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Financial statementsWIPRO LTD financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data WIPRO 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
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,368 | 8,471 | 8,094 | 8,469 | 10,425 | 11,011 | 10,770 | 10,428 |
| Cost of revenue | 5,922 | 5,972 | 5,784 | 5,786 | 7,327 | 7,853 | 7,577 | 7,231 |
| Gross profit | 2,446 | 2,499 | 2,310 | 2,683 | 3,098 | 3,158 | 3,193 | 3,197 |
| Operating income | 1,295 | 1,444 | 1,402 | 1,683 | 1,849 | 1,699 | 1,633 | 1,771 |
| Interest expense | 90 | 107 | 97 | 70 | 70 | 123 | 151 | 173 |
| Pre-tax income | 1,574 | 1,667 | 1,624 | 1,901 | 1,994 | 1,797 | 1,766 | 2,048 |
| Income tax | 344 | 365 | 329 | 415 | 382 | 414 | 433 | 501 |
| Income from continuing operations | 1,230 | 1,302 | 1,295 | 1,486 | 1,612 | 1,383 | 1,333 | 1,547 |
| Net income to minority interests | 2 | 7 | 10 | 2 | 2 | 8 | 10 | |
| Net income | 1,230 | 1,300 | 1,288 | 1,476 | 1,610 | 1,381 | 1,325 | 1,537 |
| EPS, basic | 0.26 | 0.22 | 0.22 | 0.26 | 0.29 | 0.25 | 0.25 | 0.15 |
| EPS, diluted | 0.26 | 0.22 | 0.22 | 0.26 | 0.29 | 0.25 | 0.25 | 0.14 |
Balance sheet
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 690 | 2,292 | 1,917 | 2,321 | 1,369 | 1,118 | 1,163 | 1,428 |
| Short-term investments | 3,826 | 3,191 | 2,515 | 2,402 | 3,185 | 3,762 | 3,734 | 4,817 |
| Inventory | 52 | 57 | 25 | 15 | 18 | 14 | 11 | 8 |
| Total current assets | 7,774 | 8,268 | 6,897 | 7,153 | 8,182 | 8,042 | 7,808 | 9,105 |
| Property, plant and equipment | 990 | 1,021 | 1,076 | 1,165 | 1,198 | 1,079 | 979 | 944 |
| Lease right-of-use assets | 222 | 225 | 249 | 228 | 215 | 300 | ||
| Goodwill | 1,806 | 1,691 | 1,738 | 1,902 | 3,255 | 3,747 | 3,792 | 3,804 |
| Intangible assets | 278 | 199 | 217 | 179 | 574 | 524 | 393 | 321 |
| Total assets | 11,684 | 12,045 | 10,838 | 11,368 | 14,224 | 14,306 | 13,831 | 15,059 |
| Accounts payable | 1,047 | 1,277 | 1,036 | 1,078 | 1,305 | 1,084 | 1,062 | 1,033 |
| Total current liabilities | 3,281 | 3,099 | 2,870 | 3,145 | 4,063 | 3,258 | 3,030 | 3,351 |
| Lease liabilities | 87 | 105 | 200 | 194 | 168 | 260 | ||
| Total liabilities | 4,230 | 3,793 | 3,418 | 3,784 | 5,542 | 4,794 | 4,817 | 5,338 |
| Paid-in capital | 12 | 8 | 17 | 10 | 21 | 45 | 39 | 31 |
| Retained earnings | 6,962 | 7,731 | 6,896 | 6,381 | 7,266 | 8,042 | 7,571 | 8,387 |
| Shareholders' equity | 7,417 | 8,214 | 7,395 | 7,564 | 8,675 | 9,505 | 8,998 | 9,696 |
| Minority interests | 37 | 38 | 25 | 20 | 7 | 7 | 16 | 25 |
| Total equity | 7,454 | 8,252 | 7,420 | 7,584 | 8,682 | 9,512 | 9,014 | 9,721 |
| Total liabilities and equity | 11,684 | 12,045 | 10,838 | 11,368 | 14,224 | 14,306 | 13,831 | 15,059 |
Cash flow statement
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 1,230 | 1,302 | 1,295 | 1,486 | 1,612 | 1,383 | 1,333 | 1,547 |
| Cash from operations | 1,293 | 1,680 | 1,337 | 2,018 | 1,460 | 1,589 | 2,114 | 1,983 |
| Capital expenditures | -336 | -329 | -312 | -268 | -266 | -180 | -126 | -173 |
| Cash from investing | 546 | 725 | 450 | 105 | -2,958 | -1,022 | 140 | -945 |
| Debt issued | 2,216 | 942 | 1,411 | 1,414 | 3,428 | 1,959 | 1,446 | 2,290 |
| Debt repaid | -2,384 | -1,504 | -1,756 | -1,329 | -2,528 | -2,055 | -1,566 | -2,080 |
| Share buybacks | -1,694 | -1,397 | -1,302 | 0 | 0 | -1,742 | 0 | |
| Dividends paid | -83 | -79 | -91 | -75 | -72 | -399 | -63 | -734 |
| Cash from financing | -1,996 | -714 | -2,003 | -1,762 | 614 | -741 | -2,191 | -749 |
| Exchange rate effect | 6 | 8 | 25 | -12 | 17 | 29 | -3 | 3 |
| Net change in cash | -156 | 1,691 | -216 | 361 | -884 | -174 | 64 | 290 |
| Free cash flow | 957 | 1,351 | 1,025 | 1,750 | 1,194 | 1,409 | 1,988 | 1,810 |
| Income taxes paid | 432 | 364 | 85 | 341 | 339 | 368 | 185 | 307 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 30.7% | Gross profit / revenue. |
| Operating margin | 17.0% | Operating income / revenue. |
| Pre-tax margin | 19.6% | Pre-tax income / revenue. |
| Net margin | 14.7% | Net income / revenue. |
| FCF margin | 17.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 19.0% | Cash from operations / revenue. |
| Effective tax rate | 24.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 16.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 10.6% | Net income / average total assets. |
| Return on invested capital (ROIC) | 16.6% | 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%. |
| Capex / revenue | 1.7% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 5.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 0.1% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 1.1% | 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 | 6.7% | 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 | 8.5% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -1.4% | 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 | 4.8% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 16.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -1.5% | 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 | 3.6% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -44.0% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -21.6% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -8.6% | 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 | -6.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 10.7% | 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 | 8.2% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -9.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 14.9% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 12.0% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 7.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 3.8% | 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 | 5.6% | 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 | 8.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 1.9% | 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 | 6.8% | 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 | 2.72x | Current assets / current liabilities. |
| Quick ratio | 1.86x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.86x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 35.4% | Total liabilities / total assets. |
| Interest coverage | 10.2x | Operating income / interest expense. |
| Working capital | $5.75B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 27.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $5.57B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.72x | Revenue / average total assets. |
| Fixed asset turnover | 10.8x | Revenue / average property, plant and equipment. |
| Inventory turnover | 761x | Cost of revenue / average inventory. |
| Days inventory | 0 days | 365 x average inventory / cost of revenue. |
| Days payables | 53 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 117.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 8.7% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.14 | 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 | $0.15 | Net income per basic share, as reported (split-adjusted). |
| Payout ratio | 47.8% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 40.6% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 0.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $17.31B | Share price x shares outstanding. |
| Enterprise value | $11.06B | Market cap + total debt - cash - short-term investments. |
| P/E | 11.3x | Market cap / net income. Only when net income is positive. |
| P/S | 1.66x | Market cap / revenue. |
| P/B | 1.78x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 3.11x | Market cap / tangible book value, when positive. |
| P/FCF | 9.56x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 8.73x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.06x | Enterprise value / revenue. |
| EV/EBIT | 6.25x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 6.11x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 10.5% | Free cash flow / market cap. |
| Earnings yield | 8.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 4.2% | Dividends paid over the period / market cap. |
| Shareholder yield | 4.2% | (Dividends paid + share buybacks) / market cap. |
What was WIPRO LTD's revenue in fiscal 2025?
WIPRO LTD reported revenue of $10.43B for fiscal 2025, 3.2% lower than the year before.
Was WIPRO LTD profitable in fiscal 2025?
Yes. Net income was $1.54B, a net margin of 14.7%.
How much free cash flow did WIPRO LTD generate in fiscal 2025?
Cash from operations of $1.98B minus capital expenditures of $173.0M left free cash flow of $1.81B.