Filing Flows › ExlService Holdings (EXLS) › Q3 2026 › vs Q2 2026
ExlService Holdings (EXLS) Q3 2026 vs Q2 2026 (quarter over quarter)
ExlService Holdings's revenue rose $39.2M (+7%) from $595M in Q2 2026 to $634M in Q3 2026. The biggest changes: Banking, Capital Markets and Diversified Industries +$23.8M (+12%); Insurance +$12.7M (+5%); Healthcare and Life Sciences +$2.7M (+2%). Gross margin 38.0% against 38.0% (+0.0 pts).
ExlService Holdings, Q3 2026: revenue $634M (+20% year over year), operating margin 14.0%, net earnings $68.8M, operating cash flow $119M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 38.0% | 38.0% | +0.0 pts |
| Operating margin | 14.0% | 14.7% | -0.7 pts |
| Net margin | 10.8% | 10.8% | +0.0 pts |
| Free cash flow margin | 16.2% | 12.3% | +3.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Insurance | $246M | $234M | $12.7M | +5% |
| Banking, Capital Markets and Diversified Industries | $227M | $203M | $23.8M | +12% |
| Healthcare and Life Sciences | $161M | $158M | $2.7M | +2% |
| Revenue | $634M | $595M | $39.2M | +7% |
| Gross profit | $241M | $226M | $15.2M | +7% |
| Cost of revenue | $393M | $369M | $24.0M | +7% |
| Operating profit | $88.9M | $87.3M | $1.6M | +2% |
| Operating expenses | $152M | $139M | $13.6M | +10% |
| Pre-tax earnings | $86.7M | $84.0M | $2.7M | +3% |
| Other expense, net | $2.2M | $3.3M | −$1.1M | -34% |
| Sales & marketing | $53.5M | $49.6M | $3.9M | +8% |
| General & admin | $79.9M | $74.4M | $5.4M | +7% |
| Other operating costs | $18.9M | $14.6M | $4.3M | +29% |
| Net earnings | $68.8M | $64.5M | $4.3M | +7% |
| Income tax | $17.9M | $19.4M | −$1.5M | -8% |
| Depreciation & amortization | $18.7M | $14.5M | $4.2M | +29% |
| Share-based compensation | $25.5M | $24.6M | $911K | +4% |
| Working capital & other | $6.2M | −$15.7M | $21.9M | — |
| Operating cash flow | $119M | $87.9M | $31.3M | +36% |
| Free cash flow (OCF − capex) | $103M | $73.4M | $29.1M | +40% |
| Capital expenditures | $16.7M | $14.5M | $2.2M | +15% |
Questions
How much did ExlService Holdings's revenue grow quarter over quarter in Q3 2026?
ExlService Holdings's revenue rose $39.2M (+7%) from $595M in Q2 2026 to $634M in Q3 2026.
What drove ExlService Holdings's revenue change in Q3 2026?
Banking, Capital Markets and Diversified Industries +$23.8M (+12%); Insurance +$12.7M (+5%); Healthcare and Life Sciences +$2.7M (+2%).