Cognizant’s Rev Growth Led By Platforms, AI Infra
Delivering agentification at scale: Cognizant is differentiating itself by moving with agility and building IP at the edge, leveraging its interdisciplinary capabilities across domain, technology and operations to address new client growth priorities
Ravi Kumar S, Chief Executive Officer

Jatin Dalal, Chief Financial Officer.
FinTech BizNews Service
Mumbai, July 31, 2025: Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, has announced its second quarter 2025 financial results.

"Our second quarter revenue performance exceeded the high end of our guidance range, underscoring the effectiveness of our strategy to build a resilient and durable portfolio that positions us to win in the AI era," said Ravi Kumar S, Chief Executive Officer. "Our investments in talent, platforms and AI infrastructure drove our fourth-straight quarter of organic year-over-year revenue growth, another quarter of margin expansion and helped us accelerate bookings, including two $1 billion deals. In today's dynamic and competitive environment, we are differentiating ourselves by moving with agility and building IP at the edge, leveraging our interdisciplinary capabilities across domain, technology and operations to address new client growth priorities and deliver agentification at scale."
$ in millions, except per share data | Q2 2025 |
| Q2 2024 |
| YTD Q2 2025 |
| YTD Q2 2024 |
Revenue | $5,245 |
| $4,850 |
| $10,360 |
| $9,610 |
Y/Y Change | 8.1 % |
| (0.7 %) |
| 7.8 % |
| (0.9 %) |
Y/Y Change CC1 | 7.2 % |
| (0.5 %) |
| 7.7 % |
| (0.9 %) |
GAAP Operating Margin | 15.6 % |
| 14.6 % |
| 16.1 % |
| 14.6 % |
Adjusted Operating Margin1 | 15.6 % |
| 15.2 % |
| 15.5 % |
| 15.1 % |
GAAP Diluted EPS | $1.31 |
| $1.14 |
| $2.65 |
| $2.23 |
Adjusted Diluted EPS1 | $1.31 |
| $1.17 |
| $2.55 |
| $2.30 |
Our recently completed acquisitions contributed approximately 400 basis points to year-over-year revenue growth in each of the Q2 2025 and YTD Q2 2025 periods.
"In the first half of 2025, we delivered constant currency revenue growth of 7.7% and adjusted operating margin expansion of 40 basis points while funding investments for growth. This drove adjusted EPS growth of 11%," said Jatin Dalal, Chief Financial Officer. "Our increased revenue guidance midpoint and reaffirmed adjusted operating margin outlook reflect strong execution and momentum year-to-date. We now expect to return approximately $2.0 billion to shareholders this year, reinforcing our commitment to returning excess capital and confidence in our long-term strategy."
Bookings
On a trailing-twelve-month basis, bookings increased 6% year-over-year to $27.8 billion, which represented a book-to-bill of approximately 1.4x. Bookings in the second quarter increased 18% year-over-year. Second quarter bookings included six large deals, which are deals with total contract value of $100 million or greater. Of these, two deals had total contract value of over $1 billion each.
Employee Metrics
On a trailing-twelve months basis, Voluntary Attrition - Tech Services was 15.2% in the second quarter of 2025, as compared to 15.8% and 13.6% in the first quarter of 2025 and second quarter of 2024, respectively. Total headcount as of June 30, 2025 was 343,800, an increase of 7,500 from both Q1 2025 and Q2 2024.
Return of Capital to Shareholders
The Company repurchased 4.5 million shares for $354 million during the second quarter under its share repurchase program. Year-to-date, the company has repurchased 6.8 million shares for $544 million. As of June 30, 2025, there was $2.7 billion remaining under the share repurchase authorization. In July 2025, the Company declared a quarterly cash dividend of $0.31 per share for shareholders of record on August 18, 2025. This dividend will be payable on August 26, 2025.
Third Quarter and Full-Year 2025 Guidance
(all growth rates year-over-year)
- Third quarter revenue is expected to be $5.27 - $5.35 billion, growth of 4.6% to 6.1%, or 3.5% to 5.0% in constant currency.
- Full-year 2025 revenue is expected to be $20.7 - $21.1 billion, growth of 4.7% to 6.7%, or 4.0% to 6.0% in constant currency.
- Full-year 2025 Adjusted Operating Margin3 is expected to be in the range of 15.5% to 15.7%, or 20 to 40 basis points of expansion.
- Full-year 2025 Adjusted Diluted EPS3 is expected to be in the range of $5.08 to $5.22
Select Company, Client and Partnership Announcements
Cognizant is building a portfolio of capabilities combined with deep domain expertise to harness and advance an AI-led future. Cognizant's progress has been accelerated through client agreements, platform enhancements, and partnerships. Recent announcements include:
Client Announcements
- Announced a contract with Lineage, Inc., the world's largest global temperature-controlled warehouse REIT, to advance Lineage's ongoing customer service transformation. The agreement is aimed at delivering enhanced resources, reliable service models, and cutting-edge technologies, such as Agentic AI solutions, to empower the customer care organization that serves Lineage's customers.
- Renewed engagement with Aker Solutions, a global leader from Norway in the energy industry, through a new multi-year agreement that includes use of the Cognizant Neuro® platform. Using the latest technology and AI platforms, Cognizant aims to modernize Aker Solutions' IT operations and projects, including cloud services, IT infrastructure, application management, networks, and cybersecurity.
- Announced an agreement with Ipswich City Council, the local government authority for the City of Ipswich, Queensland, together with Workday, Inc. As part of a five-year technology transformation, Cognizant will implement Workday HCM to develop a scalable, data-led technology system, designed to adapt to the community's evolving needs.
- Entered into an agreement with SmartestEnergy, the energy company helping Britain's businesses navigate the energy transition, to transform its employee support services and enable scalable growth through a seamless omni-channel experience. Cognizant will transform the first and second-line IT support functions of SmartestEnergy's internal helpdesk.
- Announced a contract with Kramp, Europe's leading technical wholesaler of spare parts and accessories for the agriculture, forest & landscaping and construction industries, to transform Kramp's IT platform. This project aims to implement a new Enterprise Resource Planning (ERP) solution that enhances operational efficiency, boosts customer experience, and drives business growth.
Platform Enhancements and Partnerships
- Launched Cognizant Agent Foundry, an offering designed to help enterprises design, deploy and orchestrate autonomous AI agents at scale. This offering is built to support the full lifecycle of agent deployment across four stages – Discover, Design, Build and Scale – providing enterprises with a structured, repeatable path from strategy to execution. Cognizant Agent Foundry is platform-agnostic, designed to integrate with existing enterprise systems (CRM, ERP, Human Resource Information Systems, cloud) and leading AI platforms. This includes collaboration under Cognizant's partnerships with ServiceNow, Salesforce and WRITER.
- Open-sourced its Neuro® AI Multi-Agent Accelerator for research and academic use. This open-source software enables domain experts, researchers, and developers to immediately start prototyping and building agent networks across a wide range of use cases. The open-source software is expected to help accelerate AI adoption by promoting collaboration in building and customizing multi-agent systems for adaptive operations and real-time decision-making. Enterprises can leverage Cognizant's Multi-Agent Services Suite to deploy networks of agents in a commercial setting at scale and to efficiently manage them in production, under a commercial license.
- Partnered with Google Cloud to launch Cognizant® Autonomous Customer Engagement, a new AI-led autonomous contact center solution, built to deliver hyper-personalized customer experiences across every stage of the order journey, across industries. The solution utilizes advanced AI agents to anticipate customer demands as well as address requests in real-time across both voice and digital channels. By employing Google Cloud Voice AI's natural language processing and machine learning, Cognizant Autonomous Customer Engagement is built to accurately understand and respond to user requests in order to provide quicker resolutions, shorter wait times, and reduced operational costs.
- Expanded its strategic collaboration with Pegasystems Inc., to augment Cognizant's agentic AI services with Pega Blueprint™ and drive rapid, successful cloud transformations for joint clients. By leveraging Cognizant's workbench for AI-driven legacy code rewrite capabilities, business rules and data extraction, Cognizant aims to help customers optimize and reimagine processes and build AI-powered systems on the Pega Infinity platform.
- Expanded its partnership with Salesforce, introducing a new suite of customer and operations transformation services built for Salesforce's Agentforce. The offerings are designed to help enterprises accelerate their shift to an AI-augmented workforce, combining human expertise with autonomous agents to drive productivity, responsiveness, and scalable impact.