Exhibit 99.3
Fourth Quarter and Full Year 2025
Financial Results and Highlights
February 4, 2026
© 2026 Cognizant
Results Summary: Q4 2025Revenue
Increase of 4.9% Y/Y as reported, and an increase of 3.8% Y/Y in constant currency1
GAAP and Adjusted Operating Margin1
$5,082M
$5,333M
14.8%
16.0%
15.7% 16.0%
Q4 '24 Q4 '25 Q4 '24 Q4 '25
Q4 '24 Q4 '25
Diluted Earnings Per Share (EPS)
GAAP Operating Margin Adjusted Operating Margin1
Cash Flow
$1.34
$1.10
Q4 '24 Q4 '25
$1.35
$1.21
Q4 '24 Q4 '25
$920M $858M
Q4 '24 Q4 '25
$837M $781M
Q4 '24 Q4 '25
GAAP Diluted EPS Adjusted Diluted EPS1 Operating Cash Flow Free Cash Flow1
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.
Results Summary: FY 2025Revenue
Increase of 7.0% Y/Y as reported, and an increase of 6.4% Y/Y in constant currency1,2
GAAP and Adjusted Operating Margin1
$21,108M
14.7%
16.1%
15.8%
15.3%
$19,736M
2024 2025 2024 2025
2024 2025 GAAP Operating Margin Adjusted Operating Margin1
Diluted Earnings Per Share (EPS)
$4.75
$5.28
Cash Flow
$2,124M
$2,883M
$1,827M
$2,665M
$4.51 $4.56
2024 2025
2024 2025
2024 2025
2024 2025
GAAP Diluted EPS3 Adjusted Diluted EPS1 Operating Cash Flow Free Cash Flow1
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 the acquisition of Belcan contributed approximately 260 basis points to year-over-year revenue growth.
3 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.
2025: strong performance against our strategic objectivesAmplify Talent |
|
Scale Innovation |
|
Accelerating Growth |
|
2
6
1 Estimated based on company's sampling methodology
2 Organic growth is defined as constant currency revenue growth of 6.4% less contributions from recently completed acquisitions of 260 basis points
© 2026 Cognizant
We achieved our goals and entered 2026 with momentumMarch 2025 Investor Day: Winner's Circle Objectives
Top-tier revenue
growth Gain market share
Sustain large deal
momentum
Skilling for the
future
Gradual margin Adjusted EPS >
expansion Revenue Growth
2025 Results
7.0% Y/Y reported Above peer average
6.4% Y/Y CC1 revenue growth
Driven by organic growth
50% Y/Y 260K
Large deal TCV Employees AI trained
140 bps Y/Y GAAP
50 bps Y/Y adjusted1
Operating margin expansion
1% Y/Y GAAP2
11% Y/Y adjusted1
EPS growth
We are well-positioned to sustain Winner's Circle performance in 20261 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 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.
Targeting
Top Tier
Achieved
Top Tier3
+0.5%
(3.0%)
(8.0%)
Revenue growth
vs. peer average1,2
2027
2026
2025
2024
2023
2022
10th
8th
6th
Revenue growth rank
vs. peers1,2
In 2025, we reached the Winner's Circle two years ahead of plan
Winner's Circle
1 Cognizant and peer revenue growth rates are in constant currency; 2025 growth and ranking based on actual peer results as of February 4, 2025.
2 Peer group includes Accenture, Capgemini, CGI Group, DXC, EPAM, Genpact, HCL, Infosys, Tata Consultancy Services and Wipro.
3 Top Tier defined as top 4.
Full-year 2026 and Q1 2026 Guidance12026 Guidance | Assumptions | |
Revenue | ~$22.14B to ~$22.66B 4.9% to 7.4% Y/Y or 4.0% to 6.5% Y/Y CC | Includes ~150 bps of inorganic contribution of which ~50 bps for future acquisitions |
Adjusted Operating Margin2 | 15.9% to 16.1% 10 to 30 basis points expansion | |
Adjusted effective tax rate2 | 25% to 26% | |
Share Count | 475M | |
Adjusted Diluted EPS2 | $5.56 to $5.70 5% to 8% Y/Y |
Q1 2026 Guidance
Includes ~100 bps of inorganic contribution
~$5.36 to ~$5.44B
4.8% to 6.3% Y/Y or 2.7% to 4.2% Y/Y CC
Revenue
1 Guidance is as of February 4, 2026
2 A full reconciliation of Adjusted Operating Margin, Adjusted Diluted EPS and Adjusted effective tax rate guidance to the corresponding GAAP measures on a forward-looking basis cannot be
provided without unreasonable efforts as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses, and the tax effects of these adjustments. See "About Non-GAAP Financial Measures and Performance Metrics" for more information, the definition of Adjusted effective tax rate as well as a partial reconciliation to the most directly comparable GAAP financial measures at the end of this earnings supplement.
Revenue, Operating Margin and EPS$ in millions except per share amounts
$5,415
$5,333
$5,044
$5,082
$5,115
$5,245
$4,760
$4,850
$1.39
$1.31
$1.35
$1.25
$1.21
$1.23
$1.12
$1.17
Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25
Revenue Y/Y1
Revenue Y/Y CC1
GAAP Operating Margin Adjusted Operating Margin GAAP Diluted EPS2 Adjusted Diluted EPS
Q1 '24
(1.1%)
(1.2%)
14.6%
15.1%
$1.10
$1.12
Q2 '24
(0.7%)
(0.5%)
14.6%
15.2%
$1.14
$1.17
Q3 '24
3.0%
2.7%
14.6%
15.3%
$1.17
$1.25
Q4 '24
6.8%
6.7%
14.8%
15.7%
$1.10
$1.21
7.5%
8.2%
16.7%
15.5%
$1.34
$1.23
Q2 '25
8.1%
7.2%
15.6%
15.6%
$1.31
$1.31
Q3 '25
7.4%
6.5%
16.0%
16.0%
$0.56
$1.39
Q4 '25
4.9%
3.8%
16.0%
16.0%
$1.34
$1.35
Revenue
Adjusted Diluted EPSQ1 '25
1 Revenue from our 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.
Revenue Performance: Q4 2025Segments
$ in millions
Geography
$ in millions
$1,018
$3,986
$329
Health Sciences
+5.2% Y/Y
+4.2% Y/Y CC
Financial Services
$1,621
$1,586
+10.5% Y/Y
+9.3% Y/Y CC
$808
Products & Resources
+1.8% Y/Y
+0.3% Y/Y CC
$1,318
Communications, Media & Technology
(0.4%) Y/Y (1.2%) Y/Y CC
Europe
+8.4% Y/Y
+2.0% Y/Y CC
North America1
+4.3% Y/Y
+4.2% Y/Y CC
Rest of World
+2.5% Y/Y
+3.6% Y/Y CC
2
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Cognizant Technology Solutions Corporation published this content on February 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 04, 2026 at 14:34 UTC.

















