Grid Dynamics (GDYN) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $106.2M, up 1.9% sequentially and 5.9% year-over-year; full-year revenue reached $411.8M, up 17.5%.

• Non-GAAP EBITDA for Q4 was $13.7M; full-year non-GAAP EBITDA reached $53.8M.

• AI revenue grew 30% year-over-year, surpassing $90M and representing 25% of Q4 revenues.

• Diversification across industry verticals, with finance and TMT showing notable growth.

• Expanded global delivery footprint to 18 countries with 4,961 employees, a 4.9% increase year-over-year.

Financial highlights

• Q4 GAAP gross profit was $36.1M (34.0% margin); non-GAAP gross margin was 34.5%.

• Q4 non-GAAP EBITDA margin was 12.9%, at the high end of guidance.

• Q4 GAAP net income was $0.3M ($0.00 per share); non-GAAP net income was $8.7M ($0.10 per share).

• Full-year GAAP net income was $9.7M ($0.11 per share), up from $4.0M in 2024.

• Cash and equivalents at year-end totaled $342.1M.

Outlook and guidance

• Q1 2026 revenue guidance: $103M–$104M; non-GAAP EBITDA: $12M–$13M.

• Full-year 2026 revenue guidance: $435M–$465M, implying 9.3% growth at the midpoint.

• Margin expansion of 300 basis points targeted for 2026, with continued investment in AI platforms.

• Positioned for sustained multi-year growth in digital transformation, leveraging AI and cloud expertise.

• Market for AI IT consulting services projected to grow at a 24% CAGR through 2028.