ExlService Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ExlService Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	686	762	883	991	958	1,122	1,412	1,631	1,838	2,088
Cost of revenue	448	496	585	655	624	691	897	1,023	1,147	1,287
Gross profit	238	267	298	336	334	431	515	608	691	801
Selling and marketing	50.6	53.4	63.6	71.8	60.1	84.3	98	120	147	173
General and administrative	88.6	103	116	127	114	142	169	198	226	255
Operating expenses	174	194	248	259	224	275	323	369	427	487
Operating income	64.5	72.7	49.8	76.5	110	156	192	239	264	314
Interest expense	1.34	1.89	7.23	13.6	11.2	7.56	8.25	13.2	19.3	17.6
Interest income	1.67	1.63	1.87	2.18	2.5	2.73	5.23	8.03	9.92	9.64
Other non-operating income	19.4	12.3	10.5	6.65	5.31	-9.32	-2.06	-0.81	-2.27	1.3
Pre-tax income	83.9	85	60.4	83.1	115	147	190	238	261	315
Income tax	22.2	36.1	3.4	15.2	25.6	31.9	47.6	53.5	62.9	63.7
Net income	61.7	48.9	56.7	67.7	89.5	115	143	185	198	251
EBITDA	99.1	112	98.5	129	161	206	248	289	319	373
EPS, basic	0.37	0.29	0.33	0.39	0.52	0.68	0.86	1.11	1.22	1.56
EPS, diluted	0.36	0.28	0.32	0.39	0.52	0.67	0.85	1.10	1.21	1.54
Shares, basic (weighted)	168	169	172	172	171	168	167	166	163	161
Shares, diluted (weighted)	173	176	175	174	173	171	169	168	164	162

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	213	86.8	95.9	119	219	135	119	137	153	146
Short-term investments	13.5	178	184	202	184	179	179	154	187	182
Receivables	113	136	165	172	148	194	259	308	304	343
Other current assets	21.2	29.6	28.2	24.6	37.1	63	51	76.7	140	146
Total current assets	379	453	500	541	609	578	613	680	795	830
Property, plant and equipment	49	66.8	73.5	79.1	92.4	85.7	82.3	99.6	100	112
Lease right-of-use assets				86.4	91.9	76.7	55.3	64.9	68.8	97.4
Goodwill	187	204	350	350	349	404	406	406	420	420
Intangible assets	53.8	49	95.5	74	59.6	81.1	64.8	50.2	49.3	36.2
Long-term investments						3.19	34.8	4.43	14	8.2
Other non-current assets	19.9	36.4	31	36	32.1	30.2	32.1	49.5	56.1	61.8
Total assets	707	825	1,062	1,183	1,248	1,283	1,346	1,442	1,618	1,702
Accounts payable	3.29	5.92	5.65	6.56	6.99	5.65	7.79	5.06	5.88	4.75
Accrued liabilities	43.3	61.4	64.2	74	66.4	76.4	95.4	114	114	135
Deferred revenue	16.6	10.7	7.72	13.4	32.6	20	18.8	12.3	19.3	15.4
Short-term debt	10	10.3	21.4	40.9	25	260	30	65	4.89	4.89
Total current liabilities	124	144	155	229	221	496	278	326	290	324
Long-term debt	35	50.4	263	194	202	0	220	135	284	294
Lease liabilities			0	74.7	84.9	68.5	48.2	58.2	59.9	88.2
Other non-current liabilities	1.14	2.4	16.5	12.1	18.1	24.6	41.3	31.5	53.6	81.4
Total liabilities	174	225	444	513	529	590	588	553	689	790
Total debt	45	0.71	302	235	227	260	250	200	288	299
Paid-in capital	285	322	364	391	421	396	445	508	589	678
Retained earnings	383	427	484	552	641	756	899	1,084	1,282	1,533
Treasury stock	-60.4	-104	-147	-188	-268	-369	-442	-575	-786	-1,117
Other comprehensive income	-75.1	-45.7	-83.5	-84.9	-75	-89.5	-144	-127	-155	-181
Shareholders' equity	532	600	618	670	719	693	758	889	930	913
Minority interests	0.19	0.22	0.25	0
Total equity	532	600	618	670	719	693	758	889	930	913
Total liabilities and equity	707	825	1,062	1,183	1,248	1,283	1,346	1,442	1,618	1,702
Shares outstanding	168	169	171	171	168	33.3	166	165	162	156

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	61.7	48.9	56.7	67.7	89.5	115	143	185	198	251
Depreciation and amortization	34.6	39	48.7	52.2	50.5	49.7	56.1	50.3	55.2	59.2
Stock-based compensation	19.8	23	23.9	26.1	28.2	38.6	49.4	58.4	72.7	79.5
Deferred income tax	-3.38	0.73	-0.63	-12.3	2.7	-20.3	-19.6	-31.7	-19.9	-15.1
Change in receivables	-18.1	-20.5	-10	-7.09	24.7	-37.7	-68.1	-49.2	4.65	-36
Change in payables	-2.63	1.71	-0.36	0.13	0.24	-0.61	2.39	-2.76	20.5	11.2
Cash from operations	102	113	92.4	168	203	184	166	211	269	351
Capital expenditures	-25.9	-35.2	-40.8	-40.5	-42.2	-37.2	-44.8	-52.8	-46.3	-52.6
Acquisitions	-28.7	-23.3	-232	0	0	-76.8	-3.87	0	-24.3	0
Purchases of investments	-182	-403	-133	-188	-102	-96	-213	-235	-289	-314
Sales and maturities of investments	182	241	128	177	126	94.5	165	276	241	318
Cash from investing	-54.7	-223	-277	-51.4	-18.3	-114	-96.5	-12	-119	-49.3
Debt issued	0	60.6	247				35	80	290	235
Debt repaid	-25	-45.2	-155	-98.2	-121	-329	-45	-130	-201	-225
Stock issued	6.5	8.56	1.4	0.99	1.5	0.71	1.06	5.57	5.02	6.24
Share buybacks	-18.2	-43.5	-43.1	-41.4	-79.9	-118	-72.6	-132	-208	-328
Cash from financing	-32.7	-20.5	198	-93.1	-89.6	-147	-81.7	-181	-119	-313
Exchange rate effect	-5.12	3.94	-2.87	-1.05	3.38	-4.95	-6.06	2.03	-4.33	5.88
Net change in cash	9.88	-126	9.85	22.9	98.5	-81.7	-18.2	19.8	26	-5.43
Free cash flow	76.5	78	51.6	128	161	147	121	158	222	298
Interest paid	1.18	1.12	4.73	10.6	7.63	6.59	8.19	13.9	19.6	17
Income taxes paid	15.7	19.1	18.5	19.1	20.6	50	57.1	107	109	77.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $34.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.5%	Gross profit / revenue.
Operating margin	15.2%	Operating income / revenue.
EBITDA margin	17.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.1%	Pre-tax income / revenue.
Net margin	11.7%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.2%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	24.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	20.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	27.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	24.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.66x	Current assets / current liabilities.
Quick ratio	2.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.9%	Total debt / total assets.
Liabilities / assets	53.5%	Total liabilities / total assets.
Net debt	$163.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.8x	Operating income / interest expense.
Working capital	$497.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$327.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.29x	Revenue / average total assets.
Fixed asset turnover	19.7x	Revenue / average property, plant and equipment.
Receivables turnover	5.55x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
FCF conversion	117.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.75	Revenue / diluted weighted shares.
FCF per share	$1.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.23	Cash from operations / diluted weighted shares.
Book value per share	$5.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.14	Tangible book value / shares outstanding.
Cash per share	$1.66	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	160.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.27B	Share price x shares outstanding.
Enterprise value	$5.43B	Market cap + total debt - cash - short-term investments.
P/E	20.9x	Market cap / net income. Only when net income is positive.
P/S	2.44x	Market cap / revenue.
P/B	6.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.1x	Market cap / tangible book value, when positive.
P/FCF	17.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.1x	Market cap / cash from operations, when positive.
EV/Sales	2.52x	Enterprise value / revenue.
EV/EBIT	16.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.96x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ExlService Holdings, Inc.'s revenue in fiscal 2025?

ExlService Holdings, Inc. reported revenue of $2.09B for fiscal 2025, 13.6% higher than the year before.

Was ExlService Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $251.0M, a net margin of 12%.

How much free cash flow did ExlService Holdings, Inc. generate in fiscal 2025?

Cash from operations of $350.7M minus capital expenditures of $52.6M left free cash flow of $298.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ExlService Holdings, Inc.