Filing Flows › ExlService Holdings (EXLS) › Q4 2025
ExlService Holdings (EXLS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
ExlService Holdings (EXLS) reported revenue of $543M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +2% from the quarter before. Operating margin was 14.4%, net earnings $60.2M (11.1% of revenue).
ExlService Holdings, Q4 2025: revenue $543M (+13% year over year), operating margin 14.4%, net earnings $60.2M, operating cash flow $117M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $543M | +2% | +13% |
| Gross profit | $210M | +3% | +14% |
| Operating profit | $78.0M | +2% | +10% |
| Net earnings | $60.2M | +4% | +19% |
| Operating cash flow | $117M | -3% | +11% |
| Free cash flow | $107M | +0.1% | +12% |
What changed
Revenue was $542.6M in Q4 2025, up 13% year over year and up 2% from the previous quarter. Insurance was the largest line at 40% of revenue.
Gross margin was 38.6%, up 0.5 points from a year earlier. Operating profit was $78.0M, a 14.4% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, below the 15% margin then. Operating expenses grew 17% against revenue growth of 13%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $60.2M, up 19% year over year. The effective tax rate was 20.2%.
Operating cash flow was $117.4M (up 11% year over year), 195% of net earnings. Non-cash charges added back $16.4M of depreciation and amortization and $20.8M of share-based compensation. Working capital and other items added $20.0M. Capital expenditures of $10.9M left free cash flow of $106.5M.
Questions
What was ExlService Holdings' revenue in the fourth quarter 2025?
ExlService Holdings (EXLS) reported revenue of $543M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +2% from the quarter before.
Was ExlService Holdings profitable in the fourth quarter 2025?
Operating profit was $78.0M (14.4% of revenue) and net earnings $60.2M.