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Company Research18 Mar 2024
Companies That Had Their IPO in 1998: The Inflating Dot Com Bubble
An overview of the market sentiment and IPO landscape as the dot com bubble continued to inflate during the late 90s.
Cognizant Technology Solutions (CTSH) investor relations material
Cognizant Technology Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue reached $5,415M, up 7.4% year-over-year (6.5% in constant currency), exceeding guidance, with broad-based growth across all segments and a significant contribution from the Belcan acquisition.
Adjusted diluted EPS rose 11% year-over-year to $1.39, while GAAP EPS was $0.56 due to a one-time, non-cash income tax expense of $390M ($0.80/share).
Operating margin improved to 16.0%, up 140 basis points year-over-year; adjusted operating margin also at 16.0%.
Trailing 12-month bookings totaled $27.5B, up 5% year-over-year, with six large deals signed in Q3 and 16 year-to-date.
Year-to-date, $1.5B was returned to shareholders via share repurchases and dividends, with $2.0B targeted for the full year.
Financial highlights
Q3 2025 revenue: $5,415M (7.4% YoY growth, 6.5% in constant currency); adjusted operating margin: 16.0%.
Adjusted EPS: $1.39; GAAP EPS: $0.56, impacted by a $390M one-time tax expense.
Free cash flow for Q3: $1,160M; YTD free cash flow: $1,884M.
Book-to-bill ratio for trailing 12 months: ~1.3x.
Cash and short-term investments at quarter-end: $2,354M; net cash: $1,770M.
Outlook and guidance
Full-year 2025 constant currency revenue growth guidance raised to 6.0%–6.3%; full-year revenue expected at $21.05–$21.10B (6.6%–6.9% YoY growth).
Q4 2025 revenue expected at $5.27–$5.33B (3.8%–4.8% YoY growth).
Full-year 2025 adjusted operating margin expected at ~15.7%.
Full-year adjusted EPS guidance raised to $5.22–$5.26, representing 10%–11% growth.
Free cash flow conversion expected at ~100% of adjusted net income.
Market traction for AI-led platforms?
What is the organic revenue growth rate?
Why did Q3 bookings decline year-over-year?
How does AI drive non-linear revenue growth?
Client shift from AI pilots to enterprise scale?
How does AI impact large deal pricing?
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Next Cognizant Technology Solutions earnings date
Q4 20254 Feb, 2026
Next Cognizant Technology Solutions earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
IT Services and Consulting
Cognizant is an American IT services and consulting company with global operations. Its offerings of services and products are diverse, providing digital engineering, cloud solutions, IoT, and more. It also provides various consultancy services within the previously mentioned areas. The company was started as an in-house technology division of Dun & Bradstreet in 1994, but today operates as a completely separate entity. The company headquarters are in Teaneck, New Jersey, and its shares are traded on the Nasdaq.
Founding and Spin-Off
Cognizant was established in 1994 as a technology arm of Dun & Bradstreet. During the first years, its primary role was to develop software practices to provide services to Dun & Bradstreet's businesses. Recognizing the burgeoning potential of the IT services sector, Cognizant soon started serving external clients. In 1996, the company was spun off into an independent organization and had its IPO in 1998. Today, Cognizant competes with other companies such as Infosys and Accenture.
Offerings
Cognizant offers a variety of technology-driven services to its customers. At its core, the company provides digital solutions that aim to improve business operations. Through its data and analytics capabilities, the company assists in converting data into usable insights, enabling businesses to make more informed decisions. Cognizant also provides cloud and infrastructure services, helping businesses manage their IT resources efficiently. The company has industry-specific solutions for sectors like healthcare, banking, and retail. Additionally, they have a hand in areas like interactive services, the Internet of Things (IoT), and various engineering services.
Consultancy Services
The company also provides consultancy services within its field. Cognizant consultants evaluate various facets of an organization, including its processes, technologies, and overarching strategies with the objective of finding potential improvements. Once these areas are identified, the consultancy team provides tailored recommendations, ensuring they align with the specific needs and nuances of the client's industry. Overall, Cognizant's consultancy services offer businesses a blend of insight and practical advice, grounded in thorough examination and understanding of the unique challenges faced by the individual client.
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