Revenue growth remains resilient at 6.7% year-over-year as of 2026Q1, while gross margins have maintained a consistent structural stability hovering near 36% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 5.16B | 5.08B | 4.77B | 4.48B | 4.37B | 4.02B | 3.71B | 3.52B | 3B | 2.74B | 2.57B | 2.46B | 2.28B | 2.13B | 1.9B | 1.6B | 1.26B | 1.12B | 1.04B | 822.68M | 613.05M | 491.89M |
| Revenue Growth % | 6.4% | 6.56% | 6.48% | 2.42% | 8.68% | 8.43% | 5.36% | 17.32% | 9.64% | 6.46% | 4.46% | 7.97% | 6.92% | 12.09% | 18.84% | 27.12% | 12.4% | 7.61% | 26.52% | 34.2% | 24.63% | - |
| Cost of Goods Sold | 3.28B | 3.27B | 3.08B | 2.91B | 2.83B | 2.59B | 2.42B | 2.29B | 1.92B | 1.68B | 1.55B | 1.49B | 1.38B | 1.32B | 1.16B | 1B | 788.52M | 672.62M | 619.23M | 515.46M | 360.88M | 303.96M |
| COGS % of Revenue | - | 64.43% | 64.55% | 64.92% | 64.85% | 64.4% | 65.19% | 65.18% | 64.04% | 61.44% | 60.46% | 60.69% | 60.46% | 61.89% | 60.87% | 62.79% | 62.63% | 60.05% | 59.49% | 62.66% | 58.87% | 61.79% |
| Gross Profit | 1.88B | 1.81B | 1.69B | 1.57B | 1.54B | 1.43B | 1.29B | 1.23B | 1.08B | 1.06B | 1.02B | 967.5M | 901.35M | 812.43M | 744.21M | 595.54M | 470.44M | 447.45M | 421.62M | 307.22M | 252.17M | 187.93M |
| Gross Margin % | 36.43% | 35.57% | 35.45% | 35.08% | 35.15% | 35.6% | 34.81% | 34.82% | 35.96% | 38.56% | 39.54% | 39.31% | 39.54% | 38.11% | 39.13% | 37.21% | 37.37% | 39.95% | 40.51% | 37.34% | 41.13% | 38.21% |
| Gross Profit Growth % | - | 6.9% | 7.6% | 2.23% | 7.29% | 10.9% | 5.33% | 13.61% | 2.23% | 3.84% | 5.06% | 7.34% | 10.95% | 9.17% | 24.96% | 26.59% | 5.14% | 6.13% | 37.24% | 21.83% | 34.18% | - |
| Operating Expenses | 1.1B | 1.05B | 988M | 939.81M | 1.03B | 922.96M | 852.52M | 796.48M | 730.87M | 724.21M | 675.21M | 633.3M | 607.32M | 502.9M | 479.86M | 379.29M | 292.58M | 285.27M | 287.9M | 220.42M | 209.01M | 171.08M |
| OpEx % of Revenue | - | 20.61% | 20.73% | 20.99% | 23.66% | 22.95% | 22.98% | 22.62% | 24.36% | 26.46% | 26.27% | 25.73% | 26.64% | 23.59% | 25.23% | 23.7% | 23.24% | 25.47% | 27.66% | 26.79% | 34.09% | 34.78% |
| Selling, General & Admin | 1.07B | 1.05B | 967.14M | 913.06M | 938.38M | 865.72M | 789.85M | 794.9M | 693.87M | 679.63M | 643.95M | 599.13M | 577.05M | 476.37M | 447.76M | 349.38M | 272.21M | 265.39M | 254.53M | 231.32M | 152.4M | 113.92M |
| SG&A % of Revenue | - | 20.61% | 20.29% | 20.39% | 21.47% | 21.52% | 21.29% | 22.58% | 23.12% | 24.83% | 25.05% | 24.34% | 25.32% | 22.34% | 23.54% | 21.83% | 21.62% | 23.69% | 24.45% | 28.12% | 24.86% | 23.16% |
| Research & Development | 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 | 3M | 0 | 20.86M | 26.75M | 95.86M | 57.24M | 62.67M | 1.58M | 37.01M | 44.58M | 31.26M | 34.17M | 30.27M | 26.53M | 32.1M | 29.91M | 20.36M | 19.88M | 33.37M | -10.9M | 56.61M | 57.16M |
| Operating Income | 778.08M | 760.01M | 702.06M | 630.86M | 502.15M | 509M | 438.72M | 429.38M | 348.15M | 331.28M | 341.21M | 334.19M | 294.03M | 309.53M | 264.35M | 216.24M | 177.86M | 162.18M | 133.71M | 86.8M | 43.16M | 16.85M |
| Operating Margin % | 15.08% | 14.96% | 14.73% | 14.09% | 11.49% | 12.65% | 11.83% | 12.2% | 11.6% | 12.1% | 13.27% | 13.58% | 12.9% | 14.52% | 13.9% | 13.51% | 14.13% | 14.48% | 12.85% | 10.55% | 7.04% | 3.43% |
| Operating Income Growth % | - | 8.25% | 11.29% | 25.63% | -1.35% | 16.02% | 2.18% | 23.33% | 5.09% | -2.91% | 2.1% | 13.66% | -5.01% | 17.09% | 22.24% | 21.58% | 9.67% | 21.29% | 54.04% | 101.14% | 156.08% | - |
| EBITDA | 848.42M | 854.97M | 798.32M | 734.85M | 631.67M | 676.57M | 598.56M | 558.09M | 451.87M | 426.19M | 422.94M | 416.99M | 373.64M | 385.99M | 343.74M | 294.73M | 252.02M | 241.77M | 225.78M | 173.13M | 121.15M | 96.68M |
| EBITDA Margin % | 16.44% | 16.83% | 16.75% | 16.41% | 14.45% | 16.82% | 16.14% | 15.85% | 15.06% | 15.57% | 16.45% | 16.94% | 16.39% | 18.1% | 18.07% | 18.42% | 20.02% | 21.58% | 21.69% | 21.04% | 19.76% | 19.66% |
| EBITDA Growth % | 3.59% | 7.1% | 8.64% | 16.34% | -6.64% | 13.03% | 7.25% | 23.51% | 6.02% | 0.77% | 1.43% | 11.6% | -3.2% | 12.29% | 16.63% | 16.95% | 4.24% | 7.08% | 30.41% | 42.91% | 25.3% | - |
| D&A (Non-Cash Add-back) | 67.42M | 94.96M | 96.25M | 103.99M | 129.52M | 167.57M | 159.84M | 128.71M | 103.72M | 94.92M | 81.74M | 82.8M | 79.61M | 76.46M | 79.39M | 78.49M | 74.16M | 79.59M | 92.07M | 86.33M | 77.99M | 79.83M |
| EBIT | 806.85M | 779.74M | 756.33M | 668.53M | 523.34M | 541.44M | 456.72M | 450.2M | 410.53M | 360.5M | 353.08M | 331.58M | 283.39M | 341.87M | 291.13M | 270.94M | 185.96M | 164.76M | 151.89M | 86.8M | 47.35M | 21.3M |
| Net Interest Income | -26.44M | -49.6M | -47.21M | -47.94M | -52.2M | -51.43M | -48.96M | -43.46M | -37.12M | -31.73M | -16.18M | -21.15M | -29.39M | -19.98M | -16.11M | 5.92M | 2.86M | 3.11M | 6.43M | -7.54M | -11.95M | -8.89M |
| Interest Income | 9.67M | 0 | 32.29M | 18.37M | 5.9M | 6.88M | 7.28M | 7.32M | 11.39M | 8.18M | 7.25M | 8.68M | 4.41M | 15.74M | 12.01M | 15.14M | 5.59M | 7.45M | 14.89M | 6.58M | 1.48M | 1.7M |
| Interest Expense | 36.12M | 49.6M | 79.51M | 66.31M | 58.1M | 58.31M | 56.24M | 50.78M | 48.51M | 39.92M | 23.43M | 29.83M | 33.8M | 35.72M | 28.12M | 9.21M | 2.73M | 4.33M | 8.46M | 14.11M | 13.43M | 10.59M |
| Other Income/Expense | -29.16M | -29.86M | -25.24M | -28.63M | -36.91M | -25.87M | -38.24M | -29.96M | 13.87M | -10.7M | -11.56M | -32.44M | -44.44M | -3.38M | -1.34M | 45.49M | 5.37M | -1.76M | 9.71M | -5.45M | -9.23M | -6.15M |
| Pretax Income | 748.92M | 730.15M | 676.82M | 602.22M | 465.24M | 483.13M | 400.48M | 399.42M | 362.02M | 320.58M | 329.64M | 301.75M | 249.59M | 306.15M | 263.01M | 261.73M | 183.23M | 160.42M | 134.89M | 81.35M | 33.92M | 10.71M |
| Pretax Margin % | 14.51% | 14.37% | 14.2% | 13.45% | 10.64% | 12.01% | 10.8% | 11.35% | 12.06% | 11.71% | 12.82% | 12.26% | 10.95% | 14.36% | 13.83% | 16.35% | 14.55% | 14.32% | 12.96% | 9.89% | 5.53% | 2.18% |
| Income Tax | 179.28M | 177.65M | 163.15M | -29.03M | 111.83M | 113.68M | 92.2M | 94.54M | 80.76M | 59.74M | 62.1M | 61.94M | 57.42M | 71.1M | 78.42M | 70.66M | 34.2M | 25.47M | 8.82M | 16.54M | -5.85M | -6.4M |
| Effective Tax Rate % | 23.94% | 24.33% | 24.11% | -4.82% | 24.04% | 23.53% | 23.02% | 23.67% | 22.31% | 18.64% | 18.84% | 20.53% | 23.01% | 23.22% | 29.82% | 27% | 18.67% | 15.87% | 6.54% | 20.33% | -17.25% | -59.75% |
| Net Income | 569.63M | 552.49M | 513.67M | 631.25M | 353.4M | 369.45M | 308.28M | 304.88M | 281.26M | 260.84M | 267.55M | 239.82M | 192.17M | 235.05M | 184.59M | 184.29M | 142.18M | 127.3M | 125.14M | 56.42M | 39.77M | 17.1M |
| Net Margin % | 11.04% | 10.88% | 10.78% | 14.1% | 8.08% | 9.19% | 8.31% | 8.66% | 9.37% | 9.53% | 10.41% | 9.74% | 8.43% | 11.02% | 9.71% | 11.52% | 11.29% | 11.37% | 12.02% | 6.86% | 6.49% | 3.48% |
| Net Income Growth % | 7.97% | 7.56% | -18.63% | 78.62% | -4.34% | 19.84% | 1.11% | 8.4% | 7.83% | -2.51% | 11.56% | 24.79% | -18.24% | 27.34% | 0.16% | 29.62% | 11.69% | 1.73% | 121.79% | 41.87% | 132.53% | - |
| Net Income (Continuing) | 569.63M | 552.49M | 513.67M | 631.25M | 353.4M | 369.45M | 308.28M | 304.88M | 281.26M | 260.84M | 267.55M | 239.82M | 192.17M | 235.05M | 184.59M | 191.08M | 149.03M | 134.96M | 134.6M | 64.81M | 39.77M | 17.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -64.75M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.53B | 4.75M | 4.52M | 0 | 0 | 1.33M | 3.37M | 2.63M | 2.57M | 2.35M | 2.57M | 3.07M | 0 | 0 |
| EPS (Diluted) | 3.30 | 3.13 | 2.85 | 3.41 | 1.88 | 1.91 | 1.57 | 1.56 | 1.45 | 1.34 | 1.28 | 1.09 | 0.85 | 0.97 | 0.78 | 0.81 | 0.63 | 0.58 | 0.57 | 0.12 | 1.01 | -0.02 |
| EPS Growth % | 11.64% | 9.82% | -16.42% | 81.38% | -1.57% | 21.66% | 0.64% | 7.59% | 8.21% | 4.69% | 17.43% | 28.24% | -12.37% | 24.36% | -3.7% | 28.57% | 8.62% | 1.75% | 375% | -88.12% | 4510.48% | - |
| EPS (Basic) | - | 3.18 | 2.88 | 3.46 | 1.92 | 1.97 | 1.62 | 1.60 | 1.48 | 1.36 | 1.30 | 1.11 | 0.87 | 1.00 | 0.80 | 0.83 | 0.65 | 0.59 | 0.59 | 0.28 | 1.01 | -0.02 |
| Diluted Shares Outstanding | 172.85M | 176.65M | 180.44M | 185.14M | 188.09M | 192.96M | 195.78M | 195.16M | 193.98M | 197.05M | 210.13M | 219.15M | 225.17M | 235.75M | 229.53M | 226.35M | 224.84M | 220.07M | 218.44M | 202.67M | 39.24M | 68.84M |
| Basic Shares Outstanding | 170.31M | 173.89M | 178.39M | 182.35M | 184.18M | 187.8M | 190.4M | 190.07M | 190.67M | 193.86M | 206.86M | 216.61M | 220.85M | 229.35M | 223.7M | 221.57M | 219.31M | 215.5M | 213.48M | 199.52M | 39.24M | 68.84M |
| Dividend Payout Ratio | - | 21.31% | 21.12% | 15.84% | 25.99% | 21.78% | 24.07% | 21.21% | 20.3% | 17.9% | - | - | - | - | 271.75% | - | - | 6.18% | - | - | - | - |
Wage inflation and automation
According to recent financial filings, Genpact has maintained a steady revenue growth trajectory, with the most recent quarter reporting a 6.7% year-over-year increase to $1.3 billion, suggesting that the company's core managed services model remains resilient despite broader shifts toward digital-first delivery and automation-heavy service offerings.
The consistent mid-single-digit growth appears to reflect the sticky nature of long-term managed services contracts, which provide a defensive buffer against cyclical volatility. Investors should monitor whether the transition toward higher-value digital transformation services can accelerate this growth rate or if legacy contract renewals will continue to act as a drag on top-line expansion.
As reported in quarterly statements, Genpact's gross margin has demonstrated remarkable consistency, hovering near 36% over the last ten quarters, which indicates that the firm has successfully managed the delicate balance between offshore labor cost pressures and the pricing power inherent in its specialized process-driven service delivery.
The stability in gross margins suggests that the company's 'Lean Six Sigma' heritage provides a structural advantage in managing delivery costs. However, the lack of significant margin expansion may imply that efficiency gains are being passed back to clients as price concessions, potentially limiting the upside for shareholders in the near term.
Based on the provided income statement data, operating margins have remained relatively flat, fluctuating between 14% and 16%, which suggests that Genpact has yet to achieve significant operating leverage as SG&A expenses continue to scale in near-proportion to the growth in gross profit across the observed periods.
The inability to meaningfully expand operating margins indicates that the company is likely reinvesting heavily in digital capabilities and talent to remain competitive. This disciplined spending appears necessary to defend its market position, though it warrants further investigation into whether these investments will eventually yield a more scalable operating model.
Analysis of the reported figures reveals that Genpact's net income has remained largely stable, with the exception of a 2023Q4 anomaly, suggesting that the company's earnings are primarily driven by core operational performance rather than non-operating items or aggressive accounting adjustments that often distort bottom-line results.
The absence of stock-based compensation in the provided data is notable and suggests a more traditional compensation structure that avoids the dilution common in many technology-adjacent firms. Investors should remain cautious, however, as the reliance on recurring service revenue requires constant vigilance regarding the sustainability of contract margins and potential tax rate fluctuations.
Quick answers to the most common questions about buying G stock.
For fiscal year 2025, Genpact Limited (G) reported total revenue of $5.08B. This represents a 932.7% increase compared to $491.9M in 2005.
Genpact Limited (G) is profitable, generating $552.5M in net income for the fiscal year ending 2025 with a net profit margin of 10.9%.
Genpact Limited (G) reported an operating income of $760.0M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Genpact Limited (G) generated $1.81B in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.