Monitor next quarter's revenue growth trajectory and margin trends, particularly the impact of AI-led service transitions and the DOJ H-1B investigation. The capital allocation policy (85% FCF return over 5 years) supports dividend growth and potential further buybacks, but the modest constant-currency growth and margin compression warrant caution.
Price Chart
Executive Summary
Infosys filed its annual 20-F for fiscal 2026 (year ended March 31, 2026), reporting revenue of $20,158 million (+4.6% YoY, +3.1% constant currency) and net profit of $3,316 million (+4.9% YoY). Reported operating margin declined to 20.3% from 21.1%, impacted by a $143 million charge from India's new Labour Codes, while adjusted operating margin was 21.0% (vs 21.1% in FY25). The company completed a $2.0 billion share buyback in December 2025 and recommended a final dividend of 25 INR/share. The filing is a routine annual update with modest growth and no material surprises.
Key Facts
- Revenue of $20,158 million for fiscal 2026, up 4.6% YoY (3.1% constant currency)
- Net profit of $3,316 million, up 4.9% YoY
- Reported operating margin 20.3%; adjusted operating margin (excl. Labour Codes impact) 21.0%
- EPS (basic) $0.81, up from $0.76 in fiscal 2025
- Completed buyback of 100 million equity shares for ~$2.0 billion in December 2025
- Recommended final dividend of 25 INR per share (~$0.26), subject to shareholder approval
- North America contributed 56.1% of revenue; Europe 32.1%
- Financial Services segment 27.9% of revenue; Manufacturing 16.3%
- Cash from operations $4,039 million, down from $4,351 million in fiscal 2025
- Effective tax rate 26.4%, down from 28.9% in fiscal 2025
Financial Impact
Revenue growth of $881 million (+4.6% YoY) and net profit growth of $154 million (+4.9% YoY). Operating margin declined 0.8pp reported (0.1pp adjusted) due to Labour Codes charge and higher selling/marketing costs.
Risk Factors
- AI disruption compressing traditional IT services demand and pricing
- DOJ investigation into H-1B visa classification could result in penalties or operational restrictions
- Currency volatility (Indian rupee depreciation vs USD partially offset by hedging losses)
- Geopolitical tensions and potential tariff/trade policy changes affecting client spending
- Wage inflation and competition for AI talent pressuring margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-270520 |
| Document: infy-ex8_1.htm | 0001193125-26-270520 |
| Document: infy-ex11_1.htm | 0001193125-26-270520 |
| Document: infy-ex2_1.htm | 0001193125-26-270520 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Press Release | $12.36 $12.09 | ▼ −2.18% | ▼ −2.78% | $11.06 (−10.52%) |
Jul 28, 2026 9w ago | 6-K | $12.35 $12.03 | ▼ −2.59% | ▼ −5.97% | $11.06 (−10.45%) |
Jul 28, 2026 9w ago | 6-K | $12.35 $12.03 | ▼ −2.59% | ▼ −5.97% | $11.06 (−10.45%) |
Jul 23, 2026 10w ago | 6-K | $10.67 $11.83 | ▲ +10.87% | ▲ +7.56% | $11.06 (+3.66%) |
Jul 23, 2026 10w ago | Press Release | $10.67 $11.83 | ▲ +10.87% | ▲ +7.56% | $11.06 (+3.66%) |
Jul 13, 2026 11w ago | 6-K | $11.50 $12.56 | ▲ +9.22% | ▲ +6.03% | $11.06 (−3.83%) |
Jun 15, 2026 15w ago | 20-F | $11.60 $11.50 | ▼ −0.86% | ▼ −0.11% | $11.06 (−4.66%) |
May 29, 2026 18w ago | 6-K | $12.65 $10.70 | ▼ −15.41% | ▼ −13.62% | $11.06 (−12.57%) |
May 29, 2026 18w ago | 6-K | $12.65 $10.70 | ▼ −15.41% | ▼ −13.62% | $11.06 (−12.57%) |
May 26, 2026 18w ago | Insider Cluster | $12.39 $10.57 | ▲ +14.69% | ▲ +12.79% | $11.06 (+10.73%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access