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EXLS

ExlService Holdings, Inc.

EXLS

ExlService Holdings, Inc. • NASDAQ
$39.73 ▼ -0.23% (-0.09)
Market Cap $6.43 B
52w High $52.43
52w Low $37.30
Dividend Yield 0%
P/E 26.84
Volume 398.67K
Outstanding Shares 161.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $529.585M ▲ $127.762M ▲ $58.161M ▼ 10.982% ▼ $0.36 ▼ $113.201M ▲
Q2-2025 $514.46M ▲ $113.05M ▼ $66.051M ▼ 12.839% ▼ $0.41 $103.075M ▼
Q1-2025 $501.019M ▲ $114.899M ▲ $66.561M ▲ 13.285% ▲ $0.41 ▲ $103.913M ▲
Q4-2024 $481.426M ▲ $112.161M ▲ $50.672M ▼ 10.525% ▼ $0.31 ▼ $97.523M ▼
Q3-2024 $472.073M $108.862M $53.037M 11.235% $0.33 $103.965M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $401.461M ▲ $1.734B ▲ $781.243M ▲ $952.389M ▼
Q2-2025 $364.797M ▲ $1.709B ▲ $647.553M ▼ $1.061B ▲
Q1-2025 $341.246M ▼ $1.676B ▲ $664.534M ▼ $1.012B ▲
Q4-2024 $350.55M ▲ $1.618B ▲ $688.541M ▼ $929.862M ▲
Q3-2024 $333.092M $1.61B $702.269M $907.563M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $58.161M ▼ $120.716M ▲ $-46.322M ▼ $-63.377M ▲ $10.991M ▲ $106.355M ▲
Q2-2025 $66.051M ▼ $109.377M ▲ $-14.019M ▲ $-87.957M ▼ $10.369M ▲ $94.951M ▲
Q1-2025 $66.561M ▲ $3.243M ▼ $-22.268M ▲ $3.405M ▲ $-13.059M ▼ $-9.697M ▼
Q4-2024 $50.672M ▼ $105.346M ▼ $-24.624M ▲ $-66.93M ▼ $5.883M ▼ $95.272M ▼
Q3-2024 $53.037M $110.142M $-51.226M $-24.866M $35.79M $97.283M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Analytics Services
Analytics Services
 $190.00M ▲$190.00M ▲$200.00M ▲$210.00M ▲
Digital Operations And Solutions Services
Digital Operations And Solutions Services
 $250.00M ▲$250.00M ▲$270.00M ▲$270.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown steadily over the past several years, with no obvious backward steps, which suggests a business that is both winning new work and moving up the value chain. Profitability has gradually improved as the company scales, indicating that its higher‑margin analytics and AI services are becoming a larger part of the mix. Earnings per share have climbed meaningfully, helped by consistent execution rather than one‑off gains. The main watchpoints are how long this pace of growth can be sustained and whether pricing or wage pressures eventually squeeze margins.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and steadily stronger over time. Total assets and shareholders’ equity have been building, which points to a growing, retained-capital base. Debt levels appear moderate relative to the size of the business and equity, suggesting no obvious over‑leverage, though borrowings have moved around year to year. Cash is stable but not excessive, so the company seems to be managing liquidity efficiently rather than hoarding cash.

Cash Flow

Cash Flow The company consistently generates more cash from its operations than it spends on capital investments, which is a healthy sign. Free cash flow has been positive and gradually increasing, supporting flexibility for buybacks, acquisitions, or debt reduction if management chooses. Investment needs for property, technology, and infrastructure appear modest and steady, implying a relatively asset‑light, service‑driven model. A key risk to monitor is whether cash conversion continues to track earnings as the business becomes more complex and AI‑intensive.

Competitive Edge

Competitive Edge EXLS sits in a favorable niche at the intersection of business process services, data analytics, and AI, with particular strength in insurance, healthcare, and financial services. Its edge comes from deep domain expertise, long‑standing client relationships, and proprietary platforms that are tightly embedded in client workflows, all of which raise switching costs. Unlike more generic IT outsourcers, EXLS focuses on outcome‑driven, industry‑specific solutions, which helps differentiate it and supports recurring, “sticky” revenue. Risks include intense competition from larger global IT and consulting firms, rapid technology shifts in AI, and concentration in a few core verticals.

Innovation and R&D

Innovation and R&D Innovation is clearly a strategic priority, with a strong emphasis on AI, data platforms, and sector‑specific tools rather than generic services. Offerings like its EXLerate AI platform, generative‑AI claims tools, intelligent document processing, and insurance‑tailored language models show a push toward proprietary, repeatable solutions. Partnerships with major technology players and cloud marketplaces expand reach and speed up product development, while internal programs like “IdeaTank” encourage bottom‑up innovation. The challenge will be to keep these tools ahead of fast‑moving AI competitors and to convert innovation consistently into scalable, profitable offerings.

Summary

Overall, EXLS presents the profile of a steadily growing, increasingly high‑value technology services firm transitioning from traditional outsourcing to data‑ and AI‑led solutions. Financial performance shows consistent revenue and profit growth, improving margins, and healthy free cash flow, all supported by a generally sound balance sheet. Competitively, the company benefits from deep specialization and sticky client relationships in regulated, data‑intensive industries, which supports its AI and analytics strategy. The main areas to watch are competitive pressure in AI services, execution risk as it scales new platforms, and the sustainability of its current growth and margin trends in a rapidly evolving technology landscape.

NEWS

November 25, 2025 · 2:26 PM UTC

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November 6, 2025 · 8:23 AM UTC

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November 4, 2025 · 8:32 AM UTC

EXL named a Leader in 2025 ISG Provider Lens® Generative AI Services Global Report

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October 22, 2025 · 8:13 AM UTC

EXL and Schneider streamline trucking logistics with AI-powered digital transformation

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