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Grid Dynamics Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$13.3M in Q3 2026 · $26.3M over twelve months

Operating cash flow$16.0M
Capital spending−$2.8M
Free cash flow+$13.3M
Cash / net income2.6×
Cash conversion cycle66 days

Analysis

In Q3 2026, Grid Dynamics Holdings generated $16.0M of operating cash flow and spent $2.8M on capital projects, leaving free cash flow of $13.3M. That is $10.3M more than in Q3 2025 ($2.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $40.4M; the largest uses were buybacks ($37.5M), capital spending ($14.1M), acquisitions ($14.1M); besides operations, cash came from shares issued ($64K); the cash balance fell by $34.3M.

Operating cash flow was $16.0M against net income of $6.2M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$5.9M, stock-based pay +$5.3M, income taxes payable +$3.1M.

Its cash conversion cycle was 66 days (receivables 73 + inventory 0 − payables 7).

Free cash flow

Grid Dynamics Holdings: free cash flow by quarterGrid Dynamics Holdings: free cash flow by quarter$4.4MQ4 2024$6.0MQ1 2025$10.2MQ2 2025$2.9MQ3 2025$6.1MQ4 2025$4.4MQ1 2026$2.5MQ2 2026$13.3MQ3 2026
Operating cash flow less capital spending.
Grid Dynamics Holdings: operating cash flow against capital spendingGrid Dynamics Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$7.1M$2.6MQ4 2024$9.4M$3.3MQ1 2025$14.4M$4.2MQ2 2025$7.0M$4.0MQ3 2025$9.9M$3.8MQ4 2025$8.4M$4.0MQ1 2026$6.1M$3.6MQ2 2026$16.0M$2.8MQ3 2026
Latest (Q3 2026): Operating cash flow $16.0M, Capital spending $2.8M.

Capital allocation, year by year

Grid Dynamics Holdings: where the cash came from (up) and went (down), by fiscal yearGrid Dynamics Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $18.0MFY2021: Shares issued $78.3MFY2021: Capital spending −$4.7MFY2021: Acquisitions −$30.6M$96.3MFY2021FY2022: Operating cash flow $31.7MFY2022: Shares issued $111MFY2022: Capital spending −$6.1MFY2022: Acquisitions −$9.3M$143MFY2022FY2023: Operating cash flow $41.1MFY2023: Shares issued $510KFY2023: Capital spending −$7.9MFY2023: Acquisitions −$17.8M$41.6MFY2023FY2024: Operating cash flow $30.2MFY2024: Shares issued $110MFY2024: Capital spending −$11.8MFY2024: Acquisitions −$43.1M$141MFY2024FY2025: Operating cash flow $40.6MFY2025: Shares issued $469KFY2025: Capital spending −$15.3MFY2025: Acquisitions $198KFY2025: Buybacks −$2.0M$41.3MFY2025
Over these 5 years operating cash flow totalled $162M; the largest uses were acquisitions ($101M) and capital spending ($45.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$304M
Debtnone
Net cash$304M

Grid Dynamics Holdings funds itself: free cash flow was $26.3M over the last twelve months, with $304M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Grid Dynamics Holdings: sources (+) and uses (−) of cash, Q3 2026Grid Dynamics Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$16.0MBuybacks−$6.7MCash drawn (+) / kept (−)−$5.9MCapital spending−$2.8MExchange rates−$438KTaxes on employees’ shares−$316KShares issued$64K
Grid Dynamics Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Grid Dynamics Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$40.4MBuybacks−$37.5MCash drawn (+) / kept (−)$34.3MCapital spending−$14.1MAcquisitions−$14.1MTaxes on employees’ shares−$5.0MOther financing−$2.1MExchange rates−$2.0MShares issued$64K

From profit to cash

Grid Dynamics Holdings: net income to operating cash flow, Q3 2026Grid Dynamics Holdings: net income to operating cash flow, Q3 2026Net income$6.2MDepreciation & amortization$5.9MStock-based pay$5.3MDeferred taxes−$359KOther non-cash$462KReceivables$2.6MPayables−$514KAccrued liabilities−$1.6MEmployee-related liabilities−$1.7MPrepaid and other assets−$305KIncome taxes payable$3.1MOperating cash flow$16.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202673—766
Q2 202677—671
Q1 202669—563
Q4 202567—661
Q3 202571—863
Q2 202572—764
Q1 202568—661
Q4 202461—656

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$16.0M−$2.8M—−$6.7M$64K−$5.9M$13.3M
Q2 2026$6.1M−$3.6M—−$17.3M—$29.0M$2.5M
Q1 2026$8.4M−$4.0M—−$11.5M—$14.6M$4.4M
Q4 2025$9.9M−$3.8M—−$2.0M—−$3.5M$6.1M
Q3 2025$7.0M−$4.0M$198K——−$1.7M$2.9M
Q2 2025$14.4M−$4.2M——$68K−$10.9M$10.2M
Q1 2025$9.4M−$3.3M——$401K$9.2M$6.0M
Q4 2024$7.1M−$2.6M−$10.9M—$1.4M−$104M$4.4M

Grid Dynamics Holdings: income statement and cash flow

Grid Dynamics Holdings, Q3 2026: revenue $114M (+10% year over year), operating margin 8.0%. The chart follows the revenue to costs, profit and cash.

Grid Dynamics Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.