Exlservice Hldgs Financials
This page shows Exlservice Hldgs (EXLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ExlService’s scalable delivery model is converting steady growth into faster cash generation and unusually large buybacks.
In FY2025, operating cash flow exceeded net income by roughly$100M , while capex consumed only$52.6M . That mix of strong cash conversion and light reinvestment helps explain why free cash flow has widened faster than revenue, meaning the business scales without needing proportionally more balance-sheet investment and profit is not being trapped in working capital.
Across the last three years, gross-margin stability near
FY2025 share repurchases of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Exlservice Hldgs's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Exlservice Hldgs has an operating margin of 15.0%, meaning the company retains $15 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. This is up from 14.3% the prior year.
Exlservice Hldgs's revenue grew 13.6% year-over-year to $2.1B, a solid pace of expansion. This earns a growth score of 55/100.
Exlservice Hldgs carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Exlservice Hldgs's current ratio of 2.56 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.
Exlservice Hldgs has a free cash flow margin of 14.3%, earning a moderate score of 57/100. The company generates positive cash flow after capital investments, but with room for improvement.
Exlservice Hldgs earns a strong 27.5% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from 21.3% the prior year.
Exlservice Hldgs scores 7.01, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.7B) relative to total liabilities ($789.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Exlservice Hldgs passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Exlservice Hldgs generates $1.40 in operating cash flow ($350.7M OCF vs $251.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Exlservice Hldgs earns $17.8 in operating income for every $1 of interest expense ($313.8M vs $17.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Exlservice Hldgs generated $2.1B in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.
Exlservice Hldgs's EBITDA was $373.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.0% from the prior year.
Exlservice Hldgs reported $251.0M in net income in fiscal year 2025. This represents an increase of 26.6% from the prior year.
Exlservice Hldgs earned $1.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.3% from the prior year.
Cash & Balance Sheet
Exlservice Hldgs generated $298.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 34.1% from the prior year.
Exlservice Hldgs held $146.3M in cash against $293.7M in long-term debt as of fiscal year 2025.
Exlservice Hldgs had 156M shares outstanding in fiscal year 2025. This represents a decrease of 3.3% from the prior year.
Margins & Returns
Exlservice Hldgs's gross margin was 38.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.
Exlservice Hldgs's operating margin was 15.0% in fiscal year 2025, reflecting core business profitability. This is up 0.7 percentage points from the prior year.
Exlservice Hldgs's net profit margin was 12.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.
Exlservice Hldgs's ROE was 27.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.2 percentage points from the prior year.
Capital Allocation
Exlservice Hldgs spent $328.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 58.0% from the prior year.
Exlservice Hldgs invested $52.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.7% from the prior year.
EXLS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $570.4M+5.1% | $542.6M+2.5% | $529.6M+2.9% | $514.5M+2.7% | $501.0M+4.1% | $481.4M+2.0% | $472.1M+5.3% | $448.4M |
| Cost of Revenue | $348.3M+4.6% | $333.0M+2.3% | $325.6M+1.7% | $320.3M+4.1% | $307.7M+3.2% | $298.0M+1.4% | $293.8M+4.1% | $282.1M |
| Gross Profit | $222.1M+5.9% | $209.6M+2.8% | $203.9M+5.0% | $194.2M+0.5% | $193.3M+5.4% | $183.4M+2.9% | $178.3M+7.2% | $166.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $69.1M-1.5% | $70.1M+5.8% | $66.3M+11.3% | $59.5M+0.2% | $59.4M+1.6% | $58.5M+1.7% | $57.5M+1.8% | $56.5M |
| Operating Income | $91.8M+17.7% | $78.0M+2.4% | $76.2M-6.1% | $81.1M+3.5% | $78.4M+10.1% | $71.2M+2.6% | $69.4M+12.9% | $61.4M |
| Interest Expense | $4.0M-7.3% | $4.3M-13.4% | $4.9M+15.0% | $4.3M+3.3% | $4.1M-18.9% | $5.1M-7.5% | $5.5M+3.7% | $5.3M |
| Income Tax | $24.3M+59.7% | $15.2M-7.5% | $16.5M-11.3% | $18.5M+37.4% | $13.5M-32.0% | $19.9M+28.4% | $15.5M+11.4% | $13.9M |
| Net Income | $67.1M+11.4% | $60.2M+3.6% | $58.2M-11.9% | $66.1M-0.8% | $66.6M+31.3% | $50.7M-4.5% | $53.0M+15.7% | $45.8M |
| EPS (Diluted) | $0.43 | N/A | $0.36-10.0% | $0.400.0% | $0.40 | N/A | $0.33+17.9% | $0.28 |
EXLS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7B-1.5% | $1.7B-1.8% | $1.7B+1.5% | $1.7B+1.9% | $1.7B+3.6% | $1.6B+0.5% | $1.6B+7.1% | $1.5B |
| Current Assets | $797.4M-3.9% | $830.0M-6.9% | $891.9M+3.9% | $858.3M+3.2% | $831.3M+4.5% | $795.2M+3.6% | $767.7M+9.1% | $703.7M |
| Cash & Equivalents | $145.4M-0.6% | $146.3M-8.7% | $160.3M+7.5% | $149.1M+6.2% | $140.4M-8.4% | $153.4M+2.2% | $150.1M+30.2% | $115.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $388.6M+13.2% | $343.1M-2.4% | $351.4M+1.7% | $345.5M+1.7% | $339.9M+11.7% | $304.3M-10.7% | $340.9M+4.1% | $327.6M |
| Goodwill | $418.7M-0.2% | $419.7M-0.1% | $419.9M-0.2% | $420.6M0.0% | $420.5M0.0% | $420.4M-1.7% | $427.7M+5.4% | $405.6M |
| Total Liabilities | $897.6M+13.7% | $789.5M+1.1% | $781.2M+20.6% | $647.6M-2.6% | $664.5M-3.5% | $688.5M-2.0% | $702.3M+7.8% | $651.2M |
| Current Liabilities | $299.5M-7.6% | $324.1M+5.6% | $307.0M+12.7% | $272.3M+11.8% | $243.7M-16.0% | $290.1M+14.1% | $254.2M-11.4% | $286.9M |
| Long-Term Debt | $412.5M+40.4% | $293.7M-16.1% | $349.9M+37.1% | $255.2M-15.6% | $302.4M+6.6% | $283.6M-16.5% | $339.8M+30.7% | $260.0M |
| Total Equity | $778.8M-14.7% | $912.7M-4.2% | $952.4M-10.2% | $1.1B+4.8% | $1.0B+8.8% | $929.9M+2.5% | $907.6M+6.4% | $852.6M |
| Retained Earnings | $1.6B+4.4% | $1.5B+4.1% | $1.5B+4.1% | $1.4B+4.9% | $1.3B+5.2% | $1.3B+4.1% | $1.2B+4.5% | $1.2B |
EXLS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7M-98.5% | $117.4M-2.8% | $120.7M+10.4% | $109.4M+3272.7% | $3.2M-96.9% | $105.3M-4.4% | $110.1M+47.0% | $74.9M |
| Capital Expenditures | $12.9M+19.0% | $10.9M-24.3% | $14.4M-0.5% | $14.4M+11.5% | $12.9M+28.4% | $10.1M-21.7% | $12.9M+6.6% | $12.1M |
| Free Cash Flow | -$11.2M-110.5% | $106.5M+0.1% | $106.4M+12.0% | $95.0M+1079.2% | -$9.7M-110.2% | $95.3M-2.1% | $97.3M+54.8% | $62.8M |
| Investing Cash Flow | $44.0M+32.0% | $33.3M+172.0% | -$46.3M-230.4% | -$14.0M+37.0% | -$22.3M+9.6% | -$24.6M+51.9% | -$51.2M-6.9% | -$47.9M |
| Financing Cash Flow | -$44.6M+72.9% | -$164.8M-160.1% | -$63.4M+27.9% | -$88.0M-2683.2% | $3.4M+105.1% | -$66.9M-169.2% | -$24.9M-41.8% | -$17.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $166.0M+51.5% | $109.6M-31.2% | $159.2M+282.1% | $41.7M+131.6% | $18.0M+49.4% | $12.0M-65.8% | $35.2M+318.4% | $8.4M |
EXLS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.9%+0.3pp | 38.6%+0.1pp | 38.5%+0.8pp | 37.8%-0.8pp | 38.6%+0.5pp | 38.1%+0.3pp | 37.8%+0.7pp | 37.1% |
| Operating Margin | 16.1%+1.7pp | 14.4%0.0pp | 14.4%-1.4pp | 15.8%+0.1pp | 15.7%+0.9pp | 14.8%+0.1pp | 14.7%+1.0pp | 13.7% |
| Net Margin | 11.8%+0.7pp | 11.1%+0.1pp | 11.0%-1.9pp | 12.8%-0.5pp | 13.3%+2.8pp | 10.5%-0.7pp | 11.2%+1.0pp | 10.2% |
| Return on Equity | 8.6%+2.0pp | 6.6%+0.5pp | 6.1%-0.1pp | 6.2%-0.3pp | 6.6%+1.1pp | 5.5%-0.4pp | 5.8%+0.5pp | 5.4% |
| Return on Assets | 4.0%+0.5pp | 3.5%+0.2pp | 3.4%-0.5pp | 3.9%-0.1pp | 4.0%+0.8pp | 3.1%-0.2pp | 3.3%+0.2pp | 3.0% |
| Current Ratio | 2.66+0.1 | 2.56-0.3 | 2.91-0.2 | 3.15-0.3 | 3.41+0.7 | 2.74-0.3 | 3.02+0.6 | 2.45 |
| Debt-to-Equity | 0.53+0.2 | 0.32-0.0 | 0.37+0.1 | 0.24-0.1 | 0.300.0 | 0.30-0.1 | 0.37+0.1 | 0.30 |
| FCF Margin | -2.0%-21.6pp | 19.6%-0.5pp | 20.1%+1.6pp | 18.5%+20.4pp | -1.9%-21.7pp | 19.8%-0.8pp | 20.6%+6.6pp | 14.0% |
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Frequently Asked Questions
What is Exlservice Hldgs's annual revenue?
Exlservice Hldgs (EXLS) reported $2.1B in total revenue for fiscal year 2025. This represents a 13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Exlservice Hldgs's revenue growing?
Exlservice Hldgs (EXLS) revenue grew by 13.6% year-over-year, from $1.8B to $2.1B in fiscal year 2025.
Is Exlservice Hldgs profitable?
Yes, Exlservice Hldgs (EXLS) reported a net income of $251.0M in fiscal year 2025, with a net profit margin of 12.0%.
What is Exlservice Hldgs's EBITDA?
Exlservice Hldgs (EXLS) had EBITDA of $373.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Exlservice Hldgs have?
As of fiscal year 2025, Exlservice Hldgs (EXLS) had $146.3M in cash and equivalents against $293.7M in long-term debt.
What is Exlservice Hldgs's gross margin?
Exlservice Hldgs (EXLS) had a gross margin of 38.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Exlservice Hldgs's operating margin?
Exlservice Hldgs (EXLS) had an operating margin of 15.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Exlservice Hldgs's net profit margin?
Exlservice Hldgs (EXLS) had a net profit margin of 12.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Exlservice Hldgs's return on equity (ROE)?
Exlservice Hldgs (EXLS) has a return on equity of 27.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Exlservice Hldgs's free cash flow?
Exlservice Hldgs (EXLS) generated $298.1M in free cash flow during fiscal year 2025. This represents a 34.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Exlservice Hldgs's operating cash flow?
Exlservice Hldgs (EXLS) generated $350.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Exlservice Hldgs's total assets?
Exlservice Hldgs (EXLS) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Exlservice Hldgs's capital expenditures?
Exlservice Hldgs (EXLS) invested $52.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Exlservice Hldgs's current ratio?
Exlservice Hldgs (EXLS) had a current ratio of 2.56 as of fiscal year 2025, which is generally considered healthy.
What is Exlservice Hldgs's debt-to-equity ratio?
Exlservice Hldgs (EXLS) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Exlservice Hldgs's return on assets (ROA)?
Exlservice Hldgs (EXLS) had a return on assets of 14.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Exlservice Hldgs's Altman Z-Score?
Exlservice Hldgs (EXLS) has an Altman Z-Score of 7.01, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Exlservice Hldgs's Piotroski F-Score?
Exlservice Hldgs (EXLS) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Exlservice Hldgs's earnings high quality?
Exlservice Hldgs (EXLS) has an earnings quality ratio of 1.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Exlservice Hldgs cover its interest payments?
Exlservice Hldgs (EXLS) has an interest coverage ratio of 17.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Exlservice Hldgs?
Exlservice Hldgs (EXLS) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.