# Cognizant Technology Solutions (CTSH) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CTSH/thesis · /stocks/CTSH/memo

## Financial Snapshot

---
ticker: CTSH
step: 04
generated: 2026-05-12
source: quick-research
---

### Cognizant Technology Solutions Corporation (CTSH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$19.4B | $19.4B | $19.7B | +2.0% |
| Gross Margin | ~31% | ~31% | ~32% | |
| Adj. Operating Margin | ~15.3% | ~15.3% | ~15.3% | flat |
| Net Income (adj) | ~$2.0B | ~$2.15B | ~$2.2B | |
| Adj. EPS | $4.42 | $4.21 | ~$4.75 | |

*Note: 2023 revenue declined slightly (-0.4%) due to post-pandemic IT spending digestion across enterprise clients. Recovery began in late 2023; full-year bookings of $26.3B in 2023 (+9% YoY) foreshadowed the 2024 recovery. Adj. EPS declined in 2023 due to investments in the NextGen program; 2024 showed recovery.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.5B (est.) |
| Free Cash Flow | ~$2.2B (est.) |
| Cash & Equivalents | ~$2.8B |
| Total Debt | ~$0.8B (low leverage) |

#### Key Ratios (approximate)
- P/E: ~15x | EV/EBITDA: ~12x | FCF Yield: ~6%
- Dividend Yield: ~1.6% | Adj. Operating Margin: 15.3–15.8%
- Share Repurchase Authorization: $3.1B ($1.6B targeted for 2026)

#### Growth Profile
Revenue growth was flat from 2022–2023 as enterprise IT budgets were cut post-pandemic. The 2024 recovery (+2%) and 2025 acceleration (+7% to $21.1B) reflect large-deal wins in AI/cloud transformation and Health Sciences growth. Adjusted operating margin improved from 15.3% to 15.8% in 2025 via NextGen cost efficiencies. The company targets sustained mid-single-digit organic revenue growth with margin expansion of 20–40 bps per year.

#### Forward Estimates
- FY2025 Revenue: $21.1B (+7%); Adj. EPS: $5.22–$5.26 (raised guidance)
- FY2026E: Revenue ~$22–23B; EPS ~$5.60–$5.80
- Capital Return 2026: $1.6B in buybacks + dividends
- Bookings Trend: Record large-deal TCV in 2025; 60% YoY growth in >$100M deals

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CTSH/fundamental

## Navigation

- Overview: /stocks/CTSH
- Financials (this page): /stocks/CTSH/financials
- Thesis: /stocks/CTSH/thesis
- Investment Memo: /stocks/CTSH/memo
- Coverage universe: /stocks