September 21, 2026
Day91 Labs Brief — Issue 010: Outsourcing
The public BPO set is getting smaller, and the companies left are changing how they report revenue. Across these filings, work is moving from being billed by headcount to being billed by outcome, and each company defines that shift in its own way.
1. Concentrix: the clients that adopted AI first are the ones shrinking
Evidence tier A — Primary Concentrix 8-K Exhibit 99.1 cited in the attachment.
Fiscal Q2 FY26 (Mar–May 2026) revenue was $2,462.5M, up 1.9% as reported and 0.6% in constant currency. By vertical, technology and consumer electronics fell 6%, healthcare fell 14%, BFSI rose 13%, and retail/travel/e-commerce rose 10%. Acquisition, integration and restructuring expense was $65.5M, against $16.8M a year earlier. Full-year guidance implies constant-currency growth of 0.25% to 1.25%.
Almost all of the growth came from BFSI and retail. Tech clients, who were the first to automate, are cutting spend. Restructuring charges nearly quadrupled year over year.
If you sell into tech-sector support organizations, their outsourced headcount is shrinking. That is a leading indicator for seat-based CX software sold into those same teams.
Sources
2. Genpact: billing is moving away from headcount
Evidence tier B — Genpact Q2 release and 10-Q are primary sources; the non-FTE figure is from secondary coverage and requires confirmation on the call transcript.
Q2 net revenue was $1.343B, up 7.1%. Advanced Technology Solutions brought in $363M, up 24.1%, which is 27% of the total. Management is exiting some commoditized services, which it says will take nearly two points off 2026 growth, mostly in the second half, and possibly more in 2027. Core Business Services grew 1.9% to $980M. Non-FTE revenue passed 50% of the total for the first time.
Genpact is giving up growth to change its revenue mix. Most of its revenue is no longer priced per full-time employee.
Expect outcome-priced BPO contracts to come with outcome definitions written by the vendor. Negotiate those definitions before you negotiate the rate.
Sources
3. EXL: part of the AI growth is a reclassification
Evidence tier A — Primary EXL 8-K Exhibit 99.1 and 10-Q sources cited in the attachment.
Data and AI-led revenue grew 30% and is now 61% of total revenue. Digital operations fell about 1.5%. EXL says that when AI is embedded in an operations engagement, it now counts that work as data and AI-led. Total operations revenue, combining both lines, grew 10%. First-half Data and AI-led revenue was $704.2M, against $546.7M a year earlier.
The fastest-growing category is partly being filled by moving work over from the slower one, and EXL disclosed that itself. The number that is comparable over time is the 10% for total operations.
When any vendor reports an "AI revenue" growth rate, ask how the category is defined before you benchmark against it.
Sources
4. TP (Teleperformance): automation is eating Trust & Safety
Evidence tier B — The TP H1 2026 results AMF filing is primary; restructuring figures are from a call-transcript summary and require confirmation in the H1 report.
H1 revenue was €4,883M, down 1.7% like-for-like and 4.5% as reported. The EBITA margin before non-recurring items held at 13.6%. Q2 improved on Q1: down 1.2% like-for-like after down 2.2%. The company cites continued softness in Trust & Safety, which it attributed on the call to AI automation and clients moving work offshore. H1 restructuring costs were €109M, and full-year restructuring guidance was raised to €120–140M.
Content moderation was the first large BPO line to be automated at scale, and TP is holding its margin by restructuring.
Trust & Safety is an early signal for other high-volume, rules-based work. Look at your own support queues with that category in mind.
Sources
5. TaskUs: growth has halved, and AI is the part still growing
Evidence tier A — Primary TaskUs 8-K Exhibit 99.1 cited in the attachment.
Q2 service revenue was $308.9M, up 5.0%. AI Services grew about 26%. Clients other than the largest one grew in the mid-teens, and the full-year revenue midpoint was raised. In Q1, revenue had grown 10.3%. Q2 adjusted EBITDA fell 11.2% to $57.7M.
Growth dropped from 10% to 5% in one quarter while margin fell. The disclosure implies the largest client is growing well below the rest of the book.
When a BPO depends heavily on one AI-platform client, its revenue follows that client's automation roadmap.
Sources
6. TTEC: revenue fell while the company reviews Digital and exits low-margin programs
Evidence tier A — Primary TTEC 8-K is named in the attachment; the SEC company filing page is supplied because no direct accession URL was provided.
Q2 revenue was $455.5M, down 11.3%, and the non-GAAP operating margin fell to 5.7% from 7.2%. The board is reviewing strategic alternatives for TTEC Digital, and Engage is moving clients off low-margin programs.
The supplied figures show lower revenue and margin alongside a review of TTEC Digital and a move away from low-margin programs.
When assessing a BPO relationship, review the program's margin profile and whether the vendor is moving clients away from low-margin work.
Sources
7. IBEX: HealthTech grew while the quarter's margin absorbed a delivery shift
Evidence tier A — Primary IBEX 8-K is named in the attachment; the SEC company filing page is supplied because no direct accession URL was provided.
FY26 (Jul 2025–Jun 2026) revenue was $644.1M, up 15.4%, and HealthTech grew 42.3% in Q4. The Q4 margin was hit by moving work from nearshore to offshore centers. IBEX has completed more than 10 AI Agent implementations through its Sierra partnership.
The supplied content pairs strong HealthTech growth and more than 10 AI Agent implementations with a Q4 margin hit from moving work offshore.
When evaluating an AI-enabled outsourcing program, examine both implementation progress and the margin effect of changing delivery locations.
Sources
8. WNS is no longer public
Evidence tier A — Primary Capgemini release is named in the attachment; the official Capgemini news page is supplied because no direct release URL was provided.
Capgemini paid $76.50 a share, about $3.3B, and WNS stopped trading on the NYSE on October 17, 2025.
The supplied transaction details describe WNS leaving the public market after Capgemini paid $76.50 a share, about $3.3B.
When tracking public BPO comparables, remove WNS from the listed set and treat the transaction price as the supplied reference point.
Sources
9. Concentrix's "400%" has no disclosed base
Evidence tier A — Primary Concentrix 8-K Exhibit 99.1 is named in the attachment; the SEC company filing page is supplied because no direct accession URL was provided.
The release headline says iX Suite deals were up 400% year over year. The filing gives no base figure, so the number can't be sized.
The percentage is stated, but the supplied filing does not provide the base needed to measure the number.
Before using a vendor's percentage growth claim for planning or comparison, ask for the underlying base figure.
Sources
10. Watch: Concentrix's next BPO print
Evidence tier C — No primary document is supplied for this watch item; the attachment provides the guidance sentence without a source link.
Concentrix guided fiscal Q3 (Jun–Aug 2026) to 0.0%–1.0% constant-currency growth. That quarter closed August 31, so its results are the next BPO print.
The supplied guidance sets a 0.0%–1.0% constant-currency range for the quarter that closed August 31, making the results the next BPO print to watch.
Use the next results to compare the reported quarter with the 0.0%–1.0% constant-currency guidance range.
Sources
Every claim links to its source. Spotted something wrong? It will be fixed and logged on the corrections page. Also published on Beehiiv.