The microquasar Cygnus X-3 is known for massive outbursts that emit radiation from radio to γ-rays associated with jet ejection events. Using Principal Component Analysis to probe fast (~1 min) X-ray spectral evolution followed by subsequent spectral fits to the time-averaged spectra (~3 ks), we find that the overall X-ray variability during major outbursts can be attributed to two components. The spectral evolution of these components are best fitted with hybrid Comptonization and thermal bremsstrahlung components. Most of the X-ray variability is attributed to the hybrid Comptonization component. However, the spectral evolution of the thermal component is linked to a change in the X-ray spectral state. Phase-folding the fit results shows that the thermal component is restricted to two orbital phase regions opposite to each other, possibly indicating a flattened stellar wind from the Wolf-Rayet companion.