GDYN

MKT CAP:$487M

Grid Dynamics Holdings, Inc.

Market Cap

$487M

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

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$5.57-$3.26 (-36.92%)

Apr 23, 2026

Company Details

Grid Dynamics Holdings, Inc., together with its subsidiaries, provides enterprise-level digital transformation services in the areas of search, analytics, and release automation for Fortune 1000 corporations in North America, Europe, and in...

CEO

Leonard Livschitz

IPO Date

Oct 30, 2018

Website

www.griddynamics.com

Key Metrics TTM

Revenue

$411M

+25.2% YoY

Net Income

$9M

EPS (Diluted)

$0.10

Free Cash Flow

$19M

Revenue / Share

$4.75

Gross Margin

35.3%

Operating Margin

1.9%

Net Margin

2.2%

FCF Margin

4.7%

P/S

1.2x

P/E

54.6x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 5, 2026

$412M+17.5%EPS $0.11

Q4 2025

Mar 5, 2026

$106M+5.9%EPS $0.00

Q3 2025

Oct 30, 2025

$104M+19.1%EPS $0.01

Q1 2025

May 1, 2025

$100M+25.8%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$67M	$27M	-$2M
Q1 22	$71M	$27M	$203.0K
Q2 22	$77M	$29M	-$11M
Q3 22	$81M	$33M	-$5M
Q4 22	$81M	$32M	-$6M
Q1 23	$80M	$29M	-$6M
Q2 23	$77M	$28M	$1M
Q3 23	$77M	$28M	$143.0K
Q4 23	$78M	$28M	-$1M
Q1 24	$80M	$28M	-$6M
Q2 24	$83M	$30M	$40.0K
Q3 24	$87M	$33M	$2M
Q4 24	$100M	$37M	$5M
Q1 25	$100M	$37M	-$2M
Q3 25	$104M	$35M	-$241.0K
Q4 25	$106M	$36M	$5M

Valuation

Quarter	P/S	P/E
Q4 21	12.4x	—
Q1 22	3.2x	—
Q2 22	4.4x	—
Q3 22	4.7x	—
Q4 22	2.6x	—
Q1 23	2.7x	—
Q2 23	2.1x	—
Q3 23	2.9x	—
Q4 23	3.2x	—
Q1 24	2.9x	402.9x
Q2 24	2.5x	—
Q3 24	3.3x	443.3x
Q4 24	4.9x	427.0x
Q1 25	3.3x	111.2x
Q3 25	1.7x	50.8x
Q4 25	1.9x	87.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$3M	$2M
Q1 22	$10M	$8M
Q2 22	$6M	$4M
Q3 22	$4M	$3M
Q4 22	$12M	$10M
Q1 23	$12M	$10M
Q2 23	$11M	$9M
Q3 23	$11M	$9M
Q4 23	$8M	$5M
Q1 24	$3M	$43.0K
Q2 24	$11M	$8M
Q3 24	$9M	$6M
Q4 24	$7M	$4M
Q1 25	$9M	$6M
Q3 25	$7M	$3M
Q4 25	$10M	$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$1M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$3M
Q2 24	$3M
Q3 24	$3M
Q4 24	$3M
Q1 25	$3M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+120.9%	+102.1%
Q1 22	+82.5%	+74.0%
Q2 22	+62.2%	+90.5%
Q3 22	+40.1%	+53.5%
Q4 22	+21.1%	+26.6%
Q1 23	+12.1%	+20.9%
Q2 23	+0.0%	-13.8%
Q3 23	-4.6%	-10.1%
Q4 23	-3.1%	-8.2%
Q1 24	-0.3%	-0.8%
Q2 24	+7.4%	+9.2%
Q3 24	+12.9%	+10.4%
Q4 24	+28.5%	+19.8%
Q1 25	+25.8%	+20.0%
Q3 25	+25.4%	+25.8%
Q4 25	+21.4%	+18.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$12M	17.4%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$18M	21.6%
Q4 22	$0	0.0%
Q1 23	$13M	16.6%
Q2 23	$7M	9.2%
Q3 23	$7M	9.4%
Q4 23	$8M	10.0%
Q1 24	$11M	14.2%
Q2 24	$7M	9.0%
Q3 24	$7M	8.2%
Q4 24	$8M	8.2%
Q1 25	$11M	10.7%
Q3 25	$6M	6.1%
Q4 25	$7M	6.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$3M	$22M	$5M
Q1 22	$3M	$19M	$4M
Q2 22	$4M	$31M	$5M
Q3 22	$4M	$28M	$5M
Q4 22	$5M	$28M	$5M
Q1 23	$4M	$25M	$6M
Q2 23	$3M	$18M	$6M
Q3 23	$3M	$18M	$6M
Q4 23	$4M	$19M	$6M
Q1 24	$4M	$22M	$7M
Q2 24	$4M	$18M	$7M
Q3 24	$4M	$19M	$7M
Q4 24	$5M	$23M	$7M
Q1 25	$6M	$24M	$8M
Q3 25	$6M	$22M	$7M
Q4 25	$5M	$24M	$7M

Revenue Segments

Quarter	Financial Service	Manufactured Product, Other	Product and Service, Other	Retail	Technology, Media, And Telecom	Health Care
Q1 22	$5M	$15M	$7M	$23M	$21M	—
Q2 22	$5M	$16M	$7M	$25M	$23M	—
Q3 22	$6M	$16M	$7M	$25M	$26M	—
Q4 22	$6M	$14M	$7M	$26M	$27M	—
Q1 23	$7M	$13M	$9M	$25M	$27M	—
Q2 23	$7M	$11M	$10M	$26M	$24M	—
Q3 23	$7M	$10M	$10M	$27M	$24M	—
Q4 23	$8M	$10M	$11M	$25M	$24M	—
Q1 24	$10M	$10M	$8M	$25M	$24M	$3M
Q2 24	$13M	$10M	$7M	$27M	$23M	$3M
Q3 24	$14M	$10M	$7M	$30M	$24M	$3M
Q4 24	$23M	$11M	$7M	$33M	$24M	$2M
Q1 25	$25M	$11M	$7M	$32M	$24M	$2M

Revenue by Geography

Quarter	Europe	North America	Netherlands	Other Countries Not Separately Disclosed	United States
Q1 22	$14M	$58M	—	—	—
Q2 22	$14M	$64M	—	—	—
Q3 22	$13M	$68M	—	—	—
Q4 22	$14M	$66M	—	—	—
Q1 23	$16M	$64M	—	—	—
Q2 23	$15M	$62M	—	—	—
Q3 23	$14M	$63M	—	—	—
Q3 24	—	—	$2M	$8M	$73M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$153M	$0	$153M
Q2 22	$150M	$0	$150M
Q3 22	$255M	$0	$255M
Q4 22	$257M	$0	$257M
Q1 23	$258M	$0	$258M
Q2 23	$246M	$0	$246M
Q3 23	$254M	$0	$254M
Q4 23	$257M	$0	$257M
Q1 24	$249M	$0	$249M
Q2 24	$256M	$0	$256M
Q3 24	$231M	$0	$231M
Q4 24	$335M	$0	$335M
Q1 25	$326M	$0	$326M
Q2 25	$337M	$0	$337M
Q3 25	$339M	$0	$339M
Q4 25	$342M	$0	$342M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	66M	+4.9%	+32.3%
Q1 22	67M	+1.8%	+29.6%
Q2 22	67M	+0.3%	+23.3%
Q3 22	69M	+2.2%	+9.6%
Q4 22	74M	+7.9%	+12.7%
Q1 23	74M	+0.6%	+11.3%
Q2 23	77M	+3.2%	+14.5%
Q3 23	77M	+0.6%	+12.7%
Q4 23	78M	+0.9%	+5.4%
Q1 24	76M	-2.4%	+2.3%
Q2 24	77M	+0.6%	-0.3%
Q3 24	79M	+2.9%	+1.9%
Q4 24	84M	+6.3%	+7.4%
Q1 25	88M	+4.7%	+15.3%
Q3 25	86M	-2.2%	+12.1%
Q4 25	86M	+0.7%	+9.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$20.3K	3K
Q1 22	$21.8K	3K
Q2 22	$23.6K	3K
Q3 22	$24.8K	3K
Q4 22	$21.2K	4K
Q1 23	$21.1K	4K
Q2 23	$20.4K	4K
Q3 23	$20.4K	4K
Q4 23	$19.9K	4K
Q1 24	$20.4K	4K
Q2 24	$21.2K	4K
Q3 24	$22.3K	4K
Q4 24	$21.2K	5K
Q1 25	$21.2K	5K
Q3 25	$22.0K	5K
Q4 25	$22.4K	5K

Revenue / Employee