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How Grid Dynamics Holdings (GDYN) makes money
Grid Dynamics Holdings (GDYN) made $114M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Technology, Media and Telecom brought in $37.0M (32%); Retail brought in $31.1M (27%); Finance brought in $25.7M (22%). Of every dollar of revenue, 40¢ was left as gross profit, 8¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Technology, Media and Telecom | $37.0M | 32.3% | +8% | +29% |
| Retail | $31.1M | 27.2% | +8% | +13% |
| Finance | $25.7M | 22.5% | +4% | +0.3% |
| CPG/Manufacturing | $12.5M | 10.9% | +6% | +0.2% |
| Other | $6.0M | 5.3% | -8% | -22% |
| Healthcare and Pharma | $2.1M | 1.8% | -2% | -14% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $114M | 100.0% |
| Cost of revenue | $68.2M | 59.7% |
| Gross profit | $46.1M | 40.3% |
| Operating expenses | $36.9M | 32.3% |
| Operating profit | $9.1M | 8.0% |
| Income tax | $5.2M | 4.6% |
| Net earnings | $6.2M | 5.4% |
| Operating cash flow | $16.0M | 14.0% |
| Free cash flow | $13.3M | 11.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $114M | +10% |
| Q2 2026 | $108M | +7% |
| Q1 2026 | $104M | +4% |
| Q4 2025 | $106M | +6% |
| Q3 2025 | $104M | +19% |
| Q2 2025 | $101M | +22% |
| Q1 2025 | $100M | +26% |
From Grid Dynamics Holdings' 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Grid Dynamics Holdings make money?
Grid Dynamics Holdings (GDYN) made $114M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Technology, Media and Telecom brought in $37.0M (32%); Retail brought in $31.1M (27%); Finance brought in $25.7M (22%). Of every dollar of revenue, 40¢ was left as gross profit, 8¢ was left as operating profit, 5¢ was left as net earnings.
What is Grid Dynamics Holdings' biggest business?
Technology, Media and Telecom: $37.0M in the third quarter 2026, 32% of revenue, +29% from a year earlier.
What is Grid Dynamics Holdings' profit margin?
Net earnings were $6.2M, 5.4% of revenue, in the third quarter 2026; the operating margin was 8.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.