COGNIZANT TECHNOLOGY SOLUTIONS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COGNIZANT TECHNOLOGY SOLUTIONS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736	21,108
Cost of revenue		9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958	13,991
Gross profit		5,658	6,287	6,149	5,981	6,903	6,980	6,689	6,778	7,117
Selling, general and administrative	2,731	2,697	3,007	2,972	3,100	3,503	3,443	3,252	3,223	3,240
Operating income	2,289	2,481	2,801	2,453	2,114	2,826	2,968	2,689	2,892	3,389
Interest expense	19	23	27	26	24	9	19	41	54	37
Interest income	115	133	177	176	119	30	59	126	119	105
Other non-operating income	68	174	-4	90	-18	1	48	98	46	90
Pre-tax income	2,357	2,655	2,797	2,543	2,096	2,827	3,016	2,787	2,938	3,479
Income tax	805	1,153	698	643	704	693	730	668	713	1,258
Net income	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
EBITDA	2,668	2,924	3,299	2,979	2,673	3,400	3,537	3,244	3,434	3,939
EPS, basic	2.56	2.54	3.61	3.30	2.58	4.06	4.42	4.21	4.52	4.57
EPS, diluted	2.55	2.53	3.60	3.29	2.57	4.05	4.41	4.21	4.51	4.56
Shares, basic (weighted)	607	593	582	559	540	527	518	505	496	488
Shares, diluted (weighted)	610	595	584	560	541	528	519	505	497	489
Dividend per share	0.00	0.45		0.80	0.88	0.96	1.08	1.16	1.20	1.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,034	1,925	1,161	2,645	2,680	1,792	2,191	2,621	2,231	1,901
Short-term investments	3,135	3,131	3,350	779	44	927	310	14	12	13
Receivables	2,556	2,865	3,190	3,256	3,087	3,557	3,796	3,849	4,059	4,439
Other current assets	526	833	909	931	1,040	1,066	969	1,022	1,202	1,465
Total current assets	8,600	9,111	8,610	7,611	6,851	7,342	7,266	7,506	7,504	7,818
Property, plant and equipment	1,311	1,324	1,394	1,309	1,251	1,171	1,101	1,048	994	933
Lease right-of-use assets				926	1,013	933	876	611	552	573
Goodwill	2,554	2,704	3,481	3,979	5,031	5,620	5,710	6,085	6,953	7,106
Intangible assets	951	981	1,150	1,041	1,046	1,218	1,168	1,149	1,599	1,417
Long-term investments	62	235	80	17	440	463	427	435	90	111
Other non-current assets	359	448	689	736	846	701	662	656	1,026	1,767
Total assets	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
Accounts payable	175	210	215	239	389	361	360	337	340	308
Accrued liabilities	1,134	1,272	1,216	1,239	1,607	1,601	1,446	1,511	1,499	1,490
Deferred revenue	306	383	286	313	383	403	398	385	450	501
Short-term debt	81	175	9	38	38	38	8	33	33	33
Total current liabilities	2,418	2,839	2,710	2,983	3,540	3,529	3,347	3,333	3,585	3,659
Long-term debt	797	698	736	700	663	626	638	606	875	543
Lease liabilities				745	846	783	714	523	420	423
Other non-current liabilities	162	181	253	218	368	287	362	369	494	847
Total liabilities	3,534	4,552	4,422	5,182	6,087	5,861	5,543	5,256	5,558	5,677
Total debt	881	800	750	700	663	626	638	606	875	543
Paid-in capital	358	49	47	33	32	27	15	15	13	12
Retained earnings	10,478	10,544	11,485	11,022	10,689	11,922	12,588	13,301	14,686	15,158
Other comprehensive income	-114	70	-114	-38	110	37	-299	-94	-296	-160
Shareholders' equity	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
Total equity	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
Total liabilities and equity	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
Shares outstanding	608	588	577	548	530	525	509	498	495	479

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
Depreciation and amortization	379	443	498	526	559	574	569	555	542	550
Stock-based compensation	217	221	267	217	232	246	261	176	175	181
Deferred income tax	-91	124	8	-306	184	27	-273	-339	-355	327
Change in receivables	-330	-249	-365	37	264	-407	-238	-43	-49	-366
Change in payables	6	16	-4	8	109	-35	-11	-23	-23	-2
Cash from operations	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124	2,883
Capital expenditures	-300	-284	-377	-392	-398	-279	-332	-317	-297	-288
Acquisitions		-216	-1,111	-617	-1,123	-970	-367	-409	-1,615	0
Purchases of investments	-5,169			-333	0	-430	-1,227	-59	0	0
Sales and maturities of investments	4,840			1,712	0	0	0	0
Cash from investing	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646	-230
Debt issued	0				0	0	650	0	0
Share buybacks	-512	-1,889	-1,261	-2,247	-1,621	-771	-1,422	-1,064	-605	-1,378
Dividends paid	0	-265	-468	-453	-480	-509	-564	-591	-600	-610
Cash from financing	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915	-2,272
Exchange rate effect	-30	51	-36	-34	-17	-16	-21	33	-49	22
Net change in cash	-91	-109	-764	1,484	35	-888	502	423	-486	403
Free cash flow	1,345	2,123	2,215	2,107	2,901	2,216	2,236	2,013	1,827	2,595
Interest paid	16	21	21	25	25	7	15	40	53	36
Income taxes paid	845	587	597	870	745	625	813	1,245	1,120	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $57.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.5%	Gross profit / revenue.
Operating margin	15.8%	Operating income / revenue.
EBITDA margin	18.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	10.4%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.9%	Cash from operations / revenue.
Effective tax rate	36.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.9%	Net income / average total assets.
Return on invested capital (ROIC)	15.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-0.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	35.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	42.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.23x	Current assets / current liabilities.
Quick ratio	1.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.6%	Total debt / total assets.
Liabilities / assets	26.5%	Total liabilities / total assets.
Net debt	-$982.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	106x	Operating income / interest expense.
Working capital	$4.32B	Current assets - current liabilities.
Goodwill and intangibles / assets	44.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.90B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	22.4x	Revenue / average property, plant and equipment.
Receivables turnover	4.64x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
FCF conversion	110.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$44.88	Revenue / diluted weighted shares.
FCF per share	$5.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.78	Cash from operations / diluted weighted shares.
Book value per share	$31.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.45	Tangible book value / shares outstanding.
Cash per share	$3.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	27.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	65.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.82B	Share price x shares outstanding.
Enterprise value	$24.84B	Market cap + total debt - cash - short-term investments.
P/E	11.6x	Market cap / net income. Only when net income is positive.
P/S	1.21x	Market cap / revenue.
P/B	1.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.38x	Market cap / tangible book value, when positive.
P/FCF	10.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.37x	Market cap / cash from operations, when positive.
EV/Sales	1.16x	Enterprise value / revenue.
EV/EBIT	7.35x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.31x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.6%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	8.6%	(Dividends paid + share buybacks) / market cap.
PEG	10.3x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was COGNIZANT TECHNOLOGY SOLUTIONS CORP's revenue in fiscal 2025?

COGNIZANT TECHNOLOGY SOLUTIONS CORP reported revenue of $21.11B for fiscal 2025, 7% higher than the year before.

Was COGNIZANT TECHNOLOGY SOLUTIONS CORP profitable in fiscal 2025?

Yes. Net income was $2.23B, a net margin of 10.6%.

How much free cash flow did COGNIZANT TECHNOLOGY SOLUTIONS CORP generate in fiscal 2025?

Cash from operations of $2.88B minus capital expenditures of $288.0M left free cash flow of $2.60B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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