EXLS

MKT CAP:$5B

ExlService Holdings, Inc.

Market Cap

$5B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$31.86-$9.35 (-22.69%)

Apr 21, 2026

Company Details

ExlService Holdings, Inc. operates as a data analytics, and digital operations and solutions company in the United States and internationally. It operates through Insurance, Healthcare, Analytics, and Emerging Business segments. The company...

CEO

Rohit Kapoor

IPO Date

Oct 20, 2006

Website

www.exlservice.com

Key Metrics TTM

Revenue

$2.1B

+13.6% YoY

Net Income

$251M

EPS (Diluted)

$1.54

Free Cash Flow

$298M

Revenue / Share

$12.85

Gross Margin

38.4%

Operating Margin

15.0%

Net Margin

12.0%

FCF Margin

14.3%

P/S

2.3x

P/E

19.2x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 24, 2026

$2.1B+13.6%EPS $1.54

Q4 2025

Feb 24, 2026

$543M+12.7%EPS $0.38

Q3 2025

Oct 28, 2025

$530M+12.2%EPS $0.36

Q2 2025

Jul 29, 2025

$514M+14.7%EPS $0.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$329M	$122M	$44M
Q2 22	$347M	$126M	$47M
Q3 22	$361M	$131M	$50M
Q4 22	$375M	$137M	$51M
Q1 23	$401M	$149M	$59M
Q2 23	$405M	$152M	$65M
Q3 23	$411M	$155M	$60M
Q4 23	$414M	$152M	$54M
Q1 24	$437M	$163M	$62M
Q2 24	$448M	$166M	$61M
Q3 24	$472M	$178M	$69M
Q4 24	$481M	$183M	$71M
Q1 25	$501M	$193M	$78M
Q2 25	$514M	$194M	$81M
Q3 25	$530M	$204M	$76M
Q4 25	$543M	$210M	$78M

Valuation

Quarter	P/S	P/E
Q1 22	4.1x	40.5x
Q2 22	3.8x	38.0x
Q3 22	3.6x	34.6x
Q4 22	3.4x	33.7x
Q1 23	3.2x	30.5x
Q2 23	3.1x	28.1x
Q3 23	3.0x	27.4x
Q4 23	3.0x	26.1x
Q1 24	2.9x	26.5x
Q2 24	2.8x	27.0x
Q3 24	2.7x	25.7x
Q4 24	2.6x	24.3x
Q1 25	2.5x	22.3x
Q2 25	2.4x	20.4x
Q3 25	2.4x	20.0x
Q4 25	2.3x	19.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$27M	-$43M
Q2 22	$80M	$71M
Q3 22	$48M	$41M
Q4 22	$65M	$52M
Q1 23	$16M	$4M
Q2 23	$48M	$34M
Q3 23	$69M	$54M
Q4 23	$79M	$67M
Q1 24	-$22M	-$33M
Q2 24	$75M	$63M
Q3 24	$110M	$97M
Q4 24	$105M	$95M
Q1 25	$3M	-$10M
Q2 25	$109M	$95M
Q3 25	$121M	$106M
Q4 25	$117M	$107M

Capital Expenditures

Quarter	CapEx
Q1 22	$16M
Q2 22	$9M
Q3 22	$7M
Q4 22	$13M
Q1 23	$12M
Q2 23	$14M
Q3 23	$15M
Q4 23	$12M
Q1 24	$11M
Q2 24	$12M
Q3 24	$13M
Q4 24	$10M
Q1 25	$13M
Q2 25	$14M
Q3 25	$14M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+25.9%	+29.7%
Q2 22	+26.1%	+25.3%
Q3 22	+24.5%	+25.6%
Q4 22	+26.8%	+24.8%
Q1 23	+21.7%	+19.6%
Q2 23	+16.8%	+13.5%
Q3 23	+13.7%	+12.7%
Q4 23	+10.5%	+11.1%
Q1 24	+9.0%	+9.9%
Q2 24	+10.7%	+13.7%
Q3 24	+14.9%	+14.8%
Q4 24	+16.3%	+14.0%
Q1 25	+14.8%	+12.7%
Q2 25	+14.7%	+12.0%
Q3 25	+12.2%	+12.6%
Q4 25	+12.7%	+13.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	3.4%
Q2 22	$13M	3.8%
Q3 22	$12M	3.4%
Q4 22	$13M	3.4%
Q1 23	$14M	3.6%
Q2 23	$12M	2.8%
Q3 23	$17M	4.2%
Q4 23	$15M	3.7%
Q1 24	$18M	4.1%
Q2 24	$18M	4.0%
Q3 24	$0	0.0%
Q4 24	$15M	3.2%
Q1 25	$19M	3.8%
Q2 25	$16M	3.2%
Q3 25	$0	0.0%
Q4 25	$21M	3.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$40M	$24M
Q2 22	$45M	$19M
Q3 22	$43M	$24M
Q4 22	$46M	$26M
Q1 23	$47M	$29M
Q2 23	$46M	$28M
Q3 23	$52M	$31M
Q4 23	$54M	$32M
Q1 24	$53M	$36M
Q2 24	$56M	$35M
Q3 24	$57M	$38M
Q4 24	$58M	$38M
Q1 25	$59M	$42M
Q2 25	$60M	$39M
Q3 25	$66M	$46M
Q4 25	$70M	$45M

Revenue Segments

Quarter	Analytics Services	Digital Operations And Solutions Services
Q1 22	$149M	$180M
Q2 22	$161M	$185M
Q3 22	$166M	$195M
Q4 22	$171M	$204M
Q1 23	$182M	$219M
Q2 23	$182M	$223M
Q3 23	$183M	$228M
Q4 23	$182M	$232M
Q1 24	$191M	$246M
Q2 24	$194M	$255M
Q3 24	$204M	$268M
Q4 24	$208M	$274M

Revenue by Geography

Quarter	Non-US	Rest Of World	United States
Q1 22	$47M	$14M	$282M
Q2 22	$48M	$16M	$299M
Q3 22	$51M	$17M	$311M
Q4 22	$53M	$17M	$322M
Q1 23	$62M	$20M	$339M
Q4 23	$66M	$20M	$348M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$113M	$163M	$276M
Q2 22	$113M	$159M	$272M
Q3 22	$96M	$173M	$269M
Q4 22	$124M	$179M	$303M
Q1 23	$93M	$116M	$209M
Q2 23	$99M	$156M	$255M
Q3 23	$126M	$152M	$277M
Q4 23	$141M	$154M	$295M
Q1 24	$113M	$138M	$250M
Q2 24	$122M	$161M	$282M
Q3 24	$157M	$176M	$333M
Q4 24	$163M	$187M	$351M
Q1 25	$150M	$191M	$341M
Q2 25	$161M	$204M	$365M
Q3 25	$172M	$230M	$401M
Q4 25	$146M	$182M	$328M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	169M	-0.6%	-1.3%
Q2 22	169M	-0.2%	-2.2%
Q3 22	169M	-0.2%	-1.9%
Q4 22	169M	+0.2%	-0.8%
Q1 23	170M	+0.3%	+0.1%
Q2 23	168M	-0.7%	-0.4%
Q3 23	168M	-0.4%	-0.7%
Q4 23	167M	-0.5%	-1.4%
Q1 24	167M	-0.1%	-1.7%
Q2 24	164M	-1.7%	-2.7%
Q3 24	163M	-0.5%	-2.7%
Q4 24	164M	+0.7%	-1.5%
Q1 25	165M	+0.1%	-1.3%
Q2 25	164M	-0.2%	+0.1%
Q3 25	162M	-1.5%	-0.9%
Q4 25	162M	+0.5%	-1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$8.8K	37K
Q2 22	$9.3K	37K
Q3 22	$9.7K	37K
Q4 22	$8.3K	45K
Q1 23	$8.8K	45K
Q2 23	$8.9K	45K
Q3 23	$9.1K	45K
Q4 23	$7.7K	54K
Q1 24	$8.1K	54K
Q2 24	$8.3K	54K
Q3 24	$8.7K	54K
Q4 24	$8.1K	60K
Q1 25	$8.4K	60K
Q2 25	$8.6K	60K
Q3 25	$8.9K	60K
Q4 25	$8.3K	65K

Revenue / Employee