Cognizant reported fourth quarter revenue of $5.3 billion, up 4.9% year-over-year (3.8% in constant currency), and delivered GAAP diluted EPS of $1.34 versus $1.10 a year ago. Adjusted diluted EPS rose 11% to $1.35, beating consensus estimates by $0.03. For the full year, revenue reached $21.1 billion, a 7.0% increase (6.4% in constant currency), while GAAP EPS was $4.56, up 1%, and adjusted EPS climbed 11% to $5.28. Full-year adjusted operating margin expanded 50 basis points to 15.8%, driven in part by the integration of the Belcan acquisition, which contributed approximately 260 basis points to growth.

On a trailing-twelve-month basis, bookings grew 5% to $28.4 billion, with a book-to-bill ratio of 1.3x. Fourth quarter bookings increased 9% year-over-year and included 12 large deals (TCV ≥ $100 million), of which two were mega deals (TCV ≥ $500 million). Notable client wins include a five-year AI-driven BPaaS engagement with Bupa Hong Kong—the largest IOA services contract in the region—and an expanded multi-year agreement with Kohler focused on AI-enabled cloud management and observability. Voluntary attrition in tech services improved to 13.9%, and headcount rose by 14,800 year-over-year to 351,600 employees.

Cognizant returned $2 billion to shareholders in 2025 through $1.3 billion of share repurchases and $700 million in dividends. In Q4 alone, the company repurchased 4.3 million shares for $325 million and increased the quarterly cash dividend by 6.5% to $0.33 per share. For 2026, management plans to return $1.6 billion via $1 billion of share buybacks and dividends, and guides revenue growth of 4.0%–6.5% in constant currency with adjusted operating margin of 15.9%–16.1%. First quarter revenue is expected between $5.36 billion and $5.44 billion, representing 2.7%–4.2% growth in constant currency.