Filing Flows › Grid Dynamics Holdings (GDYN) › Q3 2026 › vs Q3 2025
Grid Dynamics Holdings (GDYN) Q3 2026 vs Q3 2025 (year over year)
Grid Dynamics Holdings's revenue rose $10.1M (+10%) from $104M in Q3 2025 to $114M in Q3 2026. The biggest changes: Technology, Media and Telecom +$8.4M (+29%); Retail +$3.7M (+13%); Other −$1.7M (-22%). Gross margin 40.3% against 33.3% (+7.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.3% | 33.3% | +7.0 pts |
| Operating margin | 8.0% | -0.2% | +8.2 pts |
| Net margin | 5.4% | 1.1% | +4.3 pts |
| Free cash flow margin | 11.6% | 2.8% | +8.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Technology, Media and Telecom | $37.0M | $28.6M | $8.4M | +29% |
| Retail | $31.1M | $27.4M | $3.7M | +13% |
| Finance | $25.7M | $25.6M | $77K | +0.3% |
| CPG/Manufacturing | $12.5M | $12.5M | $28K | +0.2% |
| Other | $6.0M | $7.7M | −$1.7M | -22% |
| Healthcare and Pharma | $2.1M | $2.4M | −$350K | -14% |
| Revenue | $114M | $104M | $10.1M | +10% |
| Gross profit | $46.1M | $34.7M | $11.4M | +33% |
| Cost of revenue | $68.2M | $69.5M | −$1.2M | -2% |
| Other income, net | $2.2M | $3.4M | −$1.1M | -34% |
| Operating profit | $9.1M | −$241K | $9.4M | — |
| Operating expenses | $36.9M | $35.0M | $2.0M | +6% |
| Pre-tax earnings | $11.4M | $3.1M | $8.3M | +264% |
| Research & development | $6.5M | $5.8M | $759K | +13% |
| Sales & marketing | $7.1M | $7.3M | −$235K | -3% |
| General & admin | $23.3M | $21.9M | $1.5M | +7% |
| Net earnings | $6.2M | $1.2M | $5.0M | +424% |
| Income tax | $5.2M | $1.9M | $3.3M | +168% |
| Depreciation & amortization | $5.9M | $5.0M | $899K | +18% |
| Share-based compensation | $5.3M | $6.4M | −$1.0M | -16% |
| Working capital & other | $1.4M | $5.6M | −$4.2M | -75% |
| Operating cash flow | $16.0M | $7.0M | $9.0M | +130% |
| Free cash flow (OCF − capex) | $13.3M | $2.9M | $10.3M | +350% |
| Capital expenditures | $2.8M | $4.0M | −$1.3M | -31% |
Questions
How much did Grid Dynamics Holdings's revenue grow year over year in Q3 2026?
Grid Dynamics Holdings's revenue rose $10.1M (+10%) from $104M in Q3 2025 to $114M in Q3 2026.
What drove Grid Dynamics Holdings's revenue change in Q3 2026?
Technology, Media and Telecom +$8.4M (+29%); Retail +$3.7M (+13%); Other −$1.7M (-22%).