Cognizant Bookings Hit $28.4 Billion, Q4 Revenue Rises 4.9%

Cognizant reported a 4.9% year-on-year increase in revenue for the fourth quarter ended December 31, 2025, with revenue rising to $5.33 billion, as constant-currency growth stood at 3.8%.

Trailing twelve-month bookings reached $28.4 billion at the end of the quarter, up 5% year-on-year, with a book-to-bill ratio of 1.3X.

The company informed that it sustained the large deal TCV, with a 50% increase in TCV.

Cognizant said bookings in the fourth quarter increased 9% compared with the same period last year.

Among business segments, financial services recorded the strongest performance in the quarter, with revenue rising 10.5% year-on-year, or 9.3% in constant currency terms. 

“I am deeply grateful to our over 350,000 employees who helped make 2025 a defining year for Cognizant in which we put our AI builder strategy in motion and returned to the 'winner's circle' two years ahead of the target we set at our Investor Day,” CEO Ravi Kumar S said.

Health sciences revenue increased 5.2% year-on-year, while products and resources grew 1.8%. Communications, media and technology revenue declined 0.4% year-on-year.

Geographically, revenue from North America grew 2.5% year-on-year in the quarter, while Europe reported growth of 4.3%. Revenue from the rest of the world increased 4.2%.

Cognizant said it continued to scale its AI initiatives during the quarter, with more than 260,000 employees now trained in generative AI and over 30% of its code estimated to be AI-assisted.

Employee headcount stood at 351,600 at the end of December 2025.

Trailing 12-month voluntary attrition in tech services declined to 13.9%, down about 200 basis points year-on-year.

For the full year 2025, Cognizant reported revenue growth of 7.0% to $21.11 billion, while adjusted diluted earnings per share rose to $5.28. 

Looking ahead, the company forecast first-quarter 2026 revenue in the range of $5.36 billion to $5.44 billion.