NASDAQ: EXLS

ExlService Holdings, Inc.

CIK 0001297989 · SIC 7389 · Miscellaneous Business Services NEC

Large Revenue $2.1B Assets $1.7B as of Aug 31, 2026

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8-K Filed Aug 18, 2026 · Period ending Aug 18, 2026

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10-Q Filed Jul 28, 2026 · Period ending Jun 30, 2026

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8-K Filed Jul 28, 2026 · Period ending Jul 28, 2026

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8-K Filed Jul 21, 2026 · Period ending Jul 16, 2026

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10-Q Filed Apr 28, 2026 · Period ending Mar 31, 2026

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10-K Filed Feb 24, 2026 · Period ending Dec 31, 2025

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10-K Filed Feb 25, 2025 · Period ending Dec 31, 2024

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Latest financial statements

From 10-Q filed Jul 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.

As filed

Consolidated Statements of Income (Unaudited)

(In thousands, except per share amount and share count)

Description Three months ended June 30, 2026 Three months ended June 30, 2025 Six months ended June 30, 2026 Six months ended June 30, 2025
Revenues, net 594,763 514,460 1,165,114 1,015,479
Cost of revenues(1) 368,800 320,272 717,070 627,977
Gross profit(1) 225,963 194,188 448,044 387,502
Operating expenses:
General and administrative expenses 74,436 59,549 143,487 118,966
Selling and marketing expenses 49,628 39,446 96,829 81,371
Depreciation and amortization expense 14,604 14,055 28,607 27,612
Total operating expenses 138,668 113,050 268,923 227,949
Income from operations 87,295 81,138 179,121 159,553
Foreign exchange gain, net 1,609 2,211 2,744 3,403
Interest expense (5,068) (4,282) (9,019) (8,426)
Other income, net 130 5,671 2,521 10,374
Income before income tax expense and earnings from equity affiliates 83,966 84,738 175,367 164,904
Income tax expense 19,426 18,546 43,744 32,042
Income before earnings from equity affiliates 64,540 66,192 131,623 132,862
Loss from equity-method investment (29) (141) (31) (250)
Net income 64,511 66,051 131,592 132,612
Earnings per share:
Basic 0.42 0.41 0.85 0.82
Diluted 0.42 0.40 0.85 0.81
Weighted average number of shares used in computing earnings per share:
Basic 152,554,401 162,925,484 154,292,120 162,709,034
Diluted 152,831,994 164,193,258 154,858,444 164,376,498

Consolidated Balance Sheets (Unaudited)

(In thousands, except per share amount and share count)

Description June 30, 2026 December 31, 2025
Assets
Current assets:
Cash and cash equivalents 126,722 146,326
Short-term investments 157,102 182,041
Restricted cash 12,964 12,392
Accounts receivable, net 434,362 343,105
Other current assets 144,132 146,093
Total current assets 875,282 829,957
Property and equipment, net 114,587 111,821
Operating lease right-of-use assets 97,495 97,411
Restricted cash 7,086 7,251
Deferred tax assets, net 139,288 129,968
Goodwill 418,693 419,654
Other intangible assets, net 29,720 36,204
Long-term investments 6,396 8,198
Other assets 59,340 61,771
Total assets 1,747,887 1,702,235
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable 6,733 4,753
Current portion of long-term borrowings 381,155 4,886
Deferred revenue 22,591 15,356
Accrued employee costs 112,908 146,775
Accrued expenses and other current liabilities 161,525 135,498
Current portion of operating lease liabilities 18,734 16,857
Total current liabilities 703,646 324,125
Long-term borrowings, less current portion — 293,712
Operating lease liabilities, less current portion 88,130 88,167
Deferred tax liabilities, net 2,256 2,125
Other non-current liabilities 87,613 81,401
Total liabilities 881,645 789,530
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued — —
Common stock, $0.001 par value; 400,000,000 shares authorized, 210,101,885 shares issued and 151,745,072 shares outstanding as of June 30, 2026 and 208,855,566 shares issued and 156,430,028 shares outstanding as of December 31, 2025 210 209
Additional paid-in capital 724,432 677,562
Retained earnings 1,664,571 1,532,979
Accumulated other comprehensive loss (223,682) (180,727)
Total including shares held in treasury 2,165,531 2,030,023
Less: 58,356,813 shares as of June 30, 2026 and 52,425,538 shares as of December 31, 2025, held in treasury, at cost (1,299,289) (1,117,318)
Total stockholders’ equity 866,242 912,705
Total liabilities and stockholders’ equity 1,747,887 1,702,235

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Description Six months ended June 30, 2026 Six months ended June 30, 2025
Cash flows from operating activities:
Net income 131,592 132,612
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 28,473 27,689
Stock-based compensation expense 46,732 35,579
Reduction in the carrying amount of operating lease right-of-use assets 14,018 12,489
Fair value mark-to-market on investments (3,054) (1,304)
Unrealized foreign currency exchange (gain)/loss, net (11,412) (3,314)
Deferred income tax benefit (4,930) (15,605)
Others, net 4,315 1,581
Change in operating assets and liabilities:
Accounts receivable (93,298) (38,312)
Other current and non-current assets (27,781) (10,434)
Income taxes payable, net 31,392 4,202
Deferred revenue 7,303 2,426
Accrued employee costs (29,637) (31,278)
Accounts payable, accrued expenses and other liabilities 7,940 8,539
Operating lease liabilities (12,042) (12,250)
Net cash provided by operating activities 89,611 112,620
Cash flows from investing activities:
Purchases of property and equipment (27,440) (27,366)
Proceeds from sale of property and equipment 166 180
Purchases of investments (137,311) (144,935)
Proceeds from redemption of investments 158,999 136,434
Investment in equity affiliate (600) (600)
Net cash used for investing activities (6,186) (36,287)
Cash flows from financing activities:
Principal payments of finance lease liabilities (277) (247)
Proceeds from borrowings 175,000 50,000
Repayments of borrowings (92,500) (78,500)
Acquisition of treasury stock (186,605) (59,673)
Proceeds from issuance of common stock 3,620 3,868
Net cash used for financing activities (100,762) (84,552)
Effect of exchange rate changes (1,860) 7,346
Net decrease in cash, cash equivalents and restricted cash (19,197) (873)
Cash, cash equivalents and restricted cash at the beginning of the period 165,969 171,398
Cash, cash equivalents and restricted cash at the end of the period 146,772 170,525
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest 8,934 8,216
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment not yet paid 3,294 6,186
Assets acquired under finance lease 383 633

Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amount and share count); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

View all filings for EXLS on SEC EDGAR