Cognizant

Balance sheet carries net cash as of September 30, 2025: cash and equivalents 2.34 billion dollars against total debt of ~584 million dollars, and strong free cash flow. 2024 free cash flow was ~1.83 billion dollars; for the nine months ended September 30, 2025 FCF was ~1.88 billion dollars, and adding Q4‑2024 (0.84 billion) implies TTM FCF around 2.72 billion dollars.

Revolver usage decreased by 2025 Q3 with term loan maturities manageable. Capital intensity is low; cash conversion is strong. Key financial risks include cybersecurity liabilities (e.g., Clorox lawsuit) and Indian tax disputes; however, current liquidity and FCF provide ample shock absorption.