Innodata (INOD) financial statements
Innodata reported revenue of $252M in fiscal 2025, up 16.6% a year over 9 years.
Net income was $32M and the operating margin 15.8%, against -7.5% in 2016.
Free cash flow was $36M.
The diluted share count rose 37% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Innodata's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63M | $61M | $57M | $56M | $58M | $70M | $79M | $87M | $170M | $252M |
| Gross profit | — | — | — | — | — | — | — | $31M | $67M | $99M |
| Selling, general and admin | $20M | $20M | $16M | $19M | $19M | $28M | $38M | $31M | $43M | $60M |
| Operating income | -$5M | -$5M | $2M | -$1M | $1M | -$2M | -$10M | $318,000 | $24M | $40M |
| Pre-tax income | -$5M | -$5M | $2M | -$1M | $1M | -$963,000 | -$10M | $139,000 | $24M | $41M |
| Income tax | $1M | $285,000 | $2M | $1M | $401,000 | $842,000 | $2M | $1M | -$4M | $9M |
| Net income | -$6M | -$5M | -$253,000 | -$2M | $617,000 | -$2M | -$12M | -$908,000 | $29M | $32M |
| EPS (diluted) | -$0.22 | $0.20 | $0.01 | -$0.08 | $0.02 | -$0.06 | -$0.44 | -$0.03 | $0.89 | $0.92 |
| Diluted shares | 26M | 26M | 26M | 26M | 26M | 27M | 27M | 28M | 32M | 35M |
| Gross margin | — | — | — | — | — | — | — | 36.1% | 39.3% | 39.5% |
| Operating margin | -7.5% | -8.4% | 2.7% | -1.9% | 2.0% | -2.2% | -13.3% | 0.4% | 14.3% | 15.8% |
| Net margin | -8.8% | -8.3% | -0.4% | -3.8% | 1.1% | -2.6% | -15.2% | -1.0% | 16.8% | 12.8% |
Balance sheet
Fiscal years, from Innodata's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $14M | $11M | $11M | $11M | $18M | $19M | $10M | $14M | $47M | $82M |
| Receivables | $10M | $10M | $11M | $10M | $10M | $11M | $10M | $14M | $28M | $47M |
| Total current assets | $27M | $25M | $26M | $24M | $32M | $34M | $24M | $32M | $81M | $135M |
| Property, plant and equipment | $5M | $7M | $7M | $7M | $2M | $3M | $3M | $2M | $4M | $8M |
| Goodwill | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
| Total assets | $48M | $48M | $45M | $49M | $57M | $59M | $48M | $59M | $113M | $169M |
| Total current liabilities | $13M | $16M | $14M | $16M | $18M | $21M | $21M | $23M | $40M | $51M |
| Long-term debt | $4M | $4M | $4M | $5M | $6M | $6M | $5M | — | — | — |
| Total liabilities | $14M | $17M | $15M | $27M | $31M | $33M | $30M | $34M | $50M | $62M |
| Shareholders' equity | $34M | $31M | $30M | $26M | $30M | $30M | $19M | $26M | $63M | $107M |
| Net debt | -$9M | -$4M | -$5M | -$5M | -$10M | -$11M | -$4M | -$14M | -$47M | -$82M |
Cash flow
Fiscal years, from Innodata's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3M | $639,000 | $4M | $4M | $6M | $5M | -$1M | $6M | $35M | $47M |
| Capital spending | $3M | $3M | $2M | $2M | $1M | $4M | $7M | $6M | $8M | $11M |
| Free cash flow | -$5M | -$3M | $2M | $3M | $4M | $783,000 | -$8M | $339,000 | $27M | $36M |
| Stock-based compensation | $1M | $695,000 | $796,000 | $836,000 | $913,000 | $2M | $3M | $4M | $4M | $11M |
| Share buybacks (net) | -$134,000 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | -$703,000 | -$1M | -$2M | -$567,000 | -$864,000 | -$691,000 | -$639,000 | -$452,000 | -$362,000 | -$420,000 |
| Free cash flow margin | -8.7% | -4.5% | 2.7% | 4.7% | 7.3% | 1.1% | -9.8% | 0.4% | 15.9% | 14.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for INOD.
Open INOD in InvestinglyQuestions
What was Innodata's revenue in 2025?
$252M in fiscal 2025, from its 10-K filing.
How much free cash flow does Innodata generate?
$36M in fiscal 2025 (operating cash flow minus capital spending).
From Innodata's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.