Fujitsu vs TCS: Revenue, Profit and Business Model
Fujitsu had ~$23.5B of annual revenue in FY2026 and ~$3B of net income. TCS had ~$31B of annual revenue in FY2026 and ~$5.7B of net income.
Latest financial snapshot
Financial summary
Fujitsu
Fujitsu's revenue has stayed between roughly JPY 3.5 and 3.7 trillion since FY2021, while profitability has improved sharply. Consolidated adjusted operating margin went from 6.6% in FY2020 to 11.2% in FY2025, and adjusted operating profit hit a fourth straight record of ~$2.62 billion (JPY 390.5 billion). The flat top line reflects divestitures, especially the sale of Shinko Electric Industries; the profit gains come from higher-margin Uvance and modernization work in Japan and from restructuring of unprofitable overseas operations. FY2025 net profit of ~$3.01 billion (JPY 449.4 billion) more than doubled because of gains from discontinued operations, so it overstates underlying earnings. In Q1 FY2026 (April to June 2026) revenue rose 3.9% to ~$5.22 billion (JPY 779.4 billion) and adjusted operating profit rose 56.4% to ~$368 million (JPY 54.9 billion). Fujitsu Limited is a massive global information and communications technology (ICT) company, commanding a market valuation typically over $25 billion.
TCS
For FY2026, ended March 31, 2026, TCS reported ₹2,67,021 crore ($30.017 billion) of consolidated revenue, up 4.6% in rupees but down 0.5% in dollars. Its audited consolidated statement reports ₹49,210 crore of profit attributable to shareholders, about 18.4% of rupee revenue. The 19.8% FY2026 net margin highlighted in the earnings release excludes one-off restructuring, labour-code and legal costs; it should not be paired with the reported ₹49,210 crore profit as if both were on the same basis. The latest quarter available here is Q2 FY2027, ended September 30, 2026: $7.642 billion revenue, $1.450 billion net income and 24.0% operating margin. TCS reported $9.6 billion of total contract value and a $3.1 billion annualized AI revenue run rate for that quarter. Contract value is deal bookings, and annualized AI revenue is a run rate; neither is additional recognized quarterly revenue.
Revenue and profit by year
Where the revenue comes from
Fujitsu
- Service Solutions (incl. Fujitsu Uvance)~67%
~$15.7B (JPY 2,346.9B) in FY2025: systems integration, modernization, consulting, cloud and managed services; Uvance alone was ~$4.75B (JPY 709.3B).
- Hardware Solutions~28%
Servers, storage, mainframes and network products such as 5G and optical transmission equipment, mainly for Japanese customers.
- Ubiquitous Solutions~5%
PCs and other client devices; revenue fell 28% in Q1 FY2026.
TCS
- IT services
Primary revenue source
Application development, maintenance, modernization and managed technology services.
- Consulting and transformation
Strategic growth stream
Business and technology transformation programs for large enterprises.
- Cloud, AI and cybersecurity
Fast-changing growth area
Cloud migration, AI, data, automation, cybersecurity and platform simplification.
- Business process services
Recurring enterprise stream
Technology-enabled operations and business process services.
- Platforms
Differentiated platform stream
Industry platforms such as TCS BaNCS and related software-led offerings.
Business model and strategy
Fujitsu
How it makes money
Fujitsu is a B2B technology company with three reported segments. Service Solutions (about two-thirds of revenue) covers systems integration, consulting, modernization of legacy mainframe and on-premise systems, cloud and managed services, and the Fujitsu Uvance cross-industry portfolio; it earned ~$15.7 billion (JPY 2,346.9 billion) of revenue in FY2025 at a 15.4% adjusted operating margin.
Growth strategy
Fujitsu's growth plan has three parts. First, Uvance: packaged cross-industry and horizontal offerings (sustainability, supply chain, healthcare, finance, hybrid IT, data and AI) whose revenue grew 47% to ~$4.75 billion (JPY 709.3 billion) in FY2025.
Competitive advantage
Fujitsu's advantage is incumbency in Japan's critical IT. It has built and run systems for ministries, local governments, mega-banks and telecom carriers for decades, and replacing that kind of embedded supplier is costly and risky for customers. It also has rare engineering depth: it co-developed the Fugaku supercomputer with RIKEN (No.
TCS
How it makes money
TCS earns revenue through global IT services and consulting, built around industry verticals and geographic diversification. BFSI (banking, financial services, and insurance) is the largest vertical at about 32% of FY2026 revenue, followed by Consumer Business, Life Sciences & Healthcare, Manufacturing, Technology & Services and other sectors.
Growth strategy
TCS is growing through AI, cloud modernization, cybersecurity, data, engineering services, platforms, large transformation deals, partnerships and deeper penetration of existing enterprise accounts.
Competitive advantage
TCS' advantage is delivery scale, Tata trust, large-account depth, industry domain expertise, training infrastructure, strong margins and a reputation for mission-critical execution.
Questions about Fujitsu vs TCS
Which company has higher revenue — Fujitsu Limited or Tata Consultancy Services Limited?
Fujitsu Limited had ~$23.5B (FY2026), while Tata Consultancy Services Limited had ~$31B (FY2026). By latest annual revenue, Tata Consultancy Services Limited is the larger business, with Fujitsu Limited showing a smaller revenue base.
What is the market cap of Fujitsu Limited vs Tata Consultancy Services Limited?
Fujitsu Limited's market capitalisation stands at $44.0B, while Tata Consultancy Services Limited's is $84.0B. Tata Consultancy Services Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Fujitsu Limited.
How does revenue per employee compare for Fujitsu Limited and Tata Consultancy Services Limited?
Fujitsu Limited has $237k / employee in revenue per employee, while Tata Consultancy Services Limited has $52k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fujitsu Limited and Tata Consultancy Services Limited make money?
Fujitsu Limited and Tata Consultancy Services Limited generate revenue in fundamentally different ways. Fujitsu Limited: Fujitsu is a B2B technology company with three reported segments. Tata Consultancy Services Limited: TCS earns revenue through global IT services and consulting, built around industry verticals and geographic diversification.
Which company is valued higher relative to revenue — Fujitsu Limited or Tata Consultancy Services Limited?
On a price-to-sales (P/S) basis, Fujitsu Limited trades at 1.9x P/S and Tata Consultancy Services Limited at 2.7x P/S. Tata Consultancy Services Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Fujitsu Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fujitsu Limited bigger than Tata Consultancy Services Limited?
By last reported revenue, Tata Consultancy Services Limited (~$31B (FY2026)) is the larger company compared to Fujitsu Limited (~$23.5B (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 Fujitsu vs TCS overview