Kyndryl for comprehensive enterprise IT services.

IBM Global Services for managing and modernizing complex corporate IT.

• Cloud & Infrastructure Services: Provides comprehensive solutions for managing and modernizing IT infrastructure, including hybrid cloud, data centers, and digital workplace environments.
• Application Services: Focuses on the development, modernization, integration, and ongoing management of business applications to enhance performance and agility.
• Business Process Services (BPS): Offers outsourcing and optimization of key business functions such as finance, human resources, and industry-specific operations like insurance claims processing.
• Security Services: Delivers a range of cybersecurity solutions including threat detection, identity management, and data protection to safeguard client assets.
• Analytics & Engineering Services: Helps clients leverage data, artificial intelligence, and specialized engineering to create intelligent platforms and derive actionable insights.
• Advisory & Consulting Services: Offers strategic guidance and expert advice to help organizations plan and execute their digital transformation and IT modernization initiatives.

Company: DXC Technology (Symbol: DXC)

DXC Technology primarily sells its IT services and solutions to other companies and government agencies globally. It operates on a B2B (business-to-business) and B2G (business-to-government) model.

Due to client confidentiality and the highly diversified nature of its customer base (no single customer accounts for 10% or more of its revenue, as stated in their financial filings), DXC Technology does not publicly disclose the names of its specific major customers. However, their customer base primarily consists of large enterprises and public sector organizations across a wide range of industries. The major categories of companies and organizations they serve include:

• Financial Services: This category includes major banks, insurance providers, and capital markets firms seeking digital transformation, risk management, and operational efficiency.
• Public Sector: Federal, state, and local government entities, as well as defense organizations, utilize DXC's services for critical IT infrastructure modernization, cybersecurity, and secure cloud solutions.
• Manufacturing & Automotive: Large global manufacturers and automotive companies rely on DXC for services related to Industry 4.0, supply chain optimization, enterprise application management, and digital engineering.
• Healthcare & Life Sciences: Healthcare providers, pharmaceutical companies, and life sciences organizations engage DXC for solutions in data management, cybersecurity, cloud adoption, and digital health initiatives.
• Retail & Consumer Goods: Major retail chains and consumer product companies leverage DXC for e-commerce platforms, supply chain management, customer experience solutions, and data analytics.
• Energy, Utilities & Travel: Companies in the energy, utilities, and travel & transportation sectors utilize DXC's expertise for managing complex IT environments, ensuring operational resilience, and driving innovation in their respective industries.

• Microsoft (Symbol: MSFT)
• Amazon (Symbol: AMZN)
• Alphabet Inc. (for Google Cloud) (Symbol: GOOGL)
• SAP SE (Symbol: SAP)
• Oracle Corporation (Symbol: ORCL)
• ServiceNow, Inc. (Symbol: NOW)
• Salesforce, Inc. (Symbol: CRM)
• Hewlett Packard Enterprise (Symbol: HPE)
• Dell Technologies Inc. (Symbol: DELL)
• Broadcom Inc. (for VMware) (Symbol: AVGO)

Raul Fernandez President and Chief Executive Officer

Raul Fernandez was appointed President and CEO of DXC Technology in February 2024, having served as interim President and CEO since December 2023 and as a board member since 2020. He is an entrepreneur and investor with over three decades of executive experience scaling technology companies. Fernandez founded Proxicom, an internet development and e-business consulting company, which he took public and later sold to Dimension Data for $450 million. He also served as CEO of Dimension Data North America and as Chairman and CEO of ObjectVideo, a developer of intelligent video surveillance software, which was sold to Alarm.com in 2017. Fernandez is Vice Chairman and co-owner of Monumental Sports & Entertainment, a private partnership. He also serves as a director for Broadcom, Inc., and is a Special Advisor to Carrick Capital Partners and a member of the Strategic Advisory Board of Volition Capital.

Rob Del Bene Executive Vice President and Chief Financial Officer

Rob Del Bene was appointed Executive Vice President and Chief Financial Officer for DXC Technology in May 2023. He is a seasoned financial executive with over 40 years of experience, including more than a decade at IBM. At IBM, his roles included Vice President and Controller, General Manager of IBM Global Financing, and Vice-President and Treasurer. He also served as CFO of IBM Global Services Group for five years and most recently as General Manager at IBM Technology Lifecycle Services.

Jim Brady Executive Vice President and Chief Operating Officer

Jim Brady serves as Executive Vice President and Chief Operating Officer (COO) for DXC Technology. In this role, he has primary responsibility for the company's operations.

Chris Drumgoole General Manager, Cloud Infrastructure & ITO

Chris Drumgoole is the General Manager of Cloud Infrastructure & ITO for DXC Technology. He also holds the title of President, DXC Global Infrastructure Solutions.

Ray August General Manager, Insurance Software & Business Process Services

Ray August is the General Manager of Insurance Software and Business Process Services for DXC Technology. His focus is on this segment of the company's offerings. He also serves as President, Insurance Software & Business Process Solutions.

DXC Technology (NYSE: DXC) faces several key risks to its business, primarily stemming from an uncertain economic environment, challenges in adapting its legacy business model, and significant financial pressures.

1. Uncertain Macroeconomic Environment and Client Spending: DXC Technology is highly susceptible to the uncertain macroeconomic environment, which often leads to more cautious spending patterns among clients, particularly concerning large-scale IT projects. This economic uncertainty can cause clients to delay or scale back significant IT investments, directly impacting DXC's ability to secure new contracts and maintain current revenue levels. This factor has also contributed to the company's tempered financial guidance.
2. Legacy Business Model and Difficulty Pivoting to High-Growth Digital and AI Services: The company's reliance on a legacy business model and its ongoing transformation efforts present internal friction, hindering its ability to retrain its workforce, develop new capabilities, and effectively compete in emerging, higher-growth areas of IT services such as cloud-native platforms and AI consulting. DXC is perceived as lagging behind more agile competitors who have embraced higher-margin, digital-first consulting work, leading to shrinking revenue and challenges in capitalizing on advancements like generative AI.
3. Significant Debt Load and Financial Performance Pressures: DXC Technology has been grappling with declining revenue and compressing margins. The company carries a substantial debt load that necessitates significant annual interest payments. This burden is particularly problematic given its underperforming core business and shrinking cash flow, which raises concerns about the company's ability to refinance debt at potentially higher interest rates.

Generative AI and advanced automation tools represent a clear emerging threat. DXC Technology's business model relies significantly on providing human-intensive IT services, including application development and maintenance, infrastructure management, business process outsourcing, and legacy system modernization. The rapid development and adoption of generative AI and sophisticated automation platforms enable clients to perform or significantly augment tasks that were historically delivered by human consultants or outsourcing providers. This trend threatens DXC by:

• Reducing the overall demand for traditional, human-centric IT services as clients leverage AI for efficiency.
• Exerting downward pressure on pricing for existing service contracts, as AI offers more cost-effective alternatives.
• Potentially disintermediating DXC by allowing clients to perform more tasks internally with AI tools, or by shifting demand towards specialized AI-first providers.

This necessitates an accelerated transformation of DXC's service delivery model and a rapid re-skilling of its workforce to remain competitive in a landscape increasingly defined by AI-driven automation.

DXC Technology (NYSE: DXC) operates within several large addressable markets for its diverse portfolio of IT services and solutions. Below are the estimated market sizes for their main products and services:

• IT Services Market: The global IT services market size is estimated at approximately USD 1,518.1 billion in 2025. DXC Technology positions itself as an end-to-end IT services company, helping clients run mission-critical systems and operations.
• Cloud Professional Services Market: The global cloud professional services market size is projected to reach USD 30.5 billion in 2025. This market addresses services related to cloud migration, management, and optimization across public, private, and hybrid cloud environments.
• Application Management Services Market: The global application management services market size is projected to be approximately USD 50.47 billion in 2025. This includes managing and modernizing enterprise applications.
• Big Data and Analytics Services Market: The global market size for big data and analytics services is projected to escalate to USD 168.11 billion in 2025. DXC offers analytics and data services, including AI-powered enterprise solutions.
• Managed Digital Workplace Services Market: The global managed digital workplace services market size is estimated at USD 56.18 billion in 2025. These services encompass modern workplace solutions designed to enhance employee productivity and experience.
• Cybersecurity Services Market: The global cybersecurity services market is projected to be USD 192.7 billion in 2025. DXC Technology specializes in data security services and cloud-native security.

DXC Technology (DXC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of AI-driven Solutions and Frameworks: DXC is strategically investing in and launching AI-powered solutions, including its Xponential AI framework, with a stated goal for AI-native or AI-infused solutions to comprise 10% of its business within 36 months. This also includes enhancing its Global Infrastructure Services (GIS) offerings with AI-enabled solutions, which are already showing a build-up in project pipelines.
2. Growth in the Insurance Segment: The company's Insurance segment has demonstrated encouraging performance, reporting a 3.6% year-over-year organic revenue increase and a 25% growth in bookings in Q2 FY26. This segment is anticipated to maintain mid-single-digit organic growth rates.
3. Doubling of SAP and SaaS Revenue: As a component of its "core track" strategy, DXC aims to double its SAP and SaaS revenue within the next two to three years.
4. Modernization of Financial Services and New Product Launches: DXC is focused on modernizing bank infrastructure through initiatives such as DXC CoreIgnite for financial services. Additionally, strategic partnerships, like the one with Splitit, are designed to introduce new offerings, such as enabling banks to provide "Buy Now, Pay Later" options directly to customers.

Share Repurchases

• Under a buyback plan announced in May 2023, DXC repurchased 27,027,268 shares for $533.07 million as of September 30, 2025.
• The company executed $898 million in annual share buybacks during 2024.
• In the fiscal first quarter ending June 30, 2025, DXC repurchased shares valued at $48 million.

Inbound Investments

• DXC Technology received takeover interest from at least one private equity firm, reportedly Baring Private Equity Asia, in September 2022, but no formal offer was ultimately received.
• French IT services company Atos SE pursued and then abandoned a potential acquisition of DXC in February 2021, with a proposed value of US$10 billion including debt.

Outbound Investments

• DXC has made investments in companies such as Fenergo and 360Globalnet.
• While DXC has made a total of 16 acquisitions, the most recent identified within the search results, Virtual Clarity, was in November 2019, which is outside the specified 3-5 year period.
• The company has been engaged in business dispositions, which generated a gain of $7 million in fiscal 2025, and previously sold multiple business units from March 2020 through August 2022 to improve its balance sheet and cash flow.

Capital Expenditures

• Capital expenditures for fiscal year 2025 totaled $711 million.
• For the fourth quarter of fiscal year 2025, capital expenditures amounted to $204 million.
• A primary focus of capital expenditures includes investments in agentic AI and data modernization to assist customers in unlocking value from legacy systems and driving intelligent transformation.