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Grid Dynamics Holdings (GDYN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Grid Dynamics Holdings (GDYN) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $114M · 5¢ of every $1 of revenue kept as net profit · operating margin 8.0%
Grid Dynamics Holdings made $114M in Q3 2026 (+10% Y/Y): Technology, Media and Telecom $37.0M, Retail $31.1M, Finance $25.7M. Operating margin 8.0%, net earnings $6.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $114.3M in Q3 2026, up 10% year over year and up 6% from the previous quarter. Technology, Media and Telecom was the largest line at 32% of revenue. Technology, Media and Telecom added $8.4M year over year (up 29%), 83% of the total change. Other declined 22%.
Gross margin was 40.3%, up 7.0 points from Q3 2025. Operating profit was $9.1M, a 8.0% margin (up 8.2 points year over year). Operating expenses grew 6% against revenue growth of 10%. The fastest-growing cost line was Research & development (+13%). Net earnings were $6.2M, up 424% year over year. The effective tax rate was 45.8%.
Operating cash flow was $16.0M (up 130% year over year), 260% of net earnings. Non-cash charges added back $5.9M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $1.4M. Capital expenditures of $2.8M left free cash flow of $13.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $114M | +10% | 8.0% | $6.2M | $16.0M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $108M | +7% | 1.2% | $2.9M | $6.1M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $104M | +4% | -3.5% | −$1.5M | $8.4M |
| Q4 2025 | 10-K | Mar 5, 2026 | $106M | +6% | 0.5% | $306K | $9.9M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $104M | +19% | -0.2% | $1.2M | $7.0M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $101M | +22% | -0.1% | $5.3M | $14.4M |
| Q1 2025 | 10-Q | May 1, 2025 | $100M | +26% | -2.0% | $2.9M | $9.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Grid Dynamics Holdings
Grid Dynamics Holdings, Inc. (“Grid Dynamics,” the “Company,” “we,” “us,” or “our”) is an Enterprise Artificial Intelligence (“AI”) transformation partner for the Fortune 1000. We combine deep AI expertise with proven enterprise-scale delivery to help clients identify where to invest in AI, deliver systems that work at scale, and capture real business value from AI deployments. The building blocks of AI have always been our foundation — distributed systems, real-time data, machine learning algorithms, and natural language processing. What has changed is that these capabilities have now converged into Enterprise AI.
In its own words, from its 10-K, filed Mar 5, 2026.
Grid Dynamics Holdings against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +14%. Operating margin: 8.0% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GDYN Grid Dynamics Holdings | Q3 2026 | $114M | +10% | 8.0% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: Grid Dynamics Holdings 10-Q on SEC EDGAR · CIK 1743725 · Services-Prepackaged Software
Guidance and outlook
13F: who owns GDYN and who is buying
More on GDYN
- How Grid Dynamics Holdings makes money: revenue by segment
- Grid Dynamics Holdings next earnings date and what analysts expect
- Grid Dynamics Holdings stock forecast, price target and fair value
- Who owns Grid Dynamics Holdings stock: holders, funds and Congress trades
- Grid Dynamics Holdings guidance and outlook
- Is Grid Dynamics Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Grid Dynamics Holdings guidance history: guided vs reported
- Grid Dynamics Holdings gross margin by quarter
- Grid Dynamics Holdings operating margin by quarter
- Grid Dynamics Holdings net income by quarter
- Grid Dynamics Holdings free cash flow by quarter
- Grid Dynamics Holdings R&D spending by quarter
- Grid Dynamics Holdings capital expenditures by quarter
- Grid Dynamics Holdings Technology, Media and Telecom revenue by quarter
- Grid Dynamics Holdings Retail revenue by quarter
- Grid Dynamics Holdings Finance revenue by quarter