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Revenue crosses $20 billion mark with resilient growth of 3.1% in FY 26 in constant currency

23 aprile 2026 | 15.42

LETTURA: 15 minuti

Strong Large Deal wins of $14.9 Billion and healthy Free Cash Flow of $3.7 Billion

FY 27 Guidance – Revenue Growth of 1.5%-3.5%, Operating Margin of 20%-22%

BENGALURU, India, April 23, 2026 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $20,158 million in FY 26 revenues with a growth of 3.1% in constant currency. Reported IFRS operating margin was at 20.3% and adjusted¹ operating margin at 21.0%. EPS growth was 11.0% in rupee terms². Free cash flow generation was healthy at $3,733 million. TCV of large deal wins was $14.9 billion, with net new of 55%.

Q4 revenues were $5,040 million, growth of 4.1% year on year in constant currency. Q4 operating margin was at 20.9%.

"We delivered a resilient performance in FY 26 with growth of 3.1% with strong large deal wins of $14.9 billion, reflecting the robustness of our enterprise AI value proposition and market share gains in large transformation opportunities. The simplicity and strength of our AI services strategy across six areas is gaining traction in the market further strengthened by strong ecosystem AI partnerships enabling clients to get value from AI," said Salil Parekh, CEO and MD. "Our AI First value framework and differentiated Topaz Fabric, position us uniquely to deepen client trust and gain greater share of the market," he added.

3.1% FY 4.1% Q4 YoY CC Growth

20.3% FY Reported 21.0% FY Adjusted1 20.9% Q4 Operating Margin

$14.9 Bn FY$3.2 Bn Q4 Large Deal TCV

$3.7 Bn FY$0.8 Bn Q4Free Cash Flow(FCF)

11.0% FY23.8% Q4 YoY ` EPS Increase2

Guidance for FY27:

Key highlights:

For the quarter ended March 31, 2026 Revenues in CC terms grew by 4.1% YoY and declined by 1.3% QoQReported IFRS revenues at $5,040 million, growth of 6.6% YoYReported IFRS operating margin at 20.9%Basic EPS at $0.23; increase of 15.7% YoY and 25.3% QoQFCF at $833 million³; FCF conversion at 90.6% of net profit	For the year ended March 31, 2026 Revenues in CC terms grew by 3.1% YoYReported IFRS revenues at $20,158 million, growth of 4.6% YoYReported IFRS operating margin at 20.3%; Adjusted¹ operating margin at 21.0%Basic EPS at $0.81; increase of 5.6% YoY FCF at $3,733 million³; FCF conversion at 112.6% of net profit
1,2,3 - Please refer to the last page of this release for detailed explanation

"FY 26 was a year of disciplined execution and financial resilience reflecting in 21% adjusted operating margin and healthy free cash flow of $3.7 billion. Savings from Project Maximus enabled us to invest in strategic areas like talent, AI and sales & marketing," saidJayesh Sanghrajka, CFO. "We remain focused on margins and cash generation as we navigate an evolving macro environment. In line with our capital allocation policy, Board has proposed a final dividend of `25 per share, which along with interim dividend and recently concluded buyback, amounts to over `37,500 crore returned to shareholders for FY 26," he added.

Client Wins & Testimonials

Recognitions & Awards

- Brand & Corporate

- AI and Cloud Services

- Key Digital Services

- Industry & Solutions

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 325,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 63 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited and Subsidiaries
Extracted from the Condensed Consolidated Balance Sheet under IFRS as at: ( in $ million)
Particulars	March 31, 2026	March 31, 2025
ASSETS
Current assets
Cash and cash equivalents	2,341	2,861
Current investments	1,365	1,460
Trade receivables	3,715	3,645
Unbilled revenue	1,633	1,503
Other current assets	1,858	1,890
Total current assets	10,912	11,359
Non-current assets
Property, plant and equipment and Right-of-use assets	2,057	2,235
Goodwill and other Intangible assets	1,576	1,505
Non-current investments	942	1,294
Unbilled revenue	183	261
Other non-current assets	776	765
Total non-current assets	5,534	6,060
Total assets	16,446	17,419
LIABILITIES AND EQUITY
Current liabilities
Trade payables	500	487
Unearned revenue	1,248	994
Employee benefit obligations	372	340
Other current liabilities and provisions	3,396	3,191
Total current liabilities	5,516	5,012
Non-current liabilities
Lease liabilities	634	675
Other non-current liabilities	456	477
Total non-current liabilities	1,090	1,152
Total liabilities	6,606	6,164
Total equity attributable to equity holders of the company	9,786	11,205
Non-controlling interests	54	50
Total equity	9,840	11,255
Total liabilities and equity	16,446	17,419

Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:
(In $ million except per equity share data)
Particulars	3 months ended March 31, 2026	3 months ended March 31, 2025	Year ended March 31, 2026	Year ended March 31, 2025
Revenues	5,040	4,730	20,158	19,277
Cost of sales	3,485	3,302	14,079	13,405
Gross profit	1,555	1,428	6,079	5,872
Operating expenses:
Selling and marketing expenses	256	226	1,025	898
Administrative expenses	244	210	969	903
Total operating expenses	500	436	1,994	1,801
Operating profit	1,055	992	4,085	4,071
Other income, net of finance cost ^(b)	113	125	421	376
Profit before income taxes	1,168	1,117	4,506	4,447
Income tax expense ^(b)	248	303	1,190	1,285
Net profit (before non-controlling interests)	920	814	3,316	3,162
Net profit (after non-controlling interests)	919	813	3,313	3,158
Basic EPS ($)	0.23	0.20	0.81	0.76
Diluted EPS ($)	0.23	0.20	0.80	0.76

NOTES:

a) The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2026, which have been taken on record at the Board meeting held on April 23, 2026.

b) Includes interest income (pre-tax) of $41 million and $38 million for the quarter and year ended March 31, 2026 and March 31, 2025 respectively, and reversal of tax provisions amounting to $83 million and $12 million for the quarter and year ended March 31, 2026 and March 31, 2025 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.

c) Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.

d) A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.

Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for year ended
(in $ million)
	March 31, 2026		March 31, 2025
	Operating Profit	Operating Margin (%)	Operating Profit	Operating Margin (%)
Reported IFRS	4,085	20.3	4,071	21.1
Adjustments¹	143	0.7	-	-
Adjusted non-IFRS	4,228	21.0	4,071	21.1