Grid Dynamics reported total revenue of $411,827 thousand for the year ended December 31, 2025. Finance contributed 24.4%, the 10 largest clients generated 57.7%, and one customer accounted for 15.4%.
GDYN · Grid Dynamics Holdings, Inc.
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Grid Dynamics Holdings, Inc.’s annual meeting on December 22, 2026 features voting by December 21, 2026 at 11:59 PM ET on director elections, Grant Thornton LLP’s appointment, and advisory executive compensation.
Grid Dynamics will hold its 2026 Annual Meeting virtually on December 22, 2026, at 7:30 a.m., Pacific Time, with votes on Class I directors, Grant Thornton LLP and executive compensation.
Grid Dynamics reported revenue of $114.3 million for the three months ended September 30, 2026, up 9.7% from the prior-year quarter, as gross margin reached 40.3%. Net income was $6.2 million, or $0.08 per diluted share.
Grid Dynamics reported record third-quarter 2026 revenue of $114.3 million, up 9.7% year-over-year, and non-GAAP EBITDA of $22.9 million, while AI revenue reached 31% of total revenue. Fourth-quarter revenue is expected at $113.5 to $115.5 million.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q4 FY25 earnings call · Mar 5, 2026TL;DR. Grid Dynamics posted record Q4 revenue of $106.2 million and full-year revenue of $411.8 million, up 17.5%, with AI revenue growing 30% for the year. Year-over-year margins and non-GAAP EBITDA declined in Q4, and Q1 2026 guidance points to a sequential revenue decline, while full-year 2026 revenue guidance of $435 to $465 million implies growth.
- + Record full-year 2025 revenue of $411.8 million, up 17.5% year over year
- + Record Q4 revenue of $106.2 million, slightly above the guidance midpoint, up 5.9% year over year
- + AI revenue exceeded $90 million in 2025, up 30%, and was 25% of Q4 revenue
- + Full-year 2026 revenue guided to $435-$465 million, implying 9.3% growth at the midpoint
- + TMT vertical grew 27.5% year over year, driven by top two technology customers
- + Operating cash flow rose to $40.6 million for 2025
- − Q4 non-GAAP EBITDA fell to $13.7 million from $15.6 million a year earlier
- − Q4 non-GAAP gross margin declined to 34.5% from 37.5% a year earlier
- − Q1 2026 revenue guided to $103-$104 million, below Q4's $106.2 million, with EBITDA of $12-$13 million
- − Q4 GAAP net income fell to $0.3 million from $4.5 million; non-GAAP EPS fell to $0.10 from $0.12
- − Retail, the largest vertical, declined 6.9% year over year in Q4
- − Customer concentration rose, with top five customers at 39.7% of Q4 revenue versus 35.6% a year ago
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| AI Revenues | 30.7% | second quarter 2026 | — |
| Customers below top twenty revenue | 24.99M | Three Months Ended June 30, 2026 filing | — |
| Non-GAAP diluted EPS non-GAAP | $0.19 | Six Months Ended June 30, 2026 | — |
| Non-GAAP EBITDA non-GAAP | 27.24M | Six Months Ended June 30, 2026 | — |
| Non-GAAP net income non-GAAP | 16.45M | Six Months Ended June 30, 2026 | — |
| Revenues by customer location - India | 4.85M | Three Months Ended June 30, 2026 filing | — |
| Revenues by customer location - Other | 11.49M | Three Months Ended June 30, 2026 filing | — |
| Revenues by customer location - Poland | 3.99M | Three Months Ended June 30, 2026 filing | — |
| Revenues by customer location - United Kingdom | 13.35M | Three Months Ended June 30, 2026 filing | — |
| Revenues by customer location - United States | 74.48M | Three Months Ended June 30, 2026 filing | — |
| Top one customer revenue | 18.83M | Three Months Ended June 30, 2026 filing | — |
| Top ten customers revenue | 66.56M | Three Months Ended June 30, 2026 filing | — |
| Top twenty customers revenue | 83.17M | Three Months Ended June 30, 2026 filing | — |
| Total headcount | 4,838 | as of June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Information Technology Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
GDYN
this stock
Grid Dynamics Holdings, Inc.
|
$1.06B | +46.3% | -6.0% | 132.1 | 4.9% |
|
IBM
International Business Machines Corp
|
$233.57B | -16.6% | +7.6% | 21.0 | 1.9% |
|
ACN
Accenture plc
|
$167.58B | -6.6% | +6.5% | 18.5 | 3.2% |
|
INFY
Infosys Ltd
|
$49.78B | -31.0% | — | — | 2.1% |
|
CTSH
Cognizant Technology Solutions Corp
|
$28.17B | -24.1% | +7.0% | 11.5 | 5.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 9, 2026
- This year
- 13
Grid Dynamics will hold its 2026 Annual Meeting virtually on December 22, 2026, at 7:30 a.m., Pacific Time, with votes on Class I directors, Grant Thornton LLP and executive compensation.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| GDYN | +0.8% | +69.6% | +88.7% | -1.1% | +46.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -1.8% | +70.7% | +88.2% | -0.9% | +35.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.