Grid Dynamics (GDYN) financial statements
Grid Dynamics reported revenue of $412M in fiscal 2025, up 23.9% a year over 7 years.
Net income was $10M and the operating margin -0.5%, against 15.1% in 2018.
Free cash flow was $25M, and the company returned $2M in net buybacks.
The diluted share count rose 330% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Grid Dynamics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $118M | $111M | $211M | $310M | $313M | $351M | $412M |
| Cost of revenue | $53M | $70M | $70M | $124M | $190M | $200M | $224M | $269M |
| Gross profit | $39M | $48M | $42M | $88M | $121M | $113M | $127M | $142M |
| Research and development | $3M | $4M | $9M | $8M | $16M | $15M | $18M | $24M |
| Selling, general and admin | $18M | $21M | $38M | $79M | $126M | $104M | $111M | $121M |
| Operating income | $14M | $16M | -$15M | $50,000 | -$21M | -$6M | -$2M | -$2M |
| Pre-tax income | $13M | $15M | -$15M | -$2M | -$20M | $5M | $11M | $16M |
| Income tax | $4M | $5M | -$3M | $5M | $9M | $7M | $7M | $6M |
| Net income | $9M | $11M | -$13M | -$8M | -$29M | -$2M | $4M | $10M |
| EPS (diluted) | $0.46 | $0.49 | -$0.28 | -$0.13 | -$0.42 | -$0.02 | $0.05 | $0.11 |
| Diluted shares | 20M | 21M | 45M | 59M | 69M | 75M | 80M | 87M |
| Gross margin | 42.8% | 40.8% | 37.4% | 41.5% | 38.8% | 36.2% | 36.2% | 34.6% |
| Operating margin | 15.1% | 13.2% | -13.9% | 0.0% | -6.8% | -1.8% | -0.6% | -0.5% |
| Net margin | 10.0% | 9.1% | -11.3% | -3.6% | -9.4% | -0.6% | 1.2% | 2.3% |
Balance sheet
Fiscal years, from Grid Dynamics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1M | $42M | $113M | $144M | $257M | $257M | $335M | $342M |
| Receivables | — | $14M | $17M | $39M | $48M | $54M | $69M | $79M |
| Total current assets | $1M | $66M | $135M | $193M | $323M | $324M | $423M | $440M |
| Property, plant and equipment | — | $4M | $4M | $6M | $8M | $11M | $14M | $18M |
| Goodwill | — | $0 | $15M | $36M | $46M | $54M | $83M | $84M |
| Total assets | $222M | $72M | $167M | $257M | $411M | $435M | $592M | $613M |
| Total current liabilities | $445,120 | $8M | $13M | $25M | $39M | $42M | $56M | $52M |
| Long-term debt | — | — | — | $0 | — | — | — | — |
| Total liabilities | $8M | $8M | $15M | $30M | $48M | $52M | $74M | $71M |
| Shareholders' equity | $33M | $54M | $152M | $227M | $363M | $383M | $518M | $542M |
| Net debt | -$1M | -$42M | -$113M | -$144M | -$257M | -$257M | -$335M | -$342M |
Cash flow
Fiscal years, from Grid Dynamics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11M | $13M | $6M | $18M | $32M | $41M | $30M | $41M |
| Capital spending | $3M | $4M | $3M | $5M | $6M | $8M | $12M | $15M |
| Free cash flow | $8M | $9M | $3M | $13M | $26M | $33M | $18M | $25M |
| Stock-based compensation | $2M | $2M | $20M | $33M | $61M | $36M | $34M | $30M |
| Dividends paid | — | $2M | $0 | $0 | — | — | — | — |
| Share buybacks (net) | — | $0 | -$124M | $0 | $0 | $0 | $0 | -$2M |
| Free cash flow margin | 8.2% | 7.4% | 2.3% | 6.3% | 8.2% | 10.6% | 5.3% | 6.1% |
| Dividends per share | — | $0.09 | — | — | — | — | — | — |
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Open GDYN in InvestinglyQuestions
What was Grid Dynamics's revenue in 2025?
$412M in fiscal 2025, from its 10-K filing.
How much free cash flow does Grid Dynamics generate?
$25M in fiscal 2025 (operating cash flow minus capital spending).
From Grid Dynamics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.