Cognizant Technology Solutions Corp

Cognizant's Q1 FY2025 10-Q (period ending March 31, 2025) reports $5,115M quarterly revenue, up 7.5% YoY (8.2% CC). Belcan acquisition contributed ~400bps to growth. Revenue growth in Health Sciences and Financial Services, offset by weakness in P&R and CMT. The company now describes itself as operating 'where AI is beginning to reshape organizations in every field.' Segment allocation methodology changed to include allocation of certain corporate costs to segments. No AI-specific revenue disclosed. The risk factor about AI has evolved to include concern about AI technologies' impact on demand for services, suggesting growing strategic importance. Modestly increasing to 2.5% to reflect continued ramp of GenAI consulting engagements across the IT services industry in 2025.