Cognizant revenue hits $5.4B as new ‘project leap’ efficiency drive targets $300M in savings

Cognizant Technology Solutions (NASDAQ:CTSH) announced its financial results for the first quarter ended March 31, 2026, on Wednesday, April 29, 2026, delivering top-line growth and a significant increase in profitability.

The Teaneck, New Jersey-based IT services giant posted revenue of $5.41 billion, a 5.8% increase year-over-year (3.9% in constant currency), as demand for digital transformation and generative AI integration continues to stabilize across its global client base.

The company’s bottom-line performance outperformed the previous year, with GAAP diluted earnings per share (EPS) reaching $1.39.

On an adjusted basis, EPS rose 13.8% to $1.40, reflecting disciplined cost management and a shift toward higher-value consulting services.

Commercial momentum remained robust, with trailing 12-month bookings reaching $29.6 billion, an 11% increase that signals a healthy pipeline for the remainder of the fiscal year.

Alongside its financial results, Cognizant unveiled Project Leap, a comprehensive multi-year operational excellence program.

The initiative is designed to simplify the company’s operating model and automate internal processes, with a target of achieving $200 million to $300 million in annual savings by the end of 2026.

The company expects to incur related restructuring charges between $230 million and $320 million as it executes these changes.

Reflecting this increased efficiency, management raised its full-year 2026 adjusted operating margin guidance to a range of 16.0% to 16.2%.