NASDAQ · Financial Statements

Grid Dynamics Holdings, Inc. (GDYN) Financial Statements

$8.65 NASDAQ: GDYN Market Cap $701.75M

Grid Dynamics Holdings, Inc. most recently reported annual revenue of $412.0M, net profit of $10.0M. Revenue grew at an average annual rate of 30.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Grid Dynamics Holdings, Inc.: Revenue rose from $71.0M in 2017 to $412.0M in 2025, a change of +480.3% over 8 years; net profit was positive in 5 of 9 reported years; operating margin moved from 18.5% to -0.4%, a shift of -18.9 percentage points; the most recent year shows net profit of $10.0M.

Income Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Revenue$71.0M$92.0M$118.0M$111.0M$211.0M$310.0M$313.0M$351.0M$412.0M
Operating Expenses$58.0M$78.0M$103.0M$127.0M$211.0M$331.0M$318.0M$353.0M$413.0M
Operating Profit$13.0M$14.0M$16.0M$-15.0M$0$-21.0M$-6.0M$-2.0M$-2.0M
Operating Margin18.5%15.1%13.2%-13.9%0.0%-6.8%-1.8%-0.6%-0.4%
Other Income$0$-1.0M$0$0$-3.0M$1.0M$10.0M$13.0M$17.0M
Interest$0$0$0$0$0$0$0$0$0
Depreciation$1.0M$1.0M$2.0M$3.0M$5.0M$10.0M$12.0M$19.0M$25.0M
Profit Before Tax$13.0M$13.0M$15.0M$-15.0M$-2.0M$-20.0M$5.0M$11.0M$16.0M
Tax$-580,000$29.5M$30.1M$17.2M$-214.0M$-42.8M$136.5M$63.5M$38.4M
Net Profit$13.0M$9.0M$11.0M$-13.0M$-8.0M$-29.0M$-2.0M$4.0M$10.0M
EPS$2.40$0.18$0.22$-0.28$-0.13$-0.42$-0.02$0.05$0.11
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$77.0M$78.0M$80.0M$83.0M$87.0M$100.0M$100.0M$101.0M$104.0M$106.0M$104.0M$108.0M
Operating Expenses$77.0M$79.0M$85.0M$83.0M$85.0M$95.0M$102.0M$101.0M$104.0M$105.0M$108.0M$107.0M
Operating Profit$0$-1.0M$-6.0M$0$2.0M$5.0M$-2.0M$0$0$1.0M$-4.0M$1.0M
Operating Margin0.2%-1.4%-6.9%0.1%2.4%5.5%-2.0%-0.1%-0.2%0.8%-3.5%1.2%
Interest$0$2.0M$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$3.0M$2.0M$-3.0M$3.0M$6.0M$6.0M$2.0M$7.0M$3.0M$3.0M$0$4.0M
Tax$79.5M$-93.0M$-30.9M$130.2M$23.6M$21.5M$-17.9M$27.8M$62.3M$89.1M$-234.8M$36.1M
Net Profit$1.0M$3.0M$-4.0M$-1.0M$4.0M$5.0M$3.0M$5.0M$1.0M$0$-1.0M$3.0M
EPS$0.01$0.04$-0.05$-0.01$0.05$0.05$0.03$0.06$0.01$0.00$-0.02$0.03

Over the 9 years reported for Grid Dynamics Holdings, Inc., cash stood at $342.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 8.46 times.

Balance Sheet — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Total Assets$31.0M$42.0M$72.0M$167.0M$257.0M$411.0M$435.0M$592.0M$613.0M
Current Assets$29.0M$37.0M$66.0M$135.0M$193.0M$323.0M$324.0M$423.0M$440.0M
Cash$10.0M$18.0M$42.0M$113.0M$144.0M$257.0M$257.0M$335.0M$342.0M
Inventory$0$0$0$0$0$0$0$0$0
Receivables$12.0M$17.0M$19.0M$19.0M$44.0M$54.0M$54.0M$69.0M$79.0M
Fixed Assets$1.0M$3.0M$4.0M$4.0M$6.0M$16.0M$22.0M$26.0M$34.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0
Investments$0$221.0M$0$0$0$1.0M$1.0M$0$1.0M
Other Assets$0$0$0$0$36.0M$46.0M$54.0M$83.0M$84.0M
Total Liabilities$7.0M$8.0M$17.0M$15.0M$30.0M$48.0M$52.0M$74.0M$71.0M
Current Liabilities$7.0M$8.0M$8.0M$13.0M$25.0M$39.0M$42.0M$56.0M$52.0M
Borrowings$0$0$0$0$0$8.0M$11.0M$13.0M$17.0M
Other Liabilities$7.0M$8.0M$17.0M$15.0M$30.0M$40.0M$41.0M$62.0M$54.0M
Equity$0$209.0M$0$0$0$0$0$0$0
Reserves$24.0M$33.0M$54.0M$152.0M$227.0M$363.0M$383.0M$518.0M$542.0M

For Grid Dynamics Holdings, Inc., operating cash flow was positive in 9 of 9 reported years; free cash flow in the latest year was $25.0M; free cash flow was positive in 9 of 9 years; financing activities used $20.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Operating Cash Flow$6.0M$11.0M$13.0M$6.0M$18.0M$32.0M$41.0M$30.0M$41.0M
Investing Cash Flow$-2.0M$-226.0M$-6.0M$-21.0M$-40.0M$-22.0M$-34.0M$-63.0M$-30.0M
Financing Cash Flow$0$0$2.0M$83.0M$-29.0M$-12.0M$-17.0M$-7.0M$-20.0M
Net Cash Flow$0$8.0M$24.0M$71.0M$32.0M$112.0M$0$78.0M$7.0M
Free Cash Flow$4.0M$8.0M$10.0M$4.0M$13.0M$26.0M$33.0M$18.0M$25.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-3.36
EV / EBITDA15.36
FCF Yield2.46%
Quick Ratio7.22
Interest Coverage—
Return 1Y-48.01%
Return 3Y-45.69%
Return 5Y-69.30%

Grid Dynamics Holdings, Inc. (GDYN) financials — frequently asked questions

What is Grid Dynamics Holdings, Inc.'s annual revenue?

Grid Dynamics Holdings, Inc. (GDYN) reported annual revenue of $412.0M in its most recent fiscal year.

What is Grid Dynamics Holdings, Inc.'s net profit?

Grid Dynamics Holdings, Inc. (GDYN) reported net profit of $10.0M in its most recent fiscal year.

What is GDYN EV/EBITDA?

Grid Dynamics Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 15.36.

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