Cognizant Technology Solutions Corporation · NASDAQ:CTSH
Cognizant Technology Solutions — Q4 2025 Earnings Presentation
23 slides from Cognizant Technology Solutions's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results and Highlights
Exhibit 99.3 Fourth Quarter and Full Year 2025 Financial Results and Highlights February 4, 2026 © 2026 Cognizant
Slide 2: Forward-looking statements
Forward-looking statements This earnings supplement includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumpt
Slide 3: Results Summary: Q4 2025
Results Summary: Q4 2025 Revenue GAAP and Adjusted Operating Margin1 Increase of 4.9% Y/Y as reported, and an increase of 3.8% Y/Y in constant currency1 16.0% 16.0% $5,333M 15.7% 14.8% $5,082M Q4 '24 Q4 '25 Q4 '24 Q4 '25 Q4 '24 Q4 '25 GAAP Operating Margin Adjusted Operating Margin1 Diluted Earnings
Slide 4: Results Summary: FY 2025
Results Summary: FY 2025 Revenue GAAP and Adjusted Operating Margin1 Increase of 7.0% Y/Y as reported, and an increase of 6.4% Y/Y in constant currency1,2 16.1% 15.8% $21,108M 15.3% 14.7% $19,736M 2024 2025 2024 2025 2024 2025 GAAP Operating Margin Adjusted Operating Margin1 Diluted Earnings Per Sha
Slide 5: 2025: strong performance against our strategic objectives
2025: strong performance against our strategic objectives • ~260K employees skilled in gen AI Amplify Talent • >35,000 promotions and more than 110,000 in last three years • Trailing 12-month Voluntary Attrition - Tech Services down ~200 bps Y/Y • Discretionary annual bonus at highest funding level
Slide 6: We achieved our goals and entered 2026 with momentum
We achieved our goals and entered 2026 with momentum March 2025 Investor Day: Winner's Circle Objectives Top-tier revenue Sustain large deal Skilling for the Gradual margin Adjusted EPS > Gain market share growth momentum future expansion Revenue Growth é 7.0% Y/Y reported Above peer average é 140 b
Slide 7: In 2025, we reached the Winner's Circle two years ahead of plan
In 2025, we reached the Winner's Circle two years ahead of plan Winner's Circle Revenue growth rank 6th vs. peers1,2 8th 10th 2022 2023 2024 2025 2026 2027 Revenue growth Achieved Targeting vs. peer average1,2 (8.0%) (3.0%) +0.5% Top Tier3 Top Tier 1 Cognizant and peer revenue growth rates are in co
Slide 8: Full-year 2026 and Q1 2026 Guidance
Full-year 2026 and Q1 2026 Guidance1 2026 Guidance Assumptions ~$22.14B to ~$22.66B Includes ~150 bps of inorganic contribution of Revenue which ~50 bps for future acquisitions 4.9% to 7.4% Y/Y or 4.0% to 6.5% Y/Y CC 15.9% to 16.1% Adjusted Operating Margin2 10 to 30 basis points expansion Adjusted
Slide 9: Revenue, Operating Margin and EPS
Revenue, Operating Margin and EPS $ in millions except per share amounts $5,415 $5,333 $5,245 $5,044 $5,082 $5,115 $4,760 $4,850 $1.39 $1.35 $1.31 $1.25 $1.23 $1.21 $1.17 $1.12 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Revenue Adjusted Diluted EPS Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2
Slide 10: Revenue Performance: Q4 2025
Revenue Performance: Q4 2025 Segments Geography $ in millions $ in millions Health Sciences Financial Services Europe +5.2% Y/Y +10.5% Y/Y $1,621 $1,586 +8.4% Y/Y +4.2% Y/Y CC +9.3% Y/Y CC $1,018 +2.0% Y/Y CC North America1 +4.3% Y/Y $3,986 +4.2% Y/Y CC $329 Rest of World $808 +2.5% Y/Y Products Com
Slide 11: Revenue Performance: FY 2025
Revenue Performance: FY 2025 Segments Geography $ in millions $ in millions Health Sciences Financial Services Europe +7.0% Y/Y +7.3% Y/Y +6.7% Y/Y $6,347 $6,173 +2.9% Y/Y CC +6.4% Y/Y CC +6.8% Y/Y CC $4,012 North America1 +7.4% Y/Y $15,780 +7.4% Y/Y CC $1,316 Rest of World $3,303 +2.9% Y/Y Products
Slide 12: Health Sciences
Health Sciences Revenue Q4 2025 Geography $ in millions $ in millions $1,604 $1,621 $1,571 $1,551 $1,541 $1,514 $1,461 $1,416 Europe +16.0% Y/Y +7.9% Y/Y CC North America $225 +2.7% Y/Y and Y/Y CC $1,352 $44 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Rest of World +41.9% Y/Y Change in R
Slide 13: Financial Services
Financial Services Revenue Q4 2025 Geography $ in millions $ in millions $1,578 $1,586 $1,547 $1,486 $1,462 Europe $1,447 $1,435 $1,385 +11.3% Y/Y +5.2% Y/Y CC $334 North America +11.4% Y/Y +11.3% Y/Y CC $1,126 Rest of World $126 +1.6% Y/Y +2.6% Y/Y CC Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '2
Slide 14: Products & Resources
Products & Resources Revenue Q4 2025 Geography $ in millions $ in millions $1,383 $1,295 $1,306 $1,318 $1,278 Europe $1,228 +4.3% Y/Y $1,133 $1,126 (1.9%) Y/Y CC $314 North America $921 +1.2% Y/Y +1.1% Y/Y CC $83 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Rest of World (1.2%) Y/Y (0.6%)
Slide 15: Communications, Media & Technology
Communications, Media & Technology Revenue Q4 2025 Geography $ in millions $ in millions $841 $850 Europe $826 $816 $816 $811 +0.7% Y/Y $804 $808 (4.5%) Y/Y CC $145 North America +0.3% Y/Y $587 +0.2% Y/Y CC $76 Rest of World (7.3%) Y/Y Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 (5.1%) Y
Slide 16: Trailing Twelve Month Bookings
Trailing Twelve Month Bookings1 $ in billions $28.4 $27.8 $27.5 $27.1 $26.7 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Trailing twelve month bookings of $28.4 billion increased 5% year-over-year and represented a book-to-bill of 1.3x Q4 2025 bookings increased 9% year-over-year 1 See “About Non-GAAP Financi
Slide 17: Employee Metrics
Employee Metrics Headcount in thousands 349.8 351.6 344.4 343.8 340.1 336.8 336.3 336.3 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Additional Employee Metrics Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Trailing 12-Month Voluntary Attrition - Tech Services 13.1% 13.6% 14.6%
Slide 18: Cash Flow, Balance Sheet & Capital Allocation
Cash Flow, Balance Sheet & Capital Allocation Annual Quarterly $ in millions $ in millions $605 Share Repurchases $1,064 $1,615 $1,378 Acquisitions $463 $409 $368 $338 $154 $209 Dividends $591 $600 $610 $155 $153 $150 $151 $151 FY 2023 FY 2024 FY 2025 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '241 Q2 '2
Slide 19: APPENDIX: About Non-GAAP Financial Measures and Performance Metrics
APPENDIX: About Non-GAAP Financial Measures and Performance Metrics
Slide 20: About Non-GAAP Financial Measures and Performance Metrics
About Non-GAAP Financial Measures and Performance Metrics Non-GAAP Financial Measures To supplement our financial results presented in accordance with GAAP, this earnings supplement includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial
Slide 21: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures (in millions, except per share amounts) Three Months Ended: Full Year: Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Dec 31, Dec 31, Guidance Full 2024 2024 2024 2024 2025 2025 2025 2025 2024 2025 Year 2026(1) GAAP income from operatio
Slide 22: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures Notes: (a) During the three months ended March 31, 2025, we realized a gain of $62 million on the sale of an office complex in India, which was reported in "(Gain) on sale of property and equipment" on our unaudited consolidated statement of operations.
Slide 23: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures Reconciliation of free cash flow Three Months Ended Full Year Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, (in millions) 2024 2024 2024 2024 2025 2025 2025 2025 2024 2025 Net cash provided by operating activities $ 95 $ 262 $ 847 $ 92
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