Filing Flows › ExlService Holdings (EXLS) › Q3 2026 › vs Q3 2025
ExlService Holdings (EXLS) Q3 2026 vs Q3 2025 (year over year)
ExlService Holdings's revenue rose $104M (+20%) from $530M in Q3 2025 to $634M in Q3 2026. The biggest changes: Banking, Capital Markets and Diversified Industries +$43.7M (+24%); Insurance +$35.3M (+17%); Healthcare and Life Sciences +$25.4M (+19%). Gross margin 38.0% against 38.5% (-0.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 38.0% | 38.5% | -0.5 pts |
| Operating margin | 14.0% | 14.4% | -0.4 pts |
| Net margin | 10.8% | 11.0% | -0.1 pts |
| Free cash flow margin | 16.2% | 20.1% | -3.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Insurance | $246M | $211M | $35.3M | +17% |
| Banking, Capital Markets and Diversified Industries | $227M | $183M | $43.7M | +24% |
| Healthcare and Life Sciences | $161M | $136M | $25.4M | +19% |
| Revenue | $634M | $530M | $104M | +20% |
| Gross profit | $241M | $204M | $37.2M | +18% |
| Cost of revenue | $393M | $326M | $67.2M | +21% |
| Operating profit | $88.9M | $76.2M | $12.7M | +17% |
| Operating expenses | $152M | $128M | $24.5M | +19% |
| Pre-tax earnings | $86.7M | $74.7M | $12.0M | +16% |
| Other expense, net | $2.2M | $1.5M | $718K | +49% |
| Sales & marketing | $53.5M | $46.4M | $7.2M | +15% |
| General & admin | $79.9M | $66.3M | $13.6M | +21% |
| Other operating costs | $18.9M | $15.1M | $3.7M | +25% |
| Net earnings | $68.8M | $58.2M | $10.6M | +18% |
| Income tax | $17.9M | $16.5M | $1.5M | +9% |
| Depreciation & amortization | $18.7M | $15.2M | $3.5M | +23% |
| Share-based compensation | $25.5M | $23.1M | $2.4M | +10% |
| Working capital & other | $6.2M | $24.2M | −$18.0M | -74% |
| Operating cash flow | $119M | $121M | −$1.5M | -1% |
| Free cash flow (OCF − capex) | $103M | $106M | −$3.8M | -4% |
| Capital expenditures | $16.7M | $14.4M | $2.3M | +16% |
Questions
How much did ExlService Holdings's revenue grow year over year in Q3 2026?
ExlService Holdings's revenue rose $104M (+20%) from $530M in Q3 2025 to $634M in Q3 2026.
What drove ExlService Holdings's revenue change in Q3 2026?
Banking, Capital Markets and Diversified Industries +$43.7M (+24%); Insurance +$35.3M (+17%); Healthcare and Life Sciences +$25.4M (+19%).