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 Quarter Ended March 31, 2026

Commission File Number 1-14840

AMDOCS LIMITED

Hirzel House, Smith Street,

St. Peter Port, Island of Guernsey, GY1 2NG

Amdocs, Inc.

625 Maryville 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 ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

YES ☐ NO ☑

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______

AMDOCS LIMITED

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

FOR THE QUARTER ENDED MARCH 31,

2026

INDEX


PART I FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Unaudited Consolidated Financial Statements
Consolidated Balance Sheets	3
Consolidated Statements of Income	4
Consolidated Statements of Comprehensive Income	5
Consolidated Statements of Changes in Equity	6
Consolidated Statements of Cash Flows	8
Notes to Unaudited Consolidated Financial Statements	9
Item 2. Operating and Financial Review and Prospects	21
PART II OTHER INFORMATION	30
Item 1. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities	30
Item 2. Reports on Form 6-K	30
SIGNATURES	31

This report on Form 6-K shall be incorporated by reference into any Registration Statement filed by the Registrant that by its terms automatically incorporates the Registrant's filings and submissions with the SEC under Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

AMDOCS LIMITED

CONSOLIDATED BALANCE SHEETS

(dollar and share amounts in thousands, except per share data)


	As of
	March 31, 2026			September 30, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	214,495		$	324,999
Accounts receivable, net		938,182			935,751
Prepaid expenses and other current assets		364,347			331,387
Total current assets		1,517,024			1,592,137
Property and equipment, net		738,836			768,557
Lease assets		179,580			182,088
Goodwill		2,985,826			2,890,680
Intangible assets, net		258,069			156,282
Other noncurrent assets		684,535			660,086
Total assets	$	6,363,870		$	6,249,830
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	344,106		$	371,173
Accrued expenses and other current liabilities		639,168			622,748
Accrued personnel costs		125,568			207,285
Short-term financing arrangements		250,000			—
Lease liabilities		36,017			38,725
Deferred revenue		152,434			118,861
Total current liabilities		1,547,293			1,358,792
Deferred income taxes and taxes payable		228,704			218,766
Lease liabilities		134,567			140,776
Long-term debt, net of unamortized debt issuance costs		647,211			646,901
Other noncurrent liabilities		382,672			413,915
Total liabilities		2,940,447			2,779,150
Equity:
Amdocs Limited Shareholders' equity:
Preferred Shares — Authorized 25,000 shares; £0.01 par value; 0 shares issued and outstanding		—			—
Ordinary Shares — Authorized 700,000 shares; £0.01 par value; 291,821 and 290,351 issued and 106,164 and 108,448 outstanding, respectively		4,642			4,622
Additional paid-in capital		4,654,902			4,573,016
Treasury stock, at cost 185,657 and 181,903 ordinary shares, respectively		(8,620,287	)		(8,335,774	)
Accumulated other comprehensive (loss) income		(178	)		22,635
Retained earnings		7,343,213			7,164,954
Total Amdocs Limited Shareholders' equity		3,382,292			3,429,453
Noncontrolling interests		41,131			41,227
Total equity		3,423,423			3,470,680
Total liabilities and equity	$	6,363,870		$	6,249,830

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollar and share amounts in thousands, except per share data)


	Three months ended March 31,						Six months ended March 31,
	2026			2025			2026			2025
Revenue	$	1,171,979		$	1,128,203		$	2,327,918		$	2,238,258
Operating expenses:
Cost of revenue		716,733			698,049			1,444,456			1,380,308
Research and development		87,001			81,796			168,979			166,129
Selling, general and administrative		153,677			134,625			267,398			256,712
Amortization of purchased intangible assets and other		21,308			15,998			35,842			31,757
Restructuring charges		10,405			—			21,706			6,783
		989,124			930,468			1,938,381			1,841,689
Operating income		182,855			197,735			389,537			396,569
Interest and other expense, net		(5,963	)		(8,465	)		(17,228	)		(14,874	)
Income before income taxes		176,892			189,270			372,309			381,695
Income taxes		38,120			25,269			75,083			65,842
Net income	$	138,772		$	164,001		$	297,226		$	315,853
Net income attributable to noncontrolling interests		957			758			1,845			1,477
Net income attributable to Amdocs Limited	$	137,815		$	163,243		$	295,381		$	314,376
Basic earnings per share attributable to Amdocs Limited	$	1.29		$	1.46		$	2.75		$	2.80
Diluted earnings per share attributable to Amdocs Limited	$	1.28		$	1.45		$	2.74		$	2.78
Cash dividends declared per ordinary share	$	0.569		$	0.527		$	1.096		$	1.006

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(dollar amounts in thousands)


	Three months ended March 31,						Six months ended March 31,
	2026			2025			2026			2025
Net income	$	138,772		$	164,001		$	297,226		$	315,853
Other comprehensive (loss) income , net of tax:
Net change in fair value of cash flow hedges(1)		(19,246	)		(5,590	)		(22,813	)		(3,396	)
Net change in fair value of available-for-sale securities(2)		—			1,853			—			2,810
Other comprehensive loss, net of tax		(19,246	)		(3,737	)		(22,813	)		(586	)
Comprehensive income	$	119,526		$	160,264		$	274,413		$	315,267
Comprehensive income attributable to noncontrolling interests		957			758			1,845			1,477
Comprehensive income attributable to Amdocs Limited	$	118,569		$	159,506		$	272,568		$	313,790

(1)

Net of tax of $696 and $710 for the three months ended March 31, 2026 and 2025, respectively, and of $800 and $191 for the six months ended March 31, 2026 and 2025, respectively.

(2)

No tax impact for the three and six months ended March 31, 2026 and 2025.

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(dollar and share amounts in thousands, except per share data)


	Ordinary Shares					Additional Paid-in		Treasury			Accumulated Other Comprehensive			Retained			Total Amdocs Limited Shareholders’			Non- controlling			Total
	Shares			Amount		Capital		Stock			Loss (1)			Earnings			Equity			Interests			Equity
Balance as of December 31, 2025		107,571		$	4,635	$	4,615,417	$	(8,481,942	)	$	19,068		$	7,265,827		$	3,423,005		$	42,115		$	3,465,120
Comprehensive income:
Net income		—			—		—		—			—			137,815			137,815			957			138,772
Other comprehensive loss		—			—		—		—			(19,246	)		—			(19,246	)		—			(19,246	)
Comprehensive income		—			—		—		—			—			—			118,569			957			119,526
Employee stock options exercised		23			—		1,486		—			—			—			1,486			—			1,486
Repurchase of shares		(1,922	)		—		—		(138,345	)		—			—			(138,345	)		—			(138,345	)
Cash dividends declared ($0.569 per ordinary share)		—			—		—		—			—			(60,429	)		(60,429	)		—			(60,429	)
Issuance of restricted stock, net of forfeitures		492			7		—		—			—			—			7			—			7
Employee share purchase plan		—			—		—		—			—			—			—			—			—
Equity-based compensation expense related to employees		—			—		37,999		—			—			—			37,999			—			37,999
Distribution to noncontrolling interests		—			—		—		—			—			—			—			(1,941	)		(1,941	)
Balance as of March 31, 2026		106,164		$	4,642	$	4,654,902	$	(8,620,287	)	$	(178	)	$	7,343,213		$	3,382,292		$	41,131		$	3,423,423


	Ordinary Shares					Additional Paid-in		Treasury			Accumulated Other Comprehensive			Retained			Total Amdocs Limited Shareholders’			Non- controlling			Total
	Shares			Amount		Capital		Stock			(Loss) (1)			Earnings			Equity			Interests			Equity
Balance as of December 31, 2024		112,163		$	4,610	$	4,464,706	$	(7,928,917	)	$	(1,259	)	$	6,925,123		$	3,464,263		$	41,597		$	3,505,860
Comprehensive income:
Net income		—			—		—		—			—			163,243			163,243			758			164,001
Other comprehensive loss		—			—		—		—			(3,737	)		—			(3,737	)		—			(3,737	)
Comprehensive income		—			—		—		—			—			—			159,506			758			160,264
Employee stock options exercised		80			1		5,180		—			—			—			5,181			—			5,181
Repurchase of shares		(1,537	)		—		—		(135,237	)		—			—			(135,237	)		—			(135,237	)
Cash dividends declared ($0.527 per ordinary share)		—			—		—		—			—			(58,615	)		(58,615	)		—			(58,615	)
Issuance of restricted stock, net of forfeitures		513			6		—		—			—			—			6			—			6
Equity-based compensation expense related to employees		—			—		25,653		—			—			—			25,653			—			25,653
Distribution to noncontrolling interests		—			—		—		—			—			—			—			(886	)		(886	)
Balance as of March 31, 2025		111,219		$	4,617	$	4,495,539	$	(8,064,154	)	$	(4,996	)	$	7,029,751		$	3,460,757		$	41,469		$	3,502,226

(1)

As of March 31, 2026 and 2025, accumulated other comprehensive (loss) income is comprised of unrealized gain (loss) on derivatives, net of tax, of $1,449 and $(359) unrealized loss on short-term interest-bearing investments, net of tax, of $(-) and $(2,428), and unrealized loss on defined benefit plan, net of tax, of $(1,627) and $(2,209), respectively.

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(dollar and share amounts in thousands, except per share data)


	Ordinary Shares					Additional Paid-in		Treasury			Accumulated Other Comprehensive			Retained			Total Amdocs Limited Shareholders’			Non- controlling			Total
	Shares			Amount		Capital		Stock			Loss (1)			Earnings			Equity			Interests			Equity
Balance as of September 30, 2025		108,448		$	4,622	$	4,573,016	$	(8,335,774	)	$	22,635		$	7,164,954		$	3,429,453		$	41,227		$	3,470,680
Comprehensive income:
Net income		—			—		—		—			—			295,381			295,381			1,845			297,226
Other comprehensive loss		—			—		—		—			(22,813	)		—			(22,813	)		—			(22,813	)
Comprehensive income		—			—		—		—			—			—			272,568			1,845			274,413
Employee stock options exercised		52			—		3,177		—			—			—			3,177			—			3,177
Repurchase of shares		(3,754	)		—		—		(284,513	)		—			—			(284,513	)		—			(284,513	)
Cash dividends declared ($1.096 per ordinary share)		—			—		—		—			—			(117,122	)		(117,122	)		—			(117,122	)
Issuance of restricted stock, net of forfeitures		1,162			16		—		—			—			—			16			—			16
Employee share purchase plan		256			4		16,620		—			—			—			16,624			—			16,624
Equity-based compensation expense related to employees		—			—		62,089		—			—			—			62,089			—			62,089
Distribution to noncontrolling interests		—			—		—		—			—			—			—			(1,941	)		(1,941	)
Balance as of March 31, 2026		106,164		$	4,642	$	4,654,902	$	(8,620,287	)	$	(178	)	$	7,343,213		$	3,382,292		$	41,131		$	3,423,423

	Ordinary Shares					Additional Paid-in		Treasury			Accumulated Other Comprehensive			Retained			Total Amdocs Limited Shareholders’			Non- controlling			Total
	Shares			Amount		Capital		Stock			(Loss) (1)			Earnings			Equity			Interests			Equity
Balance as of September 30, 2024		112,891		$	4,598	$	4,413,503	$	(7,784,434	)	$	(4,410	)	$	6,827,719		$	3,456,976		$	42,201		$	3,499,177
Comprehensive income:
Net income		—			—		—		—			—			314,376			314,376			1,477			315,853
Other comprehensive loss		—			—		—		—			(586	)		—			(586	)		—			(586	)
Comprehensive income		—			—		—		—			—			—			313,790			1,477			315,267
Employee stock options exercised		213			3		13,347		—			—			—			13,350			—			13,350
Repurchase of shares		(3,198	)		—		—		(279,720	)		—			—			(279,720	)		—			(279,720	)
Cash dividends declared ($1.006 per ordinary share)		—			—		—		—			—			(112,344	)		(112,344	)		—			(112,344	)
Issuance of restricted stock, net of forfeitures		1,062			13		—		—			—			—			13			—			13
Employee share purchase plan		251			3		16,516		—			—			—			16,519			—			16,519
Equity-based compensation expense related to employees		—			—		52,173		—			—			—			52,173			—			52,173
Distribution to noncontrolling interests		—			—		—		—			—			—			—			(2,209	)		(2,209	)
Balance as of March 31, 2025		111,219		$	4,617	$	4,495,539	$	(8,064,154	)	$	(4,996	)	$	7,029,751		$	3,460,757		$	41,469		$	3,502,226

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollar amounts in thousands)


	Six months ended March 31,
	2026			2025
Cash Flow from Operating Activities:
Net income	$	297,226		$	315,853
Reconciliation of net income to net cash provided by operating activities:
Depreciation, amortization and impairment		103,747			94,460
Amortization of debt issuance cost		310			300
Equity-based compensation expense		62,089			52,173
Deferred income taxes		24,148			2,296
Loss from short-term interest-bearing investments		—			1,739
Net changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net		(46,640	)		33,174
Prepaid expenses and other current assets		(23,114	)		(32,526	)
Other noncurrent assets		18,492			5,141
Lease assets and liabilities, net		(6,408	)		(1,194	)
Accounts payable, accrued expenses and accrued personnel		(90,120	)		(126,700	)
Deferred revenue		23,505			27,846
Income taxes payable, net		(5,003	)		(11,082	)
Other noncurrent liabilities		(36,466	)		(83,467	)
Net cash provided by operating activities	$	321,766		$	278,013
Cash Flow from Investing Activities:
Purchase of property and equipment, net (a)		(53,476	)		(43,319	)
Proceeds from sale of short-term interest-bearing investments		—			92,955
Net cash paid for business and intangible assets acquisitions		(217,663	)		(57,169	)
Net cash from equity investments and other		11,848			16,741
Net cash (used) provided by investing activities	$	(259,291	)	$	9,208
Cash Flow from Financing Activities:
Repurchase of shares		(284,513	)		(279,720	)
Proceeds from employee stock option exercises		3,193			11,422
Payments of dividends		(113,849	)		(107,810	)
Distribution to noncontrolling interests		(1,941	)		(2,209	)
Borrowings under financing arrangements		250,000			—
Payment of contingent consideration and deferred payment of business acquisitions		(25,869	)		(7,599	)
Net cash used in financing activities	$	(172,979	)	$	(385,916	)
Net decrease in cash and cash equivalents		(110,504	)		(98,695	)
Cash and cash equivalents at beginning of period		324,999			346,085
Cash and cash equivalents at end of period	$	214,495		$	247,390
Supplementary Cash Flow Information
Cash paid for:
Income taxes, net of refunds (b)	$	59,475		$	79,009
Interest		24,287			20,442

(a)

The amounts under "Purchase of property and equipment, net", include immaterial proceeds from sale of property and equipment for the six months ended March 31, 2026 and 2025.

(b)

For Further details, see also Note 10.

The accompanying notes are an integral part of these consolidated financial statements.

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

Nature of Entity and Basis of Presentation

Amdocs Limited (the “Company”) is a leading provider of software and services to communications and media service providers of all sizes throughout the world. The Company and its consolidated subsidiaries operate in one segment and design, develop, market, support, implement and operate its open and modular cloud offering. The Company’s comprehensive portfolio of software products and services is designed to leverage artificial intelligence, driving digital transformation, accelerate cloud adoption, and enable intelligent network automation.

The Company is a Guernsey limited company, which directly or indirectly holds numerous subsidiaries around the world, the vast majority of which are wholly-owned. The majority of the Company’s customers are in North America, Europe, Asia-Pacific and the Latin America region. The Company maintains strategic development centers in Israel, Cyprus and India. The Company also has regional development centers in Brazil, Canada, Mexico, the Philippines, the United Kingdom and the United States.

The unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP and are denominated in U.S. dollars.

In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation of the unaudited interim consolidated financial statements have been included herein and are of a normal recurring nature. The preparation of financial statements during interim periods requires management to make numerous estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses. Estimates and assumptions are reviewed periodically and the effect of revisions is reflected in the results of operations for the interim periods in which changes are determined to be necessary.

The results of operations for the interim periods presented herein are not necessarily indicative of the results to be expected for the full fiscal year. These statements do not include all information and footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with GAAP. These statements should be read in conjunction with the Company’s consolidated financial statements for the fiscal year ended September 30, 2025, set forth in the Company’s Annual Report on Form 20-F filed on December 15, 2025 with the U.S. Securities and Exchange Commission, or the SEC. There have been no material changes to the Company’s significant accounting policies from its Annual Report on Form 20-F for the fiscal year ended September 30, 2025.

Reclassification

From time to time, certain immaterial amounts in prior year financial statements may be reclassified to conform to the current year presentation.

Recent Accounting Standards

In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-11, "Interim Reporting (Topic 270)", Narrow-Scope Improvements , which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU will be effective beginning with the Company's interim fiscal year 2029, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815), which amends certain aspects of the hedge accounting. This ASU will be effective beginning with the Company's interim fiscal year 2028, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software", which will update the requirements around the capitalization and disclosure of internal-use software. This ASU will be effective beginning with the Company's interim fiscal year 2029, with early adoption permitted and to be applied either prospectively, retroactively or a modified transition approach. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This ASU allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets. This ASU will be effective beginning with the Company's interim fiscal year 2027 with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures", to disclose in the notes of the financial statements additional information about specific expense categories. This ASU will be effective for the Company's annual report for fiscal year 2028 and for interim period reporting beginning in fiscal year 2029, with early adoption permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This ASU will be effective for the Company's annual report for fiscal year 2026 and allows adoption on a prospective basis, with a retrospective option. This ASU will only have an impact on the Company's income tax disclosures.

Acquisitions

During the six months ended March 31, 2026, the Company completed two business acquisitions for an aggregate net consideration of approximately $217,000 in cash. The majority of this amount was paid for the acquisition of Matrixx Software, a privately owned company specializing in Charging & Rating solutions for global communication service providers. These acquisitions, individually and in the aggregate, were not material in the results of the period presented. In allocating the total consideration based on the preliminary estimated fair values for Matrixx Software, the Company recorded $79,441 of goodwill, $80,009 of customer relationships to be amortized over approximately six years, $24,696 of core technology to be amortized over approximately seven years, and $1,276 of trademark to be amortized over approximately one year.

During the six months ended March 31, 2025, the Company completed three business acquisitions for an aggregate net consideration of approximately $59,000 in cash, and a potential for additional consideration which may be paid later based on achievement of certain performance metrics. The majority of this amount was paid for the acquisition of Profinit, a data science and engineering company. These acquisitions, individually and in the aggregate, were not material in the results of the period presented. In allocating the total consideration based on the preliminary estimated fair values for Profinit, the Company recorded $29,418 of goodwill, and $18,439 of customer relationships to be amortized over approximately five years.

Revenue

Contract Balances

The following table provides information about accounts receivable, both billed and unbilled and deferred revenue:


	As of
	March 31, 2026			September 30, 2025
Accounts receivable - billed (net of allowance for credit losses of $28,393 and $26,169 as of March 31, 2026 and September 30, 2025, respectively)	$	653,444		$	589,781
Accounts receivable – unbilled (current)		284,738			345,970
Accounts receivable – unbilled (non-current)		166,176			104,200
Total Accounts receivable - unbilled		450,914			450,170
Deferred revenue (current)		(152,434	)		(118,861	)
Deferred revenue (non-current)		(10,597	)		(9,889	)
Total Deferred revenue	$	(163,031	)	$	(128,750	)

Revenue recognized during the three and six months ended March 31, 2026, which was included in deferred revenue (current) as of September 30, 2025 was $14,867 and $94,497. Revenue recognized during the three and six months ended March 31, 2025, which was included in deferred revenue (current) as of September 30, 2024 was $15,709 and $84,753, respectively.

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied or partially unsatisfied was approximately $6.6 billion. Remaining performance obligations include the remaining non-cancelable, committed and fixed portion of these contracts for their entire duration and therefore it is not comparable to what the Company considers to be the next 12 months backlog. Given the profile of contract terms, the majority of this amount is expected to be recognized as revenue over the next two years. A portion of the Company’s revenue relates to projects recognized over time based on a percentage that incurred labor effort to date bears to total projected labor effort. These projects may be executed over periods longer than one year, in which the timing of recognition is subject to a certain level of uncertainty.

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

Disaggregation of Revenue

The Company considers information that is regularly reviewed by its chief operating decision maker in evaluating financial performance to disaggregate revenue.

The following tables provide details of revenue by nature of activities and by geography:

Revenue by nature of activities


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
Managed services arrangements	$	758,704	$	747,108	$	1,504,602	$	1,475,963
Others		413,275		381,095		823,316		762,295
Total	$	1,171,979	$	1,128,203	$	2,327,918	$	2,238,258

Geographic Information


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
North America (mainly United States)	$	754,305	$	738,335	$	1,519,006	$	1,475,731
Europe		191,832		180,676		373,561		335,908
Rest of the world		225,842		209,192		435,351		426,619
Total	$	1,171,979	$	1,128,203	$	2,327,918	$	2,238,258

Fair Value Measurement

The Company accounts for certain assets and liabilities at fair value. Fair value is the price that would be received from selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of inputs that may be used to measure fair value are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities;

Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets), or other inputs that are observable (model-derived valuations in which significant inputs are observable) or can be derived principally from, or corroborated by, observable market data; and

Level 3: Unobservable inputs that are supported by little or no market activity that is significant to the fair value of the assets or liabilities.

The following tables present the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and September 30, 2025:


	As of March 31, 2026
	Level 1		Level 2		Level 3			Total
Available-for-sale securities - money market funds	$	5,659	$	—	$	—		$	5,659
Equity Investments		—				31,408			31,408
Derivative financial instruments, net		—		2,344		—			2,344
Acquisition-related liabilities		—		—		(28,341	)		(28,341	)
Total	$	5,659	$	2,344	$	3,067		$	11,070

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)


	As of September 30, 2025
	Level 1		Level 2		Level 3			Total
Available-for-sale securities - money market funds	$	118,163	$	—	$	—		$	118,163
Equity Investments		—		—		32,540			32,540
Derivative financial instruments, net		—		29,780		—			29,780
Acquisition-related liabilities		—		—		(49,649	)		(49,649	)
Total	$	118,163	$	29,780	$	(17,109	)	$	130,834

The Company’s derivative instruments are classified as Level 2 as they represent foreign currency forward and option contracts valued primarily based on observable inputs including forward rates and yield curves. The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the three and six months ended March 31, 2026. Level 3 liabilities relate to certain acquisition-related liabilities, which were generally valued using a Monte-Carlo simulation model and based on estimates of potential pay-out scenarios, valued every quarter. These liabilities were included in both accrued expenses and other current liabilities and other noncurrent liabilities as of March 31, 2026 and September 30, 2025. The decrease in Level 3 liabilities was primarily attributable to payments of certain acquisition-related liabilities, changes in the fair value recorded in the consolidated statement of income during the three and six months ended March 31, 2026, which were partially offset by new acquisition-related liabilities recorded against goodwill in connection with recent acquisition. The slight decrease in Level 3 assets is primarily due to sales of equity investments, partially offset by net positive changes in fair value recorded in the consolidated statement of income for the three and six months ended March 31, 2026.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, accrued personnel costs, short-term financing arrangements, approximate their fair value because of the relatively short maturity of these items, for the fair value of the Senior Notes, see Note 13.

Available-For-Sale Securities

Available-for-sale securities consist of the following interest-bearing investments:


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds(1)	$	5,659	$	—	$	—	$	5,659


	As of September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds (1)	$	118,163	$	—	$	—	$	118,163

(1)

As of march 31, 2026 and September 30, 2025, all the securities were classified as cash and cash equivalents.

The Company did not recognize any credit losses based on its assessment during the three and six months ended March 31, 2026 and 2025. Realized gains and losses on short-term interest-bearing investments are included in earnings and are determined based on specific identification method.

As of March 31, 2026, the Company’s available-for-sale securities had the following maturity dates:


	Market Value
Due within one year	$	5,659

Derivative Financial Instruments

The Company’s risk management strategy includes the use of derivative financial instruments to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes.

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

The Company’s derivatives expose it to credit risks from possible non-performance by counterparties. The Company utilizes standard counterparty master netting agreements that net certain foreign currency transactions in the event of the insolvency of one of the parties to the transaction. These master netting arrangements permit the Company to net amounts due from the Company to a counterparty with amounts due to the Company from the same counterparty. Although all of the Company’s recognized derivative assets and liabilities are subject to enforceable master netting arrangements, the Company has elected to present these assets and liabilities on a gross basis. Taking into account the Company’s right to net certain gains with losses, the maximum amount of loss due to credit risk that the Company would incur if all counterparties to the derivative financial instruments failed completely to perform, according to the terms of the contracts, based on the gross fair value of the Company’s derivative contracts that are favorable to the Company, was approximately $22,643 as of March 31, 2026. The Company has limited its credit risk by entering into derivative transactions exclusively with investment-grade rated financial institutions and monitors the creditworthiness of these financial institutions on an ongoing basis.

The Company classifies cash flows from its derivative transactions as cash flows from operating activities in the consolidated statements of cash flows.

The table below presents the total volume or notional amounts of the Company’s derivative instruments as of March 31, 2026. Notional values are in U.S. dollars and are translated and calculated based on forward rates as of March 31, 2026 for forward contracts.


	Notional Value*
Foreign exchange contracts	$	1,677,031

* Gross notional amounts do not quantify risk or represent assets or liabilities of the Company but are used in the calculation of settlements under the contracts.

The Company records all derivative instruments on the consolidated balance sheets at fair value. For further information, please see Note 5 to the consolidated financial statements. The fair value of the open foreign exchange contracts recorded as an asset or a liability by the Company on its consolidated balance sheets as of March 31, 2026 and September 30, 2025, is as follows:


	As of
	March 31, 2026			September 30, 2025
Derivatives designated as hedging instruments
Prepaid expenses and other current assets	$	21,551		$	31,524
Accrued expenses and other current liabilities		(15,200	)		(6,235	)
Other noncurrent liabilities		(4,653	)		—
		1,698			25,289
Derivatives not designated as hedging instruments
Prepaid expenses and other current assets	$	14,044		$	11,898
Accrued expenses and other current liabilities		(13,398	)		(7,407	)
		646			4,491
Net fair value	$	2,344		$	29,780

Cash Flow Hedges

In order to reduce the impact of changes in foreign currency exchange rates on its results, the Company enters into foreign currency exchange forward and option contracts to purchase and sell foreign currencies to hedge a significant portion of its foreign currency net exposure resulting from revenue and expense transactions denominated in currencies other than the U.S. dollar. The Company designates these contracts for accounting purposes as cash flow hedges. The Company hedges its exposure to the variability in future cash flows for a maximum period of approximately three years.

The effective portion of the gain or loss on the derivative instruments is initially recorded as a component of other comprehensive loss, net, a separate component of equity, and subsequently reclassified into earnings in the same line item as the related forecasted transaction and in the same period or periods during which the hedged exposure affects earnings. The cash flow hedges are evaluated for effectiveness quarterly. As the critical terms of the forward contract or option and the hedged transaction are matched at inception, the hedge effectiveness is assessed generally based on changes in the fair value for cash flow hedges, as compared to the changes in the fair value of the cash flows associated with the underlying hedged transactions. Hedge ineffectiveness, if any, is recognized immediately in interest and other expense, net.

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

The effect of the Company's cash flow hedging instruments in the consolidated statements of income for the three and six months ended March 31, 2026 and 2025, respectively, which partially offsets the foreign currency impact from the underlying exposures, is summarized as follows:


	Gains (Losses) Reclassified from
	Accumulated Other Comprehensive (Loss) Income (Effective Portion)
	Three months ended March 31,						Six months ended March 31,
	2026			2025			2026			2025
Line item in consolidated statements of income:
Revenue		(465	)	$	71			(1,024	)	$	71
Cost of revenue		4,530			(222	)		10,070			(1,052	)
Research and development		2,198			89			4,313			(48	)
Selling, general and administrative		2,847			191			5,376			126
Total	$	9,110		$	129		$	18,735		$	(903	)

The activity related to the changes in net unrealized gains (losses) on cash flow hedges recorded in accumulated other comprehensive (loss) income, net of tax, is as follows:


	Six months ended March 31,
	2026			2025
Net unrealized gains (losses) on cash flow hedges, net of tax, beginning of period	$	24,262		$	3,037
Changes in fair value of cash flow hedges, net of tax		(5,782	)		(4,383	)
Reclassification of net (gains) losses into earnings, net of tax		(17,031	)		987
Net unrealized gains (losses) on cash flow hedges, net of tax, end of period	$	1,449		$	(359	)

Net (losses) gains from cash flow hedges recognized in other comprehensive loss were $(4,878) and $(4,490), or $(5,782) and $(4,383) net of taxes, during the six months ended March 31, 2026 and 2025, respectively.

Of the net unrealized gains (losses) related to derivatives designated as cash flow hedges and recorded in accumulated other comprehensive (loss) income as of March 31, 2026, a net gains of $5,013 will be reclassified into earnings within the next 12 months and will partially offset the foreign currency impact from the underlying exposures. The amount ultimately realized in earnings will likely differ due to future changes in foreign exchange rates.

The ineffective portion of the change in fair value of a cash flow hedge, including the time value portion excluded from effectiveness testing for the three and six months ended March 31, 2026 and 2025, was not material.

Other Risk Management Derivatives

The Company also enters into foreign currency exchange forward and option contracts that are not designated as hedging instruments under hedge accounting and are used to reduce the impact of foreign currency on certain balance sheet exposures and certain revenue and expense transactions.

These instruments are generally short-term in nature, with typical maturities of less than 12 months, and are subject to fluctuations in foreign exchange rates.

The effect of the Company's derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and six months ended March 31, 2026 and 2025, respectively, which partially offsets the foreign currency impact from the underlying exposure, is summarized as follows:


	Gains (Losses) Recognized in Income
	Three months ended March 31,						Six months ended March 31,
	2026			2025			2026			2025
Line item in consolidated statements of income:
Cost of revenue	$	(1,759	)	$	(21	)	$	300		$	(1,444	)
Research and development		(97	)		(158	)		561			(192	)
Selling, general and administrative		(203	)		(97	)		547			(358	)
Interest and other expense, net		(416	)		(8,043	)		(1,256	)		7,258
Income taxes		1,509			(496	)		1,646			361
Total	$	(966	)	$	(8,815	)	$	1,798		$	5,625

AMDOCS LIMITED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollar and share amounts in thousands, except per share data or as otherwise disclosed)

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	March 31, 2026	September 30, 2025
Ongoing accrued expenses

AMDOCS LTD 6-K