EXL Reports 2025 Third Quarter Results

2025 Third Quarter Revenue of $529.6 Million, up 12.2% year-over-year

Q3 Diluted EPS (GAAP) of $0.36, up 10.7% from $0.33 in Q3 of 2024

Q3 Adjusted Diluted EPS (Non-GAAP) (1) of $0.48, up 10.8% from $0.44 in Q3 of 2024

NEW YORK – Oct. 28, 2025 - ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended September 30, 2025.

Chairman and Chief Executive Officer Rohit Kapoor said, “I am pleased to report another strong quarter as we delivered revenue growth of 12% and increased our adjusted diluted EPS by 11%. Our sustained double-digit growth demonstrates the strength of our competitive position as a global data and AI company. EXL’s recognized industry expertise and leadership in embedding AI in the workflow is resonating strongly with the market and fueling our growth with new and existing clients.” 

Chief Financial Officer Maurizio Nicolelli said, “Given our strong momentum, we are raising our full-year guidance for both revenue and adjusted diluted earnings per share. We now project revenue to be between $2.07 billion and $2.08 billion, reflecting year-over-year growth of 13% on both a reported and constant currency basis. Consequently, we are increasing our projected adjusted diluted EPS range to $1.88 to $1.92, representing a 14% to 16% increase over 2024, as we continue to strategically invest in our data and AI capabilities to drive future growth.”

__________________________________________________________

1. (1) Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: Third Quarter 2025

• Revenue for the quarter ended September 30, 2025, increased to $529.6 million compared to $472.1 million for the third quarter of 2024, an increase of 12.2% on a reported basis and 12.3% on a constant currency basis. Revenue increased by 2.9% sequentially on a reported basis and 3.1% on a constant currency basis, from the second quarter of 2025.

(1) In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, beginning with the three months ended March 31, 2025, the Company reports its financial performance based on new segments presented in the table above. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

• Operating income margin for the quarter ended September 30, 2025 was 14.4%, compared to 14.7% for the third quarter of 2024 and 15.8% for the second quarter of 2025. Adjusted operating income margin for the quarter ended September 30, 2025 was 19.4%, compared to 19.9% for the third quarter of 2024 and 19.6% for the second quarter of 2025.
• Diluted earnings per share for the quarter ended September 30, 2025 was $0.36, compared to $0.33 for the third quarter of 2024 and $0.40 for the second quarter of 2025. Adjusted diluted earnings per share for the quarter ended September 30, 2025 was $0.48, compared to $0.44 for the third quarter of 2024 and $0.49 for the second quarter of 2025.

Business Highlights: Third Quarter 2025

• Won 21 new clients in the third quarter of 2025.
• Unveiled EXLdata.ai with launch partner Databricks: First-of-its-kind agentic AI-native suite of data solutions to solve enterprises’ biggest challenge in making data ready for AI.
• Announced a collaboration with Genesys to transform customer experiences with AI-driven insights and intelligent orchestration.
• Named a Market Leader in the HFS Research Horizon Insurance Services 2025 report for a data-first approach, deep insurance expertise and AI-driven operational insights.
• Recognized as a Leader in Everest Group’s Healthcare Data, Analytics and AI Services PEAK Matrix® 2025 for domain expertise, analytics focus and strong partner ecosystem.
• Named as the category Winner in the 2025 IDC FinTech Real Results program for Lending Transformation excellence, in collaboration with First National Bank of Omaha (FNBO).

2025 Guidance

Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 87.5, U.K. pound sterling to U.S. dollar exchange rate of 1.33, U.S. dollar to the Philippine peso exchange rate of 58.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

• Revenue of $2.07 billion to $2.08 billion, representing an increase of 13% on both reported and constant currency basis from 2024.
• Adjusted diluted earnings per share of $1.88 to $1.92, representing an increase of 14% to 16% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, October 29, 2025, at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.

EXL (NASDAQ: EXLS) is a global data and artificial intelligence ("AI") company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 63,000 employees spanning six continents. For more information, visit  www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

For a full view of EXL’s financial tables, click here.