Cognizant (CTSH) official guidance

We now expect full-year weighted average dilutive share count of approximately 460 million, down from our prior estimates due to the pace of repurchases in Q2.

Our expected weighted average dilutive share count is approximately $473 million, down slightly from our prior estimate due to the pace of repurchases in Q1.

Our expected weighted average dilutive share count is approximately 475 million.

Tax rate guidance is unchanged at 25%-26%.

Our EPS guidance has increased to $5.70-$5.82, representing 8%-10% growth versus 7%-9% growth previously.

This leads to EPS guidance of $5.63-$5.77, representing 7%-9% growth.

Our free cash flow conversion guidance for the year remains 90%-100% of net income.

Our free cash flow conversion guidance for the full year remains 90%-100% of net income.

We expect free cash flow conversion of 90%-100% of the net income.

This includes 150 basis points of inorganic growth, unchanged from our prior expectations, but similar to last quarter, our M&A pipeline remains active.

Our full year guidance assumes recently completed acquisitions will contribute approximately 150 basis points to revenue growth, reflecting contribution from both 3Cloud and Astreya.

For the full year, we expect revenue to grow 4%-6.5% in constant currency. This includes inorganic contribution of approximately 150 basis points, of which approximately 1/3 is expected to come from future M&A.

This program is expected to generate in-year savings of approximately $200 million in 2026, which are and will continue to be used primarily to fund investments as described above.

The program is expected to deliver savings in 2026 of approximately $200 million-$300 million with a full year benefit in 2027.

This program is expected to generate in-year savings of approximately $200 million to $300 million in 2026.

•Full-year 2026 Adjusted Operating Margin4 is now expected to be approximately 16.1%, or 30 basis points of expansion.

Our adjusted operating margin guidance is unchanged at 16%-16.2%, representing 20 to 40 basis points of year-over-year expansion.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 16.0% to 16.2%, or 20 to 40 basis points of expansion.

The expected savings generated from the program net of investments are enabling us to raise our 2026 adjusted operating margin guidance range to 16%-16.2%, which represents 20 to 40 basis points of year-over-year expansion.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 16.0% to 16.2%, or 20 to 40 basis points of expansion.

Our adjusted operating margin guidance is 15.9%-16.1%, which represents 10 basis points to 30 basis points of expansion and is in line with the outlook we provided at our Investor Day last year.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 15.9% to 16.1%, or 10 to 30 basis points of expansion.

We now expect to record total costs of $180 million to $250 million, with $140 million to $160 million of costs expected to be incurred in 2026 and the remainder to be incurred through the first quarter of 2027.

We expect to incur costs of $230 million to $320 million in connection with Project Leap, with substantially all of the costs expected to be incurred in 2026.

As part of this program, we expect to record costs of $230 million-$320 million, with substantially all incurred in 2026.

In connection with Project Leap, we expect to record costs of $230 million to $320 million, with substantially all of the costs expected to be incurred in 2026.

We have therefore revised our full-year revenue guidance range to 4%-5.5% growth in constant currency.

Our full year revenue guidance is unchanged at 4%-6.5% in constant currency.

For the full year, we expect revenue to grow 4%-6.5% in constant currency. This includes inorganic contribution of approximately 150 basis points, of which approximately 1/3 is expected to come from future M&A.

Full-year 2026 Adjusted Diluted EPS3 is expected to be in the range of $5.70 to $5.82, growth of 8% to 10%.

Full-year 2026 Adjusted Diluted EPS3 is expected to be in the range of $5.63 to $5.77, growth of 7% to 9%.

This leads to adjusted diluted EPS guidance of $5.56-$5.70, representing 5%-8% year-over-year growth.

Full-year 2026 Adjusted Diluted EPS3 is expected to be in the range of $5.56 to $5.70, growth of 5% to 8%.

Our guidance anticipates a pre-tax benefit of approximately ($0.18) per diluted share with a corresponding tax expense of approximately $0.05 per diluted share for the full year 2026.

Our adjusted operating margin guidance is unchanged at 16%-16.2%, representing 20 to 40 basis points of year-over-year expansion.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 16.0% to 16.2%, or 20 to 40 basis points of expansion.

The expected savings generated from the program net of investments are enabling us to raise our 2026 adjusted operating margin guidance range to 16%-16.2%, which represents 20 to 40 basis points of year-over-year expansion.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 16.0% to 16.2%, or 20 to 40 basis points of expansion.

Our adjusted operating margin guidance is 15.9%-16.1%, which represents 10 basis points to 30 basis points of expansion and is in line with the outlook we provided at our Investor Day last year.

Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 15.9% to 16.1%, or 10 to 30 basis points of expansion.