EXLS · 10-Q · 2026Q1 · Full report

Geographic Revenue Shift

ExlService Holdings, Inc. · 2026-04-28 · Importance 54 · Surprise 40

The company continues to derive the vast majority of revenues from North America (83.0% of total revenues in Q1 2026) with the U.K. & Europe contributing 14.5%. International Growth Markets represented 17.0% of revenues by segment reporting and grew 13.4% year-over-year, aided in part by a 2.5% foreign-exchange benefit in that segment. The concentration in North America remains dominant, limiting geographic diversification despite IGM growth. Management highlights operations centers in India, the Philippines, South Africa, Colombia, Eastern Europe and Mexico as part of global delivery expansion.

Key facts

• International Growth Markets revenue growth decomposition: expansion from existing clients 8.0%, new clients 2.9% and foreign exchange gain net of hedging 2.5% for the three months ended March 31, 2026 versus the three months ended March 31, 2025.