Grid Dynamics Holdings Inc - Class A
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.54%.
Did GDYN Beat Earnings? Q2 2025 Results
Grid Dynamics delivered a mixed but broadly encouraging second quarter, edging past earnings expectations while falling just short on the top line. The IT services firm posted non-GAAP EPS of $0.10, a 2.04% beat against the $0.10 consensus, as revenue of $101.09 million grew 21.8% year-over-year but trailed the $101.32 million estimate by a slim 0.23%. The clearest engine behind the growth story was vertical diversification; the Finance segment doubled year-over-year for the fourth consecutive quarter, climbing to 25.1% of revenue and cementing its place as the company's second-largest vertical. Meanwhile, the AI and Data practice accounted for 23% of organic revenue in the first half of 2025 and is growing nearly three times faster than the broader organic business, a dynamic that has drawn bullish analyst attention, with at least one Buy-rated price target circulating ahead of the print. Looking ahead, management guided Q3 revenue to $103 to $105 million and reaffirmed full-year 2025 revenue of $415 to $435 million, implying 18.4% to 24.1% annual growth.
- Finance vertical doubled revenues YoY for the fourth consecutive quarter, driven by fintech demand and 2024 acquisitions
- Demand from both new and existing customers prioritizing innovation-centric initiatives
- AI and Data practice growing nearly 3x faster than overall organic business
- Contributions from 2024 acquisitions across multiple verticals
- TMT vertical grew 6.7% sequentially and 8.4% year-over-year
“Our second quarter revenue was a record aided by demand from both our new and existing customers, which are prioritizing innovation-centric initiatives from a spending perspective. Our ability to provide high-caliber technology consulting and engineering services continues to promote success for our clients.”
Grid Dynamics CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, Grid Dynamics expects revenue of $103–$105 million and non-GAAP EBITDA of $12–$13 million, with basic share count of 84–85 million and diluted share count of 87–89 million. For full-year 2025, the company expects revenue of $415–$435 million, representing 18.4% to 24.1% year-over-year growth. The CEO noted accelerated business momentum and a growing opportunity pipeline entering Q3.
GDYN YoY Financials
GDYN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.