Amdocs reported Q3 2025 revenue of $1.14 billion, up 3.5% year-over-year on a pro forma constant currency basis, exceeding the midpoint of guidance.
Free cash flow before restructuring was $230 million in Q3, with reported free cash flow at $212 million after $19 million restructuring payments.
Managed Services revenue reached a record $771 million, up 4.1% year-over-year, representing about two-thirds of total revenue.
Non-GAAP diluted EPS was $1.72, $0.01 above the midpoint of expectations, with GAAP diluted EPS at $1.39 slightly above guidance.
Non-GAAP operating margin improved by 280 basis points year-over-year to 21.4%, driven by phaseout of low-margin business and operational efficiencies.
Share repurchases totaled $135 million in the quarter, with $1.12 billion remaining under the current authorization.
The company ended Q3 with $342 million in cash and a $500 million revolving credit facility, maintaining strong liquidity.