Cognizant Technology Solutions (CTSH) financial statements
Cognizant Technology Solutions reported revenue of $21.1B in fiscal 2025, up 5.1% a year over 9 years.
Net income was $2.2B and the operating margin 16.1%, against 17.0% in 2016.
Free cash flow was $2.6B, and the company returned $610M in dividends and $1.4B in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cognizant Technology Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.5B | $14.8B | $16.1B | $16.8B | $16.7B | $18.5B | $19.4B | $19.4B | $19.7B | $21.1B |
| Cost of revenue | — | $9.2B | $9.8B | $10.6B | $10.7B | $11.6B | $12.4B | $12.7B | $13.0B | $14.0B |
| Gross profit | — | $5.7B | $6.3B | $6.1B | $6.0B | $6.9B | $7.0B | $6.7B | $6.8B | $7.1B |
| Selling, general and admin | $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 | $19M | $23M | $27M | $26M | $24M | $9M | $19M | $41M | $54M | $37M |
| Pre-tax income | $2.4B | $2.7B | $2.8B | $2.5B | $2.1B | $2.8B | $3.0B | $2.8B | $2.9B | $3.5B |
| Income tax | $805M | $1.2B | $698M | $643M | $704M | $693M | $730M | $668M | $713M | $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 | 610M | 595M | 584M | 560M | 541M | 528M | 519M | 505M | 497M | 489M |
| Gross margin | — | 38.2% | 39.0% | 36.6% | 35.9% | 37.3% | 35.9% | 34.6% | 34.3% | 33.7% |
| 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% |
Balance sheet
Fiscal years, from Cognizant Technology Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.2B | $5.1B | $4.5B | $3.4B | $2.7B | $2.7B | $2.5B | $2.6B | $2.2B | $1.9B |
| Receivables | $2.6B | $2.9B | $3.2B | $3.3B | $3.1B | $3.6B | $3.8B | $3.8B | $4.1B | $4.4B |
| Total current assets | $8.6B | $9.1B | $8.6B | $7.6B | $6.9B | $7.3B | $7.3B | $7.5B | $7.5B | $7.8B |
| Property, plant and equipment | $1.3B | $1.3B | $1.4B | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B | $994M | $933M |
| 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 |
| Total current liabilities | $2.4B | $2.8B | $2.7B | $3.0B | $3.5B | $3.5B | $3.3B | $3.3B | $3.6B | $3.7B |
| Long-term debt | $797M | $698M | $736M | $700M | $663M | $626M | $638M | $606M | $875M | $543M |
| 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 |
| Net debt | -$1.2B | -$1.1B | -$416M | -$1.9B | -$2.0B | -$1.2B | -$1.6B | -$2.0B | -$1.4B | -$1.4B |
Cash flow
Fiscal years, from Cognizant Technology Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $300M | $284M | $377M | $392M | $398M | $279M | $332M | $317M | $297M | $288M |
| 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 compensation | $217M | $221M | $267M | $217M | $232M | $246M | $261M | $176M | $175M | $181M |
| Dividends paid | $0 | $265M | $468M | $453M | $480M | $509M | $564M | $591M | $600M | $610M |
| Share buybacks (net) | -$512M | -$1.9B | -$1.3B | -$2.2B | -$1.6B | -$771M | -$1.4B | -$1.1B | -$605M | -$1.4B |
| Net borrowing | $0 | — | — | — | $0 | $0 | $650M | $0 | $0 | — |
| Free cash flow margin | 10.0% | 14.3% | 13.7% | 12.6% | 17.4% | 12.0% | 11.5% | 10.4% | 9.3% | 12.3% |
| Dividends per share | — | $0.45 | $0.80 | $0.81 | $0.89 | $0.96 | $1.09 | $1.17 | $1.21 | $1.25 |
Questions
What was Cognizant Technology Solutions's revenue in 2025?
$21.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cognizant Technology Solutions generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Cognizant Technology Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.