Filing Flows › ExlService Holdings (EXLS) › Q2 2026 › vs Q1 2026
ExlService Holdings (EXLS) Q2 2026 vs Q1 2026 (quarter over quarter)
ExlService Holdings's revenue rose $24.4M (+4%) from $570M in Q1 2026 to $595M in Q2 2026. The biggest changes: Banking, Capital Markets and Diversified Industries +$10.6M (+6%); Insurance +$7.6M (+3%); Healthcare and Life Sciences +$6.1M (+4%). Gross margin 38.0% against 38.9% (-0.9 pts).
ExlService Holdings, Q2 2026: revenue $595M (+16% year over year), operating margin 14.7%, net earnings $64.5M, operating cash flow $87.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 38.0% | 38.9% | -0.9 pts |
| Operating margin | 14.7% | 16.1% | -1.4 pts |
| Net margin | 10.8% | 11.8% | -0.9 pts |
| Free cash flow margin | 12.3% | -2.0% | +14.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Insurance | $234M | $226M | $7.6M | +3% |
| Banking, Capital Markets and Diversified Industries | $203M | $192M | $10.6M | +6% |
| Healthcare and Life Sciences | $158M | $152M | $6.1M | +4% |
| Revenue | $595M | $570M | $24.4M | +4% |
| Gross profit | $226M | $222M | $3.9M | +2% |
| Cost of revenue | $369M | $348M | $20.5M | +6% |
| Operating profit | $87.3M | $91.8M | −$4.5M | -5% |
| Operating expenses | $139M | $130M | $8.4M | +6% |
| Pre-tax earnings | $84.0M | $91.4M | −$7.4M | -8% |
| Other expense, net | $3.3M | $425K | $2.9M | +683% |
| Sales & marketing | $49.6M | $47.2M | $2.4M | +5% |
| General & admin | $74.4M | $69.1M | $5.4M | +8% |
| Other operating costs | $14.6M | $14.0M | $601K | +4% |
| Net earnings | $64.5M | $67.1M | −$2.6M | -4% |
| Income tax | $19.4M | $24.3M | −$4.9M | -20% |
| Depreciation & amortization | $14.5M | $14.0M | $483K | +3% |
| Share-based compensation | $24.6M | $22.1M | $2.5M | +11% |
| Working capital & other | $15.7M | $101M | −$85.7M | -84% |
| Operating cash flow | $87.9M | $1.7M | $86.2M | 51× |
| Free cash flow (OCF − capex) | $73.4M | −$11.2M | $84.6M | — |
| Capital expenditures | $14.5M | $12.9M | $1.6M | +12% |
Questions
How much did ExlService Holdings's revenue grow quarter over quarter in Q2 2026?
ExlService Holdings's revenue rose $24.4M (+4%) from $570M in Q1 2026 to $595M in Q2 2026.
What drove ExlService Holdings's revenue change in Q2 2026?
Banking, Capital Markets and Diversified Industries +$10.6M (+6%); Insurance +$7.6M (+3%); Healthcare and Life Sciences +$6.1M (+4%).