# EDGAR Filing Document

**Accession Number:** 0001058290
**File Stem:** 0001058290-25-000338
**Filing Date:** 2025-10
**Character Count:** 78636
**Document Hash:** 117cf999bc9ab9e2a061df578855f600
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058290-25-000338.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001058290-25-000338

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COGNIZANT TECHNOLOGY SOLUTIONS CORP
- **CENTRAL INDEX KEY:** 0001058290
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 133728359
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24429
- **FILM NUMBER:** 251426698

**BUSINESS ADDRESS:**
- **STREET 1:** 300 FRANK W. BURR BLVD., STE. 36, 6 FL.
- **CITY:** TEANECK
- **STATE:** NJ
- **ZIP:** 07666
- **BUSINESS PHONE:** 2018010233

**MAIL ADDRESS:**
- **STREET 1:** 300 FRANK W. BURR BLVD., STE. 36, 6 FL.
- **CITY:** TEANECK
- **STATE:** NJ
- **ZIP:** 07666

?xml version='1.0' encoding='ASCII'? ctsh-20251029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): October 29, 2025** 

![Cognizant.jpg](ctsh-20251029_g1.jpg)

**Cognizant Technology Solutions Corporation** 

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-24429** | **13-3728359** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

 **300 Frank W. Burr Blvd.**

**Teaneck, New Jersey 07666**

**(Address of Principal Executive Offices including Zip Code)**

**(201) 801-0233** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock,<br>$0.01 par value per share | CTSH | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Emerging growth company ☐

&nbsp;&nbsp;&nbsp;&nbsp;

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 29, 2025, Cognizant Technology Solutions Corporation (the "Company"), issued a press release to report the Company's financial results for the quarter ended September 30, 2025. The full text of the press release and the infographic embedded in and part of such press release are attached to this current report on Form 8-K as Exhibits 99.1 and 99.2, respectively.\*

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

The Company's investor presentation containing additional financial information for the quarter ended September 30, 2025 is attached to this current report on Form 8-K as Exhibit 99.3.\*

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release of Cognizant Technology Solutions Corporation, dated](exhibit9919302025.htm)[September](exhibit9919302025.htm)[30, 2025.](exhibit9919302025.htm)</u> |
| 99.2 | <u>[Investor Infographic, dated](exhibit9929302025.htm)[September](exhibit9929302025.htm)[30, 2025.](exhibit9929302025.htm)</u> |
| 99.3 | <u>[Investor Presentation, dated](exhibit9939302025.htm)[September](exhibit9939302025.htm)[30, 2025.](exhibit9939302025.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |

---

\* The information in Item 2.02, Item 7.01, Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 of this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION |
| By: | /s/ Jatin Dalal |
| Name: | Jatin Dalal |
| Title: | Chief Financial Officer |

---

Date: October 29, 2025

## Exhibit 99.1

**Exhibit 99.1**

![cognizant.jpg](cognizant.jpg)

**Cognizant Reports Third Quarter 2025 Results** 

&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $5.42 billion increased 7.4% year-over-year or 6.5% in constant currency<sup>1</sup>, above the high end of our guidance range, and 3.2% sequentially or 2.8% in constant currency, driven by North America and organic growth across all segments

&nbsp;&nbsp;&nbsp;&nbsp;• Operating margin of 16.0% increased 140 basis points year-over-year; Adjusted Operating Margin<sup>1</sup> of 16.0% increased 70 basis points year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP EPS of $0.56 declined by $0.61 year-over-year and includes the $0.80 impact of a one-time, non-cash income tax expense

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS<sup>1</sup> of $1.39 increased 11% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;• Trailing 12-month bookings of $27.5 billion increased 5% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date $1.5 billion returned to shareholders through share repurchases and dividends; on track to return $2.0 billion in 2025

&nbsp;&nbsp;&nbsp;&nbsp;• 2025 constant currency revenue growth guidance is increased to 6.0% to 6.3%, above our prior guidance range

&nbsp;&nbsp;&nbsp;&nbsp;• 2025 Adjusted Operating Margin guidance is now approximately 15.7%, expansion of 40 basis points year-over-year, the high end of prior guidance range

TEANECK, N.J., October 29, 2025 - Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its third quarter 2025 financial results.

"Third quarter revenue grew 6.5% year-over-year and 2.8% sequentially in constant currency, representing our fifth consecutive quarter of year-over-year organic revenue growth and our strongest sequential organic growth since 2022," said Ravi Kumar S, CEO. "We maintained our large deal momentum, signing six large deals in the quarter, bringing our year-to-date total to 16 with 40% growth in large deal TCV year-to-date compared to the same period last year. I am proud of our year-to-date top-tier revenue growth, which is a testament to our differentiated capabilities at the intersection of technology and industry. We believe our three vector AI builder strategy is gaining traction and we expect our early investments in AI-led platforms and IP on the edge will help power growth in the years ahead."

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***$ in millions, except per share data*** | **Q3 2025** | **Q3 2024** | **YTD Q3 2025** | **YTD Q3 2024** |
| **Revenue** | $5415 | $5044 | $15775 | $14654 |
| &nbsp;&nbsp;Y/Y Change | 7.4% | 3.0% | 7.6% | 0.4% |
| &nbsp;&nbsp;Y/Y Change CC<sup>1</sup> | 6.5% | 2.7% | 7.3% | 0.3% |
| **GAAP Operating Margin** | 16.0% | 14.6% | 16.1% | 14.6% |
| **Adjusted Operating Margin**<sup>1</sup> | 16.0% | 15.3% | 15.7% | 15.2% |
| **GAAP Diluted EPS** | $0.56 | $1.17 | $3.22 | $3.41 |
| **Adjusted Diluted EPS**<sup>1</sup> | $1.39 | $1.25 | $3.93 | $3.55 |

---

Our recently completed acquisitions contributed approximately 250 basis points to year-over-year revenue growth and approximately 350 basis points to the year-to-date revenue growth for Q3 2025 and YTD Q3 2025 periods, respectively. GAAP Diluted EPS includes a one-time non-cash income tax charge that negatively impacted Q3 2025 by $0.80 and YTD Q3 2025 by $0.79.

<sup>1</sup> Constant currency ("CC") revenue growth, Adjusted Operating Margin and Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS" or "Adjusted EPS") are not measures of financial performance prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). A full reconciliation of Adjusted Operating Margin guidance to the corresponding GAAP measure on a forward-looking basis cannot be provided without unreasonable efforts. See "About Non-GAAP Financial Measures and Performance Metrics" for more information and a partial reconciliation to the most directly comparable GAAP financial measure at the end of this release.

------

"Third quarter revenue was well above our guidance range with broad-based growth across segments and geographies, including noteworthy performance in North America. Strong execution and cost discipline drove 70 basis points of year-over-year Adjusted Operating margin expansion, robust cash flow and year-to-date Adjusted EPS growth of 11%," said Jatin Dalal, CFO. "We have increased our full-year revenue guidance to 6.0% to 6.3% year-over-year constant currency growth, above our prior range and deployed $1 billion through share repurchases through Q3, underscoring our confidence in our growth strategy."

**Bookings**

On a trailing-twelve-month basis, bookings increased 5% year-over-year to $27.5 billion, which represented a book-to-bill of approximately 1.3x. Bookings in the third quarter declined 5% year-over-year. Third quarter bookings included six large deals, which are deals with total contract value of $100 million or greater.

**Employee Metrics**

On a trailing-twelve months basis, Voluntary Attrition - Tech Services was 14.5% for the period ended September 30, 2025, as compared to 15.2% and 14.6% for the periods ended June 30, 2025 and September 30, 2024, respectively. Total headcount as of September 30, 2025 was 349,800, an increase of 6,000 from June 30, 2025 and 9,700 from September 30, 2024.

**Return of Capital to Shareholders**

The Company repurchased 6.3 million shares for $450 million during the third quarter under its share repurchase program. Year-to-date, the company has repurchased 13.1 million shares for $994 million under the program. As of September 30, 2025, there was $2.2 billion remaining under the share repurchase authorization. In October 2025, the Company declared a quarterly cash dividend of $0.31 per share for shareholders of record on November 18, 2025. This dividend will be payable on November 26, 2025.

**Fourth Quarter and Full-Year 2025 Guidance**<sup>2</sup>

(all growth rates year-over-year)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter revenue is expected to be $5.27 - $5.33 billion, growth of 3.8% to 4.8%, or 2.5% to 3.5% in constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full-year 2025 revenue is expected to be $21.05 to $21.10 billion, growth of 6.6% to 6.9%, or 6.0% to 6.3% in constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full-year 2025 Adjusted Operating Margin<sup>3</sup> is expected to be approximately 15.7%, or 40 basis points of expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full-year 2025 Adjusted Diluted EPS<sup>3</sup> is expected to be in the range of $5.22 to $5.26.

<sup>2</sup> Guidance as of October 29, 2025

<sup>3</sup> A full reconciliation of Adjusted Operating Margin and Adjusted Diluted EPS guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts. See "About Non-GAAP Financial Measures and Performance Metrics" for more information and a partial reconciliation to the most directly comparable GAAP financial measures at the end of this release.

------

**Select Company, Client and Partnership Announcements** 

Cognizant is building a portfolio of capabilities combined with deep domain expertise to harness and advance an AI-led future. Cognizant's progress has been accelerated through client agreements, platform enhancements, and partnerships. Recent announcements include:

**Client Announcements**

• Signed a multi-year agreement with **Pearson** to enhance Pearson's platforms with generative and agentic AI and help Pearson enhance its products including learner experiences and applications by implementing cloud-native solutions with a microservices architecture, leveraging Cognizant Flowsource™. Additionally, Cognizant aims to use its Agent Foundry and Neuro® SAN solutions to help enhance Pearson's critical business processes.

• Announced an agreement with **North Carolina Turnpike Authority (NCTA)** to develop and implement a next-generation tolling back-office system. It aims to eliminate the need for traditional toll transponders, allowing drivers to pay tolls directly through automobile infotainment systems. Cognizant's IoT and API development capabilities are expected to be central to enabling a successful proof of concept (POC), laying the foundation for infrastructure-less tolling.

• Announced a contract with **AP Pension**, one of Denmark's leading life and pension companies. Cognizant will deliver business process outsourcing (BPO) and Robotic Process Automation (RPA) services to AP Pension. By adding additional capacity and expertise, Cognizant will help AP Pension improve efficiency, free up internal resources for strategic tasks, and, at the same time, strengthen the overall customer experience.

• Announced an agreement with **SmartestEnergy**, a supplier of energy solutions. As SmartestEnergy scales its operations internationally, Cognizant has been selected to deliver an end-to-end Managed Extended Detection & Response (MXDR) service, covering technology, people, and processes. Through ongoing monitoring and threat prevention, Cognizant aims to help SmartestEnergy minimize disruptions, protect sensitive data, and strengthen trust with clients and partners.

**Platform Enhancements and Partnerships** 

• Partnering with **Workfabric AI,** the company building the context engine for enterprise AI. As part of this initiative, Cognizant will train and equip its context engineers with Workfabric AI's ContextFabric™ platform, which transforms the organizational DNA of enterprises — how their teams work, including their workflows, data, rules, and processes — into actionable context for AI agents.

• Announced an engagement with **Temenos,** a global banking technology leader, to develop and market Temenos Country Model Bank in Australia. Temenos Country Model Bank is an extension of its core banking platform designed to accelerate go-live for financial institutions. As a preferred partner for Australia, Cognizant aims to accelerate banking innovation in Australia by integrating emerging technologies into Temenos' core banking operations.

• Announced an agreement with **Rubrik**, a security and AI operations company, to provide Business Resilience-as-a-Service (BRaaS) for mutual customers. The new BRaaS offering combines Rubrik's cyber resilience platform with Cognizant's extensive domain and industry expertise, with the goal of delivering industrialized solutions designed to support client compliance objectives and enhance the business resilience lifecycle for clients.

------

**Select Company Recognition, Announcements, and Analyst Ratings**

• Announced its participation in the **AI Education Taskforce** meeting at the **White House**, joining senior executives from leading AI companies and officials from the Trump Administration to support a national initiative aimed at expanding AI education across the United States. As part of this collaborative effort, Cognizant was among the first of more than one hundred organizations that pledged to empower America's youth with the skills and knowledge needed to thrive in an AI-driven future.

**• "Vibe Coding" event** set GUINNESS WORLD RECORDS™ title. Cognizant assembled the world's largest online generative AI hackathon, producing over 30,600 working prototype projects. Over a ten-day period, over 53,000 Cognizant associates across 40 countries took part in a Vibe Coding event, a global initiative designed to democratize innovation and build AI fluency at scale.

• Introduced **Cognizant Enterprise Vibe Coding Blueprint,** a suite of services and reusable IP that enables Global 2000 organizations to operationalize AI-assisted coding across technical and non-technical teams, securely and at scale. Cognizant has designed the suite of services for organizations that want to use vibe coding to power innovation and drive culture change.

• Included in **World's Best Employers** list by **Forbes** in collaboration with Statista. The World's Best Employers were chosen through an independent survey covering a broad sample of more than 300,000 participants from 50 countries.

**•** Recognized as a Leader by Everest Group® in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Retail Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Financial Crime and Compliance (FCC) Operations Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Capital Markets Operations – Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Veeva Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ CPG Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Microsoft Business Application Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Clinical Data Management Operations PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Talent Readiness for Next Generation Cloud Services PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Clinical and Care Management (CCM) Operations PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Digital Workplace Services PEAK Matrix<sup>®</sup> Assessment, 2025 - Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Property and Casualty (P&C) Insurance BPS PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Application Development Services for AI Applications PEAK Matrix<sup>®</sup> Assessment, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Application Transformation Services for AI-enablement PEAK Matrix<sup>®</sup> Assessment, 2025

------

• Market Leader in HFS Horizons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Best Service Providers for Mortgage Reinvention, 2025 Report

• A Leader in IDC MarketScape:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Worldwide Life Sciences R&D Pharmacovigilance Technology Solutions and Consulting Services 2025 Vendor Assessment, doc # US53669225, July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Worldwide Life Sciences R&D AI (Including GenAI) in Clinical Trials 2025 Vendor Assessment, doc # US53704325, August 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Worldwide Life Sciences Intelligent Supply Chain Services 2025 Vendor Assessment, doc # US51047023, August 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. Value-Based Healthcare Analytics 2025 Vendor Assessment, doc # US53765825, September 2025

• Leadership in ISG Provider Lens™:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Global Capability Center (GCC) Services, 2025 - Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Finance and Accounting Outsourcing Services, 2025 - Global

• Leadership in Avasant's RadarView:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Higher Education Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Healthcare Payor Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Multisourcing Service Integration, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Financial Services Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Global Capability Center Provider Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Travel, Transportation & Hospitality Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Digital Masters: Digital Technology Transformation, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Freight & Logistics Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Utilities Digital Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Mortgage Business Process Transformation, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Clinical Data Management Business Process Transformation, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Revenue Cycle Management Business Process Transformation, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Property and Casualty Insurance Business Process Transformation, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ IoT Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Data Management and Advanced Analytics Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Salesforce Services, 2025

• Recognized as a Global Leader in Constellation's 2025 ShortListTM Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Digital Transformation Services (DTX): Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ AI-Driven Cognitive Applications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Engineering Research and Development (ER&D) Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ AI Services: Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Customer Experience (CX) Operations Services: Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Public Cloud Transformation Services: Global

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Metaverse Design and Services

------

**Conference Call**

Cognizant will host a conference call on October 29, 2025, at 8:30 a.m. (Eastern) to discuss the Company's **third quarter** 2025 results. To listen to the conference call, please dial (877) 810-9510 (domestic) or +1 (201) 493-6778 (international) and provide the following conference passcode: "**Cognizant Call**."

The conference call will also be available live on the Investor Relations section of the Cognizant website at <u>http://investors.cognizant.com</u>. An earnings supplement will also be available on the Cognizant website at the time of the conference call. For those who cannot access the live broadcast, a replay will be available. To listen to the replay, please dial (877) 660-6853 (domestically) or +1 (201) 612-7415 (internationally) and enter 13756237 beginning two hours after the end of the call until 11:59 p.m. (Eastern) on Wednesday, November 12, 2025. The replay will also be available at Cognizant's website <u>www.cognizant.com</u> for 60 days following the call.

**About Cognizant**

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.

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**Forward-Looking Statements**

*This press release 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 assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our strategy, strategic partnerships and collaborations, competitive position and opportunities in the marketplace, investment in and growth of our business, the pace and magnitude of change and client needs related to generative AI, effectiveness of our recruiting and talent efforts and related costs, labor market trends, the anticipated amount of capital to be returned to shareholders and our anticipated financial performance, matters related to the Belcan acquisition and other statements regarding matters that are not historical facts. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, our ability to successfully use AI-based technologies and the impact those technologies may have on the demand and terms for our services, the competitive marketplace for talent and its impact on employee recruitment and retention, risks related to our NextGen program and the ultimate benefits of such program, legal, reputational and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration, trade and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.*

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**About Non-GAAP Financial Measures and Performance Metrics**

*<u>Non-GAAP Financial Measures</u>*

*To supplement our financial results presented in accordance with GAAP, this press release includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Operating Margin, Adjusted Net Income, Adjusted Diluted EPS (or Adjusted EPS), free cash flow, net cash and constant currency revenue growth. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.*

*Our non-GAAP financial measures Adjusted Operating Margin and Adjusted Income from Operations exclude unusual items, such as the gain on sale of property and equipment and NextGen charges. Our non-GAAP financial measures Adjusted Net Income and Adjusted Diluted EPS exclude unusual items, such as the one-time income tax expense related to the enactment of the OBBBA, the gain on sale of property and equipment and NextGen charges, net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item excluded from Adjusted Net Income and Adjusted Diluted EPS is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities plus proceeds from sale of property and equipment, net of purchases of property and equipment. Net cash is defined as cash and cash equivalents and short-term investments less short-term and long-term debt. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues.*

*Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Accordingly, we believe that the presentation of our non-GAAP measures, which exclude certain costs, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.* 

*A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.*

------

*<u>Performance Metrics</u>*

*Bookings are defined as total contract value (or TCV) of new contracts, including new contract sales as well as renewals and expansions of existing contracts. Bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large contracts. Our book-to-bill ratio is defined as bookings for the trailing twelve months divided by revenue for the same period. Measuring bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenues may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and contract modifications, including terminations, over the lifetime of a contract. The majority of our contracts are terminable by the client on short notice often without penalty, and some without notice. We do not update our bookings for subsequent terminations, reductions or foreign currency exchange rate fluctuations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenues. However, management believes that it is a key indicator of potential future revenues and provides a useful indicator of the volume of our business over time. Large deals and mega deals are defined as deals with a total contract value of $100 million or greater and $500 million or greater, respectively.*

---

| | |
|:---|:---|
| Investor Relations Contact: | Media Contact: |
| Tyler Scott | Jeff DeMarrais |
| VP, Investor Relations | SVP, Corporate Communications |
| +1 551-220-8246 | +1 475-223-2298 |
| Tyler.Scott@cognizant.com | Jeff.DeMarrais@cognizant.com |

---

- tables to follow -

------

**COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except per share data)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $5415 | $5044 | $15775 | $14654 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization expense shown separately below) | 3581 | 3311 | 10457 | 9661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 833 | 833 | 2434 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges |  | 33 |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 135 | 129 | 410 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) on sale of property and equipment |  |  | (62) |  |
| Income from operations | 866 | 738 | 2536 | 2141 |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 25 | 31 | 78 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (8) | (14) | (29) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange gains (losses), net | 4 | (8) | 13 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net |  | 1 | 3 | 2 |
| Total other income (expense), net | 21 | 10 | 65 | 57 |
| Income before provision for income taxes | 887 | 748 | 2601 | 2198 |
| Provision for income taxes | (613) | (170) | (1023) | (514) |
| Income (loss) from equity method investment |  | 4 | 4 | 10 |
| Net income | $274 | $582 | $1582 | $1694 |
| Basic earnings per share | $0.56 | $1.17 | $3.22 | $3.41 |
| Diluted earnings per share | $0.56 | $1.17 | $3.22 | $3.41 |
| Weighted average number of common shares outstanding - Basic | 486 | 496 | 491 | 497 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of shares issuable under stock-based compensation plans | 1 |  |  |  |
| Weighted average number of common shares outstanding - Diluted | 487 | 496 | 491 | 497 |

---

------

**COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in millions, except par values)** | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2341 | $2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net | 4391 | 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1349 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8094 | 7504 |
| Property and equipment, net | 949 | 994 |
| Operating lease assets, net | 578 | 552 |
| Goodwill | 7100 | 6953 |
| Intangible assets, net | 1472 | 1599 |
| Deferred income tax assets, net | 844 | 1248 |
| Long-term investments | 107 | 90 |
| Other noncurrent assets | 990 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $20134 | $19966 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $284 | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 384 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 154 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2578 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3433 | 3585 |
| Deferred revenue, noncurrent | 35 | 30 |
| Operating lease liabilities, noncurrent | 432 | 420 |
| Deferred income tax liabilities, net | 168 | 154 |
| Long-term debt | 551 | 875 |
| Other noncurrent liabilities | 618 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5237 | 5558 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.10 par value, 15 shares authorized, none issued |  |  |
| Class A common stock, $0.01 par value, 1,000 shares authorized, 483 and 495 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 5 | 5 |
| Additional paid-in capital | 14 | 13 |
| Retained earnings | 14942 | 14686 |
| Accumulated other comprehensive income (loss) | (64) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 14897 | 14408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $20134 | $19966 |

---

------

**COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION**

**Reconciliations of Non-GAAP Financial Measures** 

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(dollars in millions, except per share amounts)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Guidance** |
| | **2025** | **2024** | **2025** | **2024** | **Full Year 2025** <sup>(1)</sup> |
| GAAP income from operations | $866 | $738 | $2536 | $2141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) on sale of property and equipment<sup>(a)</sup> |  |  | (62) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGen charges<sup>(b)</sup> |  | 33 |  | 85 |  |
| Adjusted Income From Operations | $866 | $771 | $2474 | $2226 |  |
| GAAP operating margin | 16.0% | 14.6% | 16.1% | 14.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) on sale of property and equipment |  |  | (0.4) |  | (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGen charges |  | 0.7 |  | 0.6 |  |
| Adjusted Operating Margin | 16.0% | 15.3% | 15.7% | 15.2% | ~15.7% |
| GAAP net income | $274 | $582 | $1582 | $1694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of adjustments to income from operations, pre-tax |  | 33 | (62) | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating foreign currency exchange (gains) losses, pre-tax<sup>(c)</sup> | (4) | 8 | (13) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect of above adjustments<sup>(d)</sup> | 15 | (5) | 34 | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time income tax expense related to the enactment of the OBBBA<sup>(e)</sup> | 390 |  | 390 |  |  |
| Adjusted Net Income | $675 | $618 | $1931 | $1762 |  |
| GAAP diluted earnings per share | $0.56 | $1.17 | $3.22 | $3.41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of adjustments to income from operations, pre-tax |  | 0.07 | (0.13) | 0.17 | $(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating foreign currency exchange (gains) losses, pre-tax<sup>(c)</sup> | (0.01) | 0.02 | (0.03) |  | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect of above adjustments<sup>(d)</sup> | 0.04 | (0.01) | 0.08 | (0.03) | (a) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time income tax expense related to the enactment of the OBBBA<sup>(e)</sup> | 0.80 |  | 0.79 |  | 0.80 |
| Adjusted Diluted Earnings Per Share | $1.39 | $1.25 | $3.93 | $3.55 | $5.22 - $5.26 |

---

(1) A full reconciliation of Adjusted Operating Margin and Adjusted Diluted Earnings Per Share guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses and the tax effects of these adjustments, and such adjustments may be significant.

**<u>Notes:</u>**

(a)During the three months ended March 31, 2025, we realized a gain 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. Our guidance anticipates pre-tax charges of approximately $(0.13) per diluted share for the full year 2025. The tax effect of these charges is expected to be approximately $0.02 per diluted share for the full year 2025.

(b)NextGen charges for the three months ended September 30, 2024 include $29 million of employee separation costs and $4 million of facility exit costs. NextGen charges for the nine months ended September 30, 2024 include $55 million of employee separation costs, $29 million of facility exit costs and $1 million of third party and other costs. The program concluded on December 31, 2024. The costs related to the NextGen program are reported in "Restructuring charges" in our unaudited consolidated statements of operations.

(c)Non-operating foreign currency exchange gains and losses, inclusive of gains and losses on related foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our unaudited consolidated statements of operations. Non-operating foreign currency exchange gains and losses are subject to high variability and low visibility and therefore cannot be provided on a forward-looking basis without unreasonable efforts.

------

(d)Presented below are the tax impacts of our non-GAAP adjustment to pre-tax income for the:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-GAAP income tax benefit (expense) related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property and equipment | $— | $— | $(9) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGen charges |  | 8 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange gains and losses | (15) | (3) | (25) | (3) |

---

The effective tax rate related to non-operating foreign currency exchange gains and losses varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. As such, the income tax effect of non-operating foreign currency exchange gains and losses shown in the above table may not appear proportionate to the net pre-tax foreign currency exchange gains and losses reported in our unaudited consolidated statements of operations.

(e)In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States, which, among other provisions, repealed the requirement to capitalize U.S. research and experimental ("R&E") costs. As a result, we do not believe it is more likely than not that we will realize our deferred tax asset of $390 million related to R&E costs capitalized outside the United States. These amounts would have otherwise been available to offset certain future U.S. taxes on our non-U.S. earnings, which, as a result of this repeal, we no longer project to be applicable to us. Therefore, in the third quarter of 2025, we recorded a one-time, non-cash income tax expense of $390 million.

**Reconciliations of Net Cash**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in millions)** | **September 30, 2025** | **December 31, 2024** |
| Cash and unrestricted cash equivalents | $2341 | $2231 |
| Short-term investments | 13 | 12 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 551 | 875 |
| Net cash | $1770 | $1335 |

---

The above tables serve to reconcile the Non-GAAP financial measures to the most directly comparable GAAP measures. Refer to the "About Non-GAAP Financial Measures and Performance Metrics" section of our press release for further information on the use of these Non-GAAP measures.

------

**COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION**

**Revenue by Business Segment and Geography**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **(dollars in millions)** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | | **Year over Year** | **Year over Year** |
| | $**% of total** | **% Change** | **Constant Currency % Change** <sup>(a)</sup> |
| **Revenues by Segment:** | | | |
| Health Sciences | 29.6% | 5.9% | 5.1% |
| Financial Services | 29.2% | 6.2% | 5.4% |
| Products and Resources <sup>(b)</sup> | 25.5% | 12.6% | 11.4% |
| Communications, Media and Technology | 15.7% | 4.2% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenues <sup>(b)</sup> |  | 7.4% | 6.5% |
| **Revenues by Geography:** |  |  |  |
| North America <sup>(b)</sup> | 74.4% | 7.8% | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 9.2% | 4.4% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Europe | 10.0% | 11.1% | 4.6% |
| Europe - Total | 19.2% | 7.8% | 2.7% |
| Rest of World | 6.4% | 0.9% | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenues <sup>(b)</sup> |  | 7.4% | 6.5% |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  |  | **Year over Year** | **Year over Year** |
|  | $**% of total** | **% Change** | **Constant Currency % Change** <sup>(a)</sup> |
| **Revenues by Segment:** |  |  |  |
| Health Sciences | 30.0% | 7.6% | 7.2% |
| Financial Services | 29.1% | 6.2% | 5.9% |
| Products and Resources <sup>(b)</sup> | 25.1% | 13.8% | 13.2% |
| Communications, Media and Technology | 15.8% | 1.5% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenues <sup>(b)</sup> |  | 7.6% | 7.3% |
| **Revenues by Geography:** |  |  |  |
| North America <sup>(b)</sup> | 74.8% | 8.4% | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 9.1% | 4.3% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Europe | 9.8% | 7.9% | 4.8% |
| Europe - Total | 18.9% | 6.2% | 3.2% |
| Rest of World | 6.3% | 3.0% | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenues <sup>(b)</sup> |  | 7.6% | 7.3% |

---

**<u>Notes:</u>**

(a)Constant currency revenue growth is not a measure of financial performance prepared in accordance with GAAP. See "About Non-GAAP Financial Measures and Performance Metrics" section of our press release for further information.

(b)For the three and nine months ended September 30, 2025, our acquisition of Belcan contributed approximately 250 basis points and approximately 350 basis points to overall revenue growth, respectively, primarily in North America and to a lesser extent in the United Kingdom. Additionally, Belcan contributed approximately 900 and 1,300 basis points of growth to our Products and Resources segment for the three and nine months ended September 30, 2025, respectively.

------

**COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash flows from operating activities: |  |  |  |  |
| Net income | $274 | $582 | $1582 | $1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for non-cash income and expenses | 600 | 92 | 897 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects of businesses acquired | 353 | 173 | (454) | (844) |
| Net cash provided by operating activities | 1227 | 847 | 2025 | 1204 |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (67) | (56) | (211) | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  |  | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net maturities (purchases) of investments | 1 |  | (14) | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for business combinations, net of cash acquired |  | (1194) |  | (1615) |
| Net cash (used in) investing activities | (66) | (1250) | (155) | (1567) |
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under stock-based compensation plans | 13 | 14 | 46 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (463) | (242) | (1040) | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in term loan borrowings and earnout obligations and finance leases | (11) | (11) | (32) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowing under the revolving credit facility |  | 600 |  | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes outstanding under the revolving credit facility |  |  | (300) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (151) | (149) | (459) | (450) |
| Net cash (used in) provided by financing activities | (612) | 212 | (1785) | (313) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (4) | 11 | 25 | (28) |
| Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 545 | (180) | 110 | (704) |
| Cash, cash equivalents and restricted cash and cash equivalents, beginning of period | 1796 | 2193 | 2231 | 2717 |
| Cash and cash equivalents, end of period | $2341 | $2013 | $2341 | $2013 |

---

**SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** |
| **Stock Repurchases under Board of Directors' authorized stock repurchase program:** | **2025** | **2024** |
| Number of shares repurchased | 6.3 | 3.1 |
| Remaining authorized balance as of September 30, 2025 | $2243 |  |

---

**Reconciliation of Free Cash Flow Non-GAAP Financial Measure** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $1227 | $847 | $2025 | $1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (67) | (56) | (211) | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  |  | 70 |  |
| Free cash flow | $1160 | $791 | $1884 | $990 |

---

## Exhibit 99.2

![](exhibit9929302025001.jpg)

Third quarter revenue grew 6.5% year-over-year and 2.8% sequentially in constant currency, representing our fifth consecutive quarter of year-over-year organic revenue growth and our strongest sequential organic growth since 2022. We maintained our large deal momentum, signing six large deals in the quarter, bringing our year-to-date total to 16 with 40% growth in large deal TCV year-to-date compared to the same period last year. I am proud of our year-to- date top-tier revenue growth, which is a testament to our differentiated capabilities at the intersection of technology and industry. We believe our three vector AI builder strategy is gaining traction and we expect our early investments in AI-led platforms and IP on the edge will help power growth in the years ahead. Q3 2025 Ravi Kumar S \| Chief Executive Officer " Revenue $5.4 billion Reported YoY1 é 7.4% Constant Currency YoY1 é 6.5% GAAP and Adjusted Operating Margin \| 16.0% GAAP Diluted EPS \| $0.56 $4.0 $1.0 $0.4 Rest of World 0.9% Revenue by Geography ($ In billions) Reported YoY \| Constant Currency YoY Q3 2025 Cash Flow Cash Flow From Operations $1,227M Free Cash Flow $1,160M Q3 2025 Capital Return Dividends $151M Share Repurchases $463M $0.31/share Revenue by Segment ($ In billions) Reported YoY \| Constant Currency YoY Europe North America1 2.6% $1.6 $0.8 $1.4 $1.6 Products & Resources1 Health Sciences Financial Services Communications, Media & Technology 7.8% 2.7% 7.8% 7.8% 4.2% 3.6%12.6% 11.4% 6.2% 5.4%5.9% 5.1% Total Employees 349,800 " +6,000 QoQ +9,700 YoY Voluntary Attrition - Tech Services (Trailing 12-Month) 14.5% é é é é é é é é é é é Adjusted Diluted EPS \| $1.39 Employee Metrics Adjusted Operating Margin \| 16.0% é é é 1 In the third quarter of 2025, revenue from our recently completed acquisition of Belcan contributed approximately 2.5 percentage points to year-over-year revenue growth, including approximately 9 percentage points of growth to our Products & Resources segment, primarily in North America and to a lesser extent in the United Kingdom. 2 GAAP Diluted EPS reflects the $0.80 impact from a one-time, non-cash income tax expense. For non-GAAP financial reconciliations refer to Cognizant's 2025 third quarter earnings release issued on October 29, 2025, which accompanies this presentation and is available at investors.cognizant.com. é Company Recognition Recognized as one of Forbes World's Best Employers Exhibit 99.2 (70) bps QoQ Earned Guinness World Record title for largest online generative AI hackathon Named to TIME World's Best Companies list GAAP EPS2 \| $0.56 Adjusted Diluted EPS \| $1.39

------

## Exhibit 99.3

![](exhibit9939302025001.jpg)

Exhibit 99.3 Third Quarter 2025 Financial Results and Highlights© 2025 Cognizant October 29, 2025

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![](exhibit9939302025002.jpg)© 2025 Cognizant 1 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 assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our strategy, competitive position and opportunities in the marketplace, investment in and growth of our business, the pace and magnitude of change and client needs related to generative AI, the effectiveness of our recruiting and talent efforts and related costs, labor market trends, the anticipated amount of capital to be returned to shareholders and our anticipated financial performance, matters related to the Belcan acquisition and other statements regarding matters that are not historical facts. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, our ability to successfully use AI-based technologies and the impact those technologies may have on the demand and terms for our services, the competitive marketplace for talent and its impact on employee recruitment and retention, risks related to our NextGen program and the ultimate benefits of such program, legal, reputational and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration, trade and taxes and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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![](exhibit9939302025003.jpg)© 2025 Cognizant 2 $847M $1,227M Q3 '24 Q3 '25 Results Summary: Q3 2025 1 See "About Non-GAAP Financial Measures and Performance Metrics" at the end of this earnings supplement for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable. 2 Revenue from our recently completed acquisition of Belcan contributed approximately 250 basis points to year-over-year growth. 3 Q3 2025 GAAP Diluted EPS reflects the $0.80 impact from a one-time, non-cash income tax expense. See "About Non-GAAP Financial Measures and Performance Metrics" at the end of this earnings supplement for more information. Revenue Increase of 7.4% Y/Y as reported, and an increase of 6.5% Y/Y in constant currency1,2 GAAP and Adjusted Operating Margin1 Cash Flow $5,044M $5,415M Q3 '24 Q3 '25 14.6% 16.0% Q3 '24 Q3 '25 15.3% 16.0% Q3 '24 Q3 '25 $791M $1,160M Q3 '24 Q3 '25 $1.17 $0.56 Q3 '24 Q3 '25 $1.25 $1.39 Q3 '24 Q3 '25 Adjusted Operating Margin1 GAAP Diluted EPS3 Adjusted Diluted EPS1 Operating Cash Flow Free Cash Flow1 GAAP Operating Margin Adjusted Operating Margin1 Diluted Earnings Per Share (EPS)

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![](exhibit9939302025004.jpg)© 2025 Cognizant 3 $4,760 $4,850 $5,044 $5,082 $5,115 $5,245 $5,415 $1.12 $1.17 $1.25 $1.21 $1.23 $1.31 $1.39 Revenue Adjusted Diluted EPS Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 $ in millions except per share amounts Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Revenue Y/Y1 (1.1%) (0.7%) 3.0% 6.8% 7.5% 8.1% 7.4% Revenue Y/Y CC1 (1.2%) (0.5%) 2.7% 6.7% 8.2% 7.2% 6.5% GAAP Operating Margin 14.6% 14.6% 14.6% 14.8% 16.7% 15.6% 16.0% Adjusted Operating Margin 15.1% 15.2% 15.3% 15.7% 15.5% 15.6% 16.0% GAAP Diluted EPS2 $1.10 $1.14 $1.17 $1.10 $1.34 $1.31 $0.56 Adjusted Diluted EPS $1.12 $1.17 $1.25 $1.21 $1.23 $1.31 $1.39 Revenue, Operating Margin and EPS 1 1 Revenue from our recently completed acquisitions of Belcan and Thirdera contributed approximately 200 basis points and 450 basis points to YoY growth in Q3 and Q4 2024, respectively, and approximately 400 basis points to YoY growth in Q1 2025. Revenue from Belcan contributed approximately 400 basis points and 250 basis points to YoY growth in Q2 and Q3 2025, respectively. 2 Q3 2025 GAAP Diluted EPS reflects the $0.80 impact from a one-time, non-cash income tax expense. See "About Non-GAAP Financial Measures and Performance Metrics" at the end of this earnings supplement for more information.

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![](exhibit9939302025005.jpg)© 2025 Cognizant 4 $4,028 $1,042 $345 $1,578 $850 $1,383 $1,604 Revenue Performance: Q3 2025 Products & Resources1 Communications, Media & Technology Health Sciences Financial Services North America1 Europe Rest of World Segments $ in millions Geography $ in millions +4.2% Y/Y +3.6% Y/Y CC +12.6% Y/Y +11.4% Y/Y CC +5.9% Y/Y +5.1% Y/Y CC +6.2% Y/Y +5.4% Y/Y CC +7.8% Y/Y +2.7% Y/Y CC +0.9% Y/Y +2.6% Y/Y CC +7.8% Y/Y and Y/Y CC 1 Revenue from our recently completed acquisition of Belcan contributed approximately 9 percentage points to Products & Resources year-over-year growth in the third quarter of 2025, primarily in North America and to a lesser extent in the United Kingdom.

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![](exhibit9939302025006.jpg)© 2025 Cognizant 5 $1,331 $230 $43 Health Sciences North America Europe Rest of World +48.3% Y/Y +49.7% Y/Y CC +21.1% Y/Y +14.3% Y/Y CC +2.8% Y/Y and Y/Y CC Revenue $ in millions Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Y/Y (1.2%) 1.5% 7.8% 10.4% 10.9% 6.2% 5.9% Y/Y CC (1.3%) 1.7% 7.6% 10.4% 11.4% 5.3% 5.1% $1,416 $1,461 $1,514 $1,541 $1,571 $1,551 $1,604 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Change in Revenue $ in millions Q3 2025 Geography

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![](exhibit9939302025007.jpg)© 2025 Cognizant 6 $1,115 $330 $133 Financial Services North America Europe Rest of World Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Y/Y (6.2%) (1.1%) 0.7% 2.9% 5.6% 6.9% 6.2% Y/Y CC (6.5%) (0.8%) 0.5% 2.8% 6.5% 6.0% 5.4% (1.5%) Y/Y (0.1%) Y/Y CC +8.9% Y/Y +4.1% Y/Y CC Revenue Change in Revenue $ in millions $ in millions Q3 2025 Geography +6.4% Y/Y +6.5% Y/Y CC $1,385 $1,447 $1,486 $1,435 $1,462 $1,547 $1,578 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25

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![](exhibit9939302025008.jpg)© 2025 Cognizant 7 $978 $323 $82 North America Europe Products & Resources +18.1% Y/Y +18.0% Y/Y CC +3.9% Y/Y (1.0%) Y/Y CC (7.9%) Y/Y (6.7%) Y/Y CC Rest of World Revenue $ in millions Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Y/Y 1.3% (4.3%) 5.0% 11.3% 12.8% 16.0% 12.6% Y/Y CC 0.9% (4.1%) 4.6% 11.3% 13.6% 14.7% 11.4% Impact from recently completed acquisitions 7.5% 16.0% 15.0% 16.0% 9.0% $1,133 $1,126 $1,228 $1,295 $1,278 $1,306 $1,383 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Change in Revenue $ in millions Q3 2025 Geography

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![](exhibit9939302025009.jpg)© 2025 Cognizant 8 $604 $159 $87 $826 $816 $816 $811 $804 $841 $850 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q2 '25 Communications, Media & Technology North America Rest of World (2.2%) Y/Y +0.5% Y/Y CC (2.5%) Y/Y (6.6%) Y/Y CC +7.1% Y/Y +7.0% Y/Y CC Europe Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Y/Y 5.2% 1.2% (3.7%) 0.9% (2.7%) 3.1% 4.2% Y/Y CC 5.7% 1.4% (4.1%) 0.4% (1.9%) 2.2% 3.6% Change in Revenue Revenue $ in millions $ in millions Q3 2025 Geography

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![](exhibit9939302025010.jpg)© 2025 Cognizant 9 $26.2 $27.1 $26.7 $27.8 $27.5 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Trailing Twelve Month Bookings1 Trailing twelve month bookings of $27.5 billion increased 5% year-over-year and represented a book-to-bill of 1.3x Q3 2025 bookings declined 5% year-over-year $ in billions 1 See "About Non-GAAP Financial Measures and Performance Metrics" at the end of this earnings supplement for more information.

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![](exhibit9939302025011.jpg)© 2025 Cognizant 10 Employee Metrics 344.4 336.3 340.1 336.8 336.3 343.8 349.8 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Trailing 12-Month Voluntary Attrition - Tech Services 13.1% 13.6% 14.6% 15.9% 15.8% 15.2% 14.5% Additional Employee Metrics Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Blended Utilization, Excluding Trainees 82% 83% 84% 82% 85% 85% 85% Utilization Headcount in thousands

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![](exhibit9939302025012.jpg)© 2025 Cognizant 11 $591 $600 $609 $409 $1,615$1,064 $605 $1,194 FY 2023 FY 2024 Trailing 12-Months Acquisitions Share Repurchases $149 $150 $155 $153 $151 $1,194 $242 $154 $209 $368 $463 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Cash Flow, Balance Sheet & Capital Allocation Q1 '241 Q2 '24 Q3 '24 Q4 '24 Q1 '252 Q2 '25 Q3 '25 Operating Cash Flow $95 $262 $847 $920 $400 $398 $1,227 Free Cash Flow $16 $183 $791 $837 $393 $331 $1,160 Cash and Short-Term Investments $2,243 $2,205 $2,025 $2,243 $1,992 $1,808 $2,354 Total Debt $631 $623 $1,216 $908 $600 $592 $584 Annual Quarterly Dividends $ in millions $ in millions 1 Q1 2024 Operating Cash Flow and Free Cash Flow include the negative impact from a previously disclosed $360 million payment made to the India tax authorities in connection with our ongoing appeal of a 2016 tax matter. 2 Q1 2025 Free Cash Flow includes the positive impact of $70 million from the proceeds on sale of property and equipment

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![](exhibit9939302025013.jpg)© 2025 Cognizant 12 Full-year 2025 and Q4 2025 Guidance1 1 Guidance is as of October 29, 2025 2 A full reconciliation of Adjusted Operating Margin, Adjusted Diluted EPS and Adjusted effective tax rate guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses, and the tax effects of these adjustments. See "About Non-GAAP Financial Measures and Performance Metrics" for more information, the definition of Adjusted effective tax rate as well as a partial reconciliation to the most directly comparable GAAP financial measures at the end of this earnings supplement. Q4 2025 Guidance Revenue ~$5.27 to ~$5.33B 3.8% to 4.8% Y/Y or 2.5% to 3.5% Y/Y CC 2025 Guidance Revenue ~$21.05B to ~$21.10B 6.6% to 6.9% Y/Y or 6.0% to 6.3% Y/Y CC Adjusted Operating Margin2 ~15.7% Adjusted effective tax rate2 24% to 25% Share Count 489M Adjusted Diluted EPS2 $5.22 to $5.26

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APPENDIX: About Non-GAAP Financial Measures and Performance Metrics

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![](exhibit9939302025015.jpg)© 2025 Cognizant 14 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 measures: Adjusted Operating Margin, Adjusted Diluted EPS, free cash flow, constant currency revenue growth and Adjusted effective tax rate. These non- GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated. Our non-GAAP financial measures Adjusted Operating Margin and Adjusted Income from Operations exclude unusual items, such as the gain on sale of property and equipment and NextGen charges. Our non-GAAP financial measure Adjusted Diluted EPS excludes unusual items, such as the one-time income tax expense related to the enactment of the OBBBA, the gain on sale of property and equipment and NextGen charges, and net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item excluded from Adjusted Diluted EPS is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities plus proceeds from sale of property and equipment, net of purchases of property and equipment. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues. Adjusted effective tax rate reflects a tax rate commensurate with our non-GAAP Adjusted EPS. Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Accordingly, we believe that the presentation of our non-GAAP measures, which exclude certain costs, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations. A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures. Performance Metrics Bookings are defined as total contract value (or TCV) of new contracts, including new contract sales as well as renewals and expansions of existing contracts. Bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large contracts. Our book-to-bill ratio is defined as bookings for the trailing twelve months divided by revenue for the same period. Measuring bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenues may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and contract modifications, including terminations, over the lifetime of a contract. The majority of our contracts are terminable by the client on short notice often without penalty, and some without notice. We do not update our bookings for subsequent terminations, reductions or foreign currency exchange rate fluctuations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenues. However, management believes that it is a key indicator of potential future revenues and provides a useful indicator of the volume of our business over time. About Non-GAAP Financial Measures and Performance Metrics

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![](exhibit9939302025016.jpg)© 2025 Cognizant 15 Reconciliations of Non-GAAP Financial Measures Please refer to page 16 of this earnings supplement for corresponding Non-GAAP notes. (in millions, except per share amounts) Three Months Ended: Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Guidance Full Year 2025(1) GAAP income from operations $695 $708 $738 $751 $853 $817 $866 (Gain) on sale of property and equipment(a) — — — — (62) — — NextGen charges(b) 23 29 33 49 — — — Adjusted income from operations $718 $737 $771 $800 $791 $817 $866 GAAP operating margin 14.6 % 14.6 % 14.6 % 14.8 % 16.7 % 15.6 % 16.0 % (Gain) on sale of property and equipment(a) — — — — (1.2) — — (0.3)% NextGen charges(b) 0.5 0.6 0.7 0.9 — — — — Adjusted operating margin 15.1 % 15.2 % 15.3 % 15.7 % 15.5 % 15.6 % 16.0 % ~15.7% GAAP diluted earnings per share $1.10 $1.14 $1.17 $1.10 $1.34 $1.31 $0.56 Effect of above adjustments, pre-tax 0.05 0.06 0.07 0.10 (0.13) — — $(0.13) Effect of non-operating foreign currency exchange (gains) loss, pre-tax(c) (0.01) — 0.02 0.04 — (0.01) (0.01) (c) Tax effect of above adjustments(d) (0.02) (0.03) (0.01) (0.03) 0.02 0.01 0.04 (a) (c) One-time income tax expense related to the enactment of the OBBBA(e) — — — — — — 0.80 0.80 Adjusted diluted earnings per share $1.12 $1.17 $1.25 $1.21 $1.23 $1.31 $1.39 $5.22 - $5.26 (1) A full reconciliation of Adjusted Operating Margin and Adjusted Diluted Earnings Per Share guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses and the tax effects of these adjustments, and such adjustments may be significant.

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![](exhibit9939302025017.jpg)© 2025 Cognizant 16 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. Our guidance anticipates pre-tax charges of approximately $(0.13) per diluted share for the full year 2025. The tax effect of these charges is expected to be approximately $0.02 per diluted share for the full year 2025. (b) At the end of 2024, we completed our NextGen program, which was aimed at simplifying our operating model, optimizing corporate functions and consolidating and realigning office space to reflect the post-pandemic hybrid work environment. The total costs related to the NextGen program are reported in "Restructuring charges" in our unaudited consolidated statements of operations. (c) Non-operating foreign currency exchange gains and losses, inclusive of gains and losses related to foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our unaudited consolidated statements of operations. Non-operating foreign currency exchange gains and losses are subject to high variability and low visibility and therefore cannot be provided on a forward-looking basis without unreasonable efforts. 2024 2025 Three months ended: Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Non-GAAP income tax benefit (expense) related to: Gain on sale of property and equipment $— $— $— $— $(9) $— $— NextGen charges 5 8 8 13 — — — Foreign currency exchange gain and losses (1) 1 (3) (1) (3) (7) (15) (d) Presented below are the tax impacts of our non-GAAP adjustments to pre-tax income: The effective tax rate related to non-operating foreign currency exchange gains and losses varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. As such, the income tax effect of non-operating foreign currency exchange gains and losses shown in the above table may not appear proportionate to the net pre-tax foreign currency exchange gains and losses reported in our unaudited consolidated statements of operations. (e) In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States, which, among other provisions, repealed the requirement to capitalize U.S. research and experimental ("R&E") costs. As a result, we do not believe it is more likely than not that we will realize our deferred tax asset of $390 million related to R&E costs capitalized outside the United States. These amounts would have otherwise been available to offset certain future U.S. taxes on our non-U.S. earnings, which, as a result of this repeal, we no longer project to be applicable to us. Therefore, in the third quarter of 2025, we recorded a one-time, non-cash income tax expense of $390 million.

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![](exhibit9939302025018.jpg)© 2025 Cognizant 17 Reconciliations of Non-GAAP Financial Measures Reconciliation of free cash flow Three Months Ended (in millions) Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Net cash provided by operating activities $95 $262 $847 $920 $400 $398 $1,227 Purchases of property and equipment (79) (79) (56) (83) (77) (67) (67) Proceeds from sale of property and equipment — — — — 70 — — Free cash flow $16 $183 $791 $837 $393 $331 $1,160 Adjusted Effective Tax Rate Reconciliation Guidance FY 2025 GAAP effective tax rate Effect of non-operating foreign currency exchange (gains) losses (c) (c) Effect of the gain on sale of property and equipment (a) — One-time income tax expense related to the enactment of the OBBBA(e) ~(12)% Adjusted effective tax rate 24% - 25% The notes referenced in the above table are located on page 16. Net Interest FY 2024 Guidance FY 2025 Interest income $78 ~$115 Interest expense (29) (~50) Net Interest Income $49 ~ Adjusted Net Income Reconciliation (in millions) Q3 2025 YTD 2025 GAAP net income $274 $1,582 Non-operating foreign currency exchange gains / losses (c) 11 12 (Gain) on sale of property and equipment (a) — (53) One-time income tax expense related to the enactment of the OBBBA(e) 390 390 Adjusted Net Income $675 $1,931

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