What is ExlService Holdings's net debt?

ExlService Holdings (EXLS) reported net debt of $355.91M in Q1 2026.

How has ExlService Holdings's net debt changed year-over-year?

ExlService Holdings's net debt increased by 55.0% year-over-year, from $229.58M to $355.91M.

What is the long-term trend for ExlService Holdings's net debt?

Over 5 years (2020 to 2025), ExlService Holdings's net debt has grown at a 17.8% compound annual growth rate (CAGR), from $105.72M to $239.81M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

ExlService Holdings EXLS Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$570.4M+13.8%

Gross profit$222.1M+14.9%

Operating income$91.8M+17.1%

Net income$67.1M+0.8%

EPS (diluted)$0.43+7.5%

Balance sheet

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Cash & equivalents$164.8M+4.0%

Total debt$520.7M+34.2%

Total equity$778.8M-23.0%

Total assets$1.7B0.0%

Cash flow

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Operating cash flow$1.7M-47.0%

CapEx$12.9M-0.1%

Free cash flow-$11.2M-15.6%

Valuation

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Market cap$3.96B-37.9%

Enterprise value$4.32B-35.2%

P/E15.8×-13.8×

P/S1.8×-1.5×

Profitability

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Gross margin38.5%+0.6pp

Operating margin15.2%+0.4pp

Net margin11.7%+0.3pp

FCF margin13.8%+0.8pp

Returns & leverage

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Return on equity28.1%+4.3pp

Debt / equity0.7×+0.3×

Current ratio2.7×-0.7×

Where this comes from

Calculated from ExlService Holdings’s reported figures.

$520.7Mtotal debt−$164.8Mcash and equivalents=$355.91M

The official record: ExlService Holdings’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is ExlService Holdings's net debt?: ExlService Holdings (EXLS) reported net debt of $355.91M in Q1 2026.
How has ExlService Holdings's net debt changed year-over-year?: ExlService Holdings's net debt increased by 55.0% year-over-year, from $229.58M to $355.91M.
What is the long-term trend for ExlService Holdings's net debt?: Over 5 years (2020 to 2025), ExlService Holdings's net debt has grown at a 17.8% compound annual growth rate (CAGR), from $105.72M to $239.81M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.