Grid Dynamics Holdings, Inc. (GDYN) Income Statement
GDYN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGDYN revenue and net income
Where GDYN's revenue goes
2025Each bar shows an amount and its share of revenue. GDYN kept 2.3% of revenue as net income.
GDYN profit margins
GDYN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.5% | +9.9% | +29.9% | — |
| Gross profit | +12.1% | +5.7% | +27.9% | — |
| Operating income | — | — | — | — |
| Net income | +139.2% | — | — | — |
| EPS (diluted) | +8.1% | −7.8% | +21.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GDYN quarterly EPS vs estimates
Grid Dynamics beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.04).
GDYN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $411.8M | $350.6M | $312.9M | $310.5M | $211.3M | $111.3M | $118.3M | $91.9M | $70.7M |
| Cost of revenue | $269.5M | $223.6M | $199.8M | $189.9M | $123.6M | $69.7M | $70.1M | $52.6M | $40.6M |
| Gross profit | $142.3M | $127.0M | $113.1M | $120.6M | $87.7M | $41.6M | $48.2M | $39.3M | $30.0M |
| Research & development | $23.7M | $18.3M | $14.7M | $15.8M | $8.5M | $9.3M | $4.3M | $2.6M | $2.0M |
| Sales, general & admin | $120.3M | $110.8M | $104.0M | $125.8M | $79.2M | $47.8M | $23.5M | $22.8M | $15.0M |
| Total operating expenses | $143.9M | $129.1M | $118.7M | $141.6M | $87.7M | $57.1M | $32.6M | $25.5M | $16.9M |
| Operating income | −$1.6M | −$2.1M | −$5.6M | −$21.0M | $50,000 | −$15.4M | $15.6M | $13.8M | $13.1M |
| Interest income | $17.6M | $13.2M | $10.4M | $555,000 | — | — | $4.7M | $1.2M | — |
| Interest expense | — | — | — | $555,000 | $2.5M | $2.9M | $176,000 | $0 | $0 |
| Income before taxes | $15.7M | $11.1M | $4.8M | −$20.5M | −$2.5M | −$15.2M | $15.4M | $13.1M | $13.1M |
| Income taxes | $6.0M | $7.0M | $6.6M | $8.8M | $5.2M | −$2.6M | $4.6M | $3.9M | −$76,000 |
| Net income | $9.7M | $4.0M | −$1.8M | −$29.2M | −$7.7M | −$12.6M | $10.8M | $9.2M | $13.2M |
| EBITDA | $23.2M | $29.8M | $17.0M | −$10.8M | $2.6M | −$12.8M | $17.9M | $15.1M | $15.6M |
| EPS (diluted) | $0.40 | $0.37 | $0.32 | $0.51 | $0.36 | $0.15 | −$0.85 | $0.04 | — |
| Gross margin | 34.6% | 36.2% | 36.2% | 38.8% | 41.5% | 37.4% | 40.8% | 42.8% | 42.5% |
| Operating margin | −0.4% | −0.6% | −1.8% | −6.8% | 0.0% | −13.9% | 13.2% | 15.1% | 18.5% |
| Net margin | 2.3% | 1.2% | −0.6% | −9.4% | −3.6% | −11.3% | 9.1% | 10.0% | 18.7% |
| 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 | $108.2M | $104.1M | $106.2M | $104.2M | $101.1M | $100.4M | $100.3M | $87.4M | $83.0M | $79.8M | $78.1M | $77.4M |
| Cost of revenue | $68.5M | $67.9M | $70.0M | $69.5M | $66.6M | $63.4M | $63.2M | $54.7M | $53.5M | $52.2M | $50.0M | $49.3M |
| Gross profit | $39.6M | $36.2M | $36.1M | $34.7M | $34.5M | $37.0M | $37.0M | $32.7M | $29.6M | $27.7M | $28.1M | $28.2M |
| Research & development | $6.4M | $6.1M | $4.7M | $5.8M | $6.7M | $6.5M | $5.4M | $4.4M | $4.1M | $4.4M | $3.9M | $3.4M |
| Sales, general & admin | $31.9M | $33.8M | $30.7M | $29.2M | $27.9M | $32.5M | $23.2M | $26.1M | $25.0M | $28.8M | $25.3M | $24.6M |
| Total operating expenses | $38.3M | $39.9M | $35.3M | $35.0M | $34.6M | $39.0M | $31.6M | $30.6M | $29.5M | $33.2M | $29.2M | $28.0M |
| Operating income | $1.3M | −$3.7M | $806,000 | −$241,000 | −$123,000 | −$2.0M | $5.5M | $2.1M | $40,000 | −$5.5M | −$1.1M | $143,000 |
| Interest expense | — | — | — | — | — | — | — | — | — | $1.7M | $1.7M | — |
| Income before taxes | $4.5M | −$440,000 | $2.8M | $3.1M | $7.3M | $2.5M | $5.8M | $5.6M | $2.7M | −$3.0M | $1.5M | $3.3M |
| Income taxes | $1.6M | $1.0M | $2.5M | $1.9M | $2.0M | −$443,000 | $1.2M | $1.3M | $3.5M | $931,000 | −$1.4M | $2.6M |
| Net income | $2.9M | −$1.5M | $306,000 | $1.2M | $5.3M | $2.9M | $4.5M | $4.3M | −$817,000 | −$3.9M | $2.9M | $676,000 |
| EBITDA | $7.9M | $2.8M | $7.2M | $6.1M | $6.0M | $3.9M | $7.1M | $10.2M | $3.6M | $895,000 | $5.9M | $6.7M |
| EPS (diluted) | $0.07 | $0.09 | $0.10 | $0.09 | $0.10 | $0.11 | $0.12 | $0.10 | $0.08 | $0.07 | $0.07 | $0.08 |
| Gross margin | 36.6% | 34.8% | 34.0% | 33.3% | 34.1% | 36.8% | 36.9% | 37.4% | 35.6% | 34.7% | 36.0% | 36.4% |
| Operating margin | 1.2% | −3.5% | 0.8% | −0.2% | −0.1% | −2.0% | 5.5% | 2.4% | 0.0% | −6.9% | −1.4% | 0.2% |
| Net margin | 2.6% | −1.4% | 0.3% | 1.1% | 5.2% | 2.9% | 4.5% | 4.9% | −1.0% | −4.9% | 3.7% | 0.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GDYN's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GDYN financial results
In fiscal year 2025 (ended December 31, 2025), Grid Dynamics reported revenue of $411.8 million, up 17.5% from the year before. It had net income of $9.7 million (up 139.2%), a net profit margin of 2.3%. Diluted earnings per share came to $0.40. Over five years revenue grew at an average rate of 29.9% a year.
See the GDYN stock overview for the latest quote and news, or the GDYN chart for price history and technical indicators.
GDYN income statement FAQ
What is Grid Dynamics's annual revenue?
Grid Dynamics reported total revenue of $411.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.5% from $350.6 million the previous year.
Is Grid Dynamics profitable?
Yes. Grid Dynamics reported net income of $9.7 million in fiscal 2025, a net profit margin of 2.3%; its operating margin was −0.4%.
What is Grid Dynamics's gross margin?
Grid Dynamics's gross margin was 34.6% in fiscal 2025: for every $100 of revenue, Grid Dynamics kept $35 after the direct cost of its products and services.
How much does Grid Dynamics spend on research and development?
Grid Dynamics spent $23.7 million on research and development in fiscal 2025, 5.7% of revenue.
How fast is Grid Dynamics growing?
Revenue grew 29.9% a year on average over the last five fiscal years, from $111.3 million to $411.8 million.
What are Grid Dynamics's earnings per share?
Grid Dynamics earned $0.40 per diluted share in fiscal 2025, compared with $0.37 a year earlier.
When will Grid Dynamics report its next earnings?
Grid Dynamics is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Grid Dynamics's fiscal year end?
Grid Dynamics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.