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
-4.0%
TRAILING MARKET
GDYN +0.3% vs S&P +4.3%
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
GDYN Forward Guidance & Outlook
For Q2 2026, Grid Dynamics expects revenues of $106.0 to $108.0 million and non-GAAP EBITDA of $14.0 to $15.0 million, with basic share count of 84-85 million and diluted share count of 85-86 million. For full-year 2026, the company expects revenues of $435.0 to $465.0 million, representing 5.6% to 12.9% year-over-year growth. The pipeline entering Q2 is described as strong, with AI revenues accelerating and the top five accounts now entirely outside retail, reflecting diversification into technology and financial services.
GDYN YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
GDYN Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
GDYN Earnings Trends
GDYN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GDYN EPS Trend
Earnings per share: estimate vs actual
GDYN Revenue Trend
Quarterly revenue: estimate vs actual
GDYN Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.08 | $0.09 | +8.17% | $104.1M | +0.75% |
| Q4 25 BEAT FY | $0.09 | $0.10 | +9.41% | $106.2M | +0.22% |
| FY Full Year | — | $0.40 | — | $411.8M | — |
| Q3 25 MISS | $0.09 | $0.09 | -3.74% | $104.2M | +0.44% |
| Q2 25 BEAT | $0.10 | $0.10 | +2.04% | $101.1M | -0.23% |