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ExlService Holdings (EXLS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · ExlService Holdings (EXLS) Q3 2026 earnings results →
Q3 2026 Revenue up 20% year over year to $634M · 11¢ of every $1 of revenue kept as net profit · operating margin 14.0%
ExlService Holdings made $634M in Q3 2026 (+20% Y/Y): Insurance $246M, Banking, Capital Markets and Diversified Industries $227M, Healthcare and Life Sciences $161M. Operating margin 14.0%, net earnings $68.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $634.0M in Q3 2026, up 20% year over year and up 7% from the previous quarter. Insurance was the largest line at 39% of revenue. Banking, Capital Markets and Diversified Industries added $43.7M year over year (up 24%), 42% of the total change.
Gross margin was 38.0%, down 0.5 points from Q3 2025. Operating profit was $88.9M, a 14.0% margin (down 0.4 points year over year). Of the extra revenue versus Q3 2025, 12% reached operating profit, below the 14% margin then. Operating expenses grew 19% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $68.8M, up 18% year over year. The effective tax rate was 20.7%.
Operating cash flow was $119.2M (down 1% year over year), 173% of net earnings. Non-cash charges added back $18.7M of depreciation and amortization and $25.5M of share-based compensation. Working capital and other items added $6.2M. Capital expenditures of $16.7M left free cash flow of $102.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 27, 2026 | $634M | +20% | 14.0% | $68.8M | $119M |
| Q2 2026 | 10-Q | Jul 28, 2026 | $595M | +16% | 14.7% | $64.5M | $87.9M |
| Q1 2026 | 10-Q | Apr 28, 2026 | $570M | +14% | 16.1% | $67.1M | $1.7M |
| Q4 2025 | 10-K | Feb 24, 2026 | $543M | +13% | 14.4% | $60.2M | $117M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $530M | +12% | 14.4% | $58.2M | $121M |
| Q2 2025 | 10-Q | Jul 29, 2025 | $514M | +15% | 15.8% | $66.1M | $109M |
| Q1 2025 | 10-Q | Apr 29, 2025 | $501M | +15% | 15.7% | $66.6M | $3.2M |
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About ExlService Holdings
ExlService Holdings, Inc. (“EXL,” “we,” “us,” “our” or the “Company”), incorporated in Delaware in 2002, is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 65,000 employees spanning six continents.
In its own words, from its 10-K, filed Feb 24, 2026.
ExlService Holdings against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +13%. Operating margin: 14.0% against the peers' median 14.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EXLS ExlService Holdings | Q3 2026 | $634M | +20% | 14.0% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
Source: ExlService Holdings 10-Q on SEC EDGAR · CIK 1297989 · Services-Business Services, NEC
Guidance and outlook
13F: who owns EXLS and who is buying
More on EXLS
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- ExlService Holdings guidance history: guided vs reported
- ExlService Holdings gross margin by quarter
- ExlService Holdings operating margin by quarter
- ExlService Holdings net income by quarter
- ExlService Holdings free cash flow by quarter
- ExlService Holdings capital expenditures by quarter
- ExlService Holdings Insurance revenue by quarter
- ExlService Holdings Banking, Capital Markets and Diversified Industries revenue by quarter
- ExlService Holdings Healthcare and Life Sciences revenue by quarter