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Cognizant 2024 Annual Report

Transforming how businesses operate in an AI-empowered world

We are building on our momentum to shape the future through two transformative opportunities: AI-driven hyperproductivity and embedded engineering. Our investments in these areas are delivering results with above-peer-average growth and record large deal signings.
Along this path, we’ve strengthened our 335,000-strong team—with 230,000 now AI-trained—while launching platforms like Neuro® AI and Flowsource™ that turned possibilities into realities for our clients.
As the next chapter begins, we’re advancing across three horizons: automating workflows, industrializing AI infrastructure, and pioneering enterprise agentification—transforming how businesses operate in an AI-empowered world.

Performance

In 2024, despite a challenging macroeconomic environment, we achieved revenue growth and an enhanced operating margin even as we accelerated investments in AI-led platforms and expanded our capabilities. Our focus on client centricity, agility and innovation is helping clients unlock the next wave of hyperproductivity.

Revenue

$19.7B

2.0% increase YoY as reported
1.9% increase YoY constant currency1

GAAP AND ADJUSTED OPERATING MARGIN1

14.7%

15.3% adjusted operating margin1

Share repurchases and dividends

$1.2B

Capital deployed on acquisitions

$1.6B

Cash flow from operations

$2.1B

Share repurchases and dividends

FREE CASH FLOW1

$1.8B

Share repurchases and dividends

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 measures, as applicable.

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

Read our research conducted with Oxford Economics discussing generative AI and the three adoption scenarios that put the final impact on US GDP in human hands.

Read the report
new work new world screen on laptop

Acquisitions in 2024

Belcan

This strategic acquisition enhances our engineering research and development (ER&D) capabilities in aerospace, defense, and industrial manufacturing.

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Belcan
Thirdera

This purchase positions us as a leading ServiceNow® partner, with robust capabilities across key ServiceNow workflows, including generative AI.

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Thirdera