GRID DYNAMICS HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data GRID DYNAMICS 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	91.9	118	111	211	310	313	351	412
Cost of revenue	52.6	70.1	69.7	124	190	200	224	269
Gross profit	39.3	48.2	41.6	87.7	121	113	127	142
Research and development	2.64	4.35	9.31	8.46	15.8	14.7	18.3	23.7
Selling, general and administrative	17.6	21.3	37.7
Selling and marketing	5.2	6.95	10.1	14.5	19.8	24.2	28.6	30
General and administrative		21.3	37.7	64.8	106	79.8	82.1	90.5
Operating expenses	25.5	32.6	57.1	87.7	142	119	129	144
Operating income	13.8	15.6	-15.4	0.05	-21	-5.58	-2.11	-1.9
Interest income		4.66
Other non-operating income	-0.75	-0.18	0.24	-2.5	0.56	10.4	13.2	17.6
Pre-tax income	13.1	15.4	-15.2	-2.45	-20.5	4.84	11.1	15.7
Income tax	3.86	4.64	-2.61	5.25	8.76	6.6	7.01	6.03
Net income	9.23	10.8	-12.6	-7.7	-29.2	-1.77	4.04	9.67
EBITDA	15.1	17.9	-12.8	5.1	-14.4	3.35	12.1	17.8
EPS, basic	0.46	0.49	-0.28	-0.13	-0.42	-0.02	0.05	0.11
EPS, diluted	0.46	0.49	-0.28	-0.13	-0.42	-0.02	0.05	0.11
Shares, basic (weighted)	0.02	21.1	44.7	58.7	69.2	75.2	77.5	84.5
Shares, diluted (weighted)	0.02	21.1	44.7	58.7	69.2	75.2	80	86.9

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.01	42.2	113	144	257	257	335	342
Receivables		13.9	16.9	38.8	48.4	53.6	69.4	79.5
Other current assets		2.71	0.39	0.12	1.15	13.2	19.3	18
Total current assets	1.21	66	135	193	323	324	423	440
Property, plant and equipment		4.02	4.1	6.17	8.22	11.4	14	17.7
Lease right-of-use assets				0	7.69	10.4	12.1	16.4
Goodwill		0	14.7	36	45.5	53.9	83.4	84.4
Intangible assets		0.02	8.13	19.1	20.4	26.5	47.9	41.6
Other non-current assets				0	1.22	2.55	2.66	4.47
Total assets	222	71.5	167	257	411	435	592	613
Accounts payable	0.22	0.77	0.76	2.05	3.9	3.62	4.07	3.7
Accrued liabilities	0.01	1.19	0.63	0.74	1.3	2.94	7.03	6.13
Deferred revenue				0.41	1.12	0.58	1.28	1.47
Total current liabilities	0.45	8.3	13.3	25.3	38.7	42.2	55.5	52.1
Long-term debt				0
Lease liabilities				0	5.64	6.76	7.21	10.8
Other non-current liabilities								0
Total liabilities	8.15	8.3	15.4	29.7	48.1	52.3	74.4	70.8
Total debt				0
Paid-in capital	4.38	18.7	129	212	378	398	533	545
Retained earnings	0.62	-2.71	22.8	15.1	-14.1	-15.9	-11.8	-2.18
Treasury stock							0	-2
Other comprehensive income			-0	-0.13	-0.85	1.27	-2.91	1.05
Shareholders' equity	33.4	54	152	227	363	383	518	542
Total equity	5	54	152	227	363	383	518	542
Total liabilities and equity	222	71.5	167	257	411	435	592	613
Shares outstanding		21.6	50.9	66.9	74.2	75.9	83.6	84.6

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.23	10.8	-12.6	-7.7	-29.2	-1.77	4.04	9.67
Depreciation and amortization	1.31	2.31	2.67	5.05	6.63	8.93	14.2	19.7
Stock-based compensation	1.76	2.44	20	33	61	35.5	34.2	30.3
Deferred income tax	-0.57	-0.43	-4.08	2.93	-3.65	-4.14	-4.03	-1.34
Change in receivables	-1.4	-0.89	-1.42	-18.7	-9.85	2.08	-9.49	-11.1
Change in payables	0.22	0.3	-0.05	0.96	1.73	-0.54	-1.5	-0.38
Cash from operations	10.6	12.5	5.93	18	31.7	41.1	30.2	40.6
Capital expenditures	-3.08	-2.81	-2.25	-4.72	-6.07	-7.87	-11.8	-15.3
Acquisitions		0	-16.1	-30.7	-9.25	-17.8	-43.1	0.2
Purchases of investments			0	0	-1	-0.25	0
Cash from investing	-3.08	-2.81	-18.3	-35.4	-16.3	-26	-51.3	-15.1
Stock issued		0	0	78.3	110	0	108	0
Share buybacks		0	-124	0	0	0	0	-2
Dividends paid		-2	0	0
Cash from financing		14.6	83	49.1	97.8	-16.3	101	-19.9
Exchange rate effect		0	-0	-0.12	-0.72	1.68	-2.13	1.38
Net change in cash	7.51	24.3	70.6	31.6	112	0.5	77.9	6.9
Free cash flow	7.51	9.72	3.68	13.3	25.6	33.2	18.4	25.3
Income taxes paid	1.48	3.2	2.13	2.45	7.47	12.4	11	12.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.7%	Gross profit / revenue.
Operating margin	-0.5%	Operating income / revenue.
EBITDA margin	4.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.4%	Pre-tax income / revenue.
Net margin	0.7%	Net income / revenue.
FCF margin	3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.4%	Cash from operations / revenue.
Effective tax rate	71.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	-0.8%	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%.
R&D / revenue	5.4%	Research and development expense / revenue.
Stock-based pay / revenue	6.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.7%	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	27.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	46.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	139.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	120.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	34.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.7%	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	46.9%	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	37.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.4%	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	47.0%	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	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	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	29.0%	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	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.2%	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	29.7%	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	8.7%	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	7.9%	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	14.2%	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	7.22x	Current assets / current liabilities.
Quick ratio	6.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.25x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	13.4%	Total liabilities / total assets.
Working capital	$353.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$379.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	23.7x	Revenue / average property, plant and equipment.
Receivables turnover	4.42x	Revenue / average receivables.
Days sales outstanding	83 days	365 x average receivables / revenue.
Days payables	7 days	365 x average accounts payable / cost of revenue.
FCF conversion	559.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	49.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.03	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	$5.09	Revenue / diluted weighted shares.
FCF per share	$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.38	Cash from operations / diluted weighted shares.
Book value per share	$6.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.68	Tangible book value / shares outstanding.
Cash per share	$3.68	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$628.7M	Share price x shares outstanding.
Enterprise value	$330.3M	Market cap + total debt - cash - short-term investments.
P/E	220x	Market cap / net income. Only when net income is positive.
P/S	1.49x	Market cap / revenue.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.66x	Market cap / tangible book value, when positive.
P/FCF	39.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.0x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/EBITDA	17.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).

What was GRID DYNAMICS HOLDINGS, INC.'s revenue in fiscal 2025?

GRID DYNAMICS HOLDINGS, INC. reported revenue of $411.8M for fiscal 2025, 17.5% higher than the year before.

Was GRID DYNAMICS HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $9.7M, a net margin of 2.3%.

How much free cash flow did GRID DYNAMICS HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $40.6M minus capital expenditures of $15.3M left free cash flow of $25.3M.

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 GRID DYNAMICS HOLDINGS, INC.