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Company research18 Mar 2024
Companies That Had Their IPO in 1998: The Inflating Dot Com Bubble
An overview of the market sentiment and IPO landscape as the dot com bubble continued to inflate during the late 90s.
Cognizant Technology Solutions
Cognizant Technology Solutions (CTSH) investor relations material
Cognizant Technology Solutions Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue was $5.664B, up 4.6% YoY reported and 4.8% in constant currency; adjusted operating margin rose 30 bps to 16.3%, and adjusted EPS increased 7.2% to $1.49.
Financial Services grew 12.0% reported, while Q3 bookings declined 7% YoY; TTM bookings rose 4% to $28.7B, with ~1.3x book-to-bill.
AI-led demand supported growth; macroeconomic uncertainty weighed on discretionary spending, particularly in healthcare and consumer-facing sectors.
Financial highlights
GAAP operating margin was 15.4%, down 60 bps YoY; GAAP net income was $627M versus $274M, and diluted EPS was $1.39 versus $0.56, including a prior-year one-time tax charge.
Adjusted operating income rose 6.6% to $923M; adjusted net income was $670M versus $675M, and adjusted EPS was $1.49 versus $1.39.
Q3 operating cash flow was $1.004B and free cash flow was $925M; nine-month operating cash flow was $1.836B and free cash flow was $1.582B.
Acquisitions contributed ~210 bps to Q3 revenue growth and third-party product sales contributed ~190 bps.
Nine-month revenue rose 5.0% to $16.558B; adjusted operating margin was 16.0% versus 15.7%, and adjusted EPS was $4.25 versus $3.93.
Outlook and guidance
FY26 revenue guidance is $22.05B–$22.14B, growth of 4.5%–4.9% reported or 4.0%–4.4% in constant currency; ~150 bps of inorganic growth is included.
FY26 adjusted operating margin guidance is ~16.1%, up 30 bps YoY; adjusted EPS guidance is $5.72–$5.79, growth of 8%–10%.
Q4 revenue guidance is $5.49B–$5.57B, growth of 3.0%–4.5% reported or 3.2%–4.7% in constant currency, including ~200 bps from acquisitions.
FY26 adjusted effective tax rate is ~25%; free cash flow conversion is expected at 90%–100% of net income.
Project Leap is expected to generate ~$200M of in-year savings in 2026, primarily to fund strategic investments.
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Latest events from Cognizant Technology Solutions
- FY revenue dipped 0.4% as bookings rose 9%; 2024 guidance targets margin expansion.CTSH
Q4 2023 - AI-driven transformation and outcome-based models are reshaping IT services and fueling growth.CTSHTruist Technology Symposium: AI Transformation & Evolving Enterprise Debates
- AI-driven transformation and stable demand are reshaping growth, workforce, and margins in IT services.CTSHCiti’s 2026 Global TMT Conference
- Q2 2026 revenue up 4.5% with strong Financial Services growth and higher EPS guidance.CTSHQ2 2026
- Strong financials, strategic AI focus, and all company proposals passed; shareholder proposal rejected.CTSHAGM 2024
- AI-driven transformation and platform strategy expand growth opportunities amid cautious client adoption.CTSHNasdaq 54th Investor Conference
- Q3 2025 revenue rose 7.4% with margin expansion, strong deals, and raised full-year guidance.CTSHQ3 2025
- Q2 revenue beat guidance, margins improved, and Belcan acquisition set to expand ER&D.CTSHQ2 2024
- Q4 revenue up 6.8% with margin gains; 2025 outlook strong on AI and acquisitions.CTSHQ4 2024
Next Cognizant Technology Solutions earnings date
Q4 20263 Feb, 2027
Cognizant Technology Solutions
Next Cognizant Technology Solutions earnings date
Q4 20263 Feb, 2027
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Frequently asked questions
IT Services and Consulting
Cognizant is an American IT services and consulting company with global operations. Its offerings of services and products are diverse, providing digital engineering, cloud solutions, IoT, and more. It also provides various consultancy services within the previously mentioned areas. The company was started as an in-house technology division of Dun & Bradstreet in 1994, but today operates as a completely separate entity. The company headquarters are in Teaneck, New Jersey, and its shares are traded on the Nasdaq.
Founding and Spin-Off
Cognizant was established in 1994 as a technology arm of Dun & Bradstreet. During the first years, its primary role was to develop software practices to provide services to Dun & Bradstreet's businesses. Recognizing the burgeoning potential of the IT services sector, Cognizant soon started serving external clients. In 1996, the company was spun off into an independent organization and had its IPO in 1998. Today, Cognizant competes with other companies such as Infosys and Accenture.
Offerings
Cognizant offers a variety of technology-driven services to its customers. At its core, the company provides digital solutions that aim to improve business operations. Through its data and analytics capabilities, the company assists in converting data into usable insights, enabling businesses to make more informed decisions. Cognizant also provides cloud and infrastructure services, helping businesses manage their IT resources efficiently. The company has industry-specific solutions for sectors like healthcare, banking, and retail. Additionally, they have a hand in areas like interactive services, the Internet of Things (IoT), and various engineering services.
Consultancy Services
The company also provides consultancy services within its field. Cognizant consultants evaluate various facets of an organization, including its processes, technologies, and overarching strategies with the objective of finding potential improvements. Once these areas are identified, the consultancy team provides tailored recommendations, ensuring they align with the specific needs and nuances of the client's industry. Overall, Cognizant's consultancy services offer businesses a blend of insight and practical advice, grounded in thorough examination and understanding of the unique challenges faced by the individual client.