Research · Sep 3, 2026
[CTSH] Cognizant Thesis 2026: AI-Assisted Development Reaches Thirty Percent of Code Delivered
Cognizant FY25 revenue $21.11B (+7% / 6.4% cc); op income $3.53B (+22%); NI $2.23B; EPS $4.55. Q4 +3.8% cc; 12 large deals >$100M (one >$1B). Adj op margin 16% (+30bp Q4) / 15.8% FY (above guide). Financial Services led (+9% Q4 / +7% FY cc). 4,000+ AI engagements; 30%+ developer effort AI-assisted; 1,500+ agents in production; 340K+ associates AI-skilled. Three Cloud acquisition announced (closes 2026). FY26 guide: revenue +4-6.5% cc (incl ~150bp inorganic, one-third M&A); adj EBIT 15.9-16.1% (+30bp); adj EPS $5.56-$5.70 (+5-8%); ~$1.6B shareholder return.