Filing Flows › Grid Dynamics Holdings (GDYN) › Q2 2026 › vs Q2 2025
Grid Dynamics Holdings (GDYN) Q2 2026 vs Q2 2025 (year over year)
Grid Dynamics Holdings's revenue rose $7.1M (+7%) from $101M in Q2 2025 to $108M in Q2 2026. The biggest changes: Technology, Media and Telecom +$9.2M (+36%); Other −$1.3M (-16%); Finance −$650K (-3%). Gross margin 36.6% against 34.1% (+2.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 36.6% | 34.1% | +2.5 pts |
| Operating margin | 1.2% | -0.1% | +1.3 pts |
| Net margin | 2.6% | 5.2% | -2.6 pts |
| Free cash flow margin | 2.3% | 10.1% | -7.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Technology, Media and Telecom | $34.4M | $25.2M | $9.2M | +36% |
| Retail | $28.6M | $28.8M | −$205K | -0.7% |
| Finance | $24.7M | $25.4M | −$650K | -3% |
| CPG/Manufacturing | $11.8M | $11.3M | $480K | +4% |
| Other | $6.5M | $7.8M | −$1.3M | -16% |
| Healthcare and Pharma | $2.1M | $2.6M | −$447K | -17% |
| Revenue | $108M | $101M | $7.1M | +7% |
| Gross profit | $39.6M | $34.5M | $5.1M | +15% |
| Cost of revenue | $68.5M | $66.6M | $2.0M | +3% |
| Other income, net | $3.2M | $7.4M | −$4.2M | -57% |
| Operating profit | $1.3M | −$123K | $1.4M | — |
| Operating expenses | $38.3M | $34.6M | $3.7M | +11% |
| Pre-tax earnings | $4.5M | $7.3M | −$2.8M | -39% |
| Research & development | $6.4M | $6.7M | −$321K | -5% |
| Sales & marketing | $7.1M | $7.1M | $6K | +0.1% |
| General & admin | $24.8M | $20.8M | $4.0M | +19% |
| Net earnings | $2.9M | $5.3M | −$2.4M | -46% |
| Income tax | $1.6M | $2.0M | −$417K | -21% |
| Operating cash sources | $12.6M | $16.9M | −$4.3M | -26% |
| Depreciation & amortization | $5.3M | $4.9M | $369K | +8% |
| Share-based compensation | $4.4M | $6.7M | −$2.3M | -34% |
| Working capital & other | $6.4M | $2.5M | $3.9M | +157% |
| Operating cash flow | $6.1M | $14.4M | −$8.3M | -58% |
| Free cash flow (OCF − capex) | $2.5M | $10.2M | −$7.7M | -75% |
| Capital expenditures | $3.6M | $4.2M | −$594K | -14% |
Questions
How much did Grid Dynamics Holdings's revenue grow year over year in Q2 2026?
Grid Dynamics Holdings's revenue rose $7.1M (+7%) from $101M in Q2 2025 to $108M in Q2 2026.
What drove Grid Dynamics Holdings's revenue change in Q2 2026?
Technology, Media and Telecom +$9.2M (+36%); Other −$1.3M (-16%); Finance −$650K (-3%).