Infosys Limited
Latest report: FY2026, the fiscal year ended 31 March 2026, released 15 June 2026. Snapshot FY2026_8c2f431f.
Overview
Select a figure to see the document it came from.
Key Findings
Findings for the latest fiscal year, with their history over earlier years.
Revenue for the fiscal year ended 31 March 2026 was US$20.2 billion, 4.6% higher than in the previous fiscal year.
Confirmedin FY2026 · stated since FY20244.6% from 3.9% in FY2025Rule: Revenue against the previous fiscal year · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 ConfirmedRevenue for the fiscal year ended 31 March 2026 was US$20.2 billion, 4.6% higher than in the previous fiscal year.Recorded from FY2026_8c2f431f · data update
- FY2025 StrengthenedRevenue for the fiscal year ended 31 March 2025 was US$19.3 billion, 3.9% higher than in the previous fiscal year.Reconstructed · data update
- FY2024 NewRevenue for the fiscal year ended 31 March 2024 was US$18.6 billion, 1.9% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was US$3.3 billion, 4.9% higher than in the previous fiscal year.
Newin FY2026 · first statedRule: Net income against the previous fiscal year · Sources 20-F 2026-03History of this finding, 5 records
- FY2026 NewNet income attributable to the company for fiscal 2026 was US$3.3 billion, 4.9% higher than in the previous fiscal year.Recorded from FY2026_8c2f431f · data update
- FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_8c2f431f · data update
- FY2025 NewNet income attributable to the company for fiscal 2025 was US$3.2 billion, 0.3% lower than in the previous fiscal year.Reconstructed · data update
- FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2024 NewNet income attributable to the company for fiscal 2024 was US$3.2 billion, 6.2% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 20.3%, 0.9 percentage points lower than a year earlier.
Newin FY2026 · first statedRule: Operating margin against a year earlier · Sources 20-F 2026-03History of this finding, 5 records
- FY2026 NewThe operating margin for fiscal 2026 was 20.3%, 0.9 percentage points lower than a year earlier.Recorded from FY2026_8c2f431f · data update
- FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_8c2f431f · data update
- FY2025 NewThe operating margin for fiscal 2025 was 21.1%, 0.5 percentage points higher than a year earlier.Reconstructed · data update
- FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- FY2024 NewThe operating margin for fiscal 2024 was 20.7%, 0.3 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 31.6%, against 29.0% a year earlier.
Newin FY2026 · first statedRule: Return on equity against a year earlier · Sources 20-F 2026-03, 20-F 2025-03History of this finding, 5 records
- FY2026 NewReturn on equity for fiscal 2026 was 31.6%, against 29.0% a year earlier.Recorded from FY2026_8c2f431f · data update
- FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_8c2f431f · data update
- FY2025 NewReturn on equity for fiscal 2025 was 29.0%, against 32.1% a year earlier.Reconstructed · data update
- FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- FY2024 NewReturn on equity for fiscal 2024 was 32.1%, against 31.2% a year earlier.Reconstructed · initial
Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
FY2026_8c2f431fCorporate Events
Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.
Earnings, Returns and Balance Sheet
Revenue
By fiscal year, US dollars
Operating Profit
By fiscal year, US dollars
Profit Attributable to Owners of the Parent
By fiscal year, US dollars
Margins
By fiscal year, per cent
Returns
By fiscal year, per cent
Diluted Earnings per Share
By fiscal year, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
FY2026
20-F for the year to 31 March 2026, filed 15 June 2026. Changes are against the previous report, and each figure shows its period.
Changes in This Report 0
No finding changed its state in the latest report.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.
Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities | |||||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities |
Reconciliation of the Credit Figures
| Item | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| EBIT | $3.8bn | $3.8bn | $3.8bn | $4.1bn | $4.1bn |
| Depreciation and amortisation, with the impairment reported with them | $466m | $524m | $565m | $569m | $552m |
| Share-based payments | $56.0m | $64.0m | $79.0m | $95.0m | $108m |
| Adjusted EBITDA | $4.3bn | $4.4bn | $4.5bn | $4.7bn | $4.7bn |
| Cash interest | −$27.0m | −$35.0m | −$56.0m | −$49.0m | −$47.0m |
| Cash taxes | −$1.0bn | −$1.1bn | −$1.1bn | −$662m | −$973m |
| Funds from operations | $3.2bn | $3.3bn | $3.3bn | $4.0bn | $3.7bn |
Method
- Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
- Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
These ratios have no value for the figures of this company.
Method
- Debt due within 12 months is current borrowings and current lease liabilities.
- Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −4.3%, Operating cash flow to EBITDA 0.87x · FY2026
Accruals and the cash backing of reported earnings.
Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 4.3% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2026 · stated since FY2025−4.3% from −7.0% in FY2025Rule: Cash backing of earnings · Sources 20-F 2026-03History of this finding, 4 records
- FY2026 WeakenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 4.3% of average total assets.Recorded from FY2026_8c2f431f · data update
- FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 7.0% of average total assets.Reconstructed · data update
- FY2025 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
- FY2024 NewNet income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 0.1% of average total assets.Reconstructed · initial
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | |||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresAltman Z'' 8.05 · FY2026
Published distress and misstatement models, with their original coefficients and thresholds.
The Altman Z'' score for fiscal 2026 was 8.05, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Weakenedin FY2026 · stated since FY20248.05 from 8.45 in FY2025Rule: Altman Z'' zone · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 WeakenedThe Altman Z'' score for fiscal 2026 was 8.05, above the safe threshold of 2.60.Recorded from FY2026_8c2f431f · data update
- FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 8.45, above the safe threshold of 2.60.Reconstructed · data update
- FY2024 NewThe Altman Z'' score for fiscal 2024 was 8.33, above the safe threshold of 2.60.Reconstructed · initial
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60 | safe zone | safe zone | safe zone | safe zone | safe zone |
Altman Z'' Score
Altman Z'' Score
fiscal 2026
A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.
| Distress zone, below 1.10 | Grey zone, 1.10 to 2.60 | 8.05Safe zone, above 2.60 |
The score of 8.05 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 2.67.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations. | 0.328 | 6.560 | 2.152 |
| Retained earnings / total assetsProfits kept in the business over its life, against total assets. | 0.818 | 3.260 | 2.668 |
| EBIT / total assetsOperating profit against total assets: the earning power of the assets. | 0.248 | 6.720 | 1.669 |
| Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them. | 1.490 | 1.050 | 1.564 |
| Score | 8.053 |
Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.
Source Documents
Documents of this snapshot, latest first.
| Document | Date | Id |
|---|---|---|
| 20-F for the year to 31 March 2026 | 15 Jun 2026 | 20-F:0001193125-26-270520 |
| 20-F for the year to 31 March 2025 | 1 Jul 2025 | 20-F:0000950170-25-091925 |
| 20-F for the year to 31 March 2024 | 24 Jun 2024 | 20-F:0000950170-24-076649 |
| 20-F for the year to 31 March 2023 | 15 Jun 2023 | 20-F:0000950170-23-028187 |
| 20-F for the year to 31 March 2022 | 17 Jun 2022 | 20-F:0001564590-22-023521 |
| 20-F for the year to 31 March 2021 | 11 Jun 2021 | 20-F:0001564590-21-032573 |
Checks
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 296 |
| Confirmed by other figures | 83.8%, 248 values |
| Confirmed by a second document | 81.1%, 240 values |
| Derived from reported figures | 0.0%, 0 values |
| Values withheld | 0 |
| Restated figures tracked | 0 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Snapshot FY2026_8c2f431f · dataset SHA-256 8c2f431fe812d8b73ae5f14e58f2512a2c1d25654a8a4b83d807c1686274bb7f · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json