Revenue expanded 13.8% year-over-year to $570.4 million in 2026Q1, supported by a structural gross margin improvement from 36.7% in 2023Q4 to 38.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 2.16B | 2.09B | 1.84B | 1.63B | 1.41B | 1.12B | 958.43M | 991.35M | 883.11M | 762.31M | 685.99M | 628.49M | 499.28M | 478.45M | 442.93M | 360.54M | 252.75M | 191M | 181.71M | 179.89M | 121.77M | 73.95M | 60.47M |
| Revenue Growth % | 13.35% | 13.56% | 12.74% | 15.48% | 25.82% | 17.1% | -3.32% | 12.26% | 15.85% | 11.13% | 9.15% | 25.88% | 4.35% | 8.02% | 22.85% | 42.65% | 32.33% | 5.11% | 1.01% | 47.73% | 64.65% | 22.31% | - |
| Cost of Goods Sold | 1.33B | 1.29B | 1.15B | 1.02B | 896.6M | 690.93M | 623.94M | 655.49M | 584.86M | 495.59M | 447.96M | 402.92M | 332.54M | 290.94M | 271.88M | 219.99M | 151.28M | 109.39M | 112.44M | 113.72M | 73.84M | 47.6M | 38.72M |
| COGS % of Revenue | - | 61.63% | 62.41% | 62.73% | 63.5% | 61.56% | 65.1% | 66.12% | 66.23% | 65.01% | 65.3% | 64.11% | 66.6% | 60.81% | 61.38% | 61.02% | 59.85% | 57.27% | 61.88% | 63.22% | 60.64% | 64.36% | 64.03% |
| Gross Profit | 829.84M | 801.08M | 691.01M | 607.77M | 515.45M | 431.36M | 334.5M | 335.86M | 298.26M | 266.72M | 238.03M | 225.57M | 166.74M | 187.51M | 171.05M | 140.55M | 101.47M | 81.61M | 69.28M | 66.17M | 47.93M | 26.36M | 21.75M |
| Gross Margin % | 38.47% | 38.37% | 37.59% | 37.27% | 36.5% | 38.44% | 34.9% | 33.88% | 33.77% | 34.99% | 34.7% | 35.89% | 33.4% | 39.19% | 38.62% | 38.98% | 40.15% | 42.73% | 38.12% | 36.78% | 39.36% | 35.64% | 35.97% |
| Gross Profit Growth % | - | 15.93% | 13.7% | 17.91% | 19.49% | 28.96% | -0.4% | 12.61% | 11.82% | 12.05% | 5.52% | 35.28% | -11.08% | 9.62% | 21.7% | 38.52% | 24.34% | 17.8% | 4.7% | 38.05% | 81.86% | 21.17% | - |
| Operating Expenses | 502.68M | 487.33M | 427.39M | 369.01M | 323.29M | 275.48M | 224.48M | 259.4M | 248.44M | 194.44M | 173.78M | 158.23M | 132.7M | 120.09M | 113.82M | 99.24M | 74.94M | 57.2M | 53.61M | 48.94M | 32.86M | 20.77M | 16.45M |
| OpEx % of Revenue | - | 23.34% | 23.25% | 22.63% | 22.89% | 24.55% | 23.42% | 26.17% | 28.13% | 25.51% | 25.33% | 25.18% | 26.58% | 25.1% | 25.7% | 27.52% | 29.65% | 29.95% | 29.5% | 27.21% | 26.99% | 28.09% | 27.21% |
| Selling, General & Admin | 443.15M | 428.24M | 372.17M | 318.52M | 267M | 226.35M | 174.01M | 198.75M | 179.81M | 155.89M | 139.19M | 126.77M | 104.67M | 95.17M | 88.2M | 76.24M | 59.11M | 45.8M | 42.46M | 38.45M | 23.92M | 14.89M | 12.54M |
| SG&A % of Revenue | - | 20.51% | 20.24% | 19.53% | 18.91% | 20.17% | 18.16% | 20.05% | 20.36% | 20.45% | 20.29% | 20.17% | 20.97% | 19.89% | 19.91% | 21.15% | 23.39% | 23.98% | 23.36% | 21.37% | 19.64% | 20.13% | 20.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 59.08M | 55.22M | 50.49M | 56.28M | 49.13M | 50.46M | 60.65M | 68.62M | 38.55M | 34.58M | 31.46M | 28.03M | 24.92M | 25.62M | 22.99M | 15.84M | 11.4M | 11.16M | 10.49M | 8.94M | 5.89M | 3.91M |
| Operating Income | 327.16M | 313.75M | 263.62M | 238.75M | 192.16M | 155.88M | 110.02M | 76.45M | 49.82M | 72.72M | 64.5M | 67.34M | 34.04M | 67.42M | 57.23M | 41.32M | 26.52M | 24.4M | 15.66M | 17.23M | 15.07M | 5.58M | 5.3M |
| Operating Margin % | 15.17% | 15.03% | 14.34% | 14.64% | 13.61% | 13.89% | 11.48% | 7.71% | 5.64% | 9.54% | 9.4% | 10.71% | 6.82% | 14.09% | 12.92% | 11.46% | 10.49% | 12.78% | 8.62% | 9.58% | 12.38% | 7.55% | 8.77% |
| Operating Income Growth % | - | 19.02% | 10.41% | 24.25% | 23.27% | 41.68% | 43.91% | 53.46% | -31.49% | 12.76% | -4.23% | 97.83% | -49.51% | 17.8% | 38.52% | 55.78% | 8.7% | 55.77% | -9.07% | 14.31% | 170% | 5.32% | - |
| EBITDA | 409.68M | 372.83M | 340.61M | 309.22M | 270.05M | 231.34M | 187.68M | 155.98M | 98.54M | 111.71M | 99.08M | 98.81M | 62.07M | 92.34M | 82.86M | 64.31M | 42.36M | 35.81M | 26.82M | 32.03M | 26.1M | 11.78M | 9.94M |
| EBITDA Margin % | 18.99% | 17.86% | 18.53% | 18.96% | 19.12% | 20.61% | 19.58% | 15.73% | 11.16% | 14.65% | 14.44% | 15.72% | 12.43% | 19.3% | 18.71% | 17.84% | 16.76% | 18.75% | 14.76% | 17.8% | 21.43% | 15.93% | 16.45% |
| EBITDA Growth % | 12.31% | 9.46% | 10.15% | 14.51% | 16.73% | 23.26% | 20.32% | 58.29% | -11.79% | 12.75% | 0.27% | 59.19% | -32.78% | 11.44% | 28.83% | 51.83% | 18.3% | 33.5% | -16.25% | 22.72% | 121.47% | 18.5% | - |
| D&A (Non-Cash Add-back) | 82.52M | 59.08M | 76.98M | 70.47M | 77.89M | 75.46M | 77.66M | 79.53M | 48.72M | 38.98M | 34.58M | 31.46M | 28.03M | 24.92M | 25.62M | 22.99M | 15.84M | 11.4M | 11.16M | 14.8M | 11.03M | 6.2M | 4.64M |
| EBIT | 352.68M | 332.66M | 280.6M | 251.12M | 198.35M | 154.12M | 126.52M | 96.71M | 67.6M | 86.92M | 85.23M | 77.11M | 38.01M | 65.54M | 57.23M | 41.32M | 26.52M | 24.4M | 15.66M | 17.23M | 15.07M | 5.58M | 5.3M |
| Net Interest Income | -19.77M | -17.61M | -9.34M | -5.15M | -3.02M | -4.83M | -8.69M | -11.43M | -5.35M | -264K | 330K | 1.57M | 3.34M | 2.6M | 2M | 1.96M | 1.37M | 1.02M | 3.41M | 4.25M | 1.33M | -111.98K | -672.42K |
| Interest Income | 10.12M | 0 | 9.92M | 8.03M | 5.23M | 2.73M | 2.5M | 2.18M | 1.87M | 1.63M | 1.67M | 2.9M | 3.6M | 3.17M | 2M | 1.96M | 1.37M | 1.02M | 3.48M | 4.31M | 1.91M | 693.54K | 258.58K |
| Interest Expense | 29.89M | 17.61M | 19.26M | 13.18M | 8.25M | 7.56M | 11.19M | 13.61M | 7.23M | 1.89M | 1.34M | 1.34M | 263K | 564K | 0 | 0 | 0 | 0 | 70.71K | 55.57K | 579.7K | 805.52K | 931K |
| Other Income/Expense | -990K | 1.3M | -2.39M | -661K | -1.63M | -9.27M | 5.08M | 6.38M | 10.3M | 12.31M | 19.39M | 8.43M | 3.6M | -2.44M | -512K | 5.33M | 5.57M | 3.7M | -5.87M | 11.92M | 1.04M | 830.5K | 101.78K |
| Pretax Income | 326.17M | 315.05M | 261.23M | 238.09M | 190.53M | 146.61M | 115.1M | 82.83M | 60.12M | 85.03M | 83.88M | 75.78M | 37.64M | 64.98M | 56.72M | 46.65M | 32.09M | 28.1M | 9.8M | 29.15M | 16.11M | 6.41M | 5.4M |
| Pretax Margin % | 15.12% | 15.09% | 14.21% | 14.6% | 13.49% | 13.06% | 12.01% | 8.36% | 6.81% | 11.15% | 12.23% | 12.06% | 7.54% | 13.58% | 12.81% | 12.94% | 12.7% | 14.71% | 5.39% | 16.21% | 13.23% | 8.67% | 8.93% |
| Income Tax | 74.55M | 63.73M | 62.94M | 53.54M | 47.56M | 31.85M | 25.63M | 15.17M | 3.4M | 36.15M | 22.15M | 24.21M | 5.19M | 16.88M | 14.88M | 11.87M | 5.5M | 3.7M | -1.34M | 2.11M | 2.06M | -647.01K | 21.58K |
| Effective Tax Rate % | 22.86% | 20.23% | 24.09% | 22.49% | 24.96% | 21.72% | 22.26% | 18.32% | 5.65% | 42.51% | 26.41% | 31.95% | 13.8% | 25.98% | 26.24% | 25.44% | 17.13% | 13.18% | -13.68% | 7.23% | 12.75% | -10.09% | 0.4% |
| Net Income | 251.54M | 251.02M | 198.3M | 184.56M | 142.97M | 114.76M | 89.48M | 67.66M | 56.73M | 48.89M | 61.73M | 51.56M | 32.45M | 48.1M | 41.84M | 34.78M | 26.59M | 15.65M | 14.41M | 27.04M | 14.06M | 7.06M | 5.38M |
| Net Margin % | 11.66% | 12.02% | 10.79% | 11.32% | 10.12% | 10.23% | 9.34% | 6.83% | 6.42% | 6.41% | 9% | 8.2% | 6.5% | 10.05% | 9.45% | 9.65% | 10.52% | 8.2% | 7.93% | 15.03% | 11.54% | 9.55% | 8.9% |
| Net Income Growth % | 16.4% | 26.59% | 7.44% | 29.09% | 24.58% | 28.26% | 32.25% | 19.27% | 16.03% | -20.81% | 19.72% | 58.93% | -32.54% | 14.97% | 20.29% | 30.79% | 69.88% | 8.64% | -46.72% | 92.37% | 99.13% | 31.21% | - |
| Net Income (Continuing) | 251.62M | 251.02M | 198.3M | 184.56M | 142.97M | 114.76M | 89.48M | 67.66M | 56.73M | 48.89M | 61.73M | 51.56M | 32.45M | 48.1M | 41.84M | 34.78M | 26.59M | 24.4M | 11.14M | 27.04M | 14.06M | 7.06M | 5.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250K | 224K | 193K | 179K | 0 | 2K | 25K | 23K | 20K | 13K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.60 | 1.54 | 1.21 | 1.10 | 0.85 | 0.67 | 0.52 | 0.39 | 0.32 | 0.28 | 0.36 | 0.30 | 0.19 | 0.28 | 0.25 | 1.10 | 0.88 | 0.53 | 0.49 | 0.93 | 0.58 | 0.66 | 0.51 |
| EPS Growth % | 18.94% | 27.27% | 10% | 29.41% | 26.87% | 28.85% | 33.33% | 21.88% | 14.29% | -22.22% | 20% | 57.89% | -32.14% | 12% | -77.27% | 25% | 66.04% | 8.16% | -47.31% | 60.34% | -12.12% | 29.41% | - |
| EPS (Basic) | - | 1.56 | 1.22 | 1.11 | 0.86 | 0.68 | 0.52 | 0.39 | 0.33 | 0.29 | 0.37 | 0.31 | 0.20 | 0.29 | 0.26 | 1.15 | 0.91 | 0.54 | 0.50 | 0.95 | 0.59 | 0.67 | 0.52 |
| Diluted Shares Outstanding | 156.9M | 162.48M | 164.32M | 168.16M | 169.17M | 171.22M | 172.78M | 173.66M | 175.15M | 175.86M | 172.82M | 170.89M | 168.99M | 169.36M | 166.02M | 31.55M | 30.39M | 29.42M | 29.21M | 29.19M | 23.03M | 10.65M | 10.53M |
| Basic Shares Outstanding | 156.05M | 161.03M | 162.72M | 166.34M | 166.65M | 167.75M | 171.37M | 171.75M | 172.26M | 175.55M | 172.44M | 170.75M | 168.18M | 169.21M | 165.86M | 30.26M | 29.28M | 28.96M | 28.81M | 28.48M | 22.86M | 10.6M | 10.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High client concentration dependency
According to the provided quarterly financial data, EXLS has maintained a consistent revenue growth trajectory, reaching $570.4 million in 2026Q1, which represents a 13.8% year-over-year increase, signaling sustained demand for its specialized insurance and analytics-driven service offerings within the competitive IT services landscape.
The company's ability to sustain double-digit growth suggests that its proprietary platforms are successfully driving client stickiness and recurring revenue streams. This performance appears to be less sensitive to broader IT spending volatility, likely due to the non-discretionary nature of the insurance and healthcare workflows it supports.
As reported in the income statement history, EXLS has successfully expanded its gross margin from 36.7% in 2023Q4 to 38.9% in 2026Q1, reflecting a shift toward higher-value analytics and platform-based delivery models that command superior pricing power compared to traditional commodity-based business process outsourcing services.
The steady climb in gross margins indicates that the company is effectively migrating its revenue mix toward intellectual property-led services. Investors should monitor whether this trend persists as the firm integrates generative AI, which may further decouple revenue growth from linear headcount expansion.
Based on the reported figures, EXLS has demonstrated disciplined operating leverage, with operating income scaling to $91.8 million in 2026Q1, as the company manages its SG&A expenses effectively while simultaneously investing in the specialized talent required to maintain its competitive moat in the insurance vertical.
The ability to grow operating income while keeping SG&A as a controlled percentage of revenue suggests a high degree of operational efficiency. This discipline appears to be a core component of the company's strategy to maximize profitability without sacrificing the quality of its high-touch client engagements.
Financial statements indicate that stock-based compensation remains a material component of the cost structure, with $22.1 million recorded in 2026Q1, which warrants careful consideration when evaluating the true economic profitability and cash flow generation of the firm relative to its reported net income figures.
While the company shows strong net income growth, the recurring nature of stock-based compensation suggests that the reported EPS may be slightly inflated by non-cash charges. Analysts should adjust for these items to better understand the underlying cash-generating capacity of the business model.
While the company exhibits strong growth, the high concentration of revenue within the US insurance and healthcare sectors, as noted in recent filings, presents a potential vulnerability to regulatory shifts or sector-specific downturns that could disproportionately impact the firm's top-line performance and long-term margin stability.
The reliance on a narrow set of verticals may limit the company's ability to pivot if demand for specialized insurance analytics softens. Investors should remain cautious regarding the potential for contract terminations among top-tier clients, which could lead to significant volatility in quarterly results.
Quick answers to the most common questions about buying EXLS stock.
For fiscal year 2025, ExlService Holdings, Inc. (EXLS) reported total revenue of $2.09B. This represents a 3352.6% increase compared to $60.5M in 2004.
ExlService Holdings, Inc. (EXLS) is profitable, generating $251.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.0%.
ExlService Holdings, Inc. (EXLS) reported an operating income of $313.8M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
ExlService Holdings, Inc. (EXLS) generated $801.1M in gross profit for the year, representing a gross profit margin of 38.4%. This demonstrates the company's core pricing power and production efficiency.