Cognizant Technology Solutions
CTSH · NasdaqServices-Computer Programming Services · Fiscal year ends Dec 31
Cognizant Technology Solutions reported revenue of $21.1B in the fiscal year ended Dec 2025, up 7.0% from the year before. Operating income was $3.4B, an operating margin of 16.1%, and net income was $2.2B. Operating cash flow of $2.9B less capital expenditure of $288M left free cash flow of $2.6B. It held more cash than debt (net cash $1.3B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.5B | $19.4B | $19.4B | $19.7B | $21.1B |
| Selling, general & admin | $3.5B | $3.4B | $3.3B | $3.2B | $3.2B |
| Operating income | $2.8B | $3B | $2.7B | $2.9B | $3.4B |
| Interest expense | $9M | $19M | $41M | $54M | $37M |
| Pre-tax income | $2.8B | $3B | $2.8B | $2.9B | $3.5B |
| Income tax | $693M | $730M | $668M | $713M | $1.3B |
| Net income | $2.1B | $2.3B | $2.1B | $2.2B | $2.2B |
| Diluted EPS | 4.05 | 4.41 | 4.21 | 4.51 | 4.56 |
| Diluted shares | 528M | 519M | 505M | 497M | 489M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $2.2B | $2.6B | $2.2B | $1.9B |
| Receivables | $3.6B | $3.8B | $3.8B | $4.1B | $4.4B |
| Current assets | $7.3B | $7.3B | $7.5B | $7.5B | $7.8B |
| Net PP&E | $1.2B | $1.1B | $1B | $994M | $933M |
| Goodwill | $5.6B | $5.7B | $6.1B | $7B | $7.1B |
| Total assets | $17.9B | $17.9B | $18.5B | $20B | $20.7B |
| Payables | $361M | $360M | $337M | $340M | $308M |
| Deferred revenue | $443M | $417M | $427M | $480M | $538M |
| Current liabilities | $3.5B | $3.3B | $3.3B | $3.6B | $3.7B |
| Short-term debt | $38M | $8M | $33M | $33M | $33M |
| Long-term debt | $626M | $638M | $606M | $875M | $543M |
| Total liabilities | $5.9B | $5.5B | $5.3B | $5.6B | $5.7B |
| Shareholders' equity | $12B | $12.3B | $13.2B | $14.4B | $15B |
| Backlog (remaining obligations) | $1.6B | $3.4B | $4B | $4.9B | $6.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $2.6B | $2.3B | $2.1B | $2.9B |
| Capital expenditure | $279M | $332M | $317M | $297M | $288M |
| Free cash flow | $2.2B | $2.2B | $2B | $1.8B | $2.6B |
| Depreciation & amortisation | $574M | $569M | $555M | $542M | $550M |
| Stock-based compensation | $246M | $261M | $176M | $175M | $181M |
| Acquisitions | $970M | $367M | $409M | $1.6B | $0 |
| Share buybacks | $771M | $1.4B | $1.1B | $605M | $1.4B |
| Dividends paid | $509M | $564M | $591M | $600M | $610M |
| Dividend per share | 0.96 | 1.08 | 1.16 | 1.20 | 1.24 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.0% | −0.4% | 2.0% | 7.0% |
| Operating income growth (YoY) | – | 5.0% | −9.4% | 7.5% | 17.2% |
| EPS growth (YoY) | – | 8.9% | −4.5% | 7.1% | 1.1% |
| Operating margin | 15.3% | 15.3% | 13.9% | 14.7% | 16.1% |
| Net margin | 11.5% | 11.8% | 11.0% | 11.3% | 10.6% |
| Return on equityBlank when equity is negative | 17.8% | 18.6% | 16.1% | 15.5% | 14.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.7% | 20.5% | 17.7% | 17.7% | 19.9% |
| Free cash flow margin | 12.0% | 11.5% | 10.4% | 9.3% | 12.3% |
| Cash conversion (CFO ÷ net income) | 1.17x | 1.12x | 1.10x | 0.95x | 1.29x |
| Receivable days | 70 | 71 | 73 | 75 | 77 |
| Interest cover | 314x | 156x | 65.6x | 53.6x | 91.6x |
| Debt ÷ equity | 0.06x | 0.05x | 0.05x | 0.06x | 0.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.1B | −$1.5B | −$2B | −$1.3B | −$1.3B |
| Current ratio | 2.08x | 2.17x | 2.25x | 2.09x | 2.14x |
Recent filings
More in Services-Computer Programming Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.