The call emphasized multiple clear positives: upgraded revenue guidance, strong large‑deal signings (including a $1.6B NHS deal), robust free cash flow, and accelerating AI traction and capabilities (thousands of AI projects, millions of lines of AI‑generated code). Management is investing heavily in freshers and AI talent and reported adjusted margin stability/expansion after adjusting for one‑offs. Key negatives are a one‑time INR 1,289 crore labor‑code charge with a modest ongoing ~15 bps drag, some reported margin volatility from furloughs/variable pay and lower utilization from training, and continued softness in segments like retail and pockets of North America. Overall, the strategic strength, cash generation and upward guidance outweigh the transitory headwinds.

Company Guidance

Management raised FY revenue guidance to 3.0–3.5% growth in constant currency while keeping FY operating‑margin guidance at 20–22%; in Q3 revenue grew 0.6% sequentially and 1.7% YoY (cc), adjusted operating margin was ~21.2% (9‑month margin ~21% midpoint) and adjusted margins expanded ~20 bps sequentially excluding labour‑code effects. They signed $4.8bn of large deals (26 deals, 57% net‑new) including a $1.6bn NHS win, generated $915m free cash flow, onboarded roughly 18,000 freshers toward a 20,000 target, and flagged AI scale—working with ~90% of the top 200 clients on ~4,600 AI projects, generating >28m lines of AI‑assisted code and building >500 agents. Management also disclosed a one‑time labour‑code charge of INR 1,289 crore with an ongoing ~15 bps annual impact, and said currency (~40 bps) and Project Maximus (~50 bps) aided margin expansion; more detail will be shared at Investor Day.

Revenue Growth and Upgraded Guidance

Q3 revenue grew 0.6% sequentially and 1.7% year‑over‑year in constant currency. Management raised FY revenue growth guidance to 3.0%–3.5% in constant currency (operating margin guidance unchanged at 20%–22%).

Strong Large Deal Wins

Signed $4.8 billion of large deals in the quarter across 26 deals (57% net new). Notable win: a £/U.K. National Health Service deal of $1.6 billion focused on AI-driven healthcare transformation.

Solid Profitability and Cash Generation

Adjusted operating margin reported around ~21% (CEO cited 21.2%; 9-month margin at 21% per CFO). Generated free cash flow of $915 million in the quarter.

Material AI Momentum and Capabilities

Broad AI traction: working with 90% of the largest 200 clients, executing ~4,600 AI projects, generating >28 million lines of code via AI, and building over 500 agents. Launched Topaz Fabric agent services and identified six AI‑led value pools to capture incremental opportunity.

Investment in Talent and Capacity Building

Onboarded ~18,000 freshers toward a 20,000 campus‑hire target for the year, scaling forward‑deployed engineer teams and introducing specialized hiring/compensation constructs for AI engineers to meet future demand.

Margin Expansion Drivers Identified

Adjusted margin expanded ~20 basis points sequentially on a reported basis after excluding one‑offs. Management cited currency tailwind (~+40 bps) and Project Maximus (value‑based selling and automation, ~+50 bps) as key positive drivers.

Infosys (DE:IOY) Earnings, Revenues Date & History

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DE:IOY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 16, 2026	2026 (Q4)	0.17 / -	0.17	―	―	―
Jan 14, 2026	2026 (Q3)	0.17 / 0.15	0.163	-5.79% (>-0.01)	―
Oct 16, 2025	2026 (Q2)	0.17 / 0.17	0.163	5.26% (<+0.01)	―
Jul 23, 2025	2026 (Q1)	0.16 / 0.16	0.155	5.56% (<+0.01)
Apr 17, 2025	2025 (Q4)	0.16 / 0.17	0.198	-13.91% (-0.03)	―
Jan 16, 2025	2025 (Q3)	0.16 / 0.16	0.153	6.74% (+0.01)
Oct 17, 2024	2025 (Q2)	0.17 / 0.16	0.155	5.56% (<+0.01)	―
Jul 18, 2024	2025 (Q1)	0.16 / 0.15	0.15	2.86% (<+0.01)	―
Apr 18, 2024	2024 (Q4)	0.15 / 0.20	0.155	27.78% (+0.04)	―
Jan 11, 2024	2024 (Q3)	0.15 / 0.15	0.166	-7.77% (-0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:IOY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 14, 2026	€15.10	€15.45	+2.32%
Oct 16, 2025	€14.12	€13.53	-4.19%
Jul 23, 2025	€15.15	€15.35	+1.30%
Apr 17, 2025	€14.14	€13.61	-3.79%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.