Cognizant vs PepsiCo: Revenue, Profit and Business Model
Cognizant reported $21.1B of revenue in FY2025 and $2.2B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
Cognizant
Cognizant's revenue grew slowly from $19.43 billion in 2022 to $19.74 billion in 2024, then jumped 7% to $21.11 billion in 2025, helped by large deals and the Belcan acquisition. Net income was $2.23 billion in 2025, GAAP operating margin was 16.1%, and adjusted operating margin was 15.8%. Free cash flow reached $2.67 billion. The company returns most of that cash: it paid $610 million in dividends and bought back $1.3 billion of stock in 2025, and deployed $1.6 billion on buybacks in the first half of 2026 alone, while also spending $1.3 billion on acquisitions and drawing $1.0 billion on its revolving credit facility. For 2026 it guides to revenue of $22.04-$22.35 billion (4.0%-5.5% constant-currency growth), adjusted operating margin of 16.0%-16.2%, and adjusted EPS of $5.70-$5.82.
PepsiCo
PepsiCo grew net revenue from $62.8 billion in 2016 to $93.9 billion in 2025, but growth slowed to 0.4% in 2024 and 2.3% in 2025 (1.7% organic) as North American snack volumes declined. Fiscal 2025 net income was $8.24 billion, down 14%, reflecting a roughly $2 billion impairment mainly on Rockstar. In 2026 the picture improved on the top line: Q1 net revenue rose 8.5% and Q2 rose 6.4% to $24.18 billion, helped by acquisitions, currency and international volume. Q2 2026 net income was $2.98 billion versus $1.26 billion a year earlier. For full-year 2026 PepsiCo guided to 2-4% organic revenue growth and 4-6% core constant-currency EPS growth.
Revenue and profit by year
Cognizant
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.1B | $2.2B | 10.6% | +7.0% | Source |
| FY2024 | $19.7B | — | 0.0% | +2.0% | Source |
| FY2023 | $19.4B | — | 0.0% | -0.4% | Source |
| FY2022 | $19.4B | — | 0.0% | +5.0% | Source |
| FY2021 | $18.5B | $2.1B | 11.5% | +11.1% | Source |
| FY2020 | $16.7B | $1.4B | 8.4% | -0.8% | Source |
| FY2019 | $16.8B | $1.8B | 11.0% | +4.1% | Source |
| FY2018 | $16.1B | $2.1B | 13.0% | +8.9% | Source |
| FY2017 | $14.8B | $1.5B | 10.2% | +9.8% | Source |
| FY2016 | $13.5B | $1.6B | 11.5% | — | Source |
PepsiCo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $93.9B | $8.2B | 8.8% | +2.3% | Source |
| FY2024 | $91.9B | $9.6B | 10.4% | +0.4% | Source |
| FY2023 | $91.5B | $9.1B | 9.9% | +5.9% | Source |
| FY2022 | $86.4B | $8.9B | 10.3% | +8.7% | Source |
| FY2021 | $79.5B | $7.6B | 9.6% | +12.9% | Source |
| FY2020 | $70.4B | $7.1B | 10.1% | +4.8% | Source |
| FY2019 | $67.2B | $7.3B | 10.9% | +3.9% | Source |
| FY2018 | $64.7B | $12.5B | 19.4% | +1.8% | Source |
| FY2017 | $63.5B | $4.9B | 7.6% | +1.2% | Source |
| FY2016 | $62.8B | $6.3B | 10.1% | — | Source |
Where the revenue comes from
Cognizant
- Health Sciences
30.1% (2025)
Work for health plans, providers, and life-sciences companies, including TriZetto software and healthcare operations. $6.35 billion in 2025.
- Financial Services
29.2% (2025)
Technology and operations work for banks, insurers, and capital-markets firms. $6.17 billion in 2025; grew 12% in Q2 2026 to become the largest segment.
- Products and Resources
25.0% (2025)
Engineering, data, cloud, and operations work for manufacturing, retail, consumer goods, travel, energy, and utilities clients, including Belcan. $5.29 billion in 2025.
- Communications, Media and Technology
15.7% (2025)
Services for telecom, media, and technology companies. $3.30 billion in 2025.
PepsiCo
- PepsiCo Foods North America (Frito-Lay and Quaker)~30%
Savory snacks, oats, bars and dips sold to US and Canadian retailers and foodservice; about $27.7 billion combined in 2024.
- PepsiCo Beverages North America~30%
Finished drinks, fountain syrup and concentrate, including Pepsi, Mountain Dew, Gatorade and partner brands; about $27.8 billion in 2024.
- International (Latin America, Europe, AMESA, Asia Pacific)~40%
Locally made snacks such as Sabritas, Walkers and Kurkure plus beverage concentrate sold to franchise bottlers and company-run beverage operations.
Business model and strategy
Cognizant
How it makes money
Cognizant is a B2B services business organized into four industry segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology. In 2025 Health Sciences ($6.35B) and Financial Services ($6.17B) were the two largest; by Q2 2026 Financial Services had become the largest at 31.6% of revenue after growing 12% year over year.
Growth strategy
Under CEO Ravi Kumar S, Cognizant's growth plan has four parts: win more large deals (seven deals of $100 million or more were signed in Q2 2026 alone), use AI to modernize clients' legacy applications, data, and infrastructure, deepen hyperscaler partnerships with Microsoft, Google Cloud, and AWS, and buy specialists.
Competitive advantage
Cognizant's clearest advantage is depth in regulated industries, especially U.S. healthcare and financial services. The 2014 TriZetto acquisition gave it core administration software used by many U.S. health plans, which pulls in implementation, hosting, and operations work and is costly for clients to replace.
PepsiCo
How it makes money
PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. It reports through regional segments: PepsiCo Foods North America (Frito-Lay and Quaker, combined in 2025), PepsiCo Beverages North America (PBNA), Latin America, Europe, Africa/Middle East/South Asia (AMESA) and Asia Pacific.
Growth strategy
PepsiCo's current growth strategy has four parts: affordability (price cuts of up to 15% on Lay's, Tostitos, Doritos and Cheetos in February 2026), portfolio shift toward better-for-you and functional brands through acquisitions such as Siete (2025), poppi ($1.95 billion, closed May 2025) and Sabra, cost reduction (three US plant closures, SKU rationalization and a review of North American supply chain and go-to-mark…
Competitive advantage
PepsiCo's advantage is scale in savory snacks combined with a large beverage business and a direct-store-delivery network. Frito-Lay brands such as Lay's, Doritos and Cheetos lead the US salty snack aisle, and DSD lets PepsiCo control merchandising and restocking in grocery, mass and convenience stores.
Questions about Cognizant vs PepsiCo
Which company has higher revenue — Cognizant Technology Solutions Corporation or PepsiCo, Inc.?
Cognizant Technology Solutions Corporation reported $21.1B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with Cognizant Technology Solutions Corporation reporting a smaller revenue base.
What is the market cap of Cognizant Technology Solutions Corporation vs PepsiCo, Inc.?
Cognizant Technology Solutions Corporation's market capitalisation stands at $25.6B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Cognizant Technology Solutions Corporation.
Which is more financially efficient — Cognizant Technology Solutions Corporation or PepsiCo, Inc.?
Cognizant Technology Solutions Corporation generates $59k / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. PepsiCo, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Cognizant Technology Solutions Corporation and PepsiCo, Inc. make money?
Cognizant Technology Solutions Corporation and PepsiCo, Inc. generate revenue in fundamentally different ways. Cognizant Technology Solutions Corporation: Cognizant is a B2B services business organized into four industry segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers.
Which company is valued higher relative to revenue — Cognizant Technology Solutions Corporation or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, Cognizant Technology Solutions Corporation trades at 1.2x P/S and PepsiCo, Inc. at 1.9x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Cognizant Technology Solutions Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cognizant Technology Solutions Corporation bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to Cognizant Technology Solutions Corporation ($21.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cognizant vs PepsiCo overview