Grid Dynamics Q2 revenue rises on TMT growth

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell".

The average consensus recommendation for the it services & consulting peer group is "buy".

Wall Street's median 12-month price target for Grid Dynamics Holdings Inc is $8.00, about 17.6% above its July 29 closing price of $6.80.

The stock recently traded at 14 times the next 12-month earnings versus a P/E of 12 three months ago.

The company said the Technology, Media and Telecom vertical was the principal growth driver, with revenue up 36.4% year over year and 11.7% sequentially, driven by strong demand from its largest technology customers.

AI revenue accounted for over 30% of total revenue and grew more than 50% year over year for the second consecutive quarter as clients adopted enterprise AI workloads in production.

Margin gains were attributed to productivity improvements from AI-Native Delivery and disciplined cost-control execution.

Grid Dynamics expects third-quarter 2026 revenue between $112.0 million and $114.0 million. The company also sees third-quarter 2026 non-GAAP EBITDA of $16.5 million to $17.5 million.

For full-year 2026, Grid Dynamics expects revenue between $435.0 million and $465.0 million.