EXL reports 2026 Third Quarter Results

2026 Third Quarter Revenue of $634.0 Million, up 19.7% year-over-year

Q3 Diluted EPS (GAAP) of $0.45, up 25.3% from $0.36 in Q3 of 2025

Q3 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾ of $0.62, up 28.5% from $0.48 in Q3 of 2025

NEW YORK – Oct. 27, 2026 -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended September 30, 2026.

Chairman and Chief Executive Officer Rohit Kapoor said, “We entered 2026 with strong momentum that has accelerated through the year, delivering third quarter revenue growth of 20% year-on-year and adjusted diluted EPS growth of 29% year-on-year. Every segment of our business grew more than 15% organically. Data and AI-led revenue, almost two-thirds of our business, grew 36% on a reported basis and 31% organically. These results reflect the strength of our data and AI strategy and our differentiated market position: deep domain expertise combined with data and AI capabilities that help clients make AI work effectively across the enterprise. Our business model affords us very good visibility into the balance of the year, and we look forward to a solid finish to 2026.”

Chief Financial Officer Maurizio Nicolelli said, “Our strong third quarter performance gives us the confidence to raise our full-year outlook once again. We now expect full-year 2026 total revenue to be in the range of $2.430 billion to $2.440 billion, up from our prior guidance of $2.390 billion to $2.415 billion, reflecting 16% to 17% year-over-year growth on a reported basis and 15% on an organic constant currency basis. We now expect adjusted diluted earnings per share of $2.34 to $2.36, a 20% to 21% increase over 2025, up from our prior guidance of $2.25 to $2.29.”

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(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 2026

• Revenue for the quarter ended September 30, 2026, increased to $634.0 million compared to $529.6 million for the third quarter of 2025, an increase of 19.7% on a reported basis and 19.9% on a constant currency basis. Revenue increased by 6.6% sequentially, both on a reported basis and on a constant currency basis, from the second quarter of 2026.

• Operating income margin for the quarter ended September 30, 2026 was 14.0%, compared to 14.4% for the third quarter of 2025 and 14.7% for the second quarter of 2026. Adjusted operating income margin for the quarter ended September 30, 2026 was 19.3%, compared to 19.4% for the third quarter of 2025 and 19.7% for the second quarter of 2026.
• Diluted earnings per share for the quarter ended September 30, 2026 was $0.45, compared to $0.36 for the third quarter of 2025 and $0.42 for the second quarter of 2026. Adjusted diluted earnings per share for the quarter ended September 30, 2026 was $0.62, compared to $0.48 for the third quarter of 2025 and $0.59 for the second quarter of 2026.

Business Highlights: Third Quarter 2026

• Completed the acquisition of iMerit, establishing a Model Training Solutions practice.
• Won 14 new clients in the third quarter of 2026.
• Marked EXL’s 20th year as a publicly listed company by launching its new “Go Beyond” brand.
• Earned multiple Leader recognitions from ISG in Healthcare AI and Insurance Services.
• Earned 2026 Great Place To Work Certification™ in the U.S. and Colombia.
• EXL closed new $1 billion senior secured credit facility.

2026 Guidance

Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 95, U.K. pound sterling to U.S. dollar exchange rate of 1.33, U.S. dollar to the Philippine peso exchange rate of 63 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2026:

• Revenue of $2.430 billion to $2.440 billion, representing an increase of 16% to 17% on a reported basis, and 15% on an organic constant currency basis from 2025.
• Adjusted diluted earnings per share of $2.34 to $2.36, representing an increase of 20% to 21% from 2025.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, October 28, 2026, at 10:00 A.M. ET to discuss the Company’s third quarter 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 and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, 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 over 74,000 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 the satisfaction or waiver of applicable closing conditions to the consummation of the iMerit acquisition and the expected timing thereof, our ability to successfully integrate announced or future strategic acquisitions or achieve anticipated synergies, our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demands by our selling cycles, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, and risks related to the international nature of our business and other factors 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.