Cognizant Technology Solutions (CTSH) — Company Research

Last Updated: 29 August 2026

Cognizant Technology Solutions sells IT and business process services to large enterprises, principally in healthcare, banking, manufacturing and media, delivered by a workforce of around 356,700 people of whom roughly seven in ten sit in India. Calendar 2025 was the company's best year in some time: revenue of $21.11bn was up 7.0%, GAAP operating margin expanded 140 basis points to 16.1%, and adjusted diluted earnings rose 11% to $5.28 per share. The share price tells a very different story. Cognizant has fallen from a 52-week high of $87.03 to roughly $64, was removed from the Nasdaq-100 on 22 June 2026, and touched $37.08 at the end of that month. The market is pricing a structural question, not a trading one: whether generative AI compresses the billable-hours model that Cognizant is built on. This report sets out what the filings say, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Ticker / exchange	CTSH, NASDAQ Global Select Market
Headquarters	Teaneck, New Jersey, United States
Fiscal year end	31 December (FY2025 ended 31 December 2025)
CEO / Leadership	Ravi Kumar S, Chief Executive Officer, confirmed in post in the second-quarter release of 29 July 2026. Jatin Dalal is Chief Financial Officer. John Kim is Chief Legal Officer, Chief Administrative Officer and Corporate Secretary.
Employees	356,700 at 30 June 2026, down 900 sequentially but up 12,900 year on year. At 31 December 2025 the split was India 256,900, North America 41,600, continental Europe 14,600, United Kingdom 7,800 and rest of world 30,700.
Revenue (FY2025)	$21,108m, up 7.0% as reported and 6.4% in constant currency
Net income (FY2025)	$2,230m
GAAP diluted EPS (FY2025)	$4.56, held back by a one-time non-cash tax charge of $390m, or $0.80 per share
Adjusted diluted EPS (FY2025)	$5.28, up 11%
Market capitalisation	Approximately $28.9bn at the 28 August 2026 close of $64.04
Shares outstanding	452m at 30 June 2026, down from 479m at 31 December 2025 and 495m at 31 December 2024
Dividend	$0.33 per share per quarter from the first quarter of 2026, raised from $0.31
Index membership	Removed from the Nasdaq-100 Index before the open on 22 June 2026

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2. Bull and Bear Case

Bull Case

• Margin and earnings are still expanding: full-year 2026 adjusted EPS guidance has been raised twice, from $5.56 to $5.70 in February to $5.70 to $5.82 in July, and the adjusted operating margin target was lifted to 16.0% to 16.2%. The profit line is improving even as the growth line is cut.
• A very large buyback running into a depressed price: the board doubled the 2026 repurchase target from $1bn to $2bn on 17 May 2026 and authorised a further $2bn, with the chief executive stating that the share price significantly undervalues the company's prospects. The share count has fallen roughly 9% in eighteen months.
• The AI partner roster is unusually broad: Cognizant is a Global Premier Partner in the Claude Partner Network from 27 July 2026, a Google Cloud Diamond Partner, an OpenAI Codex partner, and works with NVIDIA, Microsoft, Palantir, ServiceNow and Snowflake. The 3Cloud and Astreya acquisitions bought Azure and hyperscaler infrastructure capability outright.
• An unrecorded legal asset: the Southern District of New York raised the TriZetto award against Syntel to roughly $298m on 27 March 2026 with judgment entered on 29 April 2026. No gain has been recognised because it is not yet realisable, so it does not appear anywhere in the reported numbers.
• Headcount is starting to decouple from revenue: employee numbers fell 900 sequentially in the second quarter of 2026 while revenue grew 1.3% sequentially and adjusted operating margin expanded 40 basis points, which is the first hard evidence of the productivity thesis working.

Bear Case

• Bookings have turned: second-quarter 2026 bookings fell 6% year on year even though the trailing-twelve-month figure of $29.1bn was up 5%. Bookings are the leading indicator for a services business, and the leading indicator has rolled over.
• Revenue guidance keeps being cut: the full-year 2026 range has been reduced twice, from $22.14bn to $22.66bn in February, to $22.11bn to $22.64bn in April, to $22.04bn to $22.35bn in July. Growth of 4.4% to 5.9% is materially below the 7.0% delivered in 2025.
• Growth quality is deteriorating: roughly 170 basis points of second-quarter growth came from low-margin third-party product resale and around 100 basis points from recent acquisitions, so underlying organic services growth was well below the headline 4.5%.
• An unquantified discrimination verdict: in Palmer v. Cognizant a jury found for the plaintiffs at retrial on 4 October 2024, the court awarded $16m of interim fees on 5 December 2025 and found for plaintiffs on disparate impact. The case now proceeds to individualised damages with a rebuttable presumption in each class member's favour, and Cognizant has recorded no accrual and states it cannot estimate the loss.
• The AI thesis cuts both ways: if agentic tooling genuinely does the work of offshore delivery teams, the pyramid that generates Cognizant's margin loses its base. Project Leap, costing $230m to $320m substantially all in 2026, is explicitly a restructuring for AI-led efficiency, which is management conceding the model must change.

3. Segments and Revenue Mix

Cognizant reports four segments. Percentages below are for the twelve months ended 31 December 2025.

Segment	% of revenue	What it is
Health Sciences	30.1% ($6,347m, up 7.0%)	Payers, providers, pharmaceutical and life sciences clients. Includes the TriZetto healthcare software platform for claims adjudication and benefits administration. Growth decelerated sharply to 1.4% in the second quarter of 2026.
Financial Services	29.2% ($6,173m, up 7.3%)	Banking, capital markets and insurance. Became the largest segment in the second quarter of 2026 at $1,733m, or 31.6% of revenue, growing 12.0%.
Products and Resources	25.0% ($5,285m, up 10.5%)	Manufacturing, automotive, logistics, energy, utilities, retail, consumer goods and travel. Belcan, acquired in August 2024, contributed roughly 960 basis points of the segment's 2025 growth.
Communications, Media and Technology	15.7% ($3,303m, up 1.0%)	Telecommunications, media, entertainment and technology clients. The weakest segment for two years running, growing 1.5% in the second quarter of 2026.

By geography in 2025, North America accounted for $15,780m or 74.8% of revenue, the United Kingdom $1,922m or 9.1%, continental Europe $2,090m or 9.9% and rest of world $1,316m or 6.2%. The mix was broadly unchanged in the second quarter of 2026 at 75.3% North America, 18.7% Europe and 6.0% rest of world.

4. Business Model and Moat

How it makes money. Cognizant contracts to run or build systems for large enterprises and is paid either for time and materials or on a managed-services basis for an outcome. The economics are a labour arbitrage pyramid: work is delivered predominantly from India, where 256,900 of the workforce sits, and billed at Western rates. Gross margin therefore depends on utilisation, the ratio of junior to senior staff, and wage inflation net of pricing. Because many client contracts are short-term and terminable on short notice, which the Form 10-K names as an explicit risk factor, revenue visibility comes from bookings rather than from contractual lock-in.

Where the moat actually sits. It is not scale of headcount, which competitors can match. It is embeddedness. Once Cognizant runs a payer's claims platform or a bank's core operations, the institutional knowledge of that specific estate is expensive to rebuild. TriZetto is the clearest example: it is proprietary healthcare software rather than a services engagement, it sits inside the client's revenue cycle, and it is what underpins the reported multi-year Centene engagement valued at over $500m. Products, not people, are the durable part of the business.

What is changing. Management has restated the company's own description of itself. The 2025 full-year release called Cognizant a leading professional services company; the second-quarter 2026 release calls it an AI builder and technology services provider building the bridge between AI investment and enterprise value. The corporate site is now cognizant.ai. Behind the branding, the substantive change is Project Leap, a restructuring costing $230m to $320m defined in the quarterly filing as streamlining operations and enhancing productivity through AI-led efficiencies, and two new job categories, Frontier Certified Engineer and Frontier Business Operator, targeting 5,000 and 10,000 people respectively with the first cohort expected in the fourth quarter of 2026.

Capital allocation is doing heavy lifting. With organic growth slowing, per-share earnings growth is increasingly a function of the share count. Cognizant repurchased $1.6bn of stock in the first half of 2026, including a $500m accelerated repurchase at an average of $51.54, funded in part by a $1.0bn drawdown on the revolving credit facility. Shares outstanding have fallen from 495m at the end of 2024 to 452m at 30 June 2026.

5. Financial Health

All figures below are taken from Cognizant SEC filings and quarterly earnings releases. There has been no stock split since 2014, so all per-share figures are directly comparable.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (ended 31 Dec 2021)	18,507	—	$4.05	$4.12	$0.96	—†
FY2022 (ended 31 Dec 2022)	19,428	+5.0%	$4.41	$4.40	$1.08	$638m
FY2023 (ended 31 Dec 2023)	19,353	-0.4%	$4.21	$4.55	$1.16	$606m
FY2024 (ended 31 Dec 2024)	19,736	+2.0%	$4.51	$4.75	$1.20	$875m
FY2025 (ended 31 Dec 2025)	21,108	+7.0%	$4.56	$5.28	$1.24	$543m

† No long-term debt figure is carried under the standard non-current debt tag in the SEC XBRL company facts for the 2021 balance sheet date; the four subsequent years are shown as filed. Long-term debt is the non-current balance at each year end. Note that fiscal 2022 is the one year in which adjusted EPS came in fractionally below GAAP, and that fiscal 2023 revenue declined. The gap between fiscal 2025 GAAP EPS growth of 1% and adjusted EPS growth of 11% is explained almost entirely by a one-time non-cash income tax charge of $390m, or $0.80 per share, taken in the third quarter of 2025 after the repeal of United States research and experimentation capitalisation rendered a deferred tax asset unrealisable. Fiscal 2025 also included a $62m gain on the sale of an India office complex.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (ended 30 Jun 2026)	5,481	$1.37	$1.36
Q1 2026 (ended 31 Mar 2026)	5,413	$1.40	$1.39
Q4 2025 (ended 31 Dec 2025)	5,333	$1.35	$1.34
Q3 2025 (ended 30 Sep 2025)	5,415	$1.39	$0.56
FY2025 total	21,108	$5.28	$4.56

The third quarter of 2025 GAAP figure of $0.56 is not an earnings collapse; it carries the whole $0.80 one-time tax charge described above, and adjusted earnings that quarter grew 11%. The second quarter of 2026 was the most recent reported period as at 29 August 2026. It carried an $84m Project Leap restructuring charge, of which $56m was employee separation costs, offset by an $81m benefit in selling and administrative expenses from the partial reversal of the India defined contribution obligation following India's Social Security Rules of May 2026 and the Employees' Provident Fund Scheme of June 2026.

At 30 June 2026 the balance sheet showed cash of $1,038m, short-term investments of $13m, long-term debt of $1,527m including a $1,000m revolver drawdown, short-term debt of $33m, goodwill of $8,083m and total shareholders' equity of $14,462m. Second-quarter free cash flow was $459m and first-half free cash flow was $657m. Full-year 2026 guidance as most recently updated on 29 July 2026 is for revenue of $22.04bn to $22.35bn, growth of 4.4% to 5.9% as reported, an adjusted operating margin of 16.0% to 16.2% and adjusted diluted EPS of $5.70 to $5.82.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Trailing twelve month figures below run from the third quarter of 2025 to the second quarter of 2026 and are built as fiscal 2025 plus first-half 2026 less first-half 2025. On that basis trailing revenue is $21,642m, operating income is $3,436m, depreciation and amortisation is $559m, operating cash flow is $2,917m and capital expenditure is $319m.

Metric	Value
Market cap	Approximately $28.9bn (roughly 450.4m shares at the 28 August 2026 close of $64.04)
Enterprise value	Approximately $29.4bn (market cap $28.85bn plus total debt $1.56bn, being $33m short-term and $1,527m long-term, less cash and short-term investments of $1.05bn per the 30 June 2026 balance sheet)
Trailing P/E (GAAP)	Approximately 13.8x on trailing twelve month GAAP diluted EPS of $4.65. That figure absorbs the $0.80 one-time tax charge from the third quarter of 2025; excluding it the same calculation gives roughly 11.7x.
P/E (forward)	Approximately 11.1x on the $5.76 midpoint of management's own full-year 2026 adjusted EPS guidance range of $5.70 to $5.82
P/S (TTM)	Approximately 1.33x (market cap $28.85bn divided by trailing twelve month revenue of $21.64bn)
EV/EBITDA (TTM)	Approximately 7.4x (EV $29.36bn divided by EBITDA of $3,995m, being trailing operating income of $3,436m plus depreciation and amortisation of $559m taken from the cash flow statement). The trailing operating income line absorbs the $84m Project Leap charge and the $81m India defined contribution benefit, which roughly offset.
P/FCF	Approximately 11.1x (market cap $28.85bn divided by free cash flow of $2,598m; free cash flow is trailing operating cash flow of $2,917m less capital expenditure of $319m per the cash flow statement)
Price/book	Approximately 2.0x (market cap $28.85bn divided by shareholders' equity of $14,462m at 30 June 2026)
52-week high	$87.03
52-week low	$37.08
Short interest (% of float)	Approximately 7.9% (35,596,472 shares short against a free float of about 449.2m at the 14 August 2026 settlement date). Short interest has roughly halved since late May 2026, when 60.2m shares were short.
Days to cover	3.53 days at the 14 August 2026 settlement date
Dividend yield	Approximately 2.1% on the annualised $0.33 quarterly rate

7. What Are They Building

The Neuro platform family. Cognizant's own AI stack is branded Neuro and now spans Neuro AI, Neuro AI Engineering for agentic lifecycle management, the Neuro AI Multi-Agent Accelerator, Neuro Cybersecurity, Neuro IT Operations and Neuro Edge. Neuro AI Trust, launched on 1 July 2026, provides continuous governance and real-time assurance across AI systems and integrates with ServiceNow. Alongside it sits Flowsource, a full-stack generative AI software engineering platform which now runs an agentic workforce beside human engineers and has Claude Code integrated into its spec-driven development module. The Cognizant AI Factory launched on 16 March 2026, and a Sovereign Physical AI platform built on the Cognizant Intelligence Spine followed in June 2026.

Buying capability rather than building it. Three acquisitions in under two years reshaped the delivery mix. Belcan closed on 27 August 2024 for roughly $1.3bn and brought aerospace and defence engineering research and development. 3Cloud closed on 1 January 2026 for approximately $728m and is the largest independent Microsoft Azure services provider. Astreya closed on 22 June 2026 for $634m including contingent consideration, adding around 2,600 people across more than 35 countries serving hyperscaler infrastructure. First-half 2026 acquisition spend was $1,334m.

Partnerships as a distribution channel. Cognizant became a Global Premier Partner in the Claude Partner Network on 27 July 2026, embedding Claude across its engineering platforms and building a Claude-certified workforce. It expanded its Google Cloud relationship on 16 February 2026 and again on 7 July 2026 as a Diamond Partner with a joint Gemini Enterprise practice, partnered with OpenAI on Codex on 21 April 2026, works with NVIDIA on the Neuro AI platform across enterprise agents, industry language models and digital twins, and announced a Palantir partnership on 5 February 2026 for healthcare and enterprise modernisation.

The workforce bet. The strategic gamble is that revenue can grow while headcount does not. Cognizant created Frontier Certified Engineer and Frontier Business Operator roles on 1 June 2026 and announced on 9 July 2026 that it will scale to 5,000 and 10,000 of them respectively, with the first cohort expected in the fourth quarter of 2026. More than 330,000 associates were upskilled on generative AI between mid-2023 and the end of 2025, and the external Synapse skilling target was doubled to two million individuals by 2030. Cognizant also committed on 15 July 2026 to hiring 1,500 United States college graduates in 2026, which reads as much as immigration-risk mitigation as it does capability building.

8. Competitive Landscape

The fiscal 2025 Form 10-K names Accenture, Atos, Capgemini, CGI, Deloitte Digital, DXC Technology, EPAM Systems, Genpact, HCL Technologies, IBM Consulting, Infosys, Tata Consultancy Services and Wipro as competitors, alongside clients' own in-house global capability centres. Market capitalisations below were re-checked on 28 August 2026.

Peer	Market cap (August 2026)	Key 2025 metric
Accenture (NYSE: ACN)	Approximately $116.0bn	Revenue of $69.67bn in the fiscal year ended 31 August 2025. Its tightened growth target on 18 June 2026 was one trigger for the sector-wide derating.
Tata Consultancy Services (NSE: TCS)	Approximately $85bn to $89bn	Revenue of roughly $28.0bn in the year to 31 March 2026. The largest Indian-heritage competitor by market value.
Infosys (NYSE: INFY)	Approximately $48.8bn	Revenue of $20.16bn in the year to 31 March 2026, on a comparable revenue base to Cognizant at roughly 1.7 times the market capitalisation. Also the defendant in Cognizant's TriZetto trade-secrets suit.
Capgemini (EPA: CAP)	Approximately $21.05bn	Revenue of EUR 22.46bn in calendar 2025, the largest continental European competitor.
Wipro (NYSE: WIT)	Approximately $18.0bn	Revenue of roughly $9.7bn in the year to 31 March 2026, less than half Cognizant's revenue.
Genpact (NYSE: G)	Approximately $6.39bn	Revenue of $5.08bn in calendar 2025, concentrated in business process services.
EPAM Systems (NYSE: EPAM)	Approximately $5.92bn	Revenue of $5.46bn in calendar 2025, the closest pure-play digital engineering comparator.
IBM (NYSE: IBM)	Approximately $222.0bn	IBM Consulting segment revenue of $21,055m in 2025, up 1.8% as reported, an almost identical revenue base to the whole of Cognizant.

The sharpest comparison is Infosys, which carries a market capitalisation roughly 1.7 times Cognizant's on a similar revenue base, and IBM Consulting, whose segment revenue of $21.1bn is almost exactly the size of the entirety of Cognizant. The derating is sector-wide rather than company-specific, but Cognizant has absorbed more of it than most.

9. Insider Activity

Chief Executive Officer Ravi Kumar S, who has led Cognizant since January 2023, held 122,658 shares at his most recent reported date of 15 June 2026 and made no open-market purchases or sales during 2026. Across all 2026 Form 4 filings there was exactly one open-market purchase by any insider, and it came from a non-executive director eight days before the June share price collapse.

Name	Date	Type	Shares	Price	Value	Plan Type
Stephen J. Rohleder	10 Jun 2026	Open-market purchase (code P)	4,034	$52.00	$209,768	Discretionary, no trading plan; took his holding from nil to 4,034 shares
Jatin P. Dalal	3 Aug 2026	Open-market sale (code S)	12,000	$55.76 weighted average	$669,168	Rule 10b5-1 plan adopted 1 May 2026
John Sunshin Kim	3 Aug 2026	Open-market sale (code S)	2,500	$57.05	$142,625	Rule 10b5-1 plan adopted 4 May 2026
Alina Kerdman	18 May 2026	Open-market sale (code S)	154	$48.04	$7,398	Rule 10b5-1 plan
Surya Gummadi	2 Feb 2026	Open-market sale (code S)	1,728	$83.06	$143,523	Rule 10b5-1 plan
Michael Patsalos-Fox	7 Jan 2026	Open-market sale (code S)	2,000	$84.23	$168,460	Rule 10b5-1 plan
Surya Gummadi	2 Jan 2026	Open-market sale (code S)	7,000	$81.42	$569,962	Rule 10b5-1 plan

Every disposal above was executed under a pre-existing Rule 10b5-1 plan, which limits how much can be read into the timing. The remaining 2026 Form 4 traffic is non-discretionary option and restricted stock unit conversions and tax withholdings on the regular vesting cycle, and the withholding prices trace the drawdown clearly: $66.55 on 16 February, $60.37 on 15 March, $55.76 on 1 June, $52.17 on 15 June and $38.73 on 1 July 2026.

10. Key Risks

• Artificial intelligence disrupting the delivery model: the fiscal 2025 Form 10-K carries an explicit risk factor stating that use of AI technologies may not be successful and may present business, financial, legal and reputational risks. If agentic tooling performs the work of offshore delivery pyramids, the pricing basis of the entire industry changes. This is the risk the share price has been discounting since June 2026.
• Bookings deterioration: second-quarter 2026 bookings fell 6% year on year, and full-year revenue guidance has been cut twice. Because many client contracts are short-term and terminable on short notice, which the Form 10-K names as a distinct risk factor, weak bookings translate into revenue faster than in a contractually locked business.
• The Palmer discrimination class action: a jury found for the plaintiffs at retrial on 4 October 2024 in this race and national origin discrimination case covering a certified class of roughly 2,300 former employees. The court awarded $16m of interim fees on 5 December 2025 and found for plaintiffs on disparate impact. Phase two will determine individual liability and damages with a rebuttable presumption in each class member's favour and the possibility of punitive damages. Cognizant has recorded no accrual and states it cannot estimate the possible loss.
• Immigration and visa policy: the presidential proclamation of 19 September 2025 imposing a $100,000 payment on new H-1B petitions would have applied to a large majority of Cognizant's new H-1B hires. The implementing guidance was vacated by a Massachusetts federal court on 8 June 2026 and a stay was denied on 24 July 2026, so the fee is not currently in effect, but the government continues to litigate and a further fee applying to H-1B workers already in the United States has been reported as planned.
• Indian tax disputes: the Indian Income Tax Department asserts an additional liability of approximately INR 33bn, around $349m at the 30 June 2026 rate, relating to a 2016 share repurchase by the Indian subsidiary. Cognizant lost before the Commissioner of Income Tax Appeals in March 2022 and the Income Tax Appellate Tribunal in September 2023, has appealed to the Madras High Court, and was required by the Supreme Court of India to deposit INR 30bn to proceed.
• Segment and geographic concentration: roughly 75% of revenue comes from North America, and the two largest segments by 2025 revenue, Health Sciences and Communications, Media and Technology, grew just 1.4% and 1.5% respectively in the second quarter of 2026. Growth has become dependent on Financial Services alone.
• Wage inflation and attrition: trailing-twelve-month voluntary attrition in technology services rose to 13.0% at 30 June 2026 from 12.3% the prior quarter, ending a multi-quarter decline. The Form 10-K names the inability to attract, train and retain skilled employees, particularly those with AI and digital experience, as a distinct risk.

11. Recent Developments

• 4 Feb 2026 — full-year 2025 results. Revenue of $21.11bn was up 7.0% as reported and 6.4% in constant currency, GAAP operating margin expanded 140 basis points to 16.1%, and adjusted diluted EPS rose 11% to $5.28. Trailing bookings of $28.4bn were up 5% with 28 large deals over $100m of total contract value signed during the year.
• 5 Feb 2026 — Palantir partnership announced. The agreement targets AI-driven modernisation in healthcare and enterprise operations, delivering Foundry and AIP use cases.
• 16 Mar 2026 — Cognizant AI Factory launched. The platform expands the company's AI infrastructure capability and now hosts CrowdStrike Falcon.
• 27 Mar 2026 — the Syntel award is raised to roughly $298m. The Southern District of New York increased the total award on post-trial motions, comprising compensatory and punitive damages, pre-judgment interest and fees. Judgment was entered on 29 April 2026 and Syntel filed a notice of appeal on 19 May 2026. No gain has been recorded because it is not yet realisable.
• 21 Apr 2026 — OpenAI partnership on Codex. The agreement targets enterprise software engineering and was followed on 30 July 2026 by a Codex hackathon involving 10,000 associates across India.
• 29 Apr 2026 — first-quarter results and the Astreya agreement. Revenue of $5,413m was up 5.8%, adjusted diluted EPS of $1.40 was up 13.8%, and quarterly bookings rose 21% year on year. The agreement to acquire Astreya was announced the same day.
• 18 May 2026 — the buyback is doubled. The board raised the 2026 repurchase target from $1bn to $2bn and authorised an additional $2bn, taking cumulative authorisation to $15.5bn. The chief executive stated that the current share price significantly undervalues the company's prospects. A $500m accelerated repurchase was launched on 21 May 2026 and completed at an average of $51.54.
• 12 Jun 2026 — removal from the Nasdaq-100 announced. Cognizant was removed from the index effective before the open on 22 June 2026 in the quarterly rebalance, alongside Charter Communications, Insmed, Verisk and Zscaler, with AI-infrastructure names added in their place.
• 18 Jun 2026 — the shares fall 10.5% in a single session. The stock hit a then 52-week low of $43.70 on a combination of Accenture tightening its own growth target, sector-wide concern about AI-driven deflation in IT services, and the pending index exit. It bottomed at $37.08 intraday on 30 June 2026.
• 22 Jun 2026 — the Astreya acquisition completes. The $634m purchase, including $25m of contingent consideration, adds roughly 2,600 professionals across more than 35 countries and hyperscaler infrastructure and managed services capability.
• 27 Jul 2026 — Anthropic partnership expanded. Cognizant became one of a small number of Global Premier Partners in the Claude Partner Network, embedding Claude across its engineering platforms. On the same day it expanded its Novartis relationship to transform global IT operations with agentic AI.
• 29 Jul 2026 — second-quarter results and Project Leap. Revenue of $5,481m was up 4.5%, adjusted diluted EPS of $1.37 was up 4.6%, and adjusted operating margin expanded 40 basis points to 16.0%. Quarterly bookings fell 6% year on year. Project Leap was announced with an $84m charge in the quarter and total expected cost of $230m to $320m. Full-year revenue guidance was cut and adjusted EPS guidance raised.
• 27 Aug 2026 — the chief executive is named to the TIME100 AI list. Ravi Kumar S was recognised for his role in shaping enterprise AI adoption.

12. Key Dates and Catalysts

• 14 Sep 2026 — final approval hearing in the shareholder derivative settlement in the District of New Jersey, which contemplates a payment to Cognizant in an amount the company describes as immaterial
• Expected Oct 2026 — third-quarter 2026 results. Cognizant had not published the date as at 29 August 2026; the equivalent quarter was reported on 29 October 2025 and the company normally gives around three weeks' notice, so an early November date is also possible.
• Expected Nov 2026 — declaration of the next quarterly dividend alongside third-quarter results, with the record and ex-dividend dates following on the established mid-month cadence. The most recent dividend of $0.33 per share had a record date of 18 August 2026 and was paid on 25 August 2026.
• Expected TBC in Q4 2026 — first cohort of Frontier Certified Engineers and Frontier Business Operators, the first measurable test of the headcount decoupling strategy announced on 9 July 2026
• 31 Dec 2026 — end of the fiscal year against which the $22.04bn to $22.35bn revenue guidance and $5.70 to $5.82 adjusted EPS guidance will be measured, and the point by which substantially all of the $230m to $320m of Project Leap charges are expected to have been taken
• 25 Jan 2027 — pretrial conference in Cognizant TriZetto Software Group v. Infosys in the Northern District of Texas
• 01 Feb 2027 — jury trial date in the TriZetto trade-secrets case against Infosys, in which Cognizant is the plaintiff and Infosys's antitrust counterclaims were dismissed once in October 2025 with a second dismissal motion pending

No investor day has been announced for 2026. Scheduled macroeconomic releases that bear on enterprise technology budgets can be tracked on the ChartsView Economic Calendar, and readers can discuss this research in the ChartsView Forum.

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