Filing Flows › Grid Dynamics Holdings (GDYN) › Q1 2026
Grid Dynamics Holdings (GDYN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Grid Dynamics Holdings (GDYN) reported revenue of $104M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -2% from the quarter before. Operating margin was -3.5%, net loss $1.5M (1.4% of revenue).
Grid Dynamics Holdings, Q1 2026: revenue $104M (+4% year over year), operating margin -3.5%, net loss $1.5M, operating cash flow $8.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | -2% | +4% |
| Operating profit | −$3.7M | -827% | — |
| Net earnings | −$1.5M | -581% | -151% |
| Operating cash flow | $8.4M | -15% | -10% |
| Free cash flow | $4.4M | -27% | -26% |
What changed
Revenue was $104.1M in Q1 2026, up 4% year over year and down 2% from the previous quarter. Technology, Media and Telecom was the largest line at 30% of revenue. Technology, Media and Telecom added $7.2M year over year (up 30%), 194% of the total change. Healthcare and Pharma declined 10%.
Gross margin was 34.8%, down 2.0 points from Q1 2025. Operating costs exceeded revenue by $3.7M, an operating margin of -3.5%. Operating expenses grew 2% against revenue growth of 4%. The quarter ended with a net loss of $1.5M, after a profit of $306K the previous quarter. Non-operating items added $3.2M, -737% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.4M (down 10% year over year). Non-cash charges added back $5.2M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $4.0M left free cash flow of $4.4M.
Questions
What was Grid Dynamics Holdings' revenue in the first quarter 2026?
Grid Dynamics Holdings (GDYN) reported revenue of $104M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -2% from the quarter before.
Was Grid Dynamics Holdings profitable in the first quarter 2026?
Operating loss was $3.7M (-3.5% of revenue) and net loss $1.5M.