What is Grid Dynamics' operating income?

Grid Dynamics' total operating income in 2025 was -$1.90 million, based on the following breakdown: Total Gross Profit: $142.35 million Total Operating Expenses: $144.24 million

Grid Dynamics (GDYN) Financials

$5.73 -0.06 (-1.04%)

Closing price 07/20/2026 04:00 PM Eastern

Extended Trading

$5.80 +0.07 (+1.19%)

As of 04:32 AM Eastern

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Annual Income Statements for Grid Dynamics

This table shows Grid Dynamics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	9.23	11	-13	-7.82	-30	-1.77	4.04	9.67
Consolidated Net Income / (Loss)	9.23	11	-13	-7.70	-29	-1.77	4.04	9.67
Net Income / (Loss) Continuing Operations	9.23	11	-13	-7.70	-29	-1.77	4.04	9.67
Total Pre-Tax Income	13	15	-15	-2.45	-20	4.84	11	16
Total Operating Income	14	16	-15	0.05	-21	-5.58	-2.11	-1.90
Total Gross Profit	39	48	42	88	121	113	127	142
Total Revenue	92	118	111	211	310	313	351	412
Operating Revenue	92	118	111	211	310	313	351	412
Total Cost of Revenue	53	70	70	124	190	200	224	269
Operating Cost of Revenue	53	70	70	124	190	200	224	269
Total Operating Expenses	25	33	57	88	142	119	129	144
Selling, General & Admin Expense	18	21	38	65	106	80	82	91
Marketing Expense	5.20	6.95	10	14	20	24	29	30
Research & Development Expense	2.64	4.35	9.31	8.46	16	15	18	24
Total Other Income / (Expense), net	-0.75	-0.18	0.24	-2.50	0.56	10	13	18
Other Income / (Expense), net	-0.75	-0.18	0.24	-2.50	0.56	10	13	18
Income Tax Expense	3.86	4.64	-2.61	5.25	8.76	6.60	7.01	6.03
Basic Earnings per Share	$0.46	$0.49	($0.28)	($0.13)	($0.42)	($0.02)	$0.05	$0.11
Weighted Average Basic Shares Outstanding	20.22M	21.12M	44.74M	58.66M	69.20M	75.19M	77.47M	84.54M
Diluted Earnings per Share	$0.46	$0.49	($0.28)	($0.13)	($0.42)	($0.02)	$0.05	$0.11
Weighted Average Diluted Shares Outstanding	20.22M	21.12M	44.74M	58.66M	69.20M	75.19M	79.97M	86.89M
Weighted Average Basic & Diluted Shares Outstanding	-	22M	53.80M	66.95M	74.83M	75.97M	83.84M	85.35M

This table shows Grid Dynamics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	0.12	3.69	-4.13	-0.94	4.28	0.43	2.91	8.91	1.18	-5.08	-1.47
Consolidated Net Income / (Loss)	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18	0.31	-1.47
Net Income / (Loss) Continuing Operations	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18	0.31	-1.47
Total Pre-Tax Income	3.30	1.50	-3.02	2.71	5.60	5.77	2.47	7.30	3.12	2.81	-0.44
Total Operating Income	0.14	-1.07	-5.54	0.04	2.14	1.26	-2.04	-0.12	-0.24	0.51	-3.68
Total Gross Profit	28	28	28	30	33	37	37	35	35	36	36
Total Revenue	77	78	80	83	87	100	100	101	104	106	104
Operating Revenue	77	78	80	83	87	100	100	101	104	106	104
Total Cost of Revenue	49	50	52	53	55	63	63	67	69	70	68
Operating Cost of Revenue	49	50	52	53	55	63	63	67	69	70	68
Total Operating Expenses	28	29	33	30	31	36	39	35	35	36	40
Selling, General & Admin Expense	18	19	22	18	19	23	24	21	22	24	26
Marketing Expense	6.13	6.42	7.29	7.29	6.82	7.23	8.26	7.12	7.34	7.32	7.69
Research & Development Expense	3.40	3.86	4.37	4.13	4.45	5.40	6.49	6.74	5.76	4.68	6.08
Total Other Income / (Expense), net	3.16	2.57	2.53	2.67	3.47	4.50	4.51	7.42	3.36	2.30	3.24
Other Income / (Expense), net	3.16	2.57	2.53	2.67	3.47	4.50	4.51	7.42	3.36	2.30	3.24
Income Tax Expense	2.63	-1.40	0.93	3.52	1.32	1.24	-0.44	2.03	1.95	2.50	1.03
Basic Earnings per Share	$0.01	$0.05	($0.05)	($0.01)	$0.06	$0.05	$0.03	$0.06	$0.01	$0.01	($0.02)
Weighted Average Basic Shares Outstanding	75.46M	75.19M	76.15M	76.60M	76.70M	77.47M	84.12M	84.58M	84.70M	84.54M	84.68M
Diluted Earnings per Share	$0.01	$0.05	($0.05)	($0.01)	$0.05	$0.06	$0.03	$0.06	$0.01	$0.01	($0.02)
Weighted Average Diluted Shares Outstanding	77.34M	75.19M	76.15M	76.60M	78.84M	79.97M	87.79M	86.45M	85.84M	86.89M	84.68M
Weighted Average Basic & Diluted Shares Outstanding	75.59M	75.97M	76.52M	76.67M	76.81M	83.84M	84.55M	84.67M	84.77M	85.35M	83.63M

This table details how cash moves in and out of Grid Dynamics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	7.51	24	71	32	112	0.50	80	6.90
Net Cash From Operating Activities	11	13	5.93	18	32	41	30	41
Net Cash From Continuing Operating Activities	11	13	5.93	18	32	41	30	41
Net Income / (Loss) Continuing Operations	9.23	11	-13	-7.70	-29	-1.77	4.04	9.67
Consolidated Net Income / (Loss)	9.23	11	-13	-7.70	-29	-1.77	4.04	9.67
Depreciation Expense	1.31	2.31	2.67	5.05	6.63	8.93	14	20
Amortization Expense	-	-	0.00	0.00	3.02	3.19	4.51	5.10
Non-Cash Adjustments To Reconcile Net Income	1.76	1.86	24	33	61	33	29	24
Changes in Operating Assets and Liabilities, net	-1.71	-2.44	-7.78	-13	-9.95	-1.83	-21	-18
Net Cash From Investing Activities	-3.08	-2.81	-18	-35	-16	-26	-51	-15
Net Cash From Continuing Investing Activities	-3.08	-2.81	-18	-35	-16	-26	-51	-15
Purchase of Property, Plant & Equipment	-3.08	-2.81	-2.25	-4.72	-6.07	-7.87	-12	-15
Acquisitions	0.00	0.00	-16	-31	-9.25	-18	-43	0.20
Other Investing Activities, net	-	-	-	-	0.00	-0.25	-0.04	0.00
Net Cash From Financing Activities	0.00	15	83	49	98	-16	101	-20
Net Cash From Continuing Financing Activities	0.00	15	83	49	98	-16	101	-20
Repurchase of Common Equity	0.00	0.00	-126	-0.50	-0.25	0.00	-0.47	-2.25
Issuance of Common Equity	-	0.00	0.00	78	110	0.00	108	0.00
Other Financing Activities, net	0.00	17	0.10	-29	-11	-16	-6.44	-18
Effect of Exchange Rate Changes	0.00	0.00	-0.00	-0.12	-0.72	1.68	-	1.38
Cash Income Taxes Paid	1.48	3.20	2.13	2.45	7.47	12	11	12

This table details how cash moves in and out of Grid Dynamics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	7.54	3.51	-7.79	6.61	-25	104	-9.17	11	1.67	3.51	-15
Net Cash From Operating Activities	11	7.56	3.24	11	9.21	7.07	9.35	14	6.97	9.90	8.39
Net Cash From Continuing Operating Activities	11	7.56	3.24	11	9.21	11	9.35	14	6.97	9.90	8.39
Net Income / (Loss) Continuing Operations	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18	0.31	-1.47
Consolidated Net Income / (Loss)	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18	0.31	-1.47
Depreciation Expense	2.48	2.67	2.91	3.24	3.42	4.65	4.72	4.90	5.01	5.08	5.20
Amortization Expense	0.88	0.90	1.00	1.12	1.19	1.21	1.24	1.24	1.32	1.31	1.31
Non-Cash Adjustments To Reconcile Net Income	8.20	5.63	11	8.49	7.41	8.27	9.46	6.73	6.80	-0.24	8.30
Changes in Operating Assets and Liabilities, net	-1.27	-4.54	-7.86	-1.36	-7.09	-7.55	-8.97	-3.76	-7.33	3.45	-4.94
Net Cash From Investing Activities	-1.84	-2.53	-3.94	-2.91	-34	-9.99	-3.34	-3.97	-4.03	-3.80	-3.96
Net Cash From Continuing Investing Activities	-1.84	-2.53	-3.94	-2.91	-34	-14	-3.34	-3.97	-4.03	-3.80	-3.96
Purchase of Property, Plant & Equipment	-1.84	-2.28	-3.20	-2.65	-3.28	-2.64	-3.34	-4.17	-4.03	-3.80	-3.96
Net Cash From Financing Activities	-1.02	-1.85	-7.00	-0.91	0.14	109	-16	-1.02	-0.63	-2.45	-18
Net Cash From Continuing Financing Activities	-1.02	-1.85	-7.00	-0.91	0.14	109	-16	-1.02	-0.63	-2.45	-18
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-11
Other Financing Activities, net	-1.02	-1.85	-7.00	-0.91	0.14	1.33	-16	-0.77	-0.63	-0.45	-6.11
Effect of Exchange Rate Changes	-0.56	0.34	-0.10	-0.25	0.34	-2.12	0.66	1.51	-0.65	-0.14	-1.44
Cash Income Taxes Paid	1.79	2.43	2.50	3.74	2.75	1.97	2.80	3.75	3.30	2.50	2.00

This table presents Grid Dynamics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	222	72	167	257	411	435	592	613
Total Current Assets	1.21	66	135	193	323	324	423	440
Cash & Equivalents	1.01	42	113	144	257	257	335	342
Accounts Receivable	-	19	19	43	54	54	69	79
Prepaid Expenses	0.19	2.71	2.36	4.50	8.15	13	19	18
Plant, Property, & Equipment, net	0.00	4.02	4.10	6.17	8.22	11	14	18
Total Noncurrent Assets	221	1.49	28	58	80	100	155	156
Goodwill	-	0.00	15	36	46	54	83	84
Intangible Assets	-	0.02	8.13	19	20	27	48	42
Noncurrent Deferred & Refundable Income Taxes	-	1.47	5.61	2.73	5.00	6.42	8.77	8.87
Other Noncurrent Operating Assets	221	-	-	0.00	8.92	13	15	21
Total Liabilities & Shareholders' Equity	222	72	167	257	411	435	592	613
Total Liabilities	8.15	8.30	15	30	48	52	74	71
Total Current Liabilities	0.45	8.30	13	25	39	42	56	52
Accounts Payable	0.22	0.77	0.76	2.05	3.90	3.62	4.07	3.70
Accrued Expenses	0.01	1.19	0.63	11	8.53	15	24	17
Current Employee Benefit Liabilities	-	5.34	7.48	11	13	19	22	26
Other Current Liabilities	-	0.14	3.21	0.00	2.51	4.24	5.42	6.25
Total Noncurrent Liabilities	7.70	0.00	2.09	4.32	9.39	10	19	19
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	2.09	4.32	3.76	3.27	8.91	7.92
Other Noncurrent Operating Liabilities	7.70	-	-	0.00	5.64	6.76	9.91	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.00	54	152	227	363	383	518	542
Total Preferred & Common Equity	5.00	54	152	227	363	383	518	542
Total Common Equity	5.00	54	152	227	363	383	518	542
Common Stock	4.38	19	129	212	378	398	533	545
Retained Earnings	0.62	35	23	15	-14	-16	-12	-2.18
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.00	-0.13	-0.85	1.27	-2.91	1.05
Other Equity Adjustments	-	-	-	-	-	-	0.00	-2.00

This table presents Grid Dynamics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	390	420	431	436	435	444	477	591	609	613	605
Total Current Assets	319	330	321	326	323	330	323	422	433	441	432
Cash & Equivalents	255	258	246	254	249	256	231	326	337	339	327
Accounts Receivable	54	57	57	54	59	56	70	82	78	83	87
Prepaid Expenses	7.57	8.32	9.19	8.27	8.77	10	11	14	19	19	17
Plant, Property, & Equipment, net	7.50	8.84	10	10	13	13	14	15	16	17	18
Total Noncurrent Assets	63	81	100	99	100	100	140	154	160	155	155
Goodwill	36	46	55	55	54	54	74	84	85	85	84
Intangible Assets	17	20	29	28	26	25	42	47	46	43	40
Noncurrent Deferred & Refundable Income Taxes	3.33	5.82	3.73	4.88	7.22	7.49	7.52	9.09	9.41	9.13	9.41
Other Noncurrent Operating Assets	6.75	9.64	13	12	14	14	16	15	19	18	22
Total Liabilities & Shareholders' Equity	390	420	431	436	435	444	477	591	609	613	605
Total Liabilities	39	60	65	63	52	55	77	74	77	75	75
Total Current Liabilities	32	50	53	52	43	46	54	58	59	58	55
Accounts Payable	4.48	3.21	5.30	3.72	2.94	2.79	3.72	4.67	6.30	5.57	4.33
Accrued Expenses	1.78	11	8.97	7.25	5.89	5.84	9.16	21	19	18	17
Current Employee Benefit Liabilities	14	19	21	21	20	21	23	27	28	29	28
Other Current Liabilities	4.05	3.18	4.15	4.21	4.49	4.44	5.18	5.31	5.80	5.29	5.37
Total Noncurrent Liabilities	7.67	9.34	11	10	9.33	8.91	23	15	18	18	20
Noncurrent Deferred & Payable Income Tax Liabilities	3.90	3.65	3.52	3.42	3.16	3.17	7.62	9.06	8.49	9.30	7.69
Other Noncurrent Operating Liabilities	3.78	5.69	7.68	6.93	6.17	5.74	15	6.27	9.48	8.36	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	351	360	367	373	383	388	400	517	532	538	530
Total Preferred & Common Equity	351	360	367	373	383	388	400	517	532	538	530
Total Common Equity	351	360	367	373	383	388	400	517	532	538	530
Common Stock	360	382	385	391	402	408	415	527	533	539	550
Retained Earnings	-7.42	-22	-19	-19	-20	-21	-16	-8.93	-3.66	-2.48	-3.65
Accumulated Other Comprehensive Income / (Loss)	-2.06	-0.35	1.05	0.49	1.10	0.97	1.18	-1.16	2.48	1.08	-2.43
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-	-13

This table displays calculated financial ratios and metrics derived from Grid Dynamics' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	84,769,058.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	84,769,058.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.11
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	28.80%	-5.95%	89.86%	46.95%	0.78%	12.04%	17.47%
EBITDA Growth	0.00%	23.38%	-170.61%	120.71%	-516.10%	256.91%	75.70%	35.96%
EBIT Growth	0.00%	18.08%	-198.47%	83.88%	-734.14%	123.65%	128.50%	42.03%
NOPAT Growth	0.00%	12.06%	-198.93%	100.32%	-42,116.00%	113.84%	-137.80%	-51.65%
Net Income Growth	0.00%	17.11%	-216.58%	38.88%	-279.40%	93.96%	328.95%	139.25%
EPS Growth	0.00%	6.52%	-157.14%	53.57%	-223.08%	95.24%	350.00%	120.00%
Operating Cash Flow Growth	0.00%	18.42%	-52.67%	202.98%	76.11%	29.83%	-26.51%	34.45%
Free Cash Flow Firm Growth	0.00%	0.00%	-114.16%	-51.90%	12.23%	54.79%	-236.21%	69.09%
Invested Capital Growth	0.00%	-90.13%	85.24%	112.13%	28.58%	18.21%	45.75%	9.19%
Revenue Q/Q Growth	0.00%	0.00%	-1.66%	20.82%	4.74%	-0.79%	6.76%	1.45%
EBITDA Q/Q Growth	0.00%	0.00%	-160.92%	132.29%	-12.20%	83.80%	28.18%	-5.65%
EBIT Q/Q Growth	0.00%	0.00%	-107.47%	22.84%	-11.86%	361.94%	62.72%	-15.85%
NOPAT Q/Q Growth	0.00%	0.00%	-99.41%	102.53%	-24.15%	128.72%	51.23%	-37.53%
Net Income Q/Q Growth	0.00%	0.00%	-118.28%	12.64%	-11.85%	84.48%	67.05%	-30.38%
EPS Q/Q Growth	0.00%	0.00%	-115.38%	7.14%	-7.69%	86.67%	25.00%	-31.25%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	25.78%	2.18%	37.88%	-9.78%	-1.59%	7.49%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	19.39%	-22.76%	43.46%	-13.46%	41.97%
Invested Capital Q/Q Growth	0.00%	0.00%	66.02%	8.42%	11.15%	5.43%	8.40%	0.43%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	42.79%	40.77%	37.40%	41.52%	38.84%	36.16%	36.23%	34.57%
EBITDA Margin	15.67%	15.01%	-11.27%	1.23%	-3.48%	5.42%	8.50%	9.84%
Operating Margin	15.05%	13.21%	-13.88%	0.02%	-6.77%	-1.78%	-0.60%	-0.46%
EBIT Margin	14.24%	13.06%	-13.67%	-1.16%	-6.59%	1.55%	3.15%	3.81%
Profit (Net Income) Margin	10.05%	9.13%	-11.32%	-3.64%	-9.41%	-0.56%	1.15%	2.35%
Tax Burden Percent	70.53%	69.95%	82.82%	314.03%	142.83%	-36.48%	36.55%	61.58%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	29.47%	30.05%	0.00%	0.00%	0.00%	136.48%	63.45%	38.42%
Return on Invested Capital (ROIC)	4.58%	9.33%	-36.03%	0.06%	-15.56%	1.75%	-0.50%	-0.61%
ROIC Less NNEP Spread (ROIC-NNEP)	56.61%	9.90%	-33.73%	6.07%	-8.33%	3.23%	-2.12%	-3.81%
Return on Net Nonoperating Assets (RNNOA)	-0.27%	-1.54%	24.31%	-4.12%	5.66%	-2.23%	1.40%	2.43%
Return on Equity (ROE)	4.31%	7.79%	-11.72%	-4.07%	-9.90%	-0.47%	0.90%	1.82%
Cash Return on Invested Capital (CROIC)	0.00%	173.40%	-95.80%	-71.79%	-40.56%	-14.94%	-37.73%	-9.40%
Operating Return on Assets (OROA)	5.88%	10.51%	-12.75%	-1.16%	-6.12%	1.14%	2.15%	2.61%
Return on Assets (ROA)	4.15%	7.35%	-10.56%	-3.63%	-8.75%	-0.42%	0.79%	1.60%
Return on Common Equity (ROCE)	0.10%	1.66%	-11.22%	-4.07%	-9.90%	-0.47%	0.90%	1.82%
Return on Equity Simple (ROE_SIMPLE)	184.56%	20.00%	-8.30%	-3.39%	-8.05%	-0.46%	0.78%	0.00%
Net Operating Profit after Tax (NOPAT)	9.75	11	-11	0.04	-15	2.04	-0.77	-1.17
NOPAT Margin	10.62%	9.24%	-9.72%	0.02%	-4.74%	0.65%	-0.22%	-0.28%
Net Nonoperating Expense Percent (NNEP)	-52.03%	-0.57%	-2.30%	-6.02%	-7.23%	-1.48%	1.63%	3.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-4.05%	0.53%	-0.15%	-0.22%
Cost of Revenue to Revenue	57.21%	59.23%	62.60%	58.48%	61.16%	63.84%	63.77%	65.44%
SG&A Expenses to Revenue	19.20%	18.02%	33.88%	30.65%	34.15%	25.51%	23.43%	21.99%
R&D to Revenue	2.88%	3.67%	8.37%	4.00%	5.08%	4.71%	5.23%	5.75%
Operating Expenses to Revenue	27.73%	27.56%	51.28%	41.50%	45.61%	37.94%	36.83%	35.03%
Earnings before Interest and Taxes (EBIT)	13	15	-15	-2.45	-20	4.84	11	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	18	-13	2.60	-11	17	30	41
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	54.48	5.65	4.22	10.91	2.29	2.63	3.30	1.41
Price to Tangible Book Value (P/TBV)	54.48	5.65	4.97	14.41	2.79	3.33	4.42	1.84
Price to Revenue (P/Rev)	2.97	2.58	5.76	11.73	2.67	3.22	4.87	1.86
Price to Earnings (P/E)	29.52	28.25	0.00	0.00	0.00	2,822.45	0.00	79.18
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.39%	3.54%	0.00%	0.00%	0.00%	0.04%	0.00%	1.26%
Enterprise Value to Invested Capital (EV/IC)	2.25	12.94	13.55	28.22	5.39	5.97	7.50	2.12
Enterprise Value to Revenue (EV/Rev)	5.23	2.30	4.75	11.04	1.85	2.40	3.92	1.03
Enterprise Value to EBITDA (EV/EBITDA)	33.39	15.33	0.00	898.44	0.00	44.26	46.11	10.45
Enterprise Value to EBIT (EV/EBIT)	36.73	17.63	0.00	0.00	0.00	155.10	124.25	26.97
Enterprise Value to NOPAT (EV/NOPAT)	49.27	24.91	0.00	66,664.30	0.00	368.61	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	45.41	21.73	89.02	129.82	18.12	18.26	45.49	10.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.34	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.16	-0.72	-0.68	-0.68	-0.69	-0.66	-0.64
Leverage Ratio	1.04	1.06	1.11	1.12	1.13	1.13	1.14	1.14
Compound Leverage Factor	1.04	1.06	1.11	1.12	1.13	1.13	1.14	1.14
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	97.67%	14.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	2.33%	85.47%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	20.68	26.10	26.38	51.76	11.73	13.05	15.15	8.00
Noncontrolling Interest Sharing Ratio	97.67%	78.72%	4.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	2.71	7.95	10.11	7.61	8.35	7.67	7.62	8.43
Quick Ratio	2.27	7.36	9.87	7.41	8.03	7.36	7.27	8.09
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	203	-29	-44	-38	-17	-58	-18
Operating Cash Flow to CapEx	343.75%	445.89%	263.41%	381.11%	521.54%	522.15%	256.65%	264.77%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.81	0.93	1.00	0.93	0.74	0.68	0.68
Accounts Receivable Turnover	0.00	0.00	5.92	6.82	6.38	5.82	5.70	5.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	27.41	41.17	43.17	31.97	27.63	26.00
Accounts Payable Turnover	242.77	142.39	91.36	87.94	63.83	53.14	58.14	69.39
Days Sales Outstanding (DSO)	0.00	0.00	61.69	53.56	57.17	62.70	63.99	65.97
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1.50	2.56	4.00	4.15	5.72	6.87	6.28	5.26
Cash Conversion Cycle (CCC)	-1.50	-2.56	57.70	49.41	51.45	55.83	57.72	60.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	213	21	39	83	106	126	183	200
Invested Capital Turnover	0.43	1.01	3.71	3.47	3.29	2.70	2.27	2.15
Increase / (Decrease) in Invested Capital	0.00	-192	18	44	24	19	57	17
Enterprise Value (EV)	481	272	528	2,333	574	750	1,374	423
Market Capitalization	272	305	641	2,478	830	1,008	1,708	765
Book Value per Share	$0.18	$1.92	$2.98	$3.48	$4.91	$5.07	$6.74	$6.39
Tangible Book Value per Share	$0.18	$1.92	$2.53	$2.64	$4.02	$4.00	$5.03	$4.91
Total Capital	214	63	152	227	363	383	518	542
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1.01	-42	-113	-144	-257	-257	-335	-342
Capital Expenditures (CapEx)	3.08	2.81	2.25	4.72	6.07	7.87	12	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.25	16	8.55	23	28	25	33	45
Debt-free Net Working Capital (DFNWC)	0.76	58	121	167	284	282	368	387
Net Working Capital (NWC)	0.76	58	121	167	284	282	368	387
Net Nonoperating Expense (NNE)	0.53	0.12	1.79	7.74	15	3.80	-4.81	-11
Net Nonoperating Obligations (NNO)	-1.01	-42	-113	-144	-257	-257	-335	-342
Total Depreciation and Amortization (D&A)	1.31	2.31	2.67	5.05	9.65	12	19	25
Debt-free, Cash-free Net Working Capital to Revenue	-0.27%	13.12%	7.69%	10.91%	8.92%	7.84%	9.44%	11.01%
Debt-free Net Working Capital to Revenue	0.83%	48.78%	109.00%	79.24%	91.60%	90.04%	104.90%	94.07%
Net Working Capital to Revenue	0.83%	48.78%	109.00%	79.24%	91.60%	90.04%	104.90%	94.07%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.14	($0.28)	($0.13)	($0.42)	($0.02)	$0.05	$0.11
Adjusted Weighted Average Basic Shares Outstanding	0.00	28.14M	44.74M	58.66M	69.20M	75.19M	77.47M	84.54M
Adjusted Diluted Earnings per Share	$0.00	$0.14	($0.28)	($0.13)	($0.42)	($0.02)	$0.05	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	28.14M	44.74M	58.66M	69.20M	75.19M	79.97M	86.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	22M	53.80M	66.95M	74.83M	75.97M	83.84M	85.35M
Normalized Net Operating Profit after Tax (NOPAT)	9.75	11	-11	0.04	-15	-3.91	-1.47	-1.17
Normalized NOPAT Margin	10.62%	9.24%	-9.72%	0.02%	-4.74%	-1.25%	-0.42%	-0.28%
Pre Tax Income Margin	14.24%	13.06%	-13.67%	-1.16%	-6.59%	1.55%	3.15%	3.81%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	18.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	18.51%	-1,001.10%	-6.47%	-0.87%	0.00%	11.68%	23.30%

This table displays calculated financial ratios and metrics derived from Grid Dynamics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	84,769,058.00	85,353,771.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	84,769,058.00	85,353,771.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.06	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.61%	-3.11%	-0.33%	7.36%	12.94%	28.45%	25.81%	21.75%	19.13%	5.86%	3.67%
EBITDA Growth	834.66%	290.75%	144.42%	-2.51%	53.46%	129.14%	841.23%	90.30%	-7.50%	-20.88%	-27.97%
EBIT Growth	200.06%	129.03%	30.00%	-37.70%	69.65%	283.31%	181.84%	169.91%	-44.25%	-51.29%	-117.82%
NOPAT Growth	100.88%	47.69%	7.51%	-101.50%	5,476.98%	148.15%	38.07%	-635.30%	-105.56%	-94.43%	-7.25%
Net Income Growth	110.15%	143.30%	50.46%	-131.10%	533.43%	55.89%	173.76%	745.41%	-72.51%	-93.24%	-150.58%
EPS Growth	110.00%	162.50%	54.55%	-133.33%	400.00%	20.00%	160.00%	700.00%	-80.00%	-83.33%	-166.67%
Operating Cash Flow Growth	153.83%	-37.10%	-72.25%	-2.09%	-15.92%	-6.46%	188.61%	34.68%	-24.31%	40.01%	-10.27%
Free Cash Flow Firm Growth	-3.64%	22.27%	-55.64%	67.19%	-104.58%	-163.79%	-70.25%	-424.75%	37.12%	70.29%	77.96%
Invested Capital Growth	24.63%	18.21%	31.38%	9.99%	41.75%	45.75%	43.82%	47.62%	17.86%	9.19%	5.65%
Revenue Q/Q Growth	0.10%	0.84%	2.24%	4.03%	5.30%	14.69%	0.13%	0.68%	3.03%	1.91%	-1.93%
EBITDA Q/Q Growth	-8.10%	-23.80%	-82.35%	688.94%	44.65%	13.79%	-27.52%	59.51%	-29.69%	-2.68%	-34.01%
EBIT Q/Q Growth	-23.95%	-54.45%	-300.60%	189.66%	107.10%	2.91%	-57.17%	195.71%	-57.23%	-10.09%	-115.67%
NOPAT Q/Q Growth	-96.37%	-7,119.29%	-88.78%	99.69%	13,614.22%	-39.39%	-342.79%	96.30%	-2.24%	160.71%	-4,772.93%
Net Income Q/Q Growth	-74.27%	329.29%	-236.04%	79.31%	624.11%	5.65%	-35.63%	81.08%	-77.68%	-74.00%	-581.37%
EPS Q/Q Growth	-66.67%	400.00%	-200.00%	80.00%	600.00%	20.00%	-50.00%	100.00%	-83.33%	0.00%	-300.00%
Operating Cash Flow Q/Q Growth	0.49%	-31.05%	-57.12%	229.54%	-13.71%	-23.28%	32.30%	53.78%	-51.51%	41.92%	-15.21%
Free Cash Flow Firm Q/Q Growth	35.83%	8.97%	-66.84%	66.33%	-300.08%	-17.37%	-7.68%	-3.78%	52.06%	44.55%	20.10%
Invested Capital Q/Q Growth	-0.98%	5.43%	6.12%	-0.73%	27.63%	8.40%	4.72%	1.90%	1.90%	0.43%	1.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.36%	36.01%	34.66%	35.60%	37.43%	36.94%	36.84%	34.13%	33.32%	34.04%	34.81%
EBITDA Margin	8.60%	6.50%	1.12%	8.50%	11.68%	11.59%	8.39%	13.29%	9.07%	8.66%	5.83%
Operating Margin	0.18%	-1.36%	-6.94%	0.05%	2.44%	1.26%	-2.03%	-0.12%	-0.23%	0.48%	-3.54%
EBIT Margin	4.27%	1.93%	-3.78%	3.26%	6.41%	5.75%	2.46%	7.22%	3.00%	2.65%	-0.42%
Profit (Net Income) Margin	0.87%	3.72%	-4.95%	-0.98%	4.90%	4.51%	2.90%	5.22%	1.13%	0.29%	-1.42%
Tax Burden Percent	20.47%	192.95%	130.86%	-30.20%	76.44%	78.47%	117.94%	72.22%	37.69%	10.90%	334.77%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	79.53%	-92.95%	0.00%	130.20%	23.56%	21.53%	-17.94%	27.78%	62.31%	89.10%	0.00%
Return on Invested Capital (ROIC)	0.11%	-7.10%	-12.94%	-0.04%	4.26%	2.24%	-5.46%	-0.21%	-0.19%	0.11%	-5.21%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.14%	-9.03%	-12.91%	0.28%	3.16%	1.05%	-7.31%	-2.02%	-0.64%	0.04%	-5.55%
Return on Net Nonoperating Assets (RNNOA)	0.10%	6.22%	8.83%	-0.19%	-1.98%	-0.69%	4.67%	1.30%	0.39%	-0.02%	3.46%
Return on Equity (ROE)	0.21%	-0.88%	-4.11%	-0.23%	2.27%	1.55%	-0.79%	1.09%	0.19%	0.09%	-1.75%
Cash Return on Invested Capital (CROIC)	-28.53%	-14.94%	-28.73%	-8.17%	-35.64%	-37.73%	-35.37%	-37.86%	-16.86%	-9.40%	-6.23%
Operating Return on Assets (OROA)	3.26%	1.42%	-2.76%	2.37%	4.61%	3.92%	1.78%	5.34%	2.23%	1.81%	-0.29%
Return on Assets (ROA)	0.67%	2.75%	-3.62%	-0.72%	3.52%	3.08%	2.10%	3.86%	0.84%	0.20%	-0.98%
Return on Common Equity (ROCE)	0.21%	-0.88%	-4.11%	-0.23%	2.27%	1.55%	-0.79%	1.09%	0.19%	0.09%	-1.75%
Return on Equity Simple (ROE_SIMPLE)	-3.05%	0.00%	0.59%	-0.31%	0.60%	0.00%	2.11%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.03	-2.05	-3.88	-0.01	1.63	0.99	-2.40	-0.09	-0.09	0.06	-2.58
NOPAT Margin	0.04%	-2.63%	-4.86%	-0.01%	1.87%	0.99%	-2.39%	-0.09%	-0.09%	0.05%	-2.48%
Net Nonoperating Expense Percent (NNEP)	0.25%	1.93%	-0.03%	-0.32%	1.09%	1.19%	1.85%	1.81%	0.45%	0.07%	0.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.54%	-	-	-	0.19%	-0.46%	-0.02%	-0.02%	0.01%	-0.49%
Cost of Revenue to Revenue	63.64%	63.99%	65.34%	64.40%	62.57%	63.06%	63.16%	65.87%	66.68%	65.96%	65.20%
SG&A Expenses to Revenue	23.86%	24.20%	26.99%	21.81%	22.11%	23.09%	24.19%	20.54%	20.98%	22.26%	25.11%
R&D to Revenue	4.39%	4.95%	5.48%	4.97%	5.08%	5.39%	6.46%	6.67%	5.53%	4.40%	5.84%
Operating Expenses to Revenue	36.18%	37.38%	41.60%	35.55%	34.99%	35.69%	38.87%	34.25%	33.56%	33.57%	38.34%
Earnings before Interest and Taxes (EBIT)	3.30	1.50	-3.02	2.71	5.60	5.77	2.47	7.30	3.12	2.81	-0.44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.66	5.07	0.90	7.06	10	12	8.42	13	9.45	9.20	6.07
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.46	2.63	2.44	2.07	2.68	3.30	2.54	1.83	1.21	1.41	0.92
Price to Tangible Book Value (P/TBV)	3.16	3.33	3.08	2.59	3.78	4.42	3.39	2.43	1.59	1.84	1.20
Price to Revenue (P/Rev)	2.91	3.22	2.99	2.53	3.27	4.87	3.54	2.51	1.61	1.86	1.17
Price to Earnings (P/E)	0.00	2,822.45	251.95	0.00	344.79	0.00	151.81	52.79	42.41	79.18	92.09
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.04%	0.40%	0.00%	0.29%	0.00%	0.66%	1.89%	2.36%	1.26%	1.09%
Enterprise Value to Invested Capital (EV/IC)	5.57	5.97	5.13	4.14	4.98	7.50	5.14	3.27	1.58	2.12	0.78
Enterprise Value to Revenue (EV/Rev)	2.10	2.40	2.19	1.72	2.56	3.92	2.66	1.64	0.77	1.03	0.38
Enterprise Value to EBITDA (EV/EBITDA)	71.97	44.26	34.44	27.85	36.23	46.11	26.43	14.64	7.32	10.45	4.17
Enterprise Value to EBIT (EV/EBIT)	0.00	155.10	111.61	121.98	123.94	124.25	59.64	30.27	16.84	26.97	12.43
Enterprise Value to NOPAT (EV/NOPAT)	0.00	368.61	0.00	323.08	0.00	0.00	1,069.24	643.40	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.57	18.26	20.95	16.90	27.44	45.49	27.17	15.99	8.32	10.43	4.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.70	-0.69	-0.68	-0.67	-0.63	-0.66	-0.64	-0.64	-0.61	-0.64	-0.62
Leverage Ratio	1.14	1.13	1.15	1.16	1.18	1.14	1.14	1.14	1.16	1.14	1.14
Compound Leverage Factor	1.14	1.13	1.15	1.16	1.18	1.14	1.14	1.14	1.16	1.14	1.14
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	10.21	13.03	12.08	10.19	9.72	15.12	12.06	9.05	6.61	7.93	5.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.21	7.67	7.48	7.14	5.96	7.62	7.25	7.37	7.63	8.43	7.88
Quick Ratio	5.87	7.36	7.15	6.74	5.56	7.27	7.00	7.06	7.29	8.09	7.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	-21	-36	-12	-48	-57	-61	-63	-30	-17	-13
Operating Cash Flow to CapEx	595.54%	331.84%	101.35%	402.75%	281.06%	267.73%	280.05%	344.68%	173.20%	260.63%	211.89%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.74	0.73	0.73	0.72	0.68	0.72	0.74	0.74	0.68	0.69
Accounts Receivable Turnover	5.80	5.82	5.38	5.65	5.28	5.70	5.29	5.83	5.31	5.53	4.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	35.15	31.97	29.23	27.54	26.91	27.63	27.06	26.52	26.09	26.00	25.42
Accounts Payable Turnover	48.32	53.14	65.27	50.65	56.54	58.14	61.76	54.58	56.55	69.39	60.87
Days Sales Outstanding (DSO)	62.96	62.70	67.80	64.56	69.14	63.99	69.02	62.58	68.76	65.97	74.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	7.55	6.87	5.59	7.21	6.46	6.28	5.91	6.69	6.45	5.26	6.00
Cash Conversion Cycle (CCC)	55.40	55.83	62.21	57.36	62.68	57.72	63.11	55.89	62.31	60.71	68.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	119	126	133	132	169	183	192	195	199	200	203
Invested Capital Turnover	2.94	2.70	2.66	2.52	2.28	2.27	2.28	2.37	2.21	2.15	2.11
Increase / (Decrease) in Invested Capital	24	19	32	12	50	57	58	63	30	17	11
Enterprise Value (EV)	664	750	684	548	842	1,374	987	640	314	423	159
Market Capitalization	918	1,008	934	804	1,073	1,708	1,312	977	653	765	487
Book Value per Share	$4.95	$5.07	$5.04	$5.08	$5.22	$6.74	$6.17	$6.29	$6.35	$6.39	$6.21
Tangible Book Value per Share	$3.86	$4.00	$3.99	$4.05	$3.70	$5.03	$4.61	$4.75	$4.84	$4.91	$4.76
Total Capital	373	383	383	388	400	518	517	532	538	542	530
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-254	-257	-249	-256	-231	-335	-326	-337	-339	-342	-327
Capital Expenditures (CapEx)	1.84	2.28	3.20	2.65	3.28	2.64	3.34	4.17	4.03	3.80	3.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20	25	30	28	38	33	38	38	44	45	50
Debt-free Net Working Capital (DFNWC)	274	282	279	284	269	368	363	374	383	387	377
Net Working Capital (NWC)	274	282	279	284	269	368	363	374	383	387	377
Net Nonoperating Expense (NNE)	-0.65	-4.96	0.07	0.80	-2.65	-3.53	-5.31	-5.36	-1.27	-0.25	-1.10
Net Nonoperating Obligations (NNO)	-254	-257	-249	-256	-231	-335	-326	-337	-339	-342	-327
Total Depreciation and Amortization (D&A)	3.35	3.57	3.91	4.36	4.61	5.86	5.96	6.14	6.33	6.39	6.51
Debt-free, Cash-free Net Working Capital to Revenue	6.30%	7.84%	9.58%	8.83%	11.42%	9.44%	10.22%	9.65%	10.92%	11.01%	12.01%
Debt-free Net Working Capital to Revenue	86.74%	90.04%	89.36%	89.26%	81.85%	104.90%	97.93%	96.16%	94.32%	94.07%	90.82%
Net Working Capital to Revenue	86.74%	90.04%	89.36%	89.26%	81.85%	104.90%	97.93%	96.16%	94.32%	94.07%	90.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$0.05	($0.05)	($0.01)	$0.06	$0.05	$0.03	$0.06	$0.01	$0.01	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	75.46M	75.19M	76.15M	76.60M	76.70M	77.47M	84.12M	84.58M	84.70M	84.54M	84.68M
Adjusted Diluted Earnings per Share	$0.01	$0.05	($0.05)	($0.01)	$0.05	$0.06	$0.03	$0.06	$0.01	$0.01	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	77.34M	75.19M	76.15M	76.60M	78.84M	79.97M	87.79M	86.45M	85.84M	86.89M	84.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.59M	75.97M	76.52M	76.67M	76.81M	83.84M	84.55M	84.67M	84.77M	85.35M	83.63M
Normalized Net Operating Profit after Tax (NOPAT)	0.10	-0.75	-3.88	0.03	1.63	0.99	-1.43	-0.09	-0.17	0.35	-2.58
Normalized NOPAT Margin	0.13%	-0.95%	-4.86%	0.03%	1.87%	0.99%	-1.42%	-0.09%	-0.16%	0.33%	-2.48%
Pre Tax Income Margin	4.27%	1.93%	-3.78%	3.26%	6.41%	5.75%	2.46%	7.22%	3.00%	2.65%	-0.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	11.68%	0.00%	0.00%	0.00%	23.30%	259.64%

Financials Breakdown Chart

Key Financial Trends

Grid Dynamics (NASDAQ: GDYN) showed a mixed but generally improving financial profile in the latest quarter, with revenue still growing modestly year over year while profitability remained under pressure from costs and taxes. The company also continues to produce healthy operating cash flow and maintains a strong cash position, which gives it flexibility despite the uneven earnings picture.

Q1 2026 revenue rose to $104.1 million, up slightly from $100.4 million in Q1 2025, showing continued top-line growth.
Operating cash flow was strong at $8.4 million in Q1 2026, indicating the business still converts earnings into cash.
Grid Dynamics ended Q1 2026 with $327.5 million in cash and equivalents, a sizable liquidity cushion.
Gross profit improved to $36.2 million in Q1 2026 from $27.7 million in Q1 2024, suggesting better scale and/or service mix over the last two years.
The company has kept long-term debt off the balance sheet in the data provided, which reduces financial risk.
Revenue has been relatively steady over the past several quarters, generally staying around the $100 million level.
The balance sheet remains asset-heavy, with $605.0 million in total assets and $530.1 million in equity at the end of Q1 2026.
Capital spending continues, with $4.0 million spent on property, plant and equipment in Q1 2026.
The company has been using cash for share repurchases and other financing activities, which can support EPS but also reduces cash availability over time.
Q1 2026 ended with a net loss of $1.5 million, compared with a profit of $2.9 million in Q1 2025.
Operating income was negative ($3.7 million) in Q1 2026, showing that core operations are still not fully profitable.
Operating expenses remained high at $39.9 million in Q1 2026, consuming most of gross profit.
Cash and equivalents fell by $14.6 million in Q1 2026, pressured by investing and financing outflows.
Q1 2026 balance sheet included $87.4 million in accounts receivable, which is a meaningful working-capital item investors may want to watch.

Bottom line: Grid Dynamics looks financially stable thanks to strong cash reserves and solid operating cash flow, but profitability remains inconsistent. The key question for investors is whether the company can keep revenue growing while narrowing operating losses and controlling expenses.

07/21/26 02:16 AM ETAI Generated. May Contain Errors.

Grid Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Grid Dynamics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Grid Dynamics' net income appears to be on an upward trend, with a most recent value of $9.67 million in 2025, rising from $9.23 million in 2018. The previous period was $4.04 million in 2024. Check out Grid Dynamics' forecast to explore projected trends and price targets.

Grid Dynamics' total operating income in 2025 was -$1.90 million, based on the following breakdown:

Total Gross Profit: $142.35 million
Total Operating Expenses: $144.24 million

Over the last 7 years, Grid Dynamics' total revenue changed from $91.87 million in 2018 to $411.83 million in 2025, a change of 348.3%.

Grid Dynamics' total liabilities were at $70.82 million at the end of 2025, a 4.8% decrease from 2024, and a 769.4% increase since 2018.

In the past 7 years, Grid Dynamics' cash and equivalents has ranged from $1.01 million in 2018 to $342.06 million in 2025, and is currently $342.06 million as of their latest financial filing in 2025.

Over the last 7 years, Grid Dynamics' book value per share changed from 0.18 in 2018 to 6.39 in 2025, a change of 3,498.6%.

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Financial statements for NASDAQ:GDYN last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Grid Dynamics (GDYN) Financials

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Grid Dynamics (GDYN) Financials

Annual Income Statements for Grid Dynamics

Quarterly Income Statements for Grid Dynamics

Annual Cash Flow Statements for Grid Dynamics

Quarterly Cash Flow Statements for Grid Dynamics

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Quarterly Balance Sheets for Grid Dynamics

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Quarterly Metrics And Ratios for Grid Dynamics

Financials Breakdown Chart

Key Financial Trends

Grid Dynamics Financials - Frequently Asked Questions

When does Grid Dynamics' financial year end?

How has Grid Dynamics' net income changed over the last 7 years?

What is Grid Dynamics' operating income?

How has Grid Dynamics' revenue changed over the last 7 years?

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How has Grid Dynamics' book value per share changed over the last 7 years?

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