Filing Flows › Grid Dynamics Holdings (GDYN) › Q2 2026 › vs Q1 2026
Grid Dynamics Holdings (GDYN) Q2 2026 vs Q1 2026 (quarter over quarter)
Grid Dynamics Holdings's revenue rose $4.1M (+4%) from $104M in Q1 2026 to $108M in Q2 2026. The biggest changes: Technology, Media and Telecom +$3.6M (+12%); CPG/Manufacturing +$2.0M (+21%); Retail −$929K (-3%). Gross margin 36.6% against 34.8% (+1.8 pts).
Grid Dynamics Holdings, Q2 2026: revenue $108M (+7% year over year), operating margin 1.2%, net earnings $2.9M, operating cash flow $6.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 36.6% | 34.8% | +1.8 pts |
| Operating margin | 1.2% | -3.5% | +4.7 pts |
| Net margin | 2.6% | -1.4% | +4.1 pts |
| Free cash flow margin | 2.3% | 4.3% | -1.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Technology, Media and Telecom | $34.4M | $30.8M | $3.6M | +12% |
| Retail | $28.6M | $29.6M | −$929K | -3% |
| Finance | $24.7M | $24.5M | $282K | +1% |
| CPG/Manufacturing | $11.8M | $9.8M | $2.0M | +21% |
| Other | $6.5M | $7.4M | −$876K | -12% |
| Healthcare and Pharma | $2.1M | $2.2M | −$45K | -2% |
| Revenue | $108M | $104M | $4.1M | +4% |
| Gross profit | $39.6M | $36.2M | $3.4M | +9% |
| Cost of revenue | $68.5M | $67.9M | $677K | +1% |
| Other income, net | $3.2M | $3.2M | −$54K | -2% |
| Operating profit | $1.3M | −$3.7M | $5.0M | — |
| Operating expenses | $38.3M | $39.9M | −$1.6M | -4% |
| Pre-tax earnings | $4.5M | −$440K | $4.9M | — |
| Research & development | $6.4M | $6.1M | $344K | +6% |
| Sales & marketing | $7.1M | $7.7M | −$572K | -7% |
| General & admin | $24.8M | $26.1M | −$1.3M | -5% |
| Net earnings | $2.9M | −$1.5M | $4.3M | — |
| Income tax | $1.6M | $1.0M | $578K | +56% |
| Operating cash sources | $12.6M | $12.2M | $366K | +3% |
| Depreciation & amortization | $5.3M | $5.2M | $66K | +1% |
| Share-based compensation | $4.4M | $8.5M | −$4.0M | -48% |
| Working capital & other | $6.4M | $3.8M | $2.7M | +70% |
| Operating cash flow | $6.1M | $8.4M | −$2.3M | -27% |
| Free cash flow (OCF − capex) | $2.5M | $4.4M | −$1.9M | -43% |
| Capital expenditures | $3.6M | $4.0M | −$382K | -10% |
Questions
How much did Grid Dynamics Holdings's revenue grow quarter over quarter in Q2 2026?
Grid Dynamics Holdings's revenue rose $4.1M (+4%) from $104M in Q1 2026 to $108M in Q2 2026.
What drove Grid Dynamics Holdings's revenue change in Q2 2026?
Technology, Media and Telecom +$3.6M (+12%); CPG/Manufacturing +$2.0M (+21%); Retail −$929K (-3%).