Infosys Limited (INFY) Earnings
Infosys Limited is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.21. INFY has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise +5.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.20 | $0.23 | +15.0% | $5.0B | +1.0% |
| Jan 14, 2026 | $0.20 | $0.21 | +5.0% | $5.1B | +2.0% |
| Oct 16, 2025 | $0.20 | $0.20 | +0.0% | $5.1B | -0.6% |
| Jul 23, 2025 | $0.19 | $0.19 | +0.0% | $4.9B | -1.7% |
| Jan 16, 2025 | $0.19 | $0.19 | +0.0% | $4.9B | +1.5% |
| Oct 17, 2024 | $0.19 | $0.19 | +0.0% | $4.9B | +8392.5% |
| Jul 18, 2024 | $0.18 | $0.18 | +0.0% | $4.7B | +8385.2% |
| Apr 18, 2024 | $0.18 | $0.23 | +27.8% | $4.6B | -1.0% |
| Jan 11, 2024 | $0.18 | $0.18 | +0.0% | $4.7B | +0.2% |
| Oct 12, 2023 | $0.18 | $0.18 | +0.0% | $4.7B | +1.9% |
| Jul 20, 2023 | $0.18 | $0.17 | -5.6% | $4.6B | +0.5% |
| Apr 13, 2023 | $0.19 | $0.18 | -5.3% | $4.6B | -3.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Delivered strong performance in FY26 with 3.1% growth in constant currency. Q4 revenue growth 4.1%. Shared AI strategy with large addressable market across six areas. Large deals strong with $14.9 billion full year and $3.2 billion in Q4. AI Investor Day shared strategy. FY26 revenues crossed $20 billion, growth led by realization increase. Q4 revenues grew 4.1% YOY but declined 1.3% sequentially due to seasonality. Strong focus on collections reduced DSO. Reported EPS grew. Strong large deal wins in various verticals and geographies. AI initiatives and partnerships with key companies.
Guidance
Financial year 2027 revenue growth guidance 1.5% to 3.5% in constant currency terms. Expect acceleration in financial services and energy utilities resources services vertical. H1 stronger than H2. Operating margin guidance 20% to 22%. Guidance includes contributions from Stratus, excludes certain acquisitions. Reduction in revenue from one large European manufacturing client and on-site mix. Effective tax rates expected 29 to 30% in FY27. Board proposed final dividend of Rs. 25 per share.
Segment performance
FY26 revenues crossed $20 billion and grew 3.1% in constant currency terms. Q4 revenue growth was 4.1% year on year in constant currency terms. Financial services, communications, manufacturing, and Europe geography had strong growth. Large deals were strong with $14.9 billion full year and $3.2 billion in Q4. Vertical performance: Financial services grew above company average led by large deal wins and AI-led transformation; manufacturing clients cautious with software demand; EUR segment demand constructive with strong large deal pipeline; retail clients in uncertainty; communication sector growth led by large deal ramp-ups. Adjusted operating margin was stable at 21% in FY26. Q4 operating margins stood at 20.9%, down 0.3% sequentially. DSO reduced to 78, lowest in seven years. Reported EPS in INR terms grew 23.8% YOY in Q4 and 11% in FY26.
Risks & headwinds
Macroeconomic uncertainties, geopolitical conflicts, tariff issues, competitive intensity, impact of one large account ramping down, productivity pass-throughs to clients, uncertainty in wage hike timing, impact of AI model advancements on competitive landscape.
Analyst Q&A
Q: Yogesh Agarwal asked about push-pulls for guidance and INR depreciation impact.
A: Jayesh said lower end assumes higher deterioration, upper end improved environment; benefits from Rupi and Maximus invested back.
Q: Ankur Udha asked about guidance visibility and slowdown.
A: Salil said better clarity now, environment has been known for few quarters.
Q: Brian Bergen asked about AI productivity and headcount.
A: Salil said no significant change in AI productivity in last two quarters, plan to recruit 20,000 freshers, subcons not expected to change significantly.
Q: Gaurav Rutteria asked about growth construct.
A: Salil said strong AI services, macro improving but not fully in system, compression from certain factors.
Q: Samit Jain asked about AI productivity demand and new deals.
A: Salil said no big change in last two months, guidance includes growth and compression factors.
Q: Jonathan Lee asked about net new deals.
A: Salil said $15 billion large deals in FY26 is strong.
Q: Board single asked about AI deflation and margins.
A: Jayesh said rupee benefit offset by cross-currency headwinds, margins impacted by various factors.
Q: Abhishek Mata asked about deals left on table.
A: Salil said not a widespread trend, strong large deal pipeline.
Q: Keith Backman asked about pricing and growth algorithm.
A: Salil said realization better, growth algorithm affected by deflation and new services.
Q: Apurva Prasad asked about on-site mix.
A: Salil said on-site mix affected by multiple factors, FY27 exit difficult to predict