Filing Flows › Grid Dynamics Holdings (GDYN) › Q4 2025
Grid Dynamics Holdings (GDYN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Grid Dynamics Holdings (GDYN) reported revenue of $106M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +2% from the quarter before. Operating margin was 0.5%, net earnings $306K (0.3% of revenue).
Grid Dynamics Holdings, Q4 2025: revenue $106M (+6% year over year), operating margin 0.5%, net earnings $306K, operating cash flow $9.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $106M | +2% | +6% |
| Gross profit | $36.1M | +4% | -2% |
| Operating profit | $506K | — | -60% |
| Net earnings | $306K | -74% | -93% |
| Operating cash flow | $9.9M | +42% | +40% |
| Free cash flow | $6.1M | +107% | +38% |
What changed
Revenue was $106.2M in Q4 2025, up 6% year over year and up 2% from the previous quarter. Retail was the largest line at 29% of revenue.
Gross margin was 34.0%, down 2.9 points from a year earlier. Operating profit was $506K, a 0.5% margin (down 0.8 points year over year). Operating profit fell $755K even though revenue rose $5.9M versus a year earlier, so costs grew faster than sales. Operating expenses fell 0% while revenue rose 6%. Net earnings were $306K, down 93% year over year. The effective tax rate was 89.1%. Non-operating items added $2.3M, 82% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $9.9M (up 40% year over year), 3234% of net earnings. Non-cash charges added back $5.1M of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $3.8M left free cash flow of $6.1M.
Questions
What was Grid Dynamics Holdings' revenue in the fourth quarter 2025?
Grid Dynamics Holdings (GDYN) reported revenue of $106M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +2% from the quarter before.
Was Grid Dynamics Holdings profitable in the fourth quarter 2025?
Operating profit was $506K (0.5% of revenue) and net earnings $306K.