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Cognizant

CTSH Nasdaq IT Consulting & Other Services Financials FY2016–FY2025

Cognizant's revenue rose 7.0% to $21.1 billion in fiscal 2025. Its operating margin was 16.1%, up from 14.7% a year earlier. Free cash flow was $2.6 billion, up 42.0%. It paid out $2.0 billion in dividends and buybacks, 77% of free cash flow. The diluted share count fell 1.6%.

Last close · Oct 23, 2026

$70.54

4.3%
Value it Compare
Revenue Total sales reported in the income statement.
$21.1B
7.0% vs prior year
Operating margin Operating income as a share of revenue.
16.1%
1.4 pts
Net income Profit after all expenses, interest and tax.
$2.2B
0.4%
Free cash flow Cash from operations minus capital spending.
$2.6B
42.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.2%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$33.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.3x
On $4.60 EPS (TTM)

What Cognizant does

Cognizant is an information technology services company. It builds and maintains software for large businesses, moves their systems to the cloud, tests software, runs computer infrastructure and security, handles back-office work such as claims processing, and helps clients use AI. Its staff work both at client sites and in its own delivery centers around the world.

It reports four segments by the industry of its clients: Health Sciences, which serves hospitals, health insurers and drug and device makers; Financial Services, for banks, payment firms and insurers; Products and Resources, for manufacturers, carmakers, retailers, travel, energy and logistics companies; and Communications, Media and Technology. Revenues grew by $1,372 million, or 7.0%, in 2025, helped by its purchase of Belcan. Fixed-price contracts made up $10.0 billion of revenue, and the rest came from contracts billed by time and materials, by transaction or by volume. Its direct rivals include Accenture, Capgemini, Deloitte Digital, IBM Consulting, Infosys, Tata Consultancy Services and Wipro, plus clients' own technology staff.

At the end of 2025 Cognizant had about 351,600 employees, about 256,900 of them in India and 41,600 in North America.

Legal name
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0001058290-26-000008
0001058290

Revenue and margins

Cognizant had $21.1B of revenue in fiscal 2025, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.6B in fiscal 2025, 12.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cognizant returned $2.0B to shareholders in fiscal 2025, 77% of free cash flow. The diluted share count fell 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cognizant yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.3B and divides by 489.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.3x · peers 21.4x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cognizant can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.7B$2.5B$2.6B$2.2B$1.9B
Debt incl. finance leases $677M$659M$663M$931M$598M
Net debt / EBITDA −0.6x−0.5x−0.6x−0.4x−0.3x
Debt / equity 0.1x0.1x0.1x0.1x0.0x
Interest coverage 314.0x156.2x65.6x53.6x91.6x
Current ratio 2.1x2.2x2.3x2.1x2.1x
Quick ratio 2.1x2.2x2.3x2.1x2.1x
Total assets $17.9B$17.9B$18.5B$20.0B$20.7B
Total liabilities $5.9B$5.5B$5.3B$5.6B$5.7B
Shareholders' equity $12.0B$12.3B$13.2B$14.4B$15.0B
Net debt (− = net cash) −$2.0B−$1.8B−$2.0B−$1.3B−$1.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$1.0M

3 insiders

Of sales under plans

100%

$1.0M

DateInsiderTradeSharesPriceValueFiling
Sep 30, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 139 $56.88 $0.0M Form 4
Sep 14, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 134 $62.40 $0.0M Form 4
Sep 2, 2026 John Sunshin KimCLO, CAO & Corporate Secretary Sold plan 2,500 $63.37 $0.2M Form 4
Aug 31, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 144 $63.34 $0.0M Form 4
Aug 3, 2026 Jatin P DalalChief Financial Officer Sold plan 12,000 $55.76 $0.7M Form 4
Aug 3, 2026 John Sunshin KimCLO, CAO & Corporate Secretary Sold plan 2,500 $57.05 $0.1M Form 4
Jul 1, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 137 $39.82 $0.0M Form 4
Jun 15, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 133 $51.70 $0.0M Form 4
Jun 10, 2026 Stephen J RohlederDirector Bought 4,034 $52.00 $0.2M Form 4
Jun 1, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 146 $56.41 $0.0M Form 4
May 18, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 154 $48.04 $0.0M Form 4
Apr 2, 2026 Alina KerdmanSVP, Controller & CAO Sold plan 194 $61.29 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 6 / 84 / 86 / 8
Accruals ratio −1.1%0.6%−3.2%
Altman Z'' 7.457.387.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cognizant CTSH $33.6B 7.0% 16.1% 12.3% 16.2% 15.3x 6
Kyndryl KD $3.3B 0.2% — 2.3% 7.8% 39.9x 6 Compare →
DXC Technology DXC $2.7B −1.8% 7.7% 8.2% 9.2% 21.2x 7 Compare →
IBM IBM $241.8B 7.6% — 17.9% 15.4% 21.6x 6 Compare →
Gartner IT $15.3B 3.7% 15.8% 18.1% 44.6% 20.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.5B $14.8B $16.1B $16.8B $16.7B $18.5B $19.4B $19.4B $19.7B $21.1B
Operating income $2.3B $2.5B $2.8B $2.5B $2.1B $2.8B $3.0B $2.7B $2.9B $3.4B
Interest expense $19.0M $23.0M $27.0M $26.0M $24.0M $9.0M $19.0M $41.0M $54.0M $37.0M
Pretax income $2.4B $2.7B $2.8B $2.5B $2.1B $2.8B $3.0B $2.8B $2.9B $3.5B
Income tax $805M $1.2B $698M $643M $704M $693M $730M $668M $713M $1.3B
Net income $1.6B $1.5B $2.1B $1.8B $1.4B $2.1B $2.3B $2.1B $2.2B $2.2B
Diluted EPS $2.55 $2.53 $3.60 $3.29 $2.57 $4.05 $4.41 $4.21 $4.51 $4.56
Diluted shares 0.61B 0.60B 0.58B 0.56B 0.54B 0.53B 0.52B 0.51B 0.50B 0.49B
Cash flow
Cash from operations $1.6B $2.4B $2.6B $2.5B $3.3B $2.5B $2.6B $2.3B $2.1B $2.9B
Capital expenditure $300M $284M $377M $392M $398M $279M $332M $317M $297M $288M
Free cash flow $1.3B $2.1B $2.2B $2.1B $2.9B $2.2B $2.2B $2.0B $1.8B $2.6B
Depreciation and amortization $379M $443M $498M $526M $559M $574M $569M $555M $542M $550M
Stock-based compensation $217M $221M $267M $217M $232M $246M $261M $176M $175M $181M
Acquisitions $334M $216M $1.1B $617M $1.1B $970M $367M $409M $1.6B $0.0M
Share buybacks $512M $1.9B $1.3B $2.2B $1.6B $771M $1.4B $1.1B $605M $1.4B
Dividends paid $0.0M $265M $468M $453M $480M $509M $564M $591M $600M $610M
Dividends and buybacks $512M $2.2B $1.7B $2.7B $2.1B $1.3B $2.0B $1.7B $1.2B $2.0B
Balance sheet
Cash and short-term investments $5.2B $5.1B $4.5B $3.4B $2.7B $2.7B $2.5B $2.6B $2.2B $1.9B
Total debt $881M $800M $750M $738M $701M $664M $646M $639M $908M $576M
Finance lease liabilities $0.0M $0.0M $0.0M $26.0M $22.0M $13.0M $13.0M $24.0M $23.0M $22.0M
Current assets $8.6B $9.1B $8.6B $7.6B $6.9B $7.3B $7.3B $7.5B $7.5B $7.8B
Current liabilities $2.4B $2.8B $2.7B $3.0B $3.5B $3.5B $3.3B $3.3B $3.6B $3.7B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.3B $1.3B $1.4B $1.3B $1.3B $1.2B $1.1B $1.0B $994M $933M
Total assets $14.3B $15.2B $15.8B $16.2B $16.9B $17.9B $17.9B $18.5B $20.0B $20.7B
Total liabilities $3.5B $4.6B $4.4B $5.2B $6.1B $5.9B $5.5B $5.3B $5.6B $5.7B
Shareholders' equity $10.7B $10.7B $11.4B $11.0B $10.8B $12.0B $12.3B $13.2B $14.4B $15.0B
Margins
Operating margin 17.0% 16.8% 17.4% 14.6% 12.7% 15.3% 15.3% 13.9% 14.7% 16.1%
EBITDA margin 19.8% 19.7% 20.5% 17.8% 16.1% 18.4% 18.2% 16.8% 17.4% 18.7%
Net margin 11.5% 10.2% 13.0% 11.0% 8.4% 11.6% 11.8% 11.0% 11.4% 10.6%
FCF margin 10.0% 14.3% 13.7% 12.6% 17.4% 12.0% 11.5% 10.4% 9.3% 12.3%
Returns
Return on capital 25.8% 21.8% 29.9% 22.9% 16.3% 22.7% 22.0% 18.8% 18.0% 16.2%
Return on capital employed 20.6% 20.5% 22.0% 18.6% 15.9% 20.4% 20.6% 18.1% 18.3% 20.3%
Return on equity 15.5% 14.1% 19.0% 16.4% 12.7% 18.7% 18.9% 16.7% 16.2% 15.2%
Return on assets 11.4% 10.2% 13.5% 11.5% 8.4% 12.3% 12.8% 11.7% 11.7% 11.0%
Growth
Revenue growth 8.6% 9.8% 8.9% 4.1% −0.8% 11.1% 5.0% −0.4% 2.0% 7.0%
Net income growth −4.4% −3.2% 39.7% −12.3% −24.4% 53.5% 7.2% −7.2% 5.4% −0.5%
EPS growth −3.8% −0.8% 42.3% −8.6% −21.9% 57.6% 8.9% −4.5% 7.1% 1.1%
FCF growth −29.7% 57.8% 4.3% −4.9% 37.7% −23.6% 0.9% −10.0% −9.2% 42.0%
Share count change −0.5% −2.5% −1.9% −4.1% −3.4% −2.4% −1.7% −2.7% −1.6% −1.6%
Financial health
Net debt / EBITDA −1.6x −1.5x −1.1x −0.9x −0.8x −0.6x −0.5x −0.6x −0.4x −0.3x
Debt / equity 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.0x
Interest coverage 120.5x 107.9x 103.7x 94.4x 88.1x 314.0x 156.2x 65.6x 53.6x 91.6x
Current ratio 3.6x 3.2x 3.2x 2.6x 1.9x 2.1x 2.2x 2.3x 2.1x 2.1x
Quick ratio 3.6x 3.2x 3.2x 2.6x 1.9x 2.1x 2.2x 2.3x 2.1x 2.1x
Capital allocation
Capex / revenue 2.2% 1.9% 2.3% 2.3% 2.4% 1.5% 1.7% 1.6% 1.5% 1.4%
Stock comp / revenue 1.6% 1.5% 1.7% 1.3% 1.4% 1.3% 1.3% 0.9% 0.9% 0.9%
Payouts / FCF 38.1% 101.5% 78.1% 128.1% 72.4% 57.8% 88.8% 82.2% 66.0% 76.6%
Quality scores
Piotroski F-score 6.0 6.0 7.0 5.0 5.0 8.0 7.0 6.0 4.0 6.0
Altman Z'' 9.5 8.5 8.7 7.3 6.1 6.8 7.2 7.5 7.4 7.6
Accruals ratio −0.7% −6.1% −3.2% −4.1% −11.5% −2.1% −1.6% −1.1% 0.6% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0001058290). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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