Cognizant (CTSH)

NASDAQInformation TechnologyInformation Technology ServicesSnapshot 2026-10-15

$66.03+0.40%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Cognizant’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.3%

+10% or more+5%0%−5%−10% or less

6.31 → 6.33 EPS · FY ending Dec 31, 2027 · 18 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 19 to 18; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

4 key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted EPS grows 7% to 9% in 2026	EPS grows over 7% in 2026.	Intact	EPS falls below $5.22 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating margin near 16.1% in 2026	Profit margin is near 16%.	Intact	Operating margin falls below 15.6% in FY26	Operating margin: 15.95% FY2026-Q2; GAAP. Published target: ~16.1%. Target period is not explicitly aligned with this observation. Source published Jul 29, 202615.945995 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d8a11d76-fd24-47d6-ab76-2fb5df689a5f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 7 of last 7 quarters. Adjusted Operating Margin expanded from 15.3% in 2024-Q4 to 16.0% in 2026-Q2, with 40 basis points expansion year-over-year in Q2 2026. Project Leap program is expected to generate $200M-$300M savings in 2026, supporting margin expansion. Management is delivering on margin expansion through operational rigor and transformation. Delivery assessment Oct 15, 2026
Implement Project Leap to improve operations	A supporting condition in Cognizant's published investment case. The stated target is Sustain progress on Project Leap.	Intact	Project Leap progress stalls or reverses	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 15, 2026Last status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows at least $22.11B in 2026	A primary condition in Cognizant's published investment case. The stated target is >= $22.11 billion.	Intact	Revenue falls below $21.07 billion in FY26	Revenue: $5.481B FY2026-Q2; GAAP. Published target: >= $22.11 billion. Target period is not explicitly aligned with this observation. Source published Jul 29, 20265,481,000,000 USD · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d8a11d76-fd24-47d6-ab76-2fb5df689a5f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 7 of last 7 quarters. Revenue grew from $5.08 billion in 2024-Q4 to $5.48 billion in 2026-Q2, with constant currency growth of 4.1% in 2026-Q2. Management consistently emphasized sustaining and accelerating revenue growth driven by AI-led strategy and large deal momentum, delivering on this priority. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$6.33

$6.18 → $6.33 · observed estimates

FY2027 revenue$23.23B

$23.34B → $23.23B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$6.18	$23,343,823,665	18 / 22
2026-07-25	$6.19	$23,393,859,070	28 / 29
2026-07-26	$6.19	$23,393,859,070	28 / 29
2026-07-27	$6.19	$23,393,859,070	28 / 29
2026-07-28	$6.19	$23,393,859,070	28 / 29
2026-07-29	$6.19	$23,376,669,420	28 / 29
2026-07-30	$6.19	$23,376,669,420	28 / 29
2026-07-31	$6.29	$23,289,179,020	28 / 29
2026-08-01	$6.30	$23,275,218,243	18 / 22
2026-08-02	$6.30	$23,289,179,020	28 / 29
2026-08-03	$6.30	$23,275,218,243	19 / 22
2026-08-04	$6.30	$23,289,179,020	28 / 29
2026-08-05	$6.30	$23,275,218,243	19 / 22
2026-08-06	$6.30	$23,275,218,243	19 / 22
2026-08-07	$6.31	$23,248,064,396	19 / 22
2026-08-08	$6.31	$23,258,724,810	28 / 29
2026-08-09	$6.31	$23,258,724,810	28 / 29
2026-08-10	$6.31	$23,258,724,810	28 / 29
2026-08-11	$6.31	$23,248,064,396	19 / 22
2026-08-12	$6.31	$23,258,724,810	28 / 29
2026-08-13	$6.31	$23,248,064,396	19 / 22
2026-08-14	$6.31	$23,248,064,396	19 / 22
2026-08-15	$6.31	$23,248,064,396	19 / 22
2026-08-16	$6.31	$23,248,064,396	19 / 22
2026-08-17	$6.31	$23,248,064,396	19 / 22
2026-08-18	$6.31	$23,248,064,396	19 / 22
2026-08-19	$6.31	$23,248,064,396	19 / 22
2026-08-20	$6.31	$23,241,173,362	19 / 22
2026-08-21	$6.31	$23,241,173,362	19 / 22
2026-08-22	$6.31	$23,241,173,362	19 / 22
2026-08-23	$6.31	$23,241,173,362	19 / 22
2026-08-24	$6.31	$23,241,173,362	19 / 22
2026-08-25	$6.31	$23,241,265,802	19 / 22
2026-08-26	$6.31	$23,241,381,187	19 / 22
2026-08-27	$6.31	$23,241,381,187	19 / 22
2026-08-28	$6.31	$23,241,381,187	19 / 22
2026-08-29	$6.31	$23,241,381,187	19 / 22
2026-08-30	$6.31	$23,241,381,187	19 / 22
2026-08-31	$6.31	$23,241,381,187	19 / 22
2026-09-01	$6.31	$23,241,381,187	19 / 22
2026-09-02	$6.31	$23,241,381,187	19 / 22
2026-09-03	$6.31	$23,241,381,187	19 / 22
2026-09-04	$6.31	$23,241,381,187	19 / 22
2026-09-05	$6.31	$23,241,381,187	19 / 22
2026-09-06	$6.31	$23,241,381,187	19 / 22
2026-09-07	$6.31	$23,241,381,187	19 / 22
2026-09-08	$6.31	$23,241,381,187	19 / 22
2026-09-09	$6.31	$23,241,381,187	19 / 22
2026-09-10	$6.31	$23,241,381,187	19 / 22
2026-09-11	$6.31	$23,241,381,187	19 / 22
2026-09-12	$6.31	$23,241,381,187	19 / 22
2026-09-13	$6.31	$23,241,381,187	19 / 22
2026-09-14	$6.31	$23,241,381,189	19 / 22
2026-09-15	$6.31	$23,241,381,189	19 / 22
2026-09-16	$6.31	$23,241,381,189	19 / 22
2026-09-17	$6.31	$23,241,381,189	19 / 22
2026-09-18	$6.31	$23,241,381,189	19 / 22
2026-09-19	$6.31	$23,241,381,189	19 / 22
2026-09-20	$6.31	$23,233,804,266	19 / 22
2026-09-21	$6.31	$23,233,804,266	19 / 22
2026-09-22	$6.31	$23,233,804,266	19 / 22
2026-09-23	$6.31	$23,233,804,266	19 / 22
2026-09-24	$6.31	$23,233,804,266	19 / 22
2026-09-25	$6.33	$23,232,327,208	19 / 22
2026-09-26	$6.33	$23,232,327,208	19 / 22
2026-09-27	$6.33	$23,232,327,208	19 / 22
2026-09-28	$6.33	$23,232,327,208	19 / 22
2026-09-29	$6.33	$23,232,327,208	19 / 22
2026-09-30	$6.33	$23,232,327,208	19 / 22
2026-10-01	$6.33	$23,232,313,330	19 / 22
2026-10-02	$6.33	$23,232,313,330	19 / 22
2026-10-03	$6.33	$23,232,139,484	19 / 22
2026-10-04	$6.33	$23,232,139,484	19 / 22
2026-10-05	$6.33	$23,232,139,484	19 / 22
2026-10-06	$6.33	$23,232,139,484	19 / 22
2026-10-07	$6.33	$23,232,139,484	18 / 22
2026-10-08	$6.33	$23,230,870,253	18 / 22
2026-10-09	$6.33	$23,230,870,253	18 / 22
2026-10-10	$6.33	$23,230,870,253	18 / 22
2026-10-11	$6.33	$23,230,870,134	18 / 22
2026-10-12	$6.33	$23,230,886,469	18 / 22
2026-10-13	$6.33	$23,230,886,469	18 / 22
2026-10-14	$6.33	$23,230,609,546	18 / 22
2026-10-15	$6.33	$23,230,609,546	18 / 21

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	13	16
2026-06-01	14	17
2026-07-01	13	16
2026-08-01	14	16
2026-09-01	13	16
2026-10-01	13	16

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 13 Buy / Strong Buy · 16 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades5 maintains

Recent actions · Sep 16–Oct 15 · 5 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted EPS grows 7% to 9% in 2026Direct metric needs a verified mapping
Operating margin near 16.1% in 2026Operating margin: 15.95%
Implement Project Leap to improve operationsQualitative condition
Revenue grows at least $22.11B in 2026Revenue: $5.481B

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.9%Typical daily move · historical

Downside history

-55.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Cognizant outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment represents a durable compounder with a focus on revenue and margin growth. The current thesis is intact, supported by management's consistent execution on key priorities, despite some near-term risks.

What's priced into Cognizant

The market appears to price CTSH as cheap compared to its peers, reflecting a justified valuation. There is a slight expectations gap, indicating that some cautious sentiment may already be factored into the stock.

What the fundamentals likely do

Management is on track to increase revenue growth, expand operating margins, and grow adjusted EPS. However, there is a low probability of missing earnings expectations, which could impact sentiment if the trend of recent misses among peers continues.

What Cognizant hinges on

The long-term thesis hinges on external factors such as potential Fed rate cuts and the performance of sector bellwethers like IBM and ACN. Additionally, any guidance cuts from CTSH could negatively impact the stock.