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Grid Dynamics

Grid Dynamics (GDYN) Q1 2026 Earnings

Reported Apr 30, 2026 at 4:06 PM ET · SEC Source

Q1 26 EPS

$0.09

BEAT +8.17%

Est. $0.08

Q1 26 Revenue

$104.1M

BEAT +0.75%

Est. $103.3M

vs S&P Since Q1 26

+29.3%

BEATING MARKET

GDYN +35.6% vs S&P +6.3%

Market Reaction

Did GDYN Beat Earnings? Q1 2026 Results

Grid Dynamics delivered a modest but clean beat in Q1 2026, with revenue of $104.10 million rising 3.7% year-over-year and edging above its own guidance ceiling of $104.00 million, while non-GAAP EPS of $0.09 cleared the $0.08 consensus by 8.17%. The… Read more Grid Dynamics delivered a modest but clean beat in Q1 2026, with revenue of $104.10 million rising 3.7% year-over-year and edging above its own guidance ceiling of $104.00 million, while non-GAAP EPS of $0.09 cleared the $0.08 consensus by 8.17%. The primary engine behind the quarter was a surge in Technology, Media and Telecom business, which grew 30.3% year-over-year to $30.76 million and displaced retail as the company's largest vertical, reflecting a deliberate diversification away from its historically retail-heavy client base. AI revenues reached 29.3% of total revenues, underscoring the momentum behind Grid Dynamics' platform buildout. The headline, however, carried a shadow: the company swung to a GAAP net loss of $1.47 million, compared to net income of $2.91 million a year ago, as gross margins compressed to 34.8% from 36.8%. Analysts currently hold a consensus "Hold" rating on the stock. Looking ahead, management guided Q2 revenue of $106.00 to $108.00 million and set full-year 2026 revenue guidance at $435.00 to $465.00 million, implying growth of 5.6% to 12.9%.

Key Takeaways

  • • AI revenues reached 29.3% of total revenues
  • • TMT vertical grew 30.3% year-over-year driven by top two technology customers
  • • Partnership-influenced revenues reached 19.1% of total revenues, majority from top three hyperscalers
  • • Top five accounts are entirely outside of retail for the first time, reflecting diversification into technology and financial services
24/7 Wall St

GDYN YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

GDYN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Last quarter, we called 2026 a pivotal year for the accelerated adoption of our AI offerings. Our first quarter results are clear validation that our AI transformation is working, with AI revenues reaching 29.3% of total revenues. We introduced our GAIN platforms for Agentic Commerce, SDLC, Risk and Compliance, and Physical AI, each of which convert our deep IP and domain expertise into AI-native solutions. These GAIN platforms are now in production across a range of industry verticals, generating measurable business impact for our clients.”

— Leonard Livschitz, Q1 2026 Earnings Press Release

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