Genpact's AI segment grew 30% in Q3 while nine-month operating cash flow fell 73%

"We are not the company you once knew," Chief Executive Balkrishan "BK" Kalra told analysts on November 5, and the numbers agreed ¹³²⁴. Genpact▲+2.21% — Genpact, up 2.21 percent today (NYSE: G), the General Electric back-office arm that became an outsourcer of about 146,500 people, grew third-quarter revenue 7.3% to $1.385 billion, its fastest pace since the March 2025 quarter ¹³²⁴.

The AI shelf did the lifting. Advanced Technology Solutions, the data-and-AI segment, grew 30.3% to $405.1 million, accelerating from 24.1% in the second quarter; Core Business Services, still 71% of revenue, was flat at $980.3 million ²¹. Kalra said 2026 agentic bookings, the productized AI contracts, will beat $1 billion "by a margin," more than five times 2025, with more than half from new clients ¹. Full-year guidance rose with the print: at least 7% revenue growth, about 36.9% gross margin, at least 13% adjusted EPS growth ².

One unit carried the quarter

The technology segment added roughly $94 million of revenue, essentially Genpact's entire increase, while the core idled ⁵. Management counts that as discipline: walking away from work outside the agentic strategy cost about three points of Core growth and two points of total growth ¹. The fourth quarter carries over three points of that drag, with Core guided down slightly, and 2027 brings a modestly larger exit in dollars against similar total growth ¹⁶. Tuesday's piece on DXC's attempt to sell its only growing unit is the other side of this trade ¹⁶.

The cash came slower than the work

Nine-month operating cash flow fell 73%, to $142.0 million from $526.2 million, while nine-month net income rose to $445.4 million from $409.4 million ². Accounts receivable absorbed $405.8 million of cash against $80.3 million a year earlier, lifting the balance to $1.622 billion from $1.241 billion at year-end: more than a full quarter of Genpact's own sales ².

Cash fell to $499.1 million from $853.8 million in a period when the company repaid $369.9 million of debt and returned $246 million to shareholders ². The market's first read was a 2.1% drop to $40.26 ⁸.

The CFO blames an ERP cutover

Sumita Pandit, on her first call as finance chief, said a new enterprise-resource-planning system "delayed invoicing and collections," that collections were back to their pre-implementation pace through October, and that the effects should normalize by early next year: "not a credit quality challenge at all" ¹. That explanation is management's alone; the cash-flow statement records the lag either way.

The timing stings, though. Three weeks earlier Genpact launched an agentic receivables suite promising to "release more cash" for its clients ⁷. The company selling agents to speed up other companies' collections is carrying $1.6 billion of its own ⁷.

What the fourth quarter decides

The next report lands around February 4 ⁴. Three lines settle it: receivables against $1.622 billion, technology growth against its "at least 25%" full-year bar after a 30.3% quarter, and Core's promised return to growth ²¹. Bookings become revenue when the work starts and cash when the invoice clears. Until the receivables line falls, Genpact fronts that float on its own balance sheet.