Infosys vs United Airlines: Revenue, Profit and Business Model
Infosys reported $20.2B of revenue in FY2026 and $3.3B of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Infosys
- Latest revenue
- $20.2B (FY2026)
- Net income
- $3.3B
- Net margin
- 16.4%
- Revenue growth
- +7.8% a year, FY2016–FY2026
United Airlines
- Latest revenue
- $59.1B (FY2025)
- Net income
- $3.4B
- Net margin
- 5.7%
- Revenue growth
- +5.5% a year, FY2016–FY2025
Financial summary
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%.
United Airlines
United's revenue grew from $43.3 billion in 2019 to a record $59.1 billion in 2025, and net income reached $3.4 billion in 2025 against $3.1 billion in 2024. Operating cash flow was $8.4 billion in 2025. In 2026 the story is fuel: after oil prices spiked in March, United cut full-year adjusted EPS guidance to $7-$11, then raised it to $9-$11 in July after Q2 revenue rose 16% to $17.7 billion and yields climbed 12%. Q2 fuel expense was up $2.3 billion (84%), and the company said it expected to recover all of the increase through fares by Q4. Management is targeting an investment-grade credit rating in 2026.
Revenue and profit by year
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 |
United Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $59.1B | $3.4B | 5.7% | +3.5% | Source |
| FY2024 | $57.1B | $3.1B | 5.5% | +6.2% | Source |
| FY2023 | $53.7B | $2.6B | 4.9% | +19.5% | Source |
| FY2022 | $45B | $737M | 1.6% | +82.5% | Source |
| FY2021 | $24.6B | -$2B | -8.0% | +60.4% | Source |
| FY2020 | $15.4B | -$7.1B | -46.0% | -64.5% | Source |
| FY2019 | $43.3B | $3B | 7.0% | +4.7% | Source |
| FY2018 | $41.3B | $2.1B | 5.1% | +9.5% | Source |
| FY2017 | $37.7B | $2.1B | 5.7% | +3.2% | Source |
| FY2016 | $36.6B | $2.2B | 6.1% | — | Source |
Where the revenue comes from
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.
United Airlines
- Passenger tickets
- Premium cabins
- Basic Economy
- MileagePlus and co-brand revenue
- Cargo
- United Club memberships
- Baggage and seat fees
Business model and strategy
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.
United Airlines
How it makes money
United makes money by filling a hub-and-spoke network. Domestic and regional flights feed passengers into seven U.S. hubs, where they connect to long-haul routes across the Atlantic, Pacific and Latin America. Ticket sales are the core: passenger revenue was $53.4 billion of the $59.1 billion total in 2025.
Growth strategy
United is investing in premium seating, larger aircraft, international routes, operational reliability, MileagePlus, airport clubs, digital service, Starlink connectivity, and network depth at core hubs.
Competitive advantage
United's advantage is its hub network, international route breadth, Star Alliance connectivity, premium-cabin expansion, MileagePlus loyalty base, corporate account strength, and major positions at airports such as Chicago O'Hare, Newark, Denver, Houston, San Francisco, Washington Dulles, and Los Angeles.
Questions about Infosys vs United Airlines
Which company has higher revenue — Infosys Limited or United Airlines Holdings, Inc.?
Infosys Limited reported $20.2B (FY2026), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, United Airlines Holdings, 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 Infosys Limited vs United Airlines Holdings, Inc.?
Infosys Limited's market capitalisation stands at $43.1B, while United Airlines Holdings, Inc.'s is $36.1B. Infosys Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — Infosys Limited or United Airlines Holdings, Inc.?
Infosys Limited generates $61k / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. United Airlines Holdings, 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 Infosys Limited and United Airlines Holdings, Inc. make money?
Infosys Limited and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. 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. United Airlines Holdings, Inc.: United makes money by filling a hub-and-spoke network.
Which company is valued higher relative to revenue — Infosys Limited or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, Infosys Limited trades at 2.1x P/S and United Airlines Holdings, Inc. at 0.6x P/S. Infosys Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to United Airlines Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Infosys Limited bigger than United Airlines Holdings, Inc.?
By last reported revenue, United Airlines Holdings, Inc. ($59.1B (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 Infosys vs United Airlines overview