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Grid Dynamics Holdings, Inc.

griddynamics.com

What Do They Do?

Builds artificial-intelligence and digital engineering systems for large companies, including retailers, technology firms, and financial institutions.

How Do They Make Money?

Customers pay for consulting and hosting services. Consulting fees are based on hours worked or fixed fees as work progresses; hosting is paid over the contract term.

revenue
SegmentShareRevenue
Retail
Recurring

29%
FY2022: 32%
Technology, Media and Telecom
Recurring

26%
FY2022: 32%
Finance
Recurring

24%
FY2022: 7.1%
CPG/Manufacturing
Recurring

10%
FY2022: 20%
Healthcare and Pharma
Recurring
2.5%
FY2022: 2.5%
Other
Recurring
7.3%
FY2022: 7.0%

Who Are Their Customers?

Large enterprises, particularly Fortune 1000 companies, engage through Grid Dynamics' direct enterprise sales and account teams; technology partnerships also generate sales opportunities.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025
0% of revenue
▼ −10% (Loss) vs FY2024 (−$2.1M, −1%)
Net income, FY2025
2% of revenue
▲ +139% vs FY2024 ($4M, 1%)
Free cash flow, FY2025
6% of revenue
▲ +37% vs FY2024 ($18.4M, 5%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +7%
vs $101.1M in Q2 FY2025
Net income
▼ −46%
vs $5.3M in Q2 FY2025
Retail share of revenue vs 28.5% in Q2 FY2025
  • Jul 30, 2026 Sets third-quarter and full-year revenue outlook It expects third-quarter revenue of $112.0 to $114.0 million and full-year revenue of $435.0 to $465.0 million.

Growing. Revenue grew 95% in 4 years, from $211.3M in FY2021 to $411.8M in FY2025, about 18% a year.

Enterprise AI focus The earlier report framed the work as broad digital transformation and engineering, while the latest centers the offer on enterprise AI readiness, AI infrastructure, and deploying AI at scale.

Revenue over time
Retail Technology, Media and Telecom Finance CPG/Manufacturing Healthcare and Pharma Other
$500M$250M$0

Who Do They Compete With?

Competes with Globant, Endava, Accenture, EPAM Systems, Capgemini, Cognizant Technology Solutions, Infosys Technologies, Tata Consultancy Services, and Wipro

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