Cognizant Technology Solutions (CTSH): what its 10-K says it depends on

Customers

Financial services industry

concentrated innamed as a risk

Many of our clients are in the financial services and healthcare industries, so any decrease in growth or significant consolidation in these industries or regulatory policies that restrict these industries may reduce demand for our services.Risk factors (Item 1A)

Also named by TRU

Healthcare industry

concentrated innamed as a risk

Many of our clients are in the financial services and healthcare industries, so any decrease in growth or significant consolidation in these industries or regulatory policies that restrict these industries may reduce demand for our services.Risk factors (Item 1A)

Also named by WM

Partners and platforms

Amazon Web Services

depends on

We work closely with partners including Amazon Web Services, Cisco, Google, Microsoft, Oracle, Pegasystems, Salesforce, SAP, ServiceNow, Workday and many others.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Google

depends on

We work closely with partners including Amazon Web Services, Cisco, Google, Microsoft, Oracle, Pegasystems, Salesforce, SAP, ServiceNow, Workday and many others.Business (Item 1)

Also named by ABNB, AES, APP, BKNG, CSGP, DOCU, ETSY, EXPE and 14 more

Microsoft

depends on

We work closely with partners including Amazon Web Services, Cisco, Google, Microsoft, Oracle, Pegasystems, Salesforce, SAP, ServiceNow, Workday and many others.Business (Item 1)

Also named by AAOI, AAON, AES, AJG, AMD, BLK, CDW, CEG and 13 more

Competitors

Global capability centers (GCCs)

competes withnamed as a risk

Additionally, we face competition from clients' in-house technology resources, such as GCCs, which may provide a lower cost alternative to our services.Risk factors (Item 1A)

Accenture

competes with

Our direct competitors include, among others, Accenture, Atos, Capgemini, CGI, Deloitte Digital, DXC Technology, EPAM Systems, Genpact, HCL Technologies, IBM Consulting, Infosys Technologies, Tata Consultancy Services and Wipro.Business (Item 1)

Also named by IBM, NOW, RMNI

Infosys

competes with

Our direct competitors include, among others, Accenture, Atos, Capgemini, CGI, Deloitte Digital, DXC Technology, EPAM Systems, Genpact, HCL Technologies, IBM Consulting, Infosys Technologies, Tata Consultancy Services and Wipro.Business (Item 1)

Also named by LBTYA

Tata Consultancy Services

competes with

Our direct competitors include, among others, Accenture, Atos, Capgemini, CGI, Deloitte Digital, DXC Technology, EPAM Systems, Genpact, HCL Technologies, IBM Consulting, Infosys Technologies, Tata Consultancy Services and Wipro.Business (Item 1)

Places

India

operates in · 256,900named as a risk

Economic and political developments in India, where a significant majority of our operations and technical personnel are located, or in other countries where we maintain delivery operations, may also have a significant impact on our business and costs of operations.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Europe

earns from · 9.9%named as a risk

Our revenues are highly dependent on clients located in the United States and Europe, and any adverse economic, geopolitical or legal uncertainties or adverse developments, including due to the uncertainty related to the economic environment and inflation, natural or man-made disasters and extreme weather, geopolitical events and conflicts, labor or trade disputes or similar events, may cause clients in these geographies to reduce their spending and materially adversely impact our business.Risk factors (Item 1A)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

United Kingdom

earns from · 9.1%named as a risk

Revenues from our clients in the United Kingdom, Continental Europe and Rest of World represented 9.1%, 9.9% and 6.2%, respectively, of our 2025 revenues, and are typically denominated in currencies other than the U.S. dollar.Market risk (Item 7A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

United States

earns fromnamed as a risk

The practice of outsourcing services to organizations operating in other countries is a topic of political discussion in the United States, which is our largest market, as well as other regions in which we have clients.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Commodities and inputs

Indian rupee

exposed to its price · 23% of our global operating costsnamed as a risk

A predominant portion of our costs in India are denominated in the Indian rupee, representing 23% of our global operating costs during 2025, and are subject to foreign currency exchange rate fluctuations.Market risk (Item 7A)

Also named by ACN, ADBE, AJG, AVY, BEN, CIEN, EEFT, FDS and 11 more

Euro

exposed to its pricenamed as a risk

Accordingly, our revenues may be affected by fluctuations in the exchange rates, primarily the British pound and the Euro, as compared to the U.S. dollar.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound

exposed to its pricenamed as a risk

Accordingly, our revenues may be affected by fluctuations in the exchange rates, primarily the British pound and the Euro, as compared to the U.S. dollar.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Regulators

India Income Tax Department (ITD)

subject tonamed as a risk

For example, we are currently involved in an ongoing dispute with the ITD in which the ITD asserts that we owe additional taxes for two transactions by which CTS India repurchased shares from its shareholders, as more fully described in Note 10 to the consolidated financial statements.Risk factors (Item 1A)

Laws and programs

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

We have also been the subject of a number of putative securities class action complaints and putative shareholder derivative complaints relating to the matters that were the subject of our now concluded internal investigation into potential violations of the FCPA and other applicable laws, and may be subject to such legal actions for other matters in the future.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

For example, we are required to comply with increasingly complex and changing data security and privacy laws and regulations in the many jurisdictions in which we operate that regulate the collection, storage, use, disclosure, transfer and security of personal data, including U.S. federal and state laws (such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and the Health Insurance Portability and Accountability Act), and non-U.S. laws, such as the India Digital Personal Data Protection Act, 2023, the U.K. General Data Protection Regulation (“GDPR”) and the E.U. GDPR.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

EU AI Act

subject tonamed as a risk

For example, the EU AI Act may increase costs or impact the operation of our AI services.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, DOCN and 36 more

Health Insurance Portability and Accountability Act (HIPAA)

subject tonamed as a risk

For example, we are required to comply with increasingly complex and changing data security and privacy laws and regulations in the many jurisdictions in which we operate that regulate the collection, storage, use, disclosure, transfer and security of personal data, including U.S. federal and state laws (such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and the Health Insurance Portability and Accountability Act), and non-U.S. laws, such as the India Digital Personal Data Protection Act, 2023, the U.K. General Data Protection Regulation (“GDPR”) and the E.U. GDPR.Risk factors (Item 1A)

Also named by ADI, BBY, BR, BWIN, CART, DGX, IQV, KR and 8 more

U.S. H-1B and L-1 visas

subject tonamed as a risk

Our principal operating subsidiary in the United States utilizes a high number of skilled workers holding H-1B and L-1 visas and, as a result, may be subject to increased costs and visa processing delays upon the effectiveness of any such laws, regulations, policy changes or executive orders.Risk factors (Item 1A)

EU Intra-Corporate Transferee Directive (2014)

subject tonamed as a risk

In the EU, many countries continue to implement new regulations to ensure compliance with the EU Directive of 2014 to harmonize immigration rules for intracompany transferees in most EU member states and to facilitate the transfer of managers, specialists and graduate trainees both into and within the region.Risk factors (Item 1A)

U.S. anti-outsourcing legislation

subject tonamed as a risk

If any such measure is enacted in the United States or another region in which we have clients, our ability to provide services to our clients could be impaired.Risk factors (Item 1A)

India Labor Code

subject tonamed as a risk

For example, the Government of India implemented the Labor Code, which we expect to modestly increase our defined benefit costs prospectively.Risk factors (Item 1A)