Revenue growth has accelerated to 16.8% as of 2026Q3, though gross margins remain sensitive to operational shifts, having compressed from a 31.8% peak in 2025Q3 to 26.1% in 2026Q2.
| Sales/Revenue | 626.95M | 558.27M | 508.57M | 523.12M | 492.85M | 443.39M | 405.13M | 368.38M | 342.2M | 334.03M | 323.02M |
| Revenue Growth % | 17.04% | 9.77% | -2.78% | 6.14% | 11.16% | 9.44% | 9.98% | 7.65% | 2.44% | 3.41% | - |
| Cost of Goods Sold | 328.83M | 385.69M | 356.54M | 374.99M | 373.97M | 335.25M | 276.25M | 254.59M | 252.93M | 276.19M | 260.59M |
| COGS % of Revenue | - | 69.09% | 70.11% | 71.68% | 75.88% | 75.61% | 68.19% | 69.11% | 73.91% | 82.68% | 80.67% |
| Gross Profit | 133.71M | 172.58M | 152.03M | 148.13M | 118.88M | 108.14M | 128.88M | 113.79M | 89.28M | 57.84M | 62.43M |
| Gross Margin % | 21.33% | 30.91% | 29.89% | 28.32% | 24.12% | 24.39% | 31.81% | 30.89% | 26.09% | 17.32% | 19.33% |
| Gross Profit Growth % | - | 13.52% | 2.64% | 24.6% | 9.93% | -16.09% | 13.26% | 27.46% | 54.35% | -7.35% | - |
| Operating Expenses | 240.71M | 125.97M | 112.6M | 107.65M | 98.25M | 91.09M | 109.37M | 361.34M | 363.3M | 335.07M | 309.51M |
| OpEx % of Revenue | - | 22.56% | 22.14% | 20.58% | 19.94% | 20.54% | 27% | 98.09% | 106.17% | 100.31% | 95.82% |
| Selling, General & Admin | 111.3M | 108.74M | 93.14M | 88.66M | 80.15M | 0 | 350.42M | 321.72M | 332.93M | 306.12M | 281.72M |
| SG&A % of Revenue | - | 19.48% | 18.31% | 16.95% | 16.26% | - | 86.5% | 87.33% | 97.29% | 91.64% | 87.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 17.23M | 19.46M | 18.98M | 18.1M | 91.09M | -241.06M | 39.61M | 30.37M | 28.96M | 27.8M |
| Operating Income | 57.4M | 46.61M | 39.43M | 40.48M | 20.63M | 17.05M | 19.51M | 6.8M | -17.78M | -2.33M | 8.56M |
| Operating Margin % | 9.16% | 8.35% | 7.75% | 7.74% | 4.18% | 3.84% | 4.82% | 1.85% | -5.19% | -0.7% | 2.65% |
| Operating Income Growth % | - | 18.21% | -2.59% | 96.26% | 21% | -12.65% | 186.75% | 138.28% | -664.6% | -127.15% | - |
| EBITDA | 75.95M | 63.84M | 58.89M | 59.46M | 38.73M | 31.16M | 43.98M | 27.7M | -5.59M | 11.51M | 21.22M |
| EBITDA Margin % | 12.11% | 11.44% | 11.58% | 11.37% | 7.86% | 7.03% | 10.86% | 7.52% | -1.64% | 3.44% | 6.57% |
| EBITDA Growth % | 17.19% | 8.41% | -0.96% | 53.55% | 24.27% | -29.15% | 58.79% | 595.08% | -148.62% | -45.77% | - |
| D&A (Non-Cash Add-back) | 18.55M | 17.23M | 19.46M | 18.98M | 18.1M | 14.12M | 24.47M | 20.89M | 12.18M | 13.83M | 12.65M |
| EBIT | 41.37M | 47.57M | 41.5M | 41.12M | 20.67M | 17.05M | 19M | 6.8M | -18.91M | -3.44M | 7.1M |
| Net Interest Income | -795K | -679K | 1.56M | -152K | -1.25M | -9.03M | -9.43M | -7.71M | -3.09M | -6.39M | -5.13M |
| Interest Income | 180K | 955K | 2.07M | 640K | 43K | 0 | 0 | 7.25M | 0 | 0 | 0 |
| Interest Expense | 664K | 1.63M | 514K | 792K | 1.29M | 9.03M | 9.43M | 7.25M | 1.96M | 5.28M | 3.67M |
| Other Income/Expense | -982K | -679K | 1.56M | -152K | -1.25M | -1.89M | -9.43M | -7.71M | -3.09M | -6.39M | -5.13M |
| Pretax Income | 56.42M | 45.93M | 40.99M | 40.33M | 19.38M | 15.15M | 10.09M | -904K | -20.87M | -8.72M | 3.43M |
| Pretax Margin % | 9% | 8.23% | 8.06% | 7.71% | 3.93% | 3.42% | 2.49% | -0.25% | -6.1% | -2.61% | 1.06% |
| Income Tax | 3.95M | 9.07M | 7.33M | 8.74M | -2.08M | 2.06M | 2.31M | 3.62M | -108K | 295K | 1.86M |
| Effective Tax Rate % | 7.01% | 19.74% | 17.89% | 21.68% | -10.72% | 13.62% | 22.95% | -399.89% | 0.52% | -3.38% | 54.22% |
| Net Income | 47.18M | 36.86M | 33.66M | 31.58M | 21.46M | 13.09M | 7.77M | -4.52M | -15.88M | -9.01M | 1.57M |
| Net Margin % | 7.53% | 6.6% | 6.62% | 6.04% | 4.35% | 2.95% | 1.92% | -1.23% | -4.64% | -2.7% | 0.49% |
| Net Income Growth % | 27.13% | 9.54% | 6.56% | 47.19% | 63.92% | 68.46% | 271.94% | 71.54% | -76.2% | -673.71% | - |
| Net Income (Continuing) | 47.18M | 36.86M | 33.66M | 31.58M | 21.46M | 13.09M | 7.77M | -4.52M | -20.76M | -9.01M | 1.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.48M | 4.88M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 20M | 3.64M |
| EPS (Diluted) | 3.15 | 2.36 | 1.84 | 1.67 | 1.15 | 0.15 | 0.44 | -0.26 | -0.90 | -0.51 | 0.09 |
| EPS Growth % | 39.74% | 28.26% | 10.18% | 45.22% | 666.67% | -65.91% | 269.23% | 71.11% | -76.47% | -674.32% | - |
| EPS (Basic) | - | 2.51 | 1.90 | 1.74 | 1.18 | 0.16 | 0.44 | -0.26 | -0.90 | -0.51 | 0.09 |
| Diluted Shares Outstanding | 14.99M | 15.72M | 18.25M | 18.89M | 18.72M | 18.38M | 17.69M | 17.69M | 17.69M | 17.69M | 17.69M |
| Basic Shares Outstanding | 13.45M | 14.68M | 17.7M | 18.2M | 18.23M | 17.65M | 17.69M | 17.69M | 17.69M | 17.69M | 17.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 417.76% |
Client concentration and attrition
According to the latest quarterly financial data, IBEX has successfully accelerated its top-line growth to 16.8% year-over-year as of 2026Q3, marking a distinct recovery from the negative growth rates observed in 2024, which suggests that the company's strategic focus on high-growth verticals is gaining meaningful traction.
The consistent quarterly revenue expansion from $124.5M in 2024Q4 to $164.4M in 2026Q3 indicates that the company is effectively capturing market share within its core CX and digital segments. Investors should monitor whether this acceleration is sustainable or if it remains heavily dependent on a narrow set of high-growth tech clients that may be prone to sudden budget contractions.
As reported in recent income statements, IBEX's gross margin has exhibited notable fluctuations, peaking at 31.8% in 2025Q3 before compressing to 26.1% in 2026Q2, which highlights the inherent sensitivity of the company's labor-intensive delivery model to wage inflation and shifting utilization rates across its global centers.
The inability to maintain a consistent gross margin above the 30% threshold suggests that the company faces ongoing challenges in balancing competitive pricing with rising personnel costs. This volatility warrants further investigation into whether the firm possesses sufficient pricing power to pass through inflationary pressures to its client base without sacrificing volume.
Based on the provided financial figures, IBEX has demonstrated an ability to scale its operating income to $16.2M in 2026Q3, suggesting that management is maintaining disciplined control over SG&A expenses even as the company aggressively pursues top-line growth across its diverse service pillars.
The operating margin of 9.8% in the most recent quarter reflects a lean corporate structure that appears to be benefiting from economies of scale. However, the reliance on variable labor costs means that any future decline in seat utilization could rapidly erode these gains, necessitating a close watch on operational efficiency metrics.
Analysis of the income statement reveals that IBEX's net income, which reached $13.3M in 2026Q3, is periodically impacted by stock-based compensation charges, such as the $2.5M expense recorded in 2026Q1, which complicates the assessment of true underlying profitability and shareholder dilution risks over the long term.
While the company has shown strong EPS growth, the variability in non-cash charges suggests that investors should focus on normalized earnings to gauge the true health of the business. The absence of R&D expenses in the provided data also raises questions regarding how the company accounts for the development of its proprietary CX software platforms.
Quick answers to the most common questions about buying IBEX stock.
For fiscal year 2025, IBEX Limited (IBEX) reported total revenue of $558.3M. This represents a 72.8% increase compared to $323.0M in 2016.
IBEX Limited (IBEX) is profitable, generating $36.9M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
IBEX Limited (IBEX) reported an operating income of $46.6M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
IBEX Limited (IBEX) generated $172.6M in gross profit for the year, representing a gross profit margin of 30.9%. This demonstrates the company's core pricing power and production efficiency.