Cognizant Technology Solutions Corp. - Ordinary Shares - Class A

Strong Q2 performance + profitability improving: Revenue grew 4.1% YoY in constant currency to $5.5B; growth was led by North America and large deals moving into execution. Adjusted operating margin expanded for the 6th straight quarter (QoQ margin not stated, but up ~40 bps YoY). Adjusted EPS = $1.37, up 5% YoY, helped by margin expansion and lower share count; revenue & adjusted operating income per associate increased 4.6% and 7.1%, respectively.

Bookings momentum intact; financial services accelerating (good signal): Trailing 12-month bookings increased 5% with book-to-bill ~1.3. They signed 7 large deals (> $100M TCV) including 3 new logos. A key “good/surprising” point: Financial services growth nearly 12% YoY in constant currency for the second consecutive quarter; management cited particularly strong bookings/tail velocity (Q4 ~9%, Q1 10%+, Q2 ~12%), suggesting AI-led demand is showing up in deal flow. Deal mix also improved: new business share of $25–$50M and $50–$100M deals rose meaningfully.

AI “builder” strategy emphasized, with tangible operating indicators (opportunity): Over 40% of software development is AI-assisted and the firm reports 8,000+ AI engagements. They claim a major market shift opportunity: system integration expanding from ~$1T to $5T–$6T enterprise operations market, with $4.5T of operational labor exposed to AI. They launched/expanded an “AI delivery operating system” and stressed context governance + business process application layer (where they believe value will shift as models proliferate and inference costs fall). Also pointed to platformization (e.g., TriZetto, healthcare platform revenue > $1.1B annually; grew faster than company in 1H 2026 and with higher margins).