Revenue growth slowed to 5.0% in 2026Q2 from over 22% in early 2025, while gross margins contracted significantly from a peak of 42.4% to 34.7%, indicating severe pricing or cost pressures that are overwhelming SG&A efficiencies.
TaskUs, Inc. (TASK) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 1.24B | 1.18B | 994.99M | 924.37M | 960.49M | 760.7M | 478.05M | 359.68M | 254.21M |
| Revenue Growth % | 8.56% | 18.95% | 7.64% | -3.76% | 26.26% | 59.13% | 32.91% | 41.49% | - |
| Cost of Goods Sold | 836.35M | 797.51M | 583.72M | 538.75M | 543.52M | 431.74M | 270.51M | 194.79M | 127.76M |
| COGS % of Revenue | - | 67.38% | 58.67% | 58.28% | 56.59% | 56.75% | 56.59% | 54.16% | 50.26% |
| Gross Profit | 406.47M | 386.04M | 411.26M | 385.62M | 416.97M | 328.97M | 207.54M | 164.9M | 126.45M |
| Gross Margin % | 32.71% | 32.62% | 41.33% | 41.72% | 43.41% | 43.25% | 43.41% | 45.84% | 49.74% |
| Gross Profit Growth % | - | -6.13% | 6.65% | -7.52% | 26.75% | 58.51% | 25.86% | 30.41% | - |
| Operating Expenses | 263.83M | 244.89M | 318.84M | 290.58M | 333.07M | 383.25M | 157.21M | 128.03M | 97.99M |
| OpEx % of Revenue | - | 20.69% | 32.04% | 31.44% | 34.68% | 50.38% | 32.89% | 35.6% | 38.55% |
| Selling, General & Admin | 227.13M | 244.89M | 243.34M | 237.73M | 264.56M | 328.34M | 113.52M | 90.63M | 69.46M |
| SG&A % of Revenue | - | 20.69% | 24.46% | 25.72% | 27.54% | 43.16% | 23.75% | 25.2% | 27.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 75.5M | 52.85M | 68.51M | 54.91M | 43.69M | 37.4M | 0 |
| Operating Income | 142.64M | 141.15M | 92.42M | 95.04M | 83.9M | -54.28M | 50.33M | 36.86M | 40.04M |
| Operating Margin % | 11.48% | 11.93% | 9.29% | 10.28% | 8.73% | -7.14% | 10.53% | 10.25% | 15.75% |
| Operating Income Growth % | - | 52.72% | -2.75% | 13.28% | 254.56% | -207.85% | 36.53% | -7.94% | - |
| EBITDA | 195.97M | 202.66M | 152.58M | 155.78M | 141.69M | -6.4M | 89.33M | 72.03M | 57.02M |
| EBITDA Margin % | 15.77% | 17.12% | 15.34% | 16.85% | 14.75% | -0.84% | 18.69% | 20.03% | 22.43% |
| EBITDA Growth % | 6.04% | 32.82% | -2.05% | 9.94% | 2315.01% | -107.16% | 24.01% | 26.33% | - |
| D&A (Non-Cash Add-back) | 48.5M | 61.51M | 60.16M | 60.74M | 57.8M | 47.88M | 39M | 35.17M | 16.97M |
| EBIT | 163.83M | 155.06M | 107.77M | 96.75M | 94.61M | -47.26M | 51.9M | 39.09M | 40.04M |
| Net Interest Income | -27.49M | -18.39M | -21.55M | -21.72M | -11.92M | -6.5M | -7.48M | -9.35M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.81M |
| Interest Expense | 27.49M | 18.39M | 21.55M | 21.72M | 11.92M | 6.5M | 7.48M | 9.35M | 0 |
| Other Income/Expense | -6.31M | -4.48M | -18.24M | -20.01M | -19.36M | -6.68M | -5.91M | 1.49M | -3.36M |
| Pretax Income | 136.34M | 136.67M | 74.18M | 75.03M | 64.53M | -60.96M | 44.42M | 38.35M | 26.65M |
| Pretax Margin % | 10.97% | 11.55% | 7.46% | 8.12% | 6.72% | -8.01% | 9.29% | 10.66% | 10.48% |
| Income Tax | 34.12M | 34.4M | 28.31M | 29.34M | 24.11M | -2.27M | 9.89M | 4.41M | -5.57M |
| Effective Tax Rate % | 25.02% | 25.17% | 38.16% | 39.11% | 37.36% | 3.72% | 22.26% | 11.5% | -20.91% |
| Net Income | 102.22M | 102.28M | 45.87M | 45.69M | 40.42M | -58.7M | 34.53M | 33.94M | 32.22M |
| Net Margin % | 8.22% | 8.64% | 4.61% | 4.94% | 4.21% | -7.72% | 7.22% | 9.44% | 12.68% |
| Net Income Growth % | 25.53% | 122.97% | 0.39% | 13.03% | 168.86% | -269.98% | 1.75% | 5.33% | - |
| Net Income (Continuing) | 102.22M | 102.28M | 45.87M | 45.69M | 40.42M | -58.7M | 34.53M | 33.94M | 32.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.10 | 1.10 | 0.50 | 0.48 | 0.39 | -0.60 | 0.36 | 0.35 | 0.31 |
| EPS Growth % | 25.7% | 120% | 4.17% | 23.08% | 165% | -266.67% | 2.86% | 12.9% | - |
| EPS (Basic) | - | 1.14 | 0.52 | 0.49 | 0.41 | -0.60 | 0.36 | 0.35 | 0.31 |
| Diluted Shares Outstanding | 93.34M | 92.81M | 92.3M | 96.17M | 102.6M | 97.46M | 97.29M | 97.29M | 105.23M |
| Basic Shares Outstanding | 91.7M | 90.44M | 88.91M | 93.94M | 97.82M | 97.46M | 97.29M | 97.29M | 105.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 397.76% | - |
Quick answers to the most common questions about buying TASK stock.
For fiscal year 2025, TaskUs, Inc. (TASK) reported total revenue of $1.18B. This represents a 365.6% increase compared to $254.2M in 2018.
TaskUs, Inc. (TASK) is profitable, generating $102.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
TaskUs, Inc. (TASK) reported an operating income of $141.2M, resulting in an operating profit margin of 11.9%. This margin reflects the operational efficiency of the business before interest and taxes.
TaskUs, Inc. (TASK) generated $386.0M in gross profit for the year, representing a gross profit margin of 32.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin compression accelerates
Metrics are mathematically derived from official filings.
Growth Momentum Cools from 2024 Peaks
TaskUs's revenue growth decelerated from over 22% in the first half of 2025 to just 5.0% by 2026Q2, as reported in recent quarterly filings, suggesting the tailwinds from new client wins and market expansion may be normalizing.
The sequential decline from 23.6% year-over-year growth in 2025Q2 to 5.0% in 2026Q2 represents a significant deceleration in the core business trajectory. While the absolute revenue base has expanded to over $300 million per quarter, the slowing pace implies that recent growth was driven more by inorganic factors or specific project ramps rather than sustainable organic momentum. Investors should monitor whether this represents a temporary lull or a new baseline for growth.
Gross Margin Erosion Intensifies
Gross margins have compressed sharply from a peak of 42.4% in 2024Q1 to 34.7% in 2026Q2, with the latest figure representing a multi-quarter low based on the provided income statement data.
The 770 basis point margin contraction over ten quarters is a material deterioration in the company's core profitability. The worsening trend, particularly the drop from 40.1% in 2025Q3 to 30.2% in 2026Q1, suggests TaskUs is facing significant cost pressures or is engaging in aggressive pricing to win business. This compression places the company's gross profitability below the peer average of ~34% for IBEX and TTEC, eroding a key competitive advantage.
SG&A Discipline Cannot Offset Margin Pressure
Despite reducing SG&A expenses as a percentage of revenue from 23.9% in 2024Q4 to 17.8% in 2026Q2, the improvement has been insufficient to prevent operating margin contraction, as evidenced by the fall from 12.7% to 10.8%.
The data shows management has made progress in controlling overhead costs, yet this operational efficiency is being overshadowed by the severe gross margin erosion. The operating margin in 2026Q2 (10.8%) remains below its 2025 peak (12.7%), indicating that the company lacks sufficient operating leverage to defend profitability against top-line or cost headwinds. This dynamic warrants concern about the sustainability of earnings.
Declining SBC Boosts EPS but Masks Profitability
Stock-based compensation has fallen from $11.1M in 2024Q2 to $3.8M in 2026Q2, a 66% reduction that has provided a tailwind to EPS growth which outpaced net income growth in several quarters.
The significant reduction in SBC appears to be artificially inflating EPS growth rates. For example, in 2025Q3, EPS grew 135.7% while net income growth was not reported, and in 2026Q2, EPS grew 9.1% on only modest net income improvement. This suggests that a meaningful portion of the 'earnings growth' story is driven by a changing equity compensation structure rather than pure operational profitability. Excluding SBC, the underlying earnings power may be weaker than headline metrics indicate.
Sustainable Growth at Current Margins Questionable
The combination of decelerating revenue growth (5.0% in 2026Q2) and collapsing gross margins (34.7%) creates a challenging scenario where the company may be sacrificing long-term profitability for near-term volume.
A short-seller would focus on the fact that TaskUs is no longer growing quickly enough to offset margin compression. The path to restoring historical 40%+ gross margins seems unclear given the trend, and the current operating margin of 10.8% offers limited buffer. If the pricing pressure or cost inflation causing margin erosion is structural, the company's profitability could drift toward peer levels (e.g., IBEX at 8.3% operating margin) much faster than the market expects, challenging the current valuation multiple.