Filing Flows › ExlService Holdings (EXLS) › How it makes money
How ExlService Holdings (EXLS) makes money
ExlService Holdings (EXLS) made $634M of revenue in the third quarter 2026 (Q3 2026), +20% from a year earlier. Insurance brought in $246M (39%); Banking, Capital Markets and Diversified Industries brought in $227M (36%); Healthcare and Life Sciences brought in $161M (25%). Of every dollar of revenue, 38¢ was left as gross profit, 14¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Insurance | $246M | 38.9% | +5% | +17% |
| Banking, Capital Markets and Diversified Industries | $227M | 35.8% | +12% | +24% |
| Healthcare and Life Sciences | $161M | 25.4% | +2% | +19% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $634M | 100.0% |
| Cost of revenue | $393M | 62.0% |
| Gross profit | $241M | 38.0% |
| Operating expenses | $152M | 24.0% |
| Operating profit | $88.9M | 14.0% |
| Income tax | $17.9M | 2.8% |
| Net earnings | $68.8M | 10.8% |
| Operating cash flow | $119M | 18.8% |
| Free cash flow | $103M | 16.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $634M | +20% |
| Q2 2026 | $595M | +16% |
| Q1 2026 | $570M | +14% |
| Q4 2025 | $543M | +13% |
| Q3 2025 | $530M | +12% |
| Q2 2025 | $514M | +15% |
| Q1 2025 | $501M | +15% |
From ExlService Holdings' 10-Q filed Oct 27, 2026 (on EDGAR).
Questions
How does ExlService Holdings make money?
ExlService Holdings (EXLS) made $634M of revenue in the third quarter 2026 (Q3 2026), +20% from a year earlier. Insurance brought in $246M (39%); Banking, Capital Markets and Diversified Industries brought in $227M (36%); Healthcare and Life Sciences brought in $161M (25%). Of every dollar of revenue, 38¢ was left as gross profit, 14¢ was left as operating profit, 11¢ was left as net earnings.
What is ExlService Holdings' biggest business?
Insurance: $246M in the third quarter 2026, 39% of revenue, +17% from a year earlier.
What is ExlService Holdings' profit margin?
Net earnings were $68.8M, 10.8% of revenue, in the third quarter 2026; the operating margin was 14.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.