ExlService Holdings (EXLS) Releases Q1 2026 Earnings: Revenue Growth but EPS Miss

ExlService Holdings Inc. (ticker EXLS) reported first-quarter 2026 results with revenue of $570.4 million, gross profit of $222.1 million, operating profit of $91.8 million, and net income attributable to common shareholders of $67.1 million. Diluted earnings per share were $0.43.

Revenue rose 13.8% year-over-year to $570.4 million, slightly above the consensus of $568.9 million.

Gross profit increased 14.9% to $222.1 million, implying a gross margin of about 39%.

Operating profit improved 17.1% to $91.8 million.

Net income was roughly flat, up 0.5% year-over-year to $67.1 million.

Diluted EPS rose 7.5% to $0.43, below the estimate of $0.55.

Cash flow and balance-sheet highlights:

Cash from operating activities fell to $1.7 million, down 47.0% year-over-year.

Capital expenditures (purchases of property, plant and equipment) were $12.9 million, essentially flat year-over-year.

Cash and cash equivalents increased 3.5% to $145.4 million.

Other notable items: cost of sales rose to $348.3 million (+13.2% year-over-year), while total liabilities grew to $897.6 million (up 35.1% year-over-year), reflecting a meaningful increase in obligations on the balance sheet.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

ExlService Holdings Inc. Insider Trading Activity

ExlService Holdings Inc. insiders have traded $EXLS stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.

Here’s a breakdown of recent trading of $EXLS stock by insiders over the last 6 months:

AJAY AYYAPPAN (EVP & Gen Counsel/Corp. Sec'y.) has made 0 purchases and 6 sales selling 13,265 shares for an estimated $500,749.
VIKAS BHALLA (President of EXL) sold 11,774 shares for an estimated $470,842

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API.

ExlService Holdings Inc. Hedge Fund Activity

We have seen 223 institutional investors add shares of ExlService Holdings Inc. stock to their portfolio, and 255 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

FMR LLC added 5,415,444 shares (+60.7%) to their portfolio in Q4 2025, for an estimated $229,831,443
MACQUARIE GROUP LTD removed 2,475,803 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $105,073,079
AQR CAPITAL MANAGEMENT LLC added 2,154,652 shares (+109.7%) to their portfolio in Q4 2025, for an estimated $91,443,430
BOSTON TRUST WALDEN CORP removed 1,703,811 shares (-65.3%) from their portfolio in Q1 2026, for an estimated $51,881,044
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 1,654,594 shares (-77.5%) from their portfolio in Q4 2025, for an estimated $70,220,969
ATAIROS GROUP, INC. removed 1,551,970 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $65,865,606
BLACKROCK, INC. removed 1,167,361 shares (-5.7%) from their portfolio in Q4 2025, for an estimated $49,542,800

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

ExlService Holdings Inc. Price Targets

Multiple analysts have issued price targets for $EXLS recently. We have seen 4 analysts offer price targets for $EXLS in the last 6 months, with a median target of $45.5.

Here are some recent targets:

Mayank Tandon from Needham set a target price of $40.0 on 02/26/2026
David Grossman from Stifel set a target price of $46.0 on 02/26/2026
Jared Levine from TD Cowen set a target price of $45.0 on 02/26/2026