EXL Service (EXLS)

Nasdaq Industrials Data Processing & Outsourced Services S&P MidCap 400

$43.15

-0.46 (-1.05%)

Close of Nov 06, 2026 · end-of-day data

Source: EXL Service's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$685.99M	$762.31M	$883.11M	$991.35M	$958.43M	$1.12B	$1.41B	$1.63B	$1.84B	$2.09B
Cost of revenue	—	$495.14M	$584.86M	$655.49M	$623.94M	$690.93M	$896.60M	$1.02B	$1.15B	$1.29B
Gross profit	$238.27M	$267.17M	$298.26M	$335.86M	$334.50M	$431.36M	$515.45M	$607.77M	$691.01M	$801.08M
Operating income	$64.50M	$72.72M	$49.82M	$76.45M	$110.02M	$155.88M	$192.16M	$238.75M	$263.62M	$313.75M
Interest expense	$1.34M	$1.89M	$7.23M	$13.61M	$11.19M	$7.56M	$8.25M	$13.18M	$19.26M	$17.61M
Pre-tax income	$83.88M	$85.03M	$60.37M	$83.10M	$115.33M	$146.56M	$190.10M	$237.94M	$261.35M	$315.05M
Income tax	$22.15M	$36.15M	$3.40M	$15.17M	$25.63M	$31.85M	$47.56M	$53.54M	$62.94M	$63.73M
Net income	$61.73M	$48.89M	$56.73M	$67.66M	$89.48M	$114.76M	$142.97M	$184.56M	$198.30M	$251.02M
EBITDA	$99.08M	$111.71M	$98.54M	$128.65M	$160.53M	$205.54M	$248.26M	$289.04M	$318.84M	$373.00M
EPS (basic)	$1.84	$1.44	$1.65	$1.97	$2.61	$0.68	$0.86	$1.11	$1.22	$1.56
EPS (diluted)	$1.79	$1.39	$1.62	$1.95	$2.59	$0.67	$0.85	$1.10	$1.21	$1.54
Diluted shares	34.56M	35.11M	35.03M	34.73M	34.56M	171.22M	169.17M	168.16M	164.32M	162.48M
Gross margin	34.7%	35.0%	33.8%	33.9%	34.9%	38.4%	36.5%	37.3%	37.6%	38.4%
Operating margin	9.4%	9.5%	5.6%	7.7%	11.5%	13.9%	13.6%	14.6%	14.3%	15.0%
Net margin	9.0%	6.4%	6.4%	6.8%	9.3%	10.2%	10.1%	11.3%	10.8%	12.0%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$213.16M	$86.80M	$95.88M	$119.17M	$218.53M	$135.34M	$118.67M	$136.95M	$153.35M	$146.33M
Short-term investments	$13.49M	$178.48M	$184.49M	$202.24M	$184.29M	$179.43M	$179.03M	$153.88M	$187.22M	$182.04M
Receivables	$113.07M	$135.71M	$164.75M	$171.86M	$147.63M	$194.23M	$259.22M	$308.11M	$304.32M	$343.11M
Total current assets	$378.82M	$452.82M	$499.94M	$541.26M	$609.28M	$578.14M	$612.79M	$679.67M	$795.19M	$829.96M
Goodwill	$186.77M	$204.48M	$349.98M	$349.53M	$349.09M	$403.90M	$405.64M	$405.64M	$420.39M	$419.65M
Total assets	$706.53M	$825.47M	$1.06B	$1.18B	$1.25B	$1.28B	$1.35B	$1.44B	$1.62B	$1.70B
Total current liabilities	$124.23M	$144.25M	$155.09M	$229.35M	$221.08M	$495.69M	$277.95M	$326.40M	$290.12M	$324.12M
Short-term debt	$10.00M	$10.32M	$21.42M	$40.87M	$25.00M	$260.02M	$30.00M	$65.00M	$4.89M	$4.89M
Long-term debt	$35.00M	$50.39M	$263.24M	$194.13M	$201.96M	$0	$220.00M	$135.00M	$283.60M	$293.71M
Total debt	$45.00M	$60.71M	$284.66M	$235.00M	$226.96M	$260.02M	$250.00M	$200.00M	$288.48M	$298.60M
Total liabilities	$174.35M	$225.43M	$443.62M	$513.09M	$528.68M	$589.75M	$587.94M	$552.53M	$688.54M	$789.53M
Shareholders' equity	$531.99M	$599.82M	$618.07M	$670.00M	$719.17M	$693.16M	$758.18M	$889.44M	$929.86M	$912.71M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$102.39M	$113.16M	$92.44M	$168.42M	$202.97M	$184.39M	$166.14M	$211.20M	$268.52M	$350.72M
Capital expenditures	$25.85M	$35.15M	$40.79M	$40.55M	$42.22M	$37.25M	$44.84M	$52.80M	$46.26M	$52.60M
Free cash flow	$76.55M	$78.00M	$51.65M	$127.88M	$160.75M	$147.14M	$121.31M	$158.40M	$222.26M	$298.12M
Investing cash flow	-$54.67M	-$222.74M	-$277.49M	-$51.38M	-$18.32M	-$114.27M	-$96.55M	-$12.00M	-$119.10M	-$49.26M
Financing cash flow	-$32.73M	-$20.48M	$197.78M	-$93.08M	-$89.56M	-$146.88M	-$81.72M	-$181.45M	-$119.10M	-$312.76M
Share buybacks	$18.20M	$43.45M	$43.11M	$41.36M	$79.95M	$118.36M	$72.64M	$131.85M	$207.93M	$328.49M
Stock-based compensation	$19.77M	$23.04M	$23.90M	$26.07M	$28.23M	$38.62M	$49.37M	$58.44M	$72.66M	$79.47M
Depreciation & amortization	$34.58M	$38.98M	$48.72M	$52.19M	$50.51M	$49.66M	$56.10M	$50.28M	$55.22M	$59.25M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$414.06M	$436.51M	$448.37M	$472.07M	$481.43M	$501.02M	$514.46M	$529.59M	$542.62M	$570.35M	$594.76M	$633.96M
Cost of revenue	$262.21M	$273.42M	$282.11M	$293.81M	$298.02M	$307.70M	$320.27M	$325.65M	$332.98M	$348.27M	$368.80M	$392.82M
Gross profit	$151.85M	$163.08M	$166.26M	$178.27M	$183.40M	$193.31M	$194.19M	$203.94M	$209.64M	$222.08M	$225.96M	$241.13M
Operating income	$54.27M	$61.52M	$61.45M	$69.41M	$71.24M	$78.42M	$81.14M	$76.17M	$78.02M	$91.83M	$87.30M	$88.86M
Interest expense	$3.15M	$3.29M	$5.33M	$5.53M	$5.11M	$4.14M	$4.28M	$4.92M	$4.26M	$3.95M	$5.07M	$6.34M
Pre-tax income	$56.05M	$62.54M	$59.71M	$68.53M	$70.56M	$80.17M	$84.74M	$74.70M	$75.45M	$91.40M	$83.97M	$86.66M
Income tax	$15.76M	$13.75M	$13.87M	$15.46M	$19.85M	$13.50M	$18.55M	$16.46M	$15.23M	$24.32M	$19.43M	$17.94M
Net income	$40.28M	$48.76M	$45.83M	$53.04M	$50.67M	$66.56M	$66.05M	$58.16M	$60.25M	$67.08M	$64.51M	$68.77M
EBITDA	$66.54M	$73.86M	$74.34M	$83.24M	$87.39M	$91.96M	$95.28M	$91.36M	$94.39M	$105.82M	$101.77M	$107.52M
EPS (basic)	$0.24	$0.30	$0.28	$0.33	$0.32	$0.41	$0.41	$0.36	$0.38	$0.43	$0.42	$0.45
EPS (diluted)	$0.24	$0.29	$0.28	$0.33	$0.31	$0.40	$0.40	$0.36	$0.37	$0.43	$0.42	$0.45
Diluted shares	-430.24K	166.73M	163.96M	163.19M	-298.43K	164.56M	164.19M	161.71M	-999.47K	156.90M	152.83M	152.57M
Gross margin	36.7%	37.4%	37.1%	37.8%	38.1%	38.6%	37.7%	38.5%	38.6%	38.9%	38.0%	38.0%
Operating margin	13.1%	14.1%	13.7%	14.7%	14.8%	15.7%	15.8%	14.4%	14.4%	16.1%	14.7%	14.0%
Net margin	9.7%	11.2%	10.2%	11.2%	10.5%	13.3%	12.8%	11.0%	11.1%	11.8%	10.8%	10.8%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$136.95M	$108.56M	$115.30M	$150.10M	$153.35M	$140.44M	$149.13M	$160.31M	$146.33M	$145.41M	$126.72M	$154.07M
Short-term investments	$153.88M	$137.59M	$160.83M	$175.65M	$187.22M	$190.98M	$204.16M	$229.83M	$182.04M	$108.36M	$157.10M	$178.61M
Receivables	$308.11M	$335.52M	$327.61M	$340.90M	$304.32M	$339.86M	$345.47M	$351.43M	$343.11M	$388.56M	$434.36M	$457.29M
Total current assets	$679.67M	$664.72M	$703.71M	$767.69M	$795.19M	$831.30M	$858.32M	$891.95M	$829.96M	$797.36M	$875.28M	$959.14M
Goodwill	$405.64M	$405.57M	$405.58M	$427.66M	$420.39M	$420.49M	$420.57M	$419.87M	$419.65M	$418.66M	$418.69M	$581.60M
Total assets	$1.44B	$1.44B	$1.50B	$1.61B	$1.62B	$1.68B	$1.71B	$1.73B	$1.70B	$1.68B	$1.75B	$2.07B
Total current liabilities	$326.40M	$261.44M	$286.86M	$254.19M	$290.12M	$243.65M	$272.30M	$307.00M	$324.12M	$299.51M	$703.65M	$444.19M
Short-term debt	$65.00M	$65.00M	$75.00M	$4.89M	$4.89M	$4.89M	$4.89M	$4.89M	$4.89M	$4.89M	$381.15M	$9.70M
Long-term debt	$135.00M	$280.00M	$260.00M	$339.83M	$283.60M	$302.38M	$255.16M	$349.93M	$293.71M	$412.49M	$0	$501.35M
Total debt	$200.00M	$345.00M	$335.00M	$344.72M	$288.48M	$307.26M	$260.04M	$354.82M	$298.60M	$417.38M	$381.15M	$511.05M
Total liabilities	$552.53M	$636.14M	$651.16M	$702.27M	$688.54M	$664.53M	$647.55M	$781.24M	$789.53M	$897.58M	$881.64M	$1.15B
Shareholders' equity	$889.44M	$803.25M	$852.61M	$907.56M	$929.86M	$1.01B	$1.06B	$952.39M	$912.71M	$778.80M	$866.24M	$928.09M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$79.04M	-$21.87M	$74.91M	$110.14M	$105.35M	$3.24M	$109.38M	$120.72M	$117.38M	$1.72M	$87.89M	$119.19M
Capital expenditures	$11.70M	$11.27M	$12.06M	$12.86M	$10.07M	$12.94M	$14.43M	$14.36M	$10.87M	$12.93M	$14.51M	$16.68M
Free cash flow	$67.34M	-$33.14M	$62.85M	$97.28M	$95.27M	-$9.70M	$94.95M	$106.36M	$106.51M	-$11.21M	$73.39M	$102.51M
Investing cash flow	-$23.43M	$4.69M	-$47.94M	-$51.23M	-$24.62M	-$22.27M	-$14.02M	-$46.32M	$33.35M	$44.02M	-$50.21M	-$192.56M
Financing cash flow	-$40.48M	-$9.77M	-$17.53M	-$24.87M	-$66.93M	$3.40M	-$87.96M	-$63.38M	-$164.84M	-$44.60M	-$56.16M	$102.63M
Share buybacks	$31.30M	$152.23M	$8.42M	$35.23M	$12.05M	$17.99M	$41.68M	$159.24M	$109.58M	$165.99M	$20.62M	$25.83M
Stock-based compensation	$15.45M	$17.85M	$18.09M	$21.23M	$15.48M	$19.19M	$16.39M	$23.14M	$20.75M	$22.10M	$24.63M	$25.54M
Depreciation & amortization	$12.27M	$12.34M	$12.89M	$13.84M	$16.15M	$13.54M	$14.15M	$15.19M	$16.37M	$13.99M	$14.48M	$18.66M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.