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IT services · Technology · Fiscal year ends Dec 31
ExlService reported revenue of $2.1B in the fiscal year ended Dec 2025, up 13.6% from the year before. Operating income was $314M, an operating margin of 15.0%, and net income was $251M. Operating cash flow of $351M less capital expenditure of $53M left free cash flow of $298M. Net debt was $152M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,122 | 1,412 | 1,631 | 1,838 | 2,088 |
| Cost of revenue | 691 | 897 | 1,023 | 1,147 | 1,287 |
| Gross profit | 431 | 515 | 608 | 691 | 801 |
| Selling, general & admin | 226 | 267 | 319 | 372 | 428 |
| Operating income | 156 | 192 | 239 | 264 | 314 |
| Interest expense | 7.6 | 8.3 | 13.2 | 19.3 | 17.6 |
| Pre-tax income | 147 | 190 | 238 | 261 | 315 |
| Income tax | 31.9 | 47.6 | 53.5 | 62.9 | 63.7 |
| Net income | 115 | 143 | 185 | 198 | 251 |
| Diluted EPS | 0.67 | 0.85 | 1.10 | 1.21 | 1.54 |
| Diluted shares | 171 | 169 | 168 | 164 | 162 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 135 | 119 | 137 | 153 | 146 |
| Receivables | 194 | 259 | 308 | 304 | 343 |
| Current assets | 578 | 613 | 680 | 795 | 830 |
| Net PP&E | 85.7 | 82.3 | 99.6 | 100 | 112 |
| Goodwill | 404 | 406 | 406 | 420 | 420 |
| Total assets | 1,283 | 1,346 | 1,442 | 1,618 | 1,702 |
| Payables | 5.6 | 7.8 | 5.1 | 5.9 | 4.8 |
| Deferred revenue | 20.0 | 18.8 | 12.3 | 19.3 | 15.4 |
| Current liabilities | 496 | 278 | 326 | 290 | 324 |
| Short-term debt | 260 | 30.0 | 65.0 | 4.9 | 4.9 |
| Long-term debt | 0.0 | 220 | 135 | 284 | 294 |
| Total liabilities | 590 | 588 | 553 | 689 | 790 |
| Shareholders' equity | 693 | 758 | 889 | 930 | 913 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 184 | 166 | 211 | 269 | 351 |
| Capital expenditure | 37.2 | 44.8 | 52.8 | 46.3 | 52.6 |
| Free cash flow | 147 | 121 | 158 | 222 | 298 |
| Depreciation & amortisation | 49.7 | 56.1 | 50.3 | 55.2 | 59.2 |
| Stock-based compensation | 38.6 | 49.4 | 58.4 | 72.7 | 79.5 |
| Acquisitions | 76.8 | 3.9 | 0.0 | 24.3 | 0.0 |
| Share buybacks | 118 | 72.6 | 132 | 208 | 328 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.8% | 15.5% | 12.7% | 13.6% |
| Operating income growth (YoY) | – | 23.3% | 24.2% | 10.4% | 19.0% |
| EPS growth (YoY) | – | 26.9% | 29.4% | 10.0% | 27.3% |
| Gross margin | 38.4% | 36.5% | 37.3% | 37.6% | 38.4% |
| Operating margin | 13.9% | 13.6% | 14.6% | 14.3% | 15.0% |
| Net margin | 10.2% | 10.1% | 11.3% | 10.8% | 12.0% |
| Return on equityBlank when equity is negative | 16.6% | 18.9% | 20.7% | 21.3% | 27.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.8% | 18.0% | 21.4% | 19.8% | 22.8% |
| Free cash flow margin | 13.1% | 8.6% | 9.7% | 12.1% | 14.3% |
| Cash conversion (CFO ÷ net income) | 1.61x | 1.16x | 1.14x | 1.35x | 1.40x |
| Receivable days | 63 | 67 | 69 | 60 | 60 |
| Payable days | 3 | 3 | 2 | 2 | 1 |
| Interest cover | 20.6x | 23.3x | 18.1x | 13.7x | 17.8x |
| Debt ÷ equity | 0.38x | 0.33x | 0.22x | 0.31x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 125 | 131 | 63.0 | 135 | 152 |
| Current ratio | 1.17x | 2.20x | 2.08x | 2.74x | 2.56x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.