Endava (DAVA) Company Report

Analyst Coverage

Research analysts who have asked questions during Endava earnings calls.

Bryan Bergin

TD Cowen

7 questions for DAVA

Also covers: ACN, ADP, ASUR +18 more

Antonio Jaramillo

Morgan Stanley

6 questions for DAVA

Also covers: DXC, TASK, TIXT

Jonathan Lee

Arias Resource Capital

6 questions for DAVA

Also covers: ACN, CTSH, DXC +8 more

James Friedman

Susquehanna Financial Group, LLLP

5 questions for DAVA

Also covers: AFRM, AVDX, BETR +19 more

Puneet Jain

JPMorgan Chase & Co.

5 questions for DAVA

Also covers: BR, CINT, EPAM +7 more

James Faucette

Morgan Stanley

4 questions for DAVA

Also covers: ACN, ADP, AFRM +29 more

Tyler DuPont

Bank of America

4 questions for DAVA

Also covers: DXC, FLYW, KD +1 more

Yu Lee

Guggenheim Partners

4 questions for DAVA

Also covers: CTSH, GDS, INFY +3 more

Zachary Ajzenman

TD Cowen

3 questions for DAVA

Also covers: ADP, DXC, GLOB

Bryan Keane

Deutsche Bank

2 questions for DAVA

Also covers: ACN, ADP, AFRM +18 more

Harry Read

Redburn Atlantic

2 questions for DAVA

Also covers: CDW, NSIT

Kathleen Kronstein

William Blair & Company, L.L.C.

2 questions for DAVA

Also covers: G, MGIC, PLUS +2 more

Maggie Nolan

William Blair & Company, L.L.C.

2 questions for DAVA

Also covers: ASGN, CTSH, EPAM +6 more

Nate Svensson

Deutsche Bank

2 questions for DAVA

Also covers: AFRM, BILL, CPAY +10 more

Phani Kanumuri

HSBC Holdings plc

2 questions for DAVA

Also covers: TIGO, TIMB, VIV

Phani Kumar Kanumuri

HSBC

2 questions for DAVA

Also covers: AMX, TIGO, TIMB +2 more

Margaret Nolan

William Blair & Company

1 question for DAVA

Also covers: ASGN, CSGS, CTSH +12 more

Latest news

Recent press releases and 8-K filings for DAVA.

Endava Discusses Strategic AI Focus and Q4 Outlook at Morgan Stanley TMT Conference

DAVA

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Endava is strategically focused on C-suite engagement, outcome-based contracts, and an AI-native approach called Endava Flow, which is generating pipeline and confidence for future growth.
The company expects a step-up in revenue for the June quarter (Q4), with 70%-75% of the midpoint already contracted and committed.
Investments in AI capabilities, including staff not yet fully billable, have resulted in approximately 3% margin pressure, which is expected to abate in fiscal year 2027 as groundwork is completed.
Endava's new methodology, Endava Flow, is demonstrating significant productivity gains in multiples rather than percentages, unlocking previously unviable work, and was key to winning major deals like the Nexus project (rebuilding SWIFT for 6 Asian countries).

Mar 4, 2026, 12:50 AM

Transcript

Endava discusses Q4 outlook and AI strategy at Morgan Stanley conference

DAVA

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Endava anticipates an 8% quarter-on-quarter step up for the June quarter (Q4), with 70%-75% of deals already contracted and committed.
The company's confidence stems from its strategic focus on C-suite engagement, outcome-based contracts, and its AI-native delivery approach, Endava Flow, which aims for multiples of efficiency.
Significant investments in AI capabilities have resulted in a 3% depression in margins due to staff not being fully billable, though this investment level is expected to abate in fiscal 2027.
This AI-native approach is gaining traction with large clients, leading to stabilization and new opportunities, particularly in financial services, the UK, and North America.

Mar 4, 2026, 12:50 AM

Transcript

Endava Provides Q4 Outlook and Details AI Investment Strategy at Morgan Stanley Conference

DAVA

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Endava's management, including co-CEOs John Cotterell and Alastair Lukies and CFO Mark Thurston, presented at the Morgan Stanley TMT Conference 2026 on March 4, 2026.
The company anticipates an 8% quarter-on-quarter step-up in the June quarter (Q4), with 2% attributed to additional working days and an underlying 6% uplift. This guidance is underpinned by 70%-75% contracted and committed work and recent deal wins.
Endava is making significant investments in its AI capabilities, particularly its Endava Flow delivery method, which has resulted in a 3% depression impact on current margins. This level of investment is projected to abate in fiscal 2027.
Endava Flow is described as an AI-native delivery method that aims to achieve multiples of efficiency gains by focusing on upfront architectural design and using AI agents for code building, rather than just speed of code production. This approach is tool-agnostic and designed for complex enterprise environments.

Mar 4, 2026, 12:50 AM

Transcript

Endava Announces Q2 FY2026 Results and Updates Guidance

DAVA

Earnings

Guidance Update

New Projects/Investments

Endava reported Q2 FY2026 revenue of GBP 184.1 million, marking a 5.9% decrease year-on-year but a 3.3% increase from Q1 FY2026.
The company's adjusted diluted earnings per share for Q2 FY2026 was 16 pence, with the adjusted PBT margin at 5.8%, which was impacted by approximately 3% due to investments in its AI-native delivery model and next-gen talent.
For Q3 FY2026, Endava expects revenue to be in the range of GBP 182 million to GBP 185 million and adjusted diluted EPS between 18-21 pence per share.
Endava also provided full-year FY2026 guidance, projecting revenue between GBP 736 million and GBP 750 million and adjusted diluted EPS between 80-86 pence per share.
The company continues to make significant investments in AI, including its Dava.Flow AI-native engagement lifecycle and expanding strategic partnerships, while also having $28.1 million remaining for its share repurchase program as of January 31, 2026.

Feb 19, 2026, 1:00 PM

Transcript

Endava Reports Q2 FY2026 Results and Updates Full-Year Guidance

DAVA

Earnings

Guidance Update

New Projects/Investments

Endava reported Q2 FY2026 revenue of GBP 184.1 million, a 5.9% decrease year-on-year, but an increase of 3.3% from Q1 FY2026, exceeding the upper end of guidance.
Adjusted diluted EPS for Q2 FY2026 was 16 pence, compared to 30 pence in the prior year, with the adjusted PBT margin at 5.8%, impacted by investments in AI-native delivery and next-gen talent.
The company provided Q3 FY2026 revenue guidance of GBP 182 million to GBP 185 million and adjusted diluted EPS guidance of 18 to 21 pence per share.
For the full fiscal year 2026, revenue is expected to be between GBP 736 million and GBP 750 million, with adjusted diluted EPS in the range of 80 to 86 pence per share.
Endava continues to invest heavily in AI, including its AI-native engagement lifecycle "Endava Flow" and strategic partnerships, which are impacting adjusted PBT margins.

Feb 19, 2026, 1:00 PM

Transcript

Endava Reports Q2 FY2026 Results and Provides FY2026 Guidance

DAVA

Earnings

Guidance Update

New Projects/Investments

Endava reported Q2 FY2026 revenue of GBP 184.1 million, a 5.9% decrease year-over-year, and adjusted diluted earnings per share of 16 pence.
For Q3 FY2026, the company expects revenue between GBP 182 million and GBP 185 million and adjusted diluted EPS of 18-21 pence per share. The full fiscal year 2026 guidance projects revenue of GBP 736 million-GBP 750 million and adjusted diluted EPS of 80-86 pence per share.
The company is making significant investments in AI-native delivery and next-gen talent, which has reduced the adjusted PBT margin by approximately 3% through Q2 FY2026 and is expected to continue impacting margins.
Endava's workforce decreased by 2.4% year-over-year to 11,385 Endavans as of Q2 FY2026, while the company continues to expand strategic partnerships with entities like OpenAI, Miro, and Cognition, and secured key client wins.

Feb 19, 2026, 1:00 PM

Transcript

Endava announces Q2 FY26 results and updated guidance

DAVA

Earnings

Guidance Update

Endava reported Q2 FY26 revenue of $202.4 million, marking a 14.8% increase compared to Q2 FY25, with organic constant currency revenue growth of 12.1%.
The company's Adjusted Profit Before Tax for Q2 FY26 was $42.1 million, achieving a 20.8% margin, and Adjusted Diluted EPS reached $0.59.
For Q3 FY26, Endava anticipates revenue to be between $205.5 million and $208.5 million, and Adjusted Diluted EPS is projected to be between $0.58 and $0.60.
The FY26 guidance for revenue is set between $818.0 million and $824.0 million, with Adjusted Diluted EPS expected to range from $2.38 to $2.42.

Feb 19, 2026, 1:00 PM

Presentation

Endava Announces Q2 FY2026 Results and Provides FY2026 Outlook

DAVA

Earnings

Guidance Update

Share Buyback

Endava reported Q2 FY2026 revenue of £184.1 million, representing a 5.9% year-on-year decline and a 5.1% decline at constant currency. The company posted a diluted loss per share of £(0.13) and adjusted diluted EPS of £0.16 for the quarter.
For Q3 FY2026, Endava expects revenue to be in the range of £182.0 million to £185.0 million, with adjusted diluted EPS between £0.18 and £0.21. The full fiscal year 2026 guidance projects revenue of £736.0 million to £750.0 million and adjusted diluted EPS of £0.80 to £0.86.
The company is investing heavily in AI to establish itself as an AI leader, focusing on recruitment, training, shifting to an AI Native approach, and building its partner ecosystem, noting strong initial client interest in its Dava.Flow platform.
As of January 31, 2026, Endava had repurchased 8,047,338 American Depositary Shares for $121.9 million, with $28.1 million remaining under its share repurchase authorization.

Feb 19, 2026, 12:19 PM

6-K

Endava Announces Second Quarter Fiscal Year 2026 Results

DAVA

Earnings

Guidance Update

Share Buyback

Endava reported Q2 FY2026 revenue of £184.1 million, representing a 5.9% year-on-year decline.
The company posted a diluted loss per share of £(0.13) and adjusted diluted EPS of £0.16 for Q2 FY2026.
For Q3 FY2026, Endava expects revenue between £182.0 million and £185.0 million and adjusted diluted EPS in the range of £0.18 to £0.21.
The full fiscal year 2026 guidance projects revenue between £736.0 million and £750.0 million and adjusted diluted EPS between £0.80 and £0.86.
As of January 31, 2026, Endava had repurchased 8,047,338 American Depositary Shares for $121.9 million, with $28.1 million remaining under its share repurchase authorization.

Feb 19, 2026, 12:15 PM

Press Release

Endava Discusses Business Performance, AI Strategy, and Fiscal 2026 Outlook

DAVA

Guidance Update

New Projects/Investments

Demand Weakening

Endava has experienced choppy performance over the last two to three years due to macro challenges, the impact of AI causing a pause in client spending, and the integration of its largest acquisition, GalaxE.
The demand backdrop for large deals (over GBP 10 million total contract value) is firming with guarded optimism, with increased client activity and urgency for technology investments, particularly in financial services.
The company's fiscal 2026 guidance is built with a higher level of skepticism for pipeline conversion, with 79-81% of the low-end forecast already contracted and committed.
Endava is developing "Endava Flow," an AI-driven delivery methodology, to enable 200-400% productivity gains and facilitate a shift to outcome-based large deals, which is expected to be margin enhancing and impact profitability in fiscal 2027 and 2028.
The company anticipates gross margin improvement to 30% by Q4 2026, with a long-term target of 35% gross margin and 15% adjusted PBT margin, driven by Endava Flow and hardening demand.