Cognizant Technology Solutions (CTSH) Financials

$69.58 +0.46 (+0.67%)

Closing price 04:00 PM Eastern

Extended Trading

$69.56 -0.02 (-0.03%)

As of 04:25 PM Eastern

Annual Income Statements for Cognizant Technology Solutions

This table shows Cognizant Technology Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240
Consolidated Net Income / (Loss)	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240
Net Income / (Loss) Continuing Operations	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240
Total Pre-Tax Income	1,924	2,164	2,357	2,655	2,797	2,543	2,096	2,827	3,016	2,787	2,938
Total Operating Income	1,885	2,142	2,289	2,481	2,801	2,453	2,114	2,826	2,968	2,689	2,892
Total Gross Profit	4,122	4,976	5,379	5,658	6,287	6,149	5,981	6,903	6,980	6,689	6,778
Total Revenue	10,263	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736
Operating Revenue	10,263	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736
Total Cost of Revenue	6,141	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958
Operating Cost of Revenue	6,141	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958
Total Operating Expenses	2,237	2,834	3,090	3,177	3,486	3,696	3,867	4,077	4,012	4,000	3,886
Selling, General & Admin Expense	2,037	2,509	2,731	2,697	3,007	2,972	3,100	3,503	3,443	3,252	3,223
Depreciation Expense	200	325	359	408	460	507	552	574	569	519	529
Restructuring Charge	-	-	-	72	19	217	215	0.00	0.00	229	134
Total Other Income / (Expense), net	39	22	68	174	-4.00	90	-18	1.00	48	98	46
Interest Expense	3.00	18	19	23	27	26	24	9.00	19	41	54
Interest & Investment Income	62	84	115	133	177	176	119	30	59	126	119
Other Income / (Expense), net	-20	-44	-28	64	-154	-60	-113	-20	8.00	13	-19
Income Tax Expense	485	540	805	1,153	698	643	704	693	730	668	713
Other Gains / (Losses), net	0.00	0.00	1.00	2.00	2.00	-58	0.00	3.00	4.00	7.00	15
Basic Earnings per Share	$2.37	$2.67	$2.56	$2.54	$3.61	$3.30	$2.58	$4.06	$4.42	$4.21	$4.52
Weighted Average Basic Shares Outstanding	608M	609M	607M	593M	582M	559M	540M	527M	518M	505M	496M
Diluted Earnings per Share	$2.35	$2.65	$2.55	$2.53	$3.60	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51
Weighted Average Diluted Shares Outstanding	613M	613M	610M	595M	584M	560M	541M	528M	519M	505M	497M
Weighted Average Basic & Diluted Shares Outstanding	607.30M	608.20M	606.60M	592.10M	614.30M	548.64M	530.61M	524.53M	509.29M	497.84M	494.62M
Cash Dividends to Common per Share	-	$0.00	$0.00	-	$0.00	$0.80	$0.88	$0.96	$1.08	$1.16	$1.20

This table shows Cognizant Technology Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	521	580	463	525	558	546	566	582	546	663	645
Consolidated Net Income / (Loss)	521	580	463	525	558	546	566	582	546	663	645
Net Income / (Loss) Continuing Operations	521	580	463	525	558	546	566	582	546	663	645
Total Pre-Tax Income	714	738	587	713	749	722	728	748	740	872	842
Total Operating Income	686	702	577	686	724	695	708	738	751	853	817
Total Gross Profit	1,687	1,669	1,655	1,688	1,677	1,614	1,646	1,733	1,785	1,718	1,766
Total Revenue	4,839	4,812	4,886	4,897	4,758	4,760	4,850	5,044	5,082	5,115	5,245
Operating Revenue	4,839	4,812	4,886	4,897	4,758	4,760	4,850	5,044	5,082	5,115	5,245
Total Cost of Revenue	3,152	3,143	3,231	3,209	3,081	3,146	3,204	3,311	3,297	3,397	3,479
Operating Cost of Revenue	3,152	3,143	3,231	3,209	3,081	3,146	3,204	3,311	3,297	3,397	3,479
Total Operating Expenses	1,001	967	1,078	1,002	953	919	938	995	1,034	865	949
Selling, General & Admin Expense	860	835	830	801	786	765	781	833	844	791	810
Depreciation Expense	141	132	131	129	127	131	128	129	141	136	139
Restructuring Charge	-	0.00	117	72	40	23	29	33	49	0.00	0.00
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-	-	-62	0.00
Total Other Income / (Expense), net	28	36	10	27	25	27	20	10	-11	19	25
Interest Expense	8.00	9.00	10	11	11	11	10	14	19	12	9.00
Interest & Investment Income	27	30	30	32	34	30	30	31	28	30	23
Other Income / (Expense), net	9.00	15	-10	6.00	2.00	8.00	0.00	-7.00	-20	1.00	11
Income Tax Expense	193	158	124	191	195	179	165	170	199	213	197
Other Gains / (Losses), net	-	0.00	0.00	3.00	4.00	3.00	3.00	4.00	5.00	4.00	0.00
Basic Earnings per Share	$1.02	$1.14	$0.92	$1.04	$1.11	$1.10	$1.14	$1.17	$1.11	$1.34	$1.31
Weighted Average Basic Shares Outstanding	518M	509M	506M	504M	505M	497M	497M	496M	496M	494M	492M
Diluted Earnings per Share	$1.01	$1.14	$0.91	$1.04	$1.12	$1.10	$1.14	$1.17	$1.10	$1.34	$1.31
Weighted Average Diluted Shares Outstanding	519M	509M	507M	505M	505M	498M	498M	496M	497M	495M	492M
Weighted Average Basic & Diluted Shares Outstanding	509.29M	507.48M	505.04M	501.41M	497.84M	497.20M	495.66M	495.82M	494.62M	492.94M	488.40M
Cash Dividends to Common per Share	-	$0.29	$0.29	$0.29	-	$0.30	$0.30	$0.30	-	-	$0.31

This table details how cash moves in and out of Cognizant Technology Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-203	115	-91	-109	-764	1,484	35	-888	502	423	-486
Net Cash From Operating Activities	1,473	2,187	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124
Net Cash From Continuing Operating Activities	1,473	2,187	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124
Net Income / (Loss) Continuing Operations	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240
Consolidated Net Income / (Loss)	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240
Depreciation Expense	208	330	379	443	498	526	559	574	569	555	542
Non-Cash Adjustments To Reconcile Net Income	147	251	275	150	392	336	351	245	306	-162	207
Changes in Operating Assets and Liabilities, net	-321	-18	-562	310	-399	-205	997	-461	-597	-189	-865
Net Cash From Investing Activities	-3,161	-1,371	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646
Net Cash From Continuing Investing Activities	-3,161	-1,371	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646
Purchase of Property, Plant & Equipment	-212	-273	-300	-284	-377	-392	-398	-279	-332	-317	-297
Acquisitions	-2,691	-2.00	-334	-216	-1,111	-617	-1,123	-970	-367	-409	-1,615
Purchase of Investments	-2,498	-3,004	-5,169	-4,726	-3,506	-1,509	-733	-2,293	-1,817	-441	-2.00
Divestitures	-	-	-	-	-	-	0.00	0.00	28	0.00	0.00
Sale and/or Maturity of Investments	2,240	1,908	4,840	4,644	3,367	4,106	1,016	1,378	2,382	836	268
Net Cash From Financing Activities	1,503	-682	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915
Net Cash From Continuing Financing Activities	1,503	-682	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915
Repayment of Debt	626	-53	-407	-95	-170	-28	-1,790	-53	-689	-25	-373
Repurchase of Common Equity	-248	-460	-512	-1,889	-1,261	-2,247	-1,621	-771	-1,422	-1,064	-605
Payment of Dividends	-	0.00	0.00	-265	-468	-453	-480	-509	-564	-591	-600
Issuance of Debt	1,000	-300	0.00	75	0.00	0.00	1,740	0.00	650	0.00	600
Issuance of Common Equity	101	131	176	189	181	159	142	130	86	71	63
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	-	-49
Cash Interest Paid	0.00	14	16	21	21	25	25	7.00	15	40	53
Cash Income Taxes Paid	559	579	845	587	597	870	745	625	813	1,245	1,120

This table details how cash moves in and out of Cognizant Technology Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	252	164	-403	149	513	-486	-38	-180	218	-251	-184
Net Cash From Operating Activities	702	729	36	828	737	95	262	847	920	400	398
Net Cash From Continuing Operating Activities	702	729	36	828	737	95	262	847	920	400	398
Net Income / (Loss) Continuing Operations	521	580	463	525	558	546	566	582	546	663	645
Consolidated Net Income / (Loss)	521	580	463	525	558	546	566	582	546	663	645
Depreciation Expense	141	132	141	146	136	133	133	133	143	136	139
Non-Cash Adjustments To Reconcile Net Income	22	71	44	75	-352	74	47	36	50	-26	39
Changes in Operating Assets and Liabilities, net	18	-54	-612	82	395	-658	-484	96	181	-373	-425
Net Cash From Investing Activities	-78	-215	-85	-199	168	-238	-79	-1,250	-79	-7.00	-82
Net Cash From Continuing Investing Activities	-78	-215	-85	-199	168	-238	-79	-1,250	-79	-7.00	-82
Purchase of Property, Plant & Equipment	-90	-98	-68	-73	-78	-79	-79	-56	-83	-77	-67
Sale and/or Maturity of Investments	666	321	156	133	226	262	1.00	-	5.00	0.00	1.00
Net Cash From Financing Activities	-431	-350	-354	-450	-455	-304	-221	212	-602	-657	-516
Net Cash From Continuing Financing Activities	-431	-350	-354	-450	-455	-304	-221	212	-602	-657	-516
Repayment of Debt	-642	-1.00	-10	-4.00	-10	-40	-10	-11	-312	-312	-9.00
Repurchase of Common Equity	-315	-222	-214	-315	-313	-133	-76	-242	-154	-209	-368
Payment of Dividends	-139	-150	-148	-147	-146	-151	-150	-149	-150	-155	-153
Issuance of Common Equity	15	23	18	16	14	20	15	14	14	19	14
Effect of Exchange Rate Changes	59	0.00	-	-30	63	-39	-	11	-	13	16

This table presents Cognizant Technology Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	11,479	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966
Total Current Assets	6,421	7,909	8,600	9,111	8,610	7,611	6,851	7,342	7,266	7,506	7,504
Cash & Equivalents	2,010	2,125	2,034	1,925	1,161	2,645	2,680	1,792	2,191	2,621	2,231
Short-Term Investments	1,765	2,824	3,135	3,131	3,350	779	44	927	310	14	12
Accounts Receivable	2,293	2,622	2,905	3,222	3,190	3,256	3,087	3,557	3,796	3,849	4,059
Other Current Assets	353	338	526	833	909	931	1,040	1,066	969	1,022	1,202
Plant, Property, & Equipment, net	1,247	1,271	1,311	1,324	1,394	1,309	1,251	1,171	1,101	1,048	994
Total Noncurrent Assets	3,811	3,881	4,351	4,786	5,842	7,284	8,821	9,339	9,485	9,929	11,468
Long-Term Investments	-	0.00	62	235	80	17	440	463	427	435	90
Goodwill	2,414	2,405	2,554	2,704	3,481	3,979	5,031	5,620	5,710	6,085	6,953
Intangible Assets	954	864	951	981	1,150	1,041	1,046	1,218	1,168	1,149	1,599
Noncurrent Deferred & Refundable Income Taxes	234	348	425	418	442	585	445	404	642	993	1,248
Other Noncurrent Operating Assets	210	264	359	448	689	1,662	1,859	1,634	1,538	1,267	1,578
Total Liabilities & Shareholders' Equity	11,479	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966
Total Liabilities	3,739	3,783	3,534	4,552	4,422	5,182	6,087	5,861	5,543	5,256	5,558
Total Current Liabilities	2,592	2,714	2,418	2,839	2,710	2,983	3,540	3,529	3,347	3,333	3,585
Short-Term Debt	700	406	81	175	9.00	38	38	38	8.00	33	33
Accounts Payable	146	165	175	210	215	239	389	361	360	337	340
Accrued Expenses	1,522	1,819	1,856	2,071	2,200	2,191	2,519	2,532	2,407	2,425	2,610
Current Deferred Revenue	224	324	306	383	286	313	383	403	398	385	450
Other Current Liabilities	-	-	-	-	-	202	211	195	174	153	152
Total Noncurrent Liabilities	1,147	1,069	1,116	1,713	1,712	2,199	2,547	2,332	2,196	1,923	1,973
Long-Term Debt	938	877	797	698	736	700	663	626	638	606	875
Capital Lease Obligations	-	-	-	-	-	745	846	783	714	523	420
Noncurrent Deferred Revenue	81	49	151	688	540	501	464	418	302	199	30
Noncurrent Deferred & Payable Income Tax Liabilities	12	3.00	6.00	146	183	35	206	218	180	226	154
Other Noncurrent Operating Liabilities	116	140	162	181	253	218	368	287	362	369	494
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,740	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408
Total Preferred & Common Equity	7,740	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,740	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408
Common Stock	562	459	364	55	53	38	37	32	20	20	18
Retained Earnings	7,302	8,925	10,478	10,544	11,485	11,022	10,689	11,922	12,588	13,301	14,686
Accumulated Other Comprehensive Income / (Loss)	-123	-106	-114	70	-114	-38	110	37	-299	-94	-296

This table presents Cognizant Technology Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	17,852	18,147	17,967	18,079	18,483	18,408	18,580	20,164	19,966	19,967	20,164
Total Current Assets	7,266	7,228	6,951	7,127	7,506	7,086	7,245	7,548	7,504	7,545	7,606
Cash & Equivalents	2,191	2,458	2,055	2,204	2,621	2,231	2,193	2,013	2,231	1,980	1,796
Short-Term Investments	310	23	40	164	14	12	12	12	12	12	12
Accounts Receivable	3,796	3,718	3,755	3,807	3,849	3,822	3,973	4,206	4,059	4,239	4,402
Other Current Assets	969	1,029	1,101	952	1,022	1,021	1,067	1,317	1,202	1,314	1,396
Plant, Property, & Equipment, net	1,101	1,102	1,087	1,048	1,048	1,036	1,009	1,001	994	988	976
Total Noncurrent Assets	9,485	9,817	9,929	9,904	9,929	10,286	10,326	11,615	11,468	11,434	11,582
Long-Term Investments	427	424	425	432	435	83	86	90	90	94	110
Goodwill	5,710	6,040	6,065	6,013	6,085	6,393	6,395	7,132	6,953	7,006	7,120
Intangible Assets	1,168	1,262	1,228	1,174	1,149	1,171	1,129	1,681	1,599	1,555	1,523
Noncurrent Deferred & Refundable Income Taxes	642	666	762	935	993	993	1,095	1,091	1,248	1,216	1,256
Other Noncurrent Operating Assets	1,538	1,425	1,449	1,350	1,267	1,646	1,621	1,621	1,578	1,563	1,573
Total Liabilities & Shareholders' Equity	17,852	18,147	17,967	18,079	18,483	18,408	18,580	20,164	19,966	19,967	20,164
Total Liabilities	5,543	5,486	5,064	5,197	5,256	4,918	4,682	5,712	5,558	5,068	4,876
Total Current Liabilities	3,347	3,321	3,056	3,191	3,333	3,012	2,946	3,388	3,585	3,406	3,156
Short-Term Debt	8.00	16	24	33	33	33	33	33	33	33	33
Accounts Payable	360	332	318	325	337	291	298	304	340	326	279
Accrued Expenses	2,407	2,331	2,163	2,367	2,425	2,096	2,076	2,504	2,610	2,373	2,249
Current Deferred Revenue	398	469	380	302	385	449	391	355	450	519	440
Other Current Liabilities	174	173	171	164	153	143	148	192	152	155	155
Total Noncurrent Liabilities	2,196	2,165	2,008	2,006	1,923	1,906	1,736	2,324	1,973	1,662	1,720
Long-Term Debt	638	630	622	614	606	598	590	1,183	875	567	559
Capital Lease Obligations	714	688	664	634	523	503	466	455	420	424	430
Noncurrent Deferred Revenue	302	315	187	191	199	193	29	28	30	33	34
Noncurrent Deferred & Payable Income Tax Liabilities	180	215	220	220	226	201	203	218	154	171	169
Other Noncurrent Operating Liabilities	362	317	315	347	369	411	448	440	494	467	528
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,309	12,661	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288
Total Preferred & Common Equity	12,309	12,661	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,309	12,661	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288
Common Stock	20	27	22	21	20	25	20	63	18	24	19
Retained Earnings	12,588	12,856	13,022	13,146	13,301	13,621	14,028	14,347	14,686	15,040	15,226
Accumulated Other Comprehensive Income / (Loss)	-299	-222	-141	-285	-94	-156	-150	42	-296	-165	43

This table displays calculated financial ratios and metrics derived from Cognizant Technology Solutions' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.06%	20.98%	8.63%	9.81%	8.88%	4.08%	-0.78%	11.14%	4.98%	-0.39%	1.98%
EBITDA Growth	13.97%	17.12%	8.73%	13.18%	5.25%	-7.19%	-12.30%	32.03%	4.88%	-8.12%	4.85%
EBIT Growth	13.79%	12.49%	7.77%	12.56%	4.01%	-9.60%	-16.38%	40.23%	6.06%	-9.21%	6.33%
NOPAT Growth	15.43%	14.02%	-6.24%	-6.88%	49.76%	-12.81%	-23.40%	51.95%	5.46%	-9.12%	7.13%
Net Income Growth	17.13%	12.86%	-4.37%	-3.16%	39.69%	-12.33%	-24.43%	53.52%	7.16%	-7.16%	5.36%
EPS Growth	16.34%	12.77%	-3.77%	-0.78%	42.29%	-8.61%	-21.88%	57.59%	8.89%	-4.54%	7.13%
Operating Cash Flow Growth	3.46%	48.47%	-24.78%	46.32%	7.69%	-3.59%	32.01%	-24.37%	2.93%	-9.27%	-8.84%
Free Cash Flow Firm Growth	-319.13%	188.57%	-53.44%	105.26%	-49.27%	-55.26%	260.18%	-12.23%	60.97%	-16.89%	-92.76%
Invested Capital Growth	134.60%	0.16%	13.60%	-1.95%	21.23%	19.61%	1.71%	11.25%	4.73%	5.38%	18.41%
Revenue Q/Q Growth	3.92%	4.11%	1.73%	2.53%	1.90%	0.93%	-0.60%	3.31%	0.32%	-0.42%	1.67%
EBITDA Q/Q Growth	2.29%	3.98%	0.36%	5.96%	3.32%	-5.81%	-4.51%	8.75%	-1.12%	0.80%	0.35%
EBIT Q/Q Growth	1.72%	3.33%	-0.15%	6.13%	3.60%	-7.07%	-6.36%	10.91%	-1.23%	1.16%	0.17%
NOPAT Q/Q Growth	2.63%	3.83%	-0.10%	-23.98%	42.97%	-5.16%	-8.99%	13.74%	-3.07%	1.74%	0.66%
Net Income Q/Q Growth	2.73%	3.92%	-0.50%	-22.39%	46.41%	-12.08%	-5.37%	13.85%	-2.35%	1.77%	-0.53%
EPS Q/Q Growth	2.17%	3.11%	-1.16%	-22.15%	46.94%	-10.84%	-4.81%	14.41%	-2.00%	2.68%	-0.44%
Operating Cash Flow Q/Q Growth	-10.98%	22.35%	-6.78%	10.67%	-4.92%	10.43%	-1.20%	-2.84%	-4.57%	1.53%	9.43%
Free Cash Flow Firm Q/Q Growth	-300.95%	212.97%	-22.91%	18.50%	-46.60%	239.50%	-37.41%	-1.10%	16.19%	85.76%	122.62%
Invested Capital Q/Q Growth	102.77%	-2.00%	1.68%	-8.44%	10.69%	0.41%	7.52%	9.80%	5.90%	-0.39%	-4.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.16%	40.08%	39.88%	38.20%	38.99%	36.64%	35.92%	37.30%	35.93%	34.56%	34.34%
EBITDA Margin	20.20%	19.56%	19.57%	20.18%	19.50%	17.39%	15.37%	18.26%	18.25%	16.83%	17.30%
Operating Margin	18.37%	17.25%	16.97%	16.75%	17.37%	14.62%	12.70%	15.27%	15.28%	13.89%	14.65%
EBIT Margin	18.17%	16.90%	16.76%	17.18%	16.42%	14.26%	12.02%	15.16%	15.32%	13.96%	14.56%
Profit (Net Income) Margin	14.02%	13.08%	11.51%	10.16%	13.03%	10.98%	8.36%	11.55%	11.79%	10.99%	11.35%
Tax Burden Percent	74.79%	75.05%	65.89%	56.65%	75.12%	72.43%	66.41%	75.59%	75.93%	76.28%	76.24%
Interest Burden Percent	103.16%	103.15%	104.25%	104.32%	105.67%	106.27%	104.75%	100.75%	101.34%	103.15%	102.26%
Effective Tax Rate	25.21%	24.95%	34.15%	43.43%	24.96%	25.29%	33.59%	24.51%	24.20%	23.97%	24.27%
Return on Invested Capital (ROIC)	35.28%	28.67%	25.15%	22.23%	30.40%	22.03%	15.36%	21.91%	21.43%	18.54%	17.72%
ROIC Less NNEP Spread (ROIC-NNEP)	34.29%	28.10%	24.01%	19.94%	30.42%	21.71%	16.03%	21.68%	18.98%	13.85%	14.30%
Return on Net Nonoperating Assets (RNNOA)	-14.54%	-9.58%	-9.62%	-8.17%	-11.38%	-5.61%	-2.62%	-3.18%	-2.58%	-1.88%	-1.51%
Return on Equity (ROE)	20.74%	19.09%	15.53%	14.06%	19.02%	16.41%	12.74%	18.72%	18.85%	16.65%	16.21%
Cash Return on Invested Capital (CROIC)	-45.17%	28.51%	12.42%	24.20%	11.21%	4.17%	13.66%	11.26%	16.81%	13.30%	0.86%
Operating Return on Assets (OROA)	19.02%	17.10%	16.55%	17.26%	17.04%	14.93%	12.08%	16.14%	16.67%	14.87%	14.94%
Return on Assets (ROA)	14.67%	13.24%	11.37%	10.20%	13.53%	11.49%	8.40%	12.29%	12.83%	11.70%	11.65%
Return on Common Equity (ROCE)	20.74%	19.09%	15.53%	14.06%	19.02%	16.41%	12.74%	18.72%	18.85%	16.65%	16.21%
Return on Equity Simple (ROE_SIMPLE)	18.59%	17.50%	14.48%	14.10%	18.39%	16.71%	12.85%	17.82%	18.60%	16.07%	15.55%
Net Operating Profit after Tax (NOPAT)	1,410	1,607	1,507	1,404	2,102	1,833	1,404	2,133	2,250	2,044	2,190
NOPAT Margin	13.74%	12.95%	11.18%	9.48%	13.04%	10.92%	8.43%	11.53%	11.58%	10.56%	11.10%
Net Nonoperating Expense Percent (NNEP)	0.99%	0.57%	1.14%	2.29%	-0.02%	0.32%	-0.67%	0.22%	2.45%	4.69%	3.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	16.46%	14.21%	13.92%
Cost of Revenue to Revenue	59.84%	59.92%	60.12%	61.80%	61.01%	63.36%	64.08%	62.70%	64.07%	65.44%	65.66%
SG&A Expenses to Revenue	19.85%	20.21%	20.25%	18.21%	18.65%	17.71%	18.62%	18.93%	17.72%	16.80%	16.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.80%	22.83%	22.91%	21.45%	21.62%	22.02%	23.22%	22.03%	20.65%	20.67%	19.69%
Earnings before Interest and Taxes (EBIT)	1,865	2,098	2,261	2,545	2,647	2,393	2,001	2,806	2,976	2,702	2,873
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,073	2,428	2,640	2,988	3,145	2,919	2,560	3,380	3,545	3,257	3,415
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.75	3.56	2.87	3.57	2.96	2.87	3.82	3.72	2.31	2.82	2.65
Price to Tangible Book Value (P/TBV)	6.63	5.49	4.26	5.46	4.98	5.27	8.69	8.65	5.23	6.22	6.51
Price to Revenue (P/Rev)	2.83	2.66	2.28	2.57	2.10	1.89	2.48	2.41	1.46	1.93	1.93
Price to Earnings (P/E)	20.15	20.33	19.80	25.35	16.10	17.17	29.72	20.85	12.41	17.53	17.02
Dividend Yield	0.00%	0.00%	0.00%	0.70%	1.37%	1.38%	1.14%	1.13%	1.95%	1.56%	1.56%
Earnings Yield	4.96%	4.92%	5.05%	3.95%	6.21%	5.82%	3.36%	4.80%	8.06%	5.70%	5.87%
Enterprise Value to Invested Capital (EV/IC)	4.79	5.23	4.14	5.39	3.95	3.27	4.31	4.18	2.50	3.12	2.77
Enterprise Value to Revenue (EV/Rev)	2.62	2.36	1.96	2.28	1.86	1.77	2.39	2.31	1.38	1.83	1.88
Enterprise Value to EBITDA (EV/EBITDA)	12.96	12.08	10.00	11.28	9.53	10.17	15.53	12.67	7.58	10.86	10.87
Enterprise Value to EBIT (EV/EBIT)	14.40	13.99	11.67	13.24	11.32	12.40	19.87	15.26	9.03	13.09	12.92
Enterprise Value to NOPAT (EV/NOPAT)	19.05	18.25	17.51	24.01	14.26	16.19	28.31	20.07	11.94	17.30	16.95
Enterprise Value to Operating Cash Flow (EV/OCF)	18.24	13.42	16.04	14.00	11.56	11.88	12.05	17.16	10.46	15.18	17.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	18.36	35.46	22.06	38.67	85.59	31.83	39.06	15.22	24.11	349.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.14	0.08	0.08	0.07	0.13	0.14	0.12	0.11	0.09	0.09
Long-Term Debt to Equity	0.12	0.09	0.07	0.07	0.06	0.13	0.14	0.12	0.11	0.09	0.09
Financial Leverage	-0.42	-0.34	-0.40	-0.41	-0.37	-0.26	-0.16	-0.15	-0.14	-0.14	-0.11
Leverage Ratio	1.41	1.44	1.37	1.38	1.41	1.43	1.52	1.52	1.47	1.42	1.39
Compound Leverage Factor	1.46	1.49	1.42	1.44	1.49	1.52	1.59	1.53	1.49	1.47	1.42
Debt to Total Capital	17.46%	12.15%	7.57%	7.56%	6.12%	11.86%	12.49%	10.77%	9.95%	8.08%	8.44%
Short-Term Debt to Total Capital	7.46%	3.84%	0.70%	1.52%	0.07%	0.30%	0.31%	0.28%	0.06%	0.23%	0.21%
Long-Term Debt to Total Capital	10.00%	8.30%	6.87%	6.05%	6.05%	11.56%	12.19%	10.49%	9.89%	7.85%	8.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.54%	87.85%	92.43%	92.44%	93.88%	88.14%	87.51%	89.23%	90.05%	91.92%	91.56%
Debt to EBITDA	0.79	0.53	0.33	0.29	0.24	0.51	0.60	0.43	0.38	0.36	0.39
Net Debt to EBITDA	-1.03	-1.51	-1.65	-1.48	-1.22	-0.67	-0.63	-0.51	-0.44	-0.59	-0.29
Long-Term Debt to EBITDA	0.45	0.36	0.30	0.23	0.23	0.50	0.59	0.42	0.38	0.35	0.38
Debt to NOPAT	1.16	0.80	0.58	0.62	0.35	0.81	1.10	0.68	0.60	0.57	0.61
Net Debt to NOPAT	-1.52	-2.28	-2.89	-3.15	-1.83	-1.07	-1.15	-0.81	-0.70	-0.93	-0.46
Long-Term Debt to NOPAT	0.67	0.55	0.53	0.50	0.35	0.79	1.07	0.66	0.60	0.55	0.59
Altman Z-Score	7.38	8.15	8.24	8.01	7.62	6.48	6.57	7.31	5.97	7.06	6.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.48	2.91	3.56	3.21	3.18	2.55	1.94	2.08	2.17	2.25	2.09
Quick Ratio	2.34	2.79	3.34	2.92	2.84	2.24	1.64	1.78	1.88	1.95	1.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,805	1,598	744	1,528	775	347	1,249	1,096	1,765	1,466	106
Operating Cash Flow to CapEx	694.81%	801.10%	548.33%	847.54%	687.53%	637.50%	828.89%	894.27%	773.49%	735.02%	715.15%
Free Cash Flow to Firm to Interest Expense	-601.62	88.81	39.17	66.42	28.70	13.34	52.04	121.81	92.87	35.77	1.97
Operating Cash Flow to Interest Expense	491.00	121.50	86.58	104.65	96.00	96.12	137.46	277.22	135.16	56.83	39.33
Operating Cash Flow Less CapEx to Interest Expense	420.33	106.33	70.79	92.30	82.04	81.04	120.88	246.22	117.68	49.10	33.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.05	1.01	0.99	1.00	1.04	1.05	1.01	1.06	1.09	1.07	1.03
Accounts Receivable Turnover	4.92	5.05	4.88	4.83	5.03	5.21	5.25	5.57	5.28	5.06	4.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.82	9.86	10.45	11.24	11.87	12.42	13.01	15.28	17.10	18.01	19.33
Accounts Payable Turnover	47.40	47.89	47.69	47.54	46.30	46.85	33.98	30.94	34.53	36.34	38.28
Days Sales Outstanding (DSO)	74.13	72.25	74.79	75.50	72.57	70.09	69.52	65.52	69.07	72.09	73.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	7.70	7.62	7.65	7.68	7.88	7.79	10.74	11.80	10.57	10.04	9.53
Cash Conversion Cycle (CCC)	66.43	64.63	67.14	67.82	64.69	62.30	58.78	53.72	58.50	62.05	63.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,603	5,612	6,375	6,251	7,578	9,064	9,219	10,256	10,741	11,319	13,403
Invested Capital Turnover	2.57	2.21	2.25	2.35	2.33	2.02	1.82	1.90	1.85	1.75	1.60
Increase / (Decrease) in Invested Capital	3,215	9.00	763	-124	1,327	1,486	155	1,037	485	578	2,084
Enterprise Value (EV)	26,864	29,342	26,392	33,701	29,970	29,677	39,751	42,824	26,859	35,363	37,124
Market Capitalization	29,001	33,008	30,745	38,119	33,816	31,635	41,368	44,559	28,427	37,271	38,129
Book Value per Share	$12.71	$15.26	$17.68	$18.09	$19.73	$20.13	$20.27	$22.83	$23.95	$26.38	$29.06
Tangible Book Value per Share	$7.18	$9.88	$11.91	$11.84	$11.73	$10.96	$8.90	$9.81	$10.57	$11.95	$11.81
Total Capital	9,378	10,561	11,606	11,542	12,169	12,505	12,383	13,438	13,669	14,389	15,736
Total Debt	1,638	1,283	878	873	745	1,483	1,547	1,447	1,360	1,162	1,328
Total Long-Term Debt	938	877	797	698	736	1,445	1,509	1,409	1,352	1,129	1,295
Net Debt	-2,137	-3,666	-4,353	-4,418	-3,846	-1,958	-1,617	-1,735	-1,568	-1,908	-1,005
Capital Expenditures (CapEx)	212	273	300	284	377	392	398	279	332	317	297
Debt-free, Cash-free Net Working Capital (DFCFNWC)	754	652	1,094	1,391	1,398	1,242	625	1,132	1,426	1,571	1,709
Debt-free Net Working Capital (DFNWC)	4,529	5,601	6,263	6,447	5,909	4,666	3,349	3,851	3,927	4,206	3,952
Net Working Capital (NWC)	3,829	5,195	6,182	6,272	5,900	4,628	3,311	3,813	3,919	4,173	3,919
Net Nonoperating Expense (NNE)	-29	-17	-46	-100	1.00	-9.24	12	-3.75	-40	-82	-50
Net Nonoperating Obligations (NNO)	-2,137	-3,666	-4,353	-4,418	-3,846	-1,958	-1,617	-1,735	-1,568	-1,908	-1,005
Total Depreciation and Amortization (D&A)	208	330	379	443	498	526	559	574	569	555	542
Debt-free, Cash-free Net Working Capital to Revenue	7.34%	5.25%	8.11%	9.39%	8.67%	7.40%	3.75%	6.12%	7.34%	8.12%	8.66%
Debt-free Net Working Capital to Revenue	44.12%	45.11%	46.44%	43.53%	36.65%	27.80%	20.11%	20.81%	20.21%	21.73%	20.02%
Net Working Capital to Revenue	37.30%	41.84%	45.84%	42.35%	36.59%	27.58%	19.88%	20.60%	20.17%	21.56%	19.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.30	$2.58	$4.06	$4.42	$4.21	$4.52
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	559M	540M	527M	518M	505M	496M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	560M	541M	528M	519M	505M	497M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	548.64M	530.61M	524.53M	509.29M	497.84M	494.62M
Normalized Net Operating Profit after Tax (NOPAT)	1,410	1,607	1,507	1,444	2,116	1,995	1,547	2,133	2,250	2,219	2,292
Normalized NOPAT Margin	13.74%	12.95%	11.18%	9.75%	13.12%	11.89%	9.29%	11.53%	11.58%	11.46%	11.61%
Pre Tax Income Margin	18.75%	17.43%	17.48%	17.93%	17.35%	15.15%	12.59%	15.28%	15.52%	14.40%	14.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	621.67	116.56	119.00	110.65	98.04	92.04	83.38	311.78	156.63	65.90	53.20
NOPAT to Interest Expense	469.94	89.31	79.33	61.02	77.85	70.49	58.50	237.03	118.40	49.87	40.56
EBIT Less CapEx to Interest Expense	551.00	101.39	103.21	98.30	84.07	76.96	66.79	280.78	139.16	58.17	47.70
NOPAT Less CapEx to Interest Expense	399.28	74.14	63.54	48.68	63.89	55.41	41.91	206.03	100.93	42.13	35.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	17.62%	22.28%	24.59%	34.48%	23.82%	24.63%	27.80%	26.79%
Augmented Payout Ratio	17.23%	28.33%	32.97%	143.22%	82.29%	146.58%	150.93%	59.90%	86.72%	77.85%	53.79%

This table displays calculated financial ratios and metrics derived from Cognizant Technology Solutions' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.30%	-0.29%	-0.41%	0.82%	-1.67%	-1.08%	-0.74%	3.00%	6.81%	7.46%	8.14%
EBITDA Growth	-4.57%	-2.19%	-21.25%	-11.04%	3.11%	-1.53%	18.79%	3.10%	1.39%	18.42%	14.98%
EBIT Growth	-5.05%	-1.10%	-24.90%	-13.61%	4.46%	-1.95%	24.87%	5.64%	0.69%	21.48%	16.95%
NOPAT Growth	-12.35%	-0.62%	-21.02%	-18.75%	6.98%	-5.26%	20.31%	13.55%	2.53%	23.33%	14.30%
Net Income Growth	-9.55%	3.02%	-19.76%	-16.53%	7.10%	-5.86%	22.25%	10.86%	-2.15%	21.43%	13.96%
EPS Growth	-8.18%	6.54%	-18.02%	-14.75%	10.89%	-3.51%	25.27%	12.50%	-1.79%	21.82%	14.91%
Operating Cash Flow Growth	-14.91%	138.24%	-93.18%	-19.77%	4.99%	-86.97%	627.78%	2.29%	24.83%	321.05%	51.91%
Free Cash Flow Firm Growth	103.34%	107.67%	-64.98%	-290.42%	-372.93%	-1,069.22%	30.77%	-189.05%	-3,512.40%	-30.51%	-134.96%
Invested Capital Growth	4.73%	4.53%	10.52%	12.03%	5.38%	10.89%	8.58%	23.28%	18.41%	12.51%	13.36%
Revenue Q/Q Growth	-0.37%	-0.56%	1.54%	0.23%	-2.84%	0.04%	1.89%	4.00%	0.75%	0.65%	2.54%
EBITDA Q/Q Growth	-11.25%	1.56%	-16.61%	18.36%	2.86%	-3.02%	0.60%	2.73%	1.16%	13.27%	-2.32%
EBIT Q/Q Growth	-13.23%	3.17%	-20.92%	22.05%	4.91%	-3.17%	0.71%	3.25%	0.00%	16.83%	-3.04%
NOPAT Q/Q Growth	-19.02%	10.22%	-17.51%	10.35%	6.63%	-2.39%	4.75%	4.15%	-3.72%	17.41%	-2.92%
Net Income Q/Q Growth	-17.17%	11.32%	-20.17%	13.39%	6.29%	-2.15%	3.66%	2.83%	-6.19%	21.43%	-2.71%
EPS Q/Q Growth	-17.21%	12.87%	-20.18%	14.29%	7.69%	-1.79%	3.64%	2.63%	-5.98%	21.82%	-2.24%
Operating Cash Flow Q/Q Growth	-31.98%	3.85%	-95.06%	2,200.00%	-10.99%	-87.11%	175.79%	223.28%	8.62%	-56.52%	-0.50%
Free Cash Flow Firm Q/Q Growth	108.47%	354.17%	-1,030.44%	-9.10%	94.08%	-1,512.81%	33.54%	-355.52%	26.02%	41.73%	-19.66%
Invested Capital Q/Q Growth	5.90%	3.25%	5.44%	-2.82%	-0.39%	8.65%	3.24%	10.33%	-4.32%	3.24%	4.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.86%	34.68%	33.87%	34.47%	35.25%	33.91%	33.94%	34.36%	35.12%	33.59%	33.67%
EBITDA Margin	17.28%	17.64%	14.49%	17.11%	18.12%	17.56%	17.34%	17.13%	17.20%	19.35%	18.44%
Operating Margin	14.18%	14.59%	11.81%	14.01%	15.22%	14.60%	14.60%	14.63%	14.78%	16.68%	15.58%
EBIT Margin	14.36%	14.90%	11.60%	14.13%	15.26%	14.77%	14.60%	14.49%	14.38%	16.70%	15.79%
Profit (Net Income) Margin	10.77%	12.05%	9.48%	10.72%	11.73%	11.47%	11.67%	11.54%	10.74%	12.96%	12.30%
Tax Burden Percent	72.97%	78.59%	78.88%	73.63%	74.50%	75.62%	77.75%	77.81%	73.78%	76.03%	76.60%
Interest Burden Percent	102.73%	102.93%	103.53%	103.03%	103.17%	102.70%	102.82%	102.33%	101.23%	102.11%	101.69%
Effective Tax Rate	27.03%	21.41%	21.12%	26.79%	26.03%	24.79%	22.66%	22.73%	26.89%	24.43%	23.40%
Return on Invested Capital (ROIC)	19.14%	20.52%	16.22%	18.54%	19.75%	18.12%	17.84%	17.30%	17.25%	19.38%	18.05%
ROIC Less NNEP Spread (ROIC-NNEP)	17.91%	18.59%	15.61%	17.17%	18.45%	16.44%	16.30%	16.11%	17.46%	17.75%	16.22%
Return on Net Nonoperating Assets (RNNOA)	-2.43%	-2.21%	-1.62%	-2.30%	-2.51%	-1.74%	-1.47%	-1.16%	-1.84%	-1.41%	-1.17%
Return on Equity (ROE)	16.71%	18.30%	14.60%	16.23%	17.24%	16.39%	16.37%	16.14%	15.41%	17.97%	16.88%
Cash Return on Invested Capital (CROIC)	16.81%	16.28%	9.09%	7.34%	13.30%	6.90%	9.06%	-3.70%	0.86%	5.92%	5.13%
Operating Return on Assets (OROA)	15.63%	16.26%	12.78%	15.50%	16.25%	15.60%	15.39%	14.71%	14.77%	17.48%	16.69%
Return on Assets (ROA)	11.72%	13.15%	10.43%	11.76%	12.49%	12.11%	12.30%	11.71%	11.03%	13.57%	13.00%
Return on Common Equity (ROCE)	16.71%	18.30%	14.60%	16.23%	17.24%	16.39%	16.37%	16.14%	15.41%	17.97%	16.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.22%	17.00%	16.22%	0.00%	15.51%	15.79%	15.58%	0.00%	15.82%	0.00%
Net Operating Profit after Tax (NOPAT)	501	552	455	502	536	523	548	570	549	645	626
NOPAT Margin	10.34%	11.47%	9.31%	10.26%	11.25%	10.98%	11.29%	11.31%	10.80%	12.60%	11.93%
Net Nonoperating Expense Percent (NNEP)	1.24%	1.93%	0.61%	1.37%	1.29%	1.69%	1.53%	1.19%	-0.21%	1.63%	1.83%
Return On Investment Capital (ROIC_SIMPLE)	3.66%	-	-	-	3.72%	-	-	-	3.49%	4.05%	3.84%
Cost of Revenue to Revenue	65.14%	65.32%	66.13%	65.53%	64.75%	66.09%	66.06%	65.64%	64.88%	66.41%	66.33%
SG&A Expenses to Revenue	17.77%	17.35%	16.99%	16.36%	16.52%	16.07%	16.10%	16.51%	16.61%	15.46%	15.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.69%	20.10%	22.06%	20.46%	20.03%	19.31%	19.34%	19.73%	20.35%	16.91%	18.09%
Earnings before Interest and Taxes (EBIT)	695	717	567	692	726	703	708	731	731	854	828
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	836	849	708	838	862	836	841	864	874	990	967
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.31	2.39	2.52	2.61	2.82	2.70	2.42	2.65	2.65	2.54	2.52
Price to Tangible Book Value (P/TBV)	5.23	5.65	5.79	5.91	6.22	6.15	5.28	6.78	6.51	5.97	5.79
Price to Revenue (P/Rev)	1.46	1.56	1.67	1.73	1.93	1.89	1.75	1.97	1.93	1.88	1.88
Price to Earnings (P/E)	12.41	13.12	14.80	16.11	17.53	17.42	15.34	16.99	17.02	16.05	15.79
Dividend Yield	1.95%	1.85%	1.75%	1.71%	1.56%	1.61%	1.74%	1.54%	1.56%	1.58%	1.56%
Earnings Yield	8.06%	7.62%	6.76%	6.21%	5.70%	5.74%	6.52%	5.89%	5.87%	6.23%	6.33%
Enterprise Value to Invested Capital (EV/IC)	2.50	2.59	2.67	2.83	3.12	2.87	2.56	2.70	2.77	2.66	2.61
Enterprise Value to Revenue (EV/Rev)	1.38	1.48	1.61	1.65	1.83	1.83	1.69	1.95	1.88	1.83	1.83
Enterprise Value to EBITDA (EV/EBITDA)	7.58	8.14	9.37	9.95	10.86	10.87	9.62	11.11	10.87	10.30	10.17
Enterprise Value to EBIT (EV/EBIT)	9.03	9.67	11.24	12.03	13.09	13.12	11.48	13.18	12.92	12.16	11.95
Enterprise Value to NOPAT (EV/NOPAT)	11.94	12.77	14.70	15.99	17.30	17.50	15.41	17.38	16.95	15.91	15.72
Enterprise Value to Operating Cash Flow (EV/OCF)	10.46	9.59	12.50	14.00	15.18	20.79	16.90	19.48	17.48	15.14	14.65
Enterprise Value to Free Cash Flow (EV/FCFF)	15.22	16.25	30.87	40.71	24.11	43.68	29.39	0.00	349.69	47.56	54.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.11	0.10	0.10	0.09	0.08	0.08	0.12	0.09	0.07	0.07
Long-Term Debt to Equity	0.11	0.10	0.10	0.10	0.09	0.08	0.08	0.11	0.09	0.07	0.06
Financial Leverage	-0.14	-0.12	-0.10	-0.13	-0.14	-0.11	-0.09	-0.07	-0.11	-0.08	-0.07
Leverage Ratio	1.47	1.44	1.42	1.43	1.42	1.40	1.36	1.40	1.39	1.35	1.33
Compound Leverage Factor	1.51	1.49	1.47	1.47	1.47	1.44	1.40	1.43	1.41	1.38	1.35
Debt to Total Capital	9.95%	9.53%	9.22%	9.04%	8.08%	7.75%	7.27%	10.36%	8.44%	6.43%	6.27%
Short-Term Debt to Total Capital	0.06%	0.11%	0.17%	0.23%	0.23%	0.23%	0.22%	0.20%	0.21%	0.21%	0.20%
Long-Term Debt to Total Capital	9.89%	9.42%	9.05%	8.81%	7.85%	7.53%	7.05%	10.16%	8.23%	6.22%	6.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	90.05%	90.47%	90.78%	90.96%	91.92%	92.25%	92.73%	89.64%	91.56%	93.57%	93.73%
Debt to EBITDA	0.38	0.38	0.39	0.40	0.36	0.35	0.32	0.49	0.39	0.29	0.28
Net Debt to EBITDA	-0.44	-0.45	-0.36	-0.47	-0.59	-0.37	-0.36	-0.13	-0.29	-0.30	-0.24
Long-Term Debt to EBITDA	0.38	0.37	0.39	0.39	0.35	0.34	0.31	0.48	0.38	0.28	0.27
Debt to NOPAT	0.60	0.59	0.62	0.64	0.57	0.56	0.52	0.77	0.61	0.44	0.43
Net Debt to NOPAT	-0.70	-0.70	-0.57	-0.76	-0.93	-0.59	-0.57	-0.20	-0.46	-0.46	-0.37
Long-Term Debt to NOPAT	0.60	0.59	0.61	0.62	0.55	0.55	0.50	0.75	0.59	0.43	0.41
Altman Z-Score	5.54	5.76	6.30	6.37	6.71	6.92	6.81	6.34	6.49	6.93	7.21
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.17	2.18	2.27	2.23	2.25	2.35	2.46	2.23	2.09	2.22	2.41
Quick Ratio	1.88	1.87	1.91	1.94	1.95	2.01	2.10	1.84	1.76	1.83	1.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	16	71	-658	-718	-42	-685	-455	-2,075	-1,535	-894	-1,070
Operating Cash Flow to CapEx	780.00%	743.88%	52.94%	1,134.25%	944.87%	120.25%	331.65%	1,512.50%	1,108.43%	5,714.29%	594.03%
Free Cash Flow to Firm to Interest Expense	1.95	7.86	-65.79	-65.25	-3.86	-62.30	-45.55	-148.19	-80.79	-74.53	-118.91
Operating Cash Flow to Interest Expense	87.75	81.00	3.60	75.27	67.00	8.64	26.20	60.50	48.42	33.33	44.22
Operating Cash Flow Less CapEx to Interest Expense	76.50	70.11	-3.20	68.64	59.91	1.45	18.30	56.50	44.05	32.75	36.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.09	1.10	1.10	1.07	1.06	1.05	1.02	1.03	1.05	1.06
Accounts Receivable Turnover	5.28	5.26	5.14	5.19	5.06	5.12	4.99	4.85	4.99	4.98	4.89
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.10	17.08	17.57	18.05	18.01	18.06	18.38	18.95	19.33	19.85	20.64
Accounts Payable Turnover	34.53	34.42	37.35	36.81	36.34	40.66	41.04	40.52	38.28	42.82	46.74
Days Sales Outstanding (DSO)	69.07	69.38	70.95	70.37	72.09	71.29	73.21	75.33	73.13	73.22	74.61
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.57	10.60	9.77	9.92	10.04	8.98	8.89	9.01	9.53	8.52	7.81
Cash Conversion Cycle (CCC)	58.50	58.78	61.18	60.45	62.05	62.32	64.31	66.32	63.59	64.70	66.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,741	11,090	11,693	11,363	11,319	12,298	12,696	14,008	13,403	13,837	14,392
Invested Capital Turnover	1.85	1.79	1.74	1.81	1.75	1.65	1.58	1.53	1.60	1.54	1.51
Increase / (Decrease) in Invested Capital	485	481	1,113	1,220	578	1,208	1,003	2,645	2,084	1,539	1,696
Enterprise Value (EV)	26,859	28,691	31,247	32,141	35,363	35,255	32,474	37,811	37,124	36,776	37,568
Market Capitalization	28,427	30,262	32,457	33,660	37,271	36,447	33,676	38,255	38,129	37,838	38,464
Book Value per Share	$23.95	$24.86	$25.43	$25.51	$26.38	$27.14	$27.95	$29.16	$29.06	$30.12	$31.01
Tangible Book Value per Share	$10.57	$10.52	$11.05	$11.28	$11.95	$11.92	$12.82	$11.38	$11.81	$12.81	$13.48
Total Capital	13,669	13,995	14,213	14,163	14,389	14,624	14,987	16,123	15,736	15,923	16,310
Total Debt	1,360	1,334	1,310	1,281	1,162	1,134	1,089	1,671	1,328	1,024	1,022
Total Long-Term Debt	1,352	1,318	1,286	1,248	1,129	1,101	1,056	1,638	1,295	991	989
Net Debt	-1,568	-1,571	-1,210	-1,519	-1,908	-1,192	-1,202	-444	-1,005	-1,062	-896
Capital Expenditures (CapEx)	90	98	68	73	78	79	79	56	83	7.00	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,426	1,442	1,824	1,601	1,571	1,864	2,127	2,168	1,709	2,180	2,675
Debt-free Net Working Capital (DFNWC)	3,927	3,923	3,919	3,969	4,206	4,107	4,332	4,193	3,952	4,172	4,483
Net Working Capital (NWC)	3,919	3,907	3,895	3,936	4,173	4,074	4,299	4,160	3,919	4,139	4,450
Net Nonoperating Expense (NNE)	-20	-28	-7.89	-23	-22	-23	-18	-12	3.04	-18	-19
Net Nonoperating Obligations (NNO)	-1,568	-1,571	-1,210	-1,519	-1,908	-1,192	-1,202	-444	-1,005	-1,062	-896
Total Depreciation and Amortization (D&A)	141	132	141	146	136	133	133	133	143	136	139
Debt-free, Cash-free Net Working Capital to Revenue	7.34%	7.43%	9.41%	8.24%	8.12%	9.66%	11.04%	11.17%	8.66%	10.85%	13.06%
Debt-free Net Working Capital to Revenue	20.21%	20.21%	20.21%	20.42%	21.73%	21.28%	22.49%	21.60%	20.02%	20.77%	21.88%
Net Working Capital to Revenue	20.17%	20.12%	20.08%	20.25%	21.56%	21.11%	22.32%	21.43%	19.86%	20.60%	21.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$1.14	$0.92	$1.04	$1.11	$1.10	$1.14	$1.17	$1.11	$1.34	$1.31
Adjusted Weighted Average Basic Shares Outstanding	518M	509M	506M	504M	505M	497M	497M	496M	496M	494M	492M
Adjusted Diluted Earnings per Share	$1.01	$1.14	$0.91	$1.04	$1.12	$1.10	$1.14	$1.17	$1.10	$1.34	$1.31
Adjusted Weighted Average Diluted Shares Outstanding	519M	509M	507M	505M	505M	498M	498M	496M	497M	495M	492M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	509.29M	507.48M	505.04M	501.41M	497.84M	497.20M	495.66M	495.82M	494.62M	492.94M	488.40M
Normalized Net Operating Profit after Tax (NOPAT)	501	552	547	555	565	540	570	596	585	598	626
Normalized NOPAT Margin	10.34%	11.47%	11.20%	11.33%	11.88%	11.34%	11.75%	11.81%	11.51%	11.69%	11.93%
Pre Tax Income Margin	14.76%	15.34%	12.01%	14.56%	15.74%	15.17%	15.01%	14.83%	14.56%	17.05%	16.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	86.88	79.67	56.70	62.91	66.00	63.91	70.80	52.21	38.47	71.17	92.00
NOPAT to Interest Expense	62.57	61.30	45.51	45.66	48.68	47.52	54.75	40.73	28.90	53.72	69.54
EBIT Less CapEx to Interest Expense	75.63	68.78	49.90	56.27	58.91	56.73	62.90	48.21	34.11	70.58	84.56
NOPAT Less CapEx to Interest Expense	51.32	50.41	38.71	39.02	41.59	40.34	46.85	36.73	24.53	53.14	62.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.63%	24.75%	26.36%	27.96%	27.80%	28.30%	27.06%	26.47%	26.79%	25.63%	24.92%
Augmented Payout Ratio	86.72%	75.47%	74.97%	78.99%	77.85%	74.90%	65.19%	60.39%	53.79%	54.52%	64.86%

Key Financial Trends

Cognizant Technology Solutions (NASDAQ: CTSH) has demonstrated steady financial performance and solid fundamentals over the last four years through Q1 2025, as reflected in its income statements, balance sheets, and cash flow statements.

Positive Trends:

Operating revenue grew from $4.82 billion in Q1 2023 to $5.12 billion in Q1 2025, showing consistent top-line growth.
Net income attributable to common shareholders increased from approximately $546 million in Q1 2023 to $663 million in Q1 2025, indicating improved profitability.
Diluted earnings per share (EPS) rose from $1.14 in Q1 2023 to $1.34 in Q1 2025, reflecting earnings growth on a per-share basis.
Total equity increased from roughly $12.66 billion in Q1 2023 to nearly $14.9 billion by Q1 2025, enhancing the company's financial strength.
Consistent positive net cash from operating activities, with $400 million generated in Q1 2025, supporting operating cash flow stability.
Goodwill and intangible assets remain stable, suggesting a steady level of acquisitions and intellectual property value.
The company maintains a healthy balance of cash and equivalents, over $1.9 billion in Q1 2025, supporting liquidity.

Neutral Observations:

Total assets remained relatively flat around $19.9 billion from Q1 2023 to Q1 2025, indicating no major asset expansion.
Selling, general & administrative expenses fluctuated slightly but remain consistent relative to revenue.
Interest expense and income roughly balanced out, leading to modest net other income/expense fluctuations.

Challenges and Negative Factors:

Net cash used in financing activities increased in Q1 2025 (-$657 million) compared to previous quarters, driven by higher debt repayment and share repurchases, which could limit cash reserves.
Changes in operating assets and liabilities caused a negative impact on operating cash flow in Q1 2025 (-$373 million), contrasting with positive contributions in some previous quarters.
The company reported occasional restructuring charges and non-cash adjustments that sometimes negatively affected expenses and cash flows.
Accounts receivable increased slightly, which may impact cash conversion cycles and liquidity.
Capital lease obligations and long-term debt have fluctuated and remain significant liabilities, which need monitoring for impact on financing costs and solvency.

Summary: Over the past four years, Cognizant has shown steady revenue and earnings growth, a strong equity base, and consistent earnings per share improvement, which presents a positive outlook for shareholders. While the company has increased cash outflows for financing activities and experienced some cash flow volatility, its operational cash generation and liquidity remain solid. Retail investors should consider these stable fundamentals alongside debt obligations and cash usage trends when evaluating CTSH.

08/08/25 03:28 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Cognizant Technology Solutions' Financials

When does Cognizant Technology Solutions' financial year end?

According to the most recent income statement we have on file, Cognizant Technology Solutions' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Cognizant Technology Solutions' net income changed over the last 10 years?

Cognizant Technology Solutions' net income appears to be on an upward trend, with a most recent value of $2.24 billion in 2024, rising from $1.44 billion in 2014. The previous period was $2.13 billion in 2023. See where experts think Cognizant Technology Solutions is headed by visiting Cognizant Technology Solutions' forecast page.

What is Cognizant Technology Solutions' operating income?

Cognizant Technology Solutions' total operating income in 2024 was $2.89 billion, based on the following breakdown:

Total Gross Profit: $6.78 billion
Total Operating Expenses: $3.89 billion

How has Cognizant Technology Solutions' revenue changed over the last 10 years?

Over the last 10 years, Cognizant Technology Solutions' total revenue changed from $10.26 billion in 2014 to $19.74 billion in 2024, a change of 92.3%.

How much debt does Cognizant Technology Solutions have?

Cognizant Technology Solutions' total liabilities were at $5.56 billion at the end of 2024, a 5.7% increase from 2023, and a 48.7% increase since 2014.

How much cash does Cognizant Technology Solutions have?

In the past 10 years, Cognizant Technology Solutions' cash and equivalents has ranged from $1.16 billion in 2018 to $2.68 billion in 2020, and is currently $2.23 billion as of their latest financial filing in 2024.

How has Cognizant Technology Solutions' book value per share changed over the last 10 years?

Over the last 10 years, Cognizant Technology Solutions' book value per share changed from 12.71 in 2014 to 29.06 in 2024, a change of 128.6%.

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This page (NASDAQ:CTSH) was last updated on 8/8/2025 by MarketBeat.com Staff

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Cognizant Technology Solutions (CTSH) Financials

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