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Grid Dynamics Hldgs Inc Financials

GDYN
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Grid Dynamics Hldgs Inc (GDYN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 56 / 100
Financial Profile 56/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
21

Grid Dynamics Hldgs Inc has an operating margin of -0.5%, meaning the company retains $-0 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -0.6% the prior year.

Growth
62

Grid Dynamics Hldgs Inc's revenue surged 17.5% year-over-year to $411.8M, reflecting rapid business expansion. This strong growth earns a score of 62/100.

Leverage
99

Grid Dynamics Hldgs Inc carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 8.43, Grid Dynamics Hldgs Inc holds $8.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
40

Grid Dynamics Hldgs Inc has a free cash flow margin of 6.1%, earning a moderate score of 40/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
15

Grid Dynamics Hldgs Inc generates a 1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is up from 0.8% the prior year.

Piotroski F-Score Neutral
6/9

Grid Dynamics Hldgs Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
4.20x

For every $1 of reported earnings, Grid Dynamics Hldgs Inc generates $4.20 in operating cash flow ($40.6M OCF vs $9.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$411.8M
YoY+17.5%
5Y CAGR+29.9%

Grid Dynamics Hldgs Inc generated $411.8M in revenue in fiscal year 2025. This represents an increase of 17.5% from the prior year.

EBITDA
$17.8M
YoY+46.9%

Grid Dynamics Hldgs Inc's EBITDA was $17.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 46.9% from the prior year.

Net Income
$9.7M
YoY+139.2%

Grid Dynamics Hldgs Inc reported $9.7M in net income in fiscal year 2025. This represents an increase of 139.2% from the prior year.

EPS (Diluted)
$0.11
YoY+120.0%

Grid Dynamics Hldgs Inc earned $0.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 120.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$25.3M
YoY+37.1%
5Y CAGR+47.0%

Grid Dynamics Hldgs Inc generated $25.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 37.1% from the prior year.

Cash & Debt
$342.1M
YoY+2.2%
5Y CAGR+24.9%

Grid Dynamics Hldgs Inc held $342.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
85M
YoY+1.5%
5Y CAGR+10.8%

Grid Dynamics Hldgs Inc had 85M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Margins & Returns

Gross Margin
34.6%
YoY-1.7pp
5Y CAGR-2.8pp

Grid Dynamics Hldgs Inc's gross margin was 34.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.

Operating Margin
-0.5%
YoY+0.1pp
5Y CAGR+13.4pp

Grid Dynamics Hldgs Inc's operating margin was -0.5% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.

Net Margin
2.4%
YoY+1.2pp
5Y CAGR+13.7pp

Grid Dynamics Hldgs Inc's net profit margin was 2.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.

Return on Equity
1.8%
YoY+1.0pp
5Y CAGR+10.1pp

Grid Dynamics Hldgs Inc's ROE was 1.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$23.7M
YoY+29.0%
5Y CAGR+20.5%

Grid Dynamics Hldgs Inc invested $23.7M in research and development in fiscal year 2025. This represents an increase of 29.0% from the prior year.

Share Buybacks
$2.0M
5Y CAGR-56.2%

Grid Dynamics Hldgs Inc spent $2.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$15.3M
YoY+30.3%
5Y CAGR+46.8%

Grid Dynamics Hldgs Inc invested $15.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 30.3% from the prior year.

GDYN Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $106.2M+1.9% $104.2M+3.0% $101.1M+0.7% $100.4M+0.1% $100.3M+14.7% $87.4M+5.3% $83.0M+4.0% $79.8M
Cost of Revenue $70.0M+0.8% $69.5M+4.3% $66.6M+5.0% $63.4M+0.3% $63.2M+15.6% $54.7M+2.3% $53.5M+2.5% $52.2M
Gross Profit $36.1M+4.1% $34.7M+0.6% $34.5M-6.7% $37.0M-0.1% $37.0M+13.2% $32.7M+10.7% $29.6M+6.9% $27.7M
R&D Expenses $4.7M-18.8% $5.8M-14.6% $6.7M+4.0% $6.5M+20.1% $5.4M+21.5% $4.4M+7.7% $4.1M-5.6% $4.4M
SG&A Expenses $23.6M+8.1% $21.9M+5.2% $20.8M-14.5% $24.3M+4.9% $23.2M+19.8% $19.3M+6.7% $18.1M-15.9% $21.5M
Operating Income $506K+310.0% -$241K-95.9% -$123K+94.0% -$2.0M-261.5% $1.3M-41.0% $2.1M+5240.0% $40K+100.7% -$5.5M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $2.5M+28.6% $1.9M-4.0% $2.0M+557.8% -$443K-135.7% $1.2M-6.0% $1.3M-62.5% $3.5M+278.3% $931K
Net Income $306K-74.0% $1.2M-77.7% $5.3M+81.1% $2.9M-35.6% $4.5M+5.7% $4.3M+624.1% -$817K+79.3% -$3.9M
EPS (Diluted) N/A $0.01-83.3% $0.06+100.0% $0.03 N/A $0.05+600.0% $-0.01+80.0% $-0.05

GDYN Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $612.9M0.0% $613.2M+0.7% $608.9M+3.0% $590.9M-0.2% $592.2M+24.1% $477.3M+7.6% $443.6M+1.9% $435.3M
Current Assets $439.5M-0.3% $440.7M+1.8% $433.0M+2.7% $421.7M-0.4% $423.3M+31.1% $323.0M-2.2% $330.4M+2.5% $322.5M
Cash & Equivalents $342.1M+1.0% $338.6M+0.5% $336.8M+3.4% $325.5M-2.7% $334.7M+44.7% $231.3M-9.7% $256.0M+2.6% $249.4M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $79.5M-4.1% $82.9M+6.7% $77.7M-4.8% $81.7M+17.7% $69.4M+7.9% $64.3M+27.0% $50.7M-4.5% $53.0M
Goodwill $84.4M-0.4% $84.7M-0.6% $85.2M+1.4% $84.1M+0.8% $83.4M+12.9% $73.9M+37.1% $53.9M0.0% $53.9M
Total Liabilities $70.8M-6.1% $75.4M-1.6% $76.7M+4.3% $73.5M-1.1% $74.4M-3.4% $77.0M+39.6% $55.2M+5.2% $52.5M
Current Liabilities $52.1M-9.8% $57.8M-1.6% $58.7M+0.9% $58.2M+4.8% $55.5M+2.4% $54.2M+17.2% $46.3M+7.3% $43.1M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $542.1M+0.8% $537.7M+1.0% $532.2M+2.9% $517.4M-0.1% $517.8M+29.4% $400.2M+3.0% $388.4M+1.5% $382.8M
Retained Earnings -$2.2M+12.3% -$2.5M+32.2% -$3.7M+59.0% -$8.9M+24.6% -$11.8M+27.6% -$16.4M+20.7% -$20.7M-4.1% -$19.8M

GDYN Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $9.9M+41.9% $7.0M-51.5% $14.4M+53.8% $9.4M+32.3% $7.1M-23.3% $9.2M-13.7% $10.7M+229.5% $3.2M
Capital Expenditures $3.8M-5.7% $4.0M-3.5% $4.2M+24.9% $3.3M+26.5% $2.6M-19.5% $3.3M+23.7% $2.7M-17.1% $3.2M
Free Cash Flow $6.1M+107.0% $2.9M-71.1% $10.2M+69.8% $6.0M+35.8% $4.4M-25.4% $5.9M-26.1% $8.0M+18565.1% $43K
Investing Cash Flow -$3.8M+5.7% -$4.0M-1.3% -$4.0M-19.0% -$3.3M+66.6% -$10.0M+71.0% -$34.5M-1085.8% -$2.9M+26.1% -$3.9M
Financing Cash Flow -$2.5M-288.7% -$631K+38.0% -$1.0M+93.6% -$15.8M-114.5% $108.9M+76611.3% $142K+115.6% -$912K+87.0% -$7.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

GDYN Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 34.0%+0.7pp 33.3%-0.8pp 34.1%-2.7pp 36.8%-0.1pp 36.9%-0.5pp 37.4%+1.8pp 35.6%+0.9pp 34.7%
Operating Margin 0.5%+0.7pp -0.2%-0.1pp -0.1%+1.9pp -2.0%-3.3pp 1.3%-1.2pp 2.4%+2.4pp 0.1%+7.0pp -6.9%
Net Margin 0.3%-0.8pp 1.1%-4.1pp 5.2%+2.3pp 2.9%-1.6pp 4.5%-0.4pp 4.9%+5.9pp -1.0%+4.0pp -5.0%
Return on Equity 0.1%-0.2pp 0.2%-0.8pp 1.0%+0.4pp 0.6%-0.3pp 0.9%-0.2pp 1.1%+1.3pp -0.2%+0.8pp -1.0%
Return on Assets 0.1%-0.1pp 0.2%-0.7pp 0.9%+0.4pp 0.5%-0.3pp 0.8%-0.1pp 0.9%+1.1pp -0.2%+0.7pp -0.9%
Current Ratio 8.43+0.8 7.63+0.3 7.37+0.1 7.25-0.4 7.62+1.7 5.96-1.2 7.14-0.3 7.48
Debt-to-Equity 0.130.0 0.140.0 0.140.0 0.140.0 0.14-0.0 0.19+0.1 0.140.0 0.14
FCF Margin 5.8%+2.9pp 2.8%-7.3pp 10.1%+4.1pp 6.0%+1.6pp 4.4%-2.4pp 6.8%-2.9pp 9.7%+9.6pp 0.1%

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Frequently Asked Questions

Grid Dynamics Hldgs Inc (GDYN) reported $411.8M in total revenue for fiscal year 2025. This represents a 17.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Grid Dynamics Hldgs Inc (GDYN) revenue grew by 17.5% year-over-year, from $350.6M to $411.8M in fiscal year 2025.

Yes, Grid Dynamics Hldgs Inc (GDYN) reported a net income of $9.7M in fiscal year 2025, with a net profit margin of 2.4%.

Grid Dynamics Hldgs Inc (GDYN) reported diluted earnings per share of $0.11 for fiscal year 2025. This represents a 120.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Grid Dynamics Hldgs Inc (GDYN) had EBITDA of $17.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Grid Dynamics Hldgs Inc (GDYN) had a gross margin of 34.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Grid Dynamics Hldgs Inc (GDYN) had an operating margin of -0.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Grid Dynamics Hldgs Inc (GDYN) had a net profit margin of 2.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Grid Dynamics Hldgs Inc (GDYN) has a return on equity of 1.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Grid Dynamics Hldgs Inc (GDYN) generated $25.3M in free cash flow during fiscal year 2025. This represents a 37.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Grid Dynamics Hldgs Inc (GDYN) generated $40.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Grid Dynamics Hldgs Inc (GDYN) had $612.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Grid Dynamics Hldgs Inc (GDYN) invested $15.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Grid Dynamics Hldgs Inc (GDYN) invested $23.7M in research and development during fiscal year 2025.

Yes, Grid Dynamics Hldgs Inc (GDYN) spent $2.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Grid Dynamics Hldgs Inc (GDYN) had 85M shares outstanding as of fiscal year 2025.

Grid Dynamics Hldgs Inc (GDYN) had a current ratio of 8.43 as of fiscal year 2025, which is generally considered healthy.

Grid Dynamics Hldgs Inc (GDYN) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Grid Dynamics Hldgs Inc (GDYN) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Grid Dynamics Hldgs Inc (GDYN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Grid Dynamics Hldgs Inc (GDYN) has an earnings quality ratio of 4.20x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Grid Dynamics Hldgs Inc (GDYN) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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