Accenture PLC operates in 3 segments: Americas; EMEA (Europe, Middle East and Africa); and Asia Pacific.
Segment Profit Margin
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 17.09% | 15.19% | 15.60% | 14.43% | 17.09% | 16.49% |
| EMEA (Europe, Middle East and Africa) | 12.75% | 12.54% | 12.29% | 11.14% | 11.93% | 13.35% |
| Asia Pacific | 16.16% | 18.15% | 17.98% | 17.47% | 16.48% | 14.65% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
An analysis of segment profit margins reveals divergent performance trajectories across the three geographic regions between 2021 and 2026. While the Americas and Asia Pacific generally maintain higher profitability levels, the EMEA region consistently exhibits the lowest margins throughout the observed period.
- Americas Segment
- The profit margin in the Americas is characterized by volatility, experiencing a peak of 17.09% in 2022 before declining to a low of 14.43% in 2023. Following this dip, a recovery trend is observed, with margins returning to the 17.09% level by 2026.
- EMEA Segment
- The EMEA region shows a U-shaped margin trend. Profitability declined from 13.35% in 2021 to a trough of 11.14% in 2023. Subsequent years show a steady, incremental recovery, reaching 12.75% by 2026, although it remains the least profitable segment across the entire timeframe.
- Asia Pacific Segment
- Asia Pacific demonstrated the most consistent growth phase, with margins increasing steadily from 14.65% in 2021 to a peak of 18.15% in 2025. However, a correction occurred in 2026, where the margin decreased to 16.16%.
- Comparative Segment Performance
- The leadership in profitability shifted over the period. While the Americas initially held the highest margins, the Asia Pacific segment emerged as the most profitable region from 2022 through 2025. By 2026, the Americas regained the top position, coinciding with a decline in Asia Pacific and a continued recovery in EMEA.
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Segment Profit Margin: Americas
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 6,244,303) | 5,324,339) | 5,079,651) | 4,644,431) | 4,976,890) | 3,907,883) |
| Revenues | 36,546,614) | 35,056,715) | 32,552,489) | 32,193,134) | 29,121,385) | 23,701,341) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 17.09% | 15.19% | 15.60% | 14.43% | 17.09% | 16.49% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income ÷ Revenues
= 100 × 6,244,303 ÷ 36,546,614 = 17.09%
The Americas segment exhibits a consistent expansion in total revenues over the six-year period, although operating income and profit margins have experienced intermittent volatility. While revenues grew steadily from US$ 23.7 billion in 2021 to US$ 36.5 billion by 2026, the efficiency of converting these revenues into operating profit fluctuated, reaching a trough in 2023 before returning to peak levels by 2026.
- Revenue Performance
- A sustained upward trajectory is observed in revenues, which increased from US$ 23,701,341 thousand in 2021 to US$ 36,546,614 thousand in 2026. The most pronounced growth occurred between 2021 and 2023, followed by a period of relative stabilization before further acceleration in the final two years of the period.
- Operating Income Dynamics
- Operating income followed a generally positive trend, rising from US$ 3,907,883 thousand in 2021 to US$ 6,244,303 thousand in 2026. A notable contraction occurred in 2023, where income fell to US$ 4,644,431 thousand despite an increase in total revenues, suggesting a temporary surge in operating costs or a shift in the mix of lower-margin services.
- Segment Profit Margin Analysis
- The profit margin demonstrated cyclical volatility, peaking at 17.09% in both 2022 and 2026. A significant compression is evident in 2023, with the margin dropping to 14.43%. A recovery phase ensued through 2024 and 2025, with the margin eventually returning to its high of 17.09% by 2026, indicating a successful restoration of operational efficiency.
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Segment Profit Margin: EMEA (Europe, Middle East and Africa)
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 3,436,425) | 3,090,993) | 2,803,610) | 2,483,483) | 2,516,744) | 2,236,462) |
| Revenues | 26,958,994) | 24,643,957) | 22,817,879) | 22,292,584) | 21,103,539) | 16,749,484) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 12.75% | 12.54% | 12.29% | 11.14% | 11.93% | 13.35% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income ÷ Revenues
= 100 × 3,436,425 ÷ 26,958,994 = 12.75%
The EMEA segment exhibits a sustained trajectory of growth in both top-line revenue and operating income over the analyzed period. While absolute profitability has increased, the segment profit margin experienced a period of contraction followed by a gradual recovery.
- Revenue Expansion
- Total revenues increased consistently from US$ 16.75 billion in 2021 to US$ 26.96 billion by 2026, indicating significant scaling of operations and market penetration within the Europe, Middle East, and Africa region.
- Operating Income Performance
- Operating income rose from US$ 2.24 billion in 2021 to US$ 3.44 billion in 2026. This growth demonstrates the segment's ability to convert increased sales into absolute profit, despite fluctuations in efficiency ratios.
- Segment Profit Margin Dynamics
- A U-shaped trend is observed in the profit margin, which declined from 13.35% in 2021 to a trough of 11.14% in 2023. This compression suggests that operating expenses grew at a faster rate than revenues during the initial three-year period. However, a recovery phase began in 2024, with margins steadily expanding to 12.75% by 2026, signaling improved operational leverage or a strategic shift toward higher-margin service offerings.
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Segment Profit Margin: Asia Pacific
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 1,725,232) | 1,810,332) | 1,712,586) | 1,681,975) | 1,873,547) | 1,477,184) |
| Revenues | 10,677,837) | 9,972,305) | 9,526,096) | 9,626,027) | 11,369,381) | 10,082,564) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 16.16% | 18.15% | 17.98% | 17.47% | 16.48% | 14.65% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income ÷ Revenues
= 100 × 1,725,232 ÷ 10,677,837 = 16.16%
The Asia Pacific segment exhibited a period of sustained margin expansion from 2021 through 2025, followed by a contraction in 2026. While revenues experienced significant volatility during this six-year period, the segment demonstrated an ability to improve profitability metrics even during phases of revenue decline, before facing a decline in operational efficiency in the final year.
- Segment Profit Margin Evolution
- A consistent upward trajectory in the segment profit margin is observed from August 31, 2021, to August 31, 2025, rising from 14.65% to a peak of 18.15%. This growth indicates a successful improvement in operational leverage or a transition toward higher-value service offerings. However, this trend reversed in 2026, with the margin retreating to 16.16%.
- Revenue and Operating Income Correlation
- Revenues peaked in 2022 at approximately 11.37 billion US dollars before entering a two-year contraction period in 2023 and 2024. Notably, during this revenue decline, the profit margin continued to increase, suggesting effective cost management or a strategic reduction in lower-margin contracts. A recovery in revenue began in 2025 and continued into 2026, with revenues reaching 10.68 billion US dollars by the end of the period.
- Operational Performance Divergence in 2026
- A significant divergence between revenue and profitability is evident in the 2026 fiscal year. Despite achieving the highest revenue growth since 2022, operating income declined from 1.81 billion US dollars to 1.73 billion US dollars. This inverse relationship resulted in the aforementioned margin compression, indicating that the costs associated with the 2026 revenue growth outpaced the incremental income generated.
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Segment Return on Assets (Segment ROA)
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 93.43% | 93.75% | 101.39% | 104.14% | 125.00% | 210.16% |
| EMEA (Europe, Middle East and Africa) | 92.25% | 86.91% | 81.50% | 88.34% | 98.15% | 78.18% |
| Asia Pacific | 1,165.04% | 756.71% | 449.42% | 475.35% | 209.34% | 174.06% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
The segment return on assets (ROA) across the three reportable regions demonstrates divergent trajectories between 2021 and 2026, characterized by a significant contraction in the Americas, stability in EMEA, and exponential growth in Asia Pacific.
- Americas
- A consistent downward trend is observed in the Americas segment. The ROA declined sharply from 210.16% in 2021 to 125.00% in 2022, continuing a steady descent to reach 93.43% by 2026. This represents a reduction of more than half of the initial asset efficiency, although the rate of decline slowed significantly after 2023, suggesting a stabilization of returns at a lower baseline.
- EMEA (Europe, Middle East and Africa)
- The EMEA segment exhibits the highest level of stability among the three regions. After an initial increase from 78.18% in 2021 to a peak of 98.15% in 2022, the ROA experienced minor fluctuations, dipping to 81.50% in 2024 before recovering to 92.25% by 2026. The returns in this region remain relatively range-bound, indicating a consistent relationship between asset utilization and earnings.
- Asia Pacific
- An aggressive upward trajectory is evident in the Asia Pacific segment, which transitioned from a high baseline of 174.06% in 2021 to an exceptional 1,165.04% by 2026. A period of rapid acceleration occurred between 2022 and 2023, where the ROA more than doubled from 209.34% to 475.35%. This exponential growth suggests a highly scalable operational model or a significant increase in profitability relative to the asset base in this region.
In summary, the geographical distribution of asset efficiency has shifted. The Americas, previously the strongest performer in 2021, has seen its relative efficiency diminish, while Asia Pacific has emerged as the primary driver of asset productivity, achieving returns that substantially exceed those of the other two segments.
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Segment ROA: Americas
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 6,244,303) | 5,324,339) | 5,079,651) | 4,644,431) | 4,976,890) | 3,907,883) |
| Net assets | 6,683,491) | 5,679,520) | 5,009,988) | 4,459,978) | 3,981,668) | 1,859,445) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 93.43% | 93.75% | 101.39% | 104.14% | 125.00% | 210.16% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment ROA = 100 × Operating income ÷ Net assets
= 100 × 6,244,303 ÷ 6,683,491 = 93.43%
The Americas segment exhibits a period of general operating income growth paired with a substantial and consistent expansion of the net asset base, resulting in a progressive decline in the Return on Assets (ROA).
- Operating Income Performance
- Operating income demonstrates an overall upward trajectory, increasing from 3,907,883 thousand US$ in 2021 to a projected 6,244,303 thousand US$ by 2026. Although a temporary contraction occurred in 2023, the subsequent recovery and growth through 2026 indicate a sustained increase in the segment's ability to generate earnings from operations.
- Net Asset Expansion
- The net asset base experienced rapid growth, most notably between 2021 and 2022, where values increased from 1,859,445 thousand US$ to 3,981,668 thousand US$. This expansion continued steadily each year, reaching 6,683,491 thousand US$ by 2026, reflecting a significant increase in the capital employed within the segment.
- Segment ROA Analysis
- A consistent downward trend is observed in the Segment ROA, which decreased from 210.16% in 2021 to 93.43% in 2026. This erosion is driven by the fact that net assets grew at a faster rate than operating income. The most significant decline occurred between 2021 and 2023, while the figures from 2024 to 2026 suggest a stabilization of the ratio as it approaches a plateau near 93%.
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Segment ROA: EMEA (Europe, Middle East and Africa)
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 3,436,425) | 3,090,993) | 2,803,610) | 2,483,483) | 2,516,744) | 2,236,462) |
| Net assets | 3,725,264) | 3,556,536) | 3,440,180) | 2,811,231) | 2,564,167) | 2,860,604) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 92.25% | 86.91% | 81.50% | 88.34% | 98.15% | 78.18% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment ROA = 100 × Operating income ÷ Net assets
= 100 × 3,436,425 ÷ 3,725,264 = 92.25%
The financial performance of the EMEA segment demonstrates a sustained growth trajectory in operating income and a significant expansion of the asset base over the six-year period ending August 31, 2026. While the return on assets (ROA) has experienced fluctuations, it remains consistently high, indicating a highly efficient utilization of capital to generate profit.
- Operating Income Trends
- Operating income grew from US$ 2.24 billion in 2021 to US$ 3.44 billion in 2026. Aside from a marginal contraction observed in 2023, where income decreased slightly to US$ 2.48 billion, the segment maintained a steady upward trend. The most significant growth occurred between 2023 and 2026, suggesting a successful scaling of operations and revenue generation within the region.
- Net Asset Evolution
- The net asset base exhibited a non-linear growth pattern. Following an initial decline from US$ 2.86 billion in 2021 to US$ 2.56 billion in 2022, assets expanded consistently through 2026, reaching US$ 3.73 billion. The sharp increase between 2023 and 2024 indicates a period of substantial investment or capital accumulation to support the growing operational scale.
- Segment ROA Dynamics
- The Segment ROA reached a peak of 98.15% in 2022, driven by a simultaneous increase in operating income and a reduction in net assets. A downward trend followed, with ROA dipping to 81.50% by 2024, as the growth in the asset base outpaced the growth in income during that interval. However, a recovery phase is observed from 2025 onwards, with the ratio climbing to 92.25% by 2026, signifying that operating income growth has once again accelerated relative to asset expansion.
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Segment ROA: Asia Pacific
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | 1,725,232) | 1,810,332) | 1,712,586) | 1,681,975) | 1,873,547) | 1,477,184) |
| Net assets | 148,084) | 239,237) | 381,065) | 353,837) | 894,961) | 848,684) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 1,165.04% | 756.71% | 449.42% | 475.35% | 209.34% | 174.06% |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment ROA = 100 × Operating income ÷ Net assets
= 100 × 1,725,232 ÷ 148,084 = 1,165.04%
The financial performance of the Asia Pacific segment is characterized by a significant divergence between stable operating income and a rapidly declining asset base, resulting in an exponential increase in the Return on Assets (ROA).
- Operating Income Trends
- Operating income exhibited initial growth from US$ 1,477,184 thousand in 2021 to a peak of US$ 1,873,547 thousand in 2022. Following this peak, the figure experienced a period of volatility, fluctuating between US$ 1,681,975 thousand and US$ 1,810,332 thousand through 2025, before ending at US$ 1,725,232 thousand in 2026. Despite these fluctuations, the segment has maintained a relatively consistent level of profitability over the six-year period.
- Net Asset Reduction
- A substantial downward trend in net assets is observed. Assets grew slightly between 2021 and 2022, reaching US$ 894,961 thousand, but underwent a sharp contraction starting in 2023, falling to US$ 353,837 thousand. This decline continued aggressively through 2026, with net assets reaching a period low of US$ 148,084 thousand. This represents a significant reduction in the capital employed within the segment.
- Segment ROA Analysis
- The Segment ROA has experienced an extraordinary ascent, rising from 174.06% in 2021 to 1,165.04% in 2026. The acceleration in this ratio is primarily driven by the shrinking denominator (net assets) rather than proportional increases in the numerator (operating income). The most dramatic surges occurred between 2022 and 2023, where ROA more than doubled, and between 2024 and 2026, where the ratio climbed from 449.42% to over 1,100%.
The data indicates a transition toward an extremely asset-light operational model in the Asia Pacific region. The ability to maintain operating income levels while drastically reducing the required asset base suggests highly efficient capital utilization and a shift in how the segment generates value.
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Segment Asset Turnover
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 5.47 | 6.17 | 6.50 | 7.22 | 7.31 | 12.75 |
| EMEA (Europe, Middle East and Africa) | 7.24 | 6.93 | 6.63 | 7.93 | 8.23 | 5.86 |
| Asia Pacific | 72.11 | 41.68 | 25.00 | 27.20 | 12.70 | 11.88 |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
The segment asset turnover ratios reveal diverging operational trajectories across the three reportable regions between 2021 and 2026. While one region exhibits a consistent decline in asset efficiency, another demonstrates moderate volatility, and the third shows exponential growth in revenue generation relative to its asset base.
- Americas
- A sustained downward trend is observed in the Americas segment. The asset turnover ratio decreased from 12.75 in 2021 to 5.47 by 2026. This steady decline suggests a diminishing capacity to generate revenue from its assets, indicating that asset growth has significantly outpaced revenue growth or that operational efficiency in asset utilization has eroded over the period.
- EMEA (Europe, Middle East and Africa)
- The EMEA segment displays a pattern of moderate fluctuation. After an initial increase from 5.86 in 2021 to 8.23 in 2022, the ratio experienced a gradual decline to a low of 6.63 in 2024 before recovering to 7.24 by 2026. This suggests a relatively stable, albeit non-linear, relationship between the segment's asset base and its revenue generation.
- Asia Pacific
- The Asia Pacific segment demonstrates aggressive growth in asset turnover. Starting at 11.88 in 2021, the ratio experienced a substantial acceleration, particularly after 2022, reaching 72.11 by 2026. This extraordinary increase indicates a transition toward a highly asset-light operational model or a period of rapid revenue expansion that far exceeded any corresponding increase in assets.
Overall, the analysis highlights a significant shift in asset productivity distribution. The Asia Pacific region has emerged as the primary driver of asset efficiency, contrasting sharply with the Americas, where asset productivity has diminished by more than half over the same timeframe.
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Segment Asset Turnover: Americas
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | 36,546,614) | 35,056,715) | 32,552,489) | 32,193,134) | 29,121,385) | 23,701,341) |
| Net assets | 6,683,491) | 5,679,520) | 5,009,988) | 4,459,978) | 3,981,668) | 1,859,445) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 5.47 | 6.17 | 6.50 | 7.22 | 7.31 | 12.75 |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment asset turnover = Revenues ÷ Net assets
= 36,546,614 ÷ 6,683,491 = 5.47
The Americas segment exhibits a consistent growth trajectory in total revenues over the analyzed period, paired with a significant expansion of the net asset base. However, this growth in assets has occurred at a pace that exceeds revenue gains, resulting in a sustained decline in the segment asset turnover ratio.
- Revenue Performance
- Revenues grew steadily from US$ 23.7 billion in August 2021 to US$ 36.5 billion by August 2026. This represents a continuous upward trend, indicating a successful expansion of market activities and service delivery within the region.
- Net Asset Expansion
- The net asset base experienced substantial growth, increasing from US$ 1.86 billion in August 2021 to US$ 6.68 billion in August 2026. The most pronounced increase occurred between 2021 and 2022, where assets more than doubled, suggesting significant capital investment or balance sheet expansion during that interval.
- Segment Asset Turnover Efficiency
- The asset turnover ratio shows a marked downward trend, falling from 12.75 in August 2021 to 5.47 in August 2026. A sharp contraction is observed between 2021 and 2022, where the ratio dropped from 12.75 to 7.31. This decline indicates that each dollar of net assets is generating progressively less revenue, reflecting a decrease in the efficiency of asset utilization to drive top-line growth.
Overall, while the Americas segment continues to scale its operations and increase its revenue footprint, the diminishing turnover ratio suggests that the growth in the asset base has outpaced the growth in revenues, leading to lower capital efficiency over the six-year period.
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Segment Asset Turnover: EMEA (Europe, Middle East and Africa)
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | 26,958,994) | 24,643,957) | 22,817,879) | 22,292,584) | 21,103,539) | 16,749,484) |
| Net assets | 3,725,264) | 3,556,536) | 3,440,180) | 2,811,231) | 2,564,167) | 2,860,604) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 7.24 | 6.93 | 6.63 | 7.93 | 8.23 | 5.86 |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment asset turnover = Revenues ÷ Net assets
= 26,958,994 ÷ 3,725,264 = 7.24
The EMEA segment exhibits a consistent upward trajectory in revenue generation over the six-year period, growing from $16.75 billion in 2021 to $26.96 billion by 2026. This growth is accompanied by a fluctuating but generally increasing base of net assets, which rose from $2.86 billion in 2021 to $3.73 billion in 2026. The relationship between these two metrics resulted in a variable asset turnover ratio, indicating shifts in how efficiently assets were utilized to generate sales.
- Revenue Growth and Asset Base Expansion
- A significant acceleration in revenue occurred between 2021 and 2022, where earnings increased by approximately 26%. During this same interval, net assets decreased, creating a sharp spike in asset turnover. From 2023 through 2026, revenue maintained a steady growth pattern, while net assets began a sustained climb, increasing by roughly 31% between 2023 and 2026.
- Asset Turnover Volatility
- The segment asset turnover ratio peaked at 8.23 in 2022, the highest point of efficiency in the analyzed period. This was followed by a three-year downward trend, reaching a low of 6.63 in 2024. This decline suggests that the growth in the asset base outpaced the growth in revenue during this window, leading to a temporary reduction in asset productivity.
- Efficiency Recovery Trend
- Starting in 2025, a recovery in asset turnover is observed, with the ratio rising to 6.93 in 2025 and further improving to 7.24 in 2026. This indicates a renewed alignment between revenue growth and asset investment, suggesting that the segment is successfully leveraging its expanded asset base to drive higher sales volumes toward the end of the period.
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Segment Asset Turnover: Asia Pacific
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | 10,677,837) | 9,972,305) | 9,526,096) | 9,626,027) | 11,369,381) | 10,082,564) |
| Net assets | 148,084) | 239,237) | 381,065) | 353,837) | 894,961) | 848,684) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 72.11 | 41.68 | 25.00 | 27.20 | 12.70 | 11.88 |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 2026 Calculation
Segment asset turnover = Revenues ÷ Net assets
= 10,677,837 ÷ 148,084 = 72.11
The Asia Pacific segment exhibits a significant transformation in its operational efficiency and asset management strategy between 2021 and 2026. While revenues remained relatively stable with moderate fluctuations, a substantial and consistent reduction in the net asset base has resulted in an exponential increase in the segment asset turnover ratio.
- Revenue Trends
- Revenues peaked in August 2022 at approximately $11.37 billion before experiencing a decline that reached a trough of $9.53 billion in August 2024. Following this period, a recovery trend emerged, with revenues climbing back to $10.68 billion by August 31, 2026.
- Net Asset Contraction
- A severe downward trajectory is observed in net assets, which plummeted from $848.7 million in 2021 to $148.1 million in 2026. The most pronounced contraction occurred between 2022 and 2023, where net assets decreased from $895.0 million to $353.8 million, representing a reduction of approximately 60% in a single fiscal year.
- Asset Turnover Dynamics
- The segment asset turnover ratio rose from 11.88 in 2021 to 72.11 in 2026. This dramatic acceleration is primarily driven by the diminishing asset base rather than revenue expansion. The ratio shifted from a relatively stable range (11.88 to 12.70) in the first two years to a high-growth phase, culminating in a peak of 72.11, indicating a transition toward an extremely asset-light operational model in the region.
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Revenues
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 36,546,614) | 35,056,715) | 32,552,489) | 32,193,134) | 29,121,385) | 23,701,341) |
| EMEA (Europe, Middle East and Africa) | 26,958,994) | 24,643,957) | 22,817,879) | 22,292,584) | 21,103,539) | 16,749,484) |
| Asia Pacific | 10,677,837) | 9,972,305) | 9,526,096) | 9,626,027) | 11,369,381) | 10,082,564) |
| Total | 74,183,445) | 69,672,977) | 64,896,464) | 64,111,745) | 61,594,305) | 50,533,389) |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
Total revenues demonstrate a sustained upward trajectory, increasing from 50.5 billion USD in 2021 to a projected 74.2 billion USD by 2026. The most significant expansion occurred between 2021 and 2022, followed by a period of relative stabilization in 2023 and 2024, and a renewed growth phase leading into 2026.
- Americas Segment Performance
- The Americas region remains the primary revenue driver, exhibiting consistent growth from 23.7 billion USD in 2021 to 36.5 billion USD in 2026. Although the growth rate moderated between 2023 and 2024, the segment continues to maintain the largest share of the total revenue portfolio.
- EMEA Segment Performance
- Revenues in the Europe, Middle East, and Africa region showed strong expansion, rising from 16.7 billion USD in 2021 to 27.0 billion USD in 2026. A notable acceleration in growth is observed in the 2025 and 2026 projections, suggesting an increasing reliance on this geographic market for total revenue growth.
- Asia Pacific Segment Performance
- The Asia Pacific region experienced significant volatility compared to other segments. Following an initial peak of 11.4 billion USD in 2022, revenues contracted to 9.6 billion USD in 2023 and 9.5 billion USD in 2024. A recovery trend emerged in 2025, with figures returning to 10.7 billion USD by 2026.
- Revenue Distribution and Concentration
- A shift in the regional revenue mix is evident over the analyzed period. The collective contribution of the Americas and EMEA segments has increased relative to the total, while the Asia Pacific segment's proportional contribution has diminished, reflecting a divergence in regional growth patterns.
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Operating income
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 6,244,303) | 5,324,339) | 5,079,651) | 4,644,431) | 4,976,890) | 3,907,883) |
| EMEA (Europe, Middle East and Africa) | 3,436,425) | 3,090,993) | 2,803,610) | 2,483,483) | 2,516,744) | 2,236,462) |
| Asia Pacific | 1,725,232) | 1,810,332) | 1,712,586) | 1,681,975) | 1,873,547) | 1,477,184) |
| Total | 11,405,960) | 10,225,664) | 9,595,847) | 8,809,889) | 9,367,181) | 7,621,529) |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
Total operating income exhibits a general upward trajectory over the analyzed period, growing from 7,621,529 thousand US$ in 2021 to a projected 11,405,960 thousand US$ by 2026. A synchronized contraction is observed across all reportable segments in 2023, followed by a recovery and accelerated growth phase through 2026.
- Americas Segment
- This region represents the largest contribution to total operating income. Operating income rose sharply from 3,907,883 thousand US$ in 2021 to 4,976,890 thousand US$ in 2022, before experiencing a correction to 4,644,431 thousand US$ in 2023. A sustained recovery follows, with a notable acceleration projected for 2026, reaching 6,244,303 thousand US$.
- EMEA Segment
- The Europe, Middle East, and Africa region demonstrates steady growth with lower volatility compared to other segments. Operating income increased from 2,236,462 thousand US$ in 2021 to 2,516,744 thousand US$ in 2022. Despite a marginal decline in 2023 to 2,483,483 thousand US$, the segment maintains a consistent upward trend, projected to reach 3,436,425 thousand US$ by 2026.
- Asia Pacific Segment
- This segment exhibits the highest relative volatility and the slowest long-term growth rate. After peaking at 1,873,547 thousand US$ in 2022, operating income declined to 1,681,975 thousand US$ in 2023. While a moderate recovery is seen through 2025, a projected decline to 1,725,232 thousand US$ in 2026 indicates a potential stagnation or contraction in this region relative to the global trend.
- Aggregate Performance and Diversification
- The total operating income growth is primarily driven by the Americas and EMEA segments. The simultaneous dip across all regions in 2023 suggests a systemic impact affecting all geographic markets. However, the increasing dominance of the Americas segment suggests a shift in the weight of operating profit contribution toward the North American market.
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Net assets
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | |
|---|---|---|---|---|---|---|
| Americas | 6,683,491) | 5,679,520) | 5,009,988) | 4,459,978) | 3,981,668) | 1,859,445) |
| EMEA (Europe, Middle East and Africa) | 3,725,264) | 3,556,536) | 3,440,180) | 2,811,231) | 2,564,167) | 2,860,604) |
| Asia Pacific | 148,084) | 239,237) | 381,065) | 353,837) | 894,961) | 848,684) |
| Total | 10,556,839) | 9,475,293) | 8,831,233) | 7,625,046) | 7,440,796) | 5,568,733) |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
Total net assets demonstrate a consistent upward trajectory over the observed period, growing from US$ 5,568,733 thousand in August 2021 to US$ 10,556,839 thousand by August 2026. This overall expansion is driven primarily by aggressive growth in the Americas, which offsets a significant contraction in the Asia Pacific region.
- Americas Segment Performance
- A strong and continuous growth pattern is observed in the Americas, where net assets increased from US$ 1,859,445 thousand in 2021 to US$ 6,683,491 thousand in 2026. This represents the most substantial increase across all segments, indicating a strategic concentration of resources and asset accumulation within this market.
- EMEA Segment Performance
- The Europe, Middle East, and Africa region shows a trend of moderate recovery and growth. After an initial decline from US$ 2,860,604 thousand in 2021 to US$ 2,564,167 thousand in 2022, net assets recovered steadily, reaching US$ 3,725,264 thousand by 2026. The growth in this segment is stable but less aggressive than that seen in the Americas.
- Asia Pacific Segment Performance
- A pronounced downward trend is evident in the Asia Pacific region. Net assets fell from US$ 848,684 thousand in 2021 to US$ 148,084 thousand in 2026. A sharp decline occurred between 2022 and 2023, with assets dropping from US$ 894,961 thousand to US$ 353,837 thousand, suggesting a significant reduction in regional asset exposure or a strategic reallocation of capital.
- Regional Asset Distribution
- There is a visible shift in the geographic distribution of net assets. In 2021, the EMEA region held the largest share of the total asset base; however, by 2022, the Americas became the dominant segment. By 2026, the Americas accounted for approximately 63% of the total net assets, while the Asia Pacific contribution became marginal.
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