Cognizant Technology Solutions (CTSH) Q4 FY2025 earnings: revenue $5.3 billion, up 4.9% on the year

Cognizant Technology Solutions Corp. (CTSH) reported revenue of $5.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.9% on the same quarter a year earlier. Net income was $648 million, up 18.7% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$5.3 billion

+4.9% on the year · -1.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

16.0%

14.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$648 million

+18.7% on the year · +136.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.34

+21.8% on the year · +139.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 5 new.

Full-year revenue rose 7.0%: Full-year revenue was $21.1 billion, up 7.0% or 6.4% in constant currency, after 2.0% growth in 2024. The Belcan acquisition contributed about 260 basis points.
Adjusted EPS rose 11% for year: Full-year adjusted diluted EPS was $5.28, up 11%, while GAAP diluted EPS was $4.56, up 1%. Fourth quarter adjusted diluted EPS was $1.35, against $1.21.
Bookings up 5% over trailing year: Trailing-twelve-month bookings were $28.4 billion, up 5%, a book-to-bill of about 1.3x. Fourth quarter bookings rose 9% year-over-year.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	5,333	5,415	5,082	-1.5%	+4.9%
Cost of revenue	3,534	3,581	3,297	-1.3%	+7.2%
Gross profit	1,799	1,834	1,785	-1.9%	+0.8%
Gross margin	33.7%	33.9%	35.1%
Selling, general and administrative	806	833	844	-3.2%	-4.5%
Operating income	853	866	751	-1.5%	+13.6%
Operating margin	16.0%	16.0%	14.8%
Interest expense	8.0	8.0	19.0	0.0%	-57.9%
Pre-tax income	878	887	740	-1.0%	+18.6%
Income tax	235	613	199	-61.7%	+18.1%
Effective tax rate	26.8%	69.1%	26.9%
Net income	648	274	546	+136.5%	+18.7%
Net margin	12.2%	5.1%	10.7%
Diluted EPS	$1.34	$0.56	$1.10	+139.3%	+21.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	858	1,227	920	-30.1%	-6.7%
Capital expenditure	77.0	67.0	83.0	+14.9%	-7.2%
Free cash flow	781	1,160	837	-32.7%	-6.7%
Free cash flow margin	14.6%	21.4%	16.5%
Cash from investing	-75.0	-66.0	-79.0
Cash from financing	-487	-612	-602
Depreciation and amortisation	140	135	143	+3.7%	-2.1%
Share-based compensation	44.0	47.0	41.0	-6.4%	+7.3%
Buybacks	338	463	154	-27.0%	+119.5%
Dividends paid	151	151	150	0.0%	+0.7%
Dividend per share	n/a	$0.31	n/a
Diluted shares, weighted	482m	487m	496m	-1.0%	-2.8%
Shares outstanding at period end	479m	483m	495m	-0.8%	-3.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	15,015	14,897	14,408	+0.8%	+4.2%
Debt	576	584	908	-1.4%	-36.6%
Operating lease liabilities	423	432	420	-2.1%	+0.7%
Finance lease liabilities	12.0	n/a	15.0		-20.0%
Other liabilities	4,666	4,221	4,215	+10.5%	+10.7%
Total liabilities and equity	20,692	20,134	19,966	+2.8%	+3.6%
Fixed assets	933	949	994	-1.7%	-6.1%
Goodwill	7,106	7,100	6,953	+0.1%	+2.2%
Intangible assets	1,417	1,472	1,599	-3.7%	-11.4%
Investments	124	120	102	+3.3%	+21.6%
Cash and equivalents	1,901	2,341	2,231	-18.8%	-14.8%
Receivables	4,439	4,391	4,059	+1.1%	+9.4%
Other assets	4,772	3,761	4,028	+26.9%	+18.5%
Total assets	20,692	20,134	19,966	+2.8%	+3.6%

Questions

What was Cognizant Technology Solutions' revenue in Q4 FY2025?

Cognizant Technology Solutions (CTSH) reported revenue of $5.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 4.9% on the same quarter a year earlier.

How much did Cognizant Technology Solutions earn in Q4 FY2025?

Net income for Q4 FY2025 was $648 million, up 18.7% on the year, and diluted earnings per share $1.34.

When did Cognizant Technology Solutions report Q4 FY2025 results?

Cognizant Technology Solutions filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,777	4,826	4,906	4,857	4,839	4,812	4,886	4,897	4,758	4,760	4,850	5,044	5,082	5,115	5,245	5,415	5,333	5,413	5,481	5,664
Cost of revenue	3,030	3,097	3,119	3,080	3,152	3,143	3,231	3,209	3,081	3,146	3,204	3,311	3,297	3,397	3,479	3,581	3,534	3,638	3,652	3,751
Gross profit	1,747	1,729	1,787	1,777	1,687	1,669	1,655	1,688	1,677	1,614	1,646	1,733	1,785	1,718	1,766	1,834	1,799	1,775	1,829	1,913
Gross margin	37%	36%	36%	37%	35%	35%	34%	34%	35%	34%	34%	34%	35%	34%	34%	34%	34%	33%	33%	34%
SG&A	871	862	883	838	860	835	830	801	786	765	781	833	844	791	810	833	806	791	728	841
Operating income	732	724	760	798	686	702	577	686	724	695	708	738	751	853	817	866	853	843	874	872
Operating margin	15%	15%	15%	16%	14%	15%	12%	14%	15%	15%	15%	15%	15%	17%	16%	16%	16%	16%	16%	15%
Interest expense	2.0	2.0	3.0	6.0	8.0	9.0	10.0	11.0	11.0	11.0	10.0	14.0	19.0	12.0	9.0	8.0	8.0	7.0	13.0	19.0
Pre-tax income	737	729	761	812	714	738	587	713	749	722	728	748	740	872	842	887	878	867	875	863
Tax rate	22%	23%	24%	23%	27%	21%	21%	27%	26%	25%	23%	23%	27%	24%	23%	69%	27%	24%	26%	27%
Net income	576	563	577	629	521	580	463	525	558	546	566	582	546	663	645	274	648	662	636	627
Net margin	12%	12%	12%	13%	11%	12%	9%	11%	12%	11%	12%	12%	11%	13%	12%	5%	12%	12%	12%	11%
Diluted EPS	$1.10	$1.07	$1.11	$1.22	$1.02	$1.14	$0.91	$1.04	$1.11	$1.10	$1.14	$1.17	$1.10	$1.34	$1.31	$0.56	$1.34	$1.39	$1.36	$1.39
Operating cash flow	825	306	528	1,032	702	729	36.0	828	737	95.0	262	847	920	400	398	1,227	858	274	558	1,004
Capital expenditure	65.0	120	43.0	79.0	90.0	98.0	68.0	73.0	78.0	79.0	79.0	56.0	83.0	77.0	67.0	67.0	77.0	76.0	99.0	79.0
Free cash flow	760	186	485	953	612	631	-32.0	755	659	16.0	183	791	837	323	331	1,160	781	198	459	925
Buybacks	82.0	474	318	315	315	222	214	315	313	133	76.0	242	154	209	368	463	338	444	1,163	270
Dividends paid	127	143	141	141	139	150	148	147	146	151	150	149	150	155	153	151	151	159	157	149
Shares outstanding	525m	521m	518m	514m	509m	507m	505m	501m	498m	497m	497m	496m	495m	493m	489m	483m	479m	474m	452m	448m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.