Grid Dynamics Delivers Record $411.8M 2025 Revenues, Q4 Hits $106.2M
Grid Dynamics posted record Q4 2025 revenues of $106.2 million, up 5.9% year-over-year, and full-year revenues of $411.8 million, up 17.5%. AI solutions generated over $90 million in 2025 (25% of Q4 revenues, +30% year-over-year) driven by top global technology and payment customers.
1. Q4 and Full Year 2025 Results
Grid Dynamics reported fourth-quarter 2025 revenues of $106.2 million, a 1.9% sequential increase and 5.9% year-over-year gain. Full-year revenues reached $411.8 million, up 17.5% from $350.6 million in 2024. Technology, Media & Telecom accounted for 28.3% of Q4 revenues, Retail for 28.7% and Finance for 22.9%.
2. Profitability and Margins
GAAP gross profit in Q4 was $36.1 million (34.0% margin) versus $37.0 million (36.9%) a year earlier. Non-GAAP gross profit was $36.6 million (34.5% margin) compared with $37.6 million (37.5%). Q4 non-GAAP net income was $8.7 million ($0.10 per share) and EBITDA was $13.7 million. Full-year GAAP net income reached $9.7 million ($0.11 per share) with non-GAAP net income of $35.1 million and EBITDA of $53.8 million.
3. AI Performance and Key Customers
AI revenue surpassed $90 million in 2025, growing 30% year-over-year and representing 25% of Q4 revenues. Growth was driven by the company’s top three clients: two global technology leaders and the largest payment technology provider, underscoring demand for enterprise AI and digital transformation.
4. Cash Flow, Repurchase and Outlook
Operating cash flow rose to $40.6 million for 2025, while cash and equivalents totaled $342.1 million. The company repurchased 0.2 million shares for $2.0 million, leaving $48.0 million available. Q1 2026 revenue guidance is $103.0–104.0 million with non-GAAP EBITDA of $12.0–13.0 million; full-year 2026 revenues are expected at $435.0–465.0 million.