Apple vs Infosys: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Infosys reported $20.2B of revenue in FY2026 and $3.3B of net income.
Latest financial snapshot
Financial summary
Apple
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end.
Infosys
Infosys reported FY2026 (year ended March 31, 2026) revenue of $20.158 billion, up 3.1% in constant currency, and net profit of about $3.3 billion. Large-deal TCV for the year was $14.9 billion. In Q1 FY2027 (quarter ended June 30, 2026) revenue was $5.082 billion, up 2.4% year on year in constant currency, with a 21.1% operating margin. Management cut FY2027 revenue growth guidance to 1.5%-3.0% and kept operating margin guidance at 20%-22%.
Revenue and profit by year
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
Infosys
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $20.2B | $3.3B | 16.4% | +4.6% | Source |
| FY2025 | $19.3B | $3.2B | 16.4% | +3.9% | Source |
| FY2024 | $18.6B | $3.2B | 17.1% | +1.9% | Source |
| FY2023 | $18.2B | $3B | 16.4% | +11.7% | Source |
| FY2022 | $16.3B | $3B | 18.2% | +20.3% | Source |
| FY2021 | $13.6B | $2.6B | 19.3% | +6.1% | Source |
| FY2020 | $12.8B | $2.3B | 18.2% | +8.3% | Source |
| FY2019 | $11.8B | $2.2B | 18.6% | +7.9% | Source |
| FY2018 | $10.9B | $2.5B | 22.7% | +7.2% | Source |
| FY2017 | $10.2B | $2.1B | 21.0% | +7.4% | Source |
| FY2016 | $9.5B | $2.1B | 21.6% | — | Source |
Where the revenue comes from
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
Infosys
- Digital and Cloud Transformation~60%
Consulting, application modernization, cloud migration, data, AI, and digital engineering programs for enterprise clients.
- Core Services and Maintenance~25%
Application development, infrastructure support, managed services, testing, and legacy system maintenance.
- Business Process Management~10%
Outsourced business processes, operations support, finance, procurement, and customer-service workflows.
- Platforms and Products~5%
Finacle, EdgeVerve, Topaz, Cobalt, automation assets, and reusable software components tied to implementation and services.
Business model and strategy
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
Infosys
How it makes money
Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms. Work spans application development and maintenance, cloud and infrastructure management (Infosys Cobalt), enterprise AI services (Infosys Topaz), engineering R&D, and business process management.
Growth strategy
Infosys is positioning itself as an "AI-first" services firm. It reported AI-related revenue at 8.2% of Q1 FY2027 revenue and is using Topaz to automate delivery, which raises productivity but also lowers billable effort on legacy work.
Competitive advantage
Infosys combines delivery scale with long client relationships. Around 328,000 employees, a training campus in Mysuru, and decades-old accounts with banks, manufacturers, and retailers let it staff and run large transformation programmes that smaller firms cannot. Finacle adds a product-style switching cost in banking, and operating margins held at 21.1% in Q1 FY2027 even while growth slowed.
Questions about Apple vs Infosys
Which company has higher revenue — Apple Inc. or Infosys Limited?
Apple Inc. reported $416.2B (FY2025), while Infosys Limited reported $20.2B (FY2026). By last reported revenue, Apple Inc. is the larger business, with Infosys Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Apple Inc. vs Infosys Limited?
Apple Inc.'s market capitalisation stands at $4.98T, while Infosys Limited's is $43.1B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Infosys Limited.
Which is more financially efficient — Apple Inc. or Infosys Limited?
Apple Inc. generates $2.51M / employee in revenue per employee, while Infosys Limited generates $61k / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Apple Inc. and Infosys Limited make money?
Apple Inc. and Infosys Limited generate revenue in fundamentally different ways. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. Infosys Limited: Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms.
Which company is valued higher relative to revenue — Apple Inc. or Infosys Limited?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Infosys Limited at 2.1x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Infosys Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Infosys Limited?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Infosys Limited ($20.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Apple vs Infosys overview