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IT services · Technology · Fiscal year ends Dec 31
Innodata reported revenue of $252M in the fiscal year ended Dec 2025, up 47.6% from the year before. Operating income was $40M, an operating margin of 15.8%, and net income was $32M. Operating cash flow of $47M less capital expenditure of $11M left free cash flow of $36M.
Ranks among the 37 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 | 69.8 | 79.0 | 86.8 | 170 | 252 |
| Gross profit | – | – | 31.3 | 67.1 | 99.5 |
| Selling, general & admin | 27.9 | 37.9 | 31.0 | 42.7 | 59.6 |
| Operating incomederived: revenue − total costs | −1.5 | −10.5 | 0.3 | 24.3 | 39.9 |
| Pre-tax income | −1.0 | −10.5 | 0.1 | 24.5 | 41.4 |
| Income tax | 0.8 | 1.5 | 1.0 | −4.2 | 9.2 |
| Net income | −1.7 | −11.9 | −0.9 | 28.7 | 32.2 |
| Diluted EPS | −0.06 | −0.44 | −0.03 | 0.89 | 0.92 |
| Diluted shares | 26.6 | 0.0 | 28.1 | 32.2 | 35.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 18.9 | 9.8 | 13.8 | 46.9 | 82.2 |
| Receivables | 11.4 | 9.5 | 14.3 | 28.0 | 46.5 |
| Current assets | 34.0 | 23.7 | 32.1 | 81.0 | 135 |
| Net PP&E | 2.9 | 2.5 | 2.3 | 4.1 | 8.0 |
| Goodwill | 2.1 | 2.0 | 2.1 | 2.0 | 2.1 |
| Total assets | 59.2 | 48.0 | 59.4 | 113 | 169 |
| Payables | 1.8 | 2.6 | 2.7 | 4.6 | 9.6 |
| Deferred revenue | 4.5 | 4.4 | 3.5 | 8.0 | 7.5 |
| Current liabilities | 21.3 | 20.8 | 22.9 | 39.5 | 50.5 |
| Short-term debt | 1.3 | 0.9 | – | – | – |
| Long-term debt | 6.2 | 5.1 | – | – | – |
| Total liabilities | 32.8 | 30.0 | 34.4 | 50.1 | 61.5 |
| Shareholders' equity | 29.9 | 18.8 | 25.7 | 63.5 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5.2 | −1.2 | 5.9 | 34.9 | 46.8 |
| Capital expenditure | 4.4 | 6.5 | 5.6 | 7.7 | 11.1 |
| Free cash flow | 0.8 | −7.7 | 0.3 | 27.1 | 35.6 |
| Depreciation & amortisation | 2.9 | 3.9 | 4.7 | 5.8 | 6.9 |
| Stock-based compensation | 1.8 | 3.3 | 4.0 | 4.0 | 11.1 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 9.8% | 96.4% | 47.6% |
| Operating income growth (YoY) | – | – | – | 7552.8% | 63.8% |
| EPS growth (YoY) | – | – | – | – | 3.4% |
| Gross margin | – | – | 36.1% | 39.3% | 39.5% |
| Operating margin | −2.2% | −13.3% | 0.4% | 14.3% | 15.8% |
| Net margin | −2.4% | −15.1% | −1.0% | 16.8% | 12.8% |
| Return on equityBlank when equity is negative | −5.6% | −63.6% | −3.5% | 45.2% | 30.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.1% | −38.5% | 0.9% | 32.9% | 33.8% |
| Free cash flow margin | 1.1% | −9.8% | 0.4% | 15.9% | 14.2% |
| Cash conversion (CFO ÷ net income) | −3.08x | 0.10x | −6.50x | 1.22x | 1.45x |
| Receivable days | 60 | 44 | 60 | 60 | 67 |
| Payable days | – | – | 18 | 16 | 23 |
| Debt ÷ equity | 0.25x | 0.32x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −11.4 | −3.8 | – | – | – |
| Current ratio | 1.59x | 1.14x | 1.40x | 2.05x | 2.68x |
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.