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Cognizant Technology Solutions cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$925M in Q3 2026 · $2.4B over twelve months

Operating cash flow$1.0B
Capital spending−$79.0M
Free cash flow+$925M
Cash / net income1.6×
Cash conversion cycle69 days

Analysis

In Q3 2026, Cognizant Technology Solutions generated $1.0B of operating cash flow and spent $79.0M on capital projects, leaving free cash flow of $925M. That is $235M less than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were buybacks ($2.2B), acquisitions ($1.3B), dividends ($616M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.0B), shares issued ($53.0M); the cash balance fell by $826M.

Operating cash flow was $1.0B against net income of $627M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$231M, depreciation & amortization +$149M, deferred revenue −$77.0M.

Its cash conversion cycle was 69 days (receivables 78 + inventory 0 − payables 9).

Free cash flow

Cognizant Technology Solutions: free cash flow by quarterCognizant Technology Solutions: free cash flow by quarter$837MQ4 2024$323MQ1 2025$331MQ2 2025$1.2BQ3 2025$781MQ4 2025$198MQ1 2026$459MQ2 2026$925MQ3 2026
Operating cash flow less capital spending.
Cognizant Technology Solutions: operating cash flow against capital spendingCognizant Technology Solutions: operating cash flow against capital spendingOperating cash flowCapital spending$920M$83.0MQ4 2024$400M$77.0MQ1 2025$398M$67.0MQ2 2025$1.2B$67.0MQ3 2025$858M$77.0MQ4 2025$274M$76.0MQ1 2026$558M$99.0MQ2 2026$1.0B$79.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $79.0M.

Capital allocation, year by year

Cognizant Technology Solutions: where the cash came from (up) and went (down), by fiscal yearCognizant Technology Solutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.5BFY2021: Net borrowing −$53.0MFY2021: Shares issued $130MFY2021: Capital spending −$279MFY2021: Acquisitions −$970MFY2021: Buybacks −$771MFY2021: Dividends −$509M$2.6BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing −$36.0MFY2022: Shares issued $86.0MFY2022: Asset sales $28.0MFY2022: Capital spending −$332MFY2022: Acquisitions −$367MFY2022: Buybacks −$1.4BFY2022: Dividends −$564M$2.7BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing −$25.0MFY2023: Shares issued $71.0MFY2023: Capital spending −$317MFY2023: Acquisitions −$409MFY2023: Buybacks −$1.1BFY2023: Dividends −$591M$2.4BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing $227MFY2024: Shares issued $63.0MFY2024: Capital spending −$297MFY2024: Acquisitions −$1.6BFY2024: Buybacks −$605MFY2024: Dividends −$600M$2.4BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing −$342MFY2025: Shares issued $58.0MFY2025: Asset sales $70.0MFY2025: Capital spending −$288MFY2025: Buybacks −$1.4BFY2025: Dividends −$610M$3.0BFY2025
Over these 5 years operating cash flow totalled $12.4B; the largest uses were buybacks ($5.2B) and acquisitions ($3.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$1.6B
Net cash$0

Cognizant Technology Solutions funds itself: free cash flow was $2.4B over the last twelve months, and $1.6B of cash and investments stands against $1.6B of debt.

Where the cash came from and went

Cognizant Technology Solutions: sources (+) and uses (−) of cash, Q3 2026Cognizant Technology Solutions: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.0BCash drawn (+) / kept (−)−$477MBuybacks−$270MDividends−$149MCapital spending−$79.0MOther investing−$50.0MAcquisitions$21.0MShares issued$12.0MOther financing−$11.0MExchange rates−$1.0M
Cognizant Technology Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026Cognizant Technology Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BBuybacks−$2.2BAcquisitions−$1.3BNet borrowing (+) / repaid (−)$1.0BCash drawn (+) / kept (−)$826MDividends−$616MCapital spending−$331MShares issued$53.0MOther investing−$48.0MOther financing−$44.0MExchange rates−$6.0M

From profit to cash

Cognizant Technology Solutions: net income to operating cash flow, Q3 2026Cognizant Technology Solutions: net income to operating cash flow, Q3 2026Net income$627MDepreciation & amortization$149MStock-based pay$50.0MDeferred taxes$9.0MOther non-cash$5.0MReceivables−$66.0MPayables$10.0MDeferred revenue−$77.0MPrepaid and other assets$66.0MOther liabilities$231MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202678—969
Q2 202678—969
Q1 202675—867
Q4 202576—868
Q3 202575—767
Q2 202575—867
Q1 202573—964
Q4 202475—966

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$79.0M$21.0M−$270M−$149M—$12.0M−$477M$925M
Q2 2026$558M−$99.0M−$604M−$1.2B−$157M—$12.0M$466M$459M
Q1 2026$274M−$76.0M−$730M−$444M−$159M—$17.0M$1.1B$198M
Q4 2025$858M−$77.0M—−$338M−$151M—$12.0M−$293M$781M
Q3 2025$1.2B−$67.0M—−$463M−$151M—$13.0M−$545M$1.2B
Q2 2025$398M−$67.0M—−$368M−$153M—$14.0M$184M$331M
Q1 2025$400M−$77.0M—−$209M−$155M−$300M$19.0M$251M$323M
Q4 2024$920M−$83.0M—−$154M−$150M−$300M$14.0M−$218M$837M

Cognizant Technology Solutions: income statement and cash flow

Cognizant Technology Solutions, Q3 2026: revenue $5.7B (+5% year over year), operating margin 15.4%. The chart follows the revenue to costs, profit and cash.

Cognizant Technology Solutions: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.