Calls
Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-05-13 · generated 2026-07-31.
Latest call digest
Amdocs Limited, Q2 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00
Q2 FY2026 call (May 13, 2026) was the first led by new CEO Shimie Hortig, who framed Amdocs' future around an "agentic era" vision built on aOS, the agentic operating system launched at Mobile World Congress. Reported results were solid and above the midpoint: revenue of $1.17 billion, non-GAAP diluted EPS of $1.78, a record $192 million quarter in Europe and 12-month backlog of $4.28 billion. Prepared remarks leaned on strategy and a second leadership change — the retirement of long-time CFO Tamar Rapaport-Dagim and the appointment of Tal Rosenfeld — while reiterating full-year fiscal 2026 guidance (roughly 3% constant-currency revenue growth and roughly 6% non-GAAP EPS growth). Q&A was noticeably more skeptical than the prepared script: analysts pressed on whether Amdocs can capture the broader AI and data-center spending wave, when aOS actually contributes revenue, and why US carriers appear to be adopting AI faster than Amdocs' measured narrative suggests. On timing, management conceded aOS is not yet meaningful this fiscal year. The gap between an ambitious agentic vision and a still-modest near-term financial contribution was the call's central tension.
Participant coverage from the latest call.
| Group | Participants | Count |
|---|---|---|
| Management | Operator; Matthew Smith — Secretary & Head of Investor Relations, Amdocs Limited; Shimie Hortig — President, CEO & Director, Amdocs Limited; Tamar Dagim — Former CFO & COO, Amdocs Limited; Tal Rosenfeld | 5 |
| Analysts | Tal Liani — MD, Head of Technology Supersector & Senior Analyst, BofA Securities, Research Division; Timothy Horan — MD & Senior Analyst, Oppenheimer & Co. Inc., Research Division; Taran Katta — Associate, Wolfe Research, LLC | 3 |
Curated latest-call exchanges; one row per analyst topic.
| Analyst | Firm | Topic | What changed in Q&A |
|---|---|---|---|
| Tal Liani | BofA Securities, Research Division | Participating in the AI/data-center capex cycle | Asked whether Amdocs can benefit from surging data-center and AI infrastructure spend; Hortig reframed it as the agentic-transformation opportunity for carriers rather than direct infrastructure exposure. |
| Tal Liani | BofA Securities, Research Division | New CEO priorities and timing to impact growth | Pressed on what Hortig would change in his first months and how long before it shows in growth; the answer centered on accelerating the agentic portfolio, tailored customer road maps and an internal GenAI-native transformation, without committing to a timeline. |
| Tal Liani | BofA Securities, Research Division | CFO succession plan | Asked for detail on the CFO transition; Dagim endorsed Tal Rosenfeld's revenue-recognition and finance background and described a thorough internal succession process. |
| Timothy Horan | Oppenheimer & Co. Inc., Research Division | aOS pipeline and when it moves revenue | Asked when aOS starts to move the needle; management said early deals are small and nothing meaningful is embedded in fiscal 2026, but expects them to grow over time. |
| Timothy Horan | Oppenheimer & Co. Inc., Research Division | US carriers' faster AI adoption and competitive risk | Noted US telcos touting aggressive AI-driven cost cuts and asked whether they use Amdocs or others; Hortig argued mission-critical agentic transformation is being discussed with Amdocs, not competitors. |
| Taran Katta | Wolfe Research, LLC | Internal AI efficiencies and customer conversations | Asked about new internal AI use cases and how customer dialogue is progressing; management described moving from pilots to full implementation and expanding into end-to-end workflow scope. |
Theme tracker
Themes are curator-classified across supplied calls.
| Theme | Status | Quarters mentioned | Read-through |
|---|---|---|---|
| Generative AI shifting to an agentic platform (amAIz to Cognitive Core to aOS) | persisted | Q3 2023, Q4 2023, Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026, Q2 2026 | On every call in the window. The framing evolved from telco-taxonomy 'amAIz' and dozens of POCs, to converting POCs into commercial deals in FY2025, to the aOS agentic operating system now positioned as the primary future growth engine. Throughout, management placed the meaningful revenue benefit in future quarters rather than the current year. |
| Cloud as the proven double-digit growth engine (over 30% of revenue) | persisted | Q3 2023, Q4 2023, Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026 | Cloud was repeatedly cited as the one reliable growth engine, passing 20% of revenue in FY2023 and exceeding 30% in FY2025. Its prominence receded on the Q2 2026 call as the agentic narrative took over the strategy discussion. |
| Legacy-system enhancement spending headwind (~3%) | dropped | Q3 2023, Q4 2023, Q1 2024, Q2 2024 | A recurring ~3% revenue headwind from carriers deprioritizing legacy-system enhancements in favor of modernization dominated FY2023 and early-FY2024 commentary, then dropped out of the narrative from Q3 2024 onward as the noncore phaseout and general macro framing replaced it. |
| Phaseout of ~$600M low-margin noncore activities (pro forma comparisons) | dropped | Q4 2024, Q1 2025, Q2 2025, Q3 2025, Q4 2025 | Introduced Q4 2024 to sharpen focus and lift non-GAAP operating margin above 21%, and used as the pro forma comparison base throughout FY2025. It is no longer referenced in the FY2026 calls now that the comparison has lapped. |
| T-Mobile revenue decline from reduced discretionary spending | emerged | Q4 2025, Q1 2026 | Flagged as a fiscal 2026 headwind at Q4 2025 and reaffirmed alongside the new 5-year renewal at Q1 2026. It was not revisited in the Q2 2026 prepared remarks. |
| Leadership transition (CEO then CFO) | emerged | Q1 2026, Q2 2026 | CEO Shuky Sheffer's retirement and Shimie Hortig's succession (effective March 31, 2026) were announced at Q1 2026; CFO Tamar Rapaport-Dagim's retirement and Tal Rosenfeld's appointment were announced at Q2 2026. |
| Managed services resilience (~two-thirds of revenue, near-100% renewal) | persisted | Q3 2023, Q4 2023, Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026, Q2 2026 | Every call reiterates managed services at roughly 58% early in the window rising to 65-66% of revenue, with renewal rates approaching 100%. It is consistently positioned as the visibility and resilience anchor beneath slow top-line growth. |
| Roughly half of annual growth expected to be inorganic (M&A) | persisted | Q4 2023, Q4 2024, Q1 2025, Q4 2025, Q1 2026, Q2 2026 | M&A was repeatedly framed as about half of expected growth, from TEOCO, Astadia and Profinit to MATRIXX Software ($197M) and Connect44 — a persistent reliance on acquisitions to supplement organic growth. |
Guidance ledger
Quotes, calls, and speakers are source-verified; outcomes are curator-classified.
| Verbatim guidance | Call | Speaker | Curator outcome | Outcome note |
|---|---|---|---|---|
| “we expect pro forma revenue growth of between 1% to 4.5% in constant currency in fiscal 2025, including another year of double-digit growth in cloud.” | Amdocs Limited, Q4 2024 Earnings Call, Nov 12, 2024 · 2024-11-12T22:00:00 | Joshua Sheffer | kept | FY2025 pro forma constant-currency revenue rose 3.1%, within the guided range. |
| “we expect our non-GAAP operating margin to surpass 21% for the first time in fiscal 2025” | Amdocs Limited, Q4 2024 Earnings Call, Nov 12, 2024 · 2024-11-12T22:00:00 | Joshua Sheffer | kept | Non-GAAP operating margin ran above 21% through fiscal 2025 (21.6% in Q4 2025). |
| “we now expect non-GAAP diluted earnings per share growth within a tighter range of 8% and 9% for the full fiscal year 2025.” | Amdocs Limited, Q3 2025 Earnings Call, Aug 06, 2025 · 2025-08-06T21:00:00 | Tamar Dagim | kept | FY2025 non-GAAP diluted EPS growth was reported at 8.5%. |
| “We expect revenue growth in the range of 1.7% to 5.7% as reported and 1.0% to 5.0% in constant currency for the full year fiscal 2026.” | Amdocs Limited, Q4 2025 Earnings Call, Nov 11, 2025 · 2025-11-11T22:00:00 | Joshua Sheffer | pending | Reaffirmed at Q1 2026; midpoint held at 3% constant currency and range tightened to 2%-4% by Q2 2026. |
| “we expect free cash flow of between $710 million to $730 million, not including additional payments we expect to make under our current restructuring program.” | Amdocs Limited, Q4 2025 Earnings Call, Nov 11, 2025 · 2025-11-11T22:00:00 | Tamar Dagim | pending | Reiterated through Q2 2026, at which point nearly 50% of the target was reported achieved year-to-date. |
| “We are reiterating our outlook for non-GAAP diluted earnings per share growth of 4% to 8% in fiscal 2026” | Amdocs Limited, Q1 2026 Earnings Call, Feb 03, 2026 · 2026-02-03T22:00:00 | Tamar Dagim | pending | Range tightened to 5%-7% at Q2 2026 with the ~6% midpoint unchanged. |
| “We are reiterating the midpoint of our revenue growth guidance of 3% in constant currency for the full year fiscal 2026, which is within tightened range of 2% to 4%.” | Amdocs Limited, Q2 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00 | Shimie Hortig | pending | Full fiscal year 2026 still in progress as of the May 13, 2026 call. |
| “we are reiterating the midpoint of our guidance for non-GAAP diluted earnings per share growth of roughly 6% in fiscal 2026 which is within a tightened range of 5% to 7% as compared to 4% to 8% previously.” | Amdocs Limited, Q2 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00 | Tamar Dagim | pending | Full fiscal year 2026 still in progress as of the May 13, 2026 call. |
Q&A pressure map
Question counts and firms are curator tallies; analyst coverage shown above.
| Topic | Questions | Firms | Pressure / response |
|---|---|---|---|
| When generative AI / aOS actually contributes to revenue | 12 | Oppenheimer & Co. Inc., Research Division, Stifel, Nicolaus & Company, Incorporated, Research Division, Wolfe Research, LLC, BofA Securities, Research Division, Jefferies LLC, Research Division, Robert W. Baird & Co. Incorporated, Research Division, Citigroup Inc., Research Division | The most persistent line of questioning across the window: analysts repeatedly asked when POCs convert to material revenue and when aOS moves the needle. Management consistently answered that the opportunity is large but the meaningful revenue is future-dated, conceding at Q2 2026 that nothing meaningful was embedded in fiscal 2026 yet. |
| Whether growth can accelerate above the low-single-digit range | 6 | BofA Securities, Research Division, Stifel, Nicolaus & Company, Incorporated, Research Division, Oppenheimer & Co. Inc., Research Division | Tal Liani in particular pressed on why constant-currency growth stays near 3% even after exiting low-margin businesses. Management pointed to cloud plus needing 'more than one growth engine' and to a stronger second half, without committing to a higher structural rate. |
| Macro environment and legacy-enhancement spending | 5 | Jefferies LLC, Research Division, Oppenheimer & Co. Inc., Research Division, Barclays Bank PLC, Research Division, Stifel, Nicolaus & Company, Incorporated, Research Division, Citigroup Inc., Research Division | Recurring questions on whether the demand environment is deteriorating or recovering; management repeatedly characterized it as 'the same' elevated uncertainty with slow pipeline-to-deal conversion but no project cancellations. |
| T-Mobile renewal scope and the expected revenue decline | 4 | Stifel, Nicolaus & Company, Incorporated, Research Division, BofA Securities, Research Division | Analysts probed whether the T-Mobile decline reflects a completed project or ongoing budget cuts. Management declined to discuss the specific program on a single-customer basis, saying only that reasonable assumptions were built into guidance — a case where the direct question was not fully answered. |
| Mechanics and margin impact of the noncore phaseout | 4 | Oppenheimer & Co. Inc., Research Division, Stifel, Nicolaus & Company, Incorporated, Research Division, BofA Securities, Research Division, Citigroup Inc., Research Division | At Q4 2024 analysts pressed on how integrated the phased-out lines were, whether they would be sold, and how much of the margin jump was structural versus mix. Management said the activities were barely accretive and largely standalone, and would be ceased rather than sold. |
Language shifts
Only language evidence verified against the referenced component is shown.
| Observation | Verbatim evidence | Call ID | Component |
|---|---|---|---|
| At Q2 2025, management sharpened its macro caution as tariff-era uncertainty rose, while stressing insulation via the business model. | “The level of global macroeconomic uncertainty is clearly rising in recent months, but we believe Amdocs is relatively well positioned to navigate the present environment due to our unique business model.” | 1941581923 | 2 |
| By Q4 2025 the AI language shifted from experimentation to confirmed commercial traction, marking a step-up in confidence. | “this year, I'm proud to say we made a successful transition from proof-of-concept trials to winning actual generative AI-related deals.” | 1969513883 | 2 |
| Also at Q4 2025, management introduced unusually direct caution about a specific large customer, T-Mobile. | “we do see the pressure of lower discretionary spending in T-Mobile, and this is why we feel we want to be absolutely transparent about the decline we expect there.” | 1969513883 | 18 |
| The new CEO's Q2 2026 language is markedly more assertive about Amdocs' positioning in the 'agentic' opportunity than prior GenAI framing. | “I strongly believe that Amdocs is in the best position to lead our customers and turn this agentic opportunity into reality.” | 1995197694 | 2 |
| Even under new leadership, the standing caution on customer spending persisted verbatim in tone into Q2 2026. | “we are, of course, closely monitoring customer demand and spending behavior within the current global macroeconomic climate.” | 1995197694 | 2 |
The call history shows a company that has promised for years that generative AI would become a new growth engine 'over time' while reported growth has stayed in the low-single digits and one major customer, T-Mobile, has turned into a headwind. The agentic pivot, aOS and a fresh CEO give the story new framing, but management again placed the meaningful revenue several quarters out, so the open question is whether the new platform can lift growth above the roughly 3% that cloud alone has been sustaining.