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Cognizant 2025 Annual Report

Context matters

Make our annual report yours with AI-led insights.

Building the bridge from AI to business results

In 2025, we helped clients scale outcomes through agentic systems, context engineering and full-stack platforms. The results: more than $21B in revenue, 7% growth, 28 large deals signings and expanding margins.
With our 350,000-strong team, we advanced Neuro® AI and Flowsource™ and our AI Lab gained 62 US patents—transforming how businesses operate by turning intelligence into durable, real-world value.

Performance

In 2025, amid a rapidly shifting AI landscape, we delivered growth and expanded margins while continuing to invest in our people, platforms and innovation. By deepening client connections and sharpening execution, we advanced our AI Builder capabilities. Our deep industry, process and engineering expertise combined with our client-centric focus is helping enterprises bridge the gap between AI investment and real business value.


Revenue

$21.1B

7.0% increase YoY as reported
6.4% increase YoY constant currency1

GAAP operating margin

16.1%

15.8% adjusted operating margin1

Share repurchases and dividends

$2.0B

Cash flow from operations

$2.9B

Share repurchases and dividends

FREE CASH FLOW1

$2.7B

Share repurchases and dividends

1Constant currency revenue growth, adjusted operating margin and free cash flow are not measurements of financial performance prepared in accordance with GAAP. See “Non-GAAP financial measures” in our Annual Report on Form 10-K for the year ended December 31, 2025, pages 34–36 for more information and a reconciliation to the most directly comparable GAAP financial measures, as applicable. 

New work, new world 2026

Our freshly updated research on AI and jobs reveals disruption that is more extensive—and swift—than we anticipated three years ago. What we predicted would happen in a decade’s time is already here.

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