ExlService (EXLS) financial statements
ExlService reported revenue of $2.1B in fiscal 2025, up 13.2% a year over 9 years.
Net income was $251M and the operating margin 15.0%, against 9.4% in 2016.
Free cash flow was $298M, and the company returned $328M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ExlService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $686M | $762M | $883M | $991M | $958M | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B |
| Cost of revenue | $448M | $495M | $585M | $655M | $624M | $691M | $897M | $1.0B | $1.1B | $1.3B |
| Gross profit | $238M | $267M | $298M | $336M | $334M | $431M | $515M | $608M | $691M | $801M |
| Selling, general and admin | $139M | $156M | $180M | $199M | $174M | $226M | $267M | $319M | $372M | $428M |
| Operating income | $64M | $73M | $50M | $76M | $110M | $156M | $192M | $239M | $264M | $314M |
| Interest expense | $1M | $2M | $7M | $14M | $11M | $8M | $8M | $13M | $19M | $18M |
| Pre-tax income | $84M | $85M | $60M | $83M | $115M | $147M | $190M | $238M | $261M | $315M |
| Income tax | $22M | $36M | $3M | $15M | $26M | $32M | $48M | $54M | $63M | $64M |
| Net income | $62M | $49M | $57M | $68M | $89M | $115M | $143M | $185M | $198M | $251M |
| EPS (diluted) | $0.36 | $0.28 | $0.32 | $0.39 | $0.52 | $0.67 | $0.85 | $1.10 | $1.21 | $1.54 |
| Diluted shares | 173M | 176M | 175M | 174M | 173M | 171M | 169M | 168M | 164M | 162M |
| 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, from ExlService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $227M | $265M | $280M | $321M | $403M | $315M | $298M | $291M | $341M | $328M |
| Receivables | $113M | $136M | $165M | $172M | $148M | $194M | $259M | $308M | $304M | $343M |
| Total current assets | $379M | $453M | $500M | $541M | $609M | $578M | $613M | $680M | $795M | $830M |
| Property, plant and equipment | $49M | $67M | $74M | $79M | $93M | $86M | $83M | $100M | $102M | $112M |
| Goodwill | $187M | $204M | $350M | $350M | $349M | $404M | $406M | $406M | $420M | $420M |
| Total assets | $707M | $825M | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B | $1.4B | $1.6B | $1.7B |
| Total current liabilities | $124M | $144M | $155M | $229M | $221M | $496M | $278M | $326M | $290M | $324M |
| Long-term debt | $35M | $50M | $263M | $194M | $202M | $0 | $220M | $135M | $284M | $294M |
| Total liabilities | $174M | $225M | $444M | $513M | $529M | $590M | $588M | $553M | $689M | $790M |
| Shareholders' equity | $532M | $600M | $618M | $670M | $719M | $693M | $758M | $889M | $930M | $913M |
| Net debt | -$168M | -$26M | $189M | $116M | $8M | $125M | $131M | $63M | $135M | $152M |
Cash flow
Fiscal years, from ExlService's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $102M | $113M | $92M | $168M | $203M | $184M | $166M | $211M | $269M | $351M |
| Capital spending | $26M | $35M | $41M | $41M | $42M | $37M | $45M | $53M | $46M | $53M |
| Free cash flow | $77M | $78M | $52M | $128M | $161M | $147M | $121M | $158M | $222M | $298M |
| Stock-based compensation | $20M | $23M | $24M | $26M | $28M | $39M | $49M | $58M | $73M | $79M |
| Share buybacks (net) | -$18M | -$43M | -$43M | -$41M | -$80M | -$118M | -$73M | -$132M | -$208M | -$328M |
| Net borrowing | -$25M | $15M | $91M | -$98M | -$121M | -$329M | -$10M | -$50M | $89M | $10M |
| Free cash flow margin | 11.2% | 10.2% | 5.8% | 12.9% | 16.8% | 13.1% | 8.6% | 9.7% | 12.1% | 14.3% |
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Open EXLS in InvestinglyQuestions
What was ExlService's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does ExlService generate?
$298M in fiscal 2025 (operating cash flow minus capital spending).
From ExlService's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.