Infosys vs Visa: Revenue, Profit and Business Model
Infosys reported $20.2B of revenue in FY2026 and $3.3B of net income. Visa reported $40B of revenue in FY2025 and $20.1B of net income.
Latest financial snapshot
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%.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | 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.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
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.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Infosys vs Visa
Which company has higher revenue — Infosys Limited or Visa Inc.?
Infosys Limited reported $20.2B (FY2026), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa 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 Visa Inc.?
Infosys Limited's market capitalisation stands at $43.1B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Infosys Limited.
Which is more financially efficient — Infosys Limited or Visa Inc.?
Infosys Limited generates $61k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa 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 Visa Inc. make money?
Infosys Limited and Visa 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. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Infosys Limited or Visa Inc.?
On a price-to-sales (P/S) basis, Infosys Limited trades at 2.1x P/S and Visa Inc. at 16.9x P/S. Visa 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 Infosys Limited bigger than Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (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 Visa overview