Cognizant

Revenue is diversified across verticals with a heavy mix of recurring managed services and multi‑year projects, producing steady cash conversion. 2024 revenue grew 2% and 2025 growth guidance increased to ~6.0–6.3% constant currency with adjusted operating margin uplift.

TTM bookings reached ~27.5 billion dollars with a 1.3x book‑to‑bill and a record number of large deals, improving forward visibility. Macro sensitivity and discretionary project pauses remain, especially in Financial Services and CMT, but overall volatility is lower than product-centric or capex-heavy sectors.

AI adoption introduces some uncertainty (automation of hours vs new AI programs), though net effect appears constructive in 2025 results and pipeline.