Cognizant Technology Solutions Corp

Cognizant's Q3 FY2025 10-Q (period ending September 30, 2025) reports $5,415M quarterly revenue, up 7.4% YoY (6.5% CC). Revenue growth described as 'broad-based, led by North America.' Belcan contributed ~250bps to growth (declining as it anniversaries). GAAP and Adjusted Operating Margin both at 16.0%. Still no AI-specific revenue quantification in any filing. However, the increasing AI risk factor language (now including pricing/demand displacement concerns), the consistent strategic emphasis on AI since FY2023, the six-practice structure that embeds AI across delivery, and the broader IT services industry trend of accelerating GenAI consulting engagements all support a modest increase to 3.0% for Q3 FY2025. This remains a conservative estimate -- Cognizant has ~350,000 employees and is investing heavily in AI training/reskilling, but the company provides zero quantified AI revenue data in SEC filings. The estimate is 'estimated' tier because there is no direct disclosure of AI-specific financials.