Filing Flows › ExlService Holdings (EXLS) › Q2 2026
ExlService Holdings (EXLS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
ExlService Holdings (EXLS) reported revenue of $595M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +4% from the quarter before. Operating margin was 14.7%, net earnings $64.5M (10.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $595M | +4% | +16% |
| Gross profit | $226M | +2% | +16% |
| Operating profit | $87.3M | -5% | +8% |
| Net earnings | $64.5M | -4% | -2% |
| Operating cash flow | $87.9M | 51× | -20% |
| Free cash flow | $73.4M | — | -23% |
What changed
Revenue was $594.8M in Q2 2026, up 16% year over year and up 4% from the previous quarter. Insurance was the largest line at 39% of revenue. Insurance added $30.5M year over year (up 15%), 38% of the total change.
Gross margin was 38.0%, up 0.2 points from Q2 2025. Operating profit was $87.3M, a 14.7% margin (down 1.1 points year over year). Of the extra revenue versus Q2 2025, 8% reached operating profit, below the 16% margin then. Operating expenses grew 23% against revenue growth of 16%. The fastest-growing cost line was Sales & marketing (+26%). Net earnings were $64.5M, down 2% year over year. The effective tax rate was 23.1%.
Operating cash flow was $87.9M (down 20% year over year), 136% of net earnings. Non-cash charges added back $14.5M of depreciation and amortization and $24.6M of share-based compensation. Working capital and other items used $15.7M. Capital expenditures of $14.5M left free cash flow of $73.4M.
Questions
What was ExlService Holdings' revenue in the second quarter 2026?
ExlService Holdings (EXLS) reported revenue of $595M for the second quarter 2026 (Q2 2026), +16% from a year earlier and +4% from the quarter before.
Was ExlService Holdings profitable in the second quarter 2026?
Operating profit was $87.3M (14.7% of revenue) and net earnings $64.5M.