FPT 9M 2026 Results: Revenue VND 40,023B, AI/Data Analytics Up 55%

Overview

FPT Corporation (HOSE: FPT) reported nine-month 2026 revenue of VND 40,023 billion, up 12.4% year on year, and pre-tax profit of VND 8,770 billion, up 17%, according to the company’s results announcement. The Technology block contributed 89% of revenue and 58% of group pre-tax profit, with AI/Data Analytics revenue rising 55% and domestic IT services pre-tax profit more than doubling. The figures are restated under a new consolidation method for FPT Telecom, which affects comparability with prior periods.

Key Facts

• 9M 2026 revenue: VND 40,023 billion, +12.4% year on year.
• 9M 2026 pre-tax profit: VND 8,770 billion, +17%; after-tax profit attributable to parent shareholders VND 7,778 billion, +13.3%.
• EPS of VND 4,142 per share, +12.8% year on year.
• Technology block revenue VND 35,515 billion (+14.8%), pre-tax profit VND 5,052 billion (+16.6%); 89% of group revenue and 58% of pre-tax profit.
• Foreign IT services revenue VND 28,538 billion (+11.6%); Japan up 17.2% in dong, or 25.2% in yen terms.
• AI/Data Analytics revenue VND 2,915 billion, +55%; total foreign digital transformation revenue VND 14,411 billion (+16.3%).
• Domestic IT services revenue VND 6,977 billion (+29.8%) and pre-tax profit VND 542 billion (+108.5%).
• New foreign IT services contracts signed: VND 36,137 billion, +23.1%, including 16 deals each worth more than USD 10 million.

What Happened

FPT Corporation published nine-month 2026 results showing continued double-digit profit growth. Revenue reached VND 40,023 billion, up 12.4%, and pre-tax profit VND 8,770 billion, up 17%. After-tax profit attributable to parent shareholders came in at VND 7,778 billion, up 13.3%, with EPS of VND 4,142, up 12.8%. The company said the Technology block, spanning domestic and foreign IT services, remained the core engine at 89% of revenue and 58% of pre-tax profit.

A key accounting change underpins the comparison. From 2026, FPT consolidates FPT Telecom (CTCP Viễn thông FPT) under the equity method as an associate rather than fully consolidating its revenue and profit, recognising only the share of profit matching its actual ownership. The 2025 comparative figures in the report were restated on the same basis. Within the Technology block, foreign IT services revenue rose 11.6% to VND 28,538 billion, with Japan the main growth driver at +17.2% in dong and +25.2% in yen. New contract value signed in the nine months reached VND 36,137 billion, up 23.1%, including 16 contracts above USD 10 million each. AI/Data Analytics revenue reached VND 2,915 billion, up 55%, while domestic IT services revenue rose 29.8% to VND 6,977 billion and pre-tax profit rose 108.5% to VND 542 billion, which the company attributed to large digital transformation projects for government and enterprise clients plus better operating efficiency. FPT also said it obtained a licence to provide data intermediary products and services during the period.

Market Context

FPT trades on HOSE and closed at VND 57,400 on 20 October 2026. The stock sits in the Technology sector, where FPT is the dominant listed name by market capitalisation and the primary liquid proxy for Vietnamese IT services exposure. The results land against a broader market backdrop in which large-cap technology and digital-economy names have drawn sustained foreign and domestic institutional interest, while global IT spending conditions remain uneven. The 55% growth in AI/Data Analytics and the 23.1% rise in new contract signings are the figures most likely to shape how the market reads the print relative to the sector’s growth expectations.

Strategic Significance

The strategic read is that FPT’s growth is rotating toward higher-value work. AI/Data Analytics at VND 2,915 billion is still a modest slice of the VND 28,538 billion foreign IT services base, but 55% growth and a rising share of digital transformation revenue (VND 14,411 billion, +16.3%) indicate the mix is shifting from traditional outsourcing toward higher-margin advisory and data work. The 16 contracts above USD 10 million each, and new signings up 23.1%, support forward revenue visibility. Domestic IT services is the sharper margin story: profit up 108.5% on revenue up 29.8% implies meaningful operating leverage from government and enterprise digital transformation projects. The equity-accounting switch for FPT Telecom reduces reported group revenue and profit but clarifies the technology franchise as the core earnings driver, which matters for investors valuing FPT on IT services multiples rather than a conglomerate blend.

What to Watch

• Q3 and full-year 2026 disclosures confirming whether AI/Data Analytics sustains 50%-plus growth off a larger base.
• Conversion of the VND 36,137 billion new contract backlog into revenue, and the count of deals above USD 10 million in the next quarter.
• Japan revenue growth in yen terms (25.2% in 9M) versus dong-reported figures, given currency effects.
• Domestic IT services margin durability after the 108.5% profit jump, and progress on government digital transformation tenders.
• Any disclosure on revenue contribution from the newly licensed data intermediary business.
• Foreign ownership and institutional flow data for FPT on HOSE following the results release.