Infosys Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Infosys Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,501	10,208	10,939	11,799	12,780	13,561	16,311	18,212	18,562	19,277
Cost of revenue	5,950	6,446	7,001	7,687	8,552	8,828	10,996	12,709	12,975	13,405
Gross profit	3,551	3,762	3,938	4,112	4,228	4,733	5,315	5,503	5,587	5,872
Research and development	108	118	116	110	117	127	124	129	135	153
General and administrative	654	707	727	778	840	784	868	902	911	903
Operating income	2,375	2,520	2,659	2,696	2,724	3,325	3,755	3,825	3,834	4,071
Interest expense					24	26	27	35	56	49
Pre-tax income	2,851	2,974	3,143	3,003	3,095	3,596	4,036	4,125	4,346	4,447
Income tax	799	834	657	803	757	973	1,068	1,142	1,177	1,285
Net income to minority interests				1	7	10	5	2	2	4
Net income	2,052	2,140	2,486	2,199	2,331	2,613	2,963	2,981	3,167	3,158
EBITDA	2,597	2,774	2,948	2,983	3,131	3,766	4,221	4,349	4,399	4,640
EPS, basic	0.45	0.47	0.55	0.51	0.55	0.62	0.70	0.71	0.77	0.76
EPS, diluted	0.45	0.47	0.55	0.51	0.55	0.61	0.70	0.71	0.76	0.76

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		3,489	3,049	2,829	2,465	3,380	2,305	1,481	1,773	2,861
Short-term investments		1,538	982	958	615	320	880	841	1,548	1,460
Total current assets		8,282	7,673	7,644	7,212	8,307	8,865	8,626	10,722	11,359
Property, plant and equipment	1,589	1,807	1,863	1,931	1,810	1,863	1,793	1,679	1,537	1,497
Lease right-of-use assets				395	551	656	636	837	786	738
Goodwill	568	563	339	512	699	832	817	882	875	1,182
Intangible assets	149	120	38	100	251	283	225	213	167	323
Total assets		12,854	12,255	12,252	12,260	14,825	15,555	15,312	16,523	17,419
Accounts payable						362	545	470	474	487
Total current liabilities		2,161	2,164	2,693	2,757	3,264	4,433	4,769	4,651	5,012
Lease liabilities			24	25	530	627	607	859	767	675
Total liabilities		2,217	2,295	2,852	3,559	4,323	5,561	6,088	5,918	6,164
Total debt			0
Paid-in capital		587	247	277	305	359	337	366	425	500
Retained earnings		12,190	11,587	11,248	11,014	12,087	11,672	11,401	12,557	13,766
Shareholders' equity		10,637	9,960	9,391	8,646	10,442	9,941	9,172	10,559	11,205
Minority interests				9	55	60	53	52	46	50
Total equity	9,324	10,637	9,960	9,400	8,701	10,502	9,994	9,224	10,605	11,255
Total liabilities and equity		12,854	12,255	12,252	12,260	14,825	15,555	15,312	16,523	17,419

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,052	2,140	2,486	2,200	2,338	2,623	2,968	2,983	3,169	3,162
Depreciation and amortization	222	254	289	287	407	441	466	524	565	569
Cash from operations	1,862	2,099	2,257	2,262	2,611	3,258	3,345	2,853	3,148	4,351
Capital expenditures	-413	-411	-310	-349	-465
Cash from investing	-474	-2,547	482	-225	-242	-1,129	-1,005	-218	-708	-361
Share buybacks			-2,042	-118	-1,070		-1,503	-1,398
Dividends paid	-1,059	-1,032	-1,156	-1,956	-1,359	-1,226	-1,703	-1,697	-1,777	-2,416
Cash from financing	-1,059	-1,032	-3,197	-2,073	-2,513	-1,317	-3,325	-3,288	-2,116	-2,875
Exchange rate effect	-253	34	18	-184	-220	103	-90	-171	-32	-27
Free cash flow	1,449	1,688	1,947	1,913	2,146
Income taxes paid	892	843	1,059	975	639	863	1,020	1,088	1,114	662

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.5%	Gross profit / revenue.
Operating margin	21.1%	Operating income / revenue.
EBITDA margin	24.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.1%	Pre-tax income / revenue.
Net margin	16.4%	Net income / revenue.
Operating cash flow margin	22.6%	Cash from operations / revenue.
Effective tax rate	28.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.6%	Net income / average total assets.
Return on invested capital (ROIC)	33.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.8%	Research and development expense / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	38.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.27x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.86x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.4%	Total liabilities / total assets.
Interest coverage	83.1x	Operating income / interest expense.
Working capital	$6.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.70B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.14x	Revenue / average total assets.
Fixed asset turnover	12.7x	Revenue / average property, plant and equipment.
Days payables	13 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.76	Net income per basic share, as reported (split-adjusted).
Payout ratio	76.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$42.59B	Share price x shares outstanding.
Enterprise value	$38.27B	Market cap + total debt - cash - short-term investments.
P/E	13.5x	Market cap / net income. Only when net income is positive.
P/S	2.21x	Market cap / revenue.
P/B	3.80x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.39x	Market cap / tangible book value, when positive.
P/OCF	9.79x	Market cap / cash from operations, when positive.
EV/Sales	1.99x	Enterprise value / revenue.
EV/EBIT	9.40x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.25x	Enterprise value / EBITDA, when both are positive.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).
Dividend yield	5.7%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.
PEG	4.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Infosys Ltd's revenue in fiscal 2025?

Infosys Ltd reported revenue of $19.28B for fiscal 2025, 3.9% higher than the year before.

Was Infosys Ltd profitable in fiscal 2025?

Yes. Net income was $3.16B, a net margin of 16.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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