Filing Flows › ExlService Holdings (EXLS) › Q3 2025
ExlService Holdings (EXLS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
ExlService Holdings (EXLS) reported revenue of $530M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 14.4%, net earnings $58.2M (11.0% of revenue).
ExlService Holdings, Q3 2025: revenue $530M (+12% year over year), operating margin 14.4%, net earnings $58.2M, operating cash flow $121M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $530M | +3% | +12% |
| Gross profit | $204M | +5% | +14% |
| Operating profit | $76.2M | -6% | +10% |
| Net earnings | $58.2M | -12% | +10% |
| Operating cash flow | $121M | +10% | +10% |
| Free cash flow | $106M | +12% | +9% |
What changed
Revenue was $529.6M in Q3 2025, up 12% year over year and up 3% from the previous quarter. Insurance was the largest line at 40% of revenue. Healthcare and Life Sciences added $24.0M year over year (up 22%), 42% of the total change.
Gross margin was 38.5%, up 0.7 points from a year earlier. Operating profit was $76.2M, a 14.4% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, below the 15% margin then. Operating expenses grew 17% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+23%). Net earnings were $58.2M, up 10% year over year. The effective tax rate was 22.0%.
Operating cash flow was $120.7M (up 10% year over year), 208% of net earnings. Non-cash charges added back $15.2M of depreciation and amortization and $23.1M of share-based compensation. Working capital and other items added $24.2M. Capital expenditures of $14.4M left free cash flow of $106.4M.
Questions
What was ExlService Holdings' revenue in the third quarter 2025?
ExlService Holdings (EXLS) reported revenue of $530M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before.
Was ExlService Holdings profitable in the third quarter 2025?
Operating profit was $76.2M (14.4% of revenue) and net earnings $58.2M.