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Cognizant Technology Solutions Corporation (CTSH-2.71%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Cognizant's revenues increased by 2.0% to $19.736 billion in 2024, compared to $19.353 billion in 2023. This growth was driven by acquisitions and increased demand in the Health Sciences segment, partially offset by declines in the Financial Services and Products and Resources segments.
Operating income for the year was $2.892 billion, up from $2.689 billion in 2023. The operating margin increased to 14.7% from 13.9% in the previous year, benefiting from cost savings initiatives and favorable foreign exchange movements.
Net income for the year was $2.240 billion, an increase from $2.126 billion in 2023. Diluted earnings per share rose to $4.51 from $4.21 in the previous year.
The company completed its NextGen program aimed at simplifying operations and optimizing corporate functions, incurring charges of $134 million in 2024. The program is expected to generate ongoing cost savings.
Cognizant's acquisitions in 2024 included Thirdera, a ServiceNow partner, and Belcan, a supplier of engineering services, with the latter contributing significantly to the Products and Resources segment.
The company faces ongoing legal proceedings, including a significant case involving Syntel, which is expected to go to trial in 2025.
Cognizant reported a total of 336,800 employees at the end of 2024, with a voluntary attrition rate in tech services of 15.9%, up from 13.8% in 2023.
The company declared a dividend of $0.31 per share for the first quarter of 2025, continuing its policy of returning capital to shareholders.
Cognizant's cash and cash equivalents stood at $2.231 billion as of December 31, 2024, with net cash provided by operating activities amounting to $2.124 billion for the year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cognizant Technology Solutions Corporation annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.