Cognizant Technology Solutions (CTSH) Financials

$52.32 +1.02 (+1.99%)

Closing price 04:00 PM Eastern

Extended Trading

$51.88 -0.45 (-0.85%)

As of 06:20 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Consolidated Net Income / (Loss)	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Net Income / (Loss) Continuing Operations	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Total Pre-Tax Income	2,164	2,357	2,655	2,797	2,543	2,096	2,827	3,016	2,787	2,938	3,479
Total Operating Income	2,142	2,289	2,481	2,801	2,453	2,114	2,826	2,968	2,689	2,892	3,389
Total Gross Profit	4,976	5,379	5,658	6,287	6,149	5,981	6,903	6,980	6,689	6,778	7,117
Total Revenue	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736	21,108
Operating Revenue	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736	21,108
Total Cost of Revenue	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958	13,991
Operating Cost of Revenue	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958	13,991
Total Operating Expenses	2,834	3,090	3,177	3,486	3,696	3,867	4,077	4,012	4,000	3,886	3,728
Selling, General & Admin Expense	2,509	2,731	2,697	3,007	2,972	3,100	3,503	3,443	3,252	3,223	3,240
Depreciation Expense	325	359	408	460	507	552	574	569	519	529	550
Restructuring Charge	-	-	72	19	217	215	0.00	0.00	229	134	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-62
Total Other Income / (Expense), net	22	68	174	-4.00	90	-18	1.00	48	98	46	90
Interest Expense	18	19	23	27	26	24	9.00	19	41	54	37
Interest & Investment Income	84	115	133	177	176	119	30	59	126	119	105
Other Income / (Expense), net	-44	-28	64	-154	-60	-113	-20	8.00	13	-19	22
Income Tax Expense	540	805	1,153	698	643	704	693	730	668	713	1,258
Other Gains / (Losses), net	0.00	1.00	2.00	2.00	-58	0.00	3.00	4.00	7.00	15	9.00
Basic Earnings per Share	$2.67	$2.56	$2.54	$3.61	$3.30	$2.58	$4.06	$4.42	$4.21	$4.52	$4.57
Weighted Average Basic Shares Outstanding	609M	607M	593M	582M	559M	540M	527M	518M	505M	496M	488M
Diluted Earnings per Share	$2.65	$2.55	$2.53	$3.60	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51	$4.56
Weighted Average Diluted Shares Outstanding	613M	610M	595M	584M	560M	541M	528M	519M	505M	497M	489M
Weighted Average Basic & Diluted Shares Outstanding	609.12M	606.60M	592.10M	614.30M	548.64M	530.61M	524.53M	509.29M	497.84M	494.62M	478.25M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	525	558	546	566	582	546	663	645	274	648	662
Consolidated Net Income / (Loss)	525	558	546	566	582	546	663	645	274	648	662
Net Income / (Loss) Continuing Operations	525	558	546	566	582	546	663	645	274	648	662
Total Pre-Tax Income	713	749	722	728	748	740	872	842	887	878	867
Total Operating Income	686	724	695	708	738	751	853	817	866	853	843
Total Gross Profit	1,688	1,677	1,614	1,646	1,733	1,785	1,718	1,766	1,834	1,799	1,775
Total Revenue	4,897	4,758	4,760	4,850	5,044	5,082	5,115	5,245	5,415	5,333	5,413
Operating Revenue	4,897	4,758	4,760	4,850	5,044	5,082	5,115	5,245	5,415	5,333	5,413
Total Cost of Revenue	3,209	3,081	3,146	3,204	3,311	3,297	3,397	3,479	3,581	3,534	3,638
Operating Cost of Revenue	3,209	3,081	3,146	3,204	3,311	3,297	3,397	3,479	3,581	3,534	3,638
Total Operating Expenses	1,002	953	919	938	995	1,034	865	949	968	946	932
Selling, General & Admin Expense	801	786	765	781	833	844	791	810	833	806	791
Depreciation Expense	129	127	131	128	129	141	136	139	135	140	141
Other Special Charges / (Income)	-	-	0.00	0.00	0.00	-	-62	0.00	0.00	-	0.00
Total Other Income / (Expense), net	27	25	27	20	10	-11	19	25	21	25	24
Interest Expense	11	11	11	10	14	19	12	9.00	8.00	8.00	7.00
Interest & Investment Income	32	34	30	30	31	28	30	23	25	27	22
Other Income / (Expense), net	6.00	2.00	8.00	0.00	-7.00	-20	1.00	11	4.00	6.00	9.00
Income Tax Expense	191	195	179	165	170	199	213	197	613	235	208
Other Gains / (Losses), net	3.00	4.00	3.00	3.00	4.00	5.00	4.00	0.00	0.00	5.00	3.00
Basic Earnings per Share	$1.04	$1.11	$1.10	$1.14	$1.17	$1.11	$1.34	$1.31	$0.56	$1.36	$1.39
Weighted Average Basic Shares Outstanding	504M	505M	497M	497M	496M	496M	494M	492M	486M	488M	477M
Diluted Earnings per Share	$1.04	$1.12	$1.10	$1.14	$1.17	$1.10	$1.34	$1.31	$0.56	$1.35	$1.39
Weighted Average Diluted Shares Outstanding	505M	505M	498M	498M	496M	497M	495M	492M	487M	489M	477M
Weighted Average Basic & Diluted Shares Outstanding	501.41M	497.84M	497.20M	495.66M	495.82M	494.62M	492.94M	488.40M	482.65M	478.25M	473.87M
Cash Dividends to Common per Share	$0.29	-	$0.30	$0.30	-	-	$0.31	$0.31	-	-	$0.33

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	115	-91	-109	-764	1,484	35	-888	502	423	-486	403
Net Cash From Operating Activities	2,187	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124	2,883
Net Cash From Continuing Operating Activities	2,187	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124	2,883
Net Income / (Loss) Continuing Operations	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Consolidated Net Income / (Loss)	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Depreciation Expense	330	379	443	498	526	559	574	569	555	542	550
Non-Cash Adjustments To Reconcile Net Income	251	275	150	392	336	351	245	306	177	207	441
Changes in Operating Assets and Liabilities, net	-18	-562	310	-399	-205	997	-461	-597	-528	-865	-338
Net Cash From Investing Activities	-1,371	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646	-230
Net Cash From Continuing Investing Activities	-1,371	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646	-230
Purchase of Property, Plant & Equipment	-273	-300	-284	-377	-392	-398	-279	-332	-317	-297	-288
Acquisitions	-2.00	-334	-216	-1,111	-617	-1,123	-970	-367	-409	-1,615	0.00
Purchase of Investments	-3,004	-5,169	-4,726	-3,506	-1,509	-733	-2,293	-1,817	-441	-2.00	-17
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	0.00	0.00	70
Sale and/or Maturity of Investments	1,908	4,840	4,644	3,367	4,106	1,016	1,378	2,382	836	268	5.00
Net Cash From Financing Activities	-682	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915	-2,272
Net Cash From Continuing Financing Activities	-682	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915	-2,272
Repayment of Debt	-53	-407	-95	-170	-28	-1,790	-53	-689	-25	-373	-342
Repurchase of Common Equity	-460	-512	-1,889	-1,261	-2,247	-1,621	-771	-1,422	-1,064	-605	-1,378
Payment of Dividends	0.00	0.00	-265	-468	-453	-480	-509	-564	-591	-600	-610
Issuance of Debt	-300	0.00	75	0.00	0.00	1,740	0.00	650	0.00	600	0.00
Issuance of Common Equity	131	176	189	181	159	142	130	86	71	63	58
Effect of Exchange Rate Changes	-19	-30	51	-36	-34	-17	-16	-21	33	-49	22
Cash Interest Paid	14	16	21	21	25	25	7.00	15	40	53	36
Cash Income Taxes Paid	579	845	587	597	870	745	625	813	1,245	1,120	985

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	149	513	-486	-38	-180	218	-251	-184	545	293	-1,130
Net Cash From Operating Activities	828	737	95	262	847	920	400	398	1,227	858	274
Net Cash From Continuing Operating Activities	828	737	95	262	847	920	400	398	1,227	858	274
Net Income / (Loss) Continuing Operations	525	558	546	566	582	546	663	645	274	648	662
Consolidated Net Income / (Loss)	525	558	546	566	582	546	663	645	274	648	662
Depreciation Expense	146	136	133	133	133	143	136	139	135	140	141
Non-Cash Adjustments To Reconcile Net Income	75	-352	74	47	36	50	-26	39	59	369	40
Changes in Operating Assets and Liabilities, net	82	395	-658	-484	96	181	-373	-425	759	-299	-569
Net Cash From Investing Activities	-199	168	-238	-79	-1,250	-79	-7.00	-82	-66	-75	-806
Net Cash From Continuing Investing Activities	-199	168	-238	-79	-1,250	-79	-7.00	-82	-66	-75	-806
Purchase of Property, Plant & Equipment	-73	-78	-79	-79	-56	-83	-77	-67	-67	-77	-76
Acquisitions	-	-	-421	-	-1,194	-	0.00	-	-	-	-730
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	70	-	-	-	0.00
Net Cash From Financing Activities	-450	-455	-304	-221	212	-602	-657	-516	-612	-487	-597
Net Cash From Continuing Financing Activities	-450	-455	-304	-221	212	-602	-657	-516	-612	-487	-597
Repayment of Debt	-4.00	-10	-40	-10	-11	-312	-312	-9.00	-11	-10	-11
Repurchase of Common Equity	-315	-313	-133	-76	-242	-154	-209	-368	-463	-338	-444
Payment of Dividends	-147	-146	-151	-150	-149	-150	-155	-153	-151	-151	-159
Issuance of Common Equity	16	14	20	15	14	14	19	14	13	12	17
Effect of Exchange Rate Changes	-30	63	-39	-	11	-	13	16	-4.00	-3.00	-1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
Total Current Assets	7,909	8,600	9,111	8,610	7,611	6,851	7,342	7,266	7,506	7,504	7,818
Cash & Equivalents	2,125	2,034	1,925	1,161	2,645	2,680	1,792	2,191	2,621	2,231	1,901
Short-Term Investments	2,824	3,135	3,131	3,350	779	44	927	310	14	12	13
Accounts Receivable	2,622	2,905	3,222	3,190	3,256	3,087	3,557	3,796	3,849	4,059	4,439
Other Current Assets	338	526	833	909	931	1,040	1,066	969	1,022	1,202	1,465
Plant, Property, & Equipment, net	1,271	1,311	1,324	1,394	1,309	1,251	1,171	1,101	1,048	994	933
Total Noncurrent Assets	3,881	4,351	4,786	5,842	7,284	8,821	9,339	9,485	9,929	11,468	11,941
Long-Term Investments	0.00	62	235	80	17	440	463	427	435	90	111
Goodwill	2,405	2,554	2,704	3,481	3,979	5,031	5,620	5,710	6,085	6,953	7,106
Intangible Assets	864	951	981	1,150	1,041	1,046	1,218	1,168	1,149	1,599	1,417
Noncurrent Deferred & Refundable Income Taxes	348	425	418	442	585	445	404	642	993	1,248	967
Other Noncurrent Operating Assets	264	359	448	689	1,662	1,859	1,634	1,538	1,267	1,578	2,340
Total Liabilities & Shareholders' Equity	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
Total Liabilities	3,783	3,534	4,552	4,422	5,182	6,087	5,861	5,543	5,256	5,558	5,677
Total Current Liabilities	2,714	2,418	2,839	2,710	2,983	3,540	3,529	3,347	3,333	3,585	3,659
Short-Term Debt	406	81	175	9.00	38	38	38	8.00	33	33	33
Accounts Payable	165	175	210	215	239	389	361	360	337	340	308
Accrued Expenses	1,819	1,856	2,071	2,200	2,191	2,519	2,532	2,407	2,425	2,610	2,664
Current Deferred Revenue	324	306	383	286	313	383	403	398	385	450	501
Other Current Liabilities	-	-	-	-	202	211	195	174	153	152	153
Total Noncurrent Liabilities	1,069	1,116	1,713	1,712	2,199	2,547	2,332	2,196	1,923	1,973	2,018
Long-Term Debt	877	797	698	736	700	663	626	638	606	875	543
Capital Lease Obligations	-	-	-	-	745	846	783	714	523	420	423
Noncurrent Deferred Revenue	49	151	688	540	501	464	418	302	199	30	37
Noncurrent Deferred & Payable Income Tax Liabilities	3.00	6.00	146	183	35	206	218	180	226	154	168
Other Noncurrent Operating Liabilities	140	162	181	253	218	368	287	362	369	494	847
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	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
Total Preferred & Common Equity	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
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	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
Common Stock	459	364	55	53	38	37	32	20	20	18	17
Retained Earnings	8,925	10,478	10,544	11,485	11,022	10,689	11,922	12,588	13,301	14,686	15,158
Accumulated Other Comprehensive Income / (Loss)	-106	-114	70	-114	-38	110	37	-299	-94	-296	-160

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	17,967	18,079	18,483	18,408	18,580	20,164	19,966	19,967	20,164	20,134	20,500
Total Current Assets	6,951	7,127	7,506	7,086	7,245	7,548	7,504	7,545	7,606	8,094	7,835
Cash & Equivalents	2,055	2,204	2,621	2,231	2,193	2,013	2,231	1,980	1,796	2,341	1,504
Short-Term Investments	40	164	14	12	12	12	12	12	12	13	13
Accounts Receivable	3,755	3,807	3,849	3,822	3,973	4,206	4,059	4,239	4,402	4,391	4,609
Other Current Assets	1,101	952	1,022	1,021	1,067	1,317	1,202	1,314	1,396	1,349	1,709
Plant, Property, & Equipment, net	1,087	1,048	1,048	1,036	1,009	1,001	994	988	976	949	955
Total Noncurrent Assets	9,929	9,904	9,929	10,286	10,326	11,615	11,468	11,434	11,582	11,091	11,710
Long-Term Investments	425	432	435	83	86	90	90	94	110	107	113
Goodwill	6,065	6,013	6,085	6,393	6,395	7,132	6,953	7,006	7,120	7,100	7,681
Intangible Assets	1,228	1,174	1,149	1,171	1,129	1,681	1,599	1,555	1,523	1,472	1,485
Noncurrent Deferred & Refundable Income Taxes	762	935	993	993	1,095	1,091	1,248	1,216	1,256	844	853
Other Noncurrent Operating Assets	1,449	1,350	1,267	1,646	1,621	1,621	1,578	1,563	1,573	1,568	1,578
Total Liabilities & Shareholders' Equity	17,967	18,079	18,483	18,408	18,580	20,164	19,966	19,967	20,164	20,134	20,500
Total Liabilities	5,064	5,197	5,256	4,918	4,682	5,712	5,558	5,068	4,876	5,237	5,432
Total Current Liabilities	3,056	3,191	3,333	3,012	2,946	3,388	3,585	3,406	3,156	3,433	3,520
Short-Term Debt	24	33	33	33	33	33	33	33	33	33	33
Accounts Payable	318	325	337	291	298	304	340	326	279	284	363
Accrued Expenses	2,163	2,367	2,425	2,096	2,076	2,504	2,610	2,373	2,249	2,578	2,404
Current Deferred Revenue	380	302	385	449	391	355	450	519	440	384	580
Other Current Liabilities	171	164	153	143	148	192	152	155	155	154	140
Total Noncurrent Liabilities	2,008	2,006	1,923	1,906	1,736	2,324	1,973	1,662	1,720	1,804	1,912
Long-Term Debt	622	614	606	598	590	1,183	875	567	559	551	535
Capital Lease Obligations	664	634	523	503	466	455	420	424	430	432	384
Noncurrent Deferred Revenue	187	191	199	193	29	28	30	33	34	35	37
Noncurrent Deferred & Payable Income Tax Liabilities	220	220	226	201	203	218	154	171	169	168	195
Other Noncurrent Operating Liabilities	315	347	369	411	448	440	494	467	528	618	761
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	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288	14,897	15,068
Total Preferred & Common Equity	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288	14,897	15,068
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	12,903	12,882	13,227	13,490	13,898	14,452	14,408	14,899	15,288	14,897	15,068
Common Stock	22	21	20	25	20	63	18	24	19	19	22
Retained Earnings	13,022	13,146	13,301	13,621	14,028	14,347	14,686	15,040	15,226	14,942	15,272
Accumulated Other Comprehensive Income / (Loss)	-141	-285	-94	-156	-150	42	-296	-165	43	-64	-226

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.98%	8.63%	9.81%	8.88%	4.08%	-0.78%	11.14%	4.98%	-0.39%	1.98%	6.95%
EBITDA Growth	17.12%	8.73%	13.18%	5.25%	-7.19%	-12.30%	32.03%	4.88%	-8.12%	4.85%	15.99%
EBIT Growth	12.49%	7.77%	12.56%	4.01%	-9.60%	-16.38%	40.23%	6.06%	-9.21%	6.33%	18.73%
NOPAT Growth	14.02%	-6.24%	-6.88%	49.76%	-12.81%	-23.40%	51.95%	5.46%	-9.12%	7.13%	-1.22%
Net Income Growth	12.86%	-4.37%	-3.16%	39.69%	-12.33%	-24.43%	53.52%	7.16%	-7.16%	5.36%	-0.45%
EPS Growth	12.77%	-3.77%	-0.78%	42.29%	-8.61%	-21.88%	57.59%	8.89%	-4.54%	7.13%	1.11%
Operating Cash Flow Growth	48.47%	-24.78%	46.32%	7.69%	-3.59%	32.01%	-24.37%	2.93%	-9.27%	-8.84%	35.73%
Free Cash Flow Firm Growth	188.57%	-53.44%	105.26%	-49.27%	-55.26%	260.18%	-12.23%	60.97%	-16.89%	-92.76%	1,385.96%
Invested Capital Growth	0.16%	13.60%	-1.95%	21.23%	19.61%	1.71%	11.25%	4.73%	5.38%	18.41%	4.37%
Revenue Q/Q Growth	4.11%	1.73%	2.53%	1.90%	0.93%	-0.60%	3.31%	0.32%	-0.42%	1.67%	1.20%
EBITDA Q/Q Growth	3.98%	0.36%	5.96%	3.32%	-5.81%	-4.51%	8.75%	-1.12%	0.80%	0.35%	3.26%
EBIT Q/Q Growth	3.33%	-0.15%	6.13%	3.60%	-7.07%	-6.36%	10.91%	-1.23%	1.16%	0.17%	3.90%
NOPAT Q/Q Growth	3.83%	-0.10%	-23.98%	42.97%	-5.16%	-8.99%	13.74%	-3.07%	1.74%	0.66%	3.78%
Net Income Q/Q Growth	3.92%	-0.50%	-22.39%	46.41%	-12.08%	-5.37%	13.85%	-2.35%	1.77%	-0.53%	4.79%
EPS Q/Q Growth	3.11%	-1.16%	-22.15%	46.94%	-10.84%	-4.81%	14.41%	-2.00%	2.68%	-0.44%	5.80%
Operating Cash Flow Q/Q Growth	22.35%	-6.78%	10.67%	-4.92%	10.43%	-1.20%	-2.84%	-4.57%	1.53%	9.43%	-2.11%
Free Cash Flow Firm Q/Q Growth	212.97%	-22.91%	18.50%	-46.60%	239.50%	-37.41%	-1.10%	16.19%	85.76%	122.62%	-40.26%
Invested Capital Q/Q Growth	-2.00%	1.68%	-8.44%	10.69%	0.41%	7.52%	9.80%	5.90%	-0.39%	-4.32%	3.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.08%	39.88%	38.20%	38.99%	36.64%	35.92%	37.30%	35.93%	34.56%	34.34%	33.72%
EBITDA Margin	19.56%	19.57%	20.18%	19.50%	17.39%	15.37%	18.26%	18.25%	16.83%	17.30%	18.77%
Operating Margin	17.25%	16.97%	16.75%	17.37%	14.62%	12.70%	15.27%	15.28%	13.89%	14.65%	16.06%
EBIT Margin	16.90%	16.76%	17.18%	16.42%	14.26%	12.02%	15.16%	15.32%	13.96%	14.56%	16.16%
Profit (Net Income) Margin	13.08%	11.51%	10.16%	13.03%	10.98%	8.36%	11.55%	11.79%	10.99%	11.35%	10.56%
Tax Burden Percent	75.05%	65.89%	56.65%	75.12%	72.43%	66.41%	75.59%	75.93%	76.28%	76.24%	64.10%
Interest Burden Percent	103.15%	104.25%	104.32%	105.67%	106.27%	104.75%	100.75%	101.34%	103.15%	102.26%	101.99%
Effective Tax Rate	24.95%	34.15%	43.43%	24.96%	25.29%	33.59%	24.51%	24.20%	23.97%	24.27%	36.16%
Return on Invested Capital (ROIC)	28.67%	25.15%	22.23%	30.40%	22.03%	15.36%	21.91%	21.43%	18.54%	17.72%	15.80%
ROIC Less NNEP Spread (ROIC-NNEP)	28.10%	24.01%	19.94%	30.42%	21.71%	16.03%	21.68%	18.98%	13.85%	14.30%	9.25%
Return on Net Nonoperating Assets (RNNOA)	-9.58%	-9.62%	-8.17%	-11.38%	-5.61%	-2.62%	-3.18%	-2.58%	-1.88%	-1.51%	-0.64%
Return on Equity (ROE)	19.09%	15.53%	14.06%	19.02%	16.41%	12.74%	18.72%	18.85%	16.65%	16.21%	15.16%
Cash Return on Invested Capital (CROIC)	28.51%	12.42%	24.20%	11.21%	4.17%	13.66%	11.26%	16.81%	13.30%	0.86%	11.52%
Operating Return on Assets (OROA)	17.10%	16.55%	17.26%	17.04%	14.93%	12.08%	16.14%	16.67%	14.87%	14.94%	16.78%
Return on Assets (ROA)	13.24%	11.37%	10.20%	13.53%	11.49%	8.40%	12.29%	12.83%	11.70%	11.65%	10.97%
Return on Common Equity (ROCE)	19.09%	15.53%	14.06%	19.02%	16.41%	12.74%	18.72%	18.85%	16.65%	16.21%	15.16%
Return on Equity Simple (ROE_SIMPLE)	17.50%	14.48%	14.10%	18.39%	16.71%	12.85%	17.82%	18.60%	16.07%	15.55%	0.00%
Net Operating Profit after Tax (NOPAT)	1,607	1,507	1,404	2,102	1,833	1,404	2,133	2,250	2,044	2,190	2,164
NOPAT Margin	12.95%	11.18%	9.48%	13.04%	10.92%	8.43%	11.53%	11.58%	10.56%	11.10%	10.25%
Net Nonoperating Expense Percent (NNEP)	0.57%	1.14%	2.29%	-0.02%	0.32%	-0.67%	0.22%	2.45%	4.69%	3.42%	6.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.46%	14.21%	13.92%	13.51%
Cost of Revenue to Revenue	59.92%	60.12%	61.80%	61.01%	63.36%	64.08%	62.70%	64.07%	65.44%	65.66%	66.28%
SG&A Expenses to Revenue	20.21%	20.25%	18.21%	18.65%	17.71%	18.62%	18.93%	17.72%	16.80%	16.33%	15.35%
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	22.83%	22.91%	21.45%	21.62%	22.02%	23.22%	22.03%	20.65%	20.67%	19.69%	17.66%
Earnings before Interest and Taxes (EBIT)	2,098	2,261	2,545	2,647	2,393	2,001	2,806	2,976	2,702	2,873	3,411
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,428	2,640	2,988	3,145	2,919	2,560	3,380	3,545	3,257	3,415	3,961
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	2.87	3.57	2.96	2.87	3.82	3.72	2.31	2.82	2.65	2.67
Price to Tangible Book Value (P/TBV)	5.49	4.26	5.46	4.98	5.27	8.69	8.65	5.23	6.22	6.51	6.17
Price to Revenue (P/Rev)	2.66	2.28	2.57	2.10	1.89	2.48	2.41	1.46	1.93	1.93	1.90
Price to Earnings (P/E)	20.33	19.80	25.35	16.10	17.17	29.72	20.85	12.41	17.53	17.02	17.96
Dividend Yield	0.00%	0.00%	0.70%	1.37%	1.38%	1.14%	1.13%	1.95%	1.56%	1.56%	1.49%
Earnings Yield	4.92%	5.05%	3.95%	6.21%	5.82%	3.36%	4.80%	8.06%	5.70%	5.87%	5.57%
Enterprise Value to Invested Capital (EV/IC)	5.23	4.14	5.39	3.95	3.27	4.31	4.18	2.50	3.12	2.77	2.79
Enterprise Value to Revenue (EV/Rev)	2.36	1.96	2.28	1.86	1.77	2.39	2.31	1.38	1.83	1.88	1.85
Enterprise Value to EBITDA (EV/EBITDA)	12.08	10.00	11.28	9.53	10.17	15.53	12.67	7.58	10.86	10.87	9.85
Enterprise Value to EBIT (EV/EBIT)	13.99	11.67	13.24	11.32	12.40	19.87	15.26	9.03	13.09	12.92	11.44
Enterprise Value to NOPAT (EV/NOPAT)	18.25	17.51	24.01	14.26	16.19	28.31	20.07	11.94	17.30	16.95	18.04
Enterprise Value to Operating Cash Flow (EV/OCF)	13.42	16.04	14.00	11.56	11.88	12.05	17.16	10.46	15.18	17.48	13.54
Enterprise Value to Free Cash Flow (EV/FCFF)	18.36	35.46	22.06	38.67	85.59	31.83	39.06	15.22	24.11	349.69	24.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.08	0.08	0.07	0.13	0.14	0.12	0.11	0.09	0.09	0.07
Long-Term Debt to Equity	0.09	0.07	0.07	0.06	0.13	0.14	0.12	0.11	0.09	0.09	0.06
Financial Leverage	-0.34	-0.40	-0.41	-0.37	-0.26	-0.16	-0.15	-0.14	-0.14	-0.11	-0.07
Leverage Ratio	1.44	1.37	1.38	1.41	1.43	1.52	1.52	1.47	1.42	1.39	1.38
Compound Leverage Factor	1.49	1.42	1.44	1.49	1.52	1.59	1.53	1.49	1.47	1.42	1.41
Debt to Total Capital	12.15%	7.57%	7.56%	6.12%	11.86%	12.49%	10.77%	9.95%	8.08%	8.44%	6.24%
Short-Term Debt to Total Capital	3.84%	0.70%	1.52%	0.07%	0.30%	0.31%	0.28%	0.06%	0.23%	0.21%	0.21%
Long-Term Debt to Total Capital	8.30%	6.87%	6.05%	6.05%	11.56%	12.19%	10.49%	9.89%	7.85%	8.23%	6.03%
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	87.85%	92.43%	92.44%	93.88%	88.14%	87.51%	89.23%	90.05%	91.92%	91.56%	93.76%
Debt to EBITDA	0.53	0.33	0.29	0.24	0.51	0.60	0.43	0.38	0.36	0.39	0.25
Net Debt to EBITDA	-1.51	-1.65	-1.48	-1.22	-0.67	-0.63	-0.51	-0.44	-0.59	-0.29	-0.26
Long-Term Debt to EBITDA	0.36	0.30	0.23	0.23	0.50	0.59	0.42	0.38	0.35	0.38	0.24
Debt to NOPAT	0.80	0.58	0.62	0.35	0.81	1.10	0.68	0.60	0.57	0.61	0.46
Net Debt to NOPAT	-2.28	-2.89	-3.15	-1.83	-1.07	-1.15	-0.81	-0.70	-0.93	-0.46	-0.47
Long-Term Debt to NOPAT	0.55	0.53	0.50	0.35	0.79	1.07	0.66	0.60	0.55	0.59	0.45
Altman Z-Score	8.15	8.24	8.01	7.62	6.48	6.57	7.31	5.97	7.06	6.84	7.06
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	2.91	3.56	3.21	3.18	2.55	1.94	2.08	2.17	2.25	2.09	2.14
Quick Ratio	2.79	3.34	2.92	2.84	2.24	1.64	1.78	1.88	1.95	1.76	1.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,598	744	1,528	775	347	1,249	1,096	1,765	1,466	106	1,578
Operating Cash Flow to CapEx	801.10%	548.33%	847.54%	687.53%	637.50%	828.89%	894.27%	773.49%	735.02%	715.15%	1,322.48%
Free Cash Flow to Firm to Interest Expense	88.81	39.17	66.42	28.70	13.34	52.04	121.81	92.87	35.77	1.97	42.64
Operating Cash Flow to Interest Expense	121.50	86.58	104.65	96.00	96.12	137.46	277.22	135.16	56.83	39.33	77.92
Operating Cash Flow Less CapEx to Interest Expense	106.33	70.79	92.30	82.04	81.04	120.88	246.22	117.68	49.10	33.83	72.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	0.99	1.00	1.04	1.05	1.01	1.06	1.09	1.07	1.03	1.04
Accounts Receivable Turnover	5.05	4.88	4.83	5.03	5.21	5.25	5.57	5.28	5.06	4.99	4.97
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	9.86	10.45	11.24	11.87	12.42	13.01	15.28	17.10	18.01	19.33	21.91
Accounts Payable Turnover	47.89	47.69	47.54	46.30	46.85	33.98	30.94	34.53	36.34	38.28	43.18
Days Sales Outstanding (DSO)	72.25	74.79	75.50	72.57	70.09	69.52	65.52	69.07	72.09	73.13	73.47
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)	7.62	7.65	7.68	7.88	7.79	10.74	11.80	10.57	10.04	9.53	8.45
Cash Conversion Cycle (CCC)	64.63	67.14	67.82	64.69	62.30	58.78	53.72	58.50	62.05	63.59	65.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,612	6,375	6,251	7,578	9,064	9,219	10,256	10,741	11,319	13,403	13,989
Invested Capital Turnover	2.21	2.25	2.35	2.33	2.02	1.82	1.90	1.85	1.75	1.60	1.54
Increase / (Decrease) in Invested Capital	9.00	763	-124	1,327	1,486	155	1,037	485	578	2,084	586
Enterprise Value (EV)	29,342	26,392	33,701	29,970	29,677	39,751	42,824	26,859	35,363	37,124	39,034
Market Capitalization	33,008	30,745	38,119	33,816	31,635	41,368	44,559	28,427	37,271	38,129	40,060
Book Value per Share	$15.26	$17.68	$18.09	$19.73	$20.13	$20.27	$22.83	$23.95	$26.38	$29.06	$31.11
Tangible Book Value per Share	$9.88	$11.91	$11.84	$11.73	$10.96	$8.90	$9.81	$10.57	$11.95	$11.81	$13.45
Total Capital	10,561	11,606	11,542	12,169	12,505	12,383	13,438	13,669	14,389	15,736	16,014
Total Debt	1,283	878	873	745	1,483	1,547	1,447	1,360	1,162	1,328	999
Total Long-Term Debt	877	797	698	736	1,445	1,509	1,409	1,352	1,129	1,295	966
Net Debt	-3,666	-4,353	-4,418	-3,846	-1,958	-1,617	-1,735	-1,568	-1,908	-1,005	-1,026
Capital Expenditures (CapEx)	273	300	284	377	392	398	279	332	317	297	218
Debt-free, Cash-free Net Working Capital (DFCFNWC)	652	1,094	1,391	1,398	1,242	625	1,132	1,426	1,571	1,709	2,278
Debt-free Net Working Capital (DFNWC)	5,601	6,263	6,447	5,909	4,666	3,349	3,851	3,927	4,206	3,952	4,192
Net Working Capital (NWC)	5,195	6,182	6,272	5,900	4,628	3,311	3,813	3,919	4,173	3,919	4,159
Net Nonoperating Expense (NNE)	-17	-46	-100	1.00	-9.24	12	-3.75	-40	-82	-50	-66
Net Nonoperating Obligations (NNO)	-3,666	-4,353	-4,418	-3,846	-1,958	-1,617	-1,735	-1,568	-1,908	-1,005	-1,026
Total Depreciation and Amortization (D&A)	330	379	443	498	526	559	574	569	555	542	550
Debt-free, Cash-free Net Working Capital to Revenue	5.25%	8.11%	9.39%	8.67%	7.40%	3.75%	6.12%	7.34%	8.12%	8.66%	10.79%
Debt-free Net Working Capital to Revenue	45.11%	46.44%	43.53%	36.65%	27.80%	20.11%	20.81%	20.21%	21.73%	20.02%	19.86%
Net Working Capital to Revenue	41.84%	45.84%	42.35%	36.59%	27.58%	19.88%	20.60%	20.17%	21.56%	19.86%	19.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.30	$2.58	$4.06	$4.42	$4.21	$4.52	$4.57
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	559M	540M	527M	518M	505M	496M	488M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51	$4.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	560M	541M	528M	519M	505M	497M	489M
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	548.64M	530.61M	524.53M	509.29M	497.84M	494.62M	478.25M
Normalized Net Operating Profit after Tax (NOPAT)	1,607	1,507	1,444	2,116	1,995	1,547	2,133	2,250	2,219	2,292	2,124
Normalized NOPAT Margin	12.95%	11.18%	9.75%	13.12%	11.89%	9.29%	11.53%	11.58%	11.46%	11.61%	10.06%
Pre Tax Income Margin	17.43%	17.48%	17.93%	17.35%	15.15%	12.59%	15.28%	15.52%	14.40%	14.89%	16.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	116.56	119.00	110.65	98.04	92.04	83.38	311.78	156.63	65.90	53.20	92.19
NOPAT to Interest Expense	89.31	79.33	61.02	77.85	70.49	58.50	237.03	118.40	49.87	40.56	58.47
EBIT Less CapEx to Interest Expense	101.39	103.21	98.30	84.07	76.96	66.79	280.78	139.16	58.17	47.70	86.30
NOPAT Less CapEx to Interest Expense	74.14	63.54	48.68	63.89	55.41	41.91	206.03	100.93	42.13	35.06	52.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	17.62%	22.28%	24.59%	34.48%	23.82%	24.63%	27.80%	26.79%	27.35%
Augmented Payout Ratio	28.33%	32.97%	143.22%	82.29%	146.58%	150.93%	59.90%	86.72%	77.85%	53.79%	89.15%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	478,246,920.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	478,246,920.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.82%	-1.67%	-1.08%	-0.74%	3.00%	6.81%	7.46%	8.14%	7.36%	4.94%	5.83%
EBITDA Growth	-11.04%	3.11%	-1.53%	18.79%	3.10%	1.39%	18.42%	14.98%	16.32%	14.30%	0.30%
EBIT Growth	-13.61%	4.46%	-1.95%	24.87%	5.64%	0.69%	21.48%	16.95%	19.02%	17.51%	-0.23%
NOPAT Growth	-18.75%	6.98%	-5.26%	20.31%	13.55%	2.53%	23.33%	14.30%	-53.09%	13.78%	-0.60%
Net Income Growth	-16.53%	7.10%	-5.86%	22.25%	10.86%	-2.15%	21.43%	13.96%	-52.92%	18.68%	-0.15%
EPS Growth	-14.75%	10.89%	-3.51%	25.27%	12.50%	-1.79%	21.82%	14.91%	-52.14%	22.73%	3.73%
Operating Cash Flow Growth	-19.77%	4.99%	-86.97%	627.78%	2.29%	24.83%	321.05%	51.91%	44.86%	-6.74%	-31.50%
Free Cash Flow Firm Growth	-290.42%	-372.93%	-1,069.22%	30.77%	-189.05%	-3,512.40%	-30.51%	-134.96%	139.69%	102.52%	109.81%
Invested Capital Growth	12.03%	5.38%	10.89%	8.58%	23.28%	18.41%	12.51%	13.36%	-3.97%	4.37%	4.00%
Revenue Q/Q Growth	0.23%	-2.84%	0.04%	1.89%	4.00%	0.75%	0.65%	2.54%	3.24%	-1.51%	1.50%
EBITDA Q/Q Growth	18.36%	2.86%	-3.02%	0.60%	2.73%	1.16%	13.27%	-2.32%	3.93%	-0.60%	-0.60%
EBIT Q/Q Growth	22.05%	4.91%	-3.17%	0.71%	3.25%	0.00%	16.83%	-3.04%	5.07%	-1.26%	-0.81%
NOPAT Q/Q Growth	10.35%	6.63%	-2.39%	4.75%	4.15%	-3.72%	17.41%	-2.92%	-57.26%	133.52%	2.57%
Net Income Q/Q Growth	13.39%	6.29%	-2.15%	3.66%	2.83%	-6.19%	21.43%	-2.71%	-57.52%	136.50%	2.16%
EPS Q/Q Growth	14.29%	7.69%	-1.79%	3.64%	2.63%	-5.98%	21.82%	-2.24%	-57.25%	141.07%	2.96%
Operating Cash Flow Q/Q Growth	2,200.00%	-10.99%	-87.11%	175.79%	223.28%	8.62%	-56.52%	-0.50%	208.29%	-30.07%	-68.07%
Free Cash Flow Firm Q/Q Growth	-9.10%	94.08%	-1,512.81%	33.54%	-355.52%	26.02%	41.73%	-19.66%	176.95%	-95.30%	126.82%
Invested Capital Q/Q Growth	-2.82%	-0.39%	8.65%	3.24%	10.33%	-4.32%	3.24%	4.01%	-6.53%	3.99%	2.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.47%	35.25%	33.91%	33.94%	34.36%	35.12%	33.59%	33.67%	33.87%	33.73%	32.79%
EBITDA Margin	17.11%	18.12%	17.56%	17.34%	17.13%	17.20%	19.35%	18.44%	18.56%	18.73%	18.34%
Operating Margin	14.01%	15.22%	14.60%	14.60%	14.63%	14.78%	16.68%	15.58%	15.99%	15.99%	15.57%
EBIT Margin	14.13%	15.26%	14.77%	14.60%	14.49%	14.38%	16.70%	15.79%	16.07%	16.11%	15.74%
Profit (Net Income) Margin	10.72%	11.73%	11.47%	11.67%	11.54%	10.74%	12.96%	12.30%	5.06%	12.15%	12.23%
Tax Burden Percent	73.63%	74.50%	75.62%	77.75%	77.81%	73.78%	76.03%	76.60%	30.89%	73.80%	76.36%
Interest Burden Percent	103.03%	103.17%	102.70%	102.82%	102.33%	101.23%	102.11%	101.69%	101.95%	102.21%	101.76%
Effective Tax Rate	26.79%	26.03%	24.79%	22.66%	22.73%	26.89%	24.43%	23.40%	69.11%	26.77%	23.99%
Return on Invested Capital (ROIC)	18.54%	19.75%	18.12%	17.84%	17.30%	17.25%	19.38%	18.05%	7.50%	18.05%	17.95%
ROIC Less NNEP Spread (ROIC-NNEP)	17.17%	18.45%	16.44%	16.30%	16.11%	17.46%	17.75%	16.22%	6.82%	15.76%	15.51%
Return on Net Nonoperating Assets (RNNOA)	-2.30%	-2.51%	-1.74%	-1.47%	-1.16%	-1.84%	-1.41%	-1.17%	-0.44%	-1.09%	-0.90%
Return on Equity (ROE)	16.23%	17.24%	16.39%	16.37%	16.14%	15.41%	17.97%	16.88%	7.07%	16.97%	17.05%
Cash Return on Invested Capital (CROIC)	7.34%	13.30%	6.90%	9.06%	-3.70%	0.86%	5.92%	5.13%	19.23%	11.52%	11.39%
Operating Return on Assets (OROA)	15.50%	16.25%	15.60%	15.39%	14.71%	14.77%	17.48%	16.69%	16.63%	16.72%	16.65%
Return on Assets (ROA)	11.76%	12.49%	12.11%	12.30%	11.71%	11.03%	13.57%	13.00%	5.24%	12.62%	12.94%
Return on Common Equity (ROCE)	16.23%	17.24%	16.39%	16.37%	16.14%	15.41%	17.97%	16.88%	7.07%	16.97%	17.05%
Return on Equity Simple (ROE_SIMPLE)	16.22%	0.00%	15.51%	15.79%	15.58%	0.00%	15.82%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	502	536	523	548	570	549	645	626	268	625	641
NOPAT Margin	10.26%	11.25%	10.98%	11.29%	11.31%	10.80%	12.60%	11.93%	4.94%	11.71%	11.84%
Net Nonoperating Expense Percent (NNEP)	1.37%	1.29%	1.69%	1.53%	1.19%	-0.21%	1.63%	1.83%	0.69%	2.30%	2.44%
Return On Investment Capital (ROIC_SIMPLE)	-	3.72%	-	-	-	3.49%	4.05%	3.84%	1.68%	3.90%	4.00%
Cost of Revenue to Revenue	65.53%	64.75%	66.09%	66.06%	65.64%	64.88%	66.41%	66.33%	66.13%	66.27%	67.21%
SG&A Expenses to Revenue	16.36%	16.52%	16.07%	16.10%	16.51%	16.61%	15.46%	15.44%	15.38%	15.11%	14.61%
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	20.46%	20.03%	19.31%	19.34%	19.73%	20.35%	16.91%	18.09%	17.88%	17.74%	17.22%
Earnings before Interest and Taxes (EBIT)	692	726	703	708	731	731	854	828	870	859	852
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	838	862	836	841	864	874	990	967	1,005	999	993
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.61	2.82	2.70	2.42	2.65	2.65	2.54	2.52	2.20	2.67	1.95
Price to Tangible Book Value (P/TBV)	5.91	6.22	6.15	5.28	6.78	6.51	5.97	5.79	5.18	6.17	4.97
Price to Revenue (P/Rev)	1.73	1.93	1.89	1.75	1.97	1.93	1.88	1.88	1.57	1.90	1.37
Price to Earnings (P/E)	16.11	17.53	17.42	15.34	16.99	17.02	16.05	15.79	15.39	17.96	13.16
Dividend Yield	1.71%	1.56%	1.61%	1.74%	1.54%	1.56%	1.58%	1.56%	1.83%	1.49%	2.05%
Earnings Yield	6.21%	5.70%	5.74%	6.52%	5.89%	5.87%	6.23%	6.33%	6.50%	5.57%	7.60%
Enterprise Value to Invested Capital (EV/IC)	2.83	3.12	2.87	2.56	2.70	2.77	2.66	2.61	2.33	2.79	1.99
Enterprise Value to Revenue (EV/Rev)	1.65	1.83	1.83	1.69	1.95	1.88	1.83	1.83	1.50	1.85	1.34
Enterprise Value to EBITDA (EV/EBITDA)	9.95	10.86	10.87	9.62	11.11	10.87	10.30	10.17	8.16	9.85	7.23
Enterprise Value to EBIT (EV/EBIT)	12.03	13.09	13.12	11.48	13.18	12.92	12.16	11.95	9.54	11.44	8.41
Enterprise Value to NOPAT (EV/NOPAT)	15.99	17.30	17.50	15.41	17.38	16.95	15.91	15.72	15.02	18.04	13.27
Enterprise Value to Operating Cash Flow (EV/OCF)	14.00	15.18	20.79	16.90	19.48	17.48	15.14	14.65	10.63	13.54	10.40
Enterprise Value to Free Cash Flow (EV/FCFF)	40.71	24.11	43.68	29.39	0.00	349.69	47.56	54.10	11.86	24.74	17.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.09	0.08	0.08	0.12	0.09	0.07	0.07	0.07	0.07	0.06
Long-Term Debt to Equity	0.10	0.09	0.08	0.08	0.11	0.09	0.07	0.06	0.07	0.06	0.06
Financial Leverage	-0.13	-0.14	-0.11	-0.09	-0.07	-0.11	-0.08	-0.07	-0.06	-0.07	-0.06
Leverage Ratio	1.43	1.42	1.40	1.36	1.40	1.39	1.35	1.33	1.37	1.38	1.35
Compound Leverage Factor	1.47	1.47	1.44	1.40	1.43	1.41	1.38	1.35	1.40	1.41	1.37
Debt to Total Capital	9.04%	8.08%	7.75%	7.27%	10.36%	8.44%	6.43%	6.27%	6.38%	6.24%	5.94%
Short-Term Debt to Total Capital	0.23%	0.23%	0.23%	0.22%	0.20%	0.21%	0.21%	0.20%	0.21%	0.21%	0.21%
Long-Term Debt to Total Capital	8.81%	7.85%	7.53%	7.05%	10.16%	8.23%	6.22%	6.06%	6.18%	6.03%	5.74%
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	90.96%	91.92%	92.25%	92.73%	89.64%	91.56%	93.57%	93.73%	93.62%	93.76%	94.06%
Debt to EBITDA	0.40	0.36	0.35	0.32	0.49	0.39	0.29	0.28	0.26	0.25	0.24
Net Debt to EBITDA	-0.47	-0.59	-0.37	-0.36	-0.13	-0.29	-0.30	-0.24	-0.38	-0.26	-0.17
Long-Term Debt to EBITDA	0.39	0.35	0.34	0.31	0.48	0.38	0.28	0.27	0.26	0.24	0.23
Debt to NOPAT	0.64	0.57	0.56	0.52	0.77	0.61	0.44	0.43	0.49	0.46	0.44
Net Debt to NOPAT	-0.76	-0.93	-0.59	-0.57	-0.20	-0.46	-0.46	-0.37	-0.69	-0.47	-0.31
Long-Term Debt to NOPAT	0.62	0.55	0.55	0.50	0.75	0.59	0.43	0.41	0.47	0.45	0.43
Altman Z-Score	6.37	6.71	6.92	6.81	6.34	6.49	6.93	7.21	6.25	6.66	5.72
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	2.23	2.25	2.35	2.46	2.23	2.09	2.22	2.41	2.36	2.14	2.23
Quick Ratio	1.94	1.95	2.01	2.10	1.84	1.76	1.83	1.97	1.96	1.74	1.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-718	-42	-685	-455	-2,075	-1,535	-894	-1,070	824	39	88
Operating Cash Flow to CapEx	1,134.25%	944.87%	120.25%	331.65%	1,512.50%	1,108.43%	5,714.29%	594.03%	1,831.34%	1,114.29%	360.53%
Free Cash Flow to Firm to Interest Expense	-65.25	-3.86	-62.30	-45.55	-148.19	-80.79	-74.53	-118.91	102.94	4.84	12.54
Operating Cash Flow to Interest Expense	75.27	67.00	8.64	26.20	60.50	48.42	33.33	44.22	153.38	107.25	39.14
Operating Cash Flow Less CapEx to Interest Expense	68.64	59.91	1.45	18.30	56.50	44.05	32.75	36.78	145.00	97.63	28.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.10	1.07	1.06	1.05	1.02	1.03	1.05	1.06	1.04	1.04	1.06
Accounts Receivable Turnover	5.19	5.06	5.12	4.99	4.85	4.99	4.98	4.89	4.85	4.97	4.84
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	18.05	18.01	18.06	18.38	18.95	19.33	19.85	20.64	21.39	21.91	22.03
Accounts Payable Turnover	36.81	36.34	40.66	41.04	40.52	38.28	42.82	46.74	46.78	43.18	41.31
Days Sales Outstanding (DSO)	70.37	72.09	71.29	73.21	75.33	73.13	73.22	74.61	75.22	73.47	75.43
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)	9.92	10.04	8.98	8.89	9.01	9.53	8.52	7.81	7.80	8.45	8.84
Cash Conversion Cycle (CCC)	60.45	62.05	62.32	64.31	66.32	63.59	64.70	66.80	67.42	65.02	66.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,363	11,319	12,298	12,696	14,008	13,403	13,837	14,392	13,452	13,989	14,390
Invested Capital Turnover	1.81	1.75	1.65	1.58	1.53	1.60	1.54	1.51	1.52	1.54	1.52
Increase / (Decrease) in Invested Capital	1,220	578	1,208	1,003	2,645	2,084	1,539	1,696	-556	586	553
Enterprise Value (EV)	32,141	35,363	35,255	32,474	37,811	37,124	36,776	37,568	31,312	39,034	28,662
Market Capitalization	33,660	37,271	36,447	33,676	38,255	38,129	37,838	38,464	32,757	40,060	29,340
Book Value per Share	$25.51	$26.38	$27.14	$27.95	$29.16	$29.06	$30.12	$31.01	$30.50	$31.11	$31.51
Tangible Book Value per Share	$11.28	$11.95	$11.92	$12.82	$11.38	$11.81	$12.81	$13.48	$12.95	$13.45	$12.34
Total Capital	14,163	14,389	14,624	14,987	16,123	15,736	15,923	16,310	15,913	16,014	16,020
Total Debt	1,281	1,162	1,134	1,089	1,671	1,328	1,024	1,022	1,016	999	952
Total Long-Term Debt	1,248	1,129	1,101	1,056	1,638	1,295	991	989	983	966	919
Net Debt	-1,519	-1,908	-1,192	-1,202	-444	-1,005	-1,062	-896	-1,445	-1,026	-678
Capital Expenditures (CapEx)	73	78	79	79	56	83	7.00	67	67	77	76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,601	1,571	1,864	2,127	2,168	1,709	2,180	2,675	2,340	2,278	2,831
Debt-free Net Working Capital (DFNWC)	3,969	4,206	4,107	4,332	4,193	3,952	4,172	4,483	4,694	4,192	4,348
Net Working Capital (NWC)	3,936	4,173	4,074	4,299	4,160	3,919	4,139	4,450	4,661	4,159	4,315
Net Nonoperating Expense (NNE)	-23	-22	-23	-18	-12	3.04	-18	-19	-6.49	-23	-21
Net Nonoperating Obligations (NNO)	-1,519	-1,908	-1,192	-1,202	-444	-1,005	-1,062	-896	-1,445	-1,026	-678
Total Depreciation and Amortization (D&A)	146	136	133	133	133	143	136	139	135	140	141
Debt-free, Cash-free Net Working Capital to Revenue	8.24%	8.12%	9.66%	11.04%	11.17%	8.66%	10.85%	13.06%	11.22%	10.79%	13.23%
Debt-free Net Working Capital to Revenue	20.42%	21.73%	21.28%	22.49%	21.60%	20.02%	20.77%	21.88%	22.51%	19.86%	20.31%
Net Working Capital to Revenue	20.25%	21.56%	21.11%	22.32%	21.43%	19.86%	20.60%	21.72%	22.35%	19.70%	20.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.04	$1.11	$1.10	$1.14	$1.17	$1.11	$1.34	$1.31	$0.56	$1.36	$1.39
Adjusted Weighted Average Basic Shares Outstanding	504M	505M	497M	497M	496M	496M	494M	492M	486M	488M	477M
Adjusted Diluted Earnings per Share	$1.04	$1.12	$1.10	$1.14	$1.17	$1.10	$1.34	$1.31	$0.56	$1.35	$1.39
Adjusted Weighted Average Diluted Shares Outstanding	505M	505M	498M	498M	496M	497M	495M	492M	487M	489M	477M
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	501.41M	497.84M	497.20M	495.66M	495.82M	494.62M	492.94M	488.40M	482.65M	478.25M	473.87M
Normalized Net Operating Profit after Tax (NOPAT)	555	565	540	570	596	585	598	626	606	625	641
Normalized NOPAT Margin	11.33%	11.88%	11.34%	11.75%	11.81%	11.51%	11.69%	11.93%	11.19%	11.71%	11.84%
Pre Tax Income Margin	14.56%	15.74%	15.17%	15.01%	14.83%	14.56%	17.05%	16.05%	16.38%	16.46%	16.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	62.91	66.00	63.91	70.80	52.21	38.47	71.17	92.00	108.75	107.38	121.71
NOPAT to Interest Expense	45.66	48.68	47.52	54.75	40.73	28.90	53.72	69.54	33.44	78.09	91.54
EBIT Less CapEx to Interest Expense	56.27	58.91	56.73	62.90	48.21	34.11	70.58	84.56	100.38	97.75	110.86
NOPAT Less CapEx to Interest Expense	39.02	41.59	40.34	46.85	36.73	24.53	53.14	62.09	25.06	68.46	80.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.96%	27.80%	28.30%	27.06%	26.47%	26.79%	25.63%	24.92%	28.62%	27.35%	27.55%
Augmented Payout Ratio	78.99%	77.85%	74.90%	65.19%	60.39%	53.79%	54.52%	64.86%	84.73%	89.15%	99.91%

Financials Breakdown Chart

Key Financial Trends

Cognizant Technology Solutions (CTSH) has shown a generally positive revenue trend through 2025 with solid gross margins and cash flow generation, backed by a strong balance sheet. Over the four-year window ending in 2025, quarterly revenue hovered in the mid-to-upper $5 billion range, with gross margins in the low-to-mid 30s and meaningful operating cash flow. The company maintains a high equity base and a healthy liquidity position, though quarterly results can be volatile due to one-off items and mix shifts.

Below are the most relevant takeaways for retail investors, based on the last four years of quarterly data (income statement, balance sheet, and cash flow). The items are ordered with positives first, followed by neutral items, then potential negatives.

Revenue growth in 2025 vs 2024, with strong quarterly levels. In Q4 2025 CTSH posted operating revenue of 5.333 billion, up from 5.082 billion in Q4 2024. The sequence shows 2025 quarters running roughly between 5.1 and 5.4 billion, indicating a constructive topline trend.
Gross margin relatively stable around 33.7%–33.9% in 2025. Q4 2025 gross profit of 1.799 billion on 5.333 billion revenue implies ~33.7% margin; Q3 2025 gross profit 1.834 billion on 5.415 billion revenue implies ~33.9% margin; Q2 and Q1 2025 are in the same ballpark.
Consistently positive operating cash flow, supporting liquidity and potential shareholder returns. Net cash from continuing operating activities across 2025 quarters ranged from about 398 million (Q2) to 1.227 billion (Q3), with Q4 at about 858 million, illustrating robust cash generation from core operations.
Free cash flow generation remains solid, reflecting cash available after capex. Example: Q3 2025 FCFF (approx. CFO of 1.227B minus capex of ~67M) around 1.16B; Q4 2025 FCFF around 0.78B after ~77M of capex; typical quarterly FCFF remains positive.
Healthy liquidity and a strong balance sheet. In 2025 Q3, Total Current Assets were about 8.09B vs Total Current Liabilities around 3.43B, yielding a current ratio of roughly 2.36. Total equity is around 14.9B with Total Assets near 20.1B, indicating substantial balance-sheet cushion.
Modest leverage and sound liquidity posture. Long-term debt sits in the low hundreds of millions (e.g., around 0.55B in recent 2025 periods), with cash and equivalents commonly in the multi-billions range, supporting capacity to fund operations and potential buybacks or dividends without near-term refinancing risk.
EPS trend supports valuation upside, albeit with quarterly volatility. For example, quarterly basic/diluted EPS in late 2025 show strength (Q4 2025 Basic EPS ~1.36; Diluted ~1.35), against prior-year quarters, reflecting improving earnings per share even as quarterly results fluctuate.
Quarterly net income volatility, including a notably weaker quarter in 2025 (Q3 2025). Net income dipped to around 274 million in Q3 2025 despite strong revenue, before rebounding in Q4 2025 to about 648 million, highlighting quarterly earnings sensitivity to charges and mix.
Ongoing financing outflows reduce cash reserves. Net cash from financing activities remained negative in 2025 (examples: Q4 2025 about -487 million; Q3 -612 million; Q2 -516 million; Q1 -657 million), reflecting share repurchases and dividend payments that consume cash even as operating cash flow remains positive.
Investing activities are typically negative, driven by capex and acquisitions. Many quarters show net cash used in investing activities (e.g., Q4 2025 net cash from continuing investing activities around -75 million; Q3 2025 around -66 million), which is common for a services company investing in capabilities and staffing, and is neutral to the near-term cash flow story unless growth accelerates.
Large goodwill and intangible asset balances imply impairment risk in downturns. Goodwill consistently runs around 7–7.2 billion across 2023–2025 periods, with intangible assets around 1.1–1.5 billion, signaling elevated non-cash asset levels that could be sensitive to impairment if market conditions deteriorate.

Bottom line for investors: CTSH shows a steady revenue base, stable gross margins, and solid cash flow generation, underpinned by a strong balance sheet. However, quarterly earnings can swing due to one-off items or mix shifts, and financing activities have regularly used cash (dividends and buybacks), which is worth tracking for cash allocation priorities. The company’s high goodwill and intangible asset levels also warrant attention for potential impairment risk in weaker environments.

05/21/26 05:17 PM ETAI Generated. May Contain Errors.

Cognizant Technology Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cognizant Technology Solutions' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Cognizant Technology Solutions' net income appears to be on an upward trend, with a most recent value of $2.23 billion in 2025, rising from $1.62 billion in 2015. The previous period was $2.24 billion in 2024. View Cognizant Technology Solutions' forecast to see where analysts expect Cognizant Technology Solutions to go next.

Cognizant Technology Solutions' total operating income in 2025 was $3.39 billion, based on the following breakdown:

Total Gross Profit: $7.12 billion
Total Operating Expenses: $3.73 billion

Over the last 10 years, Cognizant Technology Solutions' total revenue changed from $12.42 billion in 2015 to $21.11 billion in 2025, a change of 70.0%.

Cognizant Technology Solutions' total liabilities were at $5.68 billion at the end of 2025, a 2.1% increase from 2024, and a 50.1% increase since 2015.

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 $1.90 billion as of their latest financial filing in 2025.

Over the last 10 years, Cognizant Technology Solutions' book value per share changed from 15.26 in 2015 to 31.11 in 2025, a change of 103.9%.

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Financial statements for NASDAQ:CTSH last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cognizant Technology Solutions (CTSH) Financials

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Cognizant Technology Solutions (CTSH) Financials

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