Filing Flows › Grid Dynamics Holdings (GDYN) › Q2 2026
Grid Dynamics Holdings (GDYN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Grid Dynamics Holdings (GDYN) reported revenue of $108M for the second quarter 2026 (Q2 2026), +7% from a year earlier and +4% from the quarter before. Operating margin was 1.2%, net earnings $2.9M (2.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $108M | +4% | +7% |
| Gross profit | $39.6M | +9% | +15% |
| Operating profit | $1.3M | — | — |
| Net earnings | $2.9M | — | -46% |
| Operating cash flow | $6.1M | -27% | -58% |
| Free cash flow | $2.5M | -43% | -75% |
What changed
Revenue was $108.2M in Q2 2026, up 7% year over year and up 4% from the previous quarter. Technology, Media and Telecom was the largest line at 32% of revenue. Technology, Media and Telecom added $9.2M year over year (up 36%), 130% of the total change. Healthcare and Pharma declined 17%.
Gross margin was 36.6%, up 2.5 points from Q2 2025. Operating profit was $1.3M, a 1.2% margin (up 1.3 points year over year). Operating expenses grew 11% against revenue growth of 7%. The fastest-growing cost line was General & admin (+19%). Net earnings were $2.9M, down 46% year over year. The effective tax rate was 36.1%. Non-operating items added $3.2M, 71% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $6.1M (down 58% year over year), 214% of net earnings. Non-cash charges added back $5.3M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items used $6.4M. Capital expenditures of $3.6M left free cash flow of $2.5M.
Questions
What was Grid Dynamics Holdings' revenue in the second quarter 2026?
Grid Dynamics Holdings (GDYN) reported revenue of $108M for the second quarter 2026 (Q2 2026), +7% from a year earlier and +4% from the quarter before.
Was Grid Dynamics Holdings profitable in the second quarter 2026?
Operating profit was $1.3M (1.2% of revenue) and net earnings $2.9M.