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ExlService Holdings, Inc.

EXLS Technology Information Technology Services

ExlService Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 13.6% from fiscal 2024.

Revenue: +19.7%
EPS: +25.9%
Free cash flow: −3.65%
Total debt: +22.8%

Quarter to September 2026, against a year earlier

43.19 0.42 −0.96%

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Market cap: $6.6B
P/E: 25.7×
Fwd P/E: 23.9×
Dividend yield: —
F-score: 8/9
Altman Z: 8.65
Beneish M: −2.66
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

ExlService Holdings, Inc. (EXLS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Insurance	830	39.75%
Banking, Capital Markets and Diversified Industries	724	34.69%
Healthcare and Life Sciences	534	25.56%
Gross margin		38.37%
Operating margin		15.03%
Pre-tax margin		15.09%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2013	FY2012	FY2011	FY2010
Data and AI-Led	1,155 55.34%	980 53.29%	835 51.19%	—	—	—	—	—	—	—	—	—	—
Digital operations	932 44.66%	859 46.71%	796 48.81%	—	—	—	—	—	—	—	—	—	—
Digital operations and solutions	—	—	—	765 54.16%	662 58.95%	596 62.16%	634 63.96%	598 67.69%	552 72.46%	—	—	—	—
Analytics services	—	—	—	647 45.84%	461 41.05%	363 37.84%	357 36.04%	285 32.31%	210 27.54%	—	—	—	—
Outsourcing Services	—	—	—	—	—	—	—	—	—	395 82.56%	367 82.80%	294 81.64%	192 76.00%
Transformation Services	—	—	—	—	—	—	—	—	—	83 17.44%	76 17.20%	66 18.36%	61 24.00%
Revenue	2,088	1,838	1,631	1,412	1,122	958	991	883	762	478	443	361	253

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2013	FY2012	FY2011	FY2010
Outsourcing Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transformation Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Insurance	830 39.75%	767 41.74%	673 41.26%	449 31.78%	382 34.04%	342 35.66%	346 34.95%	311 35.23%	235 30.80%	206 30.08%
Banking, Capital Markets and Diversified Industries	724 34.69%	639 34.77%	590 36.21%	—	—	—	—	—	—	—
Healthcare and Life Sciences	534 25.56%	432 23.49%	367 22.53%	—	—	—	—	—	—	—
Analytics	—	—	—	647 45.84%	461 41.05%	363 37.84%	357 36.04%	285 32.31%	210 27.54%	166 24.16%
Emerging Business	—	—	—	219 15.48%	167 14.90%	153 15.93%	190 19.18%	197 22.29%	—	—
Healthcare	—	—	—	97 6.89%	112 10.01%	101 10.57%	97 9.83%	90 10.17%	77 10.10%	69 10.01%
Finance and Accounting	—	—	—	—	—	—	—	—	87 11.35%	79 11.58%
Other Operations Management	—	—	—	—	—	—	—	—	83 10.90%	96 14.07%
Travel, Transportation and Logistics	—	—	—	—	—	—	—	—	71 9.31%	69 10.11%
Revenue	2,088	1,838	1,631	1,412	1,122	958	991	883	762	686

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2013	FY2012	FY2011	FY2010
North America	1,726 82.66%	1,514 82.35%	1,364 83.67%	—	—	—	—	—	—	—	—	—	—	—
United Kingdom & Europe	307 14.72%	273 14.82%	227 13.91%	—	—	—	—	—	—	—	—	—	—	—
Rest of World	55 2.62%	52 2.83%	39 2.42%	64 4.53%	53 4.68%	55 5.75%	60 6.10%	36 4.08%	27 3.59%	21 3.08%	33 6.81%	33 7.50%	22 6.19%	9 3.67%
The United States	—	—	—	1,213 85.94%	964 85.90%	815 85.00%	818 82.50%	733 82.96%	626 82.16%	555 80.90%	353 73.84%	320 72.30%	259 71.78%	182 72.02%
UNITED KINGDOM	—	—	—	135 9.53%	106 9.42%	89 9.25%	113 11.40%	115 12.97%	109 14.25%	110 16.02%	93 19.35%	89 20.20%	79 22.03%	61 24.31%
Total Non-United States	—	—	—	199	158	144	173	151	136	131	—	—	—	—
Revenue	2,088	1,838	1,631	1,412	1,122	958	991	883	762	686	478	443	361	253

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
New clients	Q3 FY2026	14.00	21.00	−33.33%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.