Infosys Reports $20.16B Revenue, 21% Margin and $3.7B Free Cash Flow
Infosys reported FY26 revenues of $20,158 million, a 3.1% constant currency increase, with adjusted operating margin of 21.0% and free cash flow of $3.7 billion. The company won $14.9 billion in large deals and guided FY27 revenue growth of 1.5%-3.5% with 20%-22% operating margin.
1. FY26 Financial Performance
Infosys delivered FY26 revenues of $20,158 million, a 3.1% year-on-year increase in constant currency, with reported IFRS operating margin of 20.3% and adjusted margin of 21.0%. Basic EPS rose 11.0% in rupee terms and Q4 constant-currency revenues grew 4.1% year-on-year to $5,040 million.
2. Large Deal Wins and Cash Generation
The company secured $14.9 billion in total contract value from large deals, with net new wins comprising 55% of that amount. Free cash flow for FY26 reached $3,733 million, representing 112.6% conversion of net profit, underpinned by operational discipline and Project Maximus savings.
3. FY27 Guidance and Capital Allocation
For FY27, Infosys forecasts revenue growth of 1.5%–3.5% in constant currency and an operating margin of 20%–22%. The board has proposed a final dividend of ₹25 per share, complementing interim dividends and a recent buyback to return over ₹37,500 crore to shareholders.