288,646) | 27,744,489) | 27,122,853) | 26,676,751) | 25,692,839) | 25,332,431) | 23,762,619) | 22,974,611) | 22,106,097) | 21,389,094) | 20,560,023) | 20,353,199) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.42 | 0.26 | 0.27 | 0.27 | 0.26 | 0.27 | 0.28 | 0.28 | 0.15 | 0.17 | 0.12 | 0.12 | 0.12 | 0.12 | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | 0.17 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.57 | 0.61 | 0.58 | 0.57 | 0.56 | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 | 0.29 | 0.33 | 0.32 | 0.33 | 0.34 | ||||||
| Datadog Inc. | — | — | 0.29 | 0.32 | 0.34 | 0.37 | 0.40 | 0.64 | 0.68 | 0.37 | 0.40 | 0.43 | 0.45 | 0.49 | 0.54 | 0.56 | 0.59 | 0.65 | 0.67 | 0.72 | ||||||
| International Business Machines Corp. | — | 1.89 | 1.89 | 2.12 | 1.98 | 2.39 | 2.46 | 2.49 | 2.14 | 2.46 | 2.49 | 2.70 | 2.66 | 2.54 | 2.72 | 2.85 | 2.46 | 2.68 | 2.75 | 3.02 | ||||||
| Intuit Inc. | 0.44 | 0.33 | 0.36 | 0.35 | 0.33 | 0.35 | 0.38 | 0.37 | 0.35 | 0.34 | 0.38 | 0.37 | 0.38 | 0.40 | 0.48 | 0.47 | 0.45 | 0.43 | 0.46 | 0.25 | ||||||
| Microsoft Corp. | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.19 | 0.21 | 0.21 | 0.25 | 0.32 | 0.37 | 0.39 | 0.29 | 0.31 | 0.33 | 0.35 | 0.37 | 0.38 | 0.40 | 0.42 | ||||||
| Oracle Corp. | 3.67 | 3.98 | 4.15 | 4.36 | 5.09 | 5.75 | 6.45 | 7.81 | 9.98 | 15.65 | 22.97 | 37.53 | 84.33 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | ||||||
| Palo Alto Networks Inc. | 0.09 | 0.07 | 0.04 | 0.04 | 0.04 | 0.10 | 0.14 | 0.17 | 0.26 | 0.34 | 0.50 | 1.02 | 1.30 | 3.20 | 5.42 | 7.80 | 18.82 | 11.70 | 33.58 | 7.65 | ||||||
| Salesforce Inc. | 0.29 | 0.19 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.25 | 0.30 | 0.14 | ||||||
| ServiceNow Inc. | — | 0.64 | 0.68 | 0.21 | 0.19 | 0.21 | 0.22 | 0.24 | 0.24 | 0.24 | 0.26 | 0.28 | 0.30 | 0.31 | 0.32 | 0.40 | 0.44 | 0.47 | 0.51 | 0.55 | ||||||
| Synopsys Inc. | — | 0.35 | 0.36 | 0.36 | 0.50 | 0.55 | 1.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | ||||||
| Workday Inc. | 0.49 | 0.43 | 0.41 | 0.38 | 0.37 | 0.39 | 0.40 | 0.41 | 0.41 | 0.49 | 0.52 | 0.55 | 0.58 | 0.60 | 0.86 | 0.92 | 0.46 | 0.51 | 0.56 | 0.63 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Accenture plc shareholders’ equity
= 13,396,990 ÷ 31,567,256 = 0.42
2 Click competitor name to see calculations.
The analysis of solvency metrics indicates a period of initial stability followed by two distinct phases of debt expansion. While shareholders' equity demonstrated consistent growth throughout the entire period, total debt experienced significant volatility, leading to a tiered increase in the debt-to-equity ratio.
- Initial Solvency Strengthening (November 2021 – February 2024)
- During this period, a trend of improving solvency was observed. Total debt decreased from approximately 3.48 billion USD to a low of 3.08 billion USD in November 2023. Concurrently, shareholders' equity grew steadily from 20.35 billion USD to 27.12 billion USD. This combination of declining liabilities and increasing equity resulted in the debt-to-equity ratio compressing from 0.17 to a period low of 0.12.
- Intermediate Debt Expansion (May 2024 – May 2026)
- A shift in the capital structure occurred starting in May 2024, characterized by a sharp increase in total debt to 4.60 billion USD, which further accelerated in November 2024 to 8.15 billion USD. Debt levels remained relatively plateaued between 8.06 billion USD and 8.39 billion USD through May 2026. Although equity continued to climb toward 31.89 billion USD, the magnitude of the debt increase pushed the debt-to-equity ratio upward, stabilizing in a range between 0.26 and 0.28.
- Recent Leverage Surge (August 2026)
- A significant increase in leverage is evident in the final reported period. Total debt rose sharply to 13.40 billion USD, while shareholders' equity experienced a slight contraction to 31.57 billion USD. This divergence resulted in the debt-to-equity ratio peaking at 0.42, the highest level recorded across the analyzed timeframe.
In summary, the long-term trajectory shows a transition from a highly conservative capital structure with minimal leverage to a more aggressive financing posture. The consistent growth in equity provided a buffer, but the rapid escalation of debt in the later periods has substantially increased the company's reliance on borrowed capital relative to equity.
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Debt to Capital
Accenture PLC, debt to capital calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Total Accenture plc shareholders’ equity | 31,567,256) | 31,890,566) | 31,210,676) | 30,867,503) | 31,195,446) | 30,554,725) | 29,246,053) | 29,190,495) | 28,288,646) | 27,744,489) | 27,122,853) | 26,676,751) | 25,692,839) | 25,332,431) | 23,762,619) | 22,974,611) | 22,106,097) | 21,389,094) | 20,560,023) | 20,353,199) | ||||||
| Total capital | 41,679,014) | 37,032,831) | 36,355,061) | 36,012,825) | 36,344,099) | 35,705,764) | 34,403,343) | 34,344,276) | 29,313,503) | 29,423,392) | 27,305,629) | 26,823,879) | 25,840,742) | 25,386,685) | 23,818,589) | 23,029,163) | 22,161,165) | 21,449,408) | 20,621,267) | 20,418,172) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.24 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.03 | 0.06 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.35 | 0.37 | 0.35 | 0.35 | 0.35 | 0.35 | 0.32 | 0.29 | 0.28 | 0.27 | 0.19 | 0.18 | 0.19 | 0.20 | 0.20 | 0.23 | 0.22 | 0.23 | 0.23 | ||||||
| AppLovin Corp. | — | — | 0.53 | 0.60 | 0.62 | 0.70 | 0.75 | 0.87 | 0.76 | 0.79 | 0.81 | 0.82 | 0.71 | 0.74 | 0.68 | 0.63 | 0.63 | 0.63 | 0.63 | 0.62 | ||||||
| Cadence Design Systems Inc. | — | 0.28 | 0.27 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | 0.35 | 0.38 | 0.24 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.23 | 0.12 | 0.11 | ||||||
| Datadog Inc. | — | — | 0.18 | 0.20 | 0.21 | 0.22 | 0.23 | 0.36 | 0.37 | 0.22 | 0.24 | 0.25 | 0.27 | 0.29 | 0.31 | 0.33 | 0.34 | 0.36 | 0.38 | 0.40 | ||||||
| International Business Machines Corp. | — | 0.64 | 0.64 | 0.67 | 0.65 | 0.69 | 0.70 | 0.70 | 0.67 | 0.70 | 0.70 | 0.72 | 0.72 | 0.71 | 0.72 | 0.73 | 0.70 | 0.72 | 0.72 | 0.74 | ||||||
| Intuit Inc. | 0.29 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.26 | 0.25 | 0.25 | 0.24 | 0.26 | 0.26 | 0.26 | 0.27 | 0.31 | 0.30 | 0.30 | 0.29 | 0.30 | 0.17 | ||||||
| Microsoft Corp. | 0.08 | 0.09 | 0.09 | 0.11 | 0.11 | 0.12 | 0.13 | 0.14 | 0.16 | 0.21 | 0.24 | 0.24 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.26 | ||||||
| Oracle Corp. | 0.75 | 0.78 | 0.78 | 0.79 | 0.82 | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | ||||||
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | 0.06 | 0.05 | 0.00 | 0.00 | 0.00 | 0.05 | 0.08 | 0.10 | 0.16 | 0.21 | 0.29 | 0.47 | 0.53 | 0.75 | 0.83 | 0.88 | 0.95 | 0.92 | 0.97 | 0.88 | ||||||
| Salesforce Inc. | 0.20 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.06 | ||||||
| ServiceNow Inc. | — | 0.36 | 0.38 | 0.11 | 0.10 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.21 | 0.23 | 0.25 | 0.26 | 0.28 | ||||||
| Synopsys Inc. | — | 0.24 | 0.25 | 0.25 | 0.32 | 0.34 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.28 | 0.25 | 0.25 | 0.25 | 0.25 | 0.26 | 0.26 | 0.27 | 0.27 | 0.31 | 0.32 | 0.33 | 0.35 | 0.35 | 0.45 | 0.46 | 0.29 | 0.30 | 0.32 | 0.35 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,111,758 ÷ 41,679,014 = 0.24
2 Click competitor name to see calculations.
The analysis of solvency indicators reveals a strategic transition from a virtually debt-free capital structure to a more leveraged financial position over the observed period. Total capital demonstrated a consistent and steady upward trajectory, growing from approximately $20.4 billion in November 2021 to $41.7 billion by August 2026. This expansion of the capital base occurred concurrently with several distinct phases of debt accumulation.
- Debt Accumulation Patterns
- Total debt remained negligible, fluctuating between $54 million and $65 million, from November 2021 through May 2023. A series of significant escalations followed: an initial increase to $147.9 million in August 2023, followed by a surge to $1.68 billion in May 2024. A second major expansion occurred in November 2024, bringing total debt to $5.15 billion, a level that remained remarkably stable until August 2026, when debt spiked to $10.11 billion.
- Debt to Capital Ratio Analysis
- The debt to capital ratio mirrors these fluctuations in borrowing. For the first six quarters of the analysis, the ratio remained at 0.00, indicating an almost entirely equity-funded capital structure. The ratio entered a period of volatility between 0.01 and 0.06 from August 2023 through August 2024. A new plateau was established between November 2024 and May 2026, with the ratio stabilizing between 0.14 and 0.15. The period concluded with a sharp increase to 0.24 in August 2026, reflecting the most significant shift in leverage relative to total capital.
- Capitalization and Solvency Correlation
- The continuous growth in total capital served as a primary buffer against the rising debt levels. While total debt increased exponentially, the simultaneous doubling of total capital prevented a more aggressive spike in the debt to capital ratio. The final movement to 0.24 suggests a deliberate shift in the financing mix, increasing the proportion of debt within the total capital structure while maintaining a substantially larger overall capital base than was present at the start of the period.
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Debt to Capital (including Operating Lease Liability)
Accenture PLC, debt to capital (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Current operating lease liabilities | 768,373) | 750,922) | 754,699) | 729,244) | 729,003) | 724,278) | 691,158) | 709,964) | 726,202) | 680,484) | 682,553) | 683,628) | 690,417) | 690,584) | 700,570) | 707,863) | 707,598) | 733,805) | 728,381) | 738,285) | ||||||
| Non-current operating lease liabilities | 2,516,859) | 2,495,583) | 2,448,283) | 2,327,433) | 2,305,210) | 2,289,941) | 2,211,882) | 2,282,652) | 2,369,490) | 2,242,156) | 2,293,252) | 2,249,466) | 2,310,714) | 2,351,375) | 2,451,961) | 2,537,632) | 2,563,090) | 2,694,489) | 2,763,519) | 2,674,020) | ||||||
| Total debt (including operating lease liability) | 13,396,990) | 8,388,770) | 8,347,367) | 8,201,999) | 8,182,866) | 8,165,258) | 8,060,330) | 8,146,397) | 4,120,549) | 4,601,543) | 3,158,581) | 3,080,222) | 3,149,034) | 3,096,213) | 3,208,501) | 3,300,047) | 3,325,756) | 3,488,608) | 3,553,144) | 3,477,278) | ||||||
| Total Accenture plc shareholders’ equity | 31,567,256) | 31,890,566) | 31,210,676) | 30,867,503) | 31,195,446) | 30,554,725) | 29,246,053) | 29,190,495) | 28,288,646) | 27,744,489) | 27,122,853) | 26,676,751) | 25,692,839) | 25,332,431) | 23,762,619) | 22,974,611) | 22,106,097) | 21,389,094) | 20,560,023) | 20,353,199) | ||||||
| Total capital (including operating lease liability) | 44,964,246) | 40,279,336) | 39,558,043) | 39,069,502) | 39,378,312) | 38,719,983) | 37,306,383) | 37,336,892) | 32,409,195) | 32,346,032) | 30,281,434) | 29,756,973) | 28,841,873) | 28,428,644) | 26,971,120) | 26,274,658) | 25,431,853) | 24,877,702) | 24,113,167) | 23,830,477) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.30 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.13 | 0.14 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.15 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.37 | 0.38 | 0.37 | 0.36 | 0.36 | 0.36 | 0.33 | 0.30 | 0.29 | 0.29 | 0.21 | 0.20 | 0.21 | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 | ||||||
| Datadog Inc. | — | — | 0.23 | 0.24 | 0.26 | 0.27 | 0.28 | 0.39 | 0.40 | 0.27 | 0.29 | 0.30 | 0.31 | 0.33 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | ||||||
| International Business Machines Corp. | — | 0.65 | 0.65 | 0.68 | 0.66 | 0.70 | 0.71 | 0.71 | 0.68 | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 | 0.73 | 0.74 | 0.71 | 0.73 | 0.73 | 0.75 | ||||||
| Intuit Inc. | 0.31 | 0.25 | 0.26 | 0.26 | 0.25 | 0.26 | 0.28 | 0.27 | 0.26 | 0.25 | 0.28 | 0.27 | 0.28 | 0.29 | 0.32 | 0.32 | 0.31 | 0.30 | 0.31 | 0.20 | ||||||
| Microsoft Corp. | 0.11 | 0.12 | 0.13 | 0.14 | 0.15 | 0.16 | 0.17 | 0.18 | 0.20 | 0.24 | 0.27 | 0.28 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.27 | 0.29 | 0.29 | ||||||
| Oracle Corp. | 0.79 | 0.80 | 0.81 | 0.81 | 0.84 | 0.85 | 0.87 | 0.89 | 0.91 | 0.94 | 0.96 | 0.97 | 0.99 | 1.03 | 1.05 | 1.07 | 1.09 | 1.12 | 1.15 | 1.02 | ||||||
| Palantir Technologies Inc. | — | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | ||||||
| Palo Alto Networks Inc. | 0.08 | 0.07 | 0.04 | 0.04 | 0.04 | 0.09 | 0.12 | 0.15 | 0.21 | 0.26 | 0.33 | 0.51 | 0.56 | 0.76 | 0.84 | 0.89 | 0.95 | 0.92 | 0.97 | 0.88 | ||||||
| Salesforce Inc. | 0.23 | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.23 | 0.13 | ||||||
| ServiceNow Inc. | — | 0.39 | 0.40 | 0.17 | 0.16 | 0.18 | 0.18 | 0.19 | 0.19 | 0.19 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.29 | 0.31 | 0.32 | 0.34 | 0.36 | ||||||
| Synopsys Inc. | — | 0.26 | 0.26 | 0.26 | 0.34 | 0.35 | 0.52 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.10 | ||||||
| Workday Inc. | 0.33 | 0.30 | 0.29 | 0.28 | 0.27 | 0.28 | 0.29 | 0.29 | 0.29 | 0.33 | 0.34 | 0.35 | 0.37 | 0.38 | 0.46 | 0.48 | 0.32 | 0.34 | 0.36 | 0.39 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 13,396,990 ÷ 44,964,246 = 0.30
2 Click competitor name to see calculations.
The solvency profile exhibits three distinct phases characterized by an initial period of deleveraging, a significant structural increase in debt, and a final sharp escalation in leverage. Over the observed period, the debt to capital ratio transitioned from a low of 0.10 to a peak of 0.30, reflecting a strategic shift in the capital structure.
- Initial Deleveraging Phase (November 2021 – February 2024)
- A consistent downward trend in the debt to capital ratio is observed during this period, decreasing from 0.15 to 0.10. This decline was driven by a combination of marginally reducing total debt—which fell from approximately 3.48 billion to 3.16 billion—and a steady expansion of total capital, which grew from 23.83 billion to 30.28 billion. This phase indicates a strengthening of the solvency position and a reduction in reliance on borrowed funds relative to the overall capital base.
- First Leverage Expansion (May 2024 – November 2024)
- A significant pivot occurs in mid-2024, marked by a rapid increase in total debt. Between February 2024 and November 2024, total debt rose from 3.16 billion to 8.15 billion. Consequently, the debt to capital ratio jumped from 0.10 to 0.22. While total capital also increased during this window, the growth in liabilities far outpaced the growth in capital, resulting in a higher leverage profile.
- Period of Stabilization (February 2025 – May 2026)
- Following the initial spike, the solvency ratio entered a period of relative stability, fluctuating narrowly between 0.21 and 0.22. Total debt remained steady, hovering around 8.1 billion to 8.4 billion, while total capital continued a gradual ascent from 37.3 billion to 40.3 billion. This suggests a phase of consolidation where new debt issuance was limited and capital growth offset minor increases in liabilities.
- Final Leverage Spike (August 2026)
- The final period is characterized by a substantial increase in both total debt and total capital. Total debt rose sharply to 13.40 billion, leading the debt to capital ratio to reach its highest point in the sequence at 0.30. This indicates a significant shift in the financing strategy or a large-scale acquisition/investment funded by debt, doubling the leverage ratio compared to the 2024 lows.
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Debt to Assets
Accenture PLC, debt to assets calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Total assets | 73,597,792) | 68,806,561) | 67,064,216) | 64,698,463) | 65,394,897) | 63,362,028) | 59,869,756) | 59,868,070) | 55,932,363) | 54,141,319) | 51,307,471) | 51,531,354) | 51,245,305) | 50,128,275) | 47,727,289) | 47,115,774) | 47,263,390) | 46,095,198) | 44,317,837) | 43,674,743) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.14 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | 0.22 | 0.21 | 0.19 | 0.19 | 0.19 | 0.13 | 0.12 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | ||||||
| AppLovin Corp. | — | — | 0.43 | 0.46 | 0.48 | 0.55 | 0.59 | 0.65 | 0.60 | 0.64 | 0.67 | 0.67 | 0.58 | 0.62 | 0.58 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | ||||||
| Cadence Design Systems Inc. | — | 0.22 | 0.21 | 0.24 | 0.24 | 0.26 | 0.26 | 0.27 | 0.28 | 0.31 | 0.19 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.15 | 0.16 | 0.08 | 0.08 | ||||||
| Datadog Inc. | — | — | 0.13 | 0.14 | 0.15 | 0.16 | 0.17 | 0.27 | 0.28 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 | 0.22 | 0.24 | 0.25 | 0.26 | 0.28 | 0.29 | ||||||
| International Business Machines Corp. | — | 0.41 | 0.41 | 0.42 | 0.40 | 0.43 | 0.43 | 0.43 | 0.40 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.40 | 0.40 | 0.39 | 0.41 | ||||||
| Intuit Inc. | 0.21 | 0.16 | 0.18 | 0.18 | 0.16 | 0.18 | 0.20 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.24 | 0.26 | 0.14 | ||||||
| Microsoft Corp. | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.14 | 0.16 | 0.16 | 0.11 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.16 | ||||||
| Oracle Corp. | 0.49 | 0.55 | 0.53 | 0.51 | 0.55 | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | ||||||
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Palo Alto Networks Inc. | 0.04 | 0.03 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | 0.05 | 0.06 | 0.10 | 0.13 | 0.14 | 0.26 | 0.28 | 0.29 | 0.30 | 0.33 | 0.35 | 0.35 | ||||||
| Salesforce Inc. | 0.13 | 0.09 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 | 0.15 | 0.04 | ||||||
| ServiceNow Inc. | — | 0.24 | 0.24 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.13 | 0.13 | 0.14 | ||||||
| Synopsys Inc. | — | 0.21 | 0.21 | 0.21 | 0.28 | 0.30 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Workday Inc. | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.18 | 0.21 | 0.22 | 0.22 | 0.22 | 0.24 | 0.31 | 0.32 | 0.18 | 0.20 | 0.20 | 0.22 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 10,111,758 ÷ 73,597,792 = 0.14
2 Click competitor name to see calculations.
The solvency profile demonstrates a transition from a virtually debt-free capital structure to a period of increased leverage. From November 2021 through February 2024, total debt remained negligible relative to the asset base, resulting in a debt-to-assets ratio of 0.00. During this timeframe, total assets grew steadily from $43.67 billion to $51.31 billion, while debt levels stayed below $183 million.
- Leverage Inflection Points
- A significant shift in borrowing patterns occurred in May 2024, where total debt rose to $1.68 billion, lifting the debt-to-assets ratio to 0.03. This was followed by a substantial increase in November 2024, with debt reaching $5.15 billion and the ratio climbing to 0.09. A second major expansion in leverage is observed in August 2026, where total debt spiked to $10.11 billion, driving the debt-to-assets ratio to its peak of 0.14.
- Asset Growth and Ratio Stabilization
- Between November 2024 and May 2026, total debt remained relatively stable at approximately $5.14 billion. During this same interval, total assets continued a consistent upward trajectory, growing from $59.87 billion to $68.81 billion. This growth in the asset base exerted a downward pressure on the solvency ratio, which gradually declined from 0.09 to 0.07.
- Overall Solvency Trend
- The long-term trend indicates a strategic increase in the utilization of debt. While the company historically operated with minimal leverage, the recent trajectory shows a marked increase in total liabilities. Despite these increases, the debt-to-assets ratio remained below 0.15 throughout the entire period, suggesting that the growth in total assets has largely absorbed the impact of the increased borrowing.
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Debt to Assets (including Operating Lease Liability)
Accenture PLC, debt to assets (including operating lease liability) calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current portion of long-term debt and bank borrowings | 113,069) | 112,816) | 114,063) | 113,676) | 114,484) | 115,064) | 115,179) | 114,321) | 946,229) | 1,610,025) | 111,141) | 104,819) | 104,810) | 10,389) | 10,815) | 9,430) | 9,175) | 8,768) | 9,092) | 9,089) | ||||||
| Long-term debt, excluding current portion | 9,998,689) | 5,029,449) | 5,030,322) | 5,031,646) | 5,034,169) | 5,035,975) | 5,042,111) | 5,039,460) | 78,628) | 68,878) | 71,635) | 42,309) | 43,093) | 43,865) | 45,155) | 45,122) | 45,893) | 51,546) | 52,152) | 55,884) | ||||||
| Total debt | 10,111,758) | 5,142,265) | 5,144,385) | 5,145,322) | 5,148,653) | 5,151,039) | 5,157,290) | 5,153,781) | 1,024,857) | 1,678,903) | 182,776) | 147,128) | 147,903) | 54,254) | 55,970) | 54,552) | 55,068) | 60,314) | 61,244) | 64,973) | ||||||
| Current operating lease liabilities | 768,373) | 750,922) | 754,699) | 729,244) | 729,003) | 724,278) | 691,158) | 709,964) | 726,202) | 680,484) | 682,553) | 683,628) | 690,417) | 690,584) | 700,570) | 707,863) | 707,598) | 733,805) | 728,381) | 738,285) | ||||||
| Non-current operating lease liabilities | 2,516,859) | 2,495,583) | 2,448,283) | 2,327,433) | 2,305,210) | 2,289,941) | 2,211,882) | 2,282,652) | 2,369,490) | 2,242,156) | 2,293,252) | 2,249,466) | 2,310,714) | 2,351,375) | 2,451,961) | 2,537,632) | 2,563,090) | 2,694,489) | 2,763,519) | 2,674,020) | ||||||
| Total debt (including operating lease liability) | 13,396,990) | 8,388,770) | 8,347,367) | 8,201,999) | 8,182,866) | 8,165,258) | 8,060,330) | 8,146,397) | 4,120,549) | 4,601,543) | 3,158,581) | 3,080,222) | 3,149,034) | 3,096,213) | 3,208,501) | 3,300,047) | 3,325,756) | 3,488,608) | 3,553,144) | 3,477,278) | ||||||
| Total assets | 73,597,792) | 68,806,561) | 67,064,216) | 64,698,463) | 65,394,897) | 63,362,028) | 59,869,756) | 59,868,070) | 55,932,363) | 54,141,319) | 51,307,471) | 51,531,354) | 51,245,305) | 50,128,275) | 47,727,289) | 47,115,774) | 47,263,390) | 46,095,198) | 44,317,837) | 43,674,743) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.18 | 0.12 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.07 | 0.08 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 0.23 | 0.24 | 0.22 | 0.23 | 0.23 | 0.23 | 0.22 | 0.20 | 0.20 | 0.20 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | ||||||
| Datadog Inc. | — | — | 0.17 | 0.18 | 0.19 | 0.21 | 0.22 | 0.31 | 0.32 | 0.21 | 0.22 | 0.23 | 0.23 | 0.25 | 0.27 | 0.27 | 0.28 | 0.30 | 0.31 | 0.32 | ||||||
| International Business Machines Corp. | — | 0.43 | 0.43 | 0.45 | 0.43 | 0.45 | 0.46 | 0.46 | 0.43 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.46 | 0.42 | 0.43 | 0.42 | 0.43 | ||||||
| Intuit Inc. | 0.23 | 0.17 | 0.20 | 0.20 | 0.18 | 0.19 | 0.22 | 0.20 | 0.20 | 0.20 | 0.22 | 0.22 | 0.24 | 0.25 | 0.28 | 0.28 | 0.27 | 0.25 | 0.27 | 0.16 | ||||||
| Microsoft Corp. | 0.07 | 0.08 | 0.09 | 0.10 | 0.10 | 0.11 | 0.12 | 0.12 | 0.13 | 0.17 | 0.19 | 0.19 | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 | ||||||
| Oracle Corp. | 0.60 | 0.62 | 0.61 | 0.58 | 0.62 | 0.60 | 0.60 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 | 0.67 | 0.70 | 0.71 | 0.70 | 0.69 | 0.72 | 0.73 | 0.67 | ||||||
| Palantir Technologies Inc. | — | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | ||||||
| Palo Alto Networks Inc. | 0.05 | 0.04 | 0.01 | 0.01 | 0.01 | 0.03 | 0.04 | 0.05 | 0.07 | 0.09 | 0.12 | 0.15 | 0.16 | 0.28 | 0.30 | 0.32 | 0.32 | 0.36 | 0.38 | 0.38 | ||||||
| Salesforce Inc. | 0.15 | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.19 | 0.09 | ||||||
| ServiceNow Inc. | — | 0.26 | 0.27 | 0.10 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.19 | 0.20 | ||||||
| Synopsys Inc. | — | 0.23 | 0.23 | 0.23 | 0.30 | 0.31 | 0.45 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||
| Workday Inc. | 0.21 | 0.21 | 0.21 | 0.20 | 0.19 | 0.20 | 0.21 | 0.21 | 0.20 | 0.24 | 0.24 | 0.25 | 0.24 | 0.26 | 0.33 | 0.34 | 0.20 | 0.23 | 0.24 | 0.25 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 13,396,990 ÷ 73,597,792 = 0.18
2 Click competitor name to see calculations.
The solvency profile exhibits a transition from a period of conservative leverage to a phase of significant debt expansion. While total assets grew consistently from 43.7 billion USD in November 2021 to 73.6 billion USD by August 2026, the growth in total debt, including operating lease liabilities, occurred in non-linear surges, resulting in a gradual increase in the debt-to-assets ratio.
- Conservative Leverage Phase (November 2021 – February 2024)
- During this period, the debt-to-assets ratio remained highly stable, fluctuating within a narrow range between 0.06 and 0.08. Total debt was maintained between approximately 3.1 billion USD and 3.6 billion USD, while assets grew steadily. This suggests a period of disciplined debt management and a reliance on organic growth or equity financing.
- Initial Debt Expansion (May 2024 – May 2026)
- A shift in the capital structure began in May 2024, with total debt rising to 4.6 billion USD. A more substantial increase occurred by November 2024, where debt jumped to 8.1 billion USD, causing the debt-to-assets ratio to peak at 0.14. For the subsequent eighteen months, the ratio stabilized between 0.12 and 0.13, indicating that the asset base grew in tandem with the new debt levels.
- Accelerated Leverage Increase (August 2026)
- A sharp escalation in leverage is observed in the final reporting period. Total debt rose abruptly to 13.4 billion USD, representing the highest level in the analyzed timeline. Consequently, the debt-to-assets ratio increased to 0.18, marking a significant departure from the historical average and indicating a substantial increase in the proportion of assets financed through debt.
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Financial Leverage
Accenture PLC, financial leverage calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Total assets | 73,597,792) | 68,806,561) | 67,064,216) | 64,698,463) | 65,394,897) | 63,362,028) | 59,869,756) | 59,868,070) | 55,932,363) | 54,141,319) | 51,307,471) | 51,531,354) | 51,245,305) | 50,128,275) | 47,727,289) | 47,115,774) | 47,263,390) | 46,095,198) | 44,317,837) | 43,674,743) | ||||||
| Total Accenture plc shareholders’ equity | 31,567,256) | 31,890,566) | 31,210,676) | 30,867,503) | 31,195,446) | 30,554,725) | 29,246,053) | 29,190,495) | 28,288,646) | 27,744,489) | 27,122,853) | 26,676,751) | 25,692,839) | 25,332,431) | 23,762,619) | 22,974,611) | 22,106,097) | 21,389,094) | 20,560,023) | 20,353,199) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 2.33 | 2.16 | 2.15 | 2.10 | 2.10 | 2.07 | 2.05 | 2.05 | 1.98 | 1.95 | 1.89 | 1.93 | 1.99 | 1.98 | 2.01 | 2.05 | 2.14 | 2.16 | 2.16 | 2.15 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 2.55 | 2.60 | 2.60 | 2.54 | 2.44 | 2.46 | 2.29 | 2.14 | 2.05 | 2.02 | 1.86 | 1.80 | 1.84 | 1.88 | 1.88 | 1.93 | 1.86 | 1.88 | 1.89 | ||||||
| AppLovin Corp. | — | — | 2.61 | 3.26 | 3.40 | 4.30 | 5.11 | 9.92 | 5.39 | 5.80 | 6.47 | 6.92 | 4.27 | 4.57 | 3.61 | 3.12 | 3.07 | 3.08 | 3.11 | 3.06 | ||||||
| Cadence Design Systems Inc. | — | 1.78 | 1.76 | 1.84 | 1.85 | 1.85 | 1.90 | 1.89 | 1.92 | 2.01 | 1.70 | 1.60 | 1.67 | 1.74 | 1.77 | 1.76 | 1.87 | 1.83 | 1.66 | 1.59 | ||||||
| Datadog Inc. | — | — | 1.73 | 1.74 | 1.78 | 1.76 | 1.82 | 2.06 | 2.13 | 1.76 | 1.83 | 1.88 | 1.94 | 1.96 | 2.01 | 2.08 | 2.13 | 2.17 | 2.18 | 2.26 | ||||||
| International Business Machines Corp. | — | 4.36 | 4.41 | 4.74 | 4.65 | 5.24 | 5.40 | 5.42 | 5.02 | 5.49 | 5.57 | 5.90 | 6.00 | 5.60 | 5.96 | 6.19 | 5.80 | 6.27 | 6.57 | 7.00 | ||||||
| Intuit Inc. | 1.94 | 1.91 | 1.80 | 1.72 | 1.88 | 1.82 | 1.77 | 1.83 | 1.74 | 1.68 | 1.76 | 1.68 | 1.61 | 1.64 | 1.72 | 1.69 | 1.69 | 1.68 | 1.69 | 1.53 | ||||||
| Microsoft Corp. | 1.71 | 1.68 | 1.70 | 1.75 | 1.80 | 1.75 | 1.76 | 1.82 | 1.91 | 1.91 | 1.97 | 2.02 | 2.00 | 1.95 | 1.99 | 2.07 | 2.19 | 2.12 | 2.13 | 2.21 | ||||||
| Oracle Corp. | 6.16 | 6.37 | 6.84 | 7.47 | 8.23 | 9.65 | 10.80 | 13.33 | 16.20 | 24.38 | 34.74 | 57.66 | 125.24 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | 1.19 | 1.19 | 1.21 | 1.20 | 1.23 | 1.24 | 1.24 | 1.27 | 1.28 | 1.28 | 1.27 | 1.30 | 1.31 | 1.35 | 1.35 | 1.35 | 1.39 | 1.40 | 1.40 | ||||||
| Palo Alto Networks Inc. | 1.76 | 1.67 | 2.66 | 2.72 | 3.01 | 3.04 | 3.29 | 3.45 | 3.87 | 4.01 | 4.20 | 6.82 | 8.29 | 11.50 | 18.06 | 24.69 | 58.35 | 32.88 | 88.29 | 20.09 | ||||||
| Salesforce Inc. | 1.90 | 1.59 | 1.59 | 1.63 | 1.68 | 1.56 | 1.60 | 1.61 | 1.67 | 1.57 | 1.59 | 1.63 | 1.69 | 1.55 | 1.57 | 1.58 | 1.64 | 1.53 | 1.60 | 1.52 | ||||||
| ServiceNow Inc. | — | 2.43 | 2.53 | 2.08 | 2.01 | 1.93 | 2.02 | 2.07 | 2.12 | 1.98 | 2.10 | 2.16 | 2.28 | 2.10 | 2.15 | 2.43 | 2.64 | 2.46 | 2.65 | 2.75 | ||||||
| Synopsys Inc. | — | 1.53 | 1.54 | 1.55 | 1.70 | 1.75 | 2.40 | 1.40 | 1.45 | 1.51 | 1.54 | 1.58 | 1.68 | 1.67 | 1.68 | 1.70 | 1.71 | 1.66 | 1.66 | 1.65 | ||||||
| Workday Inc. | 2.32 | 2.00 | 1.96 | 1.93 | 1.99 | 1.90 | 1.95 | 1.95 | 2.04 | 2.10 | 2.19 | 2.23 | 2.41 | 2.29 | 2.58 | 2.68 | 2.31 | 2.24 | 2.36 | 2.53 | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Financial leverage = Total assets ÷ Total Accenture plc shareholders’ equity
= 73,597,792 ÷ 31,567,256 = 2.33
2 Click competitor name to see calculations.
The organization exhibits a consistent expansion of its balance sheet over the analyzed period. Total assets grew steadily from approximately $43.67 billion in November 2021 to $73.60 billion by August 2026. Parallel to this growth, total shareholders' equity increased from $20.35 billion to $31.57 billion, indicating a sustained increase in the company's net worth.
- Financial Leverage Trajectory
- The financial leverage ratio followed a U-shaped trend over the five-year period. Initial stability was observed between November 2021 and August 2022, with the ratio fluctuating minimally between 2.14 and 2.16. This was followed by a period of systematic deleveraging that lasted until February 2024, when the ratio reached its lowest point of 1.89. This decline suggests a period where equity growth outpaced asset expansion or liabilities were reduced.
- Recent Leverage Expansion
- A reversal in the leverage trend began in May 2024. The ratio climbed steadily from 1.95, surpassing 2.00 by November 2024 and continuing a gradual ascent throughout 2025. A sharp increase is noted in the final recorded period ending August 2026, where the leverage ratio peaked at 2.33. This represents the highest level of financial leverage in the observed timeframe, indicating a shift toward a more aggressive capital structure to support the expanding asset base.
- Relationship Between Assets and Equity
- While both total assets and equity trended upward, the rate of asset growth accelerated more rapidly than equity growth in the latter half of the period. The increase in the leverage ratio from 1.89 in February 2024 to 2.33 in August 2026 confirms that assets were increasingly funded by liabilities rather than equity during this window.
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Interest Coverage
Accenture PLC, interest coverage calculation (quarterly data)
| Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income attributable to Accenture plc | 1,991,267) | 2,338,989) | 1,825,239) | 2,211,561) | 1,413,963) | 2,197,501) | 1,788,075) | 2,278,894) | 1,684,301) | 1,932,183) | 1,674,859) | 1,973,444) | 1,372,963) | 2,009,996) | 1,523,648) | 1,964,950) | 1,665,128) | 1,786,075) | 1,634,942) | 1,791,024) | ||||||
| Add: Net income attributable to noncontrolling interest | 42,438) | 48,904) | 34,149) | 30,335) | 35,843) | 46,462) | 34,366) | 37,296) | 34,365) | 49,165) | 34,343) | 36,537) | 35,249) | 38,339) | 27,035) | 31,350) | 27,257) | 33,241) | 22,587) | 28,706) | ||||||
| Add: Income tax expense | 764,358) | 761,935) | 597,266) | 725,774) | 625,429) | 707,176) | 466,333) | 639,055) | 613,895) | 673,022) | 386,537) | 606,672) | 550,915) | 583,346) | 396,223) | 605,318) | 552,576) | 675,308) | 392,921) | 586,402) | ||||||
| Add: Interest expense | 103,821) | 70,645) | 63,566) | 65,365) | 66,243) | 67,601) | 64,669) | 30,042) | 22,835) | 11,334) | 10,305) | 14,495) | 17,403) | 11,208) | 11,634) | 7,280) | 12,871) | 12,050) | 11,216) | 11,183) | ||||||
| Earnings before interest and tax (EBIT) | 2,901,884) | 3,220,473) | 2,520,220) | 3,033,035) | 2,141,478) | 3,018,740) | 2,353,443) | 2,985,287) | 2,355,396) | 2,665,704) | 2,106,044) | 2,631,148) | 1,976,530) | 2,642,889) | 1,958,540) | 2,608,898) | 2,257,832) | 2,506,674) | 2,061,666) | 2,417,315) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 38.48 | 41.06 | 40.77 | 39.97 | 45.94 | 57.86 | 80.38 | 135.71 | 165.48 | 175.20 | 175.18 | 168.23 | 193.31 | 220.23 | 212.89 | 217.31 | 195.34 | 188.01 | 133.08 | 133.32 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Adobe Inc. | — | 36.70 | 35.91 | 34.99 | 34.21 | 35.26 | 37.00 | 40.93 | 42.01 | 46.90 | 53.43 | 58.12 | 61.17 | 58.59 | 55.57 | 53.27 | 54.64 | 54.21 | 54.34 | 53.39 | ||||||
| AppLovin Corp. | — | — | 26.42 | 23.36 | 20.09 | 13.86 | 10.72 | 8.08 | 5.95 | 5.19 | 3.95 | 3.37 | 2.38 | 1.52 | 1.12 | 0.76 | -0.19 | 0.25 | 0.19 | 0.02 | ||||||
| Cadence Design Systems Inc. | — | 15.54 | 15.57 | 14.39 | 14.06 | 13.53 | 13.50 | 15.95 | 19.37 | 24.99 | 33.48 | 36.67 | 36.43 | 32.16 | 34.13 | 38.63 | 46.58 | 57.84 | 58.34 | 52.92 | ||||||
| Datadog Inc. | — | — | 18.53 | 14.75 | 12.49 | 12.47 | 15.42 | 22.90 | 29.85 | 37.27 | 33.23 | 24.08 | 10.56 | -1.85 | -5.72 | -4.15 | -1.30 | 0.81 | 1.72 | 1.24 | ||||||
| International Business Machines Corp. | — | 6.45 | 6.41 | 6.41 | 6.34 | 6.05 | 4.44 | 4.39 | 4.39 | 4.69 | 6.33 | 6.21 | 6.41 | 6.44 | 2.34 | 2.25 | 1.95 | 1.59 | 6.01 | 5.40 | ||||||
| Intuit Inc. | 24.50 | 24.85 | 23.55 | 22.15 | 20.57 | 18.45 | 16.48 | 15.76 | 15.67 | 15.74 | 14.07 | 13.20 | 13.05 | 14.66 | 16.17 | 19.99 | 32.38 | 55.36 | 62.71 | 93.29 | ||||||
| Oracle Corp. | 5.25 | 5.43 | 5.51 | 4.94 | 4.96 | 4.96 | 4.81 | 4.60 | 4.34 | 4.08 | 3.88 | 3.74 | 3.60 | 3.96 | 4.41 | 3.33 | 3.78 | 3.98 | 4.23 | 6.06 | ||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | 3,786.90 | 499.52 | 149.97 | 69.33 | 34.43 | -5.32 | -49.82 | -87.97 | -176.15 | -201.09 | -194.27 | ||||||
| Palo Alto Networks Inc. | — | 6,985.00 | 2,071.33 | 911.61 | 532.90 | 427.74 | 269.85 | 163.77 | 120.07 | 72.96 | 46.08 | 35.96 | 21.82 | 10.40 | 4.05 | -1.99 | -6.56 | -4.28 | -3.42 | -2.65 | ||||||
| Salesforce Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | — | 21.63 | 103.00 | 104.43 | 99.30 | 364.83 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | — | 3.08 | 2.26 | 2.97 | 4.12 | 5.50 | 11.64 | 31.24 | 44.06 | 78.90 | 174.76 | 852.56 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2026-08-31), 10-Q (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30).
1 Q4 2026 Calculation
Interest coverage
= (EBITQ4 2026
+ EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026)
÷ (Interest expenseQ4 2026
+ Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026)
= (2,901,884 + 3,220,473 + 2,520,220 + 3,033,035)
÷ (103,821 + 70,645 + 63,566 + 65,365)
= 38.48
2 Click competitor name to see calculations.
The analysis of solvency metrics indicates a significant shift in interest coverage capacity over the observed period. While operational profitability has remained robust and exhibited an overall growth trend, a substantial increase in interest expenses beginning in early 2025 has led to a marked compression of the interest coverage ratio.
- Earnings Before Interest and Tax (EBIT) Performance
- Operational earnings show a general upward trajectory, increasing from 2,417,315 thousand USD in November 2021 to 2,901,884 thousand USD by August 2026. The data reveals a consistent pattern of seasonal volatility, with cyclical peaks occurring typically in November and May, and troughs in February and August. Despite these fluctuations, the baseline operational capacity has strengthened over the five-year span.
- Interest Expense Trajectory
- Interest obligations were characterized by stability between November 2021 and May 2023, generally remaining within the range of 7,000 to 12,000 thousand USD. A moderate increase began in August 2023, followed by a sharp escalation in February 2025, where expenses jumped to 64,669 thousand USD. This upward trend accelerated further, culminating in a period high of 103,821 thousand USD by August 2026, representing a significant increase in the cost of debt servicing.
- Interest Coverage Ratio Analysis
- The interest coverage ratio experienced a period of expansion early in the series, peaking at 220.23 in May 2023. This indicated an exceptionally high margin of safety regarding the company's ability to meet its interest obligations from operating profits. However, a sustained decline followed as interest expenses began to outpace EBIT growth. The ratio dropped from 135.71 in November 2024 to 38.48 by August 2026. This contraction reflects a diminished solvency buffer, as the EBIT-to-interest expense multiple has narrowed considerably despite the growth in absolute earnings.
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