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ExlService Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$103M in Q3 2026 · $271M over twelve months

Operating cash flow$119M
Capital spending−$16.7M
Free cash flow+$103M
Cash / net income1.7×
Cash conversion cycle63 days

Analysis

In Q3 2026, ExlService Holdings generated $119M of operating cash flow and spent $16.7M on capital projects, leaving free cash flow of $103M. That is $3.8M less than in Q3 2025 ($106M).

Over the twelve months to Sep 30, 2026, operating cash flow was $326M; the largest uses were buybacks ($322M), acquisitions ($154M), capital spending ($55.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($157M), other investing ($43.1M); the cash balance fell by $4.8M.

Operating cash flow was $119M against net income of $68.8M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$25.5M, depreciation & amortization +$18.7M, receivables −$13.5M.

Its cash conversion cycle was 63 days (receivables 65 + inventory 0 − payables 2).

Free cash flow

ExlService Holdings: free cash flow by quarterExlService Holdings: free cash flow by quarter$95.3MQ4 2024−$9.7MQ1 2025$95.0MQ2 2025$106MQ3 2025$107MQ4 2025−$11.2MQ1 2026$73.4MQ2 2026$103MQ3 2026
Operating cash flow less capital spending.
ExlService Holdings: operating cash flow against capital spendingExlService Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$105M$10.1MQ4 2024$3.2M$12.9MQ1 2025$109M$14.4MQ2 2025$121M$14.4MQ3 2025$117M$10.9MQ4 2025$1.7M$12.9MQ1 2026$87.9M$14.5MQ2 2026$119M$16.7MQ3 2026
Latest (Q3 2026): Operating cash flow $119M, Capital spending $16.7M.

Capital allocation, year by year

ExlService Holdings: where the cash came from (up) and went (down), by fiscal yearExlService Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $184MFY2021: Net borrowing −$329MFY2021: Shares issued $1.4MFY2021: Asset sales $1.3MFY2021: Capital spending −$37.2MFY2021: Acquisitions −$76.8MFY2021: Buybacks −$118M$187MFY2021FY2022: Operating cash flow $166MFY2022: Net borrowing −$10.0MFY2022: Shares issued $1.1MFY2022: Asset sales $266KFY2022: Capital spending −$44.8MFY2022: Acquisitions −$3.9MFY2022: Buybacks −$72.6M$167MFY2022FY2023: Operating cash flow $211MFY2023: Net borrowing −$50.2MFY2023: Shares issued $5.7MFY2023: Asset sales $739KFY2023: Capital spending −$52.8MFY2023: Buybacks −$132M$218MFY2023FY2024: Operating cash flow $269MFY2024: Net borrowing $88.4MFY2024: Shares issued $5.7MFY2024: Asset sales $215KFY2024: Capital spending −$46.3MFY2024: Acquisitions −$24.3MFY2024: Buybacks −$208M$363MFY2024FY2025: Operating cash flow $351MFY2025: Net borrowing $10.0MFY2025: Shares issued $6.2MFY2025: Asset sales $351KFY2025: Capital spending −$52.6MFY2025: Buybacks −$328M$367MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($859M) and net borrowing ($389M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$333M
Debt$511M
Net debt$178M
Due within a year$9.7M

ExlService Holdings funds itself: free cash flow was $271M over the last twelve months, and $333M of cash and investments stands against $511M of debt ($9.7M due within a year, 34.3× covered by cash).

Where the cash came from and went

ExlService Holdings: sources (+) and uses (−) of cash, Q3 2026ExlService Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing−$176MNet borrowing (+) / repaid (−)$131MOperating cash flow$119MCash drawn (+) / kept (−)−$28.3MBuybacks−$25.8MCapital spending−$16.7MOther financing−$3.5MShares issued$963KExchange rates−$960KAsset & business sales$94K
ExlService Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026ExlService Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$326MBuybacks−$322MNet borrowing (+) / repaid (−)$157MAcquisitions−$154MCapital spending−$55.0MOther investing$43.1MTaxes on employees’ shares−$6.5MShares issued$5.7MCash drawn (+) / kept (−)$4.8MOther financing$3.0MExchange rates−$2.6MAsset & business sales$296K

From profit to cash

ExlService Holdings: net income to operating cash flow, Q3 2026ExlService Holdings: net income to operating cash flow, Q3 2026Net income$68.8MDepreciation & amortization$18.7MStock-based pay$25.5MDeferred taxes−$1.8MGains on investments−$1.6MOther non-cash$681KReceivables−$13.5MPayables$4.4MDeferred revenue−$2.5MPrepaid and other assets$9.8MIncome taxes payable−$8.1MOperating cash flow$119M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202665—263
Q2 202663—261
Q1 202658—256
Q4 202559—257
Q3 202561—259
Q2 202561—259
Q1 202558—256
Q4 202462—260

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$119M−$16.7M—−$25.8M$131M$963K−$28.3M$103M
Q2 2026$87.9M−$14.5M—−$20.6M−$36.4M$833K$18.0M$73.4M
Q1 2026$1.7M−$12.9M—−$166M−$56.4M$2.8M$1.2M−$11.2M
Q4 2025$117M−$10.9M—−$110M−$56.2M$1.1M$13.9M$107M
Q3 2025$121M−$14.4M—−$159M$94.6M$1.2M−$9.3M$106M
Q2 2025$109M−$14.4M—−$41.7M−$47.4M$1.1M−$12.0M$95.0M
Q1 2025$3.2M−$12.9M—−$18.0M−$31.4M$2.8M$12.9M−$9.7M
Q4 2024$105M−$10.1M$167K−$12.0M−$56.4M$1.5M−$8.1M$95.3M

ExlService Holdings: income statement and cash flow

ExlService Holdings, Q3 2026: revenue $634M (+20% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

ExlService Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.