Cognizant Technology Solutions Corporation (CTSH) Income Statement

28Y historyFree accessUpdated daily

Revenue growth of 4.6% year over year and an operating margin that has stayed between roughly 14.6% and 16.7% indicate stable top-line trends with little net operating leverage.

Annual statement

CTSH Income Statement

Cognizant Technology Solutions Corporation (CTSH) annual income statement — 28-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98

Sales/Revenue	21.89B	21.11B	19.74B	19.35B	19.43B	18.51B	16.65B	16.78B	16.13B	14.81B	13.49B	12.42B	10.26B	8.84B	7.35B	6.12B	4.59B	3.28B	2.82B	2.14B	1.42B	885.83M	586.67M	368.23M	229.09M	177.78M	137.03M	88.9M	58.6M
Revenue Growth %	4.96%	6.95%	1.98%	-0.39%	4.98%	11.14%	-0.78%	4.08%	8.88%	9.81%	8.63%	20.98%	16.06%	20.37%	20.02%	33.29%	40.07%	16.42%	31.88%	49.94%	60.78%	50.99%	59.32%	60.74%	28.86%	29.74%	54.14%	51.71%	-
Cost of Goods Sold	14.89B	13.99B	12.96B	12.66B	12.45B	11.6B	10.67B	10.63B	9.84B	9.15B	8.11B	7.44B	6.14B	5.27B	4.28B	3.54B	2.65B	1.85B	1.57B	1.21B	787.92M	479.92M	319.81M	199.72M	122.7M	90.85M	70.44M	46.2M	31.9M
COGS % of Revenue	-	66.28%	65.66%	65.44%	64.07%	62.7%	64.08%	63.36%	61.01%	61.8%	60.12%	59.92%	59.84%	59.54%	58.24%	57.81%	57.8%	56.41%	55.85%	56.47%	55.32%	54.18%	54.51%	54.24%	53.56%	51.1%	51.4%	51.97%	54.44%
Gross Profit	7B	7.12B	6.78B	6.69B	6.98B	6.9B	5.98B	6.15B	6.29B	5.66B	5.38B	4.98B	4.12B	3.58B	3.07B	2.58B	1.94B	1.43B	1.24B	929.54M	636.34M	405.92M	266.86M	168.51M	106.39M	86.93M	66.59M	42.7M	26.7M
Gross Margin %	32%	33.72%	34.34%	34.56%	35.93%	37.3%	35.92%	36.64%	38.99%	38.2%	39.88%	40.08%	40.16%	40.46%	41.76%	42.19%	42.2%	43.59%	44.15%	43.53%	44.68%	45.82%	45.49%	45.76%	46.44%	48.9%	48.6%	48.03%	45.56%
Gross Profit Growth %	-	5%	1.33%	-4.17%	1.12%	15.42%	-2.73%	-2.2%	11.12%	5.19%	8.1%	20.72%	15.21%	16.6%	18.81%	33.27%	35.59%	14.94%	33.77%	46.08%	56.77%	52.11%	58.37%	58.39%	22.38%	30.54%	55.96%	59.93%	-
Operating Expenses	3.59B	3.59B	3.89B	4B	4.01B	4.08B	3.87B	3.7B	3.49B	3.18B	3.09B	2.83B	2.24B	1.9B	1.71B	1.45B	1.08B	810.73M	726.82M	548.02M	377.4M	228.3M	149.24M	96.19M	61.19M	51.31M	40.47M	26.1M	17.7M
OpEx % of Revenue	-	17%	19.69%	20.67%	20.65%	22.03%	23.22%	22.02%	21.62%	21.45%	22.91%	22.83%	21.8%	21.48%	23.23%	23.62%	23.43%	24.73%	25.81%	25.66%	26.5%	25.77%	25.44%	26.12%	26.71%	28.86%	29.53%	29.36%	30.2%
Selling, General & Admin	3.16B	3.24B	3.22B	3.25B	3.44B	3.5B	3.1B	2.97B	3.01B	2.7B	2.73B	2.51B	2.04B	1.73B	1.56B	1.33B	972.09M	721.36M	652.02M	494.1M	343.24M	206.9M	132.8M	84.26M	53.34M	44.94M	35.96M	23.1M	15.5M
SG&A % of Revenue	-	15.35%	16.33%	16.8%	17.72%	18.93%	18.62%	17.71%	18.65%	18.21%	20.25%	20.21%	19.85%	19.54%	21.2%	21.71%	21.17%	22%	23.15%	23.14%	24.1%	23.36%	22.64%	22.88%	23.29%	25.28%	26.24%	25.98%	26.45%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	348M	663M	748M	569M	574M	767M	724M	479M	480M	359M	325M	200M	172.2M	149.09M	117.4M	103.88M	89.37M	74.8M	53.92M	34.16M	21.4M	16.45M	11.94M	7.84M	6.37M	4.51M	3M	2.2M
Operating Income	3.42B	3.53B	2.89B	2.69B	2.97B	2.83B	2.11B	2.45B	2.8B	2.48B	2.29B	2.14B	1.88B	1.68B	1.36B	1.14B	861.85M	618.49M	516.67M	381.52M	258.94M	177.62M	117.62M	72.31M	45.2M	35.62M	26.13M	16.6M	9M
Operating Margin %	15.6%	16.72%	14.65%	13.89%	15.28%	15.27%	12.7%	14.62%	17.37%	16.75%	16.97%	17.25%	18.37%	18.97%	18.53%	18.57%	18.77%	18.86%	18.35%	17.87%	18.18%	20.05%	20.05%	19.64%	19.73%	20.04%	19.07%	18.67%	15.36%
Operating Income Growth %	-	22.03%	7.55%	-9.4%	5.02%	33.68%	-13.82%	-12.42%	12.9%	8.39%	6.86%	13.64%	12.34%	23.24%	19.8%	31.86%	39.35%	19.71%	35.42%	47.34%	45.79%	51.01%	62.66%	59.99%	26.89%	36.33%	57.4%	84.44%	-
EBITDA	3.86B	4.08B	3.43B	3.24B	3.54B	3.4B	2.67B	2.98B	3.3B	2.92B	2.67B	2.47B	2.09B	1.86B	1.52B	1.26B	972.02M	707.86M	591.47M	435.44M	293.11M	199.02M	134.07M	84.25M	53.04M	41.99M	30.64M	19.6M	11.2M
EBITDA Margin %	17.63%	19.32%	17.4%	16.76%	18.21%	18.37%	16.05%	17.75%	20.46%	19.74%	19.78%	19.91%	20.39%	21.01%	20.66%	20.59%	21.17%	21.59%	21%	20.39%	20.58%	22.47%	22.85%	22.88%	23.15%	23.62%	22.36%	22.05%	19.11%
EBITDA Growth %	0.52%	18.78%	5.86%	-8.28%	4.03%	27.2%	-10.27%	-9.7%	12.82%	9.6%	7.93%	18.11%	12.65%	22.38%	20.42%	29.69%	37.32%	19.68%	35.83%	48.56%	47.28%	48.45%	59.13%	58.84%	26.32%	37.06%	56.3%	75%	-
D&A (Non-Cash Add-back)	430M	550M	542M	555M	569M	574M	559M	526M	498M	443M	379M	330M	208M	179.9M	156.59M	124.17M	110.17M	89.37M	74.8M	53.92M	34.16M	21.4M	16.45M	11.94M	7.84M	6.37M	4.51M	3M	2.2M
EBIT	3.53B	3.62B	2.99B	2.83B	3.04B	2.84B	2.12B	2.57B	2.82B	2.68B	2.38B	2.18B	1.93B	1.68B	1.39B	1.14B	861.85M	618.49M	516.67M	381.52M	258.94M	177.62M	117.62M	74.32M	46.88M	35.62M	26.13M	16.6M	9M
Net Interest Income	36M	68M	65M	85M	40M	21M	95M	150M	150M	110M	96M	66M	59M	48.9M	44.51M	39.25M	25.79M	15.89M	22.19M	0	0	0	0	0	0	0	0	0	0
Interest Income	83M	105M	119M	126M	59M	30M	119M	176M	177M	133M	115M	84M	62M	48.9M	44.51M	39.25M	25.79M	15.89M	22.19M	0	0	0	0	0	0	0	0	0	0
Interest Expense	47M	37M	54M	41M	19M	9M	24M	26M	27M	23M	19M	18M	3M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	75M	184M	61M	105M	52M	4M	-18M	32M	-2M	176M	69M	22M	38.89M	10M	26.1M	32.68M	16.73M	18.46M	-1.46M	32.83M	18.87M	7.66M	4.47M	-81K	-107K	-221K	2.12M	1.3M	600K
Pretax Income	3.49B	3.71B	2.95B	2.79B	3.02B	2.83B	2.1B	2.48B	2.8B	2.66B	2.36B	2.16B	1.92B	1.69B	1.39B	1.17B	878.58M	636.95M	515.21M	414.36M	277.81M	185.27M	122.09M	72.23M	45.09M	35.4M	28.25M	17.9M	9.6M
Pretax Margin %	15.95%	17.59%	14.96%	14.44%	15.54%	15.29%	12.59%	14.81%	17.36%	17.94%	17.48%	17.43%	18.74%	19.09%	18.89%	19.1%	19.13%	19.43%	18.29%	19.4%	19.51%	20.92%	20.81%	19.62%	19.68%	19.91%	20.61%	20.14%	16.38%
Income Tax	911M	1.48B	713M	668M	730M	693M	704M	643M	698M	1.15B	805M	540M	484.76M	459.3M	336.33M	285.53M	145.04M	101.99M	84.36M	64.22M	45.02M	19.01M	21.85M	14.87M	10.53M	13.24M	10.56M	6.7M	3.6M
Effective Tax Rate %	26.1%	39.94%	24.14%	23.91%	24.17%	24.49%	33.59%	25.88%	24.94%	43.39%	34.14%	24.95%	25.2%	27.21%	24.24%	24.42%	16.51%	16.01%	16.37%	15.5%	16.2%	10.26%	17.9%	20.58%	23.35%	37.4%	37.4%	37.43%	37.5%
Net Income	2.57B	2.23B	2.24B	2.13B	2.29B	2.14B	1.39B	1.84B	2.1B	1.5B	1.55B	1.62B	1.44B	1.23B	1.05B	883.62M	733.54M	534.96M	430.85M	350.13M	232.79M	166.27M	100.24M	57.37M	34.56M	22.16M	17.68M	11.2M	6M
Net Margin %	11.75%	10.56%	11.35%	10.99%	11.79%	11.55%	8.36%	10.98%	13.03%	10.16%	11.51%	13.08%	14.02%	13.89%	14.31%	14.44%	15.97%	16.32%	15.3%	16.4%	16.34%	18.77%	17.09%	15.58%	15.09%	12.46%	12.9%	12.6%	10.24%
Net Income Growth %	20.91%	-0.45%	5.36%	-7.16%	7.16%	53.52%	-24.43%	-12.33%	39.69%	-3.16%	-4.35%	12.81%	17.15%	16.87%	18.97%	20.46%	37.12%	24.17%	23.05%	50.4%	40.01%	65.86%	74.75%	65.98%	55.97%	25.32%	57.88%	86.67%	-
Net Income (Continuing)	2.58B	2.23B	2.24B	2.13B	2.29B	2.14B	1.39B	1.84B	2.1B	1.5B	1.55B	1.62B	1.44B	1.23B	1.05B	883.62M	733.54M	534.96M	430.85M	350.13M	232.79M	166.27M	100.24M	57.37M	34.56M	22.16M	17.68M	11.2M	6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	5.72	4.55	4.51	4.21	4.41	4.05	2.57	3.29	3.60	2.53	2.55	2.65	2.35	2.02	1.72	1.42	1.19	0.89	0.72	0.58	0.39	0.28	0.18	0.11	0.07	0.05	0.04	0.02	0.01
EPS Growth %	27.15%	0.89%	7.13%	-4.54%	8.89%	57.59%	-21.88%	-8.61%	42.29%	-0.78%	-3.77%	12.77%	16.34%	17.44%	21.13%	19.33%	33.71%	23.61%	24.14%	48.72%	39.29%	55.56%	63.64%	62.24%	49.67%	24.45%	51.67%	81.82%	-
EPS (Basic)	-	4.56	4.52	4.21	4.42	4.06	2.58	3.30	3.61	2.54	2.56	2.67	2.37	2.03	1.74	1.46	1.22	0.91	0.74	0.61	0.41	0.30	0.19	0.11	0.07	0.05	0.04	0.03	0.01
Diluted Shares Outstanding	450M	482M	497M	505M	519M	528M	541M	560M	584M	595M	610M	613.3M	612.49M	609.66M	611.72M	620.7M	618.27M	602.23M	597.88M	607.19M	602.25M	587.58M	570.22M	543.26M	509.55M	488.9M	486.14M	465.98M	455.06M
Basic Shares Outstanding	450M	481M	496M	505M	518M	527M	540M	559M	582M	593M	607M	609.1M	608.13M	604.01M	602.58M	606.55M	601.56M	586.61M	580.24M	576.31M	563.43M	545.98M	523.96M	500.04M	473.92M	456.41M	445.56M	440.21M	439.69M
Dividend Payout Ratio	-	27.35%	26.79%	27.8%	24.63%	23.82%	34.48%	24.59%	22.28%	17.62%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeStable

ProfitabilityStable

Balance SheetMixed

Cash FlowMixed

Top Statement Risk

Peer-level margin compression risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Mid-Single-Digit Growth Sustaining Revenue Scale

According to the reported income statement, CTSH's revenue reached roughly $5.7B in the most recent quarter, growing 4.6% year over year, which places it at the lower end of its recent quarterly growth range of roughly 4.5% to 8.1%.

Revenue growth has moderated from the high single digits in 2025 to mid single digits in 2026, suggesting demand is stable but no longer accelerating. The pattern is consistent with a mature services franchise where growth depends more on pricing and deal flow than on rapid expansion. Investors should monitor whether this trend persists, since sustained low-single-digit growth would limit operating leverage.

Gross Margin Holding Within a Narrow Band

Based on CTSH's reported figures, gross margin ranged from about 29.6% in 2026Q1 to 35.1% in 2024Q4, with the latest quarter at 33.8%, which sits above several peers such as Accenture at 31.9% and EPAM at 26.5%.

The gross margin fluctuation is meaningful because the first quarter of 2026 dipped below 30%, suggesting sensitivity to delivery mix or utilization swings. Relative to peers like Infosys and Wipro, which operate near 29% to 30%, CTSH appears to retain modest pricing or mix advantages. Whether that edge is durable depends on whether labor cost inflation can be passed through to clients.

Operating Margin Flat Despite Cost Discipline

As reported in the financial statements, CTSH's operating margin has hovered between roughly 14.6% and 16.7% over the period, with the latest quarter at 15.4%, indicating little net operating leverage despite stable overhead.

SG&A has remained in a fairly narrow range around $730M to $840M, so operating income has broadly tracked gross profit rather than outpacing it. This suggests cost control is keeping pace with revenue but not generating incremental margin expansion. The result may indicate that further margin improvement would require either higher pricing or a more favorable delivery mix.

Volatile EPS Obscuring Underlying Earnings Trend

Based on reported figures, diluted EPS swung from $0.56 in 2025Q3 to $1.39 in 2026Q3, a pattern that warrants further investigation because revenue and operating income moved far less over the same period.

The sharp drop in net income in 2025Q3, while operating income remained near $866M, points to non-operating or tax-related items rather than core operations. Net margin compression to 5.1% in that quarter, followed by recovery above 12% in later quarters, suggests earnings are sensitive to discrete items. Investors should monitor tax rate and other non-operating line items before extrapolating recent EPS growth rates.

Margin Pressure Could Erode the Premium

Peer data shows CTSH's operating margin of 15.4% trails Infosys at 20.3% and Wipro at 16.2%, and if AI-driven pricing deflation accelerates, the current margin profile may compress further.

A bearish reading would focus on the flat-to-slightly-declining growth trend and the gap to higher-margin peers, arguing that CTSH lacks a clear pricing advantage. If revenue growth stays below 5% while labor costs rise, operating leverage would turn negative. The thesis is analytical inference rather than proven fact, but it warrants close monitoring of gross margin trends in upcoming quarters.

CTSH — Frequently Asked Questions

Quick answers to the most common questions about buying CTSH stock.

What was Cognizant Technology Solutions Corporation's (CTSH) revenue in 2025?

For fiscal year 2025, Cognizant Technology Solutions Corporation (CTSH) reported total revenue of $21.11B. This represents a 35920.5% increase compared to $58.6M in 1998.

Is Cognizant Technology Solutions Corporation (CTSH) profitable?

Cognizant Technology Solutions Corporation (CTSH) is profitable, generating $2.23B in net income for the fiscal year ending 2025 with a net profit margin of 10.6%.

What is Cognizant Technology Solutions Corporation's operating profit margin?

Cognizant Technology Solutions Corporation (CTSH) reported an operating income of $3.53B, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Cognizant Technology Solutions Corporation's gross profit and gross margin?

Cognizant Technology Solutions Corporation (CTSH) generated $7.12B in gross profit for the year, representing a gross profit margin of 33.7%. This demonstrates the company's core pricing power and production efficiency.