ExlService Holdings, Inc. (EXLS) Income Statement
EXLS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEXLS revenue and net income
Where EXLS's revenue goes
2025Each bar shows an amount and its share of revenue. EXLS kept 12.0% of revenue as net income.
EXLS profit margins
EXLS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.6% | +13.9% | +16.8% | +12.8% |
| Gross profit | +15.9% | +15.8% | +19.1% | +13.5% |
| Operating income | +19.0% | +17.8% | +23.3% | +16.6% |
| Net income | +26.6% | +20.6% | +22.9% | +17.1% |
| EPS (diluted) | +17.5% | −7.3% | −3.0% | +16.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EXLS quarterly EPS vs estimates
ExlService beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.44).
EXLS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $1.84B | $1.63B | $1.41B | $1.12B | $958.4M | $991.3M | $883.1M | $762.3M | $686.0M |
| Cost of revenue | $1.29B | $1.15B | $1.02B | $896.6M | $690.9M | $623.9M | $655.5M | $584.9M | $495.6M | $448.0M |
| Gross profit | $801.1M | $691.0M | $607.8M | $515.4M | $431.4M | $334.5M | $335.9M | $298.3M | $266.7M | $238.0M |
| Research & development | — | — | $9.3M | $6.0M | $4.3M | $4.9M | $2.7M | $1.4M | $640,000 | $336,000 |
| Sales, general & admin | $428.2M | $372.2M | $318.5M | $267.0M | $226.3M | $174.0M | $198.8M | $179.8M | $155.9M | $139.2M |
| Total operating expenses | $487.3M | $427.4M | $369.0M | $323.3M | $275.5M | $224.5M | $259.4M | $248.4M | $194.4M | $173.8M |
| Operating income | $313.8M | $263.6M | $238.8M | $192.2M | $155.9M | $110.0M | $76.5M | $49.8M | $72.7M | $64.5M |
| Interest income | $9.6M | $9.9M | $7.0M | $5.2M | $2.7M | $2.6M | $2.4M | $1.9M | $1.6M | $1.7M |
| Interest expense | $17.6M | $19.3M | $13.2M | $8.3M | $7.6M | $11.2M | $13.6M | $7.2M | $1.9M | $1.3M |
| Income before taxes | $315.1M | $261.2M | $238.1M | $190.5M | $146.6M | $115.1M | $82.8M | $60.1M | $85.0M | $83.9M |
| Income taxes | $63.7M | $62.9M | $53.5M | $47.6M | $31.9M | $25.6M | $15.2M | $3.4M | $36.1M | $22.2M |
| Net income | $251.0M | $198.3M | $184.6M | $143.0M | $114.8M | $89.5M | $67.7M | $56.7M | $48.9M | $61.7M |
| EBITDA | $391.9M | $335.8M | $321.6M | $276.2M | $229.6M | $204.2M | $176.2M | $116.3M | $125.9M | $119.8M |
| EPS (diluted) | $1.95 | $1.66 | $1.43 | $2.45 | $1.94 | $2.27 | $0.62 | $1.14 | $1.07 | $1.40 |
| Gross margin | 38.4% | 37.6% | 37.3% | 36.5% | 38.4% | 34.9% | 33.9% | 33.8% | 35.0% | 34.7% |
| Operating margin | 15.0% | 14.3% | 14.6% | 13.6% | 13.9% | 11.5% | 7.7% | 5.6% | 9.5% | 9.4% |
| Net margin | 12.0% | 10.8% | 11.3% | 10.1% | 10.2% | 9.3% | 6.8% | 6.4% | 6.4% | 9.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $594.8M | $570.4M | $542.6M | $529.6M | $514.5M | $501.0M | $481.4M | $472.1M | $448.4M | $436.5M | $414.1M | $411.0M |
| Cost of revenue | $368.8M | $348.3M | $333.0M | $325.6M | $320.3M | $307.7M | $298.0M | $293.8M | $282.1M | $273.4M | $262.2M | $256.0M |
| Gross profit | $226.0M | $222.1M | $209.6M | $203.9M | $194.2M | $193.3M | $183.4M | $178.3M | $166.3M | $163.1M | $151.8M | $155.0M |
| Research & development | — | — | — | — | — | — | — | — | $2.9M | $2.5M | $6.7M | $2.3M |
| Sales, general & admin | $124.1M | $116.3M | $115.3M | $112.6M | $99.0M | $101.3M | $96.0M | $95.1M | $91.9M | $89.2M | $85.3M | $83.2M |
| Total operating expenses | $138.7M | $130.3M | $131.6M | $127.8M | $113.0M | $114.9M | $112.2M | $108.9M | $104.8M | $101.6M | $97.6M | $94.7M |
| Operating income | $87.3M | $91.8M | $78.0M | $76.2M | $81.1M | $78.4M | $71.2M | $69.4M | $61.4M | $61.5M | $54.3M | $60.2M |
| Interest income | $2.4M | $1.6M | $2.2M | $2.1M | $2.7M | $2.6M | $2.7M | $2.5M | $2.4M | $2.3M | $2.5M | $2.1M |
| Interest expense | $5.1M | $4.0M | $16.7M | $4.9M | $4.3M | $4.1M | $5.1M | $5.5M | $5.3M | $3.3M | $3.1M | $3.4M |
| Income before taxes | $84.0M | $91.4M | $75.5M | $74.7M | $84.6M | $80.1M | $70.5M | $68.5M | $59.7M | $62.5M | $56.0M | $58.0M |
| Income taxes | $19.4M | $24.3M | $15.2M | $16.5M | $18.5M | $13.5M | $19.9M | $15.5M | $13.9M | $13.8M | $15.8M | $14.2M |
| Net income | $64.5M | $67.1M | $60.2M | $58.2M | $66.1M | $66.6M | $50.7M | $53.0M | $45.8M | $48.8M | $40.3M | $43.9M |
| EBITDA | $103.6M | $109.3M | $114.8M | $113.2M | $103.1M | $103.9M | $97.5M | $104.0M | $77.9M | $83.2M | $76.7M | $88.1M |
| EPS (diluted) | $0.47 | $0.58 | $0.50 | $0.48 | $0.49 | $0.48 | $0.44 | $0.44 | $0.40 | $0.38 | $0.35 | $0.37 |
| Gross margin | 38.0% | 38.9% | 38.6% | 38.5% | 37.7% | 38.6% | 38.1% | 37.8% | 37.1% | 37.4% | 36.7% | 37.7% |
| Operating margin | 14.7% | 16.1% | 14.4% | 14.4% | 15.8% | 15.7% | 14.8% | 14.7% | 13.7% | 14.1% | 13.1% | 14.7% |
| Net margin | 10.8% | 11.8% | 11.1% | 11.0% | 12.8% | 13.3% | 10.5% | 11.2% | 10.2% | 11.2% | 9.7% | 10.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EXLS's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EXLS financial results
In fiscal year 2025 (ended December 31, 2025), ExlService reported revenue of $2.1 billion, up 13.6% from the year before. It had net income of $251.0 million (up 26.6%), a net profit margin of 12.0%. Diluted earnings per share came to $1.95. Over five years revenue grew at an average rate of 16.8% a year.
See the EXLS stock overview for the latest quote and news, or the EXLS chart for price history and technical indicators.
EXLS income statement FAQ
What is ExlService's annual revenue?
ExlService reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 13.6% from $1.8 billion the previous year.
Is ExlService profitable?
Yes. ExlService reported net income of $251.0 million in fiscal 2025, a net profit margin of 12.0%; its operating margin was 15.0%.
What is ExlService's gross margin?
ExlService's gross margin was 38.4% in fiscal 2025: for every $100 of revenue, ExlService kept $38 after the direct cost of its products and services.
How fast is ExlService growing?
Revenue grew 16.8% a year on average over the last five fiscal years, from $958.4 million to $2.1 billion.
What are ExlService's earnings per share?
ExlService earned $1.95 per diluted share in fiscal 2025, compared with $1.66 a year earlier.
When will ExlService report its next earnings?
ExlService is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does ExlService's fiscal year end?
ExlService's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.