Cognizant (CTSH) FY2025 10-K Annual Report
Cognizant (CTSH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cognizant FY2025 10-K Analysis
Business Overview
- • Core business model: Technology-driven digital transformation services with focus on AI, data, and customer-centric solutions
- • New emphasis on AI and GenAI integration in client offerings and internal operations
- • Strategic focus on supporting clients' productivity, cost savings, and resilience amid geopolitical and regulatory uncertainties
- • Potential impact on effective tax rate from March 2024 India-Mauritius Income Tax Treaty amendment involving key subsidiaries
- • Recognition of evolving AI market competitiveness and risk of reduced demand/pricing pressure for existing services
Management Discussion & Analysis
- • Revenue $20,986M, up $1,372M or 7.0% YoY; 6.4% growth in constant currency; Belcan acquisition added 260 bps
- • Operating margin 16.1% vs 14.7% YoY; Adjusted operating margin 15.8% vs 15.3%, driven by NextGen savings and FX benefits
- • Health Sciences and Financial Services best performers; Products & Resources and Communications Media & Technology faced weakness
- • Cash tax savings $200M from U.S. tax law change; $390M non-cash tax expense reduced GAAP EPS by $0.80, adjusted EPS up 11.2%
- • Voluntary tech attrition down to 13.9% from 15.9%; Headcount increased to 351,600 from 336,800 at year-end 2024
Risk Factors
- • One-time $390M non-cash income tax expense from enactment of OBBBA impacting 2025 effective tax rate
- • 23% of global operating costs in India exposed to Indian rupee exchange rate fluctuations, affecting operating margin by ~50 basis points in 2025
- • Dilutive impact on Products and Resources segment margin from integration and third-party resales post Belcan acquisition
- • Increased competition risk from technology shifts affecting Communications Media and Technology segment customers
- • $1.85B unsecured revolving credit facility available, with $300M repayment in 2025 and $650M Term Loan due October 2027
Cognizant FY2025 Key Financial MetricsXBRL
Revenue
$21.1B
▲ +7.0% YoY
Net Income
$2.2B
▼ -0.4% YoY
Operating Margin
16.1%
▲ +140bp YoY
Net Margin
10.6%
▼ -79bp YoY
ROE
14.9%
▼ -70bp YoY
Total Assets
$20.7B
▲ +3.6% YoY
EPS (Diluted)
$4.56
▲ +1.1% YoY
Operating Cash Flow
$2.9B
▲ +35.7% YoY
Source: XBRL data from Cognizant FY2025 10-K filing on SEC EDGAR. All figures in USD.
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