Globant S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Globant S.A. 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	323	413	522	659	814	1,297	1,780	2,096	2,416	2,455
Cost of revenue	191	263	319	405	510	802	1,111	1,340	1,552	1,596
Gross profit	131	150	204	254	304	495	669	756	863	859
Selling, general and administrative	81	111	133	172	217	343	456	537	633	629
Operating income	49.6	33.2	66.8	80.7	83.9	144	207	199	225	172
Interest expense	19.2	11	1.54	6.65	10.4	12.7	16.6	23.8	32.2	40.6
Interest income	16.2	7.96	0.41	0.96	1.92	0.65	2.83	4.78	5.3	5.53
Pre-tax income	50.2	38.5	67.5	69	76.5	125	193	198	210	139
Income tax	14.3	8.08	15.9	15	22.3	28.5	43.4	39.5	41.4	35.2
Net income to minority interests	-0.01	-0.08	-0.08	0	0	0.29	0.59	-0.03	3.27	1.04
Net income	35.9	30.5	51.7	54	54.2	96.1	149	159	166	103
EPS, basic	1.04	0.87	1.45	1.48	1.41	2.35	3.55	3.72	3.82	2.33
EPS, diluted	1.01	0.84	1.41	1.43	1.37	2.28	3.47	3.64	3.72	2.29

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50.5	52.5	77.6	62.7	279	428	292	307	142	244
Short-term investments	9.36	8.15	8.64	19.8	19.3	32.6	48.4	16.1	14	6.59
Total current assets	134	156	213	276	536	820	858	925	839	954
Property, plant and equipment	35.7	43.9	51.5	87.5	101	133	162	163	155	137
Lease right-of-use assets				58.8	90	145	147	119	123	101
Goodwill	65.2	98.9	105	189	393	567	735	1,105	1,483	1,602
Intangible assets	13.8	11.4	11.8	27.1	86.7	102	183	286	378	346
Total assets	285	357	437	688	1,289	1,885	2,196	2,727	3,149	3,318
Total current liabilities	55	74.1	92.9	146	206	386	429	665	507	580
Lease liabilities				41.9	72.2	109	97.5	70.9	87.9	78.4
Total liabilities	76.2	93.8	99.2	249	409	576	640	931	1,116	1,157
Total debt	0.22	6.01	0	51.4	26	12.2	3.7	159	293	367
Paid-in capital	62.8	86.7	110	158	541	872	951	1,023	1,193	1,168
Retained earnings	105	136	187	239	294	390	539	697	863	966
Shareholders' equity	209	263	338		880	1,305	1,508	1,730	1,964	2,094
Minority interests	0.04	-0.04	0		0	2.94	48.6	66	69.4	68
Total equity	209	263	338	439	880	1,308	1,556	1,796	2,033	2,162
Total liabilities and equity	285	357	437	688	1,289	1,885	2,196	2,727	3,149	3,318

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	35.9	30.5	51.6	54	54.2	96.4	149	159	169	104
Cash from operations	31.5	43	67.2	79.7	99.9	179	198	319	249	301
Capital expenditures	-17.7	-19.6	-19.2	-20.4	-29.3	-42.8	-47.1	-45.1	-27.7	-19.2
Cash from investing	-28	-57.5	-46.1	-152	-124	-273	-269	-350	-404	-135
Debt issued	-0.54	22	0	90.5	155	13.5	0	396	441	260
Debt repaid	0	-16.2	-6	-40.8	-194	-29.4	-8.27	-272	-347	-186
Stock issued	1.86	5.3	0	0	301	286	0	0
Share buybacks				0	0	-7.26	-9.32	-11.5	-10.7	-56.1
Cash from financing	7.7	16.6	4.09	56.7	242	244	-65.7	44.5	-5.81	-64.6
Exchange rate effect	2.63	-0.06	-0.09	0.25	-1.19	-1.22	2.11	2.07	-4.14	-0.45
Net change in cash	13.8	1.99	25.2	-15.1	217	150	-137	12.7	-161	102
Free cash flow	13.8	23.4	48	59.4	70.6	136	150	273	221	282

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $34.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.0%	Gross profit / revenue.
Operating margin	7.0%	Operating income / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	25.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	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%.
SG&A / revenue	25.6%	Selling, general and administrative expense / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	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	23.1%	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	-23.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.0%	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	15.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-37.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.6%	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	13.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-38.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.8%	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	21.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.1%	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	24.7%	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	27.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.3%	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	31.9%	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	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.6%	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	18.9%	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	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.8%	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	20.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.64x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.1%	Total debt / total assets.
Liabilities / assets	34.9%	Total liabilities / total assets.
Net debt	$116.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	4.23x	Operating income / interest expense.
Working capital	$373.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	58.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$146.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	16.8x	Revenue / average property, plant and equipment.
FCF conversion	274.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.29	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.
EPS, basic	$2.33	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	19.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.49B	Share price x shares outstanding.
Enterprise value	$1.61B	Market cap + total debt - cash - short-term investments.
P/E	14.5x	Market cap / net income. Only when net income is positive.
P/S	0.61x	Market cap / revenue.
P/B	0.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.2x	Market cap / tangible book value, when positive.
P/FCF	5.28x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.95x	Market cap / cash from operations, when positive.
EV/Sales	0.65x	Enterprise value / revenue.
EV/EBIT	9.35x	Enterprise value / operating income, when both are positive.
EV/FCF	5.70x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.9%	Free cash flow / market cap.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was Globant S.A.'s revenue in fiscal 2025?

Globant S.A. reported revenue of $2.45B for fiscal 2025, 1.6% higher than the year before.

Was Globant S.A. profitable in fiscal 2025?

Yes. Net income was $102.9M, a net margin of 4.2%.

How much free cash flow did Globant S.A. generate in fiscal 2025?

Cash from operations of $301.2M minus capital expenditures of $19.2M left free cash flow of $282.0M.

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.

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