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Cognizant Technology SolutionsCTSH

Legal name
Cognizant Technology Solutions Corporation
Sector
Technology
Industry
Services-Computer Programming Services
Exchange
Nasdaq

Stock Price $CTSH

Latest filings

You are here#67 of 91 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K105

CTSH filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’17Feb ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $21.11B
YoY changeLargest recent move+11.1%in FY21Latest +7.0%

3 older moves run past ±25% (largest +40.1%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CTSH Financial Metrics55 metrics

Income Statement11

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

Cognizant Technology Solutions Financial Overview 2021–2025

Updated Nov 2, 2026

Cognizant's ability to drive a 17.2% surge in operating income during FY2025 highlights a successful operational turnaround after years of crippling talent retention struggles. The company's aggressive "NextGen" restructuring program and targeted acquisitions have stabilized margins and reignited top-line momentum in a volatile IT services market. Anchoring this recovery, revenue grew from $18.5 billion in FY2021 to $21.1 billiona in FY2025.

Underneath the headline growth, Cognizant systematically repaired its core delivery engine. Voluntary attrition plunged from a peak of 30.8% in FY2021 to 13.9% by FY2025, drastically reducing recruitment and compensation pressures. This workforce stabilization, combined with cost optimizations, expanded the company's operating margin by 140 basis points to 16.1% in FY2025. Top-line expansion was further bolstered by the $1.3 billionb Belcan acquisition, which alone contributed 260 basis points to the 7.0% revenue growth in FY2025. While a $390 million one-time tax expense compressed GAAP profitability, adjusted earnings still jumped 11.2% for the year. The market rewarded this structural optimization; at the close of FY2025, the stock traded at $83.00, valuing the company at a $39.8 billion market cap and an 18.2x P/E multiple against $4.56 in reported earnings per share.

Recent Developments (Q2 and Q3 2026)

Cognizant sustained its top-line momentum into the second half of 2026, highlighted by a 4.6% year-over-year revenue increase to $5.7 billionc in Q3 2026. The Financial Services segment anchored this performance with consecutive quarters of 12% growth. Operationally, the company launched Project Leap, a major AI-focused restructuring initiative that incurred $135 million in charges through the first nine months of 2026. Despite these costs, adjusted operating margins expanded 30 basis points year-over-year to 16.3% in the third quarter. Management aggressively returned capital, repurchasing $1.15 billion in stock during Q2 2026 after a $2 billion buyback authorization increase, and secured a new $2.4 billion credit facility in October 2026 to extend maturities.

Bulls argue the stock is cheaply valued at 13.7xd earnings as of the Q3 2026 reporting date, given the firm's margin expansion and robust share repurchases. Bears counter that the 6% decline in Q2 2026 bookings and reliance on costly internal restructurings signal underlying fragility in enterprise IT spending.

What to watch: trailing-twelve-month bookings translating into revenue; further restructuring costs from Project Leap.

03—Filings

Recent SEC Filings

  1. 8-KCognizant Technology Solutions 8-K Report, Financial Results (Oct 29, 2026)Cognizant Technology Solutions Corporation (CTSH) reported its third-quarter 2026 financial results, demonstrating steady revenue growth and improved profitability metrics. Revenue increased by 4.6% year-over-year to $5.7 billion, with a notable 12% growth in the Financial Services segment. The company also achieved an adjusted operating margin expansion of 30 basis points year-over-year, reaching 16.3%, and reported strong adjusted diluted EPS growth of 7.2% to $1.49. Management provided an optimistic outlook, revising full-year 2026 constant currency revenue growth guidance to 4.0% to 4.4% and reiterating adjusted operating margin guidance of approximately 16.1%. The company continues to invest in AI capabilities, with over 50% of its code now AI-assisted, and is actively engaged in strategic client wins and partnerships across various industries. Capital allocation remains a focus, with significant share repurchases and dividend payments made during the quarter.
  2. 8-KCognizant Technology Solutions 8-K Report, Material Agreement (Oct 6, 2026)Cognizant Technology Solutions Corporation (CTSH) has entered into a new, unsecured credit agreement, establishing a $550 million Term Loan Facility and a $1.85 billion Revolving Credit Facility. This new facility has a maturity date of October 3, 2031. The proceeds from the Term Loan Facility were used to refinance existing term debt, and approximately $1.0 billion of the Revolving Credit Facility was drawn to refinance existing revolving credit. The Revolving Credit Facility is available for general corporate purposes. This refinancing enhances the company's liquidity and extends its debt maturity profile. The new credit facilities are unsecured and bear interest based on either a Term Benchmark or ABR Rate, plus an applicable margin that will be determined by the company's Index Debt Rating or Leverage Ratio. A key financial covenant requires the Company to maintain a Leverage Ratio not exceeding 3.50:1.00, with a potential temporary increase to 4.00:1.00 following material acquisitions.
  3. 8-KCognizant Technology Solutions 8-K Report, Financial Results (Jul 29, 2026)Cognizant (CTSH) reported second-quarter 2026 results on July 29, 2026, with revenue of $5.48 billion, up 4.5% year-over-year (4.1% in constant currency). GAAP diluted EPS was $1.36 (up 3.8%) and Adjusted Diluted EPS was $1.37 (up 4.6%). GAAP operating margin was 15.9% and Adjusted Operating Margin was 16.0%, up 30 and 40 basis points year-over-year. Financial Services was the standout segment, growing 12.0% reported (11.7% constant currency) for a second consecutive quarter of double-digit growth. Trailing-twelve-month bookings rose 5% to $29.1 billion (book-to-bill about 1.3x), although Q2 bookings alone fell 6% year-over-year. The company raised the low end of its full-year 2026 Adjusted Diluted EPS guidance to $5.70 to $5.82 (8% to 10% growth), while revising constant currency revenue growth guidance to 4.0% to 5.5%. Adjusted Operating Margin guidance was unchanged at 16.0% to 16.2%. Q2 GAAP results included $84 million of Project Leap restructuring charges, which were partly offset by an $81 million benefit from a partial reversal of the India Defined Contribution Obligation. Investors should note that the Adjusted EPS figures exclude these items, and the Project Leap costs are expected to total $230 million to $320 million in 2026. Capital deployment was heavy in the quarter. Cognizant repurchased 22.5 million shares for $1.15 billion, including a $500 million accelerated share repurchase, and completed the Astreya acquisition for $634 million, funded in part by a $1.0 billion revolver draw. Total debt rose to about $1.56 billion, and cash fell to $1.04 billion, leaving net cash negative relative to year-end 2025. Free cash flow was $459 million in the quarter. Management also announced a quarterly dividend of $0.33 per share.
  4. 8-KCognizant Technology Solutions 8-K Report, Regulation FD Disclosure (Jul 10, 2026)Cognizant Technology Solutions (CTSH) disclosed in this Form 8-K (filed July 10, 2026) the proposed settlement of a stockholder derivative action, Palempalli v. Patsalos-Fox, et al. (D.N.J. No. 2:21-cv-12025). The U.S. District Court for the District of New Jersey entered a Preliminary Approval Order on June 30, 2026, and the Company is filing the Long-Form Notice (Exhibit 99.1) and Stipulation of Settlement (Exhibit 99.2) to comply with the order's notice requirements. The filing itself is a disclosure obligation rather than a new operating or financial event; no earnings, guidance, or balance sheet information is included. The economic terms are modest. Defendants' insurers agreed to pay Cognizant $5.5 million, less a court-approved attorneys' fee and expense award capped at $1.83 million (about 33% of the fund) and a plaintiff service award of up to $15,000. Because this is a derivative action, the recovery goes to the Company, not to stockholders, and there is no claims process or common fund. Defendants deny all wrongdoing, and the settlement is not an admission of liability. The claims concerned alleged FCPA violations, false statements, excessive share repurchases at inflated prices, and exposure to the previously settled $95 million securities class action (Securities Action), most of which was funded by D&O insurers. For investors, the key points are that the settlement resolves a long-running governance dispute with a limited financial impact, that it is subject to a settlement hearing before Judge Stacey D. Adams on September 14, 2026, and that stockholder objections are due by August 31, 2026. Note that the Long-Form Notice contains a hearing date and judge that differ from the blank template in the Stipulation exhibits, which is consistent with the final version being filed. The settlement is also conditioned on final judgment and the judgment becoming final, so the $5.5 million remains contingent until those steps are complete.
  5. 8-KCognizant Technology Solutions 8-K Report, Shareholder Vote Results (Jun 3, 2026)Cognizant Technology Solutions Corporation (CTSH) filed an 8-K detailing the results of its annual shareholder meeting held on June 2, 2026. The meeting saw strong participation, with approximately 92.90% of outstanding shares present or represented by proxy. All 13 director nominees were re-elected, indicating shareholder confidence in the current board leadership. Additionally, shareholders approved the advisory vote on executive compensation (Say-on-Pay) and ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the upcoming fiscal year. However, a notable outcome was the disapproval of Proposal 4, a shareholder proposal seeking to adopt a right for shareholders to act by written consent. This suggests that the current governance structure and shareholder action mechanisms are favored by the majority of voting shareholders over the proposed change to allow written consent. Overall, the meeting reflects shareholder alignment with the company's existing board and auditor, but a divergence on proposals related to shareholder rights and governance flexibility.
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04—See also

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