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Tata Consultancy Services (TCS) investor relations material
Tata Consultancy Services Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary9 Oct, 2025
Executive summary
Q2 FY26 revenue grew 0.8% sequentially in constant currency, with operating margin at 25.2% and net margin at 19.6%.
Audited consolidated and standalone financial results for the quarter and six months ended September 30, 2025, were approved and released, with an unmodified audit opinion from statutory auditors.
All verticals except consumer business and all geographies except UK showed positive sequential growth; India and emerging markets led momentum.
TCV reached $10B, up 16% year-over-year, with a significant mega deal in AI-enabled solutions.
Management reiterated the ambition to become the world's largest AI-led technology services company, with major investments in AI, talent, and infrastructure.
Financial highlights
Consolidated revenue from operations for Q2 FY26 was ₹65,799 crore, up from ₹63,437 crore in Q1 FY26 and ₹64,259 crore in Q2 FY25.
Operating margin improved by 70 basis points sequentially to 25.2%, excluding one-time severance costs.
Net income margin stood at 19.6%; EPS grew 8.4% year-on-year.
Free cash flow was $1.4B; net cash from operations was $1.5B, representing 110.1% of net income.
Exceptional restructuring expenses of ₹1,135 crore (consolidated) and ₹850 crore (standalone) were recognized in Q2 FY26.
Outlook and guidance
FY26 international revenue growth expected to surpass last year’s 70 basis points in constant currency.
IT services spend remains steady; no significant near-term change expected.
The company continues to invest in restructuring and workforce optimization, with termination benefits provided as part of ongoing initiatives.
Future impact of restructuring initiatives?
CMT segment revenue decline drivers?
Drivers for cash and cash equivalents drop?
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Next Tata Consultancy Services earnings date
Q3 25/268 Jan, 2026
Next Tata Consultancy Services earnings date
Q3 25/268 Jan, 2026
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Frequently asked questions
Tata Consultancy Services Limited provides information technology and IT enabled services worldwide. It offers consulting and business solutions, such as business process outsourcing, data warehousing, enterprise solution based on SAP, Oracle, Siebel, PeopleSoft, etc., knowledge process outsourcing comprising finance and accounting, procurement and supply chain management to aerospace/aviation, banking and financial services, engineering/construction/infrastructure, insurance and manufacturing verticals. Tata Consultancy Services Limited is a subsidiary of Tata Sons Private Limited.
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