Detailed financial statements for Infosys Limited (INFY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Infosys Limited, through its global network of subsidiaries, delivers an extensive portfolio of consulting, technology, outsourcing, and next-generation digital services spanning North America, Europe, India, and other international markets. The company's diverse offerings encompass a broad spectrum of digital capabilities, including marketing, workplace modernization, e-commerce, customer experience enhancement, and exploration into the metaverse.
Analysis Summary
Infosys Limited reported revenue of $20.16B in the most recent fiscal year, growing at a 5-year CAGR of 8.3%. Net income reached $3.31B, with a 4.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.2%, operating margin 20.5%, net margin 16.4%. Free cash flow grew at 4.7% CAGR over 5 years.
At $12.20 (closing price, October 29, 2026), INFY trades at a P/E of 15.06 and an ROE of 34.59%. Market capitalisation stands at $50.0B, placing it among large-cap names.
Balance sheet quality for INFY: current ratio of 2.0, net cash position of $2.79B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.73B represents 113% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.21B | $10.94B | $11.80B | $12.78B | $13.56B | $16.31B | $18.21B | $18.56B | $19.28B | $20.16B |
| Cost of Revenue | $6.45B | $7.00B | $7.69B | $8.55B | $8.83B | $11.00B | $12.71B | $12.97B | $13.40B | $14.08B |
| Gross Profit | $3.76B | $3.94B | $4.11B | $4.23B | $4.73B | $5.32B | $5.50B | $5.59B | $5.87B | $6.08B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.24B | $1.28B | $1.42B | $1.50B | $1.41B | $1.56B | $1.68B | $1.58B | $1.63B | $1.99B |
| Operating Expenses | $1.24B | $1.28B | $1.42B | $1.50B | $1.41B | $1.56B | $1.68B | $1.75B | $1.80B | $1.99B |
| Operating Income | $2.52B | $2.66B | $2.70B | $2.72B | $3.33B | $3.75B | $3.83B | $3.83B | $4.07B | $4.08B |
| EBITDA | $2.77B | $2.95B | $3.29B | $3.13B | $4.05B | $4.53B | $4.71B | $4.97B | $5.07B | $5.11B |
| Interest Expense | 0 | 0 | 0 | $24.0M | $26.3M | $27.0M | $35.0M | $56.0M | $49.2M | $47.0M |
| Pre-tax Income | $2.97B | $3.14B | $3.00B | $3.10B | $3.60B | $4.04B | $4.12B | $4.35B | $4.45B | $4.51B |
| Income Tax | $834.0M | $657.0M | $803.0M | $757.0M | $973.0M | $1.07B | $1.14B | $1.18B | $1.28B | $1.19B |
| Net Income | $2.14B | $2.49B | $2.20B | $2.33B | $2.61B | $2.96B | $2.98B | $3.17B | $3.16B | $3.31B |
| EPS | $0.47 | $0.55 | $0.51 | $0.55 | $0.61 | $0.70 | $0.71 | $0.77 | $0.76 | $0.83 |
| EPS (Diluted) | $0.47 | $0.55 | $0.51 | $0.55 | $0.61 | $0.70 | $0.71 | $0.76 | $0.76 | $0.83 |
| Shares Outstanding (Diluted) | 4,572.8 M | 4,515.1 M | 4,353.4 M | 4,265.1 M | 4,250.7 M | 4,218.5 M | 4,187.7 M | 4,144.7 M | 4,152.1 M | 3,995.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $5.10B | $5.04B | $5.08B | $5.15B |
| Gross Profit | $1.44B | $1.55B | $1.60B | $1.60B |
| Operating Income | $937.0M | $1.05B | $1.07B | $1.10B |
| EBITDA | $1.18B | $1.33B | $1.31B | $1.24B |
| Net Income | $746.9M | $919.0M | $819.0M | $818.5M |
| EPS | $0.18 | $0.23 | $0.20 | $0.20 |
| EPS (Diluted) | $0.18 | $0.23 | $0.20 | $0.20 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.49B | $3.04B | $2.83B | $2.46B | $3.38B | $2.31B | $1.48B | $1.77B | $2.86B | $2.34B |
| Short-term Investments | $1.54B | $982.0M | $958.0M | $620.0M | $371.0M | $924.0M | $878.0M | $1.57B | $1.65B | $1.41B |
| Receivables | $2.46B | $2.67B | $2.92B | $3.38B | $4.06B | $4.87B | $5.45B | $6.52B | $5.96B | $6.19B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.28B | $7.67B | $7.64B | $7.21B | $8.31B | $8.87B | $8.63B | $10.72B | $11.36B | $10.91B |
| Property, Plant & Equipment | $1.81B | $1.86B | $1.93B | $2.36B | $2.52B | $2.43B | $2.52B | $2.32B | $2.24B | $2.06B |
| Goodwill | $563.0M | $339.0M | $512.0M | $699.0M | $832.0M | $817.0M | $882.0M | $875.0M | $1.18B | $1.28B |
| Intangible Assets | $120.0M | $38.0M | $100.0M | $251.0M | $283.0M | $225.0M | $213.0M | $167.0M | $323.6M | $298.0M |
| Total Assets | $12.85B | $12.26B | $12.25B | $12.26B | $14.82B | $15.55B | $15.31B | $16.52B | $17.42B | $16.45B |
| Accounts Payable | $91.0M | $127.0M | $255.0M | $387.0M | $364.0M | $547.0M | $470.0M | $474.0M | $487.0M | $500.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.16B | $2.16B | $2.69B | $2.76B | $3.26B | $4.43B | $4.77B | $4.65B | $5.01B | $5.52B |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.22B | $2.29B | $2.85B | $3.56B | $4.32B | $5.56B | $6.09B | $5.92B | $6.17B | $6.61B |
| Retained Earnings | $12.19B | $11.59B | $11.25B | $11.01B | $12.09B | $11.67B | $11.40B | $12.56B | $14.94B | $13.46B |
| Total Equity | $10.64B | $9.96B | $9.39B | $8.65B | $10.44B | $9.94B | $9.17B | $10.56B | $11.21B | $9.79B |
| Total Debt | 0 | 0 | 0 | $612.0M | $728.0M | $722.0M | $1.01B | $1.00B | $962.0M | $967.0M |
| Net Debt | -$5.03B | -$4.02B | -$3.79B | -$2.47B | -$3.02B | -$2.51B | -$1.35B | -$2.35B | -$3.55B | -$2.79B |
| Working Capital | $6.12B | $5.51B | $4.95B | $4.46B | $5.04B | $4.43B | $3.86B | $6.07B | $6.35B | $5.40B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.22B | $2.34B | $2.29B | $2.54B |
| Total Assets | $15.95B | $16.45B | $16.36B | $17.06B |
| Total Liabilities | $6.67B | $6.61B | $6.68B | $6.67B |
| Total Equity | $9.24B | $9.79B | $9.62B | $10.34B |
| Total Debt | $978.6M | $967.0M | $923.0M | $889.6M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.14B | $2.49B | $2.20B | $2.34B | $2.62B | $2.97B | $2.98B | $3.17B | $3.16B | $3.32B |
| Depreciation & Amortization | $254.0M | $289.0M | $287.0M | $407.0M | $441.0M | $466.0M | $524.0M | $565.0M | $569.0M | $552.0M |
| Stock-based Compensation | $17.0M | $13.0M | $29.0M | $34.0M | $45.0M | $56.0M | $64.0M | $79.0M | $95.0M | $108.0M |
| Change in Working Capital | -$290.0M | -$17.0M | -$85.0M | -$272.0M | $86.0M | -$158.0M | -$804.0M | -$623.0M | -$70.0M | -$259.0M |
| Operating Cash Flow | $2.10B | $2.26B | $2.26B | $2.61B | $3.26B | $3.35B | $2.85B | $3.15B | $4.35B | $4.04B |
| Capital Expenditure | -$411.0M | -$310.0M | -$349.0M | -$465.0M | -$285.0M | -$290.0M | -$319.0M | -$266.0M | -$263.0M | -$306.0M |
| Acquisitions | -$5.0M | -$9.0M | -$110.0M | -$253.0M | -$165.0M | 0 | -$113.0M | -$12.0M | -$377.0M | -$77.0M |
| Stock Repurchased | 0 | -$2.04B | -$118.0M | -$1.07B | 0 | -$1.50B | -$1.40B | 0 | 0 | -$2.01B |
| Dividends Paid | -$1.03B | -$1.16B | -$1.96B | -$1.36B | -$1.23B | -$1.70B | -$1.70B | -$1.78B | -$2.42B | -$2.13B |
| Free Cash Flow | $1.69B | $1.95B | $1.91B | $2.15B | $2.97B | $3.06B | $2.53B | $2.88B | $4.09B | $3.73B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $962.0M | $937.0M | $1.05B | $1.03B |
| Capital Expenditure | -$47.0M | -$104.0M | -$82.0M | -$84.5M |
| Free Cash Flow | $915.0M | $833.0M | $970.0M | $947.4M |
| Dividends Paid | -$1.07B | 0 | -$1.07B | $5.9M |
| Stock-based Compensation | $26.0M | $28.0M | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.2% | +7.9% | +8.3% | +6.1% | +20.3% | +11.7% | +1.9% | +3.9% | +4.6% | |
| Net Income Growth (YoY) | +16.2% | -11.5% | +6.0% | +12.1% | +13.4% | +0.6% | +6.2% | -0.2% | +4.9% | |
| EPS Growth (YoY) | +17.0% | -7.3% | +7.8% | +10.9% | +14.8% | +1.4% | +8.5% | -1.3% | +9.2% | |
| Shares Change (YoY) | -1.3% | -3.6% | -2.0% | -0.3% | -0.8% | -0.7% | -1.0% | +0.2% | -3.8% | |
| FCF Growth (YoY) | +15.3% | -1.7% | +12.2% | +38.5% | +2.8% | -17.1% | +13.7% | +41.8% | -8.7% | |
| 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% | 27.9% | 24.5% | 29.9% | 27.8% | 25.8% | 26.8% | 26.3% | 25.3% |
| 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% | 21.9% | 18.7% | 13.9% | 15.5% | 21.2% | 18.5% |
| Effective Tax Rate | 28.0% | 20.9% | 26.7% | 24.5% | 27.1% | 26.5% | 27.7% | 27.1% | 28.9% | 26.4% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.37 | $0.43 | $0.44 | $0.50 | $0.70 | $0.72 | $0.61 | $0.70 | $0.98 | $0.93 |
| Dividends Per Share | $0.23 | $0.26 | $0.45 | $0.32 | $0.29 | $0.40 | $0.41 | $0.43 | $0.58 | $0.53 |
| Shares Outstanding (Basic) | 4,571.3 M | 4,510.7 M | 4,347.1 M | 4,257.8 M | 4,242.4 M | 4,209.5 M | 4,180.9 M | 4,138.6 M | 4,141.6 M | 3,995.7 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 34.59% |
| Return on Invested Capital | 1,809.77% |
| Return on Assets | 1,354.45% |
| Gross Margin | 30.23% |
| Operating Margin | 20.54% |
| Net Margin | 16.36% |
Financial Health
| Debt / Equity | 0.09 |
| Current Ratio | 1.96 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 8.49 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.81 | 15.96 | 21.75 | 14.93 | 30.69 | 35.56 | 24.56 | 22.83 | 24.01 | 16.28 |
| P/B | 3.40 | 3.98 | 5.13 | 4.04 | 7.61 | 10.54 | 7.95 | 6.89 | 6.74 | 5.52 |
| P/S | 3.54 | 3.62 | 4.09 | 2.74 | 5.86 | 6.42 | 4.00 | 3.92 | 3.92 | 2.68 |
| 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% |
| Net Margin | 21.0% | 22.7% | 18.6% | 18.2% | 19.3% | 18.2% | 16.4% | 17.1% | 16.4% | 16.4% |
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