Company file · CTSH

Cognizant

Products and Resources was Cognizant's fastest-growing segment in FY2025, up 10.5%

Revenue rose 7.0% to $21.1B in FY2025, from $19.7B in FY2024. Net income fell 0.4% to $2.2B. Health Sciences was the largest segment, at 30% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

Cognizant (Nasdaq: CTSH) reported revenue of $21.1B for fiscal 2025, the year ended Dec 31, 2025, up 7.0% from fiscal 2024. Net income was $2.2B, down 0.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $5.7B, up 4.6% from the same quarter a year earlier, and net income was $627M. The largest piece by segment was Health Sciences, at 30% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$21.1BFY2025 · +7.0% vs FY2024

Net income$2.2BFY2025 · −0.4% vs FY2024

Operating cash flow$2.9BFY2025 · +35.7% vs FY2024

Cash & equivalents$1.5Bat Sep 30, 2026 · −20.3% vs FY2025 end

Total debt$1.6Bat Sep 30, 2026 · +169.4% vs FY2025 end

Diluted shares489MFY2025 avg · −1.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Health Sciences$6.3B30%+7.0%
Financial Services$6.2B29%+7.3%
Products and Resources$5.3B25%+10.5%
Communications, Media and Technology$3.3B16%+1.0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Health Sciences (30%), Financial Services (29%), Products and Resources (25%) and Communications, Media and Technology (16%), as shares of total revenue. Total revenue was $21.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

29%30%24%17%

FY2024

30%29%24%17%

FY2025

30%29%25%16%

Health SciencesFinancial ServicesProducts and ResourcesCommunications, Media and Technology

Source: 10-K FY2025

By product or service, FY2025

Consulting and Technology Services$13.5B64%+8.3%

Outsourcing Services$7.6B36%+4.6%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$5.7B Q3 2026

$5.4B Q3 2025

4.6% increase

Net income

$627M Q3 2026

$274M Q3 2025

128.8% increase

Source: Cognizant 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

Financial Services

$1.8B Q3 2026

$1.6B Q3 2025

12.0% increase

Health Sciences

$1.6B Q3 2026

$1.6B Q3 2025

1.1% decrease

Products and Resources

$1.4B Q3 2026

$1.4B Q3 2025

0.9% decrease

Source: Cognizant 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $1.5B at Sep 30, 2026, vs $1.9B at FY2025 end.
Total debt $1.6B at Sep 30, 2026, vs $576M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.8B vs $2.0B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.0% in FY2025 to $21.1B, from $19.7B a year earlier. 10-K, FY2025
Operating cash flow rose 35.7% in FY2025 to $2.9B. 10-K, FY2025
Diluted shares fell 1.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Total debt fell 36.6% in FY2025 to $576M. 10-K, FY2025

The bear case

Net income fell 0.4% in FY2025 to $2.2B, from $2.2B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition; customer demand; security and privacy. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Cognizant is in the IT consulting & other services industry, part of the information technology sector. The SEC files it under Services-Computer Programming Services.

Cognizant reports 4 segments: Health Sciences, Financial Services, Products and Resources and Communications, Media and Technology.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the IT consulting & other services industry. They are not a summary of Cognizant’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CompetitionTechnology markets move fast, and rivals large and small can change prices or products.
Customer demandSpending by customers on technology rises and falls with their budgets and the economy.
Security and privacyCyberattacks, outages and data-privacy rules can raise costs or harm customer trust.
Supply and tradeReliance on suppliers and exposure to tariffs or export rules can limit what it can sell or build.
Intellectual propertyPatent claims and licensing disputes can lead to costs or limits on products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$19.4B	$19.7B	$21.1B
Net income	$2.1B	$2.2B	$2.2B
Operating cash flow	$2.3B	$2.1B	$2.9B
Cash & equivalents (year end)	$2.6B	$2.2B	$1.9B
Total debt (year end)	$639M	$908M	$576M
Diluted shares	505M	497M	489M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Apr 17, 2026	Jun 2, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Cognizant

How does Cognizant make money?

Cognizant's revenue was $21.1B in fiscal 2025. By segment in FY2025: Health Sciences (30%), Financial Services (29%), Products and Resources (25%) and Communications, Media and Technology (16%), as shares of total revenue. Total revenue was $21.1B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Cognizant's revenue in fiscal 2025?

$21.1B of revenue for the fiscal year ended Dec 31, 2025, up 7.0% from $19.7B in fiscal 2024. Fiscal 2023 was $19.4B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Cognizant profitable?

Cognizant reported net income of $2.2B for fiscal 2025, down 0.4% from $2.2B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $627M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Cognizant report in its latest quarterly filing?

Revenue was $5.7B in the quarter ended Sep 30, 2026, up 4.6% from $5.4B a year earlier. Net income was $627M, up 128.8% from $274M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

How much cash and debt does Cognizant have?

Cognizant had $1.5B in cash and cash equivalents and $1.6B of total debt on Sep 30, 2026. Total debt here is short-term borrowings plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.

What are the main risks Cognizant faces?

Cognizant's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the IT consulting & other services industry include Competition; customer demand; security and privacy; supply and trade; intellectual property. The first: Technology markets move fast, and rivals large and small can change prices or products. Source: 10-K, Item 1A Risk Factors.

Where do these Cognizant numbers come from?

From Cognizant's own SEC filings: the 10-K for fiscal 2025 (filed Feb 12, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Cognizant

Millennium Management: 4,386,693 shares, reported value $169.9M at Jun 30, 2026 (+851.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 2,043,590 shares, reported value $79.1M at Jun 30, 2026 (−40.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 199,638 shares, reported value $7.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in CTSH: The editor holds no position in Cognizant (CTSH). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell CTSH from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CTSH, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
CognizantCTSH	FY2025	$21.1B	+7.0%	$2.2B
IBM	FY2025	$67.5B	+7.6%	$10.6B
AccentureACN	FY2026	$74.2B	+6.5%	$8.4B
GartnerIT	FY2025	$6.5B	+3.7%	$729M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.