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ExlService Holdings EXLS
$ 34.82 3.03%
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Quarterly report 2025-Q3
added 07-28-2026

ExlService Holdings Income Statement 2025-2008 | EXLS

Brief overview of financial results at ExlService Holdings

The comparison covers a five-year financial horizon. According to figures from ExlService Holdings, revenue changed from 958 million dollars to 2.1 billion dollars over five years. Overall revenue changed by +117.8%, equal to an annualized rate of about 16.8%. The company expanded its sales base at a healthy rate.

Gross profit was $334 million at the start and $801 million at the end of the period (+139.5%). Revenue outpaced cost of revenue, allowing more sales to flow into gross profit. The gross margin was 34.9% at the start and 38.4% at the end. The expansion indicates stronger pricing power or better control of direct costs.

EBITDA changed from 161 million dollars to 373 million dollars (+132.3%). EBITDA grew faster than revenue, indicating positive operating leverage. At the operating-margin level, the figure shifted from 16.7% to 17.9%. Operating profitability remained broadly stable.

Net income changed from $89.5 million to $251 million (+180.5%). The final year delivered the highest net income in the period.

The five-year change in capitalization reached +59.4%: from $2.9 billion to $4.7 billion. Investors responded cautiously to the improvement in the business.

Summary assessment

The indicators form a favorable picture of business development. The strongest signals are better sales economics, an improving EBITDA margin and a stronger final result. Investors should continue to monitor margins, costs, and earnings quality.

Annual Income Statement ExlService Holdings

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Market Cap

 4.65 B 7.93 B 5.17 B 28.2 B 24.3 B 2.92 B 2.56 B 1.96 B 2.09 B 1.55 B 1.45 B 964 M 834 M 939 M 727 M 96.6 M 59.2 M -

Shares

 161 M 163 M 166 M 167 M 168 M 34.3 M 34.4 M 34.5 M 33.9 M 33.6 M 33.3 M 32.8 M 32.8 M 32 M 30.3 M 29.3 M 29 M -

Historical Prices

 28.9 48.7 31.1 169 145 85.1 69.5 52.6 60.4 50.4 44.9 28.7 27.6 26.5 22.4 3.3 2.04 3.67

Net Income

 251 M 198 M 185 M 143 M 115 M 89.5 M 67.7 M 56.7 M 48.9 M 61.7 M 51.6 M 32.4 M 48.1 M 41.8 M 34.8 M 26.6 M 15.7 M -

Revenue

 2.09 B 1.84 B 1.63 B 1.41 B 1.12 B 958 M 991 M 883 M 762 M 686 M 628 M 499 M 478 M 443 M 361 M - - -

Cost of Revenue

 1.29 B 1.15 B 1.02 B 897 M 691 M 624 M 655 M 585 M 495 M - - - 291 M 272 M 220 M 151 M 109 M -

Gross Profit

 801 M 691 M 608 M 515 M 431 M 334 M 336 M 298 M 267 M 238 M 226 M 167 M 188 M 171 M 141 M 101 M 81.6 M -

Operating Income

 314 M 264 M 239 M 192 M 156 M 110 M 76.5 M 49.8 M 72.7 M 64.5 M 67.3 M 34 M 67.4 M 57.2 M 41.3 M 26.5 M 24.4 M -

Interest Expense

 16.1 M 16.1 M 13.2 M 8.25 M 7.56 M 11.2 M 13.6 M 7.23 M 1.89 M 1.34 M 1.34 M 369 K 564 K 2 M 1.96 M 1.37 M 1.02 M -

EBITDA

 373 M 319 M 289 M 248 M 206 M 161 M 137 M 118 M 111 M 98.8 M 98.8 M 62.1 M 92.3 M 82.9 M 64.3 M 42.4 M 35.8 M -

Operating Expenses

 487 M 427 M 369 M 323 M 275 M 224 M 251 M 228 M 194 M 174 M 158 M 133 M 120 M 114 M 99.2 M 74.9 M 57.2 M -

General and Administrative Expenses

 255 M 226 M 198 M 169 M 142 M 114 M 127 M 116 M 103 M 88.6 M 77.3 M 65.4 M 58.8 M 57.2 M 50.7 M 40.3 M 31.8 M -

All numbers in USD currency

Quarterly Income Statement ExlService Holdings

2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

 156 M 156 M 160 M 163 M 162 M 162 M 162 M 163 M 165 M 165 M 166 M 167 M 167 M 166 M 166 M 33.4 M 33.4 M 33.3 M 33.4 M 33.6 M 33.7 M 33.9 M 34.3 M 34.5 M 34.4 M 34.3 M 34.3 M 34.5 M 34.4 M 34.4 M 34.5 M 34.5 M 34.4 M 34.1 M 33.8 M 33.8 M 33.8 M 33.6 M 33.6 M 33.6 M 33.4 M 33.2 M 33.3 M 33.4 M 33.2 M 33 M 32.9 M 32.8 M 32.5 M 32.8 M 32.9 M 32.8 M 32.5 M 32.3 M 32.2 M 32 M 31.4 M 31.3 M 30.3 M 29.9 M 29.6 M

Net Income

 67.1 M - 58.2 M 66.1 M 66.6 M - 53 M 45.8 M 48.8 M - 43.9 M 49.1 M 51.3 M - 39.1 M 35.8 M 36.2 M - 26.5 M 28 M 31.9 M 32.2 M 26.4 M 8.43 M 22.4 M 21.4 M 19 M 12.6 M 14.7 M 3.86 M 15.2 M 14.5 M 23.2 M -9.36 M 21.1 M 20.4 M 16.8 M 15.5 M 16 M 16.4 M 13.8 M 14.8 M 15.2 M 12.1 M 9.57 M 7.46 M 6.08 M 7.76 M 11.1 M 15.9 M 13.2 M 9.24 M 9.76 M 12.2 M 11.7 M 9.05 M 8.92 M 9.55 M 8.39 M 8.48 M 8.36 M

Revenue

 570 M - 530 M 514 M 501 M - 472 M 448 M 437 M - 411 M 405 M 401 M - 361 M 347 M 329 M - 290 M 275 M 261 M 249 M 241 M 222 M 246 M 257 M 251 M 244 M 240 M 235 M 231 M 210 M 207 M 198 M 192 M 189 M 183 M - - - - - - - - - - - 122 M 124 M 122 M 116 M 116 M 118 M 113 M 108 M 105 M 103 M 100 M 85 M 72.9 M

Cost of Revenue

 348 M - 326 M 320 M 308 M - 294 M 282 M 273 M - 256 M 253 M 251 M - 230 M 221 M 208 M - 178 M 171 M 159 M - 152 M 158 M 163 M - 168 M 162 M 157 M - 152 M 140 M 138 M - 123 M - - - - - - - - - - - - - 74.9 M - 72 M 73.9 M 72.9 M - 68.6 M 66 M 66.7 M - 61.8 M 52 M 44.2 M

Gross Profit

 222 M - 204 M 194 M 193 M - 178 M 166 M 163 M - 155 M 152 M 149 M - 131 M 126 M 122 M - 113 M 104 M 103 M 98.2 M 88.9 M 64.1 M 83.3 M 88.6 M 83.8 M 81.1 M 82.3 M 80 M 79 M 70.5 M 68.9 M 68.6 M 69.3 M 65.3 M 64 M 61.5 M 59.4 M 58.5 M 58.7 M 59.7 M 60.3 M 55.1 M 50.4 M 43.9 M 37.5 M 38.5 M 46.9 M 52.1 M 50.3 M 42.1 M 43.1 M 47.1 M 44 M 42 M 37.9 M 40.6 M 38.3 M 33 M 28.7 M

Operating Income

 91.8 M - 76.2 M 81.1 M 78.4 M - 69.4 M 61.4 M 61.5 M - 60.2 M 64.8 M 59.4 M - 50.1 M 47.1 M 44 M - 42.4 M 35.8 M 41.6 M - 34.4 M 9.87 M 27.5 M - 22.4 M 13.9 M 16.9 M - 19.7 M 17.1 M 15.2 M - 20.9 M 18.3 M 17.2 M - 17.4 M 16.2 M 16.5 M - 20.7 M 15.2 M 13.5 M - 5.39 M 6.1 M 15.5 M - 19.5 M 12.8 M 12.1 M - 16.9 M 14.4 M 10.4 M - 11.7 M 9.41 M 7.51 M

Interest Expense

 2.39 M - 4.46 M 5.67 M 4.7 M - 4.37 M 3.55 M 3.95 M - 778 K 2.66 M 3.38 M - 2.44 M 1.5 M 876 K - 1.81 M 2.52 M 2.47 M - 2.63 M 2.88 M 3.07 M - 3.18 M 3.86 M 3.58 M - 2.48 M 706 K 538 K - 482 K 465 K 432 K - 295 K 343 K 385 K - 340 K 360 K 283 K - 52 K 75 K 113 K - 465 K 593 K 703 K - 507 K 367 K 447 K - 374 K 645 K 325 K

EBITDA

 106 M - 119 M 95.2 M 92 M - 83.2 M 74.4 M 73.9 M - 71.8 M 77.9 M 72.9 M - 64.5 M 61.2 M 57.6 M - 79.6 M 48.1 M 53.8 M 3.42 M 71.7 M 34.7 M 40 M 4.97 M 62.1 M 40.4 M 30.6 M 5.95 M 55 M 38.4 M 25.8 M 3.48 M 49.7 M 37.3 M 26.6 M 3.59 M 42.4 M 32.6 M 24.6 M 2.72 M 43.9 M 30.4 M 20.5 M 2.16 M 12.4 M 12.8 M 21.8 M 1.54 M 25.5 M 19.2 M 18.6 M 1.56 M 23.2 M 20.4 M 16.8 M 1.38 M 18.1 M 14.5 M 12.4 M

Operating Expenses

 130 M - 128 M 113 M 115 M - 109 M 105 M 102 M - 94.7 M 87 M 89.7 M - 80.8 M 78.5 M 77.7 M - 70.1 M 68.5 M 61 M - 54.5 M 54.2 M 55.8 M - 61.4 M 67.2 M 65.5 M - 59.3 M 53.4 M 53.7 M - 48.3 M 47.1 M 46.7 M - 42.1 M 42.2 M 42.2 M - 39.6 M 39.9 M 36.9 M - 32.1 M 32.4 M 31.4 M - 30.8 M 29.3 M 31 M - 27.1 M 27.6 M 27.5 M - 26.6 M 23.6 M 21.2 M

General and Administrative Expenses

 69.1 M - 66.3 M 59.5 M 59.4 M - 57.5 M 56.5 M 53.2 M - 52.2 M 45.6 M 46.7 M - 42.5 M 40.4 M 39.9 M - 36.2 M 36.5 M 30.7 M - 26.8 M 28.8 M 28.9 M - 29.6 M 31.2 M 32.5 M - 28.7 M 27.6 M 29.3 M - 26.5 M 24.4 M 24 M - 21.9 M 21.1 M 20.6 M - 18.8 M 20 M 18.6 M - 16 M 16.2 M 14.8 M - 15.8 M 13.8 M 14.7 M - 13.8 M 13.9 M 13.3 M - 13.3 M 12.4 M 10.5 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company ExlService Holdings (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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