EXLS · 10-Q · 2026Q1 · Full report

Revenue Growth and Demand Trends

ExlService Holdings, Inc. · 2026-04-28 · Importance 60 · Surprise 40

Total company revenues increased to $570.4 million in Q1 2026, up $69.4 million or 13.8% year-over-year, driven primarily by expansion with existing clients (11.8%) and incremental new-client wins (2.0%). Growth was broad-based across IMUs with Insurance, Healthcare & Life Sciences and International Growth Markets all contributing materially. The company attributes demand to data- and AI-led solutions and expanded digital operations deployments across insurance, healthcare, banking and other end markets. The concentration of growth from existing clients indicates deeper penetration of current accounts rather than reliance solely on new-sales momentum.

Key facts

• Healthcare and Life Sciences revenue growth decomposition: expansion from existing clients 20.5% and new clients 0.5% for the three months ended March 31, 2026 versus the three months ended March 31, 2025.
• Revenue growth was driven by expansion from existing clients of 11.8% and new client wins of 2.0% for the three months ended March 31, 2026 versus the three months ended March 31, 2025.
• Insurance revenue growth decomposition: expansion from existing clients 11.5% and new clients 1.2% for the three months ended March 31, 2026 versus the three months ended March 31, 2025.
• Banking, Capital Markets and Diversified Industries revenue growth decomposition: expansion from existing clients 4.1% and new clients 4.1% for the three months ended March 31, 2026 versus the three months ended March 31, 2025.