Filing Flows › Grid Dynamics Holdings (GDYN) › Q3 2026 › vs Q2 2026
Grid Dynamics Holdings (GDYN) Q3 2026 vs Q2 2026 (quarter over quarter)
Grid Dynamics Holdings's revenue rose $6.1M (+6%) from $108M in Q2 2026 to $114M in Q3 2026. The biggest changes: Technology, Media and Telecom +$2.6M (+8%); Retail +$2.4M (+8%); Finance +$964K (+4%). Gross margin 40.3% against 36.6% (+3.7 pts).
Grid Dynamics Holdings, Q3 2026: revenue $114M (+10% year over year), operating margin 8.0%, net earnings $6.2M, operating cash flow $16.0M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 40.3% | 36.6% | +3.7 pts |
| Operating margin | 8.0% | 1.2% | +6.8 pts |
| Net margin | 5.4% | 2.6% | +2.8 pts |
| Free cash flow margin | 11.6% | 2.3% | +9.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Technology, Media and Telecom | $37.0M | $34.4M | $2.6M | +8% |
| Retail | $31.1M | $28.6M | $2.4M | +8% |
| Finance | $25.7M | $24.7M | $964K | +4% |
| CPG/Manufacturing | $12.5M | $11.8M | $683K | +6% |
| Other | $6.0M | $6.5M | −$512K | -8% |
| Healthcare and Pharma | $2.1M | $2.1M | −$37K | -2% |
| Revenue | $114M | $108M | $6.1M | +6% |
| Gross profit | $46.1M | $39.6M | $6.5M | +16% |
| Cost of revenue | $68.2M | $68.5M | −$333K | -0.5% |
| Other income, net | $2.2M | $3.2M | −$950K | -30% |
| Operating profit | $9.1M | $1.3M | $7.9M | +616% |
| Operating expenses | $36.9M | $38.3M | −$1.4M | -4% |
| Pre-tax earnings | $11.4M | $4.5M | $6.9M | +155% |
| Research & development | $6.5M | $6.4M | $95K | +1% |
| Sales & marketing | $7.1M | $7.1M | −$18K | -0.3% |
| General & admin | $23.3M | $24.8M | −$1.5M | -6% |
| Net earnings | $6.2M | $2.9M | $3.3M | +116% |
| Income tax | $5.2M | $1.6M | $3.6M | +223% |
| Depreciation & amortization | $5.9M | $5.3M | $640K | +12% |
| Share-based compensation | $5.3M | $4.4M | $880K | +20% |
| Working capital & other | $1.4M | $6.4M | −$5.1M | -79% |
| Operating cash flow | $16.0M | $6.1M | $9.9M | +162% |
| Free cash flow (OCF − capex) | $13.3M | $2.5M | $10.7M | +425% |
| Capital expenditures | $2.8M | $3.6M | −$820K | -23% |
Questions
How much did Grid Dynamics Holdings's revenue grow quarter over quarter in Q3 2026?
Grid Dynamics Holdings's revenue rose $6.1M (+6%) from $108M in Q2 2026 to $114M in Q3 2026.
What drove Grid Dynamics Holdings's revenue change in Q3 2026?
Technology, Media and Telecom +$2.6M (+8%); Retail +$2.4M (+8%); Finance +$964K (+4%).