Accenture Plc (ACN.N): 4Q26 and Investor Day Preview — Expecting no improvement in demand outlook heading into FY27

Ahead of ACN's 4Q26 earnings print and investor day we expect that demand trends have broadly remained consistent (i.e., soft) with no discernable evidence of a rebound in spend that will likely persist through the remainder of CY26 and into ACN's FY27. Industry commentary continues to point to elongated sales cycles, pressure on discretionary spend, ongoing project deferrals, while AI related investment remains concentrated in a limited set of use cases with no associated uplift to traditional IT Services budgets. For 4Q26, we are modeling revenue growth below the midpoint of the company's guided range at ~2% cc (~flat organic cc) with operating margins of 15.3% and EPS of $3.20. Looking ahead to FY27, we expect ACN will introduce revenue growth expectations in the range of ~1-5% cc (with 200bps+ of inorganic contribution) reflecting continued macro uncertainty and limited visibility of a broader recovery. ACN will also be hosting an investor day on 10/14 where we expect most of the c