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Consulting services · Industrials · Fiscal year ends Dec 31
Genpact reported revenue of $5.1B in the fiscal year ended Dec 2025, up 6.6% from the year before. Operating income was $750M, an operating margin of 14.8%, and net income was $552M. Operating cash flow of $813M less capital expenditure of $78M left free cash flow of $735M. Net debt was $688M.
Ranks among the 10 consulting 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 | 4,022 | 4,371 | 4,477 | 4,767 | 5,080 |
| Cost of revenue | 2,590 | 2,835 | 2,906 | 3,077 | 3,249 |
| Gross profit | 1,432 | 1,536 | 1,571 | 1,690 | 1,831 |
| Selling, general & admin | 866 | 938 | 913 | 967 | 1,047 |
| Operating income | 509 | 502 | 631 | 702 | 750 |
| Interest expense | 58.3 | 58.1 | 66.3 | 79.5 | 73.5 |
| Pre-tax income | 483 | 465 | 602 | 677 | 730 |
| Income tax | 114 | 112 | −29.0 | 163 | 178 |
| Net income | 369 | 353 | 631 | 514 | 552 |
| Diluted EPS | 1.91 | 1.88 | 3.41 | 2.85 | 3.13 |
| Diluted shares | 193 | 188 | 185 | 180 | 177 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 899 | 647 | 584 | 648 | 854 |
| Receivables | 888 | 995 | 1,116 | 1,199 | 1,241 |
| Current assets | 1,922 | 1,779 | 1,892 | 2,080 | 2,656 |
| Net PP&E | 215 | 181 | 190 | 208 | 190 |
| Goodwill | 1,731 | 1,684 | 1,684 | 1,670 | 1,781 |
| Total assets | 4,975 | 4,589 | 4,806 | 4,987 | 5,843 |
| Payables | 25.0 | 35.8 | 27.7 | 36.5 | 27.5 |
| Deferred revenue | 161 | 161 | 112 | 102 | 203 |
| Current liabilities | 1,309 | 1,103 | 1,318 | 964 | 1,602 |
| Short-term debt | 383 | 26.1 | 432 | 26.2 | 376 |
| Long-term debt | 1,272 | 1,249 | 825 | 1,195 | 1,166 |
| Total liabilities | 3,078 | 2,763 | 2,557 | 2,598 | 3,294 |
| Shareholders' equity | 1,897 | 1,826 | 2,248 | 2,390 | 2,549 |
| Backlog (remaining obligations) | 241 | 217 | 172 | 152 | 250 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 694 | 444 | 491 | 615 | 813 |
| Capital expenditure | 53.3 | 50.6 | 55.4 | 82.8 | 78.2 |
| Free cash flow | 641 | 393 | 435 | 533 | 735 |
| Depreciation & amortisation | 109 | 86.8 | 72.5 | 69.8 | 70.7 |
| Stock-based compensation | 82.0 | 77.4 | 88.6 | 66.4 | 89.6 |
| Acquisitions | 72.0 | 0.0 | 0.7 | 0.0 | 80.4 |
| Share buybacks | 298 | 214 | 225 | 253 | – |
| Dividends paid | 80.5 | 91.8 | 100 | 108 | 118 |
| Dividend per share | 0.43 | 0.50 | 0.55 | 0.61 | 0.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.7% | 2.4% | 6.5% | 6.6% |
| Operating income growth (YoY) | – | −1.3% | 25.6% | 11.3% | 6.9% |
| EPS growth (YoY) | – | −1.6% | 81.4% | −16.4% | 9.8% |
| Gross margin | 35.6% | 35.1% | 35.1% | 35.5% | 36.0% |
| Operating margin | 12.7% | 11.5% | 14.1% | 14.7% | 14.8% |
| Net margin | 9.2% | 8.1% | 14.1% | 10.8% | 10.9% |
| Return on equityBlank when equity is negative | 19.5% | 19.4% | 28.1% | 21.5% | 21.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.9% | 14.4% | 18.1% | 17.4% | 17.7% |
| Free cash flow margin | 15.9% | 9.0% | 9.7% | 11.2% | 14.5% |
| Cash conversion (CFO ÷ net income) | 1.88x | 1.26x | 0.78x | 1.20x | 1.47x |
| Receivable days | 81 | 83 | 91 | 92 | 89 |
| Payable days | 4 | 5 | 3 | 4 | 3 |
| Interest cover | 8.73x | 8.64x | 9.51x | 8.83x | 10.2x |
| Debt ÷ equity | 0.87x | 0.70x | 0.56x | 0.51x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 756 | 629 | 673 | 573 | 688 |
| Current ratio | 1.47x | 1.61x | 1.44x | 2.16x | 1.66x |
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.