filings.toolsItem 1. Financial Statements.
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Item 1. Financial Statements.
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
| (in millions, except par values) | June 30, 2026 | December 31, 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,038 | $ | 1,901 | |||||||
| Short-term investments | 13 | 13 | |||||||||
| Trade accounts receivable, net | 4,780 | 4,439 | |||||||||
| Other current assets | 1,728 | 1,465 | |||||||||
| Total current assets | 7,559 | 7,818 | |||||||||
| Property and equipment, net | 981 | 933 | |||||||||
| Operating lease assets, net | 555 | 573 | |||||||||
| Goodwill | 8,083 | 7,106 | |||||||||
| Intangible assets, net | 1,675 | 1,417 | |||||||||
| Deferred income tax assets, net | 764 | 967 | |||||||||
| Long-term investments | 106 | 111 | |||||||||
| Other noncurrent assets | 1,102 | 1,767 | |||||||||
| Total assets | $ | 20,825 | $ | 20,692 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 357 | $ | 308 | |||||||
| Deferred revenue | 490 | 501 | |||||||||
| Short-term debt | 33 | 33 | |||||||||
| Operating lease liabilities | 145 | 153 | |||||||||
| Accrued expenses and other current liabilities | 2,439 | 2,664 | |||||||||
| Total current liabilities | 3,464 | 3,659 | |||||||||
| Deferred revenue, noncurrent | 31 | 37 | |||||||||
| Operating lease liabilities, noncurrent | 389 | 423 | |||||||||
| Deferred income tax liabilities, net | 177 | 168 | |||||||||
| Long-term debt | 1,527 | 543 | |||||||||
| Other noncurrent liabilities | 775 | 847 | |||||||||
| Total liabilities | 6,363 | 5,677 | |||||||||
| Commitments and contingencies (See Note 11) | |||||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock, $0.10 par value, 15 shares authorized, none issued | — | — | |||||||||
| Class A common stock, $0.01 par value, 1,000 shares authorized, 452 and 479 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 5 | 5 | |||||||||
| Additional paid-in capital | 11 | 12 | |||||||||
| Retained earnings | 14,647 | 15,158 | |||||||||
| Accumulated other comprehensive income (loss) | (201) | (160) | |||||||||
| Total stockholders’ equity | 14,462 | 15,015 | |||||||||
| Total liabilities and stockholders’ equity | $ | 20,825 | $ | 20,692 |
The accompanying notes are an integral part of the unaudited consolidated financial statements.
| Cognizant Technology Solutions | 4 | June 30, 2026 Form 10-Q |
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| (in millions, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 5,481 | $ | 5,245 | $ | 10,894 | $ | 10,360 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization expense shown separately below) | 3,652 | 3,479 | 7,290 | 6,876 | |||||||||||||||||||
| Selling, general and administrative expenses | 728 | 810 | 1,519 | 1,601 | |||||||||||||||||||
| Restructuring charges | 84 | — | 84 | — | |||||||||||||||||||
| Depreciation and amortization expense | 143 | 139 | 284 | 275 | |||||||||||||||||||
| (Gain) on sale of property and equipment | — | — | — | (62) | |||||||||||||||||||
| Income from operations | 874 | 817 | 1,717 | 1,670 | |||||||||||||||||||
| Other income (expense), net: | |||||||||||||||||||||||
| Interest income | 18 | 23 | 40 | 53 | |||||||||||||||||||
| Interest expense | (13) | (9) | (20) | (21) | |||||||||||||||||||
| Foreign currency exchange gains (losses), net | 7 | 7 | 25 | 9 | |||||||||||||||||||
| Other, net | (11) | 4 | (20) | 3 | |||||||||||||||||||
| Total other income (expense), net | 1 | 25 | 25 | 44 | |||||||||||||||||||
| Income before provision for income taxes | 875 | 842 | 1,742 | 1,714 | |||||||||||||||||||
| Provision for income taxes | (231) | (197) | (439) | (410) | |||||||||||||||||||
| Income (loss) from equity method investments | (8) | — | (5) | 4 | |||||||||||||||||||
| Net income | $ | 636 | $ | 645 | $ | 1,298 | $ | 1,308 | |||||||||||||||
| Basic earnings per share | $ | 1.36 | $ | 1.31 | $ | 2.76 | $ | 2.65 | |||||||||||||||
| Diluted earnings per share | $ | 1.36 | $ | 1.31 | $ | 2.75 | $ | 2.65 | |||||||||||||||
| Weighted average number of common shares outstanding - Basic | 466 | 492 | 471 | 493 | |||||||||||||||||||
| Dilutive effect of shares issuable under stock-based compensation plans | — | — | 1 | — | |||||||||||||||||||
| Weighted average number of common shares outstanding - Diluted | 466 | 492 | 472 | 493 |
The accompanying notes are an integral part of the unaudited consolidated financial statements.
| Cognizant Technology Solutions | 5 | June 30, 2026 Form 10-Q |
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 636 | $ | 645 | $ | 1,298 | $ | 1,308 | |||||||||||||||
| Change in Accumulated other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustments | (16) | 197 | (55) | 300 | |||||||||||||||||||
| Unrealized gains and losses on cash flow hedges | 35 | 10 | (30) | 38 | |||||||||||||||||||
| Changes in net defined benefit obligations | 6 | 1 | 44 | 1 | |||||||||||||||||||
| Other comprehensive income (loss) | 25 | 208 | (41) | 339 | |||||||||||||||||||
| Comprehensive income | $ | 661 | $ | 853 | $ | 1,257 | $ | 1,647 |
The accompanying notes are an integral part of the unaudited consolidated financial statements.
| Cognizant Technology Solutions | 6 | June 30, 2026 Form 10-Q |
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| (in millions, except per share data) | Class A Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2025 | 479 | $ | 5 | $ | 12 | $ | 15,158 | $ | (160) | $ | 15,015 | |||||||||||||||||||||||||||
| Net income | — | — | — | 662 | — | 662 | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | (66) | (66) | ||||||||||||||||||||||||||||||||
| Common stock issued, stock-based compensation plans | 1 | — | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 46 | — | — | 46 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock | (6) | — | (58) | (390) | — | (448) | ||||||||||||||||||||||||||||||||
| Dividends declared, $0.33 per share | — | — | — | (158) | — | (158) | ||||||||||||||||||||||||||||||||
| Balance, March 31, 2026 | 474 | 5 | 17 | 15,272 | (226) | 15,068 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 636 | — | 636 | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | 25 | 25 | ||||||||||||||||||||||||||||||||
| Common stock issued, stock-based compensation plans | 1 | — | 12 | — | — | 12 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 53 | — | — | 53 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock | (23) | — | (71) | (1,103) | — | (1,174) | ||||||||||||||||||||||||||||||||
| Dividends declared, $0.33 per share | — | — | — | (158) | — | (158) | ||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | 452 | $ | 5 | $ | 11 | $ | 14,647 | $ | (201) | $ | 14,462 | |||||||||||||||||||||||||||
| (in millions, except per share data) | Class A Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 | 495 | $ | 5 | $ | 13 | $ | 14,686 | $ | (296) | $ | 14,408 | |||||||||||||||||||||||||||
| Net income | — | — | — | 663 | — | 663 | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | 131 | 131 | ||||||||||||||||||||||||||||||||
| Common stock issued, stock-based compensation plans | 1 | — | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 42 | — | — | 42 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock | (3) | — | (55) | (155) | — | (210) | ||||||||||||||||||||||||||||||||
| Dividends declared, $0.31 per share | — | — | — | (154) | — | (154) | ||||||||||||||||||||||||||||||||
| Balance, March 31, 2025 | 493 | 5 | 19 | 15,040 | (165) | 14,899 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 645 | — | 645 | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | 208 | 208 | ||||||||||||||||||||||||||||||||
| Common stock issued, stock-based compensation plans | — | — | 14 | — | — | 14 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 48 | — | — | 48 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock | (4) | — | (67) | (305) | — | (372) | ||||||||||||||||||||||||||||||||
| Dividends declared, $0.31 per share | — | — | — | (154) | — | (154) | ||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | 489 | $ | 5 | $ | 14 | $ | 15,226 | $ | 43 | $ | 15,288 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of the unaudited consolidated financial statements.
| Cognizant Technology Solutions | 7 | June 30, 2026 Form 10-Q |
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| (in millions) | For the Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 1,298 | $ | 1,308 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization expense | 284 | 275 | |||||||||
| Deferred income taxes | 119 | 9 | |||||||||
| Stock-based compensation expense | 99 | 90 | |||||||||
| Gain on sale of property and equipment | — | (62) | |||||||||
| Other, net | 14 | (15) | |||||||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||||||
| Trade accounts receivable, current | (274) | (320) | |||||||||
| Other current and noncurrent assets | (219) | (60) | |||||||||
| Accounts payable | 29 | (29) | |||||||||
| Deferred revenues, current and noncurrent | (20) | (10) | |||||||||
| Other current and noncurrent liabilities | (498) | (388) | |||||||||
| Net cash provided by operating activities | 832 | 798 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (175) | (144) | |||||||||
| Proceeds from sale of property and equipment | — | 70 | |||||||||
| Purchases of other investments | (51) | (16) | |||||||||
| Proceeds from maturity or sale of other investments | 51 | 1 | |||||||||
| Payments for business combinations, net of cash acquired | (1,334) | — | |||||||||
| Net cash (used in) investing activities | (1,509) | (89) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Issuance of common stock under stock-based compensation plans | 29 | 33 | |||||||||
| Repurchases of common stock | (1,607) | (577) | |||||||||
| Repayment of Term Loan borrowings and finance lease obligations | (23) | (21) | |||||||||
| Proceeds from borrowings under the revolving credit facility | 1,000 | — | |||||||||
| Repayment of notes outstanding under the revolving credit facility | — | (300) | |||||||||
| Dividends paid | (316) | (308) | |||||||||
| Net cash (used in) financing activities | (917) | (1,173) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2) | 29 | |||||||||
| (Decrease) in cash, cash equivalents and restricted cash | (1,596) | (435) | |||||||||
| Cash, cash equivalents and restricted cash beginning of year | 2,634 | 2,231 | |||||||||
| Cash and cash equivalents, end of period | $ | 1,038 | $ | 1,796 |
The accompanying notes are an integral part of the unaudited consolidated financial statements.
| Cognizant Technology Solutions | 8 | June 30, 2026 Form 10-Q |
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
| Note 1 — Interim Consolidated Financial Statements |
The terms “Cognizant,” “we,” “our,” “us” and “the Company” refer to Cognizant Technology Solutions Corporation and its subsidiaries unless the context indicates otherwise. We have prepared the accompanying unaudited consolidated financial statements included herein in accordance with GAAP and the Exchange Act. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2025. In our opinion, all adjustments considered necessary for a fair statement of the accompanying unaudited consolidated financial statements have been included and all adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year.
Sale of Property and Equipment
During the three months ended March 31, 2025, we sold an office complex in India for proceeds of $70 million and recorded a gain on the transaction of $62 million, which was reported in "(Gain) on sale of property and equipment" on our unaudited consolidated statement of operations.
Accelerated Share Repurchase Agreements
During the three months ended June 30, 2026, we entered into, and completed, ASR agreements with financial institutions to purchase our Class A common stock (the "May 2026 ASR") for consideration of $500 million. In total, 9.7 million shares were repurchased under the May 2026 ASR at an average repurchase price of $51.54. Shares are returned to the status of authorized and unissued shares in the periods they are delivered to us under an ASR. Upfront payments related to ASRs are accounted for as a reduction to stockholders’ equity in the consolidated statements of financial position in the period the payments are made.
Goodwill
The Company evaluates goodwill for impairment annually as of October 31, and more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit has declined below its carrying amount. The Company's most recent annual impairment test, performed as of October 31, 2025, indicated that the fair value of each of the Company's reporting units exceeded its carrying amount, and that there was no impairment.
During the quarter ended June 30, 2026, the Company's common share price and market capitalization declined, reaching a recent low, before partially recovering in July 2026. Management performed a qualitative assessment of this decline, together with other relevant events and circumstances, weighed against positive and mitigating factors and the substantial headroom established at the last annual test, and concluded that it was not more likely than not that the fair value of any of our reporting units was less than the carrying value of any of our reporting units as of June 30, 2026.
The evaluation of whether there were indicators of impairment, and the estimation of a reporting unit's fair value, requires significant management judgment. Although the Company's share price has partially recovered from its recent low, a further decline in the Company's share price and market capitalization, or a deterioration in the operating results, cash flow projections, or other assumptions underlying the fair values of the Company's reporting units before the next annual impairment test on October 31, 2026, could require management to perform an interim quantitative impairment test.
| Cognizant Technology Solutions | 9 | June 30, 2026 Form 10-Q |
Recently Adopted Accounting Pronouncements
| Date Issued and Topic | Date Adopted and Method | Description | Impact | ||||||||
| July 2025 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets | Adopted effective January 1, 2026 Prospective basis | The standard is intended to simplify the measurement of credit losses for accounts receivable and contract assets by providing a practical expedient that allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. | Adoption did not have a significant impact on our consolidated financial statements. | ||||||||
| September 2025 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | Early adopted effective January 1, 2026 Prospective basis | The standard is intended to modernize the internal-use software guidance, making it easier to apply to various software development methods. | Adoption did not have a significant impact on our consolidated financial statements. | ||||||||
| December 2025 Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities | Early adopted effective January 1, 2026 Prospective basis | The standard provides authoritative guidance for business entities receiving government grants, establishing rules for their recognition, measurement, presentation, and disclosure. | Adoption did not have a significant impact on our consolidated financial statements. |
New Accounting Pronouncements
| Date Issued and Topic | Effective Date | Description | Impact | ||||||||
| November 2024 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) | Annual period starting in 2027 and interim periods starting in 2028 Prospective basis | The standard is intended to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. | We are currently evaluating the impact on our disclosures. | ||||||||
| December 2025 Interim Reporting (Topic 270): Narrow-Scope Improvements | Interim reporting periods within annual reporting periods starting in 2028 Prospective basis | The standard clarifies the applicability of Topic 270, provides a comprehensive list of interim disclosures, and includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. | We are currently evaluating the impact on our interim disclosures. |
| Cognizant Technology Solutions | 10 | June 30, 2026 Form 10-Q |
| Note 2 — Revenues and Trade Accounts Receivable |
Disaggregation of Revenues
The tables below present disaggregated revenues from contracts with clients by client location, service line and contract type for each of our reportable business segments. We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Our consulting and technology services include consulting, application development, systems integration, quality engineering and assurance services as well as software solutions and related services while our outsourcing services include application maintenance, infrastructure and security as well as business process services. Revenues are attributed to geographic regions based upon client location, which is the client's billing address. Substantially all revenues in the North America region relate to clients in the United States.
| Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | HS | FS | P&R | CMT | Total | HS | FS | P&R | CMT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 1,307 | $ | 1,263 | $ | 918 | $ | 639 | $ | 4,127 | $ | 2,618 | $ | 2,439 | $ | 1,834 | $ | 1,288 | $ | 8,179 | ||||||||||||||||||||||||||||||||||||||||||
| United Kingdom | 60 | 165 | 151 | 116 | 492 | 117 | 336 | 315 | 233 | 1,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Continental Europe | 164 | 167 | 171 | 33 | 535 | 332 | 333 | 332 | 68 | 1,065 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe - Total | 224 | 332 | 322 | 149 | 1,027 | 449 | 669 | 647 | 301 | 2,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rest of World | 41 | 138 | 82 | 66 | 327 | 84 | 269 | 162 | 134 | 649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,572 | $ | 1,733 | $ | 1,322 | $ | 854 | $ | 5,481 | $ | 3,151 | $ | 3,377 | $ | 2,643 | $ | 1,723 | $ | 10,894 | ||||||||||||||||||||||||||||||||||||||||||
| Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consulting and technology services | $ | 925 | $ | 1,255 | $ | 900 | $ | 438 | $ | 3,518 | $ | 1,838 | $ | 2,440 | $ | 1,801 | $ | 930 | $ | 7,009 | ||||||||||||||||||||||||||||||||||||||||||
| Outsourcing services | 647 | 478 | 422 | 416 | 1,963 | 1,313 | 937 | 842 | 793 | 3,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,572 | $ | 1,733 | $ | 1,322 | $ | 854 | $ | 5,481 | $ | 3,151 | $ | 3,377 | $ | 2,643 | $ | 1,723 | $ | 10,894 | ||||||||||||||||||||||||||||||||||||||||||
| Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time and materials | $ | 487 | $ | 848 | $ | 515 | $ | 455 | $ | 2,305 | $ | 961 | $ | 1,628 | $ | 1,038 | $ | 889 | $ | 4,516 | ||||||||||||||||||||||||||||||||||||||||||
| Fixed-price | 803 | 825 | 718 | 344 | 2,690 | 1,609 | 1,633 | 1,431 | 741 | 5,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transaction or volume-based | 282 | 60 | 89 | 55 | 486 | 581 | 116 | 174 | 93 | 964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,572 | $ | 1,733 | $ | 1,322 | $ | 854 | $ | 5,481 | $ | 3,151 | $ | 3,377 | $ | 2,643 | $ | 1,723 | $ | 10,894 |
| Cognizant Technology Solutions | 11 | June 30, 2026 Form 10-Q |
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | HS | FS | P&R | CMT | Total | HS | FS | P&R | CMT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 1,298 | $ | 1,096 | $ | 918 | $ | 600 | $ | 3,912 | $ | 2,628 | $ | 2,139 | $ | 1,829 | $ | 1,170 | $ | 7,766 | ||||||||||||||||||||||||||||||||||||||||||
| United Kingdom | 51 | 159 | 148 | 124 | 482 | 100 | 312 | 285 | 242 | 939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Continental Europe | 166 | 160 | 159 | 35 | 520 | 326 | 307 | 312 | 68 | 1,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe - Total | 217 | 319 | 307 | 159 | 1,002 | 426 | 619 | 597 | 310 | 1,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rest of World | 36 | 132 | 81 | 82 | 331 | 68 | 251 | 158 | 165 | 642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,551 | $ | 1,547 | $ | 1,306 | $ | 841 | $ | 5,245 | $ | 3,122 | $ | 3,009 | $ | 2,584 | $ | 1,645 | $ | 10,360 | ||||||||||||||||||||||||||||||||||||||||||
| Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consulting and technology services | $ | 908 | $ | 1,099 | $ | 918 | $ | 464 | $ | 3,389 | $ | 1,778 | $ | 2,119 | $ | 1,805 | $ | 913 | $ | 6,615 | ||||||||||||||||||||||||||||||||||||||||||
| Outsourcing services | 643 | 448 | 388 | 377 | 1,856 | 1,344 | 890 | 779 | 732 | 3,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,551 | $ | 1,547 | $ | 1,306 | $ | 841 | $ | 5,245 | $ | 3,122 | $ | 3,009 | $ | 2,584 | $ | 1,645 | $ | 10,360 | ||||||||||||||||||||||||||||||||||||||||||
| Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time and materials | $ | 495 | $ | 812 | $ | 580 | $ | 454 | $ | 2,341 | $ | 976 | $ | 1,576 | $ | 1,136 | $ | 888 | $ | 4,576 | ||||||||||||||||||||||||||||||||||||||||||
| Fixed-price | 750 | 687 | 638 | 338 | 2,413 | 1,541 | 1,338 | 1,272 | 672 | 4,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transaction or volume-based | 306 | 48 | 88 | 49 | 491 | 605 | 95 | 176 | 85 | 961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,551 | $ | 1,547 | $ | 1,306 | $ | 841 | $ | 5,245 | $ | 3,122 | $ | 3,009 | $ | 2,584 | $ | 1,645 | $ | 10,360 | ||||||||||||||||||||||||||||||||||||||||||
Costs to Fulfill
The following table shows significant movements in the capitalized costs to fulfill for the six months ended June 30:
| (in millions) | 2026 | 2025 | ||||||||||||
| Beginning balance | $ | 161 | $ | 209 | ||||||||||
| Costs capitalized | 60 | 20 | ||||||||||||
| Amortization expense | (31) | (40) | ||||||||||||
| Impairment charges | — | (7) | ||||||||||||
| Ending balance | $ | 190 | $ | 182 |
Costs to obtain contracts were immaterial for the periods disclosed.
Contract Balances
The table below shows significant movements in contract assets (current and noncurrent) for the six months ended June 30:
| (in millions) | 2026 | 2025 | ||||||||||||
| Beginning balance | $ | 466 | $ | 386 | ||||||||||
| Revenues recognized during the period but not billed | 550 | 426 | ||||||||||||
| Amounts reclassified to trade accounts receivable | (403) | (323) | ||||||||||||
| Amounts acquired in business combinations | 17 | — | ||||||||||||
| Ending balance | $ | 630 | $ | 489 |
| Cognizant Technology Solutions | 12 | June 30, 2026 Form 10-Q |
The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the six months ended June 30:
| (in millions) | 2026 | 2025 | ||||||||||||
| Beginning balance | $ | 538 | $ | 480 | ||||||||||
| Amounts billed but not recognized as revenues | 394 | 332 | ||||||||||||
| Revenues recognized related to the beginning balance of deferred revenue | (411) | (338) | ||||||||||||
| Ending balance | $ | 521 | $ | 474 |
Revenues recognized during the six months ended June 30, 2026 for performance obligations satisfied or partially satisfied in previous periods were immaterial.
Remaining Performance Obligations
As of June 30, 2026, the aggregate amount of transaction price allocated to remaining performance obligations was $6,939 million, of which approximately 35% is expected to be recognized as revenues within 1 year, approximately 55% is expected to be recognized as revenues within 2 years and approximately 95% is expected to be recognized as revenues within 5 years. Disclosure is not required for performance obligations that meet any of the following criteria:
(1)contracts with a duration of one year or less as determined under ASC Topic 606: "Revenue from Contracts with Customers,"
(2)contracts for which we recognize revenues based on the right to invoice for services performed,
(3)variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met, or
(4)variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Many of our performance obligations meet one or more of these exemptions and therefore are not included in the remaining performance obligation amount disclosed above.
Trade Accounts Receivable and Allowance for Credit Losses
The following table presents the activity in the allowance for credit losses for trade accounts receivable for the six months ended June 30:
| (in millions) | 2026 | 2025 | ||||||||||||
| Beginning balance | $ | 23 | $ | 26 | ||||||||||
| Credit loss (income) expense (1) | (2) | 5 | ||||||||||||
| Write-offs charged against the allowance | — | (5) | ||||||||||||
| Ending balance | $ | 21 | $ | 26 |
(1)Reported in "Selling, general and administrative expenses" in our unaudited consolidated statements of operations.
| Note 3 — Business Combinations |
On January 1, 2026, pursuant to a purchase agreement, we acquired 100% ownership in 3Cloud, one of the largest independent Microsoft Azure services providers and a global leader in Azure-dedicated AI enablement solutions and products. On December 31, 2025, we placed cash consideration of $733 million in escrow, which was deemed to be restricted cash and included in "Other noncurrent assets" in our consolidated statement of financial position.
| Cognizant Technology Solutions | 13 | June 30, 2026 Form 10-Q |
On June 22, 2026, pursuant to a purchase agreement, we acquired 100% ownership in Astreya Partners, Inc., a global AI-first IT managed services and solutions provider.
The allocations of preliminary purchase price to the fair value of the aggregate assets acquired and liabilities assumed were as follows:
| (in millions) | 3Cloud | Astreya | Total | Weighted Average Useful Life | |||||||||||||||||||||||||
| Cash | $ | 3 | $ | 31 | $ | 34 | |||||||||||||||||||||||
| Trade accounts receivable | 26 | 45 | 71 | ||||||||||||||||||||||||||
| Other current assets | 2 | 24 | 26 | ||||||||||||||||||||||||||
| Property and equipment and other noncurrent assets | 2 | 18 | 20 | ||||||||||||||||||||||||||
| Operating lease assets | — | 2 | 2 | ||||||||||||||||||||||||||
| Non-deductible goodwill | 119 | 407 | 526 | ||||||||||||||||||||||||||
| Tax-deductible goodwill | 477 | — | 477 | ||||||||||||||||||||||||||
| Customer relationship assets | 130 | 250 | 380 | 9.2 years | |||||||||||||||||||||||||
| Other definite-lived intangible assets | 2 | 1 | 3 | 1.0 year | |||||||||||||||||||||||||
| Other current liabilities | (30) | (32) | (62) | ||||||||||||||||||||||||||
| Deferred income tax liabilities, net | (3) | (68) | (71) | ||||||||||||||||||||||||||
| Other noncurrent liabilities | — | (13) | $ | (13) | |||||||||||||||||||||||||
| Purchase price, inclusive of contingent consideration1 | $ | 728 | $ | 665 | $ | 1,393 |
(1)The purchase price for Astreya includes a contingent consideration component with a maximum payout of $25 million, valued at $25 million at the date of acquisition, which is contingent upon achievement of certain business outcomes.
Goodwill from our acquisition of 3Cloud and Astreya have been allocated across all of our reportable segments. The primary items that generated goodwill are the acquired assembled workforce and synergies between the acquired companies and us, neither of which qualify as identifiable intangible assets. The above allocations are preliminary and will be finalized as soon as practicable within the measurement period, but in no event later than one year following the dates of acquisition.
| Note 4 — Restructuring Charges |
In the second quarter of 2026, we initiated Project Leap, a program designed to accelerate our transformation to the operating model of the future by funding investments in our integrated offerings, AI capabilities and partnerships, reshaping productivity through competitive offerings and upskilling our workforce. In connection with Project Leap, we expect to record total costs of $230 million to $320 million consisting of $200 million to $270 million of employee severance and other personnel related costs and $30 million to $50 million of other charges.
The costs related to Project Leap are reported in "Restructuring charges" in our unaudited consolidated statements of operations. We do not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are separately disclosed in our segment reporting as “unallocated costs.” See Note 12.
Project Leap charges for each of the three and six months ended June 30, 2026 were $84 million and included $56 million of employee separation costs and $28 million of other costs. Other costs included certain facility exit costs and other costs related to Project Leap.
Changes in our accrued employee separation costs related to Project Leap included in "Accrued expenses and other current liabilities" in our unaudited consolidated statements of financial position are presented in the table below for the six months ended June 30:
| (in millions) | 2026 | |||||||||||||
| Beginning balance | $ | — | ||||||||||||
| Employee separation costs accrued | 56 | |||||||||||||
| Payments made | (28) | |||||||||||||
| Ending balance | $ | 28 |
There were no restructuring charges for the three and six months ended June 30, 2025.
| Cognizant Technology Solutions | 14 | June 30, 2026 Form 10-Q |
| Note 5 — Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities were as follows:
| (in millions) | June 30, 2026 | December 31, 2025 | |||||||||
| Compensation and benefits | $ | 1,047 | $ | 1,490 | |||||||
| Customer volume and other incentives | 298 | 317 | |||||||||
| Liabilities related to the sale of third-party products | 373 | 242 | |||||||||
| Professional fees | 206 | 193 | |||||||||
| Income taxes | 33 | 18 | |||||||||
| Other | 482 | 404 | |||||||||
| Total accrued expenses and other current liabilities | $ | 2,439 | $ | 2,664 |
| Note 6 — Debt |
We have a Credit Agreement providing for a $650 million Term Loan and a $1,850 million unsecured revolving credit facility, which are each due to mature in October 2027. During the second quarter of 2026, we borrowed $1,000 million under our revolving credit facility. We are required under the Credit Agreement to make scheduled quarterly principal payments on the Term Loan.
The Credit Agreement requires interest to be paid, at our option, at either the Term Benchmark, Adjusted Daily Simple RFR or the ABR Rate (each as defined in the Credit Agreement), plus, in each case, an Applicable Margin (as defined in the Credit Agreement). Initially, the Applicable Margin is 0.875% with respect to Term Benchmark loans and RFR loans and 0.00% with respect to ABR loans. Subsequently, the Applicable Margin with respect to Term Benchmark loans and RFR loans will be determined quarterly and may range from 0.75% to 1.125%, depending on our public debt ratings or, if we have not received public debt ratings, from 0.875% to 1.125%, depending on our Leverage Ratio, which is the ratio of indebtedness for borrowed money to Consolidated EBITDA, as defined in the Credit Agreement. Since the issuance of the Term Loan, the Term Loan has been a Term Benchmark loan. The Credit Agreement contains customary affirmative and negative covenants as well as a financial covenant. We were in compliance with all debt covenants and representations of the Credit Agreement as of June 30, 2026.
Short-term Debt
As of each of June 30, 2026 and December 31, 2025, we had $33 million of short-term debt related to current maturities of our Term Loan.
Long-term Debt
The following table summarizes the long-term debt balances as of:
| (in millions) | June 30, 2026 | December 31, 2025 | |||||||||
| Notes outstanding under revolving credit facility | $ | 1,000 | $ | — | |||||||
| Term Loan | 561 | 577 | |||||||||
| Less: | |||||||||||
| Current maturities - Term Loan | (33) | (33) | |||||||||
| Unamortized deferred financing costs | (1) | (1) | |||||||||
| Long-term debt, net of current maturities | $ | 1,527 | $ | 543 |
The carrying value of our debt approximated its fair value as of June 30, 2026 and December 31, 2025.
| Cognizant Technology Solutions | 15 | June 30, 2026 Form 10-Q |
| Note 7 — Income Taxes |
Our effective income tax rates were as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Effective income tax rate | 26.4 | % | 23.4 | % | 25.2 | % | 23.9 | % |
The effective income tax rate for the six months ended June 30, 2026 was positively impacted by $34 million of discrete benefits in Q1 2026, driven by the agreed terms of an anticipated conclusion of an advance pricing agreement.
We are involved in two separate ongoing disputes with the ITD in connection with previously disclosed share repurchase transactions undertaken by CTS India in 2013 and 2016 to repurchase shares from its shareholders (non-Indian Cognizant entities) valued at $523 million and $2.8 billion, respectively.
The 2016 transaction was undertaken pursuant to a plan approved by the High Court in Chennai, India, and resulted in the payment of $135 million in Indian income taxes - an amount we believe includes all the applicable taxes owed for this transaction under Indian law. In March 2018, the ITD asserted that it is owed an additional 33 billion Indian rupees ($349 million at the June 30, 2026 exchange rate) on the 2016 transaction. We deposited 5 billion Indian rupees, representing 15% of the disputed tax amount related to the 2016 transaction, with the ITD. Additionally, certain time deposits of CTS India were placed under lien in favor of the ITD, representing the remainder of the disputed tax amount.
In April 2020, we received a formal assessment from the ITD on the 2016 transaction, which is consistent with the ITD's previous assertions. Our appeal was ruled on unfavorably by the CITA in March 2022 and by the ITAT in September 2023. We filed an appeal against the order of the ITAT with the High Court. On January 8, 2024, the SCI ruled that, in order to proceed with the appeal, we must deposit 30 billion Indian rupees, representing the time deposits of CTS India under lien, on the condition that, if CTS India prevails at the High Court, the amount deposited will be returned to CTS India, along with interest accrued, within four weeks of the judgment. We made the required deposit in January 2024 and the case is pending before the High Court.
As of June 30, 2026 and December 31, 2025, the deposit with the ITD was $365 million and $384 million, respectively, presented in "Other noncurrent assets."
The dispute in relation to the 2013 share repurchase transaction is also in litigation. At this time, the ITD has not made specific demands with regards to the 2013 transaction.
We continue to believe we have paid all applicable taxes owed on both the 2016 and the 2013 transactions and we continue to defend our positions with respect to both matters. Accordingly, we have not recorded any reserves for these matters as of June 30, 2026.
| Note 8 — Derivative Financial Instruments |
In the normal course of business, we use foreign exchange forward contracts to manage foreign currency exchange rate risk. Derivatives may give rise to credit risk from the possible non-performance by counterparties. Credit risk is limited to the fair value of those contracts that are favorable to us. We have limited our credit risk by limiting the amount of credit exposure with any one financial institution and conducting ongoing evaluation of the creditworthiness of the financial institutions with which we do business. In addition, all the assets and liabilities related to the foreign exchange derivative contracts set forth in the table below are subject to master netting arrangements, such as the International Swaps and Derivatives Association Master Agreement, with each individual counterparty. These master netting arrangements generally provide for net settlement of all outstanding contracts with the counterparty in the case of an event of default or a termination event. We have presented all the assets and liabilities related to the foreign exchange derivative contracts, as applicable, on a gross basis, with no offsets, in our unaudited consolidated statements of financial position. There is no financial collateral (including cash collateral) posted or received by us related to the foreign exchange derivative contracts.
| Cognizant Technology Solutions | 16 | June 30, 2026 Form 10-Q |
The following table provides information on the location and fair values of derivative financial instruments included in our unaudited consolidated statements of financial position as of:
| (in millions) | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Designation of Derivatives | Location on Statement of Financial Position | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||
| Foreign exchange forward contracts – Designated as cash flow hedging instruments | Other current assets | $ | 5 | $ | — | $ | 1 | $ | — | |||||||||||||||||||||||
| Other noncurrent assets | 4 | — | — | — | ||||||||||||||||||||||||||||
| Accrued expenses and other current liabilities | — | 88 | — | 63 | ||||||||||||||||||||||||||||
| Other noncurrent liabilities | — | 26 | — | 22 | ||||||||||||||||||||||||||||
| Total | 9 | 114 | 1 | 85 | ||||||||||||||||||||||||||||
| Foreign exchange forward contracts – Not designated as hedging instruments | Other current assets | 1 | — | 2 | — | |||||||||||||||||||||||||||
| Accrued expenses and other current liabilities | — | 2 | — | 1 | ||||||||||||||||||||||||||||
| Total | 1 | 2 | 2 | 1 | ||||||||||||||||||||||||||||
| Total | $ | 10 | $ | 116 | $ | 3 | $ | 86 |
Cash Flow Hedges
We have entered and continue to enter into a series of foreign exchange derivative contracts that are designated as cash flow hedges of Indian rupee denominated payments in India. These contracts are intended to partially offset the impact of movement of the Indian rupee against the U.S. dollar on future operating costs and are scheduled to mature each month during the remainder of 2026, 2027 and the first six months of 2028. The changes in fair value of these contracts are initially reported in "Accumulated other comprehensive income (loss)" in our unaudited consolidated statements of financial position and are subsequently reclassified to earnings within "Cost of revenues" and "Selling, general and administrative expenses" in our unaudited consolidated statements of operations in the same period that the forecasted Indian rupee denominated payments are recorded in earnings. As of June 30, 2026, we estimate that $76 million, net of tax, of net losses related to derivatives designated as cash flow hedges reported in "Accumulated other comprehensive income (loss)" in our unaudited consolidated statements of financial position is expected to be reclassified into earnings within the next 12 months.
The notional value of the outstanding contracts by year of maturity was as follows:
| (in millions) | June 30, 2026 | December 31, 2025 | |||||||||
| 2026 | $ | 1,200 | $ | 2,290 | |||||||
| 2027 | 1,530 | 1,020 | |||||||||
| 2028 | 330 | — | |||||||||
| Total notional value of contracts outstanding | $ | 3,060 | $ | 3,310 | |||||||
The activity related to the change in net unrealized gains and losses on the cash flow hedges included in "Accumulated other comprehensive income (loss)" in our unaudited consolidated statements of stockholders' equity is presented in Note 10.
Other Derivatives
We use foreign exchange forward contracts to provide an economic hedge against balance sheet exposures to certain monetary assets and liabilities denominated in currencies other than the functional currency of our foreign subsidiaries. We entered into foreign exchange forward contracts that are scheduled to mature in the third quarter of 2026. Realized gains or losses and changes in the estimated fair value of these derivative financial instruments are recorded in the caption "Foreign currency exchange gains (losses), net" in our unaudited consolidated statements of operations.
| Cognizant Technology Solutions | 17 | June 30, 2026 Form 10-Q |
Additional information related to the outstanding foreign exchange forward contracts not designated as hedging instruments was as follows:
| (in millions) | June 30, 2026 | December 31, 2025 | |||||||||||||||||||||
| Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
| Contracts outstanding | $ | 605 | $ | (1) | $ | 748 | $ | 1 |
The following table provides information on the location and amounts of realized and unrealized pre-tax gains and losses on the other derivative financial instruments for the three and six months ended June 30:
| Location of Net (Losses) on Derivative Instruments | Amount of Net (Losses) on Derivative Instruments | ||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Foreign exchange forward contracts – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | $ | (2) | $ | (7) | $ | — | $ | (8) |
The related cash flow impacts of all the derivative activities are reflected as cash flows from operating activities.
| Note 9 — Fair Value Measurements |
We measure our cash equivalents, certain investments, contingent consideration liabilities and foreign exchange forward contracts at fair value. Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.
The fair value hierarchy consists of the following three levels:
-
Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities.
-
Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
-
Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
The following table summarizes the financial assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2026:
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 46 | $ | — | $ | — | $ | 46 | |||||||||||||||
| Time deposits | — | 330 | — | 330 | |||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| Time deposits | — | 1 | — | 1 | |||||||||||||||||||
| Equity investment security | 12 | — | — | 12 | |||||||||||||||||||
| Other current assets: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | 6 | — | 6 | |||||||||||||||||||
| Other noncurrent assets: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | 4 | — | 4 | |||||||||||||||||||
| Accrued expenses and other current liabilities: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | (90) | — | (90) | |||||||||||||||||||
| Contingent consideration liabilities | — | — | (25) | (25) | |||||||||||||||||||
| Other noncurrent liabilities: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | (26) | — | (26) | |||||||||||||||||||
| Cognizant Technology Solutions | 18 | June 30, 2026 Form 10-Q |
The following table summarizes the financial assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2025:
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 24 | $ | — | $ | — | $ | 24 | |||||||||||||||
| Time deposits | — | 183 | — | 183 | |||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| Time deposits | — | 1 | — | 1 | |||||||||||||||||||
| Equity investment security | 12 | — | — | 12 | |||||||||||||||||||
| Other current assets: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | 3 | — | 3 | |||||||||||||||||||
| Accrued expenses and other current liabilities: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | (64) | — | (64) | |||||||||||||||||||
| Other noncurrent liabilities: | |||||||||||||||||||||||
| Foreign exchange forward contracts | — | (22) | — | (22) | |||||||||||||||||||
We measure the fair value of money market funds based on quoted prices in active markets for identical assets and measure the fair value of our equity investment security based on the published daily net asset value at which investors can freely subscribe to or redeem from the fund. The carrying value of the time deposits approximated fair value as of June 30, 2026 and December 31, 2025.
We estimate the fair value of each foreign exchange forward contract by using a present value of expected cash flows model. This model calculates the difference between the current market forward price and the contracted forward price for each foreign exchange forward contract and applies the difference in the rates to each outstanding contract. The market forward rates include a discount and credit risk factor.
We estimate the fair value of contingent consideration liabilities associated with acquisitions using a variation of the income approach, which utilizes one or more significant inputs that are unobservable. This approach calculates the fair value of such liabilities based on the probability-weighted expected performance of the acquired entity against the target performance metric, discounted to present value when appropriate.
During the six months ended June 30, 2026 and the year ended December 31, 2025, there were no transfers among Level 1, Level 2 or Level 3 financial assets and liabilities.
| Cognizant Technology Solutions | 19 | June 30, 2026 Form 10-Q |
| Note 10 — Accumulated Other Comprehensive Income (Loss) |
Changes in "Accumulated other comprehensive income (loss)" by component were as follows for the three and six months ended June 30, 2026:
| Three Months | Six Months | |||||||||||||||||||||||||||||||||||||
| (in millions) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (21) | $ | (6) | $ | (27) | $ | 11 | $ | 1 | $ | 12 | ||||||||||||||||||||||||||
| Change in foreign currency translation adjustments | (17) | 1 | (16) | (49) | (6) | (55) | ||||||||||||||||||||||||||||||||
| Ending balance | $ | (38) | $ | (5) | $ | (43) | $ | (38) | $ | (5) | $ | (43) | ||||||||||||||||||||||||||
| Unrealized gains (losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (171) | $ | 43 | $ | (128) | $ | (84) | $ | 21 | $ | (63) | ||||||||||||||||||||||||||
| Unrealized gains and (losses) arising during the period | 4 | (1) | 3 | (117) | 29 | (88) | ||||||||||||||||||||||||||||||||
| Reclassifications of net losses to: | ||||||||||||||||||||||||||||||||||||||
| Cost of revenues | 39 | (10) | 29 | 69 | (17) | 52 | ||||||||||||||||||||||||||||||||
| SG&A expenses | 4 | (1) | 3 | 8 | (2) | 6 | ||||||||||||||||||||||||||||||||
| Net change | 47 | (12) | 35 | (40) | 10 | (30) | ||||||||||||||||||||||||||||||||
| Ending balance | $ | (124) | $ | 31 | $ | (93) | $ | (124) | $ | 31 | $ | (93) | ||||||||||||||||||||||||||
| Changes in net defined benefit obligations: | ||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (92) | $ | 21 | $ | (71) | $ | (149) | $ | 40 | $ | (109) | ||||||||||||||||||||||||||
| Gains and (losses), net of amortization | 5 | 1 | 6 | 62 | (18) | 44 | ||||||||||||||||||||||||||||||||
| Ending balance | $ | (87) | $ | 22 | $ | (65) | $ | (87) | $ | 22 | $ | (65) | ||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (284) | $ | 58 | $ | (226) | $ | (222) | $ | 62 | $ | (160) | ||||||||||||||||||||||||||
| Other comprehensive income (loss) | 35 | (10) | 25 | (27) | (14) | (41) | ||||||||||||||||||||||||||||||||
| Ending balance | $ | (249) | $ | 48 | $ | (201) | $ | (249) | $ | 48 | $ | (201) |
| Cognizant Technology Solutions | 20 | June 30, 2026 Form 10-Q |
Changes in "Accumulated other comprehensive income (loss)" by component were as follows for the three and six months ended June 30, 2025:
| Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (164) | $ | 13 | $ | (151) | $ | (261) | $ | 7 | $ | (254) | ||||||||||||||||||||||||||||||||
| Change in foreign currency translation adjustments | 204 | (7) | 197 | 301 | (1) | 300 | ||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 40 | $ | 6 | $ | 46 | $ | 40 | $ | 6 | $ | 46 | ||||||||||||||||||||||||||||||||
| Unrealized gains (losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | 4 | $ | (1) | $ | 3 | $ | (34) | $ | 9 | $ | (25) | ||||||||||||||||||||||||||||||||
| Unrealized gains arising during the period | 14 | (3) | 11 | 44 | (11) | 33 | ||||||||||||||||||||||||||||||||||||||
| Reclassifications of net (gains) and losses to: | ||||||||||||||||||||||||||||||||||||||||||||
| Cost of revenues | (1) | — | (1) | 6 | (1) | 5 | ||||||||||||||||||||||||||||||||||||||
| SG&A expenses | — | — | — | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||
| Net change | 13 | (3) | 10 | 51 | (13) | 38 | ||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 17 | $ | (4) | $ | 13 | $ | 17 | $ | (4) | $ | 13 | ||||||||||||||||||||||||||||||||
| Changes in net defined benefit obligations: | ||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (20) | $ | 3 | $ | (17) | $ | (20) | $ | 3 | $ | (17) | ||||||||||||||||||||||||||||||||
| Gains and (losses), net of amortization | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | (19) | $ | 3 | $ | (16) | $ | (19) | $ | 3 | $ | (16) | ||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | (180) | $ | 15 | $ | (165) | $ | (315) | $ | 19 | $ | (296) | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | 218 | (10) | 208 | 353 | (14) | 339 | ||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 38 | $ | 5 | $ | 43 | $ | 38 | $ | 5 | $ | 43 |
| Note 11— Commitments and Contingencies |
We are involved in various claims and legal proceedings arising in the ordinary course of business. We accrue a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, we do not record a liability, but instead disclose the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. While we do not expect that the ultimate resolution of any existing claims and proceedings (other than the specific matters described below, if decided adversely), individually or in the aggregate, will have a material adverse effect on our financial position, an unfavorable outcome in some or all of these proceedings could have a material adverse impact on results of operations or cash flows for a particular period. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future.
On January 15, 2015, Syntel sued TriZetto and Cognizant in the USDC-SDNY. Syntel’s complaint alleged breach of contract against TriZetto, and tortious interference and misappropriation of trade secrets against Cognizant and TriZetto, stemming from Cognizant’s hiring of certain former Syntel employees. Cognizant and TriZetto countersued on March 23, 2015, for breach of contract, misappropriation of trade secrets and tortious interference, based on Syntel’s misuse of TriZetto confidential information and abandonment of contractual obligations. Cognizant and TriZetto subsequently added federal DTSA and copyright infringement claims for Syntel’s misuse of TriZetto’s proprietary technology. The parties’ claims were narrowed by the court and the case was tried before a jury, which on October 27, 2020 returned a verdict in favor of Cognizant in the amount of $855 million, including $570 million in punitive damages. On April 20, 2021, the USDC-SDNY issued a post-trial order that, among other things, affirmed the jury’s award of $285 million in actual damages, but reduced the award of punitive damages from $570 million to $285 million, thereby reducing the overall damages award from $855 million to $570 million. The USDC-SDNY subsequently issued a final judgment consistent with the April 20th order. On May 26, 2021, Syntel filed a notice of appeal to the Second Circuit, and on June 3, 2021 the USDC-SDNY stayed execution of judgment pending appeal. On May 25, 2023, the Second Circuit issued an opinion affirming in part and vacating in part the judgment of the USDC-SDNY and remanding the case for further proceedings consistent with its opinion. The Second Circuit affirmed the judgment in all respects on liability but vacated the $570 million award that had been based on avoided development costs under the DTSA, and it remanded the case to the USDC-SDNY for further evaluation of damages. On June 23, 2023, the
| Cognizant Technology Solutions | 21 | June 30, 2026 Form 10-Q |
Second Circuit issued its mandate returning the case to the USDC-SDNY. On March 13, 2024, the USDC-SDNY issued a ruling that vacated the alternate compensatory damages awards that were within the scope of the Second Circuit’s remand and awarded TriZetto and Cognizant approximately $15 million in attorney’s fees. On October 23, 2024, the USDC-SDNY granted TriZetto and Cognizant’s motion for a new trial on the amount of compensatory damages owed to TriZetto and Cognizant. On June 24, 2025, the parties proceeded to trial, and on June 30, 2025, the jury returned a verdict in favor of TriZetto and Cognizant, awarding $70 million in compensatory damages. On March 27, 2026, the USDC-SDNY issued an order on post-trial motions that brought Cognizant’s award up to approximately $298 million, comprising compensatory damages, punitive damages, pre-judgment interest, and attorney’s fees. The USDC-SDNY also awarded post-judgment interest, which will be added to the total award. On April 29, 2026, the USDC-SDNY entered judgment. On May 19, 2026 Syntel filed a notice of appeal. Thus, we will not record any gain in our financial statements until it becomes realizable.
On February 28, 2019, a ruling of the SCI interpreting the India Defined Contribution Obligation altered historical understandings of the obligation under the Employees’ Provident Fund and Miscellaneous Provision Act, 1952, extending it to cover additional portions of the employee’s income. As a result, the ongoing contributions of our affected employees and the Company were required to be increased. In the first quarter of 2019, we accrued $117 million with respect to prior periods, assuming retroactive application of the SCI’s ruling, in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. As a result of the depreciation on the Indian rupee against the U.S. dollar and other adjustments, the liability as of March 31, 2026 was $101 million and was presented in "Accrued expenses and other current liabilities" in our unaudited consolidated statement of financial position.
The Labor Code, which was implemented in November 2025, was designed to repeal and replace the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, subject to the issuance of applicable rules. The Social Security Rules were published by the government of India in May 2026. Additionally, the government of India notified the Employees Provident Fund Scheme of 2026 in June 2026. As a result of these developments, management concluded that the liability relating to periods where no proceedings had been initiated by the government is no longer required. Thus, in the second quarter of 2026, management recorded a benefit of $81 million in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. The remaining balance of the liability as of June 30, 2026 was $20 million.
On October 31, 2016, November 15, 2016 and November 18, 2016, three putative shareholder derivative complaints were filed in New Jersey Superior Court, Bergen County, naming us, all of our then current directors and certain of our current and former officers at that time as defendants. These actions were consolidated in an order dated January 24, 2017. The complaints asserted claims for breach of fiduciary duty, corporate waste, unjust enrichment, abuse of control, mismanagement, and/or insider selling by defendants. On April 26, 2017, the New Jersey Superior Court deferred further proceedings by dismissing the consolidated putative shareholder derivative litigation without prejudice but permitting the parties to file a motion to vacate the dismissal in the future.
On February 22, 2017, April 7, 2017, May 10, 2017 and March 11, 2019, four additional putative shareholder derivative complaints were filed in the USDC-NJ, naming us and certain of our current and former directors and officers at that time as defendants. These actions were consolidated in an order dated May 14, 2019. On August 3, 2020, lead plaintiffs filed a consolidated amended complaint. The consolidated amended complaint asserted claims similar to those in the previously-filed putative shareholder derivative actions. On February 14, 2022, we and certain of our current and former directors and officers moved to dismiss the consolidated amended complaint. On September 27, 2022, the USDC-NJ granted those motions and dismissed the consolidated amended complaint in its entirety with prejudice. Plaintiffs filed a notice of appeal on October 27, 2022. On May 3, 2024, the Third Circuit affirmed the dismissal of the consolidated amended complaint.
On June 1, 2021, an eighth putative shareholder derivative complaint was filed in the USDC-NJ, naming us and certain of our current and former directors and officers at that time as defendants. The complaint asserts claims similar to those in the previously-filed putative shareholder derivative actions. On March 31, 2022, we and certain of our current and former directors and officers moved to dismiss the complaint. On November 30, 2022, the USDC-NJ denied without prejudice those motions. The USDC-NJ ordered the parties to conduct limited discovery related to the issue of whether our board of directors wrongfully refused the plaintiff’s earlier litigation demand and, after the conclusion of such limited discovery, to file targeted motions for summary judgment on the issue of wrongful refusal. On July 25, 2025, we reached an agreement in principle to settle this lawsuit, which later was approved by our board of directors and the individual defendants. On November 26, 2025, plaintiff filed an unopposed motion for preliminary approval of the settlement, which contemplates a payment to Cognizant. On June 30, 2026, the court entered an order preliminarily approving the settlement and scheduled a hearing on September 14, 2026 to determine whether to enter an order finally approving the settlement. The amount of the settlement is expected to be immaterial to the Company’s consolidated financial statements.
See Note 7 for information relating to the ITD Dispute.
| Cognizant Technology Solutions | 22 | June 30, 2026 Form 10-Q |
On September 18, 2017, three former employees filed suit against Cognizant in the USDC-CDCA, alleging that they and similarly situated employees suffered disparate treatment on the basis of race in violation of 42 U.S.C. § 1981. Plaintiffs subsequently amended their complaint three times, adding a fourth former employee plaintiff and claims for both disparate treatment and disparate impact on the basis of race and national origin under Title VII and disparate treatment and disparate impact on the basis of race and national origin under Title VII. Plaintiffs filed the operative Third Amended Complaint-Corrected on January 19, 2021. Cognizant filed its answer on January 29, 2021.
On May 13, 2022, plaintiffs filed a motion requesting that the USDC-CDCA certify the case as a class action for two putative classes of plaintiffs consisting of: (1) all individuals who are not of South Asian race or Indian national origin who applied to Cognizant in the U.S. and were not hired since September 2013 (the “hiring class”); and (2) all individuals who are not of South Asian race or Indian national origin who have been terminated in the U.S. since September 2013 (the “terminations class”). Cognizant opposed. On October 27, 2022, the court denied certification for the hiring class and the terminations class. However, the court granted certification for a sub-set of the terminations class limited to approximately 2,300 former employees whose employment had been terminated from the “bench,” a designation for employees who are not allocated to an active project. On November 10, 2022, Cognizant filed a petition with the Ninth Circuit requesting permission to appeal the class certification order as to the bench terminations class. The Ninth Circuit denied the petition on January 26, 2023.
From June 13, 2023 to June 26, 2023, the USDC-CDCA held a class action jury trial on the first phase of plaintiffs’ Section 1981 claim and Title VII disparate treatment claim. The questions presented were whether Cognizant engaged in a pattern or practice of discrimination against non-South Asian and non-Indian employees with respect to bench terminations, and if so, whether punitive damages are available for class members who prevail on their claims. The jury deadlocked, and the court declared a mistrial.
The case proceeded to a retrial on September 24, 2024, and on October 4, 2024, the jury returned a verdict in favor of plaintiffs. On December 5, 2025, the USDC-CDCA awarded plaintiffs $16 million in interim attorneys’ fees and costs; and separately found in plaintiffs’ favor on their claim that Cognizant policies had a disparate impact on non-South Asian and non-Indian employees in view of the same evidence presented at the retrial. In addition to trials on certain non-class claims, the case will now proceed to the second phase to determine individualized liability and damages, if any, for each class member. As a result of the verdict, each non-South Asian and non-Indian class member who pursues claims in the second phase will be entitled to a rebuttable presumption that all termination decisions were discriminatory and to the possibility of recovering punitive damages if they prevail. We believe that class certification was improper, and that the second phase of the case will confirm that individualized issues should have precluded class certification. Cognizant will continue to vigorously defend itself and pursue all available appellate arguments concerning class certification, the September 24, 2024 trial, and related orders at the appropriate time. Because we cannot predict the number of individual plaintiffs who will proceed to the second phase, or the outcome of those cases, and in view of the appellate arguments regarding class certification, we are unable to reasonably estimate a possible loss or range of loss. We have not recorded any accruals related to the ultimate outcome of this matter.
Many of our engagements involve projects that are critical to the operations of our clients’ business and provide benefits that are difficult to quantify. Any failure in a client’s systems or our failure to meet our contractual obligations to our clients, including any breach involving a client’s confidential information or sensitive data, or our obligations under applicable laws or regulations could result in a claim for substantial damages against us, regardless of our responsibility for such failure. Although we attempt to contractually limit our liability for damages arising from negligent acts, errors, mistakes, or omissions in rendering our services, there can be no assurance that the limitations of liability set forth in our contracts will be enforceable in all instances or will otherwise protect us from liability for damages. Although we have general liability insurance coverage, including coverage for errors or omissions, we retain a significant portion of risk through our insurance deductibles and there can be no assurance that such coverage will cover all types of claims, continue to be available on reasonable terms or will be available in sufficient amounts to cover one or more large claims, or that the insurer will not disclaim coverage as to any future claim. The successful assertion of one or more large claims against us that exceed or are not covered by our insurance coverage or changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, results of operations, financial position and cash flows for a particular period.
In the normal course of business and in conjunction with certain client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients or other parties with whom we conduct business with respect to certain matters. These arrangements can include provisions whereby we agree to hold the indemnified party and certain of their affiliated entities harmless with respect to third-party claims related to such matters as our breach of certain representations or covenants, our intellectual property infringement, our gross negligence or willful misconduct or certain other claims made against certain parties. Payments by us under any of these arrangements are generally conditioned on the client making a claim and providing us with full control over the defense and settlement of such claim. It is not possible to determine
| Cognizant Technology Solutions | 23 | June 30, 2026 Form 10-Q |
the maximum potential liability under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Historically, we have not made material payments under these indemnification agreements and therefore they have not had a material impact on our operating results, financial position, or cash flows. However, if events arise requiring us to make payment for indemnification claims under our indemnification obligations in contracts we have entered, such payments could have a material adverse effect on our business, results of operations, financial position and cash flows for a particular period.
| Note 12 — Segment Information |
Our chief executive officer is our chief operating decision maker. Our CODM regularly reviews the performance of our business by four industry-based operating segments, which are our four reportable business segments: Health Sciences, Financial Services, Products and Resources, and Communications, Media and Technology.
We have an industry-led go-to-market strategy, with client partners, account executives and client relationship managers aligned to the specific industries they serve. Our CODM is regularly provided segment revenues and operating profit, including budget‑to‑actual variances in segment revenue, to formulate industry-focused strategic priorities, allocate financial resources, set targets and key performance indicators, and evaluate the results of such strategies.
In the first quarter of 2026, we made certain changes to the internal measurement of segment operating profit for the purpose of evaluating segment performance and resource allocation. The primary reason for the change was to reflect a more complete cost of delivery. Specifically, segment operating profit now includes the allocation of corporate costs, which were previously included in "unallocated costs", including amortization expense related to acquired intangible assets. Beginning in 2026, segment operating profits have been reported using the new allocation methodology and we have recast the 2025 results to conform to the new methodology.
Revenue from each client is attributed to the operating segment that is most closely aligned with the client's business we serve. Segment operating profit represents income from operations excluding unusual items, such as Project Leap charges (See Note 4) and the partial reversal of the 2019 India Defined Contribution Obligation liability in the second quarter of 2026 (See Note 11), and the gain on sale of property and equipment in the first quarter of 2025 (See Note 1), which are presented as unallocated benefits/costs. Our CODM is not regularly provided with segment expenses.
We do not disclose assets by segment as a significant portion of the assets is used interchangeably among the segments and our CODM is not provided such information.
Information by reportable segment were as follows:
| Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | HS | FS | P&R | CMT | Total | HS | FS | P&R | CMT | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,572 | $ | 1,733 | $ | 1,322 | $ | 854 | $ | 5,481 | $ | 3,151 | $ | 3,377 | $ | 2,643 | $ | 1,723 | $ | 10,894 | |||||||||||||||||||||||||||||||||||||||
| Less: Other segment items | 1,260 | 1,456 | 1,157 | 731 | 4,604 | 2,524 | 2,848 | 2,300 | 1,502 | 9,174 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 312 | $ | 277 | $ | 165 | $ | 123 | $ | 877 | $ | 627 | $ | 529 | $ | 343 | $ | 221 | $ | 1,720 | |||||||||||||||||||||||||||||||||||||||
| Unallocated benefits/(costs) | (3) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from operations | $ | 874 | $ | 1,717 |
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | HS | FS | P&R | CMT | Total | HS | FS | P&R | CMT | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,551 | $ | 1,547 | $ | 1,306 | $ | 841 | $ | 5,245 | $ | 3,122 | $ | 3,009 | $ | 2,584 | $ | 1,645 | $ | 10,360 | |||||||||||||||||||||||||||||||||||||||
| Less: Other segment items | 1,259 | 1,297 | 1,139 | 733 | 4,428 | 2,542 | 2,516 | 2,238 | 1,456 | 8,752 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 292 | $ | 250 | $ | 167 | $ | 108 | $ | 817 | $ | 580 | $ | 493 | $ | 346 | $ | 189 | $ | 1,608 | |||||||||||||||||||||||||||||||||||||||
| Unallocated benefits/(costs) | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from operations | $ | 817 | $ | 1,670 |
Other segment items for each reportable segment primarily include employee compensation and benefits, subcontractor costs, costs of third-party products and services and travel expenses.
| Cognizant Technology Solutions | 24 | June 30, 2026 Form 10-Q |
Geographic Area Information
Long-lived assets by geographic area are as follows:
| As of | |||||||||||
| (in millions) | June 30, 2026 | December 31, 2025 | |||||||||
| Long-lived Assets: (1) | |||||||||||
| North America (2) | $ | 331 | $ | 300 | |||||||
| Europe | 66 | 67 | |||||||||
| Rest of World (3) | 584 | 566 | |||||||||
| Total | $ | 981 | $ | 933 |
(1)Long-lived assets include property and equipment, net of accumulated depreciation and amortization.
(2)Substantially all relates to the United States.
(3)Substantially all relates to India.
| Note 13 — Subsequent Events |
Dividend
On July 27, 2026, the Board of Directors approved the Company's declaration of a $0.33 per share dividend with a record date of August 18, 2026 and a payment date of August 25, 2026.
| Cognizant Technology Solutions | 25 | June 30, 2026 Form 10-Q |
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