Cognizant Technology Solutions Corporation

Cognizant is growing at the top of its peer group by winning big outsourcing deals and handing AI-driven savings back to clients. But short, discretionary projects never returned, so it trimmed 2026 revenue guidance while still raising its margin target.How much of the 2026 guidance rests on deals already signed ramping on time?

• Financial services is now the engine, not just the biggest segment.

  It accelerated again in Q2 FY2026 to 12% growth, its best run since 2018, on both consolidation work and new AI projects. Management calls it a leading indicator, so the rest of the portfolio sits where banking was a year ago.How much of financial services growth is new AI work versus consolidation?

• Bookings are big but the money arrives slowly, so growth was trimmed.

  Q1 FY2026 bookings rose 21%, yet contract value was flat: deals run longer and small jobs stay weak. In Q2 it cut the top of its full-year revenue guidance: the rebound it assumed gave way to "macro uncertainty has remained elevated."Which verticals are furthest behind financial services on AI spending?

• Margins are being bought with cost cuts, not with faster growth.

  Project LEAP should take out $200 million to $300 million this year, mostly reinvested. That let management raise the margin target even as it trimmed revenue. TriZetto, the health platform growing faster at higher margins, is the model.