Earnings quality remains high with an OCF/NI ratio of 0.91 in 2026Q4, although free cash flow margin volatility persists, dropping to 11.1% in the most recent quarter.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Cash from Operations | 149.32B | 169.43B | 176.22B | 130.6B | 110.8B | 147.55B | 100.64B | 116.32B | 84.23B | 92.77B | 78.87B | 78.26B | 67.9B | 70.42B | 40.08B | 40.44B | 51B | 36.83B | 24.6B | 30.23B | 20.23B | 19B | 10.84B | 7.66B | 8.05B | 5.05B | 3.48B |
| Operating CF Margin % | 16.12% | 19.02% | 19.63% | 14.43% | 14.01% | 23.82% | 16.49% | 19.85% | 15.46% | 16.86% | 15.39% | 16.67% | 15.63% | 18.82% | 12.57% | 14.9% | 18.75% | 14.34% | 12.46% | 20.18% | 19.03% | 23.35% | 18.51% | 17.89% | 24.06% | 16.53% | 15.14% |
| Operating CF Growth % | -11.87% | -3.85% | 34.93% | 17.87% | -24.91% | 46.61% | -13.47% | 38.09% | -9.21% | 17.62% | 0.78% | 15.27% | -3.59% | 75.72% | -0.89% | -20.71% | 38.46% | 49.72% | -18.63% | 49.46% | 6.49% | 75.26% | 41.44% | -4.75% | 59.43% | 44.9% | - |
| Net Income | 132.66B | 132.18B | 110.45B | 113.67B | 122.33B | 108.66B | 97.71B | 90.17B | 80.08B | 85.14B | 89.41B | 87.06B | 78.41B | 66.7B | 55.99B | 53.32B | 46.12B | 34.41B | 32.24B | 29.24B | 20.31B | 15.85B | 10.01B | 8.1B | 8.31B | 6.4B | 3.33B |
| Depreciation & Amortization | 29.11B | 29.58B | 34.07B | 33.4B | 30.91B | 27.66B | 20.86B | 19.47B | 21.12B | 23.11B | 14.97B | 12.82B | 11.11B | 10.84B | 10.13B | 8.21B | 7.83B | 8.36B | 6.08B | 4.32B | 3.86B | 2.93B | 2.33B | 1.75B | 1.66B | 1.12B | 835.98M |
| Stock-Based Compensation | 4.46B | 5.55B | 5.59B | 3.97B | 4.11B | 2.31B | 1.26B | 1.94B | 1.35B | 1.74B | 1.53B | 1.14B | 513M | 643M | 949M | 1.09B | 1.3B | 1.87B | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 40.77B | 42.78B | 36.09B | 33.99B | 28.95B | 30.34B | 24.8B | 25.24B | 22.39B | 25.21B | 25.3B | 24.62B | 22.6B | 18.35B | 13.76B | 9.71B | 9.29B | -799M | -400M | -28.95M | 15.15M | -87.34M | -76.4M | 44.45M | 56.28M | 16.44M | 182.62M |
| Other Non-Cash Items | -43.18B | -50.94B | -28.04B | -39.87B | -39.01B | -44.34B | -20.14B | -47.68B | -39.78B | -46.97B | -46.2B | -39.4B | -34.45B | -28.92B | -21.27B | -10.52B | -7.06B | -6.4B | 480M | 1.34B | -457.62M | 0 | 43.38K | 386.82M | -95.75M | 93.12K | -703.14M |
| Working Capital Changes | -14.5B | 10.27B | 18.05B | -14.56B | -36.49B | 22.92B | -23.86B | 27.16B | -936M | 4.54B | -6.15B | -7.98B | -10.28B | 2.82B | -19.48B | -21.38B | -6.49B | -338M | -12.8B | -4.19B | -3.5B | 305.68M | -1.49B | -2.62B | -1.53B | -2.58B | -386.11M |
| Change in Receivables | -11.44B | 563M | 14.38B | -985M | -11.83B | 11.79B | -3.33B | 1.39B | -9.73B | 3.35B | -5.48B | -5.93B | -8.3B | -3.17B | -17.47B | -10.7B | -2.15B | -6.46B | -7.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 184M | 213M | 287M | 162M | -256M | 803M | 2.08B | -566M | 545M | 1.48B | -541M | -2.56B | 970M | -47M | -862M | -1.78B | -218M | -1.51B | -1.84B | -1.06B | -295.87M | -349.34M | 11.32M | -47.35M | 64.81M | -524.54M | 228.65M |
| Change in Payables | 8.48B | 548M | -435M | -9.82B | 9.7B | 5.7B | -12.4B | 20.84B | 4.5B | -5.2B | 4.68B | 5.58B | 7.3B | 6.79B | 1.31B | 5.84B | 0 | 3.71B | 2.21B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -33.42B | -80.73B | 11.68B | -84.06B | -224.5B | 7.74B | 34.01B | 50.13B | 35.58B | -116.28B | -138.16B | -25.82B | -2.77B | -57.57B | -8.06B | -17.24B | -33.81B | -27.69B | -28.48B | -21.43B | -17.33B | -11.48B | -14.38B | -1.13B | -4.73B | -5.85B | -2.79B |
| Capital Expenditures | -15.6B | -15.04B | -10.51B | -14.83B | -20.15B | -19.58B | -23.5B | -22.78B | -21.87B | -20.85B | -13.95B | -12.66B | -8.91B | -10.62B | -12.98B | -12.21B | -12.63B | -16.59B | -14.68B | -11.42B | -7.5B | -6.59B | -4.14B | -2.53B | -2.48B | -2.8B | -1.32B |
| CapEx % of Revenue | 1.68% | 1.69% | 1.17% | 1.64% | 2.55% | 3.16% | 3.85% | 3.89% | 4.01% | 3.79% | 2.72% | 2.7% | 2.05% | 2.84% | 4.07% | 4.5% | 4.64% | 6.46% | 7.44% | 7.62% | 7.06% | 8.11% | 7.08% | 5.9% | 7.42% | 9.16% | 5.73% |
| Acquisitions | -26.03B | -964M | -5.78B | -45.57B | -128.19B | -9.87B | -2.54B | 26.1B | -6.65B | -29.24B | -39.37B | -11.57B | -2.98B | -11.48B | -7.92B | -140M | -4.4B | -6.68B | -32.76B | -7.82B | -2.78B | -611.35M | -459.26M | -5.44B | 0 | -1.08B | 32.36M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 29.29B | 30.33B | 24.44B | 42.08B | -14.4B | 20.38B | 25.47B | 22.46B | 16.13B | 17.49B | 19.48B | 13.82B | 4.41B | 1.66B | 19.16B | 12.69B | 9.09B | -3.39B | 480M | -1.3M | -373.85M | 43.67M | 369.98M | 1.94B | 306.83M | 307.48M | -770.48M |
| Cash from Financing | -141.26B | -63.96B | -182.57B | -60.88B | 46.59B | -128.84B | -151B | -49.37B | -129.98B | -22.75B | -1.59B | -8.52B | -34.97B | -6.72B | -17.4B | -26.38B | -601M | 44M | 30.8B | -5.19B | 305.23M | -5.15B | 556.75M | 187.16M | -1.57B | 5.61B | -541.57M |
| Debt Issued (Net) | -6.75B | 7.45B | -20.12B | -17.59B | 58.58B | -2.45B | -32.82B | -38.88B | -10.98B | 13.12B | 35.25B | 20.88B | -11.49B | 11.39B | 712M | -10.12B | 7.77B | 6.42B | 35.38B | 1.99B | -465.2M | -405.07M | 433.28M | 331.75M | -1.48B | 44.33M | -1.43B |
| Equity Issued (Net) | 33M | 27M | -145.16B | 12M | 6M | -95.19B | -105.3B | 4M | -110.29B | -25B | 4M | 1B | 6M | 9M | 22M | 25M | 66M | 100M | 747M | 8.9B | 4.78B | 2.84B | 386.42M | 94.79M | 35.42M | 5.66B | 502.53M |
| Dividends Paid | -115.78B | -62.75B | -5.22B | -32.81B | -5.47B | -5.46B | -6.86B | -4.5B | -5.42B | -8.73B | -35.49B | -29.49B | -23.27B | -17.08B | -17.23B | -15.59B | -6.82B | -6.83B | -5.39B | -8.9B | -4B | -7.58B | -262.95M | -236.97M | -128.4M | -74.87M | -75.63M |
| Share Repurchases | 0 | 0 | -145.17B | 0 | 0 | -95.2B | -105.31B | 0 | -110.31B | -25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -249.1M | 0 |
| Other Financing | -18.77B | -8.69B | -12.07B | -10.49B | -6.53B | -25.74B | -6.02B | -5.99B | -3.29B | -2.14B | -1.35B | -1.16B | -218M | -1.04B | -902M | -696M | -1.61B | -22M | 68M | -7.17B | -11.22M | -15.15M | 0 | 0 | 48.73K | 0 | 464.98M |
| Net Change in Cash | -16.42B | 25.02B | 5.09B | -11.97B | -65.83B | 25.56B | -14.42B | 117.6B | -9.79B | -47.67B | -60.32B | 44.51B | 30.08B | 6.92B | 16.3B | -2.66B | 15.32B | 9.85B | 26.84B | 3.56B | 3.19B | 2.36B | -2.99B | 6.72B | 1.75B | 4.81B | 146.42M |
| Free Cash Flow | 133.71B | 154.39B | 165.71B | 115.77B | 90.64B | 127.97B | 77.15B | 93.53B | 62.36B | 71.92B | 64.92B | 65.6B | 58.98B | 59.81B | 27.1B | 28.23B | 38.37B | 20.24B | 9.92B | 18.81B | 12.73B | 12.4B | 6.7B | 5.13B | 5.57B | 2.25B | 2.16B |
| FCF Margin % | 14.44% | 17.33% | 18.46% | 12.79% | 11.46% | 20.66% | 12.64% | 15.97% | 11.45% | 13.07% | 12.67% | 13.97% | 13.58% | 15.98% | 8.5% | 10.4% | 14.11% | 7.88% | 5.02% | 12.56% | 11.97% | 15.24% | 11.43% | 11.98% | 16.64% | 7.37% | 9.41% |
| FCF Growth % | -13.39% | -6.83% | 43.14% | 27.72% | -29.17% | 65.88% | -17.52% | 49.98% | -13.29% | 10.78% | -1.03% | 11.22% | -1.37% | 120.69% | -3.99% | -26.43% | 89.56% | 104.03% | -47.27% | 47.81% | 2.63% | 85.24% | 30.4% | -7.75% | 147.49% | 3.92% | - |
| FCF per Share | 12.73 | 14.72 | 15.62 | 10.55 | 8.27 | 11.30 | 6.60 | 7.77 | 4.91 | 5.54 | 4.94 | 4.99 | 4.49 | 4.56 | 2.07 | 2.16 | 2.94 | 1.56 | 0.77 | 1.47 | 1.01 | 1.00 | 0.54 | 0.43 | 0.46 | 0.18 | 0.18 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.29x | 1.60x | 1.15x | 0.91x | 1.37x | 1.04x | 1.29x | 1.05x | 1.09x | 0.89x | 0.90x | 0.87x | 1.06x | 0.72x | 0.76x | 1.11x | 0.95x | 0.76x | 1.03x | 1.00x | 1.20x | 1.08x | 0.95x | 0.97x | 0.78x | 0.98x |
| Interest Paid | 6.34B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4B | 1.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 26.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.8B | 5.46B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consulting integration margin drag
According to recent financial disclosures, Wipro consistently maintains an OCF/NI ratio above 1.0, with a peak of 1.89 in 2024Q4, suggesting that the company's reported net income is well-supported by actual cash inflows rather than relying on aggressive accounting accruals or non-cash adjustments.
The persistent ability to convert net income into operating cash flow at a ratio exceeding unity indicates a high quality of earnings. Investors should monitor whether this trend continues as the company integrates recent acquisitions, as any sustained decline in this ratio could signal a deterioration in collection efficiency or rising unbilled revenue.
As reported in quarterly filings, Wipro's FCF margin has exhibited significant variance, ranging from a high of 22.3% in 2024Q4 to a low of 11.1% in 2026Q4, reflecting the impact of fluctuating working capital requirements and the timing of large-scale capital expenditures on overall cash generation.
While the company remains a consistent generator of free cash flow, the downward trend in margins over the last two years warrants further investigation. This volatility suggests that the business is increasingly sensitive to the timing of project milestones and the associated cash collection cycles inherent in its service-heavy model.
Based on reported figures, Wipro maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios consistently hovering between 1.2% and 3.1% over the last ten quarters, underscoring the asset-light nature of its IT services delivery model and its limited requirement for heavy physical infrastructure investment.
The low capital intensity allows the company to preserve significant cash for shareholder returns and strategic acquisitions. However, investors should monitor whether future investments in AI-driven automation platforms necessitate a structural increase in capital spending, which could compress free cash flow margins in the medium term.
Analysis of recent cash flow statements reveals that working capital changes have been a primary source of volatility, swinging from a $12.3B inflow in 2025Q3 to a $13.2B outflow in 2026Q4, which highlights the inherent difficulty in managing payment cycles across diverse global client segments.
The significant swings in working capital suggest that Wipro's cash flow is highly susceptible to the payment terms of its largest enterprise clients. This sensitivity may indicate that the company is absorbing the impact of longer client payment cycles, which could constrain liquidity during periods of broader macroeconomic stress.
As evidenced by recent cash flow data, Wipro has prioritized substantial dividend payments, such as the $63.4B outflow in 2026Q4, while simultaneously utilizing cash for strategic acquisitions like the $26.0B outlay in the same period, reflecting a dual-track approach to capital allocation and long-term value creation.
The company's ability to fund both significant dividends and acquisitions without incurring meaningful debt highlights the strength of its balance sheet. However, the market should scrutinize the return on invested capital for these acquisitions, as the current consulting-heavy strategy has yet to demonstrate a clear, sustained improvement in overall cash-generating efficiency.
Quick answers to the most common questions about buying WIT stock.
Wipro Limited (WIT) generated $149.32B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Wipro Limited (WIT) generated $133.71B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Wipro Limited (WIT) spent $15.60B on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Wipro Limited (WIT) returned $115.78B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.