Cognizant Technology Solutions Corporation

cognizant.com

What Do They Do?

Provides technology and business-process services and software solutions to organizations modernizing their systems and operations.

How Do They Make Money?

Clients pay for consulting, technology and outsourcing services as work is performed. Fixed-price project services are billed as work progresses; time-based and transaction- or volume-based services are paid for as the work or service is delivered.

revenue

Segment	Share	Revenue
Consulting And Technology Services	64% FY2022: 63%
Outsourcing Services	36% FY2022: 37%

Who Are Their Customers?

Clients include healthcare and life sciences organizations, financial institutions, and businesses in manufacturing, retail, communications and other sectors. Industry-aligned account teams coordinate the work; delivery teams work at client sites and through local, regional and global centers.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +17% vs FY2024 ($2.9B, 15%)

Net income, FY2025

11% of revenue

▼ 0% vs FY2024 ($2.2B, 11%)

Free cash flow, FY2025

12% of revenue

▲ +42% vs FY2024 ($1.8B, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $5.2B in Q2 FY2025
Net income: ▼ −1%; vs $645M in Q2 FY2025

Consulting And Technology Services share of revenue vs 64.6% in Q2 FY2025

Growing. Revenue grew 14% in 4 years, from $18.5B in FY2021 to $21.1B in FY2025, about 3% a year.

AI moves to the center The latest report puts AI at the center of the company’s services and strategy, including AI systems, platforms and automation. The older report described digital services and solutions as an important part of its portfolio, with investment focused on digital capabilities.

Broader practice structure The latest report describes a broader set of integrated practices, adding Industry Solutions, Cognizant Moment and Security. The older report focused on Core Technologies and Insights, Enterprise Platform Services, Intuitive Operations and Automation, and Software and Platform Engineering.

Revenue over time

Consulting And Technology Services Outsourcing Services

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Accenture, Atos, Capgemini, CGI, Deloitte Digital, DXC Technology, EPAM Systems, Genpact, HCL Technologies, IBM Consulting, Infosys Technologies, Tata Consultancy Services, and Wipro

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