Grid Dynamics reported Q4 2025 revenue of USD 106.2 million, up 5.9% year-over-year, and FY 2025 revenue of USD 411.8 million, up 17.5%. Q4 2025 GAAP net income was USD 0.3 million, while non-GAAP net income was USD 8.7 million and non-GAAP EBITDA was USD 13.7 million; FY 2025 GAAP net income was USD 9.7 million, with non-GAAP net income of USD 35.1 million and non-GAAP EBITDA of USD 53.8 million. In Q4, Retail represented 28.7% of revenue, Technology, Media and Telecom 28.3% (up 27.5% year-over-year), and Finance 22.9%; AI represented 25% of Q4 revenue, and FY 2025 AI revenue exceeded USD 90 million (up 30% year-over-year). The company ended 2025 with USD 342.1 million in cash and cash equivalents, generated USD 40.6 million in operating cash flow in FY 2025, and repurchased 0.2 million shares for USD 2.0 million in Q4 under its buyback program, with USD 48.0 million remaining authorized. For outlook, Grid Dynamics guided Q1 2026 revenue to USD 103.0 million to USD 104.0 million and non-GAAP EBITDA to USD 12.0 million to USD 13.0 million, and projected FY 2026 revenue of USD 435.0 million to USD 465.0 million.

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