Teaneck-based AI builder and technology services provider Cognizant authorized a $2 billion increase to its existing share repurchase program, according to an announcement by its Board of Directors.
This increases its 2026 share repurchase target to $2 billion, up $1 billion from its prior expectation. An additional $1 billion in share repurchases is expected to be completed during Q2 2026.
The company’s Chief Financial Officer, Jatin Dalal, said a strong balance sheet and robust free cash flow give the company the flexibility to opportunistically accelerate the return of capital to shareholders while continuing to invest in growth, according to a release.
As of May 17, with this increase, approximately $3.45 billion remains under the share repurchase authorization.
In connection with this plan and in anticipation of the closing of its previously announced acquisition of Astreya, the company will draw down $1 billion under its existing revolving credit facility.
