---
title: "FPT Q3 2026: AI Revenue and Digital Transformation Growth"
description: FPT reports VND 2,915 billion in AI revenue for 9M 2026. Pre-tax profit reached VND 3,056 billion in Q3 2026 amid accounting changes at FPT Telecom.
url: https://ginity.vn/en/blog/fpt-ai-revenue-digital-transformation-q3-2026
canonical: https://ginity.vn/en/blog/fpt-ai-revenue-digital-transformation-q3-2026
markdown: https://ginity.vn/en/blog/fpt-ai-revenue-digital-transformation-q3-2026.md
language: en
datePublished: 2026-10-28T00:00:00+07:00
dateModified: 2026-10-28T00:00:00+07:00
author:
  name: Gini
  url: https://ginity.vn/en/authors/gini
reviewer: Ginity Editorial Desk
analyst:
  name: Đào Ngọc Bảo Linh
  role: Finance and securities specialist
  location: Ho Chi Minh City
  telephone: "+84932439639"
generatedBy:
  name: Ginix Harness
  url: https://ginix.vn
desk:
  id: equity
  name: Companies & sectors
  url: https://ginity.vn/en/topics/equity
tickers:
  - FPT
sources:
  - name: FPT Corporation
    url: https://fpt.com/en/news/fpt-s-9-months-2026-revenue-and-pbt-increase-12-4-and-17-0
    title: FPT's 9-month 2026 revenue and PBT increase 12.4% and 17.0%
  - name: Government News
    url: https://baochinhphu.vn/fpt-ky-ket-hop-tac-phat-trien-trung-tam-du-lieu-quy-mo-lon-tri-gia-den-1-ty-usd-102260209111826821.htm
    title: FPT Signs Cooperation Agreement for Large-Scale Data Center Project Worth Up to USD 1 Billion
  - name: Government News
    url: https://baochinhphu.vn/evn-va-fpt-hop-tac-chuyen-doi-so-chuyen-doi-xanh-trong-linh-vuc-dien-luc-102260130092859717.htm
    title: EVN and FPT Partner on Digital and Green Transformation in Power Sector
  - name: VnExpress
    url: https://vnexpress.net/fpt-bao-lai-ky-luc-5135023.html
    title: FPT Reports Record Profit
  - name: CafeBiz
    url: https://cafebiz.vn/co-may-ai-cua-fpt-bat-dau-kiem-ra-tien-doanh-thu-gan-3000-ty-dong-ai-factory-chay-tren-90-cong-suat-17626102314114217.chn
    title: FPT AI Machine Generates Substantial Returns with Factory Operating Above 90% Capacity
  - name: Vietcap
    url: https://www.vietcap.com.vn/trung-tam-phan-tich/ban-tin-chung-khoan-21-10-2026-thi-truong-hom-nay-vn-index-tang-manh-len-muc-cao-nhat-trong-9-phien-cac-co-phieu-dang-chu-y-fpt-msr-ssi-lpb-szc-ctd-pnj-tcb-msn
    title: Stock Market Daily October 21, 2026
publisher: Ginity
attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.'
disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources."
usageTerms: https://ginity.vn/ai.txt
---

# FPT Q3 2026: AI Revenue and Digital Transformation Growth

> FPT reports VND 2,915 billion in AI revenue for 9M 2026. Pre-tax profit reached VND 3,056 billion in Q3 2026 amid accounting changes at FPT Telecom.

Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/fpt-ai-revenue-digital-transformation-q3-2026

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- FPT posted Q3 2026 pre-tax profit of VND 3,056 billion, up 15.0% year-on-year, lifting 9M 2026 pre-tax profit to VND 8,770 billion.
- AI and data analytics services generated VND 2,915 billion in 9M 2026 revenue, expanding 55% year-on-year and accounting for 10% of global IT services.
- Newly signed overseas IT contract value reached VND 36,137 billion in 9M 2026, up 23.1% year-on-year, including 16 contracts exceeding USD 10 million.
- FPT Telecom shifted to the equity method in 2026, reducing consolidated gross revenue while capturing proportionate profit from the associate.

According to consolidated financial disclosures published on October 21, 2026 by [FPT](/en/companies/FPT) Corporation, net revenue reached VND 13,754 billion in Q3 2026, representing a 12.1% increase compared to the third quarter of 2025. Third-quarter pre-tax profit rose 15.0% year-on-year to VND 3,056 billion. Net profit after tax attributable to parent company shareholders stood at VND 2,723 billion in Q3 2026, up 11.8% from the prior-year period.

According to cumulative financial statements for the first nine months of 2026, FPT reported consolidated net revenue of VND 40,023 billion and pre-tax profit of VND 8,770 billion, up 12.4% and 17.0% year-on-year respectively on a restated basis. Nine-month net profit after tax attributable to parent company shareholders totaled VND 7,778 billion (up 13.3% year-on-year), yielding an earnings per share (EPS) of VND 4,142, an increase of 12.8% compared to the same period in 2025. The pre-tax profit margin expanded to 22.2% in Q3 2026 from 21.7% in Q3 2025. The growth rate of net profit after tax trailed pre-tax profit growth because corporate income tax incentives at select facilities in Ho Chi Minh City expired in June 2026.

## Q3 2026 Profit and Telecom Accounting Method Shift

According to accounting standards governing associated companies, FPT adopted the equity method of accounting for FPT Telecom Joint Stock Company (FPT Telecom) starting in 2026 instead of full financial consolidation. Under this framework, FPT recognizes only its proportionate share of FPT Telecom profit on the consolidated income statement, rather than aggregating all telecom revenue and operational expenses.

According to regulatory filings, this accounting change reduces reported consolidated gross revenue relative to prior reporting formats, but aligns headline numbers with actual equity ownership and distributed cash flows. To preserve comparability across periods, FPT restated financial figures for the first nine months of 2025 using the identical equity accounting basis. On this restated basis, nine-month revenue and pre-tax profit in 2026 maintained steady growth of 12.4% and 17.0% respectively.

According to segmental breakdowns following the accounting adjustment, the technology segment has become the overwhelming contributor to operating performance. During the first nine months of 2026, the technology sector generated VND 35,515 billion in revenue (representing 89% of consolidated net revenue, up 14.8% year-on-year) and delivered VND 5,052 billion in pre-tax profit (accounting for 58% of group pre-tax earnings, up 16.6% compared to 9M 2025).

## AI Revenue and Global IT Services Expansion

According to operational disclosures, the Global IT Services division remains the primary growth engine of the technology segment. Nine-month revenue for this unit reached VND 28,538 billion in 2026, reflecting an 11.6% increase compared to the prior-year period. Digital transformation revenue overseas expanded 16.3% year-on-year to VND 14,411 billion, contributing 51% of total global IT revenue.

According to product disclosures from FPT, dedicated revenue from artificial intelligence (AI) and data analytics services reached VND 2,915 billion in the first nine months of 2026, advancing 55% year-on-year. This specialized revenue stream represented 10% of total overseas IT service billings. According to equity research from SSI Securities, the FPT AI Factory computing center achieved operating profitability in Q2 2026 and sustained capacity utilization above 90% throughout Q3 2026.

According to technical partnership announcements in Q3 2026, FPT operates as an OpenAI Global Select Partner and expanded its engineering collaboration with NVIDIA. In the third quarter of 2026, FPT and NVIDIA completed a ten-fold expansion of the synthetic Nemotron-Personas-Vietnam dataset from 100,000 to 1,000,000 user profiles to train localized foundational models. FPT also rolled out the Flezi Metis AI platform for code refactoring and quality verification, which achieved a 50% reduction in code discovery duration and a 30% reduction in technical execution time during pilot deployments with an automotive client in the United States.

According to geographical breakdowns for 9M 2026, Japan remained the largest single overseas market, generating 17.2% revenue growth in VND terms (and 25.2% growth in Japanese Yen terms). European operations recorded rapid acceleration, with nine-month revenue climbing 35.4% year-on-year; in Q3 2026 alone, European revenue reached VND 1,242 billion (up 28% year-on-year), lifting its revenue contribution from 10.9% to 12.9%. The United States market contributed VND 2,226 billion in Q3 2026 revenue, rising 8% year-on-year.

## Domestic IT Services and Newly Signed Contracts

According to sales volume disclosures, newly signed contract value in the Global IT Services division reached VND 36,137 billion during the first nine months of 2026, an increase of 23.1% year-on-year. The group secured 16 enterprise contracts with individual values exceeding USD 10 million in 9M 2026, providing forward backlog visibility for upcoming quarters.

According to domestic operating statements, the domestic IT services division showed a measurable turnaround. Nine-month revenue reached VND 6,977 billion in 2026 (up 29.8% year-on-year), generating pre-tax profit of VND 542 billion (up 108.5% compared to 9M 2025). In Q3 2026 standalone, domestic IT revenue stood at VND 2,741 billion (up 43.1% year-on-year), while pre-tax profit margin widened to 8.5% from 5.5% in Q3 2025.

According to public sector implementation records, domestic expansion was anchored by national database infrastructure and digital management platforms for state agencies and major domestic enterprises. Representative engagements included the national legal database for the Ministry of Justice, social assistance infrastructure for the Ho Chi Minh City Department of Health, and municipal labor union portals. The proprietary Made-by-FPT product portfolio delivered VND 2,284 billion in 9M 2026 revenue, up 19.9% year-on-year.

## Contributions from Telecom and Education Segments

According to segmental financial reports, the education, financial investment, and other activities group delivered revenue of VND 4,508 billion in 9M 2026 (down 3.1% year-on-year), while pre-tax profit rose 17.6% year-on-year to VND 3,719 billion.

According to financial analysts, earnings expansion in this division reflects equity-accounted profit recognition from FPT Telecom alongside steady operational margins at FPT Education. FPT Telecom maintained customer additions in fixed broadband and television services while scaling its data center infrastructure. According to Government News, FPT finalized a framework agreement to construct high-capacity data center facilities with projected capital expenditures reaching up to USD 1 billion in 2026, strengthening cloud infrastructure for both enterprise telecom clients and artificial intelligence workloads.

According to academic enrollment data for the 2026-2027 academic term, FPT Education maintained enrollment numbers across its university and vocational campus network. The educational division expanded dedicated training facilities in semiconductor engineering and artificial intelligence across Hanoi, Da Nang, Ho Chi Minh City, and Can Tho, directly supplying technical personnel to the group's software delivery centers.

## Valuation Multiples and Vietnam IT Peer Comparison

According to trading records on October 28, 2026 on the Ho Chi Minh Stock Exchange (HOSE), FPT shares closed near VND 57,800 per share. Compared to peak levels recorded in early 2026, the market price has adjusted by approximately 30% as global [equities](/en/topics/equity) in the technology sector experienced valuation compression following the initial enthusiasm surrounding AI adoption.

Equity valuation multiples are evaluated using the price-to-earnings ([P/E](/en/glossary/pe)) ratio and the price-to-book ([P/B](/en/glossary/pb)) multiple:

$$
\text{P/E} = \frac{\text{Market Price}}{\text{EPS}}
$$

$$
\text{P/B} = \frac{\text{Market Price}}{\text{Book Value Per Share}}
$$

According to valuation metrics on October 28, 2026, at the trading price of VND 57,800 per share, FPT traded at a trailing 12-month P/E ratio between 12.2x and 12.5x, with a P/B multiple of 3.1x. The group maintained a return on equity (ROE) between 26.0% and 27.0% across the first nine months of 2026.

According to market pricing comparisons on October 28, 2026:

- According to trading data on October 28, 2026, CMC Corporation (ticker CMG) traded at a trailing P/E multiple of 12.8x and a P/B ratio of 1.5x, alongside an ROE of 11.5%.
- According to trading data on October 28, 2026, Elcom Technology Communications (ticker ELC) traded at a trailing P/E multiple of 11.0x and a P/B ratio of 1.6x, with an ROE of 14.0%.
- According to industry data in October 2026, the median P/E multiple for the Vietnamese information technology sector stood at 12.4x, while the median P/B ratio reached 2.4x and median ROE hovered between 11.0% and 13.0%.

According to comparative valuation multiples in 2026, FPT trades at a P/E multiple in line with the broader Vietnamese IT industry median (12.2x versus 12.4x), while commanding a higher P/B valuation (3.1x versus 2.4x). This valuation premium on book equity is supported by return on equity exceeding 26% in 2026, more than double the industry median.

According to operational risk evaluations in 2026, two key variables warrant monitoring: foreign exchange volatility across primary export regions (notably fluctuations in the Japanese Yen) and the digestion pace of large enterprise transformation contracts in subsequent quarters.

## Sources

- FPT Corporation: [FPT's 9-month 2026 revenue and PBT increase 12.4% and 17.0%](https://fpt.com/en/news/fpt-s-9-months-2026-revenue-and-pbt-increase-12-4-and-17-0) (21/10/2026)
- Government News: [FPT Signs Cooperation Agreement for Large-Scale Data Center Project Worth Up to USD 1 Billion](https://baochinhphu.vn/fpt-ky-ket-hop-tac-phat-trien-trung-tam-du-lieu-quy-mo-lon-tri-gia-den-1-ty-usd-102260209111826821.htm) (09/02/2026)
- Government News: [EVN and FPT Partner on Digital and Green Transformation in Power Sector](https://baochinhphu.vn/evn-va-fpt-hop-tac-chuyen-doi-so-chuyen-doi-xanh-trong-linh-vuc-dien-luc-102260130092859717.htm) (30/01/2026)
- VnExpress: [FPT Reports Record Profit](https://vnexpress.net/fpt-bao-lai-ky-luc-5135023.html) (21/10/2026)
- CafeBiz: [FPT AI Machine Generates Substantial Returns with Factory Operating Above 90% Capacity](https://cafebiz.vn/co-may-ai-cua-fpt-bat-dau-kiem-ra-tien-doanh-thu-gan-3000-ty-dong-ai-factory-chay-tren-90-cong-suat-17626102314114217.chn) (23/10/2026)
- Vietcap: [Stock Market Daily October 21, 2026](https://www.vietcap.com.vn/trung-tam-phan-tich/ban-tin-chung-khoan-21-10-2026-thi-truong-hom-nay-vn-index-tang-manh-len-muc-cao-nhat-trong-9-phien-cac-co-phieu-dang-chu-y-fpt-msr-ssi-lpb-szc-ctd-pnj-tcb-msn) (21/10/2026)

---

_Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._

_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._