Infosys Ltd
INFY NYSE Services-Computer Programming Services Financials FY2017–FY2026
Last close · Oct 23, 2026
$12.35
6.6%
Revenue
Total sales reported in the income statement.
$20.2B
4.6%
vs prior year
Operating margin
Operating income as a share of revenue.
20.3%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$3.3B
4.9%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$50.9B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
15.4x
On $0.80 EPS (TTM)
What Infosys Ltd does
No business description yet.
- Legal name
- Infosys Ltd
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 20-F · Jun 15, 2026
- Accession · CIK
- 0001193125-26-270520
0001067491
Revenue and margins
Infosys Ltd had $20.2B of revenue in fiscal 2026, up 4.6% on the year before.
FY17
Revenue $10.2B
FY18
Revenue $10.9B
FY19
Revenue $11.8B
FY20
Revenue $12.8B
FY21
Revenue $13.6B
FY22
Revenue $16.3B
FY23
Revenue $18.2B
FY24
Revenue $18.6B
FY25
Revenue $19.3B
FY26
Revenue $20.2B
FY17
Gross 36.9%
Operating 24.7%
Net 21.0%
FCF 16.5%
FY18
Gross 36.0%
Operating 24.3%
Net 22.7%
FCF 17.8%
FY19
Gross 34.9%
Operating 22.8%
Net 18.6%
FCF 16.2%
FY20
Gross 33.1%
Operating 21.3%
Net 18.2%
FCF 16.8%
FY21
Gross 34.9%
Operating 24.5%
Net 19.3%
FCF —
FY22
Gross 32.6%
Operating 23.0%
Net 18.2%
FCF —
FY23
Gross 30.2%
Operating 21.0%
Net 16.4%
FCF —
FY24
Gross 30.1%
Operating 20.7%
Net 17.1%
FCF —
FY25
Gross 30.5%
Operating 21.1%
Net 16.4%
FCF —
FY26
Gross 30.2%
Operating 20.3%
Net 16.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 6.1% a year. Loss periods are shown in red.
FY17
Net income $2.1B
FY18
Net income $2.5B
FY19
Net income $2.2B
FY20
Net income $2.3B
FY21
Net income $2.6B
FY22
Net income $3.0B
FY23
Net income $3.0B
FY24
Net income $3.2B
FY25
Net income $3.2B
FY26
Net income $3.3B
FY17
Diluted EPS $0.47
FY18
Diluted EPS $0.55
FY19
Diluted EPS $0.51
FY20
Diluted EPS $0.55
FY21
Diluted EPS $0.61
FY22
Diluted EPS $0.70
FY23
Diluted EPS $0.71
FY24
Diluted EPS $0.76
FY25
Diluted EPS $0.76
FY26
Diluted EPS $0.80
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 20.1%
Return on assets 16.6%
FY18
Return on capital 30.4%
Return on equity 24.1%
Return on assets 19.8%
FY19
Return on capital —
Return on equity 22.7%
Return on assets 17.9%
FY20
Return on capital —
Return on equity 25.8%
Return on assets 19.0%
FY21
Return on capital —
Return on equity 27.4%
Return on assets 19.3%
FY22
Return on capital —
Return on equity 29.1%
Return on assets 19.5%
FY23
Return on capital —
Return on equity 31.2%
Return on assets 19.3%
FY24
Return on capital —
Return on equity 32.1%
Return on assets 19.9%
FY25
Return on capital —
Return on equity 29.0%
Return on assets 18.6%
FY26
Return on capital —
Return on equity 31.6%
Return on assets 19.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2026, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $1.7B
FY18
Free cash flow $1.9B
FY19
Free cash flow $1.9B
FY20
Free cash flow $2.1B
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY26
Free cash flow —
FY17
Cash from operations $2.1B
Capital spending $411M
FY18
Cash from operations $2.3B
Capital spending $310M
FY19
Cash from operations $2.3B
Capital spending $349M
FY20
Cash from operations $2.6B
Capital spending $465M
FY21
Cash from operations $3.3B
Capital spending —
FY22
Cash from operations $3.3B
Capital spending —
FY23
Cash from operations $2.9B
Capital spending —
FY24
Cash from operations $3.1B
Capital spending —
FY25
Cash from operations $4.4B
Capital spending —
FY26
Cash from operations $4.0B
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Infosys Ltd returned $4.1B to shareholders in fiscal 2026. The diluted share count fell 0.8%.
FY17
Dividends $1.0B
Buybacks —
FY18
Dividends $1.2B
Buybacks $2.0B
FY19
Dividends $2.0B
Buybacks $118M
FY20
Dividends $1.4B
Buybacks $1.1B
FY21
Dividends $1.2B
Buybacks —
FY22
Dividends $1.7B
Buybacks $1.5B
FY23
Dividends $1.7B
Buybacks $1.4B
FY24
Dividends $1.8B
Buybacks —
FY25
Dividends $2.4B
Buybacks —
FY26
Dividends $2.1B
Buybacks $2.0B
Dividends
Buybacks
FY17
Diluted shares 4.57B
FY18
Diluted shares 4.52B
FY19
Diluted shares 4.35B
FY20
Diluted shares 4.27B
FY21
Diluted shares 4.25B
FY22
Diluted shares 4.22B
FY23
Diluted shares 4.19B
FY24
Diluted shares 4.14B
FY25
Diluted shares 4.15B
FY26
Diluted shares 4.12B
Balance sheet
Cash, debt and the ratios that show how comfortably Infosys Ltd can carry it.
FY17
Cash $3.5B
Debt —
FY18
Cash $3.0B
Debt $0.0M
FY19
Cash $2.8B
Debt —
FY20
Cash $2.5B
Debt —
FY21
Cash $3.4B
Debt —
FY22
Cash $2.3B
Debt —
FY23
Cash $1.5B
Debt —
FY24
Cash $1.8B
Debt —
FY25
Cash $2.9B
Debt —
FY26
Cash $2.3B
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.3B | $1.5B | $1.8B | $2.9B | $2.3B |
| Interest coverage | 139.1x | 109.3x | 68.5x | 83.1x | 86.9x |
| Current ratio | 2.0x | 1.8x | 2.3x | 2.3x | 2.0x |
| Quick ratio | 2.0x | 1.8x | 2.3x | 2.3x | 2.0x |
| Total assets | $15.6B | $15.3B | $16.5B | $17.4B | $16.4B |
| Total liabilities | $5.6B | $6.1B | $5.9B | $6.2B | $6.6B |
| Shareholders' equity | $9.9B | $9.2B | $10.6B | $11.2B | $9.8B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 5 / 8 | 5 / 8 | 6 / 8 | 5 / 8 | 6 / 8 | 5 / 8 | 4 / 8 | 4 / 8 | 6 / 8 |
| Accruals ratio | 0.3% | 1.8% | −0.5% | −2.3% | −4.8% | −2.5% | 0.8% | 0.1% | −7.0% | −4.3% |
| Altman Z'' | 12.57 | 12.05 | 10.58 | 9.36 | 8.93 | 7.81 | 7.34 | 8.32 | 8.45 | 8.04 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.2B | $10.9B | $11.8B | $12.8B | $13.6B | $16.3B | $18.2B | $18.6B | $19.3B | $20.2B |
| Gross profit | $3.8B | $3.9B | $4.1B | $4.2B | $4.7B | $5.3B | $5.5B | $5.6B | $5.9B | $6.1B |
| Research and development | $118M | $116M | $110M | $117M | $127M | $124M | $129M | $135M | $153M | $207M |
| Operating income | $2.5B | $2.7B | $2.7B | $2.7B | $3.3B | $3.8B | $3.8B | $3.8B | $4.1B | $4.1B |
| Interest expense | — | — | — | $24.0M | $26.0M | $27.0M | $35.0M | $56.0M | $49.0M | $47.0M |
| Pretax income | $3.0B | $3.1B | $3.0B | $3.1B | $3.6B | $4.0B | $4.1B | $4.3B | $4.4B | $4.5B |
| Income tax | $834M | $657M | $803M | $757M | $973M | $1.1B | $1.1B | $1.2B | $1.3B | $1.2B |
| Net income | $2.1B | $2.5B | $2.2B | $2.3B | $2.6B | $3.0B | $3.0B | $3.2B | $3.2B | $3.3B |
| Net income to common | $2.1B | $2.5B | $2.2B | $2.3B | $2.6B | $3.0B | $3.0B | $3.2B | $3.2B | $3.3B |
| Diluted EPS | $0.47 | $0.55 | $0.51 | $0.55 | $0.61 | $0.70 | $0.71 | $0.76 | $0.76 | $0.80 |
| Diluted shares | 4.57B | 4.52B | 4.35B | 4.27B | 4.25B | 4.22B | 4.19B | 4.14B | 4.15B | 4.12B |
| Cash flow | ||||||||||
| Cash from operations | $2.1B | $2.3B | $2.3B | $2.6B | $3.3B | $3.3B | $2.9B | $3.1B | $4.4B | $4.0B |
| Capital expenditure | $411M | $310M | $349M | $465M | — | — | — | — | — | — |
| Free cash flow | $1.7B | $1.9B | $1.9B | $2.1B | — | — | — | — | — | — |
| Depreciation and amortization | $254M | $289M | $287M | $407M | $441M | $466M | $524M | $565M | $569M | $552M |
| Stock-based compensation | $17.0M | $13.0M | $29.0M | $34.0M | $45.0M | $56.0M | $64.0M | $79.0M | $95.0M | $108M |
| Acquisitions | — | $4.0M | $77.0M | $252M | $165M | — | $113M | — | $377M | $76.0M |
| Share buybacks | — | $2.0B | $118M | $1.1B | — | $1.5B | $1.4B | — | — | $2.0B |
| Dividends paid | $1.0B | $1.2B | $2.0B | $1.4B | $1.2B | $1.7B | $1.7B | $1.8B | $2.4B | $2.1B |
| Dividends and buybacks | $1.0B | $3.2B | $2.1B | $2.4B | $1.2B | $3.2B | $3.1B | $1.8B | $2.4B | $4.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.5B | $3.0B | $2.8B | $2.5B | $3.4B | $2.3B | $1.5B | $1.8B | $2.9B | $2.3B |
| Total debt | — | $0.0M | — | — | — | — | — | — | — | — |
| Current assets | $8.3B | $7.7B | $7.6B | $7.2B | $8.3B | $8.9B | $8.6B | $10.7B | $11.4B | $10.9B |
| Current liabilities | $2.2B | $2.2B | $2.7B | $2.8B | $3.3B | $4.4B | $4.8B | $4.7B | $5.0B | $5.5B |
| Property and equipment, net | $1.8B | $1.9B | $1.9B | $1.8B | $1.9B | $1.8B | $1.7B | $1.5B | $1.5B | $1.4B |
| Goodwill | $563M | $339M | $512M | $699M | $832M | $817M | $882M | $875M | $1.2B | $1.3B |
| Intangible assets | $120M | $38.0M | $100M | $251M | $283M | $225M | $213M | $167M | $323M | $298M |
| Total assets | $12.9B | $12.3B | $12.3B | $12.3B | $14.8B | $15.6B | $15.3B | $16.5B | $17.4B | $16.4B |
| Total liabilities | $2.2B | $2.3B | $2.9B | $3.6B | $4.3B | $5.6B | $6.1B | $5.9B | $6.2B | $6.6B |
| Shareholders' equity | $10.6B | $10.0B | $9.4B | $8.6B | $10.4B | $9.9B | $9.2B | $10.6B | $11.2B | $9.8B |
| Margins | ||||||||||
| Gross margin | 36.9% | 36.0% | 34.9% | 33.1% | 34.9% | 32.6% | 30.2% | 30.1% | 30.5% | 30.2% |
| Operating margin | 24.7% | 24.3% | 22.8% | 21.3% | 24.5% | 23.0% | 21.0% | 20.7% | 21.1% | 20.3% |
| EBITDA margin | 27.2% | 26.9% | 25.3% | 24.5% | 27.8% | 25.9% | 23.9% | 23.7% | 24.1% | 23.0% |
| Net margin | 21.0% | 22.7% | 18.6% | 18.2% | 19.3% | 18.2% | 16.4% | 17.1% | 16.4% | 16.4% |
| FCF margin | 16.5% | 17.8% | 16.2% | 16.8% | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | — | 30.4% | — | — | — | — | — | — | — | — |
| Return on capital employed | 23.6% | 26.4% | 28.2% | 28.7% | 28.8% | 33.8% | 36.3% | 32.3% | 32.8% | 37.4% |
| Return on equity | 20.1% | 24.1% | 22.7% | 25.8% | 27.4% | 29.1% | 31.2% | 32.1% | 29.0% | 31.6% |
| Return on assets | 16.6% | 19.8% | 17.9% | 19.0% | 19.3% | 19.5% | 19.3% | 19.9% | 18.6% | 19.6% |
| Return on tangible equity | 21.5% | 25.9% | 25.0% | 30.3% | 28.0% | 33.3% | 36.9% | 33.3% | 32.6% | 40.4% |
| Growth | ||||||||||
| Revenue growth | — | 7.2% | 7.9% | 8.3% | 6.1% | 20.3% | 11.7% | 1.9% | 3.9% | 4.6% |
| Net income growth | — | 16.2% | −11.5% | 6.0% | 12.1% | 13.4% | 0.6% | 6.2% | −0.3% | 4.9% |
| EPS growth | — | 17.0% | −7.3% | 7.8% | 10.9% | 14.8% | 1.4% | 7.0% | 0.0% | 5.3% |
| FCF growth | — | 15.3% | −1.7% | 12.2% | — | — | — | — | — | — |
| Share count change | — | −1.3% | −3.6% | −2.0% | −0.3% | −0.8% | −0.7% | −1.0% | 0.2% | −0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −1.0x | — | — | — | — | — | — | — | — |
| Debt / equity | — | 0.0x | — | — | — | — | — | — | — | — |
| Interest coverage | — | — | — | 113.5x | 127.9x | 139.1x | 109.3x | 68.5x | 83.1x | 86.9x |
| Current ratio | 3.8x | 3.5x | 2.8x | 2.6x | 2.5x | 2.0x | 1.8x | 2.3x | 2.3x | 2.0x |
| Quick ratio | 3.8x | 3.5x | 2.8x | 2.6x | 2.5x | 2.0x | 1.8x | 2.3x | 2.3x | 2.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.0% | 2.8% | 3.0% | 3.6% | — | — | — | — | — | — |
| Stock comp / revenue | 0.2% | 0.1% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.5% | 0.5% |
| Payouts / FCF | 61.1% | 164.3% | 108.4% | 113.2% | — | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 5.0 | 6.0 | 5.0 | 6.0 | 5.0 | 4.0 | 4.0 | 6.0 |
| Altman Z'' | 12.6 | 12.0 | 10.6 | 9.4 | 8.9 | 7.8 | 7.3 | 8.3 | 8.4 | 8.0 |
| Accruals ratio | 0.3% | 1.8% | −0.5% | −2.3% | −4.8% | −2.5% | 0.8% | 0.1% | −7.0% | −4.3% |
Source: SEC EDGAR XBRL filings (CIK 0001067491). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.