Revenue flow

Margins

Stage	ACN	% of rev	V	% of rev	Gap · A − B
Revenue	$18.7B	100.00%	$11.6B	100.00%	ACN ×1.61
Gross profit	$6.0B	32.04%	$9.2B	78.87%	V +46.8pp
Operating income	$2.9B	15.33%	$6.9B	59.12%	V +43.8pp
Pre-tax income	$2.8B	14.98%	$6.8B	58.74%	V +43.8pp
Net income	$2.0B	10.89%	$5.6B	48.38%	V +37.5pp

Stage	ACN	V	Gap · A − B
Revenue	$18.7B100.00%	$11.6B100.00%	ACN ×1.61
Gross profit	32.04%$6.0B	78.87%$9.2B	V +46.8pp
Operating income	15.33%$2.9B	59.12%$6.9B	V +43.8pp
Pre-tax income	14.98%$2.8B	58.74%$6.8B	V +43.8pp
Net income