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Cognizant Technology Solutions vs Formula Systems (1985): revenue, profit, margins and growth compared

Cognizant Technology Solutions brought in $21.1B of revenue in fiscal 2025, Formula Systems (1985) $2.8B in fiscal 2024. Revenue changed by +7.0% at Cognizant Technology Solutions and +5.2% at Formula Systems (1985) on the year before, so Cognizant Technology Solutions grew faster. Cognizant Technology Solutions kept 10.6% of its revenue as net profit, Formula Systems (1985) 2.9%. Free cash flow was $2.6B at Cognizant Technology Solutions and $308M at Formula Systems (1985).

Side by side, latest fiscal year

CTSHFORTY
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2024)
Revenue$21.1B$2.8B
Revenue growth+7.0%+5.2%
Net income$2.2B$79.7M
Net margin10.6%2.9%
Free cash flow$2.6B$308M
Free cash flow margin12.3%11.2%
Earnings per share (diluted)$4.56$5.09
Cash$1.9B$507.8M
Debt$543Mn/a
Price to earnings12.6n/a
Market value$25.8B$1.8B
Dividend yield2.16%n/a
Rank by revenue in sector#35 of 530 · Technology#127 of 530 · Technology

Over the years

Revenue
CTSH FY2018: $16.1BCTSH FY2019: $16.8BCTSH FY2020: $16.7BCTSH FY2021: $18.5BCTSH FY2022: $19.4BCTSH FY2023: $19.4BCTSH FY2024: $19.7BCTSH FY2025: $21.1BFORTY FY2017: $1.4BFORTY FY2018: $1.5BFORTY FY2019: $1.7BFORTY FY2020: $1.9BFORTY FY2021: $2.4BFORTY FY2022: $2.6BFORTY FY2023: $2.6BFORTY FY2024: $2.8BFY17FY18FY19FY20FY21FY22FY23FY24FY25
CTSH $21.1BFORTY $2.8B
Net income
CTSH FY2018: $2.1BCTSH FY2019: $1.8BCTSH FY2020: $1.4BCTSH FY2021: $2.1BCTSH FY2022: $2.3BCTSH FY2023: $2.1BCTSH FY2024: $2.2BCTSH FY2025: $2.2BFORTY FY2017: $10.4MFORTY FY2018: $77.4MFORTY FY2019: $94.4MFORTY FY2020: $114MFORTY FY2021: $141.9MFORTY FY2022: $81.4MFORTY FY2023: $64MFORTY FY2024: $79.7MFY17FY18FY19FY20FY21FY22FY23FY24FY25
CTSH $2.2BFORTY $79.7M
Net margin
CTSH FY2018: 13.0%CTSH FY2019: 11.0%CTSH FY2020: 8.4%CTSH FY2021: 11.5%CTSH FY2022: 11.8%CTSH FY2023: 11.0%CTSH FY2024: 11.3%CTSH FY2025: 10.6%FORTY FY2017: 0.8%FORTY FY2018: 5.2%FORTY FY2019: 5.6%FORTY FY2020: 5.9%FORTY FY2021: 5.9%FORTY FY2022: 3.2%FORTY FY2023: 2.4%FORTY FY2024: 2.9%FY17FY18FY19FY20FY21FY22FY23FY24FY25
CTSH 10.6%FORTY 2.9%
Revenue growth
CTSH FY2019: +4.1%CTSH FY2020: -0.8%CTSH FY2021: +11.1%CTSH FY2022: +5.0%CTSH FY2023: -0.4%CTSH FY2024: +2.0%CTSH FY2025: +7.0%FORTY FY2018: +10.2%FORTY FY2019: +13.9%FORTY FY2020: +13.7%FORTY FY2021: +24.3%FORTY FY2022: +7.0%FORTY FY2023: +1.9%FORTY FY2024: +5.2%FY18FY19FY20FY21FY22FY23FY24FY25
CTSH +7.0%FORTY +5.2%
Free cash flow
CTSH FY2018: $2.2BCTSH FY2019: $2.1BCTSH FY2020: $2.9BCTSH FY2021: $2.2BCTSH FY2022: $2.2BCTSH FY2023: $2BCTSH FY2024: $1.8BCTSH FY2025: $2.6BFORTY FY2017: $71.5MFORTY FY2018: $71MFORTY FY2019: $173.7MFORTY FY2020: $271.5MFORTY FY2021: $191.7MFORTY FY2022: $217.1MFORTY FY2023: $278.3MFORTY FY2024: $308MFY17FY18FY19FY20FY21FY22FY23FY24FY25
CTSH $2.6BFORTY $308M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cognizant Technology Solutions and Formula Systems (1985)

Which is bigger by revenue, Cognizant Technology Solutions or Formula Systems (1985)?

Cognizant Technology Solutions is bigger by revenue: $21.1B in fiscal 2025, against $2.8B for Formula Systems (1985) in fiscal 2024.

Which keeps more of its revenue as profit, Cognizant Technology Solutions or Formula Systems (1985)?

Cognizant Technology Solutions had a net margin of 10.6% in fiscal 2025; Formula Systems (1985) had 2.9% in fiscal 2024.

Which grew revenue faster, Cognizant Technology Solutions or Formula Systems (1985)?

In their latest fiscal years revenue changed by +7.0% at Cognizant Technology Solutions and +5.2% at Formula Systems (1985).

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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