Cognizant Technology Solutions Corp. Class A Common Stock (CTSH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.38	$1.37	-0.7%	—	$5.5B	—
Q1 26	$1.33	$1.4	+5.3%	—	$5.4B	—
Q4 25	$1.32	$1.35	+2.3%	—	$5.3B	—
Q3 25	$0.54	$0.54	0.0%	—	$5.4B	—
Q2 25	$1.26	$1.31	+4.0%	—	$5.2B	—
Q1 25	$1.2	$1.23	+2.5%	—	$5.1B	—
Q4 24	$1.13	$1.21	+7.1%	—	$5.1B	—
Q3 24	$1.15	$1.25	+8.7%	—	$5B	—
Q2 24	$1.12	$1.17	+4.5%	—	$4.8B	—
Q1 24	$1.11	$1.12	+0.9%	—	$4.8B	—
Q4 23	$1.04	$1.18	+13.5%	—	$4.8B	—
Q3 23	$1.09	$1.16	+6.4%	—	$4.9B	—
Q2 23	$0.99	$1.1	+11.1%	—	$4.9B	—
Q1 23	$1.04	$1.11	+6.7%	—	$4.8B	—
Q4 22	$1.02	$1.01	-1.0%	—	$4.8B	—
Q3 22	$1.16	$1.17	+0.9%	—	$4.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.57	—	—	$21.1B	—
FY24	—	$4.52	—	—	$19.7B	—
FY23	—	$4.21	—	—	$19.4B	—
FY22	—	$4.42	—	—	$19.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.5B	$14.8B	$16.1B	$16.8B	$16.7B	$18.5B	$19.4B	$19.4B	$19.7B	$21.1B
YoY change	+8.63%	+9.81%	+8.88%	+4.08%	-0.78%	+11.1%	+4.98%	-0.39%	+1.98%	+6.95%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.5B	14.8B	16.1B	16.8B	16.7B	18.5B	19.4B	19.4B	19.7B	21.1B
Cost of revenue	8.1B	9.2B	9.8B	10.6B	10.7B	11.6B	12.4B	12.7B	13B	14B
Gross profit	5.4B	5.7B	6.3B	6.1B	6B	6.9B	7B	6.7B	6.8B	7.1B
Gross margin	39.9%	38.2%	39%	36.6%	35.9%	37.3%	35.9%	34.6%	34.3%	33.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.7B	2.7B	3B	3B	3.1B	3.5B	3.4B	3.3B	3.2B	3.2B
Operating expenses	2.7B	2.7B	3B	3B	3.1B	3.5B	3.4B	3.3B	3.2B	3.2B
Operating income	2.3B	2.6B	2.8B	2.7B	2.3B	2.8B	3B	2.9B	3B	3.3B
Operating margin	17%	17.2%	17.5%	15.9%	14%	15.3%	15.3%	15.1%	15.3%	15.8%
Non-operating income, net	-28M	-8M	-173M	-277M	-328M	-20M	8M	-216M	-153M	84M
Pretax income	2.4B	2.7B	2.8B	2.5B	2.1B	2.8B	3B	2.8B	2.9B	3.5B
Income tax	805M	1.2B	698M	643M	704M	693M	730M	668M	713M	1.3B
Net income	1.6B	1.5B	2.1B	1.8B	1.4B	2.1B	2.3B	2.1B	2.2B	2.2B
Net margin	11.5%	10.2%	13%	11%	8.36%	11.5%	11.8%	11%	11.3%	10.6%
EBITDA	2.8B	3.1B	3.5B	3.4B	3B	3.4B	3.6B	3.6B	3.7B	4B
EPS	2.56	2.54	3.61	3.3	2.58	4.06	4.42	4.21	4.52	4.57
Diluted EPS	2.55	2.53	3.6	3.29	2.57	4.05	4.41	4.21	4.51	4.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.9B	4.8B	4.8B	4.8B	5B	5.1B	5.1B	5.2B	5.4B	5.3B	5.4B	5.5B
Cost of revenue	3.2B	3.1B	3.1B	3.2B	3.3B	3.3B	3.4B	3.5B	3.6B	3.5B	3.6B	3.7B
Gross profit	1.7B	1.7B	1.6B	1.6B	1.7B	1.8B	1.7B	1.8B	1.8B	1.8B	1.8B	1.8B
Gross margin	34.5%	35.2%	33.9%	33.9%	34.4%	35.1%	33.6%	33.7%	33.9%	33.7%	32.8%	33.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	801M	786M	765M	781M	833M	844M	791M	810M	833M	806M	791M	728M
Operating expenses	801M	786M	765M	781M	833M	844M	791M	810M	833M	806M	791M	728M
Operating income	758M	764M	718M	737M	771M	800M	791M	817M	866M	853M	843M	958M
Operating margin	15.5%	16.1%	15.1%	15.2%	15.3%	15.7%	15.5%	15.6%	16%	16%	15.6%	17.5%
Non-operating income, net	-66M	-38M	-15M	-29M	-40M	-69M	63M	11M	4M	6M	9M	-88M
Pretax income	713M	749M	722M	728M	748M	740M	872M	842M	887M	878M	867M	875M
Income tax	191M	195M	179M	165M	170M	199M	213M	197M	613M	235M	208M	231M
Net income	525M	558M	546M	566M	582M	546M	663M	645M	274M	648M	662M	636M
Net margin	10.7%	11.7%	11.5%	11.7%	11.5%	10.7%	13%	12.3%	5.06%	12.2%	12.2%	11.6%
EBITDA	942M	937M	883M	899M	936M	969M	956M	983M	1B	1B	997M	1.1B
EPS	1.04	1.12	1.1	1.14	1.17	1.1	1.34	1.31	0.56	1.35	1.39	1.36
Diluted EPS	1.04	1.11	1.1	1.14	1.17	1.1	1.34	1.31	0.56	1.34	1.39	1.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	34B	42.1B	36.9B	34.7B	44.3B	46.8B	29.6B	38.1B	38.1B	40.5B	25.6B
Enterprise value	29.7B	37.9B	33.2B	32.9B	43.3B	45.7B	28.7B	36.8B	37.4B	39.7B	26.6B
Shares outstanding	607M	593M	582M	559M	540M	527M	518M	505M	496M	488M	488M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.9	28	17.6	18.8	31.8	21.9	12.9	17.9	17	18.2	12.3
P/S	2.52	2.84	2.29	2.07	2.66	2.53	1.52	1.97	1.93	1.92	1.24
P/B	3.17	3.95	3.23	3.15	4.08	3.9	2.41	2.88	2.65	2.7	1.77
EV/EBITDA	10.7	12.1	9.5	9.75	14.4	13.3	7.97	10.2	10.1	9.97	6.59
EV/Sales	2.2	2.56	2.06	1.96	2.6	2.47	1.48	1.9	1.89	1.88	1.23
Earnings yield	4.57%	3.57%	5.69%	5.31%	3.15%	4.57%	7.73%	5.57%	5.87%	5.51%	8.12%
FCF yield	3.95%	5.04%	6%	6.08%	6.56%	4.74%	7.55%	5.28%	4.79%	6.41%	8.67%
PEG	—	—	—	—	—	—	—	—	—	—	3.23

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.9%	38.2%	39%	36.6%	35.9%	37.3%	35.9%	34.6%	34.3%	33.7%	33.4%
Operating margin	17%	17.2%	17.5%	15.9%	14%	15.3%	15.3%	15.1%	15.3%	15.8%	17.5%
Net margin	11.5%	10.2%	13%	11%	8.36%	11.5%	11.8%	11%	11.3%	10.6%	10.3%
ROE	14.5%	14.1%	18.4%	16.7%	12.8%	17.8%	18.6%	16.1%	15.5%	14.9%	14.9%
ROA	10.9%	9.88%	13.3%	11.4%	8.23%	12%	12.8%	11.5%	11.2%	10.8%	10.7%
ROIC	23.4%	22.3%	27.6%	21.5%	15.7%	19.5%	19.8%	18.6%	16.8%	14.9%	14.4%
Return on tangible assets	21.4%	19.2%	31.9%	29.9%	29.2%	51.2%	55.9%	53%	78.3%	61.2%	169.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.56	3.21	3.18	2.55	1.94	2.08	2.17	2.25	2.09	2.14	2.18
Quick ratio	3.56	3.21	3.18	2.55	1.94	2.08	2.17	2.25	2.09	2.14	2.18
Debt / equity	0.08	0.08	0.07	0.15	0.16	0.14	0.12	0.1	0.1	0.08	0.14
Debt / assets	0.06	0.06	0.05	0.1	0.1	0.09	0.09	0.07	0.07	0.06	0.1
Net debt / EBITDA	-1.54	-1.34	-1.08	-0.51	-0.32	-0.31	-0.27	-0.37	-0.21	-0.19	0.25
Interest coverage	125.1	116.4	104.6	98.8	88.3	315.1	159.7	69	55.4	95	98.4
Effective tax rate	34.2%	43.4%	25%	25.3%	33.6%	24.5%	24.2%	24%	24.3%	36.2%	36.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	22.2	25	27.7	30	30.8	35.1	37.5	38.3	39.8	43.3	45.4
EPS (basic)	2.56	2.54	3.61	3.3	2.58	4.06	4.42	4.21	4.52	4.57	4.57
EPS (diluted)	2.55	2.53	3.6	3.29	2.57	4.05	4.41	4.21	4.51	4.56	4.61
Book value per share	17.7	18	19.6	19.7	20.1	22.8	23.8	26.2	29	30.8	32
FCF per share	2.22	3.58	3.81	3.77	5.37	4.2	4.32	3.99	3.68	5.32	5.58
Cash per share	8.52	8.53	7.75	6.13	5.04	5.16	4.83	5.22	4.52	3.92	2.33
Capex per share	0.49	0.48	0.65	0.7	0.74	0.53	0.64	0.63	0.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.22%	1.92%	2.34%	2.34%	2.39%	1.51%	1.71%	1.64%	1.5%	—	—
Capex / operating cash flow	18.4%	11.8%	14.5%	15.7%	12.1%	11.2%	12.9%	13.6%	14%	—	—
Payout ratio	0%	17.6%	22.3%	24.6%	34.5%	23.8%	24.6%	27.8%	26.8%	27.4%	27.5%
Dividend yield	0%	0.63%	1.27%	1.31%	1.08%	1.09%	1.9%	1.55%	1.57%	1.51%	2.33%

Yield

2.33%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.33

ex-dividend Aug 18, 2026

Payout ratio

27%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 18, 2026	$0.33
May 18, 2026	$0.33
Feb 18, 2026	$0.33
Nov 18, 2025	$0.31
Aug 18, 2025	$0.31
May 19, 2025	$0.31
Feb 18, 2025	$0.31
Nov 19, 2024	$0.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.9B	$4.8B	$4.8B	$4.8B	$5B	$5.1B	$5.1B	$5.2B	$5.4B	$5.3B	$5.4B	$5.5B
YoY change	+0.82%	-1.67%	-1.08%	-0.74%	+3%	+6.81%	+7.46%	+8.14%	+7.36%	+4.94%	+5.83%	+4.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.2B	5.1B	4.5B	3.4B	2.7B	2.7B	2.5B	2.6B	2.2B	1.9B
Receivables	2.6B	2.9B	3.2B	3.3B	3.1B	3.6B	3.8B	3.8B	4.1B	4.4B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	8.6B	9.1B	8.6B	7.6B	6.9B	7.3B	7.3B	7.5B	7.5B	7.8B
Property, plant & equipment	488M	488M	555M	1.4B	1.5B	1.3B	1.2B	890M	810M	787M
Goodwill & intangibles	7B	7.4B	9.3B	10B	12.2B	13.7B	13.8B	14.5B	17.1B	17B
Total assets	14.3B	15.2B	15.8B	16.2B	16.9B	17.9B	17.9B	18.5B	20B	20.7B
Accounts payable	175M	210M	215M	239M	389M	361M	360M	337M	340M	308M
Short-term debt	81M	175M	9M	240M	249M	233M	182M	186M	185M	186M
Total current liabilities	2.4B	2.8B	2.7B	3B	3.5B	3.5B	3.3B	3.3B	3.6B	3.7B
Long-term debt	797M	698M	736M	1.4B	1.5B	1.4B	1.4B	1.1B	1.3B	966M
Total liabilities	3.5B	4.6B	4.4B	5.2B	6.1B	5.9B	5.5B	5.3B	5.6B	5.7B
Shareholders' equity	10.7B	10.7B	11.4B	11B	10.8B	12B	12.3B	13.2B	14.4B	15B
Total debt	878M	873M	745M	1.7B	1.8B	1.6B	1.5B	1.3B	1.5B	1.2B
Net debt	-1.2B	-1.1B	-416M	-960M	-922M	-150M	-657M	-1.3B	-751M	-749M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.4B	2.6B	2.2B	2.2B	2B	2.2B	2B	1.8B	2.4B	1.9B	1.5B	1.1B
Receivables	3.8B	3.8B	3.8B	4B	4.2B	4.1B	4.2B	4.4B	4.4B	4.4B	4.6B	4.8B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	7.1B	7.5B	7.1B	7.2B	7.5B	7.5B	7.5B	7.6B	8.1B	7.8B	7.8B	7.6B
Property, plant & equipment	1.8B	890M	1.6B	1.6B	1.6B	810M	1.5B	1.5B	1.5B	787M	1.5B	1.5B
Goodwill & intangibles	14.4B	14.5B	15.1B	15B	17.6B	17.1B	17.1B	17.3B	17.1B	17B	18.3B	19.5B
Total assets	18.1B	18.5B	18.4B	18.6B	20.2B	20B	20B	20.2B	20.1B	20.7B	20.5B	20.8B
Accounts payable	325M	337M	291M	298M	304M	340M	326M	279M	284M	308M	363M	357M
Short-term debt	197M	186M	176M	181M	225M	185M	188M	188M	187M	186M	173M	178M
Total current liabilities	3.2B	3.3B	3B	2.9B	3.4B	3.6B	3.4B	3.2B	3.4B	3.7B	3.5B	3.5B
Long-term debt	1.2B	1.1B	1.1B	1.1B	1.6B	1.3B	991M	989M	983M	966M	919M	1.9B
Total liabilities	5.2B	5.3B	4.9B	4.7B	5.7B	5.6B	5.1B	4.9B	5.2B	5.7B	5.4B	6.4B
Shareholders' equity	12.9B	13.2B	13.5B	13.9B	14.5B	14.4B	14.9B	15.3B	14.9B	15B	15.1B	14.5B
Total debt	1.4B	1.3B	1.3B	1.2B	1.9B	1.5B	1.2B	1.2B	1.2B	1.2B	1.1B	2.1B
Net debt	-759M	-1.3B	-954M	-956M	-150M	-751M	-801M	-619M	-1.2B	-749M	-412M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.6B	1.5B	2.1B	1.8B	1.4B	2.1B	2.3B	2.1B	2.2B	2.2B
Depreciation & amortization	379M	443M	498M	526M	559M	574M	569M	555M	542M	550M
Stock-based compensation	217M	221M	267M	217M	232M	246M	261M	176M	175M	—
Change in working capital	-471M	186M	-407M	101M	813M	-488M	-324M	-189M	-510M	-338M
Operating cash flow	1.6B	2.4B	2.6B	2.5B	3.3B	2.5B	2.6B	2.3B	2.1B	2.9B
Capital expenditure	-300M	-284M	-377M	-392M	-398M	-279M	-332M	-317M	-297M	—
Investing cash flow	-963M	-582M	-1.6B	1.6B	-1.2B	-2.2B	-106M	-331M	-1.6B	-17M
Dividends paid	0	-265M	-468M	-453M	-480M	-509M	-564M	-591M	-600M	-610M
Share repurchases	-512M	-1.9B	-1.3B	-2.2B	-1.6B	-771M	-1.4B	-1.1B	-605M	-1.4B
Financing cash flow	-895M	-2.2B	-1.9B	-2.7B	-2.2B	-1.3B	-2B	-1.7B	-978M	-2.3B
Net change in cash	-225M	-349M	-984M	1.4B	-90M	-1B	437M	319M	-500M	536M
Free cash flow	1.3B	2.1B	2.2B	2.1B	2.9B	2.2B	2.2B	2B	1.8B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	525M	558M	546M	566M	582M	546M	663M	645M	274M	648M	662M	636M
Depreciation & amortization	146M	136M	133M	133M	133M	143M	136M	139M	135M	140M	141M	143M
Stock-based compensation	47M	43M	42M	48M	44M	41M	42M	48M	47M	44M	46M	53M
Change in working capital	256M	108M	-632M	-385M	173M	334M	-427M	-362M	292M	235M	-474M	-302M
Operating cash flow	828M	737M	95M	262M	847M	920M	462M	416M	1.2B	858M	274M	558M
Capital expenditure	-73M	-78M	-79M	-79M	-56M	-83M	-7M	-67M	—	—	—	—
Investing cash flow	-199M	168M	-238M	-79M	-1.3B	-79M	-7M	-66M	1M	2M	-730M	-604M
Dividends paid	-147M	-146M	-151M	-150M	-149M	-150M	-155M	-153M	-151M	-151M	-159M	-157M
Share repurchases	-315M	-313M	-133M	-76M	-242M	-154M	-209M	-368M	-463M	-338M	-444M	-1.2B
Financing cash flow	-466M	-469M	-284M	-236M	-402M	-616M	-676M	-530M	-625M	-499M	-614M	-1.3B
Net change in cash	163M	436M	-427M	-53M	-805M	225M	-221M	-180M	603M	361M	-1.1B	-1.4B
Free cash flow	755M	659M	16M	183M	791M	837M	323M	331M	1.2B	781M	198M	459M

Date	Ratio
Mar 10, 2014	2:1
Oct 17, 2007	2:1
Jun 18, 2004	2:1
Apr 2, 2003	3:1
Mar 17, 2000	2:1

Cognizant Technology Solutions Corp. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history