Annual Reports
Amdocs Limited's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Amdocs Limited — FY2025 Annual Report (Form 20-F) — FY2025 (year ended September 30, 2025)
Management's fullest account of a reset year: revenue down 9.4% as low-margin non-core work was phased out, yet operating margin jumped to 16.1%. · Open the full document →
Item 3. Key Information — Risk Factors — p. 6 · Read the full section →
The two risks most specific to Amdocs: extreme customer concentration and an Israel-centered operating footprint.
One of the largest development centers sits in Israel; the Oct-2023 war shows how regional conflict reaches operations.
Of the development centers we maintain worldwide, two of our largest development centers are located in India and one in Israel. In Israel, our facilities are located in several different cities, with our main facility in the center of the country. Less than 15% of our workforce is located in Israel, with revenue from customers in Israel comprising less than 1% of total revenue. As a result, we are directly influenced by the political, economic and military conditions affecting Israel and its neighboring regions. Any major hostilities involving Israel could have a material adverse effect on our business. […] On October 7, 2023, Hamas launched a terrorist attack on Israel, which has further evolved into an ongoing war with Hamas, and later on with additional terrorist organizations in the north of Israel. This has resulted in certain of our workforce shifting to remote work and some military reserve service call ups in Israel. Although a ceasefire agreement between Israel and Hamas was reached in October 2025, the situation continues to be volatile and could lead to additional hostilities in Israel and the Middle East, which might require additional business or operational adjustments, and may result in additional costs and potential disruptions to our operations.
p. 24 · Read in context →
Item 4. Information on the Company — p. 34 · Read the full section →
The business description in management's own words, plus the marquee-carrier roster that is the whole franchise.
What Amdocs is: software and services to ~400 communications, entertainment and media providers worldwide.
Amdocs is a leading provider of software and services for approximately 400 communications, entertainment and media industry and other service providers in developed countries and emerging markets. Our customers include some of the largest telecommunications companies in the world (including América Móvil, AT&T, Bell Canada, Singtel, Telstra, T-Mobile, Verizon Telefónica and Vodafone), as well as broadband, mobile and entertainment providers (including Charter Communications, Comcast, DISH, J:COM, Optimum, Rogers and Sky), small to midsized communications businesses and mobile virtual network enablers/mobil virtual network operators, satellite operators, and providers of media and other services, such as financial services.
p. 36 · Read in context →
Item 5. Operating and Financial Review and Prospects — p. 56 · Read the full section →
Where management explains the paradox of the year: headline revenue fell while profitability rose.
Report of Independent Registered Public Accounting Firm — Critical Audit Matter — p. 127 · Read the full section →
The policy that defines the model: project revenue booked over time on estimated labor effort — the year's sole critical audit matter.
Percentage-of-completion by labor effort — the judgment that drives when project revenue is recognized.
As discussed in Note 2 to the consolidated financial statements, the Company’s software solutions usually require significant customization, modification, implementation and integration. As a result, a significant portion of the Company’s project revenue is recognized over time, based on the percentage that incurred labor effort to date bears to total projected labor effort.
p. 128 · Read in context →
More annual reports
Amdocs Limited — FY2024 Annual Report (Form 20-F) — FY2024 · 128 pages · The pre-reset baseline: $5.0B revenue before the low-margin non-core activities were phased out in FY2025. · Open →
Amdocs Limited — FY2023 Annual Report (Form 20-F) — FY2023 · 168 pages · Captures the TEOCO and ProCom acquisitions that built out the network and digital-services offerings. · Open →
Amdocs Limited — FY2022 Annual Report (Form 20-F) — FY2022 · 122 pages · Earlier view of the cloud-migration and 5G monetization strategy as growth reaccelerated post-pandemic. · Open →
Amdocs Limited — FY2021 Annual Report (Form 20-F) — FY2021 · 121 pages · Oldest edition on file: AT&T at 25% and T-Mobile at 19% of revenue — the concentration starting point. · Open →