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Cognizant Technology Solutions vs Zscaler: CTSH and ZS compared
Cognizant Technology Solutions is the larger company: $5.7B of revenue in its latest quarter (Q3 2026) against $898M for Zscaler (Q4 FY26). Zscaler is growing faster (+25% against +5% a year earlier). Cognizant Technology Solutions is more profitable, with an operating margin of 15.4% against -1.7%.
Where the money goes: CTSH and ZS
Cognizant Technology Solutions (CTSH) · Q3 2026
Cognizant Technology Solutions, Q3 2026: revenue $5.7B (+5% year over year), operating margin 15.4%, net earnings $627M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
Zscaler (ZS) · Q4 FY26
Zscaler, Q4 FY26: revenue $898M (+25% year over year), operating margin -1.7%, net loss $3.4M, operating cash flow $279M. The chart follows the revenue to costs, profit and cash.
| Cognizant Technology Solutions (CTSH) | Zscaler (ZS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q4 FY26 |
| Revenue | $5.7B | $898M |
| Revenue growth, Y/Y | +5% | +25% |
| Operating margin | 15.4% | -1.7% |
| Net earnings | $627M | −$3.4M |
| Net margin | 11.1% | -0.4% |
| Operating cash flow | $1.0B | $279M |
| Free cash flow | $925M | $79.4M |
| Market value | $29.1B | $31.8B |
| P/E | 11.8× | — |
| Analysts’ mean target | $69.78 | $235.19 |
Where the revenue comes from
Cognizant Technology Solutions
- Financial Services: $1.8B (31%)
- Healthcare Segment: $1.6B (28%)
- Products and Resources: $1.4B (24%)
- Communications, Media and Technology: $939M (17%)
Questions
Which is bigger, Cognizant Technology Solutions or Zscaler?
Cognizant Technology Solutions is the larger company: $5.7B of revenue in its latest quarter (Q3 2026) against $898M for Zscaler (Q4 FY26).
Is Cognizant Technology Solutions or Zscaler growing faster?
Zscaler is growing faster (+25% against +5% a year earlier).
Which is more profitable, Cognizant Technology Solutions or Zscaler?
Cognizant Technology Solutions is more profitable, with an operating margin of 15.4% against -1.7%.
More: Cognizant Technology Solutions earnings · how Cognizant Technology Solutions makes money · Zscaler earnings · how Zscaler makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-K filed Sep 3, 2026). Fiscal quarters can end on different dates. Not investment advice.