Filing Flows › Grid Dynamics Holdings (GDYN) › Q2 2025
Grid Dynamics Holdings (GDYN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Grid Dynamics Holdings (GDYN) reported revenue of $101M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +0.7% from the quarter before. Operating margin was -0.1%, net earnings $5.3M (5.2% of revenue).
Grid Dynamics Holdings, Q2 2025: revenue $101M (+22% year over year), operating margin -0.1%, net earnings $5.3M, operating cash flow $14.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $101M | +0.7% | +22% |
| Operating profit | −$123K | — | — |
| Net earnings | $5.3M | +81% | — |
| Operating cash flow | $14.4M | +54% | +35% |
| Free cash flow | $10.2M | +70% | +27% |
What changed
Revenue was $101.1M in Q2 2025, up 22% year over year and up 1% from the previous quarter. Retail was the largest line at 29% of revenue. Finance added $12.8M year over year (up 102%), 71% of the total change. Healthcare and Pharma declined 19%.
Gross margin was 34.1%, down 1.5 points from a year earlier. Operating costs exceeded revenue by $123K, an operating margin of -0.1%. Operating expenses grew 17% against revenue growth of 22%. The fastest-growing cost line was Research & development (+63%). Net earnings were $5.3M. The effective tax rate was 27.8%. Non-operating items added $7.4M, 102% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $14.4M (up 35% year over year), 273% of net earnings. Non-cash charges added back $4.9M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items used $2.5M. Capital expenditures of $4.2M left free cash flow of $10.2M.
Questions
What was Grid Dynamics Holdings' revenue in the second quarter 2025?
Grid Dynamics Holdings (GDYN) reported revenue of $101M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +0.7% from the quarter before.
Was Grid Dynamics Holdings profitable in the second quarter 2025?
Operating loss was $123K (-0.1% of revenue) and net earnings $5.3M.