EXLSMEDIUM SIGNALOPPORTUNITY10-K

EXLS delivered strong operational performance with 26.6% net income growth and significantly increased share buybacks, while expanding its workforce by nearly 10% to support AI-driven transformation services.

The company is demonstrating successful execution of its AI and data analytics strategy, with revenue growth of 13.6% translating to stronger profitability margins and generating substantial cash for shareholder returns. The expansion from 59,500 to over 65,000 employees signals confidence in sustained demand for their services, though investors should monitor the 59.7% increase in interest expense.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

EXLS showed robust financial performance across all key metrics, with revenue growing 13.6% to $2.1B while net income surged 26.6% to $251M, indicating improving operational leverage. Operating cash flow increased 30.6% to $350.7M, enabling a 58% increase in share buybacks to $328.5M, demonstrating strong capital allocation. The overall picture signals a company successfully scaling its AI and analytics business model with healthy cash generation, though the sharp rise in interest expense and moderate increase in liabilities warrant monitoring.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+59.7%
$8.3M$13.2M

Interest expense surged 59.7% — significant debt increase or rising rates materially impacting earnings.

Share Buybacks
Cash Flow
+58%
$207.9M$328.5M

Share repurchases increased 58% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+30.6%
$268.5M$350.7M

Operating cash flow surged 30.6% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+26.6%
$198.3M$251.0M

Net income grew 26.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+19%
$263.6M$313.8M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Gross Profit
P&L
+15.9%
$691.0M$801.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Liabilities
Balance Sheet
+14.7%
$688.5M$789.5M

Liabilities increased 14.7% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+13.6%
$1.8B$2.1B

Revenue growing 13.6% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
+12.7%
$304.3M$343.1M

Receivables grew 12.7% — monitor days sales outstanding for collection efficiency.

Current Liabilities
Balance Sheet
+11.7%
$290.1M$324.1M

Current liabilities rose 11.7% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
As of February 20, 2026, there were 156,383,708 shares of the registrant s common stock outstanding, par value $0.001 per share.
Form 10-K Summary 50 SIGNATURES 51 EXHIBIT INDEX 52 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 Ta ble of Contents ITEM 1.
We are headquartered in New York and have over 65,000 employees spanning six continents.
Using our deep understanding of the industry that we have developed in over 25 years of managing critical business operations, we help enterprises unlock the full value of their structured and unstructured data and embed AI into their workflows.
We deliver business outcomes for our clients at speed and scale, by reinventing their business models through advanced analytics and AI powered digital operations to help them achieve superior customer experience, higher productivity, cost efficiency and business growth.
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REMOVED
As of February 21, 2025, there were 162,304,673 shares of the registrant s common stock outstanding, par value $0.001 per share.
We are headquartered in New York and have approximately 59,500 employees spanning six continents.
We deliver advanced analytics and AI-powered digital operations and solutions to our clients, driving enterprise-scale business transformation initiatives that leverage our deep domain expertise in generative AI and cloud technology.
Data, AI, analytics and digital have become core to virtually every significant move a business makes to serve customers, optimize business processes, stay competitive and grow.
Our vision of being an indispensable partner for data and AI-led transformation reflects the long-term priorities of our clients' businesses across industry sectors, and we continue to evolve our offerings to drive business outcomes.
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