10-K · April 30, 2026
Grid Dynamics reported a strong year in 2025, achieving total revenues of $411.8 million, up 17.5% from 2024, driven by significant contributions from Finance and sustained demand across key sectors. The net income was…
Earnings analysis · 10-Q
GDYN earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Grid Dynamics delivered strong Q3 top-line and gross-margin performance, with revenue of $114.294 million up approximately 9.9% year over year and gross margin reaching 40.3%. However, GAAP EPS of $0.08 missed the $0.11…
Read full summary
Grid Dynamics delivered strong Q3 top-line and gross-margin performance, with revenue of $114.294 million up approximately 9.9% year over year and gross margin reaching 40.3%. However, GAAP EPS of $0.08 missed the $0.11 consensus estimate, and operating margin, cash flow, balance-sheet detail, and segment-level quantitative results were not available in the provided filing extract. Q4 revenue guidance of $113.5 million to $115.5 million and non-GAAP EBITDA guidance of $20.0 million to $22.0 million support a constructive but mixed assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.08
- Gross margin
- 40.3%
What stood out
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Revenue Growth Accelerated
Q3 2026 revenue was $114.294 million, up from $104 million in Q3 2025 and $108 million in Q2 2026, representing approximately 9.9% year over year and 5.8% sequential growth.
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Gross Margin Expanded
Gross margin expanded to 40.3% from 33.3% in Q3 2025 and 36.6% in Q2 2026, an approximately 700-basis-point year-over-year and 370-basis-point sequential improvement.
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Q4 Outlook Remains Positive
Q4 2026 revenue guidance is $113.5 million to $115.5 million, while non-GAAP EBITDA guidance is $20.0 million to $22.0 million.
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Lower Foreign-Currency Exposure
Foreign-currency-denominated costs represented 47.2% of combined cost of revenues and operating expenses in Q3 2026, down from 51.8% in Q3 2025, reducing the proportion of the cost base exposed to currency movements.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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GAAP EPS Missed Consensus
GAAP EPS was $0.08 versus the $0.11 consensus estimate, despite revenue of $114.294 million. The earnings shortfall indicates that profitability remains less predictable than top-line performance.
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Foreign Exchange Exposure
Foreign exchange remains a material earnings sensitivity: a 10% increase in the Polish zloty would have reduced Q3 2026 operating income by $0.7 million, while a 10% increase in the Indian rupee would have reduced it by $0.6 million. Approximately 47.2% of quarterly costs and operating expenses were denominated in non-U.S. currencies.
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Capital Allocation and Insider Sales
The company repurchased 875 thousand shares during Q3 2026, leaving $12.536 million available under the repurchase program as of September 30, 2026. In addition, the CEO adopted a plan covering up to 994,787 shares and the CFO adopted a plan covering up to 243,308 shares, creating potential future selling pressure.
Management's outlook
Management provided Q4 2026 revenue guidance of $113.5 million to $115.5 million and non-GAAP EBITDA guidance of $20.0 million to $22.0 million. The filing/release does not provide a prior Q4 outlook for comparison.
Earlier filings 4
10-Q · April 30, 2026
Grid Dynamics reported Q1 2026 revenues of $104.1 million, marking a 3.7% increase from $100.4 million in Q1 2025, while EPS came in at a loss of $0.02 compared to a gain of $0.03 last year. The report indicates…
10-Q · May 2, 2024
Grid Dynamics reported revenue of $79.817M for the three months ended March 31, 2024, essentially flat versus $80.080M a year earlier. Gross profit declined to $27.665M (gross margin ~34.7%) while net loss narrowed to…
10-Q · November 2, 2023
Grid Dynamics reported Q3 revenue of $77.419M (three months ended September 30, 2023), down from $81.161M in Q3 2022, while moving to a slight operating profit of $0.143M and diluted EPS of $0.01. Nine‑month operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.