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2022 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.

When you engineer intuition into your business, a mindset shift happens across experience, process and technology—one that speeds adaptation even amid disruption.

The key to perpetual business relevance

Discover why engineering intuition into your business turns awareness, intelligence and experience into precise decision making.

Learn more
aerial view of an open room with colleagues engage in a discussion

At Cognizant we are committed to making a positive impact on what matters most.

Environment

We leverage our expertise and resources to help address climate change. We are also committed to achieve net zero emissions.

Social

As a company, we are working to increase the diversity of associates and create a more inclusive working environment for us all.

Governance

Cognizant’s senior global leadership team brings deep industry experience to the organization and maintains a strong ethical climate.

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 margin*

15.3%

Share repurchases and dividends

$2.0B

Capital deployed on acquisitions

$400M

Cash flow from operations

$2.6B

Free cash flow*

$2.2B

*Constant 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, pages 34-36, for more information and a reconciliation to the most directly comparable GAAP financial measure, as applicable.