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CTSHCognizant

Technology · IT Services · Nasdaq

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FY2025 at a glance

Sales up 7.0%, free cash flow up to $2.6B

XBRL, from each 10-K

RevenueStatements ↓

$21.1B

from $19.7B in FY2024

FY2016FY2025

Net incomeStatements ↓

$2.2B

from $2.2B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.6B

from $1.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$4.56

from $4.51 in FY2024

FY2016FY2025

Operating marginStatements ↓

16.1%

from 14.7% in FY2024

FY2016FY2025

Total debtStatements ↓

$576.0M

from $908.0M in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.48	Sales (ttm)	21.9B	Net income (ttm)	2.6B	Sales growth	+7.0%	EPS growth	+1.1%	Sales Q/Q	+4.6%
Free cash flow	2.4B	Gross margin	-	Oper. margin	15.7%	Net margin	11.8%	FCF margin	10.8%	ROE	17.5%
ROA	12.1%	R&D / sales	-	Dividend	1.24	Debt/Eq	0.11	Curr. ratio	2.22	Cash	1.5B
Op. cash flow (ttm)	2.7B	EBITDA	3.9B	EBITDA margin	18.7%	Net debt	37.0M	Quick ratio	2.22	Interest cover	91.59
ROIC	13.3%	Payout ratio	27.2%	Tax rate	36.2%	Stock pay / sales	0.9%	Shares out.	447.0M	Shares Y/Y	-1.6%
Book / share	32.94	Cash / share	3.39	Sales / share	48.97	Asset turnover	1.03	Days sales out.	77	Sales 3Y CAGR	+2.8%
Sales 5Y CAGR	+4.9%	EPS 3Y CAGR	+1.1%	EPS 5Y CAGR	+12.2%	Employees	351,600	Sales / employee	62K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt fell 37%$908.0M → $576.0M · Short-term + long-term debt at year end
Free cash flow rose 42%$1.8B → $2.6B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

CTSH against Technology peers

Ten years, side by side → · All 75 →

CTSHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.0%61st of 75 · median +14.1%

Net margin

11.8%52nd of 75 · median 19.1%

Return on equity

17.5%43rd of 69 · median 23.9%

Free cash flow margin

10.8%58th of 71 · median 22.3%

Debt / equity (less is better)

0.118th of 61 · median 0.46

CTSH and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CTSH Cognizant	$21.9B	+7.0%	-	11.8%	17.5%	10.8%	0.11
ADBE Adobe Inc.	$26.0B	+10.5%	89.3%	28.0%	61.9%	40.8%	0.54
CDW CDW Corporation	$24.5B	+6.8%	21.0%	4.5%	41.7%	3.8%	2.70
INTU Intuit	$21.4B	+13.9%	-	21.3%	24.0%	40.4%	0.40
TXN Texas Instruments	$20.8B	+13.0%	60.2%	34.3%	37.1%	35.2%	0.71
TEL TE Connectivity	$19.9B	+15.2%	36.2%	16.4%	24.0%	17.1%	0.42

Profitability

2 of 3

!
Net margin below the peer median11.8% vs 19.1%
✓
Return on equity above 15%17.5%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 11.5% → 10.6%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 91.6× interest expense
✓
Debt smaller than equityDebt / equity 0.11 on the latest balance sheet (peer median 0.46)
✓
Current assets cover current liabilitiesCurrent ratio 2.22
✓
Net debt under 3 years of free cash flow$24.0M net debt, 0.0 years

Debt / equity at each year end, FY2016 to FY2025: 0.09 → 0.04

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$2.6B last year
✓
Share count down over 5 years−9.6%
✓
Dividend per share up over 5 years$0.88 → $1.24
✓
Cash from operations above net income$2.9B vs $2.2B

Free cash flow, FY2016 to FY2025: 1.3B → 2.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 21.1B Net income 2.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $21.1B of revenue came from

by product, year to Dec 31, 2025

Consulting And Technology Services $13.5B · 64%
Outsourcing Services $7.6B · 36%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CTSH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue21.1B

Net income2.2B

Free cash flow2.6B

EPS (diluted)4.56

Dividend per share1.24

Diluted shares489.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Health Sciences	6.3B	30.1%	+7.0%
Financial Services	6.2B	29.2%	+7.3%
Products and Resources	5.3B	25.0%	+10.5%
Communications, Media and Technology	3.3B	15.6%	+1.0%

10-K 0001058290-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Consulting And Technology Services	13.5B	64.1%	+8.3%
Outsourcing Services	7.6B	35.9%	+4.6%

10-K 0001058290-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
North America	15.8B	74.8%	+7.4%
Europe	4.0B	19.0%	+6.7%
Europe, excluding United Kingdom	2.1B	9.9%	+8.2%
United Kingdom	1.9B	9.1%	+5.2%
Rest of World	1.3B	6.2%	+2.9%

10-K 0001058290-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13.5B	14.8B	16.1B	16.8B	16.7B	18.5B	19.4B	19.4B	19.7B	21.1B
SG&A	2.7B	2.7B	3.0B	3.0B	3.1B	3.5B	3.4B	3.3B	3.2B	3.2B
Operating income	2.3B	2.5B	2.8B	2.5B	2.1B	2.8B	3.0B	2.7B	2.9B	3.4B
Interest expense	19.0M	23.0M	27.0M	26.0M	24.0M	9.0M	19.0M	41.0M	54.0M	37.0M
Pretax income	2.4B	2.7B	2.8B	2.5B	2.1B	2.8B	3.0B	2.8B	2.9B	3.5B
Income tax	805.0M	1.2B	698.0M	643.0M	704.0M	693.0M	730.0M	668.0M	713.0M	1.3B
Net income	1.6B	1.5B	2.1B	1.8B	1.4B	2.1B	2.3B	2.1B	2.2B	2.2B
EPS (diluted)	2.55	2.53	3.60	3.29	2.57	4.05	4.41	4.21	4.51	4.56
Diluted shares	610.0M	595.0M	584.0M	560.0M	541.0M	528.0M	519.0M	505.0M	497.0M	489.0M
Depreciation & amortization	379.0M	443.0M	498.0M	526.0M	559.0M	574.0M	569.0M	555.0M	542.0M	550.0M
EBITDA	2.7B	2.9B	3.3B	3.0B	2.7B	3.4B	3.5B	3.2B	3.4B	3.9B
Operating margin	17.0%	16.8%	17.4%	14.6%	12.7%	15.3%	15.3%	13.9%	14.7%	16.1%
Net margin	11.5%	10.2%	13.0%	11.0%	8.4%	11.5%	11.8%	11.0%	11.3%	10.6%
Revenue growth	-	+9.8%	+8.9%	+4.1%	-0.8%	+11.1%	+5.0%	-0.4%	+2.0%	+7.0%
EPS growth	-	-0.8%	+42.3%	-8.6%	-21.9%	+57.6%	+8.9%	-4.5%	+7.1%	+1.1%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.0B	1.9B	1.2B	2.6B	2.7B	1.8B	2.2B	2.6B	2.2B	1.9B
Short-term investments	3.1B	3.1B	3.4B	779.0M	44.0M	927.0M	310.0M	14.0M	12.0M	13.0M
Receivables	2.6B	2.9B	3.2B	3.3B	3.1B	3.6B	3.8B	3.8B	4.1B	4.4B
Current assets	8.6B	9.1B	8.6B	7.6B	6.9B	7.3B	7.3B	7.5B	7.5B	7.8B
Property & equipment	1.3B	1.3B	1.4B	1.3B	1.3B	1.2B	1.1B	1.0B	994.0M	933.0M
Goodwill	2.6B	2.7B	3.5B	4.0B	5.0B	5.6B	5.7B	6.1B	7.0B	7.1B
Total assets	14.3B	15.2B	15.8B	16.2B	16.9B	17.9B	17.9B	18.5B	20.0B	20.7B
Accounts payable	175.0M	210.0M	215.0M	239.0M	389.0M	361.0M	360.0M	337.0M	340.0M	308.0M
Current liabilities	2.4B	2.8B	2.7B	3.0B	3.5B	3.5B	3.3B	3.3B	3.6B	3.7B
Total debt	962.0M	975.0M	759.0M	738.0M	701.0M	664.0M	646.0M	639.0M	908.0M	576.0M
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	11.0B	10.8B	12.0B	12.3B	13.2B	14.4B	15.0B
Retained earnings	10.5B	10.5B	11.5B	11.0B	10.7B	11.9B	12.6B	13.3B	14.7B	15.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.6B	2.4B	2.6B	2.5B	3.3B	2.5B	2.6B	2.3B	2.1B	2.9B
Capital spending	300.0M	284.0M	377.0M	392.0M	398.0M	279.0M	332.0M	317.0M	297.0M	288.0M
Free cash flow	1.3B	2.1B	2.2B	2.1B	2.9B	2.2B	2.2B	2.0B	1.8B	2.6B
Stock-based pay (added back)	217.0M	221.0M	267.0M	217.0M	232.0M	246.0M	261.0M	176.0M	175.0M	181.0M
Dividends paid	0	265.0M	468.0M	453.0M	480.0M	509.0M	564.0M	591.0M	600.0M	610.0M
Buybacks	512.0M	1.9B	1.3B	2.2B	1.6B	771.0M	1.4B	1.1B	605.0M	1.4B
Acquisitions	-	216.0M	1.1B	617.0M	1.1B	970.0M	367.0M	409.0M	1.6B	0
Debt raised	0	-	-	-	0	0	650.0M	0	0	-
Investing cash flow	-963.0M	-582.0M	-1.6B	1.6B	-1.2B	-2.2B	-106.0M	-331.0M	-1.6B	-230.0M
Financing cash flow	-743.0M	-2.0B	-1.7B	-2.6B	-2.0B	-1.2B	-1.9B	-1.6B	-915.0M	-2.3B
Dividend per share	0.00	0.45	-	0.80	0.88	0.96	1.08	1.16	1.20	1.24

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	217.0M	221.0M	267.0M	217.0M	232.0M	246.0M	261.0M	176.0M	175.0M	181.0M
Stock-based pay / revenue	1.6%	1.5%	1.7%	1.3%	1.4%	1.3%	1.3%	0.9%	0.9%	0.9%
Operating lease cost	-	-	-	264.0M	302.0M	293.0M	256.0M	304.0M	216.0M	197.0M
Operating lease cash paid	-	-	-	232.0M	271.0M	274.0M	241.0M	240.0M	251.0M	192.0M
Right-of-use assets	-	-	-	926.0M	1.0B	933.0M	876.0M	611.0M	552.0M	573.0M
Operating lease liabilities	-	-	-	947.0M	1.1B	978.0M	888.0M	676.0M	572.0M	576.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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