AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%
Strong Large Deal Wins at $3.6 Billion with 61% Net New; Robust Free Cash Flow of $0.96 Billion
FY 27 Revenue Guidance Revised to 1.5%-3.0%, Margin guidance Retained at 20%-22%
Bengaluru, India – July 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $5,082 million in Q1 revenues, year on year growth of 2.4% and sequential growth of 1.0% in constant currency. Operating margin was at 21.1%, sequential increase of 0.2%. EPS growth was 14.9% year on year in rupee terms. TCV of large deal wins was $3.6 billion, with 61% net new.
“AI momentum is now rapidly converting into revenue, which demonstrates how Infosys’ differentiated enterprise AI value proposition is translating into consistent market share gains. Strong large deal wins, powered by Infosys Topaz, reinforce client confidence in our ability to be the strategic partner of choice for AI transformation driving tangible business value”, said Salil Parekh, CEO and MD. “With strategic partnerships established with all leading AI companies, we are bringing the power of the innovation ecosystem to help clients accelerate operational productivity and unlock growth opportunities. We remain committed to reskilling our employee base across levels and this sustained focus has positioned Infosys as a frontier organization with deep expertise accelerating AI journeys for some of the largest enterprises the world over”, he added.
Revenue growth of 1.5%-3.0% in constant currency
Operating margin of 20%-22%
For the quarter ended June 30, 2026
Revenues in CC terms grew by 2.4% YoY and by 1.0% QoQ
Reported revenues at $5,082 million, growth of 2.8% YoY and 0.8% QoQ
Operating margin at 21.1%, increase of 0.3% YoY and 0.2% QoQ
Basic EPS at $0.20; increase of 3.7% YoY
FCF at $955 million; FCF conversion at 116.5% of net profit
“Our resilient margins of 21.1% and consistent strong cash generation reflect the strength of our business model, disciplined execution and continued focus on operational excellence in a challenging business environment”, said Jayesh Sanghrajka, CFO. “We are accelerating investments in AI, talent, and platforms to drive future growth and remain committed to improving productivity, expanding operating leverage and maintaining the financial flexibility needed to capitalize on emerging opportunities while delivering sustainable shareholder value”, he added.
Infosys renewed its long-standing collaboration with Mercedes-Benz Group AG, moving one of the automotive sector’s largest hybrid cloud and data center operations to an AI-led operating model. As part of the extended engagement, Infosys will embed AIOps and agentic AI across the IT landscape, powered by Infosys Topaz and Infosys Cobalt, to further enhance reliability, efficiency and innovation. Bobi Milosevic-Lican, Vice President Tech Infrastructure & Operations Mercedes-Benz AG, said, “Infosys has been a trusted collaborator in supporting our global IT infrastructure and managing complex enterprise technology environments at scale. As we continue to modernize our technology landscape and advance towards an AI-enabled operating model, we value Infosys’ deep technology expertise, strong delivery capabilities and ability to drive innovation across large and complex operations. This helps ensure that our infrastructure not only runs reliably today but is positioned to power our ongoing transformation journey.”
Infosys collaborated with Nokia to strengthen product engineering capabilities and accelerate innovation across its network portfolio. Kal De, SVP, Core Networks, Mobile Infrastructure Group, Nokia, said, "Nokia and Infosys's strategic partnership focuses on strengthening product engineering across Nokia's core networks portfolio. The collaboration provides access to specialized engineering expertise, helping Nokia accelerate product evolution, improve execution efficiency, and dynamically respond to new market requirements."
Infosys collaborated with Bendigo Bank to help build a future-ready bank. This 7-year collaboration will allow accelerated innovation and simplification to deliver better experiences for Bendigo Bank’s 2.9 million customers. Richard Fennell, Chief Executive Officer, Bendigo Bank, said, “Partnerships are fundamental to how Bendigo Bank innovates, and with this access to Infosys’ global capabilities, software engineering and AI talent, our Bank has significantly greater capacity to drive innovation.
Infosys expanded its strategic collaboration with DNB Bank ASA to modernize financial crime operations. Elin Sandnes, COO and Group Executive Vice President Technology & Services, DNB, said, “Protecting customers and the integrity of the financial system requires us to continuously raise the bar on detection and investigation. By working closely with Infosys and leveraging NICE Actimize’s X Sight Enterprise platform, we are enhancing our ability to detect, investigate, and prevent complex financial crime more effectively, while supporting our long-term digital transformation and regulatory compliance objectives.”
Infosys collaborated with Sentara to unlock AI value and scale enterprise AI adoption in healthcare services. Jamisson Fowler, SVP and Chief Digital Officer, Sentara, said, “As we continue to advance our digital strategy, working with Infosys enables us to take a thoughtful and scalable approach to AI adoption across the enterprise. This collaboration helps ensure AI is deployed in ways that genuinely improve how our hospital teams work supporting efficiency, care delivery and the communities we serve while remaining secure, compliant and patient centered.”
Infosys expanded collaboration with GlobalFoundries to accelerate AI-driven transformation of IT operations. Vishal Mehra, Chief Information Officer, GlobalFoundries, said, “The renewed collaboration marks a significant step forward in GF’s journey to modernize IT operations and achieve higher levels of efficiency, resilience and user experience. As a leading global semiconductor manufacturer, we are committed to advancing our digital transformation to drive greater reliability and value. Collaborating with Infosys will help us equip our teams with next generation capabilities to accelerate this transformation journey.”
Infosys collaborated with Spark New Zealand to accelerate AI-led transformation across its technology delivery and digital operations. Penny White, General Manager, Business Technology Services, Spark, said, “Our long-standing collaboration with Infosys continues to play a critical role in modernizing how we design, build and operate our technology. By leveraging Infosys Topaz, we are embedding cloud and AI-driven capabilities into our day-to-day operations, enabling greater efficiency, scale and agility as we transform our technology delivery model and deliver more seamless digital experiences for our customers.”
Infosys collaborated with Cox Communications to modernize its technology operations and enhance the digital experience for its customers. Mark Lawson, Chief Technology, Digital and AI Officer, Cox Communications, said, "Infosys has been instrumental in helping Cox deliver impactful digital transformation, with AI supporting key parts of that journey. By combining deep engineering expertise with a strong understanding of our business, they have helped us create seamless customer experiences, improve operational efficiency, and accelerate business outcomes. We value their partnership and commitment to innovation.”
Infosys is selected by Ventura Foods as a partner for its enterprise transformation leveraging Oracle Fusion Cloud, and Infosys Topaz for its AI-first value chain strategy. The program will establish a unified digital foundation across finance, human resources, supply chain, product lifecycle management, and the oil value chain, enabling faster innovation, improved resilience, and sustainable growth. Kiran Vankamamidi, Ventura Foods' Chief Information Officer, said, “Infosys’ deep transformation expertise, industry knowledge, and AI-led approach will help Ventura Foods transform into an intelligent, connected enterprise – empowering our teams with speed, insight and simplicity to deliver the customer experience that fuels our growth."
Infosys Finacle collaborated with Sterling Bank of Asia to enhance employee and customer experience, improve banking services, and reduce operational complexity. Cecilio Paul D. San Pedro, President and Chief Executive Officer, Sterling Bank of Asia, said, “At Sterling Bank of Asia, we aim to integrate forward thinking solutions into our operations to better serve the Philippine market. Achieving this requires us to continuously respond to fast evolving customer expectations, the accelerating pace of digital innovation, and an increasingly complex regulatory landscape. Modernizing our technology foundation for both core and digital banking is essential to realizing our goals. With Infosys Finacle, we have a trusted transformation partner and a next generation banking platform that will equip us to meet the dynamic requirements of our business, our customers, and the wider regulatory environment.”
Infosys Finacle and Bank of Sydney announced the successful go-live of Finacle Digital Banking Suite for Bank of Sydney in Australia, powered by Finacle Software-as-a-Service on Amazon Web Services (AWS) cloud. Geoff Wenborn, COO, Bank of Sydney said, “This marks a significant milestone in the bank's digital transformation journey. 'With the go live of the Infosys Finacle platform Bank of Sydney has gained a future-ready digital foundation to support growth, scalability and innovation for evolving customer expectations, while simplifying our IT landscape for a more agile operating environment.”
Infosys collaborated with OpenAI to accelerate enterprise AI transformation and unlock AI value at scale. Denise Dresser, Chief Revenue Officer, OpenAI, said, “Codex is becoming a powerful workspace for managing agents across software development and business workflows. As enterprises move quickly to put Codex to work, we’re working with leading partners like Infosys to help more organizations move from early usage to repeatable deployment. Infosys's deep expertise in large-scale software transformation enables enterprises to deploy Codex across areas like legacy code modernization, code review automation, vulnerability detection, and application development, while extending its impact to the systems and workflows where knowledge work gets done. We will work together to bring Codex to organizations worldwide.”
Infosys collaborated with Harness to Unlock AI Value for enterprise transformation and modernization programs. Jyoti Bansal, Co-founder and Chief Executive Officer, Harness, said, “As AI accelerates code generation, the real challenge for enterprises is ensuring that innovation reaches production safely and efficiently. This creates what we call the AI Velocity Paradox: development speeds up, but downstream processes like testing, security, compliance, and deployment struggle to keep pace – introducing new risk and complexity. By bringing Harness’s intelligent delivery platform together with Infosys’ deep enterprise expertise, we’re helping organizations deliver AI-driven software innovation with greater speed, predictability, and control.”
Brand & Corporate
Won multiple awards at the 2026 Asia Executive Survey by Extel and ranked among the Top 3 overall in three categories: Best CFO, Best IR Program, and Best ESG Program
Ranked #1 on LinkedIn Top Companies in India for 2026
Awarded the Bronze Stevie® Award for Innovation in Investor Relations
Infosys BPM awarded the Global CSR, Sustainability & ESG Awards 2026 for the ‘Best Skill Development Programme of the Year’
Infosys BPM awarded HR Distinction Awards 2026 for the ‘Best Resourcing Strategy
AI and Cloud Services
Recognized as a Leader in the Gartner Magic Quadrant for Cloud ERP Services
Featured as a Leader in Everest Group Google Cloud Services PEAK Matrix® Assessment 2026
Featured as a Leader in Oracle Cloud Applications Services PEAK Matrix® Assessment 2026
Recognized as a Leader by HFS Horizons for Data Modernization and AI, 2026
Infosys BPM Awarded the Hackett Innovation Awards 2026 for the ‘Order-to-Cash: Agentic AI in Finance’ initiative
Awarded the HPE Networking (Aruba) Partner of the year 2026
Key Digital Services
Featured as a Leader in Everest Group Marketing Transformation Services PEAK Matrix® Assessment 2026
Featured as a Leader in Everest Group Healthcare Payer Digital Services PEAK Matrix® Assessment 2026
Recognized as a Leader by HFS Horizons for SAP S/4HANA Transformation Services, 2026
Recognized as a Leader by HFS Horizons for Global Capability Centers (GCC) Services, 2026
Featured as a Leader in PAC Radar Global Leaders in Quality Engineering in 2026
Industry & Solutions
Recognized as a Leader by HFS Horizons for Financial Crime Compliance (FCC) in Financial Services, 2026
Awarded by NelsonHall for Transforming Wealth and Asset Management Services
Ranked as the number one IT services provider for banking in Europe and financial services in Nordics by Whitelane Research
Infosys Finacle rated as a Leader in The Forrester Wave™: Digital Banking Engagement Platforms, Q2 2026 report
Infosys Finacle ranked as a Leader across 22 categories by IBS Intelligence (IBSi) in its Annual Sales League Table (SLT) 2026 report.
Infosys Finacle received the MEA Finance Banking Technology Awards 2026 in three categories: 'Best Core Banking Technology Implementation' with Emirates Investment Bank; 'Best Open Banking & API Implementation' with Zand; and 'Best Open Banking and API Solutions Provider'.
Awarded the HPE GSI Financial Services Partner of the year 2026 Read more about our Awards & Recognitions here.