Filing Flows › Grid Dynamics Holdings (GDYN) › Q3 2025
Grid Dynamics Holdings (GDYN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Grid Dynamics Holdings (GDYN) reported revenue of $104M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +3% from the quarter before. Operating margin was -0.2%, net earnings $1.2M (1.1% of revenue).
Grid Dynamics Holdings, Q3 2025: revenue $104M (+19% year over year), operating margin -0.2%, net earnings $1.2M, operating cash flow $7.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | +3% | +19% |
| Operating profit | −$241K | — | — |
| Net earnings | $1.2M | -78% | — |
| Operating cash flow | $7.0M | -52% | -24% |
| Free cash flow | $2.9M | -71% | -50% |
What changed
Revenue was $104.2M in Q3 2025, up 19% year over year and up 3% from the previous quarter. Retail was the largest line at 28% of revenue. Finance added $11.5M year over year (up 81%), 69% of the total change. Healthcare and Pharma declined 4%.
Gross margin was 33.3%, down 4.1 points from a year earlier. Operating costs exceeded revenue by $241K, an operating margin of -0.2%. Operating expenses grew 14% against revenue growth of 19%. The fastest-growing cost line was Research & development (+30%). Net earnings were $1.2M, down 73% year over year. The effective tax rate was 62.3%. Non-operating items added $3.4M, 108% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $7.0M (down 24% year over year), 592% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $6.4M of share-based compensation. Working capital and other items used $5.6M. Capital expenditures of $4.0M left free cash flow of $2.9M.
Questions
What was Grid Dynamics Holdings' revenue in the third quarter 2025?
Grid Dynamics Holdings (GDYN) reported revenue of $104M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +3% from the quarter before.
Was Grid Dynamics Holdings profitable in the third quarter 2025?
Operating loss was $241K (-0.2% of revenue) and net earnings $1.2M.