Filing Flows › ExlService Holdings (EXLS) › Q2 2026 › vs Q2 2025
ExlService Holdings (EXLS) Q2 2026 vs Q2 2025 (year over year)
ExlService Holdings's revenue rose $80.3M (+16%) from $514M in Q2 2025 to $595M in Q2 2026. The biggest changes: Insurance +$30.5M (+15%); Healthcare and Life Sciences +$28.5M (+22%); Banking, Capital Markets and Diversified Industries +$21.3M (+12%). Gross margin 38.0% against 37.7% (+0.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 38.0% | 37.7% | +0.2 pts |
| Operating margin | 14.7% | 15.8% | -1.1 pts |
| Net margin | 10.8% | 12.8% | -2.0 pts |
| Free cash flow margin | 12.3% | 18.5% | -6.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $234M | $203M | $30.5M | +15% |
| Banking, Capital Markets and Diversified Industries | $203M | $182M | $21.3M | +12% |
| Healthcare and Life Sciences | $158M | $130M | $28.5M | +22% |
| Revenue | $595M | $514M | $80.3M | +16% |
| Gross profit | $226M | $194M | $31.8M | +16% |
| Cost of revenue | $369M | $320M | $48.5M | +15% |
| Operating profit | $87.3M | $81.1M | $6.2M | +8% |
| Operating expenses | $139M | $113M | $25.6M | +23% |
| Pre-tax earnings | $84.0M | $84.7M | −$772K | -0.9% |
| Other expense, net | $3.3M | −$3.6M | $6.9M | — |
| Sales & marketing | $49.6M | $39.4M | $10.2M | +26% |
| General & admin | $74.4M | $59.5M | $14.9M | +25% |
| Other operating costs | $14.6M | $14.1M | $549K | +4% |
| Net earnings | $64.5M | $66.1M | −$1.5M | -2% |
| Income tax | $19.4M | $18.5M | $880K | +5% |
| Depreciation & amortization | $14.5M | $14.1M | $331K | +2% |
| Share-based compensation | $24.6M | $16.4M | $8.2M | +50% |
| Working capital & other | $15.7M | −$12.8M | $28.5M | — |
| Operating cash flow | $87.9M | $109M | −$21.5M | -20% |
| Free cash flow (OCF − capex) | $73.4M | $95.0M | −$21.6M | -23% |
| Capital expenditures | $14.5M | $14.4M | $81K | +0.6% |
Questions
How much did ExlService Holdings's revenue grow year over year in Q2 2026?
ExlService Holdings's revenue rose $80.3M (+16%) from $514M in Q2 2025 to $595M in Q2 2026.
What drove ExlService Holdings's revenue change in Q2 2026?
Insurance +$30.5M (+15%); Healthcare and Life Sciences +$28.5M (+22%); Banking, Capital Markets and Diversified Industries +$21.3M (+12%).