Core Insights - Cognizant reported a third quarter revenue of $5.42 billion, reflecting a year-over-year increase of 7.4% and a constant currency growth of 6.5%, marking the fifth consecutive quarter of organic revenue growth [2][9] - The company signed six large deals in the quarter, contributing to a total of 16 large deals year-to-date, with a 40% increase in total contract value (TCV) compared to the same period last year [2][5] - Cognizant's full-year revenue guidance has been raised to a growth range of 6.0% to 6.3% in constant currency, exceeding previous estimates [4][10] Financial Performance - Revenue for Q3 2025 was $5,415 million, compared to $5,044 million in Q3 2024, with a year-to-date revenue of $15,775 million versus $14,654 million in the previous year [3][9] - The GAAP operating margin improved to 16.0%, up 140 basis points year-over-year, while the adjusted operating margin also increased to 16.0%, reflecting a 70 basis point improvement [3][9] - GAAP diluted EPS for Q3 2025 was $0.56, down from $1.17 in Q3 2024, impacted by a one-time non-cash income tax charge of $0.80 [3][9] Bookings and Employee Metrics - Trailing twelve-month bookings rose 5% year-over-year to $27.5 billion, with a book-to-bill ratio of approximately 1.3x [5] - Voluntary attrition in tech services was reported at 14.5%, a decrease from 15.2% in the previous quarter [6] Shareholder Returns - Cognizant repurchased 6.3 million shares for $450 million in Q3 2025, with a total of 13.1 million shares repurchased year-to-date for $994 million [7][9] - A quarterly cash dividend of $0.31 per share was declared, payable on November 26, 2025 [7] Segment and Geographic Performance - Revenue by segment showed Health Sciences at $1,604 million (29.6% of total), Financial Services at $1,578 million (29.2%), Products and Resources at $1,383 million (25.5%), and Communications, Media and Technology at $850 million (15.7%) [38] - North America accounted for 74.4% of total revenues, with a year-over-year growth of 7.8% [38]