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Annual Report

Helping our clients embrace a new era of technology

In this new phase of the digital era, we’re continuing to pursue our purpose of engineering modern businesses to improve everyday life. We’re embracing a future powered by artificial intelligence, with investments and research that position us as a leader in driving gen AI-led transformation.
We’re deepening our industry expertise, increasing our understanding of our clients’ businesses from their perspectives and co-creating solutions with clients to better align our offerings to fit their needs.
As innovation ramps up at speeds we’ve never seen, we’re staying focused on helping businesses seize the latest opportunities, recapturing our place as a market leader in growth and furthering the responsible use of gen AI.

Performance

During 2023, we remained committed to investing in future revenue growth while focusing on gradual margin expansion, which we believe will help drive increasing shareholder returns over the long term. We continue to push to be our industry’s employer of choice while continuing to optimize and further simplify our operations. 

Revenue

$19.4B

0.4% decline Y/Y as reported
0.3% decline Y/Y constant currency1

GAAP AND ADJUSTED OPERATING MARGIN1

13.9%

15.1% adjusted operating margin1

Share repurchases and dividends

$1.7B

Capital deployed on acquisitions

$409M

Cash flow from operations

$2.3B

FREE CASH FLOW1

$2.0B

1Constant currency revenue growth, adjusted operating margin and free cash flow are not measurements of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” in our 10-K for more information and a reconciliation to the most directly comparable GAAP financial measure, as applicable.

Future-ready research: “New work, new world”

Read our research conducted with Oxford Economics discussing generative AI and the three scenarios that put the final productivity tally in human hands.

Read the report
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Awards and accolades

Cognizant named one of America’s Greatest Workplaces for Diversity by Newsweek for the second consecutive year

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Cognizant named one of America’s Most Innovative Companies by Fortune

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Cognizant earns top score in Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index

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Cognizant recognized as Forbes’ World’s Best Employers

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Cognizant recognized for the second consecutive year in the India Workplace Equality Index 

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Acquisitions in 2023

OneSource Virtual

OneSource Virtual helps Workday customers thrive by boosting their capacity for growth through co-sourced HR, Finance and Accounting. This acquisition complements our existing Workday finance and human resources advisory implementation services.

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Mobica

Mobica provides software engineering and development capabilities through Talent-as-a-Service (TaaS). This acquisition expands our IoT-embedded software engineering practice.

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