6-K
AMDOCS LTD (DOX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number 1-14840
AMDOCS LIMITED
Hirzel House, Smith Street,
St. Peter Port, Island of Guernsey, GY1 2NG
Amdocs, Inc.
625Maryville Centre Drive, Suite 200, Saint Louis, Missouri 63141
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
FORM 20-F ☒ FORM 40-F ☐
On November 11, 2025, Amdocs Limited (“Amdocs”) issued a press release announcing financial results for the quarter ended September 30, 2025. A copy of the press release and the accompanying presentation are furnished as Exhibits 99.1 and 99.2 to this Report of Foreign Private Issuer on Form 6-K.
The information in this Form 6-K (including Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
EXHIBIT INDEX
| EXHIBIT<br>NO. | DESCRIPTION |
|---|---|
| 99.1 | Amdocs Limited Press Release Announcing Q4 Earnings, dated November 11, 2025 |
| 99.2 | Fiscal Q4 2025 Earnings Presentation |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMDOCS LIMITED | |
|---|---|
| By: | /s/ Matthew E. Smith |
| Matthew E. Smith | |
| Secretary and Authorized Signatory |
Date: November 12, 2025
EX-99.1
Exhibit 99.1
Amdocs Limited Reports Fourth Quarter Fiscal 2025 Results & Full Year Fiscal 2025 Results
Fiscal 2025 Revenue of $4.53 Billion, down 9.4% YoY as Reported and up 3.1% YoY^^in Pro Forma^(1)^ Constant Currency^(2)^
Successfully Achieved Accelerated Profitability Improvement Targets
Strong Sales Momentum & 12-Month Backlog of $4.19 Billion, up 3.2% YoY
Initiates Fiscal 2026 Outlook:
Expects Fiscal 2026 Revenue Outlook of 1.7%-5.7% YoY as Reported and1.0%-5.0% YoY in Constant Currency^(2)^
Increasing GenAI Investment to Unlock & Accelerate New Growth Opportunities
Board Approves 8% Increase of Quarterly Cash Dividend^(4)^
Full Year Fiscal 2025 Highlights
(All comparisons areagainst the prior year)
| • | Revenue of $4,533 million, down 9.4% as reported due to the phase out of certain business activities, and up<br>3.1% in pro forma^(1)^ constant currency^(2)^ |
|---|---|
| • | Record managed services revenue of $2,996 million, equivalent to approximately 66% of total revenue<br> |
| --- | --- |
| • | GAAP diluted EPS of $5.05, up 18.8% including a restructuring charge of 65 cents per share, without which GAAP<br>diluted EPS would have been above the guidance range of 31.5%-33.5% |
| --- | --- |
| • | Non-GAAP diluted EPS of $6.99, up 8.5% and at the midpoint of the 8.0%-9.0% guidance range |
| --- | --- |
| • | Free cash flow^(5)^ of $645 million, comprised of cash<br>flow from operations of $749 million, less $104 million in net capital expenditures and other; excluding $90 million of restructuring payments which were not included in the full year free cash flow^(5)^ guidance of $710 million to $730 million, free cash flow would have been $735 million |
| --- | --- |
| (1) | For comparison purposes, pro forma adjusts fourth quarter fiscal year 2024 revenue by approximately<br>$150 million and the full fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in<br>the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook |
| --- | --- |
| (2) | Revenue on a constant currency basis assumes exchange rates in the current period were unchanged from the prior<br>period |
| --- | --- |
| (3) | Expected total shareholder return assumes midpoint of fiscal year 2026<br>non-GAAP EPS growth outlook, plus dividend yield |
| --- | --- |
| (4) | Subject to shareholder approval at January 2026 annual meeting |
| --- | --- |
| (5) | Please refer to the Selected Financial Metrics tables below (figures may not sum because of rounding)<br> |
| --- | --- |
| • | Repurchased $551 million of ordinary shares during the fiscal year |
| --- | --- |
| • | Twelve-month backlog of $4.19 billion up 3.2% as compared to last year’s fourth fiscal quarter, and up<br>approximately $40 million sequentially |
| --- | --- |
Fourth Quarter Fiscal 2025 Highlights
(All comparisons are against the prior year)
| • | Revenue of $1,150 million, down 9.0% as reported due to the phase out of certain business activities, and up<br>2.8% in pro forma^(1)^constant currency^(2)^; revenue was above the midpoint of the $1,125-$1,165 million guidance range with no impact from<br>foreign currency movements compared to our guidance assumptions |
|---|---|
| • | Managed services revenue of $748 million, equivalent to approximately 65% of total revenue and up 3.7% as<br>compared to last year’s fourth quarter |
| --- | --- |
| • | GAAP diluted EPS of $0.88, including a restructuring charge of 60 cents per share, without which GAAP diluted EPS<br>would have been at the high-end of the $1.41-$1.49 guidance range |
| --- | --- |
| • | Non-GAAP diluted EPS of $1.83, slightly above the midpoint of the<br>guidance range of $1.79-$1.85 |
| --- | --- |
| • | GAAP operating income of $133 million; including a restructuring charge of $74 million; GAAP operating<br>margin of 11.5%, up 260 basis points as compared to last year’s fourth fiscal quarter, reflecting the phase out of certain non-core business activities, and a continued focus on operational excellence;<br>GAAP operating margin was down 620 basis points sequentially, |
| --- | --- |
| • | Non-GAAP operating income of $248 million; non-GAAP operating margin of 21.6%, up 290 basis points as compared to last year’s fourth fiscal quarter, reflecting the phase out of certain non-core business<br>activities and a continued focus on operational excellence, and up 20 basis points sequentially |
| --- | --- |
| • | The Board of Directors (the “Board”) approved an 8% increase in the Company’s quarterly cash<br>dividend payment from $0.527 per share to $0.569 per share, anticipated to be first paid in April 2026, subject to shareholder approval at the January 2026 annual meeting |
| --- | --- |
JERSEY CITY, NJ – November 11, 2025 – Amdocs Limited (NASDAQ: DOX), a leading provider of software and services to communications and media companies, today reported operating results for the three months ended September 30, 2025.
“Fiscal 2025 was another important year as we delivered financial results consistent with our expectations while serving our global telecommunications customers with cutting-edge cloud, digital and AI-driven solutions designed to meet their strategic imperatives. Cloud-related activities delivered double-digit growth, reaching over 30% of total revenue, and we achieved significantly better profitability while maintaining our commitment to R&D. The year finished with very strong sales momentum. We secured Google Cloud migration awards at TELUS in Canada and Lumen Technologies in US and signed a digital transformation and IT operations agreement with Fidium, a new fiber customer in the US. Our international footprint expanded with modernization awards at British Telecom, or BT-EE in the UK, Altice SFR in France, Telia in Finland, PLDT in Philippines and Claro Brazil. Additionally, Telefónica Germany chose Amdocs to implement new GenAI use cases using the amAIz Sales Agent. This latest win extends our momentum following recent GenAI-related deals with Altice Optimum, e& UAE, and Consumer Cellular, and further demonstrates Amdocs’ pivotal role in accelerating generative AI adoption in the telecom industry,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited.
“Profitability improved significantly in fiscal 2025, reflecting the phase-out of certain low-margin, non-core business activities a year ago, and internal efficiency gains driven by automation, AI and a focus on operational excellence. Managed services as a share of overall revenue reached a record high 66% this year, further strengthening our business resilience as we maintained high renewal rates and expanded our customer activities under long-term agreements. Notably, Amdocs announced today a multi-year strategic expansion of our long-standing managed services engagement with PLDT. This landmark agreement will focus on modernizing PLDT’s IT operations and streamlining business processes through AI and generative AI capabilities to empower next-generation customer experiences,” said Tamar Rapaport-Dagim, chief financial officer & chief operating officer of Amdocs Management Limited.
Sheffer concluded, “With our unique tech-led and outcomes-based accountability model, Amdocs is strongly positioned to monetize a rich pipeline of opportunities across cloud, digital, network, and generative AI. That said, we are closely watching for any impacts of the uncertain global macroeconomic environment on us and our customers’ demand and spending behavior. As generative AI technology matures, we believe there is now the potential to unlock even greater opportunities to enhance telco customer experience, agility, and efficiency. To fully capture this potential, we are accelerating our generative AI investments to open new pathways for future growth across our entire customer base. Overall, we expect revenue growth in the range of 1.7% to 5.7% as reported and 1.0% to 5.0% in constant currency^(2)^ in fiscal year 2026, positioning us to deliver high-single digit expected total shareholder returns^(3)^ as we balance our strategic long-term investments with the benefits of ongoing cost and efficiency gains across the business.”
Revenue
(All comparisons are against the prior year period)
| In millions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended | Twelve months ended | ||||||||||
| September 30, 2025 | September 30, 2025 | ||||||||||
| Actual | Previous<br>Guidance | Actual | Previous<br>Guidance | ||||||||
| Revenue | $ | 1,150 | $ | 1,125-$1,165 | $ | 4,533 | — | ||||
| Revenue Growth, as reported | (9.0 | )% | — | (9.4 | )% | (10.0 | )%-(9.0)% | ||||
| Revenue Growth, Pro-forma^(1)^ constant currency^(2)^ | 2.8 | % | — | 3.1 | % | 2.4 | %-3.4% | ||||
| • | Revenue for the fourth fiscal quarter of 2025 was above the midpoint of Amdocs’ guidance<br> | ||||||||||
| --- | --- | ||||||||||
| • | Revenue for the fourth fiscal quarter includes a positive impact from foreign currency movements of approximately<br>$5 million relative to the fourth quarter of fiscal 2024 and a positive impact from foreign currency movements of approximately $3 million relative to the third quarter of fiscal 2025 | ||||||||||
| --- | --- | ||||||||||
| • | Revenue for the full year fiscal 2025 includes an unfavorable impact from foreign currency movements of<br>approximately 0.2% year-over-year | ||||||||||
| --- | --- |
Net Income and Earnings Per Share
| ` | In thousands, expect per share data | |||||||
|---|---|---|---|---|---|---|---|---|
| Three months ended | Twelve months ended | |||||||
| September 30, | September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| GAAP Measures | ||||||||
| Net Income | $ | 97,114 | $ | 87,176 | $ | 567,769 | $ | 496,321 |
| Net Income attributable to Amdocs Limited | $ | 96,327 | $ | 86,441 | $ | 564,704 | $ | 493,197 |
| Diluted earnings per share | $ | 0.88 | $ | 0.76 | $ | 5.05 | $ | 4.25 |
| Non-GAAP Measures | ||||||||
| Non-GAAP Net Income | $ | 202,203 | $ | 195,668 | $ | 784,267 | $ | 750,928 |
| Non-GAAP Net Income attributable to Amdocs<br>Limited | $ | 201,416 | $ | 194,933 | $ | 781,202 | $ | 747,804 |
| Non-GAAP Diluted earnings per share | $ | 1.83 | $ | 1.70 | $ | 6.99 | $ | 6.44 |
| • | Non-GAAP net income excludes amortization of purchased intangible assets<br>and other acquisition-related costs, changes in certain acquisition related liabilities measured at fair value, equity-based compensation expenses, restructuring charges, and other, net of related tax effects. For further details of the<br>reconciliation of selected financial metrics from GAAP to Non-GAAP, please refer to the tables below. | |||||||
| --- | --- |
Capital Allocation
| • | Quarterly Cash Dividend Program: On November 11, 2025, the Board approved the Company’s<br>next quarterly cash dividend payment of $0.527 per share, and set December 31, 2025 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on January 30, 2026 |
|---|---|
| • | The Board also approved an 8% increase in the Company’s quarterly cash dividend payment to $0.569 per<br>share, which is anticipated to be first paid in April 2026, provided that the increase is approved by shareholders at the January 2026 annual general meeting of shareholders |
| --- | --- |
| • | Share Repurchase Activity: Repurchased $136 million of ordinary shares during the fourth<br>quarter of fiscal 2025 |
| --- | --- |
Twelve-month Backlog
Twelve-month backlog was $4.19 billion at the end of the fourth quarter of fiscal 2025, up approximately 3.2% as compared to last year’s fourth fiscal quarter. Twelve-month backlog includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities.
First Quarter Fiscal 2026 Outlook
| In millions, exceptper share data | ||
|---|---|---|
| Q1 – 2026 | ||
| Revenue | $ | 1,135-$1,175 |
| GAAP Diluted earnings per share | $ | 1.36-$1.44 |
| Non-GAAP Diluted earnings per share | $ | 1.73-$1.79 |
| • | First quarter revenue guidance assumes a negative $1 million sequential impact from foreign currency<br>fluctuations as compared to the fourth quarter of fiscal 2025 | |
| --- | --- | |
| • | First quarter non-GAAP diluted EPS guidance excludes primarily<br>equity-based compensation expense of approximately $0.21-$0.23 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.11 per share, changes in certain<br>acquisitions related liabilities measured at fair value, and other, net of related tax effects | |
| --- | --- | |
| • | GAAP diluted EPS guidance does not include the impact of future restructuring charges | |
| --- | --- |
Full Year Fiscal 2026 Outlook
| FY 2026, year-over-year growth | |
|---|---|
| Guidance | |
| Revenue growth, as reported | 1.7%-5.7% |
| Revenue growth, constant currency^(2)^ | 1.0%-5.0% |
| GAAP diluted EPS growth | 13.5%-20.5% |
| Non-GAAP diluted EPS growth | 4.0%-8.0% |
| FY 2026, inmillions | |
| Guidance | |
| Free cash flow^(5)^ | $710-$730 |
| • | Full year fiscal 2026 revenue guidance incorporates an expected positive impact from foreign currency<br>fluctuations of approximately 0.7% year-over-year and includes some inorganic contribution |
| --- | --- |
| • | Non-GAAP diluted earnings per share growth excludes primarily<br>equity-based compensation expense of approximately $0.90-$0.98 per share, amortization of purchased intangible assets and other acquisition-related costs of approximately $0.41 per share, changes in certain<br>acquisitions related liabilities measured at fair value, and other, net of related tax effects |
| --- | --- |
| • | GAAP diluted EPS guidance does not include the impact of future restructuring charges |
| --- | --- |
| • | Non-GAAP operating margin is anticipated to be within a range of 21.3% to<br>21.9% for the full year fiscal 2026 |
| --- | --- |
| • | Non-GAAP operating margin is comprised of GAAP operating margin,<br>excluding amortization of purchased intangible assets and other, equity-based compensation expense, restructuring charges, and changes in certain acquisitions related liabilities measured at fair value |
| --- | --- |
| • | Non-GAAP effective tax rate is anticipated to be within a range of 16% to<br>19% for the full year fiscal 2026 |
| --- | --- |
| • | Full year fiscal 2026 free cash flow^(5)^ of $710 million<br>to $730 million; free cash flow^(5)^ is comprised of cash flow from operations, less net capital expenditures, and excludes payments related to restructuring charges |
| --- | --- |
The forward-looking statements regarding our first fiscal quarter 2026 and full year fiscal 2026 guidance take into consideration the Company’s current expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, we note that market dynamics continue to shift rapidly and we cannot predict all possible outcomes, including those resulting from certain geopolitical events, the current inflationary environment, changes to trade policies including tariffs and trade restrictions and the resulting impact on economic activities (as our outlook assumes current economic conditions do not deteriorate significantly due to trade policy or other macro factors), global or regional events, and the prevailing level of macro-economic, business and operational uncertainty, which have created, and continue to create, a significant amount of uncertainty, or from current and potential customer consolidation or their other strategic corporate activities.
Conference Call and Earnings Webcast Presentation Details
Amdocs will host a conference call and earnings webcast presentation on November 11, 2025 at 5:00 p.m. Eastern Time to discuss the Company’s fourth quarter of fiscal 2025 results. To participate in the call, please register here to receive the dial-in numbers and unique access PIN. The conference call and webcast will also be carried live on the Internet and may be accessed via the Amdocs website at https://investors.amdocs.com. Presentation slides will be available shortly before the webcast.
Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow^(5)^, revenue on a constant currency^(2)^ basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth. These other non-GAAP measures exclude the following items:
| • | amortization of purchased intangible assets and other acquisition-related costs; |
|---|---|
| • | changes in certain acquisition-related liabilities measured at fair value; |
| --- | --- |
| • | restructuring and unusual charges or benefits; |
| --- | --- |
| • | equity-based compensation expense; |
| --- | --- |
| • | other; and |
| --- | --- |
| • | tax effects related to the above. |
| --- | --- |
Free cash flow^(5)^ equals cash generated by operating activities less net capital expenditures. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.
Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow^(5)^, revenue on a constant currency^(2)^ basis, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other expenses, net, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.
For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisition-related liabilities measured at fair value, restructuring and unusual charges or benefits, equity-based compensation expense, other and related tax effects. Amdocs’ management also
uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.
Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, interest and other expenses, net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.
Supporting Resources
| • | Keep up with Amdocs news by visiting the Company’s website |
|---|---|
| • | Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and<br>YouTube |
| --- | --- |
About Amdocs
Amdocs empowers the world’s leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.
Contact:
Matthew Smith
Head of Investor Relations
Amdocs
314-212-8328
E-mail: dox_info@amdocs.com
AMDOCS LIMITED
Consolidated Statements of Income
(In thousands, except per share data)
| Three months ended<br>September 30, | Fiscal year ended<br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 ^(a)^ | 2024 | 2025 ^(a)^ | 2024 | |||||||||
| Revenue | $ | 1,150,218 | $ | 1,263,882 | $ | 4,532,913 | $ | 5,004,989 | ||||
| Operating expenses: | ||||||||||||
| Cost of revenue | 719,878 | 824,888 | 2,811,333 | 3,249,598 | ||||||||
| Research and development | 87,865 | 90,069 | 340,845 | 360,798 | ||||||||
| Selling, general and administrative | 121,807 | 138,705 | 506,108 | 572,845 | ||||||||
| Amortization of purchased intangible assets and other | 14,287 | 14,333 | 62,424 | 62,052 | ||||||||
| Restructuring charges | 73,756 | 83,213 | 80,539 | 131,088 | ||||||||
| 1,017,593 | 1,151,208 | 3,801,249 | 4,376,381 | |||||||||
| Operating income | 132,625 | 112,674 | 731,664 | 628,608 | ||||||||
| Interest and other expense, net | (11,843 | ) | (9,237 | ) | (38,422 | ) | (37,537 | ) | ||||
| Income before income taxes | 120,782 | 103,437 | 693,242 | 591,071 | ||||||||
| Income taxes | 23,668 | 16,261 | 125,473 | 94,750 | ||||||||
| Net income | $ | 97,114 | $ | 87,176 | $ | 567,769 | $ | 496,321 | ||||
| Net income attributable to noncontrolling interests | 787 | 735 | 3,065 | 3,124 | ||||||||
| Net income attributable to Amdocs Limited | $ | 96,327 | $ | 86,441 | $ | 564,704 | $ | 493,197 | ||||
| Basic earnings per share attributable to Amdocs Limited | $ | 0.88 | $ | 0.76 | $ | 5.08 | $ | 4.27 | ||||
| Diluted earnings per share attributable to Amdocs Limited | $ | 0.88 | $ | 0.76 | $ | 5.05 | $ | 4.25 | ||||
| Basic weighted average number of shares outstanding | 109,279 | 113,745 | 111,147 | 115,489 | ||||||||
| Diluted weighted average number of shares outstanding | 109,853 | 114,378 | 111,746 | 116,145 | ||||||||
| Cash dividends declared per share | $ | 0.527 | $ | 0.479 | $ | 2.060 | $ | 1.872 |
AMDOCS LIMITED
Selected Financial Metrics
(In thousands, except per share data)
| Three months ended<br>September 30, | Fiscal year ended<br>September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025^(a)^ | 2024 | 2025^(a)^ | 2024 | |||||
| Revenue | $ | 1,150,218 | $ | 1,263,882 | $ | 4,532,913 | $ | 5,004,989 |
| Non-GAAP operating income | 248,118 | 236,223 | 968,330 | 923,288 | ||||
| Non-GAAP net income | 202,203 | 195,668 | 784,267 | 750,928 | ||||
| Non-GAAP net income attributable to Amdocs<br>Limited | 201,416 | 194,933 | 781,202 | 747,804 | ||||
| Non-GAAP diluted earnings per share | $ | 1.83 | $ | 1.70 | $ | 6.99 | $ | 6.44 |
| Diluted weighted average number of shares outstanding | 109,853 | 114,378 | 111,746 | 116,145 |
Free Cash Flows
(In thousands)
| Three months ended<br>September 30, | Fiscal year ended<br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net Cash Provided by Operating Activities | $ | 229,840 | $ | 217,922 | $ | 749,096 | $ | 724,428 | ||||
| Purchases of property and equipment, net (b) | (31,212 | ) | (25,812 | ) | (103,952 | ) | (105,495 | ) | ||||
| Free Cash Flow | $ | 198,628 | $ | 192,110 | $ | 645,144 | $ | 618,933 | ||||
| (a) | During the three months ended December 31, 2024, we phased out several<br>low-margin, non-core business activities, which were included in the prior periods numbers. | |||||||||||
| --- | --- | |||||||||||
| (b) | The amounts under “Purchase of property and equipment, net”, include immaterial proceeds from sale<br>of property and equipment for all periods presented. | |||||||||||
| --- | --- |
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(In thousands)
| Three Months Ended September 30, 2025^(a)^ | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GAAP | Amortizationof purchasedintangibleassets andother | Equity basedcompensationexpense | Changes incertainacquisitionsrelatedliabilitiesmeasuredat fairvalue | Restructuringcharges | Other | Tax<br>effect | Non-GAAP | ||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenue | $ | 719,878 | $ | — | $ | (13,062 | ) | $ | (360 | ) | $ | — | $ | — | $ | — | $ | 706,456 | |||||
| Research and development | 87,865 | (2,600 | ) | 85,265 | |||||||||||||||||||
| Selling, general and administrative | 121,807 | (11,068 | ) | (360 | ) | 110,379 | |||||||||||||||||
| Amortization of purchased intangible assets and other | 14,287 | (14,287 | ) | — | |||||||||||||||||||
| Restructuring charges | 73,756 | (73,756 | ) | — | |||||||||||||||||||
| Total operating expenses | 1,017,593 | (14,287 | ) | (26,730 | ) | (720 | ) | (73,756 | ) | — | — | 902,100 | |||||||||||
| Operating income | 132,625 | 14,287 | 26,730 | 720 | 73,756 | 248,118 | |||||||||||||||||
| Interest and other expense, net | (11,843 | ) | 1,545 | (10,298 | ) | ||||||||||||||||||
| Income taxes | 23,668 | 11,949 | 35,617 | ||||||||||||||||||||
| Net income | 97,114 | 14,287 | 26,730 | 720 | 73,756 | 1,545 | (11,949 | ) | 202,203 | ||||||||||||||
| Net income attributable to noncontrolling interests | 787 | 787 | |||||||||||||||||||||
| Net income attributable to Amdocs Limited | $ | 96,327 | $ | 14,287 | $ | 26,730 | $ | 720 | $ | 73,756 | $ | 1,545 | $ | (11,949 | ) | $ | 201,416 | ||||||
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| GAAP | Amortizationof purchasedintangibleassets andother | Equity basedcompensationexpense | Restructuringcharges | Other | Tax<br>effect | Non-GAAP | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenue | $ | 824,888 | $ | — | $ | (13,283 | ) | $ | — | $ | — | $ | — | $ | 811,605 | ||||||||
| Research and development | 90,069 | (2,355 | ) | 87,714 | |||||||||||||||||||
| Selling, general and administrative | 138,705 | (10,365 | ) | 128,340 | |||||||||||||||||||
| Amortization of purchased intangible assets and other | 14,333 | (14,333 | ) | — | |||||||||||||||||||
| Restructuring charges | 83,213 | (83,213 | ) | — | |||||||||||||||||||
| Total operating expenses | 1,151,208 | (14,333 | ) | (26,003 | ) | (83,213 | ) | 1,027,659 | |||||||||||||||
| Operating income | 112,674 | 14,333 | 26,003 | 83,213 | 236,223 | ||||||||||||||||||
| Interest and other expense, net | (9,237 | ) | 2,549 | (6,688 | ) | ||||||||||||||||||
| Income taxes | 16,261 | 17,606 | 33,867 | ||||||||||||||||||||
| Net income | 87,176 | 14,333 | 26,003 | 83,213 | 2,549 | (17,606 | ) | 195,668 | |||||||||||||||
| Net income attributable to noncontrolling interests | 735 | 735 | |||||||||||||||||||||
| Net income attributable to Amdocs Limited | $ | 86,441 | $ | 14,333 | $ | 26,003 | $ | 83,213 | $ | 2,549 | $ | (17,606 | ) | $ | 194,933 |
AMDOCS LIMITED
Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP
(In thousands)
| Fiscal year ended September 30, 2025^(a)^ | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GAAP | Amortizationof purchasedintangibleassets andother | Equity basedcompensationexpense | Changes incertainacquisitionsrelatedliabilitiesmeasuredat fairvalue | Restructuringcharges | Other | Tax<br>effect | Non-GAAP | ||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenue | $ | 2,811,333 | $ | — | $ | (51,320 | ) | $ | (1,081 | ) | $ | — | $ | — | $ | — | $ | 2,758,932 | |||||
| Research and development | 340,845 | (9,603 | ) | 331,242 | |||||||||||||||||||
| Selling, general and administrative | 506,108 | (43,941 | ) | 12,242 | 474,409 | ||||||||||||||||||
| Amortization of purchased intangible assets and other | 62,424 | (62,424 | ) | — | |||||||||||||||||||
| Restructuring charges | 80,539 | (80,539 | ) | — | |||||||||||||||||||
| Total operating expenses | 3,801,249 | (62,424 | ) | (104,864 | ) | 11,161 | (80,539 | ) | 3,564,583 | ||||||||||||||
| Operating income | 731,664 | 62,424 | 104,864 | (11,161 | ) | 80,539 | 968,330 | ||||||||||||||||
| Interest and other expense, net | (38,422 | ) | 7,524 | (30,898 | ) | ||||||||||||||||||
| Income taxes | 125,473 | 27,692 | 153,165 | ||||||||||||||||||||
| Net income | 567,769 | 62,424 | 104,864 | (11,161 | ) | 80,539 | 7,524 | (27,692 | ) | 784,267 | |||||||||||||
| Net income attributable to noncontrolling interests | 3,065 | 3,065 | |||||||||||||||||||||
| Net income attributable to Amdocs Limited | $ | 564,704 | $ | 62,424 | $ | 104,864 | $ | (11,161 | ) | $ | 80,539 | $ | 7,524 | $ | (27,692 | ) | $ | 781,202 | |||||
| Fiscal year ended September 30, 2024 | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GAAP | Amortizationof purchasedintangibleassets andother | Equity basedcompensationexpense | Changes incertainacquisitionsrelatedliabilitiesmeasuredat fairvalue | Restructuringcharges | Other | Tax<br>effect | Non-GAAP | ||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenue | $ | 3,249,598 | $ | — | $ | (53,409 | ) | $ | 3,000 | $ | — | $ | — | $ | — | $ | 3,199,189 | ||||||
| Research and development | 360,798 | (8,644 | ) | 352,154 | |||||||||||||||||||
| Selling, general and administrative | 572,845 | (42,487 | ) | 530,358 | |||||||||||||||||||
| Amortization of purchased intangible assets and other | 62,052 | (62,052 | ) | — | |||||||||||||||||||
| Restructuring charges | 131,088 | (131,088 | ) | — | |||||||||||||||||||
| Total operating expenses | 4,376,381 | (62,052 | ) | (104,540 | ) | 3,000 | (131,088 | ) | 4,081,701 | ||||||||||||||
| Operating income | 628,608 | 62,052 | 104,540 | (3,000 | ) | 131,088 | 923,288 | ||||||||||||||||
| Interest and other expense, net | (37,537 | ) | 8,087 | (29,450 | ) | ||||||||||||||||||
| Income taxes | 94,750 | 48,160 | 142,910 | ||||||||||||||||||||
| Net income | 496,321 | 62,052 | 104,540 | (3,000 | ) | 131,088 | 8,087 | (48,160 | ) | 750,928 | |||||||||||||
| Net income attributable to noncontrolling interests | 3,124 | 3,124 | |||||||||||||||||||||
| Net income attributable to Amdocs Limited | $ | 493,197 | $ | 62,052 | $ | 104,540 | $ | (3,000 | ) | $ | 131,088 | $ | 8,087 | $ | (48,160 | ) | $ | 747,804 |
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(In thousands)
| As of | ||||
|---|---|---|---|---|
| September 30,<br>2025 | September 30,<br>2024 | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 324,999 | $ | 346,085 |
| Short-term interest-bearing investments | — | 168,242 | ||
| Accounts receivable, net, including unbilled | 935,751 | 1,028,357 | ||
| Prepaid expenses and other current assets | 331,387 | 228,498 | ||
| Total current assets | 1,592,137 | 1,771,182 | ||
| Property and equipment, net | 768,557 | 755,601 | ||
| Lease assets | 182,088 | 149,254 | ||
| Goodwill and other intangible assets, net | 3,046,962 | 3,005,637 | ||
| Other noncurrent assets | 660,086 | 704,468 | ||
| Total assets | $ | 6,249,830 | $ | 6,386,142 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current liabilities | ||||
| Accounts payable, accruals and other | $ | 1,201,206 | $ | 1,315,679 |
| Lease liabilities | 38,725 | 39,983 | ||
| Deferred revenue | 118,861 | 115,247 | ||
| Total current liabilities | 1,358,792 | 1,470,909 | ||
| Lease liabilities | 140,776 | 103,462 | ||
| Long-term debt, net of unamortized debt issuance costs | 646,901 | 646,291 | ||
| Other noncurrent liabilities | 632,681 | 666,303 | ||
| Total Amdocs Limited Shareholders’ equity | 3,429,453 | 3,456,976 | ||
| Noncontrolling interests | 41,227 | 42,201 | ||
| Total equity | 3,470,680 | 3,499,177 | ||
| Total liabilities and equity | $ | 6,249,830 | $ | 6,386,142 |
AMDOCS LIMITED
Consolidated Statements of Cash Flows
(In thousands)
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Cash Flow from Operating Activities: | ||||||
| Net income | $ | 567,769 | $ | 496,321 | ||
| Reconciliation of net income to net cash provided by operating activities: | ||||||
| Depreciation, amortization and impairment | 195,435 | 195,234 | ||||
| Amortization of debt issuance cost | 608 | 596 | ||||
| Equity-based compensation expense | 104,864 | 104,540 | ||||
| Deferred income taxes | 20,291 | (45,673 | ) | |||
| Loss from short-term interest-bearing investments | 3,487 | 5,576 | ||||
| Net changes in operating assets and liabilities, net of amounts acquired: | ||||||
| Accounts receivable, net | 79,606 | (104,413 | ) | |||
| Prepaid expenses and other current assets | (55,061 | ) | (8,478 | ) | ||
| Other noncurrent assets | (15,445 | ) | (2,250 | ) | ||
| Lease assets and liabilities, net | 3,221 | (6,485 | ) | |||
| Accounts payable, accrued expenses and accrued personnel | (77,041 | ) | 216,324 | |||
| Deferred revenue | 8,172 | (60,332 | ) | |||
| Income taxes payable, net | (15,109 | ) | (47,241 | ) | ||
| Other noncurrent liabilities | (71,701 | ) | (19,291 | ) | ||
| Net cash provided by operating activities | 749,096 | 724,428 | ||||
| Cash Flow from Investing Activities: | ||||||
| Purchase of property and equipment, net(b) | (103,952 | ) | (105,495 | ) | ||
| Proceeds from sale of short-term interest-bearing investments | 169,993 | 68,659 | ||||
| Purchase of short-term interest-bearing investments | — | (9,061 | ) | |||
| Net cash paid for business and intangible assets acquisitions | (86,317 | ) | (86,824 | ) | ||
| Net cash from equity investments and other | 18,215 | 5,315 | ||||
| Net cash used in investing activities | (2,061 | ) | (127,406 | ) | ||
| Cash Flow from Financing Activities: | ||||||
| Repurchase of shares | (551,340 | ) | (563,121 | ) | ||
| Proceeds from employee stock option exercises | 21,294 | 26,949 | ||||
| Payments of dividends | (224,394 | ) | (211,967 | ) | ||
| Distribution to noncontrolling interests | (4,039 | ) | (4,096 | ) | ||
| Payment of contingent consideration and deferred payment of business acquisitions | (9,642 | ) | (18,782 | ) | ||
| Net cash used in financing activities | (768,121 | ) | (771,017 | ) | ||
| Net decrease in cash and cash equivalents | (21,086 | ) | (173,995 | ) | ||
| Cash and cash equivalents at beginning of year | 346,085 | 520,080 | ||||
| Cash and cash equivalents at end of year | $ | 324,999 | $ | 346,085 |
AMDOCS LIMITED
Supplementary Information
(In millions)
| Three months ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| September 30,2025 ^(a)^ | June 30,2025 ^(a)^ | March 31,2025 ^(a)^ | December 31,2024 ^(a)^ | September 30,2024 | ||||||
| North America | $ | 762.4 | $ | 745.4 | $ | 738.3 | $ | 737.4 | $ | 835.8 |
| Europe | 179.8 | 189.4 | 180.7 | 155.2 | 184.1 | |||||
| Rest of the World | 208.0 | 209.6 | 209.2 | 217.4 | 244.0 | |||||
| Total Revenue | $ | 1,150.2 | $ | 1,144.4 | $ | 1,128.2 | $ | 1,110.1 | $ | 1,263.9 |
| Three months ended | ||||||||||
| September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | ||||||
| Managed Services Revenue | $ | 748.3 | $ | 771.5 | $ | 747.1 | $ | 728.9 | $ | 721.4 |
| As of | ||||||||||
| September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024^(c)^ | ||||||
| 12-Month Backlog | $ | 4,190 | $ | 4,150 | $ | 4,170 | $ | 4,140 | $ | 4,060 |
| (c) | Excluding the phase out of certain business activities in the fourth fiscal quarter of 2024 only.<br> | |||||||||
| --- | --- |
# # #
EX-99.2
Exhibit 99.2 Amdocs Limited NASDAQ: DOX Fiscal Q4 2025 Earnings Presentation November 11, 2025 Shuky Sheffer President & CEO Tamar Rapaport-Dagim CFO & COO
The information contained herein in this presentation or delivered or to be delivered to you during this presentation does not constitute an offer, expressed or implied, or a recommendation to do any transaction in Amdocs Limited securities or in any securities of its affiliates or subsidiaries. This presentation and the comments made by members of Amdocs management in conjunction with it can be found on the Investor Relations section of our website, and, as always, a copy of today’s prepared remarks will also be posted immediately following the conclusion of this call. This presentation includes information that constitutes forward- looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024 filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025. This presentation includes non-GAAP financial measures, including non-GAAP operating margin, free cash flow, revenue on a constant currency basis, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited, and non-GAAP earnings per share. Free cash flow equals cash generated by operating activities less net capital expenditures. While in prior years Amdocs used normalized free cash flow, a measure of our operating performance, is further adjusted to exclude net capital expenditures related to the new campus development, payments for non-recurring and unusual charges (such as capital gains tax to be paid in relation to the divestiture of OpenMarket), and payments of acquisition related liabilities, Amdocs is no longer reporting normalized free cash flow. Normalized free cash flow is not comparable to free cash flow. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures. Please refer to the appendix for a reconciliation of these metrics to the most comparable GAAP provision. This presentation also includes pro forma metrics which exclude the financial impact of OpenMarket (divested on December 31, 2020) from fiscal year 2021. Please also review the information contained in Amdocs’ press release dated November 11, 2025, with respect to earnings for fiscal Q4 2025. The press release contains additional information regarding Amdocs’ outlook for fiscal year 2025 and certain non-GAAP metrics and their reconciliations. Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 2 2
Today’s Speakers President & Chief Executive Officer Chief Financial Officer & Chief Operating Officer Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 3 3 3
Earnings Call Agenda 1 Strategy & business performance update Shuky Sheffer, President & Chief Executive Officer 2 Financial review & outlook Tamar Rapaport-Dagim, Chief Financial Officer & Chief Operating Officer 3 Q&A Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs 4 4 4
President & Chief Executive Officer Strategy & business performance update Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 5 5
Fiscal 2025, Another Important Year For Amdocs Delivered another year of double-digit cloud growth, now over ~30% of revenue to our global team Managed services accounted for a Your commitment has fueled record 66% of total revenue and advanced our for our customers Accelerated profitability improvement Revenue (1)(2) growth YoY Transitioned from PoCs trials to winning Non-GAAP actual commercial generative AI deals (3) operating margin Up 300bps, YoY Non-GAAP Delivered double-digit total shareholder (3) EPS growth YoY (4) th returns for the 5 consecutive year 1. For comparison purposes, pro forma adjusts fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, noncore business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue 6 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs 6 3. Non-GAAP. See reconciliation tables in appendix 4. Total shareholder returns: Non-GAAP EPS growth of 8.5% YoY plus dividend yield of 2.6% as of 9/30/2025
Q4 FY2025: Solid Financial Results Non-GAAP (3) Revenue 12-month backlog Non-GAAP EPS (3) operating margin 21.6% $1.83 $1.15B $4.19B (1)(2) Slightly above Up ~2.8% YoY +290 bps YoY Up $40M sequentially guidance midpoint Above guidance midpoint +20 bps QoQ +3.2% YoY 1. For comparison purposes, pro forma adjusts fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, noncore business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 7 7
Q4 FY2025 Key Highlights Important win at AT&T Continued our generative Cloud modernization & AI commercial momentum migration awards eSIM Entitlement Server amAIz agent Germany Multi-year SaaS managed services Extend Telefonica’s billing platform agreement leveraging our eSIM for both consumer & enterprise services Cloud platform Monetization & digital Long-term managed Maintained successful track modernization wins services agreements record of project deployments Selected Major deployments: France Finland example: UK Landmark multi-year agreement South Brazil Korea to accelerate IT modernization Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 8 8
Strategic Growth Framework Deliver the tech-led products and services our customers need Accelerate the journey to the cloud Maximize the value of generative AI & data across our customers’ footprint Digitalize customer experience for consumer and B2B Monetize next-generation network investments Streamline and automate complex network ecosystems IIn nf fo or rm ma ati tio on n S Se ec cu ur riity ty L Le ev ve ell 0 0 – – P Pu ub blliic c.. © © 2025 2025 P Pu ub blliic c.. © © 2025 2025 – – P Pr rop opr riie et ta ar ry y & & C Con onf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 9 9 9
Progress in Strategic Domains - Cloud Strong Accelerate the journey to the cloud partnerships Selected projects Business value Cloud transformation, moving mission critical Strengthen digital foundation and ensure scalability BSS applications to Google Cloud Migrate on-premises wireless monetization Enable faster launch of new consumer and enterprise operations to Google Cloud under multi-year offerings, improve customer experience and reliability managed services agreement and reduce operational costs Migrating existing systems to the cloud Enhance scalability, strengthen resiliency, and achieve operational efficiency Adding to the growing eSIM Entitlement Amdocs’ cloud-native Several new logos adopted list of customers: Server award ‘telco in a box’ SaaS platform connect Recently: Enables quick launch of new digital brands and services Belgium Poland and more.. Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 10 10 Delivered double-digit growth in cloud in FY25
Progress in Strategic Domains – Generative AI Simplify and accelerate the adoption of Generative AI and data Selected projects Business value Extend Telefonica’s billing Leverage Amdocs’ amAIz Sales agent, for Germany platform for both consumer smoother promotion of new products, and and enterprise services up-sell automation to drive higher ARPU Adding to the growing list of customers adopting our innovative generative AI solutions.. Already seeing double-digit improvements and in NPS after deploying amAIz Agents more.. Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 11
Business value Progress in Additional Key Strategic Pillars (1/2) Mexico Finland Digital modernization Digital BSS Digital program 10-years agreement to modernize B2C Multi-year agreement to build its Enhance self-service experiences mobile platform for its prepaid and next-gen digital BSS enhanced and expand its digital selling capabilities postpaid segments with advanced AI capabilities A Tier 2 leading telecom provider Multi-year IT services agreement 5-years BSS agreement renewal Modernize and manage IT operations Leverage advanced BSS solutions to while supporting broader digital accelerate modernization and deliver transformation strategy new digital experiences Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 12 12
Business value Progress in Additional Key Strategic Pillars (2/2) Brazil Billing Charging Realtime billing platform & transformation modernization multi-year services agreement Consolidate multiple billing operations Accelerate time-to-market and boost Enable full-scale convergence onto a unified, cloud-ready platform operational efficiency across multiple lines of business Ireland Greece Network modernization Network managed services Network inventory Expanded platform go-live network services Establish a future-ready foundation Enhance service quality and for ongoing operations operational agility Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 13 13
Investing for Generative AI-driven Growth Developing Future-ready Platforms and Capabilities There is now the potential to unlock even greater opportunities to enhance experience, agility, and efficiency Ecosystem Next Gen Operations Accelerating generative AI investments now to open new pathways for future growth across our entire customer base Fast-tracking development of the next generation Agentic Telco Cognitive Core Services ‘Cognitive Core’ platform and services amAIz suite at its core, complemented by future- state technologies like MCP and agent-to-agent Systems of Record The foundation for future AI-powered telecom BSS Functions OSS Functions operations More to come in the months and quarters ahead Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 14 14
Current Operating Environment Healthy 12-month backlog visibility • Strong overall book of long-term business supported by our recent win momentum Rich pipeline of opportunities across cloud, digital, network and generative AI • Large serviceable addressable market of nearly $60 billion Uncertain macroeconomic and demand environment • Closely watching for any impacts on us and our customers’ demand and spending behavior IIn nf fo or rm ma at tiio on n S Sec ecu ur riit ty y L Lev evel el 0 0 – – P Pu ub blliic c.. © © 2025 2025 P Pu ub blliic c.. © © 2025 2025 – – P Pr rop opr riie et ta ar ry y & & C Con onf fiid de en nt tiia all IIn nf for orm ma at tiion on of of A Am md doc ocs s 15 15
Initiating FY2026 Outlook A B 1.0%-5.0% YoY growth Free cash (1) Expect 3.0% midpoint earning-to-cash flow Revenue (3) flow (1) in constant currency conversion, and attractive ) (3)(4 C D 21.3% - 21.9% 4.0%-8.0% % margin YoY growth Non-GAAP Non-GAAP (2) (2) Expect 21.6% midpoint, EBIT EPS Expect 6% midpoint up 20bps YoY
- Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 2. Non-GAAP. See reconciliation tables in appendix 3. Excludes restructuring related payments 4. Yield = expected free cash flow of $720M, the midpoint of FY2026 FCF guidance, as a percentage of Amdocs’ market capitalization as of 11/11/2025 Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs 16
Chief Financial Officer & Chief Operating Officer Financial review & outlook Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 17 17
Solid Q4 FY2025 Financial Results Key Metrics: Revenue Q4 2025 Revenue vs. Guidance $1,150m $ Millions -9.0% YoY as reported $1,150 (1) (2) $1,145 +2.8% YoY pro forma constant currency Above guidance midpoint, with no impact from foreign (3) Non-GAAP Operating Margin currency movements 21.6% compared with guidance +290 bps YoY, +20 bps QoQ Original Q4F25 Q4F25A Guidance (midpoint) GAAP Diluted EPS including 60 cent restructuring charge, without which GAAP diluted EPS Q4 2025 Revenue by Region would have been at the high-end of the Sequential growth in guidance range ($1.41 - $1.49) $ Millions North America, +2.3% QoQ (3) Non-GAAP Diluted EPS Rest of World $208 $1.83 Clear visibility for ~18% continued growth in Rest Above guidance midpoint ($1.79 – $1.85) of World but quarterly Europe $180 ~16% ~66% trends may fluctuate 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by North approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities America $762 substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 18
Full Year Fiscal 2025 Financial Highlights (4) Revenue Growth Non-GAAP EPS (3) YoY% growth constant currency YoY % Growth Key Metrics: (2) FY2021 & FY2022 are pro forma Revenue $4,533m FY2025 +8.5% - in -9.4% YoY as reported FY2025 +3.1% - line with guidance (1) (3) above guidance +3.1% YoY pro forma constant currency midpoint midpoint 10.3% 12.1% 11.5% (4) Non-GAAP Operating Margin 9.8% 7.7% 9.0% 7.0% 8.5% 21.4%, +300 bps YoY 3.1% 2.7% GAAP Diluted EPS +18.1% YoY including a 65 cent restructuring charge, without which GAAP FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 (2)(3) (2)(3) (3) (3) (1)(3) (2)(4) (2)(4) (4) (4) (4) diluted EPS would have been above the guidance range (31.5%-33.5%) 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 (4) Non-GAAP Diluted EPS revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook $6.99, +8.5% YoY 2. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 3. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period In line with guidance midpoint (8.0%-9.0%) 4. Non-GAAP. See reconciliation tables in appendix Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 19
Ongoing Diversification & Growing International Traction in FY2025 Double-digit growth in cloud • Equating to over 30% of total revenue, up from ~25% in FY2024 Ongoing business diversification and growing traction in international markets • 6 of our top 12 customers are international, of which 2 are new logos added in last ten years Continued expansion with long-standing customers and new logos in North America over last 10 years Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 20 20
Record Managed Services Revenue in FY2025 Supporting visibility and business resilience Managed Services Close to managed services contract renewals ~100% 66% of FY 2025 revenue Managed services arrangements support business model resiliency with highly recurring revenue streams, multi-year engagements and high renewal rates, and may also include large- FY2024 FY2025 scale digital transformation projects Multi-year software and Expanded multi-year Landmark multi-year Expanded agreement IT services agreement to agreement to migrate its expansion agreement and long-term modernize IT operations on-premise wireless to manage PLDT’s engagement to cover and accelerate digital monetization operations complete IT services the network domain Transformation to Google Cloud requirements Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 21
(1) FY 2025 Free cash flow bridge Strong Balance Sheet & Cash FCF before restructuring payments of $90M Flow was $735M, above guidance of $710-730M Ample liquidity to support ongoing business needs while $749 $104 $735 retaining the capacity to fund future strategic growth investments * $645 Liquidity: Cash + Credit Facility Cash, Credit Facility & Debt Position $ Millions, as of September 30, 2025 $825 million Operating Cash Net capex Reported FCF Flow *Figures may not sum due to rounding Credit Ample liquidity including available Facility $500M revolving credit facility $500 DSO’s $650 74 days Cash Baa1 BBB -2 days QoQ and unchanged YoY $325 Moody’s S&P DSO’s may fluctuate from quarter to quarter Unbilled receivables net of deferred revenue increased by Committed to maintaining our (2) Liquidity Debt $62 million sequentially in Q4, and was relatively flat Investment grade credit rating compared to a year ago, aggregating the short-term and long-term balances The net difference between unbilled receivables and deferred revenue 1. Non-GAAP. See reconciliation tables in appendix fluctuates from quarter to quarter, in line with normal business activities as 2. $650M senior note, maturing June 2030 well as progress on multi-year transformation programs Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 22
Dividends $58 Disciplined Capital Allocation FCF: Five-year historical trend and FY2026E outlook Share repurchases 140% $136 (1)(3)(4)(5)(6) 102% % FCF / 101% $194M 94% 93% 90% 88% Non-GAAP Net Returned to shareholders in Q4 (1) Income FY2026E (1)(3)(4)(5)(6) guidance: 112% % of FCF 104% 106% 100% 99% 96% return Returned to majority Dividend Shareholders Board authorized new quarterly dividend payment: (1)(3)(4)(5)(6) $869 FCF ($M) $735 $720 $718 $694 $665 $527 56.9 cents, +8% New payment subject to shareholder approval at Amdocs’ FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E annual meeting in January 2026, with first payment (Guidance) anticipated in April 2026 (1)(3) Normalized Share Repurchase Authorization (1) FY 2026 free cash flow target ~$1.0B aggregate remaining share initiated: $710-$730M Earnings to cash (2) Free cash flow yield (before restructuring payments) repurchase authorization conversion 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/2/2021 and 11/8/2022 for reconciliation of normalized FCF in FY2020, FY2021 and FY2022 1. Non-GAAP. See appendix tables for reconciliation of FCF 5. FY2023, FY2024, and FY2025, exclude restructuring payments of ~$20M,~$75M.~$90M, 2. Yield = expected free cash flow of $720M, the mid point of FY2026 FCF guidance before restructuring payments, as a respectively percentage of Amdocs’ market capitalization as of 11/11/2025 6. FY2026 assumes midpoint of $710-$730M guidance range, before restructuring payments 3. FCF in FY2020, FY2021 and FY2022 is presented on a normalized basis, which mainly excludes net capital expenditures related to the new campus development; normalized FCF disclosure is not applicable as of FY2023 onward Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 23
Leading Indicators & Visibility: 12-month Backlog Leading Indicator 12-Month Backlog 12-month backlog includes: Anticipated revenue related to contracts $4.19B ~90% Estimated revenue from managed services Up 3.2% YoY contracts Letters of intent 12-month backlog as percent of forward 12-month revenue Maintenance Estimated ongoing support activities Quarterly 12-Month Backlog Growth YoY % 3.5% 3.2% 3.0% 2.7% 2.5% 1. For comparison purposes, pro forma adjusts quarterly revenue from Q424 to Q3F25 by approximately $150 million, and fiscal 2024 revenue by approximately $600 million, to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and were not included in the full year fiscal 2025 revenue outlook Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 (1) (1) (1) (1) Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 24
FY2026 Revenue Growth Outlook Expected FY2026 revenue growth: 1.7%-5.7% as reported Revenue Growth (3) 1.0%-5.0% YoY in constant currency (3) YoY% Growth Constant Currency 10.3% • Expect strong FY2025 sales momentum to contribute to FY2026 revenue growth, with a 7.7% 7.0% stronger second half assumed as activities on recently secured deals ramp-up 5.0% 2% Expects 3% 3.1% 2.7% • FY2026 revenue guidance assumes a 2.4% 3.0% guidance midpoint revenue decline at T-Mobile due to 1.0% reduced discretionary spending FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E (3) (2)(3) (2)(3) (3) (3) (1)(3) (3) • FY2026 revenue guidance incorporates 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non- some contribution from inorganic deal core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook activity 2. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 3. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 25
Sustained Margin Expansion in FY2026 Balancing strategic growth investments with ongoing cost and efficiency benefits (1) Annual Non-GAAP Operating Margin: (2) FY2020 – FY2026E FY2026: +20 bps YoY at guidance midpoint +20 bps at the midpoint of the 21.6% new and improved target 21.9% 21.4% range 21.7% 21.3%-21.9% 21.3% 21.1% Balancing generative AI FY2025 +300 bps YoY: growth investments against Business activity phase out & internal efficiency gains the benefits of internal cost and efficiency improvements 18.4% 18.7% 17.8% 18.1% 17.6% 17.5% 17.8% 17.2% 17.5% 17.2% 1. Non-GAAP. See reconciliation tables in appendix 2. Refer to https://investors.amdocs.com/ and earnings 16.5% reports issued on 11/8/2018, 11/12/19, 11/10/20, 11/2/2021, 11/8/2022, 11/7/2023, 11/12/2024 and Guidance Range Non-GAAP Operating Margin 11/11/2025 for reconciliation of non-GAAP operating margin in FY2018, FY2019, FY2020, FY2021, FY2022, FY2023, FY2024 and FY2025 26 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E
Outlook for High Single-digit Expected Total Shareholder Returns in FY2026 14.1% 13.6% (3)(4) 11.7% Total Shareholder Return 11.2% 11.1% (2) Non-GAAP Diluted EPS Growth YoY % + Dividend Yield 12.1% 11.5% 8.7%* (2) (1) FY21 and FY22 non-GAAP EPS growth is presented pro forma 9.8% 9.0% 8.0% 8.5% Expects Expects 6.0% midpoint of 5.3% 6.0% 6.0% (2) non-GAAP EPS growth outlook of guidance 4.0% 3.0% midpoint 4.0%-8.0% in FY2026E 2.7% 2.3% 2.2% 2.6% 2.1% 2.0% 1.9% (1) (1) FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E 1. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 2. Non-GAAP. See reconciliation tables in appendix Non-GAAP Diluted EPS Growth Dividend Yield Total Shareholder Return 3. Expected total shareholder return assumes Non-GAAP EPS growth plus dividend yield (based on fiscal year end closing share price); FY2026E assumed 6.0% (2) midpoint of non-GAAP EPS outlook, and dividend yield based on quarterly rate of *Non-GAAP EPS growth of 6.0%, plus 2.7% dividend yield $0.569 as of share price on 11/11/25 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/10/2020, 11/2/2021, 11/8/2022, 11/7/2023, 11/12/2024 and 11/11/2025 for non- GAAP reconciliation in FY2019, FY2020, FY2021, FY2022, FY2023, FY2024 and FY2025 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 27
Q&A
Appendix Outlook & Reconciliation Tables Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs 29 29 29
Q1 Fiscal 2026 Outlook Q1 & FY2026 Revenue $1,135 - $1,175 million $1.36 - $1.44 GAAP EPS Outlook (1) Non-GAAP EPS $1.73 - $1.79 Share Count 109 million Positioned for high single-digit expected total shareholder returns in FY2026 Full Year Fiscal 2026 Outlook Revenue growth 1.7% - 5.7% As reported Revenue growth 1.0% - 5.0% (2) Constant currency 13.5% - 20.5% GAAP EPS growth (1) Non-GAAP EPS growth 4.0% - 8.0% 1. Non-GAAP. See reconciliation tables in appendix. Free cash flow outlook is before expected restructuring payments Operating Margin 21.3% - 21.9% (1) Non-GAAP 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Effective Tax Rate 16.0% - 19.0% (1) Non-GAAP (1) Free cash flow $710-$730 million Information Security Level 0 – Public. © 2025 Public. © 2025 – Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 30 30 Proprietary & Confidential Information of Amdocs
Reconciliation Tables a) During the three months ended December 31, 2024, we phased out several low-margin, non- core business activities, which were included in the prior periods numbers. b) The amounts under Purchase of property and equipment, net”, include immaterial proceeds from sale of property and equipment for all periods presented. Information Security Level 0 – Public. © 2025 Public. © 2025 – Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 31 31 Proprietary & Confidential Information of Amdocs
Reconciliation Tables a) During the three months ended December 31, 2024, we phased out several low-margin, non- core business activities, which were included in the prior periods numbers. Information Security Level 0 – Public. © 2025 Public. © 2025 – Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 32 32 Proprietary & Confidential Information of Amdocs
Reconciliation Tables a) During the three months ended December 31, 2024, we phased out several low-margin, non- core business activities, which were included in the prior periods numbers. Information Security Level 0 – Public. © 2025 Public. © 2025 – Information Security Level 0 – Public. © 2025 Public. © 2025 – Proprietary & Confidential Information of Amdocs 33 33 Proprietary & Confidential Information of Amdocs
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