Business Description
ExlService Holdings, Inc. functions as a global provider of data analytics, digital operational solutions, and comprehensive services, operating across the United States and internationally. The company organizes its operations into distinct segments: Insurance, Healthcare, Analytics, and Emerging Business. For the insurance sector, EXL delivers a suite of digital transformation and analytics-driven services. These offerings span a wide array of functions, including streamlined claims processing, administration of premiums and benefits, agency oversight, account reconciliation, policy research, underwriting assistance, new client acquisition, policy servicing, premium audits, various surveys (including commercial and residential), invoicing and collections, and enhanced customer support. These services are powered by cutting-edge digital technologies, artificial intelligence, machine learning, and sophisticated automation. Furthermore, EXL facilitates digital customer acquisition through a Software-as-a-Service (SaaS) model via its LifePRO and LISS platforms, and also provides subrogation services, including its comprehensive Subrosource software platform. In the healthcare domain, EXL presents CareRadius, an integrated care management system. It delivers diverse healthcare services such as care management, utilization review, disease management, payment accuracy, revenue enhancement, and customer interaction strategies for healthcare payers, service providers, pharmacy benefit management companies, and life sciences entities. Beyond these industry-specific services, EXL specializes in advanced predictive and prescriptive analytical capabilities. These are applied to critical areas like customer acquisition and lifecycle navigation, risk assessment and pricing, optimizing operational efficiency, oversight of credit and operational risks, ensuring payment accuracy and care coordination, and comprehensive data governance. Established in 1999, ExlService Holdings, Inc. maintains its corporate headquarters in New York, New York.
Business History
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 1.56
Total Equity: $912.71M
Shares: 162,481,586
Total Debt: $298.60M
Cash: $146.33M
EBITDA: $391.75M
Total Debt: $298.60M
Cash: $146.33M
Revenue: $2.09B
Revenue: $2.09B
Revenue: $2.09B
Total Equity: $912.71M
Tax Rate: 20.2%
Equity: $912.71M
Total Debt: $298.60M
Cash: $146.33M
Current Liabilities: $324.13M
Long-Term Debt: $293.71M
Total Debt: $298.60M
Total Equity: $912.71M
Shares: 162,481,586
Shares: 162,481,586
CapEx: -$52.60M
Shares: 162,481,586
Stock Price: $26.00
Net Income: $251.02M
Industry Benchmarks
Deep Analysis
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Income Statement (Annual)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B |
| Cost of Revenue | $690.9M | $896.6M | $1.0B | $1.1B | $1.3B |
| Gross Profit | $431.4M | $515.4M | $607.8M | $691.0M | $801.1M |
| Operating Expenses | $275.5M | $323.3M | $369.0M | $427.4M | $487.3M |
| Operating Income | $155.9M | $192.2M | $238.8M | $263.6M | $313.8M |
| Net Income | $114.8M | $143.0M | $184.6M | $198.3M | $251.0M |
| EBITDA | $229.6M | $276.2M | $321.6M | $357.6M | $391.7M |
| EPS | $0.68 | $0.86 | $1.11 | $1.22 | $1.56 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 3:04am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $141.5M | $123.6M | $141.0M | $163.3M | $146.3M |
| Total Current Assets | $576.7M | $611.6M | $676.4M | $790.9M | $830.0M |
| Total Assets | $1.3B | $1.3B | $1.4B | $1.6B | $1.7B |
| Current Liabilities | $495.7M | $277.9M | $326.4M | $290.1M | $324.1M |
| Long-Term Debt | $0 | $220.0M | $135.0M | $283.6M | $293.7M |
| Total Liabilities | $589.7M | $587.9M | $552.5M | $688.5M | $789.5M |
| Total Equity | $693.2M | $758.2M | $889.4M | $929.9M | $912.7M |
| Retained Earnings | $756.1M | $899.1M | $1.1B | $1.3B | $1.5B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 3:04am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $184.4M | $166.1M | $211.2M | $268.5M | $350.7M |
| Capital Expenditure | -$37.2M | -$44.8M | -$52.8M | -$46.3M | -$52.6M |
| Free Cash Flow | $147.1M | $121.3M | $158.4M | $222.3M | $298.1M |
| Acquisitions (net) | -$76.8M | -$3.9M | $-600,000 | -$24.9M | -$1.2M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$118.4M | -$72.6M | -$131.8M | -$207.9M | -$328.5M |
| Net Change in Cash | -$81.7M | -$17.9M | $17.4M | $22.3M | -$4.6M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 5:22pm (15h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$2.1B $2.1B – $2.1B
|
$2.3B $2.3B – $2.3B
|
$2.6B $2.5B – $2.6B
|
$2.9B $2.9B – $2.9B
|
| EBITDA |
$407.1M $404.2M – $409.5M
|
$455.4M $452.3M – $457.4M
|
$503.3M $499.4M – $505.3M
|
$573.4M $573.4M – $573.5M
|
| Net Income |
$311.2M $309.6M – $312.8M
|
$363.1M $355.0M – $371.3M
|
$412.6M $401.2M – $424.1M
|
$485.5M $481.5M – $489.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:20pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +25.8% | +15.5% | +12.7% | +13.6% |
| Gross Profit Growth | +19.5% | +17.9% | +13.7% | +15.9% |
| Operating Income Growth | +23.3% | +24.2% | +10.4% | +19.0% |
| Net Income Growth | +24.6% | +29.1% | +7.4% | +26.6% |
| EBITDA Growth | +20.3% | +16.4% | +11.2% | +9.6% |
Narrative Economics
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