NASDAQ: CTSH
Cognizant
Technology · Services-Computer Programming Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $34.1B |
| FY2017, ended Dec 31, 2017 | $41.8B |
| FY2018, ended Dec 31, 2018 | $36.5B |
| FY2019, ended Dec 31, 2019 | $34.0B |
| FY2020, ended Dec 31, 2020 | $43.5B |
| FY2021, ended Dec 31, 2021 | $46.5B |
| FY2022, ended Dec 31, 2022 | $29.1B |
| FY2023, ended Dec 31, 2023 | $37.6B |
| FY2024, ended Dec 31, 2024 | $38.0B |
| FY2025, ended Dec 31, 2025 | $39.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$21.9B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.5B |
| FY2017, ended Dec 31, 2017 | $14.8B |
| FY2018, ended Dec 31, 2018 | $16.1B |
| FY2019, ended Dec 31, 2019 | $16.8B |
| FY2020, ended Dec 31, 2020 | $16.7B |
| FY2021, ended Dec 31, 2021 | $18.5B |
| FY2022, ended Dec 31, 2022 | $19.4B |
| FY2023, ended Dec 31, 2023 | $19.4B |
| FY2024, ended Dec 31, 2024 | $19.7B |
| FY2025, ended Dec 31, 2025 | $21.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $21.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.55B | $1.34B |
| FY2017, ended Dec 31, 2017 | $1.50B | $2.12B |
| FY2018, ended Dec 31, 2018 | $2.10B | $2.21B |
| FY2019, ended Dec 31, 2019 | $1.84B | $2.11B |
| FY2020, ended Dec 31, 2020 | $1.39B | $2.90B |
| FY2021, ended Dec 31, 2021 | $2.14B | $2.22B |
| FY2022, ended Dec 31, 2022 | $2.29B | $2.24B |
| FY2023, ended Dec 31, 2023 | $2.13B | $2.01B |
| FY2024, ended Dec 31, 2024 | $2.24B | $1.83B |
| FY2025, ended Dec 31, 2025 | $2.23B | $2.60B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.57B | $2.36B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.51B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.03B |
| FY2017, ended Dec 31, 2017 | $1.93B |
| FY2018, ended Dec 31, 2018 | $1.16B |
| FY2019, ended Dec 31, 2019 | $2.65B |
| FY2020, ended Dec 31, 2020 | $2.68B |
| FY2021, ended Dec 31, 2021 | $1.79B |
| FY2022, ended Dec 31, 2022 | $2.19B |
| FY2023, ended Dec 31, 2023 | $2.62B |
| FY2024, ended Dec 31, 2024 | $2.23B |
| FY2025, ended Dec 31, 2025 | $1.90B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.51B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.55B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $881M |
| FY2017, ended Dec 31, 2017 | $800M |
| FY2018, ended Dec 31, 2018 | $750M |
| FY2019, ended Dec 31, 2019 | $738M |
| FY2020, ended Dec 31, 2020 | $701M |
| FY2021, ended Dec 31, 2021 | $664M |
| FY2022, ended Dec 31, 2022 | $646M |
| FY2023, ended Dec 31, 2023 | $639M |
| FY2024, ended Dec 31, 2024 | $908M |
| FY2025, ended Dec 31, 2025 | $576M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.55B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 26.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.447M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 609M |
| FY2017, ended Dec 31, 2017 | 588M |
| FY2018, ended Dec 31, 2018 | 575M |
| FY2019, ended Dec 31, 2019 | 549M |
| FY2020, ended Dec 31, 2020 | 531M |
| FY2021, ended Dec 31, 2021 | 525M |
| FY2022, ended Dec 31, 2022 | 509M |
| FY2023, ended Dec 31, 2023 | 498M |
| FY2024, ended Dec 31, 2024 | 495M |
| FY2025, ended Dec 31, 2025 | 478M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 447M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $2.02B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $512M | $217M | — |
| FY2017, ended Dec 31, 2017 | $1.89B | $221M | — |
| FY2018, ended Dec 31, 2018 | $1.26B | $267M | — |
| FY2019, ended Dec 31, 2019 | $2.25B | $217M | — |
| FY2020, ended Dec 31, 2020 | $1.62B | $232M | — |
| FY2021, ended Dec 31, 2021 | $771M | $246M | — |
| FY2022, ended Dec 31, 2022 | $1.42B | $261M | — |
| FY2023, ended Dec 31, 2023 | $1.06B | $176M | — |
| FY2024, ended Dec 31, 2024 | $605M | $175M | $113M |
| FY2025, ended Dec 31, 2025 | $1.38B | $181M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.21B | $193M | — |
Revenue (TTM)
$21.9B
+5.0% YoY
Net income (TTM)
$2.57B
+20.9% YoY
Cash
$1.51B
−35.3% YoY
Total debt
$1.55B
+166% YoY
Valuation
At current price- Market Cap
- $29.1B
- P/E
- 11.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.3×
- Price / Book
- 2.0×
- EV / EBITDA
- 7.3×
Growth
Trailing 12 months- Revenue (TTM)
- $21.9B
- Revenue Growth YoY
- 5.0%
- Revenue CAGR 3Y
- 2.8%
- Revenue CAGR 5Y
- 4.9%
- EPS Growth YoY
- 26.9%
- Net Income Growth YoY
- 20.9%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 15.7%
- Net Margin
- 11.8%
- FCF Margin
- 10.8%
- Return on Equity
- 17.4%
Earnings
Trailing 12 months- Net Income
- $2.57B
- EPS (diluted)
- $5.48
- EBITDA
- $4.01B
- Operating Income
- $3.44B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.51B
- Total Debt
- $1.55B
- Net Debt
- $37.0M
- Total Assets
- $21.3B
- Total Liabilities
- $6.60B
- Shareholders' Equity
- $14.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.69B
- Capital Expenditure
- $331M
- Free Cash Flow
- $2.36B
Dividends and risk
Last 12 months- Dividend Yield
- 2.0%
- Dividend / Share
- $1.30
- Beta (5Y)
- 0.86
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $21.9B.
Note
Net margin of 11.8% over the last 12 months.
Note
Net debt of $37.0M is 0.0× EBITDA, a manageable load.
Note
Free cash flow of $2.36B, 10.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K61Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Revenue rose 7.0% to $21.11 billion and operating income rose 17.2%, helped by restructuring savings, the Belcan acquisition, currency moves and a property sale gain.
- Net income slipped 0.4% to $2.23 billion because a new US tax law triggered a one-time, non-cash $390 million tax charge.
- Cash generation improved sharply: free cash flow reached $2.67 billion, up from $1.83 billion, and the revolving credit line was fully repaid.
- Staff turnover fell to 13.9% and headcount rose to about 351,600, while India's new labor rules added a $147 million benefit liability.
Business momentum
Improving
“Revenue up $1,372 million or 7.0% from 2024; an increase of 6.4% in constant currency”
Outlook
Cautious
“This includes the uncertainty related to the global economy, which has affected and may continue to affect their demand for our services and discretionary work.”
Financial stress
Low
“We expect operating cash flows, cash and short-term investment balances, together with the available capacity under our revolving credit facilities, to be sufficient to meet our operating requirements”
Tone against the previous report
More positive
Red flags
- Medium
Other
“in the third quarter of 2025, we recorded a one-time, non-cash income tax expense of $390 million”
- Minor
Other
“we recorded a one-time increase to our defined benefit liability for past service of $147 million”
Positives
Large deal wins drove growth in the two biggest industry segments
“Revenue growth across all geographies was primarily driven by our Financial Services and Health Sciences segments, which were positively impacted by the ramp up of several recently won large deals”
Operating profit grew faster than revenue, lifting margins
“Income from Operations up $497 million or 17.2% from 2024”
Fewer employees chose to leave
“our Voluntary Attrition - Tech Services was 13.9% as compared to 15.9% for the year ended December 31, 2024”
Concerns
AI could shrink demand and pricing for some existing services
“As AI-based technologies or other forms of automation evolve, demand for some services that we currently perform for our clients may be reduced”
Over a third of revenue growth came from the Belcan acquisition, not the existing business
“Our acquisition of Belcan contributed 260 basis points to revenue growth.”
Clients are taking longer to pay
“Our DSO was 81 days as of December 31, 2025, 78 days as of December 31, 2024 and 77 days as of December 31, 2023.”
New risks since the previous report
India's new labor rules could raise employee costs further as details are finalized
“The issuance of rules and regulations as well as the outcome of these clarifications could impact our compensation and benefit expenses in India.”
Clients' own in-house technology centers compete as a cheaper option
“we face competition from clients' in-house technology resources, such as GCCs, which may provide a lower cost alternative to our services”
Dependence on outside suppliers for AI data and models
“In the future, we may face difficulties acquiring the necessary rights from third parties due to market competition, pricing changes, licensing restrictions and other factors.”
Attackers using AI to make cyberattacks stronger
“The emergence and maturation of AI capabilities is already being used by malicious actors to amplify cybersecurity attacks.”
Biggest risks named
- AI replacing services and pressuring prices
- Weak client spending amid economic and trade uncertainty
- Retaining skilled staff and rising wage costs
- Immigration and visa restrictions affecting staffing
- Tax disputes and law changes, including India
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 61 | Improving | 1 medium1 minor | |
| 10-K | Feb 12, 2025 | 64 | Improving | None | |
| 10-K | Feb 14, 2024 | 48 | Weakening | 1 medium | |
| 10-K | Feb 15, 2023 | 63 | Improving | 1 minor | |
| 10-K | Feb 16, 2022 | 73 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 46 | Weakening | 2 medium | |
| 10-K | Feb 14, 2020 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 19, 2019 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 27, 2018 | 67 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR