Cognizant Q1 revenue up 5.8% to $5.4 billion; raises 2026 margin outlook
Cognizant reported first-quarter 2026 revenue of $5.4 billion, up 5.8% year-over-year, and GAAP diluted EPS of $1.39, up 3.7%. It raised its 2026 Adjusted Operating Margin guidance to 16.0% to 16.2% while keeping constant currency revenue growth guidance at 4.0% to 6.5%, but also introduced Project Leap, which it expects to cost $230 million to $320 million, mostly in 2026.
Key points
- Q1 revenue of $5.4 billion rose 5.8% year-over-year (3.9% in constant currency); GAAP operating margin fell to 15.6% from 16.7%.
- Adjusted diluted EPS was $1.40, up 13.8% from $1.23 a year earlier; GAAP diluted EPS was $1.39 versus $1.34.
- Project Leap is expected to cost $230 million to $320 million, with in-year savings of about $200 million to $300 million in 2026.
- Bookings rose 21% in Q1 with seven large deals; the company repurchased 6.3 million shares for $427 million and declared a $0.33 quarterly dividend.
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.