Infosys Financials

INFY

Source SEC Filings (10-K/10-Q) Updated Jun 15, 2026 Currency USD FYE June

This page shows Infosys (INFY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI INFY FY2025 2026-06-15

Infosys runs a cash-generative service model where cash conversion, not leverage or asset buildup, drives financial flexibility.

From FY2023 to FY2025, revenue rose by only $1.1B while net income stayed near $3.2B, so incremental sales did not create a new earnings level on their own. Yet operating cash flow moved from $2.9B to $4.4B, which points to better cash conversion rather than a higher structural margin; the business turned similar accounting profit into materially more usable cash even as reported profitability stayed fairly flat.

The balance sheet remains conservatively financed: cash of $2.9B exceeded long-term debt of $675M, so immediate liquidity is stronger than borrowing needs. A 2.3x current ratio and interest expense of $40M suggest operations are funded mainly from internal liquidity, leaving room to absorb slower demand without a meaningful debt-service squeeze.

Dividend payments reached $2.4B, roughly 76.4% of net income in FY2025, showing that a large share of annual profit can be distributed rather than retained for balance-sheet repair. With revenue at $19.3B and total assets at $17.4B, the company still looks asset-light, which helps explain why large cash returns are possible without leaning heavily on debt or a major asset build.

Financial Health Signals

Financial Profile 43/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Infosys's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Infosys's revenue grew a modest 4.6% year-over-year to $20.2B. This slow but positive growth earns a score of 40/100.

Leverage

100

Infosys carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Infosys's current ratio of 1.98 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Infosys earns a strong 33.7% return on equity (ROE), meaning it generates $34 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is up from 28.1% the prior year.

Piotroski F-Score Strong

7/9

Infosys passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.22x

For every $1 of reported earnings, Infosys generates $1.22 in operating cash flow ($4.0B OCF vs $3.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$20.2B

YoY+4.6%

5Y CAGR+8.3%

10Y CAGR+7.8%

Infosys generated $20.2B in revenue in fiscal year 2026. This represents an increase of 4.6% from the prior year.

EBITDA

N/A

Net Income

$3.3B

YoY+4.9%

5Y CAGR+4.8%

10Y CAGR+4.9%

Infosys reported $3.3B in net income in fiscal year 2026. This represents an increase of 4.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.3B

YoY-18.2%

5Y CAGR-7.1%

Infosys held $2.3B in cash against $634.0M in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

4.06B

YoY-2.4%

5Y CAGR-1.0%

Infosys had 4.06B shares outstanding in fiscal year 2026. This represents a decrease of 2.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.4%

YoY+0.1pp

5Y CAGR-2.9pp

10Y CAGR-5.1pp

Infosys's net profit margin was 16.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.

Return on Equity

33.7%

YoY+5.6pp

5Y CAGR+8.7pp

10Y CAGR+11.7pp

Infosys's ROE was 33.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 5.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

INFY Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$20.2B+4.6%	$19.3B+3.9%	$18.6B+1.9%	$18.2B+11.7%	$16.3B+20.3%	$13.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$41.0M+2.5%	$40.0M+2.6%	$39.0M+30.0%	$30.0M+25.0%	$24.0M0.0%	$24.0M
Income Tax	$1.2B-7.4%	$1.3B+9.2%	$1.2B+3.1%	$1.1B+6.9%	$1.1B+9.8%	$973.0M
Net Income	$3.3B+4.9%	$3.2B-0.2%	$3.2B+6.2%	$3.0B+0.5%	$3.0B+13.2%	$2.6B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

INFY Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$16.4B-5.6%	$17.4B+5.4%	$16.5B+7.9%	$15.3B-1.6%	$15.6B+4.9%	$14.8B
Current Assets	$10.9B-3.9%	$11.4B+5.9%	$10.7B+24.3%	$8.6B-2.7%	$8.9B+6.7%	$8.3B
Cash & Equivalents	$2.3B-18.2%	$2.9B+61.4%	$1.8B+19.7%	$1.5B-35.7%	$2.3B-31.8%	$3.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.3B+8.1%	$1.2B+35.1%	$875.0M-0.8%	$882.0M+8.0%	$817.0M-1.8%	$832.0M
Total Liabilities	$6.6B+7.2%	$6.2B+4.2%	$5.9B-2.8%	$6.1B+9.5%	$5.6B+28.6%	$4.3B
Current Liabilities	$5.5B+10.1%	$5.0B+7.8%	$4.7B-2.5%	$4.8B+7.6%	$4.4B+35.8%	$3.3B
Long-Term Debt	$634.0M-6.1%	$675.0M-12.0%	$767.0M-10.7%	$859.0M+41.5%	$607.0M-3.2%	$627.0M
Total Equity	$9.8B-12.6%	$11.3B+6.1%	$10.6B+15.0%	$9.2B-7.7%	$10.0B-4.8%	$10.5B
Retained Earnings	$13.5B-2.2%	$13.8B+9.6%	$12.6B+10.1%	$11.4B-2.3%	$11.7B-3.4%	$12.1B

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Total Assets	$17.4B+5.4%	$16.5B+7.9%	$15.3B-1.6%	$15.6B+4.9%	$14.8B+20.9%	$12.3B+0.1%	$12.3B0.0%	$12.3B
Current Assets	$11.4B+5.9%	$10.7B+24.3%	$8.6B-2.7%	$8.9B+6.7%	$8.3B+15.2%	$7.2B-5.7%	$7.6B-0.4%	$7.7B
Cash & Equivalents	$2.9B+61.4%	$1.8B+19.7%	$1.5B-35.7%	$2.3B-31.8%	$3.4B+37.1%	$2.5B-12.9%	$2.8B-7.2%	$3.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.2B+35.1%	$875.0M-0.8%	$882.0M+8.0%	$817.0M-1.8%	$832.0M+19.0%	$699.0M+36.5%	$512.0M+51.0%	$339.0M
Total Liabilities	$6.2B+4.2%	$5.9B-2.8%	$6.1B+9.5%	$5.6B+28.6%	$4.3B+21.5%	$3.6B+24.8%	$2.9B+24.3%	$2.3B
Current Liabilities	$5.0B+7.8%	$4.7B-2.5%	$4.8B+7.6%	$4.4B+35.8%	$3.3B+18.4%	$2.8B+2.4%	$2.7B+24.4%	$2.2B
Long-Term Debt	$675.0M-12.0%	$767.0M-10.7%	$859.0M+41.5%	$607.0M-3.2%	$627.0M+18.3%	$530.0M+2020.0%	$25.0M+4.2%	$24.0M
Total Equity	$11.3B+6.1%	$10.6B+15.0%	$9.2B-7.7%	$10.0B-4.8%	$10.5B+20.7%	$8.7B-7.4%	$9.4B-5.6%	$10.0B
Retained Earnings	$13.8B+9.6%	$12.6B+10.1%	$11.4B-2.3%	$11.7B-3.4%	$12.1B+9.7%	$11.0B-2.1%	$11.2B-2.9%	$11.6B

INFY Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$4.0B-7.2%	$4.4B+38.2%	$3.1B+10.3%	$2.9B-14.7%	$3.3B+2.7%	$3.3B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$10.0M+102.8%	-$361.0M+49.0%	-$708.0M-224.8%	-$218.0M+78.3%	-$1.0B+11.0%	-$1.1B
Financing Cash Flow	-$4.5B-56.0%	-$2.9B-35.9%	-$2.1B+35.6%	-$3.3B+1.1%	-$3.3B-152.5%	-$1.3B
Dividends Paid	$2.1B-11.7%	$2.4B+36.0%	$1.8B+4.7%	$1.7B-0.4%	$1.7B+38.9%	$1.2B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

INFY Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.4%+0.1pp	16.4%-0.7pp	17.1%+0.7pp	16.4%-1.8pp	18.2%-1.1pp	19.3%
Return on Equity	33.7%+5.6pp	28.1%-1.8pp	29.9%-2.5pp	32.3%+2.6pp	29.7%+4.7pp	25.0%
Return on Assets	20.2%+2.0pp	18.1%-1.0pp	19.2%-0.3pp	19.5%+0.4pp	19.1%+1.4pp	17.7%
Current Ratio	1.98-0.3	2.27-0.0	2.31+0.5	1.81-0.2	2.00-0.5	2.54
Debt-to-Equity	0.060.0	0.06-0.0	0.07-0.0	0.09+0.0	0.060.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.27-0.0	2.31+0.5	1.81-0.2	2.00-0.5	2.54-0.1	2.62-0.2	2.84-0.7	3.55
Debt-to-Equity	0.06-0.0	0.07-0.0	0.09+0.0	0.060.0	0.060.0	0.06+0.1	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Infosys's annual revenue?

Infosys (INFY) reported $20.2B in total revenue for fiscal year 2026. This represents a 4.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Infosys's revenue growing?

Infosys (INFY) revenue grew by 4.6% year-over-year, from $19.3B to $20.2B in fiscal year 2026.

Is Infosys profitable?

Yes, Infosys (INFY) reported a net income of $3.3B in fiscal year 2026, with a net profit margin of 16.4%.

How much debt does Infosys have?

As of fiscal year 2026, Infosys (INFY) had $2.3B in cash and equivalents against $634.0M in long-term debt.

What is Infosys's net profit margin?

Infosys (INFY) had a net profit margin of 16.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Infosys's return on equity (ROE)?

Infosys (INFY) has a return on equity of 33.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Infosys's operating cash flow?

Infosys (INFY) generated $4.0B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Infosys's total assets?

Infosys (INFY) had $16.4B in total assets as of fiscal year 2026, including both current and long-term assets.

How many shares does Infosys have outstanding?

Infosys (INFY) had 4.06B shares outstanding as of fiscal year 2026.

What is Infosys's current ratio?

Infosys (INFY) had a current ratio of 1.98 as of fiscal year 2026, which is generally considered healthy.

What is Infosys's debt-to-equity ratio?

Infosys (INFY) had a debt-to-equity ratio of 0.06 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Infosys's return on assets (ROA)?

Infosys (INFY) had a return on assets of 20.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Infosys's Piotroski F-Score?

Infosys (INFY) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Infosys's earnings high quality?

Infosys (INFY) has an earnings quality ratio of 1.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Infosys?

Infosys (INFY) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.