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GRID DYNAMICS HOLDINGS, INC. (GDYN) Annual Reports

Q: Where can I read GRID DYNAMICS HOLDINGS, INC. (GDYN) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

GRID DYNAMICS HOLDINGS, INC. is listed on Nasdaq, classified by the SEC under Services-Prepackaged Software (SIC 7372). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1743725 →

Website：Official site ↗

Financial Highlights

FY2026 Q3 (quarterly, ended 2026-09-30)
	Current	Prior year	YoY
Revenue	$114.3M	$104.2M	+9.7%
Operating income	$9.1M	$-241,000	+3891.3%
Net income	$6.2M	$1.2M	+423.7%
EPS (diluted)	$0.08	$0.01	+700.0%

Company guidance
	Period	Range
EBITDA	Q4 2026	$20M – $22M
Revenue	Q4	$114M – $116M

Figures are the company’s own outlook as stated in its earnings release, not analyst estimates.

Source: SEC EDGAR (XBRL company facts); guidance from Form 8-K Exhibit 99.1

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 114 mn Net income 6.16 mn

Show table：Income statement

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Revenue	—	—	91.9	26.3	28.6	31.4	32.0	32.5	22.4	26.3	30.1	39.1	47.7	57.9	66.5	71.4	77.3	81.2	80.6	80.1	77.3	77.4	78.1	79.8	83.0	87.4	100	100	101	104	106	104	108	114
Gross profit	—	—	39.3	10.3	11.4	13.8	12.7	9.82	8.39	11.2	12.3	15.3	19.8	25.3	27.3	26.8	28.9	32.7	32.3	28.6	28.3	28.1	28.1	27.7	29.6	32.7	37.0	37.0	34.5	34.7	36.1	36.2	39.6	46.1
Operating income	0	0	-0.32	-0.32	-0.28	-0.69	-5.86	-7.03	-3.19	-1.67	-3.56	-1.78	1.38	1.97	-1.53	0.2	-10.8	-4.75	-5.61	-5.99	1.33	0.14	-1.06	-5.54	0.04	2.14	1.26	-2.04	-0.12	-0.24	0.51	-3.68	1.28	9.14
Net income	0	0	0.62	0.72	0.77	0.27	-5.08	-4.60	-2.17	-1.12	-4.72	2.06	1.48	-0.55	-3.61	-2.67	-13.2	-6.66	-6.70	-7.97	2.63	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18	0.31	-1.47	2.85	6.16

Balance sheet

Quarterly · In mn (USD)

Total assets 602 mn Total liabilities 78.6 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Current assets	—	—	1.21	1.05	0.83	0.46	0.28	145	144	148	135	127	107	241	193	207	208	319	323	330	321	326	324	323	330	323	423	422	433	441	440	432	410	416
Total assets	—	0.35	222	223	224	224	224	154	154	158	167	160	173	305	257	276	278	390	411	420	431	436	435	435	444	477	592	591	609	613	613	605	600	602
Current liabilities	—	0.33	0.45	0.74	0.42	0.27	5.70	—	—	—	13.3	18.0	25.2	24.2	25.3	32.7	38.6	31.6	38.7	50.4	53.5	52.5	42.2	43.1	46.3	54.2	55.5	58.2	58.7	57.8	52.1	54.9	56.9	56.8
Total liabilities	—	—	8.15	8.44	8.12	7.97	13.4	9.77	7.57	7.80	15.4	20.1	30.1	29.1	29.7	44.5	45.3	39.3	48.1	59.7	64.7	62.8	52.3	52.5	55.2	77.0	74.4	73.5	76.7	75.5	70.8	74.9	80.4	78.6
Equity	0.02	0.02	5.00	5.00	5.00	5.00	5.00	144	146	150	152	140	143	276	227	231	233	351	363	360	367	373	383	383	388	400	518	517	532	538	542	530	520	524

Cash flow

Quarterly · In mn (USD)

Operating 16.0 mn Investing -2.76 mn Financing -6.96 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Operating	0	0	-0.3	-0.26	-0.87	-0.92	-0.94	-2.89	1.97	3.92	2.93	3.04	3.61	8.01	3.32	9.52	5.81	4.32	12.0	11.7	10.9	11.0	7.56	3.24	10.7	9.21	7.07	9.35	14.4	6.97	9.90	8.39	6.10	16.0
Investing	—	—	-220	0.12	0.66	0.61	0.41	-0.69	-0.42	-0.5	-16.7	-0.85	-31.7	-1.08	-1.76	-1.65	-2.56	-1.17	-10.9	-1.59	-20.0	-1.84	-2.53	-3.94	-2.91	-34.5	-9.99	-3.34	-3.97	-4.03	-3.80	-3.96	-17.6	-2.76
Financing	0.04	0.01	221	-2.00	16.6	0	-14.3	82.9	0.06	0.02	0.02	-15.1	-3.77	124	-56.4	1.36	-5.75	103	-0.74	-8.94	-4.51	-1.02	-1.85	-7.00	-0.91	0.14	109	-15.8	-1.02	-0.63	-2.45	-17.6	-17.6	-6.96
Cash at period end	0.04	0.05	1.01	0.87	0.66	0.36	0.14	121	123	127	113	99.8	68.0	199	144	153	150	255	257	258	246	254	257	249	256	231	335	326	337	339	342	327	298	304

Profitability

Quarterly · %

Gross margin 40.3% Operating margin 8.0% Net margin 5.4%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Gross margin	—	—	42.8%	39.4%	39.9%	43.9%	39.6%	30.3%	37.5%	42.4%	40.7%	39.2%	41.5%	43.6%	41.1%	37.5%	37.3%	40.3%	40.1%	35.7%	36.6%	36.4%	36.0%	34.7%	35.6%	37.4%	36.9%	36.8%	34.1%	33.3%	34.0%	34.8%	36.6%	40.3%
Operating margin	—	—	-0.3%	-1.2%	-1.0%	-2.2%	-18.3%	-21.7%	-14.3%	-6.3%	-11.8%	-4.5%	2.9%	3.4%	-2.3%	0.3%	-14.0%	-5.8%	-7.0%	-7.5%	1.7%	0.2%	-1.4%	-6.9%	0.1%	2.4%	1.3%	-2.0%	-0.1%	-0.2%	0.5%	-3.5%	1.2%	8.0%
Net margin	—	—	0.7%	2.7%	2.7%	0.9%	-15.9%	-14.2%	-9.7%	-4.2%	-15.7%	5.3%	3.1%	-0.9%	-5.4%	-3.7%	-17.1%	-8.2%	-8.3%	-9.9%	3.4%	0.9%	3.7%	-5.0%	-1.0%	4.9%	4.5%	2.9%	5.2%	1.1%	0.3%	-1.4%	2.6%	5.4%

Returns & leverage

Quarterly · %

ROE 1.5% ROA 1.3% Debt ratio 13.0%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
ROE	—	—	—	26.7%	84.0%	94.7%	-66.4%	-11.6%	-15.3%	-16.7%	-16.1%	-4.2%	-1.6%	-0.8%	-0.3%	-2.9%	-10.6%	-8.3%	-9.9%	-11.7%	-6.2%	-3.1%	-0.5%	0.6%	-0.3%	0.6%	0.9%	2.4%	3.7%	3.0%	1.8%	1.0%	0.5%	1.5%
ROA	—	—	—	0.6%	0.9%	2.1%	-1.5%	-4.6%	-6.1%	-6.8%	-6.4%	-3.8%	-1.4%	-0.8%	-0.3%	-2.5%	-8.9%	-7.5%	-8.8%	-9.9%	-5.3%	-2.8%	-0.4%	0.5%	-0.3%	0.5%	0.8%	2.1%	3.2%	2.5%	1.6%	0.9%	0.5%	1.3%
Debt ratio	—	—	3.7%	3.8%	3.6%	3.6%	6.0%	6.3%	4.9%	4.9%	9.2%	12.5%	17.4%	9.6%	11.6%	16.1%	16.3%	10.1%	11.7%	14.2%	15.0%	14.4%	12.0%	12.1%	12.4%	16.1%	12.6%	12.4%	12.6%	12.3%	11.6%	12.4%	13.4%	13.0%

EPS

Quarterly · US$

EPS US$0.08

Show table：EPS

Item	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
EPS（US$）	—	—	0.46	0.04	0.16	0.20	0.09	-0.09	-0.04	-0.02	-0.10	-0.04	-0.03	-0.01	-0.06	-0.04	-0.20	-0.10	-0.09	-0.11	0.03	0.01	0.04	-0.05	-0.01	0.05	0.06	0.03	0.06	0.01	0.00	-0.02	0.03	0.08

Revenue & profit

Year-to-date · In mn (USD)

Revenue 327 mn Net income 7.54 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 602 mn Total liabilities 78.6 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 30.5 mn Investing -24.4 mn Financing -42.1 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 37.3% Operating margin 2.1% Net margin 2.3%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 1.5% ROA 1.3% Debt ratio 13.0%

EPS

Year-to-date · US$

EPS US$0.09

Revenue & profit

Annual · In mn (USD)

Revenue 412 mn Net income 9.67 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2019	2020	2021	2022	2023	2024	2025
Revenue	118	111	211	310	313	351	412
Gross profit	48.2	41.6	87.7	121	113	127	142
Operating income	-7.14	-15.4	0.05	-21.0	-5.58	-2.10	-1.89
Net income	-3.32	-12.6	-0.61	-29.2	-1.76	4.04	9.67

Balance sheet

Annual · In mn (USD)

Total assets 613 mn Total liabilities 70.8 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2019	2020	2021	2022	2023	2024	2025
Current assets	0.28	135	193	323	324	423	440
Total assets	224	167	257	411	435	592	613
Current liabilities	5.70	13.3	25.3	38.7	42.2	55.5	52.1
Total liabilities	13.4	15.4	29.7	48.1	52.3	74.4	70.8
Equity	5.00	152	227	363	383	518	542

Cash flow

Annual · In mn (USD)

Operating 40.6 mn Investing -15.1 mn Financing -19.9 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2019	2020	2021	2022	2023	2024	2025
Operating	-2.99	5.93	18.0	31.6	41.1	30.2	40.6
Investing	1.81	-18.3	-35.4	-16.3	-25.9	-51.3	-15.1
Financing	0.31	83.0	49.1	97.8	-16.3	101	-19.9
Cash at period end	0.14	113	144	257	257	335	342

Profitability

Annual · %

Gross margin 34.6% Operating margin -0.5% Net margin 2.4%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2019	2020	2021	2022	2023	2024	2025
Gross margin	40.8%	37.4%	41.5%	38.8%	36.2%	36.2%	34.6%
Operating margin	-6.0%	-13.9%	0.0%	-6.8%	-1.8%	-0.6%	-0.5%
Net margin	-2.8%	-11.3%	-0.3%	-9.4%	-0.6%	1.1%	2.4%

Returns & leverage

Annual · %

ROE 1.8% ROA 1.6% Debt ratio 11.6%

Show table：Returns & leverage

Item	2019	2020	2021	2022	2023	2024	2025
ROE	-66.4%	-16.1%	-0.3%	-9.9%	-0.5%	0.9%	1.8%
ROA	-1.5%	-6.4%	-0.3%	-8.8%	-0.4%	0.8%	1.6%
Debt ratio	6.0%	9.2%	11.6%	11.7%	12.0%	12.6%	11.6%

EPS

Annual · US$

EPS US$0.10

Show table：EPS

Item	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	0.49	-0.25	-0.14	-0.43	-0.03	0.05	0.10

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read GRID DYNAMICS HOLDINGS, INC. (GDYN) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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