Cognizant Technology Solutions (CTSH) 10-K Summary — Year Ended Dec 31, 2023

Cognizant Technology Solutions Corporation filed its annual 10-K for the fiscal year ended December 31, 2023. The filing describes the company's business, financial performance, risk factors, and liquidity position.

Key takeaway

Year ended Dec 31, 2023 · FY2025 10-K

Financial snapshot

Selected annual figures reported with the filing, shown separately from the narrative summary.

Annual revenue

$19.4B

Revenue reported for the fiscal year.

Operating income

$2.7B

Income from operations reported for the year.

Net income

$2.1B

Net income reported for the year.

Operating cash flow

$2.3B

Cash generated by operating activities.

Annual revenue trend

Reported annual revenue and its change from the preceding fiscal year.

Period ended	Revenue	Year-over-year change
Dec 31, 2021	$18.5B	n/a
Dec 31, 2022	$19.4B	+5.0%
Dec 31, 2023	$19.4B	-0.4%

Business overview

Cognizant provides information technology, consulting, and business process services. The company serves clients across various industries, leveraging digital technologies including artificial intelligence.

Financial performance

Revenue remained relatively flat compared to the prior year. Operating income and net income were reported, and cash from operations decreased slightly.

Material risks

The filing identifies risks related to the mandatory capitalization of research and experimental expenditures, which increased tax payments. Other risks include potential impacts from foreign jurisdictions that prevent inspections and general market conditions.

Liquidity and capital

Cash generated from operations is the primary source of liquidity. As of the end of the period, the company had significant cash and short-term investments, along with available credit facility capacity.

What to watch

Monitor the trend in days sales outstanding, which increased compared to the prior year.