Cognizant (CTSH) — Company Research

Last Updated: 4 May 2026

Cognizant Technology Solutions Corporation (NASDAQ: CTSH) is a top-tier global IT services and digital engineering firm headquartered in Teaneck, New Jersey, with the bulk of delivery in India. FY2025 revenue was $21.11 bn (+7.0% YoY, +6.4% constant currency); the company finished 1 May 2026 at $52.43, market cap ~$24.8 bn, after a sharp drawdown from a 14 January 2026 high of $87.03 to a 30 April 2026 low of $52.34. The stock fell on a 30 April 2026 reaction to Q1 2026 results and the unveiling of Project Leap — a 2026 restructuring programme expected to incur $230–$320 m of severance and other charges (primarily personnel) and generate $200–$300 m of in-year savings, redirected into AI capability and integrated offerings. Q1 2026 (reported 29 April 2026): revenue $5.413 bn (+5.8% YoY, +3.9% CC); GAAP and adjusted operating margin both 15.6%; GAAP diluted EPS $1.39; adjusted diluted EPS $1.40 (+13.8%); trailing-12-month bookings $29.6 bn (+11%); seven large deals (one mega deal ≥$500 m TCV); Q2 bookings up 21% YoY. The same day, CEO Ravi Kumar S announced an agreement to acquire Astreya for ~$600 m to deepen AI-first managed services and hyperscaler-scale data-centre operations. For live price action see live charts; for upcoming earnings dates the economic calendar; community discussion is on the forum.

1. Company Snapshot

Company	Cognizant Technology Solutions Corporation
Ticker	NASDAQ: CTSH (Nasdaq-100; S&P 500)
Sector / Industry	Technology — IT Services / Consulting / Digital Engineering / Managed Services
HQ	300 Frank W. Burr Boulevard, Teaneck, New Jersey 07666, USA
CEO	Ravi Kumar S (Singisetti) — CEO since 12 January 2023; previously President of Infosys
CFO	Jatin Dalal — CFO since March 2024 (joined from Wipro)
Chair	Stephen J. Rohleder (Chairman of the Board)
Founded	1994 (in-house technology unit of Dun & Bradstreet, Chennai & Teaneck)
IPO	1998 (Nasdaq)
Employees	357,600 (31 March 2026; +6,000 QoQ; +21,300 YoY)
Voluntary attrition (TTM, Tech Services)	12.3% (Q1 2026)
Fiscal year end	31 December
Share price (1 May 2026 close)	$52.43
52-week range	$52.34 (30 Apr 2026) – $87.03 (14 Jan 2026)
Shares outstanding	~473.87 m
Market cap	~$24.84 bn (1 May 2026)
FY25 revenue	$21.11 bn (+7.0% YoY, +6.4% CC)
FY26 revenue guidance	$22.11–$22.64 bn (+4.8–7.3%; +4.0–6.5% CC) — reiterated at Q1 2026
Annual dividend	$1.32 (quarterly $0.33; raised 6.5% Feb 2026)
Next results	Q2 2026 — expected late July 2026
Trailing 12-month bookings	$29.6 bn (+11% YoY) — book-to-bill ~1.4×

2. Bull Case vs Bear Case

Bull Case	Bear Case
Bookings momentum: TTM bookings $29.6 bn (+11% YoY); Q1 2026 bookings up 21% YoY; book-to-bill ~1.4×; large deal TCV >70% YoY in Q1 with seven large deals (one mega ≥$500 m), implying multi-quarter visibility on revenue.	Stock down ~40% from $87.03 high (14 Jan 2026) to $52.43 (1 May 2026); Q2 2026 revenue guidance of $5.45–$5.52 bn (+3.8–5.3%) reflects management's "more cautious near-term view of discretionary spending"; brokers slashed targets across Wedbush, Morgan Stanley, TD Cowen, JPMorgan post-print.
Project Leap restructuring (announced 29 April 2026): $230–$320 m of one-time charges to fund AI repositioning and yield $200–$300 m of in-year savings; FY26 adjusted operating margin guided to 16.0–16.2% (up 20–40 bp), supporting EPS at $5.63–$5.77.	Project Leap is the second large workforce reset under Ravi Kumar S (CEO since Jan 2023); press reports indicate 4,000–15,000 jobs at risk — execution and morale risk in a labour-arbitrage business.
AI footprint: >5,000 active AI engagements; ~40% of code now AI-assisted (per management); Cognizant Neuro® AI platform deepened with NVIDIA collaboration (March 2025) and Azure depth via 3Cloud (closed 1 Jan 2026, ~1,200 employees) plus pending Astreya (announced 29 April 2026, ~$600 m) for hyperscaler-scale managed services.	AI is structural threat to labour-arbitrage IT services: as developer productivity rises, billable headcount-hours under fixed-price contracts compress; the 12.3% TTM attrition (vs 13.9% at FY25) is partly a function of AI-driven role contraction, not just normalisation.
Diversified vertical mix — Financial Services 30.4% (Q1 2026), Health Sciences 29.2%, Products & Resources 24.4%, Communications/Media/Tech 16.1%; Financial Services accelerating to +12.4% YoY in Q1 with 70%+ large-deal TCV growth.	H-1B / immigration risk: US lawmakers sent inquiry letters to Cognizant; Trump administration's $100,000 H-1B fee proposal would have hit "more than 5,600 workers, or 89% of [Cognizant's] approvals" had it been live in 2025 (Bloomberg analysis); US consulate slot backlogs into 2027.
Capital return: $1.3 bn buyback in FY25 + $610 m dividends; $1.6 bn shareholder return planned for FY26 ($1.0 bn buyback + dividends); Q1 2026 alone returned $444 m of buybacks + $159 m of dividends. Quarterly dividend raised 6.5% to $0.33 in February 2026.	Headline gross margin compressed: FY25 33.7% vs 34.3% (FY24), 34.6% (FY23), 35.9% (FY22), 37.3% (FY21) — mix shift towards third-party products, lower-margin Belcan/3Cloud services, and ongoing wage inflation.

3. What Does This Company Actually Do?

Cognizant is one of the largest global pure-play IT services, consulting and digital engineering firms. It runs four reporting segments aligned to client industries, sells to roughly the Global 2000 enterprise base, and delivers most of the work from India (with the largest single India footprint after TCS, Infosys and Wipro). The economic engine is essentially: bill out skilled engineers (in cloud, data, AI, ERP, app modernisation, managed services and ER&D) at hourly or outcome-based rates, with the bulk of cost of revenues being employee compensation in India.

Q1 2026 revenue mix (three months ended 31 March 2026, $5.413 bn total):

Segment	What it does	Q1 2026 revenue	% of revenue	YoY (CC)
Financial Services	Banking, capital markets, insurance — core systems modernisation, payments, AI/ML for risk, claims and underwriting	$1,644 m	30.4%	+10.2%
Health Sciences	Payers, providers and life sciences — clinical data, claims platforms, drug-development digitalisation, member experience	$1,579 m	29.2%	-0.9%
Products & Resources	Manufacturing, retail/CPG, logistics, energy/utilities, travel & hospitality — supply chain, customer experience, digital engineering (Belcan ER&D anchor)	$1,321 m	24.4%	+1.1%
Communications, Media & Technology	Telcos, cable, hyperscalers and software vendors — network operations, content platforms, hyperscaler partnerships (Astreya extension)	$869 m	16.1%	+6.5%

Geographic mix (Q1 2026): North America $4,052 m (74.9%, +5.1% YoY); Europe $1,039 m (19.2%, +9.4%); Rest of World $322 m (5.9%, +3.5%). Cognizant therefore remains a North-America-anchored revenue book delivered from a primarily India-based talent base — the canonical labour-arbitrage IT services topology, but increasingly augmented by US-based AI and Azure consultants from the 3Cloud and Belcan/Astreya cohorts.

Customer profile: Cognizant has historically reported that no single customer accounts for more than ~5% of revenue. The top-25 customer cohort skews toward US money-centre banks, US insurers, US managed-care and pharma names, and large US/European industrials — all of which are Global 2000 IT-spend benchmarks.

4. The Business Model

• People-on-projects: The fundamental unit of revenue is a billable engineer or consultant on a client project. ~75% of cost of revenues is compensation. Cognizant pairs higher-cost onshore consultants (US, UK, Continental Europe) with low-cost offshore delivery (mostly India). The wider the offshore mix, the wider the gross margin — but the more exposed the business is to wage inflation and immigration policy.
• Contract types: A blend of time-and-materials (T&M), fixed-price and managed-services. Managed services are typically multi-year deals with annuity-style revenue (Astreya extends this into hyperscaler-scale data-centre and AI-lab operations). Q1 2026 booked seven large deals (each ≥$100 m TCV) including one mega deal (≥$500 m).
• Margin trajectory: FY25 GAAP gross margin 33.7% (down ~60 bp YoY); operating margin 16.1% (up 140 bp); adjusted operating margin 15.8% (up 50 bp). Q1 2026 adjusted operating margin 15.6% (up 10 bp YoY) with mix shift to third-party products (cloud resale) and the 3Cloud dilution offset by operational efficiency and INR weakness.
• Capex & FCF: Asset-light. FY25 free cash flow $2.665 bn (~120% conversion of net income $2.23 bn). FY24 FCF $1.81 bn; FY23 FCF $2.0 bn.
• AI capability stack: Cognizant Neuro® AI platform — productised generative-AI orchestration; collaborations with NVIDIA (NIM/NeMo, March 2025), Microsoft (Azure depth via 3Cloud) and Google Cloud. The company opened-sourced its Neuro AI Multi-Agent Accelerator in May 2025 for academic/research use.
• Subsidies / regulatory credits: Not material. Cognizant claims tax incentives in Indian SEZs (Special Economic Zones) but these are operational subsidies that simply reduce the India effective tax rate — not a credit-policy revenue line. Earnings quality is therefore not exposed to credit-policy volatility.
• Capital allocation: FY25 returned $1.91 bn to shareholders ($1.3 bn buybacks of 17.4 m shares + $610 m dividends). FY26 plan: ~$1.6 bn ($1.0 bn buybacks + ~$0.6 bn dividends). Q1 2026: $444 m of buybacks (6.3 m shares) + $159 m dividends; remaining buyback authorisation ~$1.491 bn.

5. Financial Health

Five-year financials (fiscal year ended 31 December).

Metric	FY21	FY22	FY23	FY24	FY25
Revenue ($bn)	18.5	19.4	19.4	19.7	21.1
YoY %	+11.1%	+4.9%	+0.0%	+1.5%	+7.0%
Gross margin	~37.3%	~35.9%	~34.6%	~34.3%	33.7%
Operating income ($bn)	2.81	3.04	2.69	2.91	3.40
Operating margin	~15.2%	~15.7%	~13.9%	~14.7%	16.1%
Net income ($bn)	2.10	2.30	2.13	2.24	2.23
EPS (diluted, $)	4.05	4.41	4.21	4.51	4.56
Adjusted EPS ($)	n/d	n/d	~4.30	~4.75	5.28
Free cash flow ($bn)	~2.20	~2.20	~2.00	~1.81	2.67
Cash ($bn)	1.83	2.16	2.62	2.21	1.92
Total debt ($m)	626	638	606	875	543
Diluted shares ($m)	519	521	499	494	478
Annual DPS ($)	0.96	1.04	1.16	1.20	1.24

Quarterly trajectory (last five quarters):

Period	Revenue ($bn)	YoY %	Gross margin	Adj operating margin	Adj diluted EPS
Q1 2025	5.116	+7.5%	~34.4%	15.4%	$1.23
Q2 2025	5.245	+8.1%	~33.6%	15.6%	$1.27
Q3 2025	5.420	+7.4%	~33.7%	16.0%	$1.39
Q4 2025	5.333	+4.9%	~33.0%	16.0%	$1.35
Q1 2026	5.413	+5.8%	32.8%	15.6%	$1.40

Balance sheet: Net cash. Cash & equivalents $1.504 bn at 31 March 2026 vs total debt $568 m ($33 m short-term + $535 m long-term) — comfortably investment grade. The pending Astreya acquisition (~$600 m, expected to close in Q2 2026) is fundable from cash on hand without leverage. Project Leap charges ($230–$320 m) are largely one-off severance and are non-cash relative to ongoing free cash flow.

6. Valuation & Market Data

Share price (1 May 2026 close)	$52.43
52-week high	$87.03 on 14 January 2026
52-week low	$52.34 on 30 April 2026
52-week price change	-28.73% (per StockAnalysis, 1 May 2026)
Drawdown from 52-week high	-39.8%
Shares outstanding	~473.87 m
Float	~472.71 m
Market cap	~$24.84 bn (1 May 2026)
Enterprise value	~$24.42 bn
Trailing P/E	~11.39×
Forward P/E (FY26 adj EPS midpoint $5.70)	~9.20× (StockAnalysis: 9.04×)
P/S	~1.16×
P/B	~1.65×
EV/EBITDA	~6.28×
EV/Revenue	~1.14×
P/FCF	~10.06×; FCF yield ~10%
Beta (5-yr)	0.80
50-day MA	$60.68
200-day MA	$71.05
Short interest	35.73 m shares (~7.56% of float); ~6.56 days to cover (StockAnalysis, 1 May 2026)
Dividend per share	$1.32 annual ($0.33 quarterly); yield ~2.52%
Payout ratio	~27.8%

7. What Are They Building / What's Coming?

• Astreya acquisition (announced 29 April 2026): ~$600 m all-cash deal for San Jose-based AI-infrastructure managed-services firm. Astreya operates in environments of six of the largest hyperscalers, managing data-centre infrastructure, AI lab environments, enterprise networks and workplace technology. Strategic positioning is for the projected $6.7 tn AI data-centre buildout (2025–2030) and the ~$700 bn 2026 capex by the five top hyperscalers. Closing expected Q2 2026; subject to regulatory clearance.
• Project Leap (announced 29 April 2026): Multi-year operating-model transformation programme. 2026 charges $230–$320 m (primarily severance and personnel costs); in-year savings $200–$300 m, redirected to AI capability, integrated offerings, partnerships and upskilling. Press reports indicate workforce reduction in the range of 4,000–15,000 people; offset by ~20,000+ graduate hires planned for 2026.
• Cognizant Neuro® AI: Productised generative-AI platform with NVIDIA-collaborated industry LLMs (NeMo / NIM microservices), agentic AI orchestration, and digital twins for smart manufacturing. Cognizant disclosed >5,000 active AI engagements with ~40% of code now AI-assisted (Ravi Kumar S, Q1 2026 call). Multi-Agent Accelerator open-sourced May 2025 for academic and research use.
• 3Cloud (closed 1 January 2026): Microsoft Azure pure-play with deep Azure-AI credentialing; ~1,200 employees (700 US-based) added to Cognizant; positions Cognizant among the most credentialled Microsoft Azure and AI implementation partners globally.
• Belcan (closed 27 August 2024): $1.3 bn ER&D acquisition; ~6,500 engineers; aerospace & defence, marine and industrial digital engineering anchored in North America & UK. Provides the embedded-software, mechanical and systems-engineering bench underneath the Products & Resources segment.
• Daimler Truck contract (announced 24 February 2026): Five-year, >$300 m global AI-driven workplace services deal; Cognizant WorkNEXT™ powers a managed digital workplace across global factories and offices — CEO Ravi Kumar's first major win against his ex-employer Infosys at the same client.
• NVIDIA / Microsoft / Google Cloud partnerships: Public collaboration agreements covering enterprise AI agents, industry LLMs, smart manufacturing digital twins and AI infrastructure. Cognizant is a top-tier system integrator across the three big-three hyperscaler ecosystems.
• Capital return: $1.491 bn buyback authorisation remaining at 31 March 2026 (after $444 m repurchased in Q1); FY26 plan ~$1.0 bn buybacks + $610 m+ dividends. Quarterly dividend $0.33 (raised 6.5% in February 2026).
• FY26 guidance (reiterated 29 April 2026): Revenue $22.11–$22.64 bn (+4.8–7.3%; +4.0–6.5% CC); adjusted operating margin 16.0–16.2% (+20–40 bp); adjusted diluted EPS $5.63–$5.77 (+7–9%). Q2 2026 revenue guidance $5.45–$5.52 bn.

8. Competitive Landscape

Cognizant competes in a roughly $2 tn global IT services market dominated by a handful of scaled players. The big-six pure-play IT services peers are Accenture, TCS, Infosys, Wipro, HCLTech and Cognizant, with IBM Consulting and Capgemini overlapping on the high-end consulting side. Pricing power has been compressing across the group as AI-assisted productivity flows through to client expectations on lower headcount-hours per outcome.

Peer	FY revenue ($bn)	Approx. share of named peer-group revenue	Notes
Accenture (NYSE: ACN)	$69.7 (FY25, ended Aug 2025)	~40%	#1 by revenue and brand value ($41.5 bn). Anchored in strategy/consulting plus delivery scale; broader margin profile than offshore-led peers.
TCS (NSE: TCS)	~$30.0 (FY25, ended Mar 2025)	~17%	Largest Indian IT pure-play; Tata Group; deep BFSI franchise; brand value $21.3 bn (#2 globally).
Cognizant (NASDAQ: CTSH)	$21.1 (FY25)	~12%	Subject company. NJ-headquartered, India-delivered. Anchored Health Sciences + Financial Services. Belcan ER&D + 3Cloud Azure depth.
Infosys (NYSE: INFY)	~$19.3 (FY25)	~11%	Bengaluru-headquartered Indian pure-play; BFSI heavy; Ravi Kumar S's prior employer.
IBM Consulting (NYSE: IBM)	~$21.1 (FY25 segment)	~12%	Embedded inside IBM hybrid-cloud / AI strategy; watsonx integration.
Wipro (NYSE: WIT)	~$10.8 (FY25)	~6%	Bengaluru pure-play; CEO transition during 2024; recovering growth profile.
HCLTech (NSE: HCLTECH)	~$13.8 (FY25)	~8%	Indian pure-play; engineering/digital heavy; product business divested years ago.
Capgemini (EPA: CAP)	~$25 (CY24)	~14%	European consulting + delivery. Smaller US presence than peers.

Competitive impact analysis (AI cannibalisation): The structural risk to Cognizant is that AI tooling compresses the engineer-hours required per project — the very unit on which the labour-arbitrage IT services model is priced. Accenture, TCS, Infosys and Wipro have all cited "AI-assisted productivity" as a deflationary force on bookings-to-revenue conversion in their CY2025 calls. Cognizant's response is to lean in: announce ~40% of code as AI-assisted, build out integrated AI offerings (Neuro AI), and acquire deeper hyperscaler-managed-services capability (3Cloud, Astreya) where the unit of revenue is the workload running rather than the engineer-hour billed. Project Leap is the operational counterpart — cut the headcount that AI now does, redeploy the savings into the AI build-out. The risk for Cognizant specifically is that its mid-tier valuation (forward P/E ~9× vs Accenture mid-teens) reflects market scepticism that this pivot lands ahead of the curve rather than behind it.

9. Leadership and Ownership

CEO: Ravi Kumar Singisetti (S. Ravi Kumar / "Ravi Kumar S") has been President and CEO since 12 January 2023. He joined from Infosys, where he was President leading global services. Educated in India (NIT Surathkal; XLRI Jamshedpur). His mandate from the Cognizant Board has been three-fold: stabilise growth (delivered — FY25 +7.0% vs FY23 +0.0%), reset margins (delivered — FY25 adj OM 15.8% vs FY23 ~14.7%) and repurpose the company around AI (Project Leap, Neuro AI, 3Cloud, Astreya).

CFO: Jatin Dalal joined as CFO in March 2024 from Wipro, where he had been the long-tenured CFO. Anchors the financial discipline behind the Project Leap repositioning and the buyback cadence.

Chair of the Board: Stephen J. Rohleder. Former Accenture group chief executive (Health & Public Service); brings deep IT services governance experience.

Top institutional holders (per recent 13F/13G filings): Vanguard Group, BlackRock and State Street collectively account for the largest share of float; Fidelity (FMR) and JPMorgan Asset Management round out the top tier. Cognizant is widely held; insider ownership is <1% as is typical for a US-incorporated IT services major without a founder family.

Recent Section 16 insider transactions (selected):

Date	Insider	Role	Action	Shares	Price	Notes
15 Mar 2026	Ravi Kumar S	CEO	RSU/PSU vesting + tax withholding	69,081 vested; 36,448 withheld @ $60.37	$60.37	Routine equity vesting; not an open-market sale
1 Mar 2026	Ravi Kumar S	CEO	RSU vesting + tax withholding	5,309 vested; 2,845 withheld @ $64.43	$64.43	Routine; direct holdings rose to 83,223 shares pre-withholding
27 Feb 2026	Ravi Kumar S	CEO	Equity grant	117,397 RSUs + 63,093 PSUs	n/a	RSUs vest quarterly through 2029; PSUs tied to 57% performance achievement vesting 15 Mar 2026
16 Feb 2026	Ravi Kumar S	CEO	RSU vesting + tax withholding	5,777 vested; 3,072 withheld	n/a	Routine
3 Sep 2025	Ravi Kumar S	CEO	Open-market sale	~6,400	~$77	~$495k disposal; under 10b5-1 plan per Form 4 footnote

Aggregate trend: insider activity has been dominated by routine equity vesting and tax withholding rather than discretionary open-market action. The September 2025 CEO sale of ~$495k was small relative to total CEO comp and was filed as a 10b5-1 pre-planned transaction. There were no disclosed open-market insider purchases in the 12 months to May 2026.

10. Risks and Challenges

• H-1B / immigration policy (the headline structural risk): The Trump administration's $100,000 H-1B fee proposal (announced September 2025) is the largest exogenous shock to the labour-arbitrage IT services model in two decades. Bloomberg analysis indicated Cognizant would have incurred fees on more than 5,600 workers, ~89% of its FY25 H-1B approvals, had the fee been in force. US lawmakers separately sent inquiry letters to Cognizant requesting wage and role data on its H-1B holders. US consulate slot backlogs in India have stretched into 2027. Cognizant has stated it has "already reduced reliance on visas" and continues to localise hiring (3Cloud added 700 US employees), but the policy direction structurally compresses gross margin if maintained.
• AI cannibalising labour-arbitrage: Generative AI is deflating the engineer-hours sold per outcome. Cognizant's own disclosure that ~40% of code is now AI-assisted is the explicit acknowledgement — and Project Leap is the operational consequence. The risk is that competitors (Accenture, TCS, Infosys) execute the same pivot faster and Cognizant gives up share on the way through.
• Discretionary spending freeze: Q2 2026 guidance language explicitly cited "more cautious near-term view of discretionary spending based on recent global events and trends". Discretionary IT projects are the high-margin top of the funnel; a sustained slowdown would compress the bookings-to-revenue conversion ratio meaningfully.
• Customer concentration in BFSI: Financial Services is now 30.4% of revenue (Q1 2026) and the strongest grower; a US/UK money-centre bank IT-spend pause would directly mute the highest-momentum segment.
• India operational concentration: Roughly 70%+ of Cognizant's headcount is in India. Currency, regulatory, infrastructure and geopolitical (India-US, India-China) risks are all relevant. Indian SEZ tax incentives are subject to periodic policy review.
• FX: Material. INR weakness vs USD helps margin (cost of revenue is largely INR); EUR/GBP weakness vs USD is a translation headwind to European-segment revenue. Q1 2026 reported growth was 5.8% vs constant-currency 3.9% — FX provided a ~190 bp tailwind to reported revenue.
• Project Leap execution risk: Press reports cite job-cut estimates ranging from 4,000 to 15,000; the morale and retention impact on top engineers is non-trivial in a market where Accenture, Infosys, TCS are competing for the same AI-skilled bench. Voluntary attrition has already ticked higher in the period since the announcement (12.3% TTM in Q1 2026 vs 13.9% at FY25 still being normalised down).
• Belcan / 3Cloud / Astreya integration risk: Three back-to-back acquisitions over 18 months adds complexity. Belcan was $1.3 bn (closed Aug 2024), 3Cloud ~undisclosed (closed Jan 2026, ~1,200 staff), Astreya ~$600 m (announced Apr 2026, expected close Q2 2026). Synergy realisation is critical to defending the gross-margin glide path.
• H-1B / class-action litigation: A US court has previously ruled against Cognizant on alleged favouring of H-1B holders over non-Indian workers (the company is appealing). This is a separate legal exposure from the policy fee debate.
• Capital allocation: The bridge between $1.0 bn buybacks and the Astreya cash outlay is fundable from FCF and net cash, but a deeper IT services cycle slowdown would force a choice between buybacks and M&A.
• Litigation / regulatory: Routine for an industry of this scale — wage-and-hour, IP, data protection. No extraordinary contingencies disclosed in the FY25 10-K.

11. Recent Developments

• 1 May 2026: CTSH closed at $52.43; market cap ~$24.84 bn; 52-week range $52.34 – $87.03. Multiple sell-side firms reduced price targets in the 30 April–1 May window (Wedbush, Morgan Stanley, TD Cowen, JPMorgan, Susquehanna, Guggenheim) following the Q1 2026 print + Project Leap reveal.
• 30 April 2026: 52-week intraday low of $52.34 reached on the Q1 reaction.
• 29 April 2026 — Q1 2026 results: Revenue $5.413 bn (+5.8% YoY; +3.9% CC); GAAP and adjusted operating margin both 15.6%; GAAP diluted EPS $1.39 (+3.7%); adjusted diluted EPS $1.40 (+13.8%). Net income $662 m. Trailing-12-month bookings $29.6 bn (+11%); Q1 bookings +21% YoY; book-to-bill ~1.4×; seven large deals (one mega ≥$500 m TCV); >70% large-deal TCV growth YoY. Headcount 357,600 (+6,000 QoQ; +21,300 YoY); voluntary attrition 12.3% TTM. Q1 returns: $444 m buybacks (6.3 m shares) + $159 m dividends. FY26 guidance reiterated.
• 29 April 2026 — Project Leap announced: 2026 charges $230–$320 m (primarily severance/personnel); in-year savings $200–$300 m to fund AI / integrated offerings investments. FY26 adj OM guidance 16.0–16.2% (up 20–40 bp); adj diluted EPS $5.63–$5.77 (+7–9%).
• 29 April 2026 — Astreya acquisition agreed: ~$600 m cash deal for hyperscaler-scale AI infrastructure managed services provider; expected to close Q2 2026.
• 15 March 2026: CEO Ravi Kumar S settled 69,081 RSUs/PSUs; 36,448 shares withheld at $60.37 to cover taxes (Form 4).
• 24 February 2026: Cognizant announced selection by Daimler Truck for a five-year, >$300 m global AI-driven workplace services contract powered by Cognizant WorkNEXT™.
• 4 February 2026 — Q4 / FY25 results: Q4 revenue $5.333 bn (+4.9%; +3.8% CC); Q4 adj OM 16.0%; Q4 adj diluted EPS $1.35; Q4 bookings +9% YoY. FY25 revenue $21.11 bn (+7.0%); operating margin 16.1% (+140 bp); adj OM 15.8% (+50 bp); GAAP EPS $4.56; adj EPS $5.28 (+11%); FCF $2.665 bn (120% conversion); 28 large deals signed; quarterly dividend raised 6.5% to $0.33; FY26 guidance initiated.
• 14 January 2026: CTSH hit 52-week intraday high of $87.03.
• 1 January 2026: Cognizant completed the acquisition of 3Cloud (Microsoft Azure pure-play); ~1,200 employees added including ~700 in the US.
• 29 October 2025 — Q3 2025 results: Revenue $5.42 bn (+7.4%; +6.5% CC); operating margin 16.0% (+140 bp); adj diluted EPS $1.39 (+11%); TTM bookings $27.5 bn (+5%); FY25 CC growth guidance raised to 6.0–6.3%.
• 3 September 2025: CEO Ravi Kumar S sold ~6,400 shares for ~$495k under a 10b5-1 plan (per Form 4).
• September 2025: Trump administration unveiled $100,000 H-1B visa fee proposal; widely reported as one of the largest structural shocks to the Indian-IT-services labour-arbitrage model.
• July 2025 — Q2 2025 results: Revenue $5.245 bn (+8.1%; +7.2% CC); adj OM 15.6%.
• 30 April 2025 — Q1 2025 results: Revenue $5.116 bn (+7.5%; +8.2% CC); adj OM 15.4%.
• March 2025: Cognizant announced expanded NVIDIA collaboration to deploy Neuro AI platform with NIM/NeMo industry LLMs.
• 27 August 2024: Cognizant completed the $1.3 bn Belcan acquisition (engineering R&D, aerospace & defence, ~6,500 engineers).

12. Key Dates Coming Up

Date	Event
~28 May 2026 (estimated)	Quarterly cash dividend payment ($0.33 per share)
Q2 2026 (expected)	Astreya acquisition close (subject to regulatory clearance)
June 2026 (expected)	Annual Meeting of Stockholders (date to be confirmed via proxy)
Late July 2026 (expected)	Q2 2026 results — quarter ended 30 June 2026
Q2 2026 guidance	Revenue $5.45–$5.52 bn (+3.8–5.3%; +3.2–4.7% CC)
Late October 2026 (expected)	Q3 2026 results
Early February 2027 (expected)	Q4 / FY26 full-year results
FY26 guidance (reiterated 29 Apr 2026)	Revenue $22.11–$22.64 bn (+4.8–7.3%; +4.0–6.5% CC); adj OM 16.0–16.2%; adj diluted EPS $5.63–$5.77; ~$1.6 bn shareholder return ($1.0 bn buybacks + dividends)
2026 (ongoing)	Project Leap charges $230–$320 m and savings $200–$300 m, substantially all to be recognised in 2026

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Disclaimer: This content is for informational purposes only and is not investment advice. ChartsView does not use analyst price targets, ratings, or consensus estimates. All figures are sourced from Cognizant Technology Solutions Corporation press releases, 10-K and 10-Q filings, SEC Form 4 filings, and public market data as at 1–4 May 2026. Always do your own due diligence.