A global professional services firm that helps large companies run their everyday operations—processing insurance claims, managing customer service, and handling finance and supply-chain work—while weaving artificial intelligence into those processes. It began in 1997 as GE Capital International Services, a small pilot team inside General Electric, before spinning off in 2005. The name "Genpact" is a mashup of "Generating Business Impact," a nod to both its mission and its GE roots.
Advanced Technology Solutions revenue rose 24.1% to $363.3M, extending its acceleration, while operating cash flow fell 59.2% to $72.4M.
Advanced Technology Solutions accelerated for the fifth straight quarter. rose 7.1% to $1.34B and widened 0.6 points to 36.5%, driven by a 24.1% increase in Advanced Technology Solutions, while fell 59.2% to $72.4M as rose and customer advances declined. The growth engine is running faster, but it is consuming more .
Key takeaways
Advanced Technology Solutions rose 24.1% to $363.3M, extending an acceleration that began in Q2 2025 at 17.3% and reached 24.3% in Q1 2026, driven by demand for data, AI, and agentic solutions.
Total rose 7.1% to $1,343.4M, with Core Business Services up 1.9% to $980.1M, as the Advanced Technology Solutions continued to widen its share of the business.
improved 0.6 points to 36.5% from 35.9% a year earlier, helped by lower headcount and a foreign exchange benefit, partially offset by higher costs from resold partner technology.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 7.1% to $1.34B, driven by 24.1% growth in Advanced Technology Solutions, while gross margin expanded to 36.5%.
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Total net revenues grew 7.1% to $1,343.4 million, with Advanced Technology Solutions surging 24.1% to $363.3 million and Core Business Services up 1.9% to $980.1 million.
improved to 36.5% from 35.9%, driven by lower headcount and foreign exchange benefits, partially offset by higher costs from resold partner technology.
SG&A expenses rose 10.4% to $294.1M, increasing to 21.9% of from 21.2% a year ago, as the company continued to invest in partnerships, sales, and marketing capabilities.
fell 59.2% to $72.4M from $177.4M a year earlier, primarily from higher and reduced customer advances, while dropped 62.3% to $58.5M.
The company repaid its 2021 Senior Notes in April 2026, reducing to $1,154.1M from $1,160.2M at the end of Q1 2026, and raised its quarterly 10% to $0.1875 per share.
What changed
Advanced Technology Solutions growth accelerated to 24.1% in Q2 2026 from 24.3% in Q1 2026, holding near the prior quarter's pace and confirming the acceleration that began in Q2 2025 at 17.3% has not yet faded.
of 36.5% rose 0.1 point from Q1 2026's 36.4%, extending the improvement that began in Q2 2025, with the foreign exchange benefit cited in Q1 continuing into Q2.
swung from a $23.5M outflow in Q1 2026 to a $72.4M inflow in Q2 2026, but remained well below the $177.4M in Q2 2025, as the higher and reduced customer advances flagged in Q1 persisted.
SG&A as a percentage of rose to 21.9% from 20.8% in Q1 2026, as the strategic investments in partnerships and sales capabilities that began in prior quarters continued to scale.
What to watch
Q3 2026 Advanced Technology Solutions growth rate against the 24.1% Q2 increase to see if the acceleration holds or begins to decelerate.
Q3 2026 against the $72.4M Q2 level to see if and customer advances normalize after two quarters of pressure.
Resolution of the $792M 2015 Indian restructuring assessment and whether a reserve is recorded in a future filing.
FY2026 new against the $5.5B 2025 level after the decline from $5.7B in 2024, as conversion timing will shape the trajectory.
SG&A expenses rose 10.4% to $294.1 million due to increased strategic investments in partnerships, sales, and marketing capabilities.
increased 9.8% to $145.7 million, aided by a lower of 23.7% and a $2.1 million foreign exchange gain.
fell sharply to $48.9 million from $217.8 million, primarily due to higher and reduced customer advances.
The company repaid its 2021 Senior Notes in April 2026 and increased its quarterly by 10% to $0.1875 per share.
Quantitative and Qualitative Disclosures About Market Risk
Interest rate risk from floating-rate debt is partially hedged via swaps and treasury rate locks, with minimal remaining deferred losses.
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Floating-rate borrowings under the term loan and are tied to with a 0.0% floor plus an applicable margin.
The company uses interest rate swaps to convert floating-rate exposure to fixed rates between 4.25% and 4.72%.
Treasury rate lock agreements for the 2024 and 2025 Senior Notes were terminated, and remaining deferred losses to be amortized total $0.2 million each as of June 30, 2026.
The 2021 Senior Notes, which have been repaid, carried interest rate risk tied to credit ratings, with potential increases of up to 2% upon downgrades.
No quantitative sensitivity analysis for foreign currency, commodity, or equity price risk is provided in this section.
The information set forth in Part I, Item 1A—“Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 related to the 2023 ITA Order and in subsection (b) to Note 22—“Commitments and contingencies—Contingency” under Part I, Item 1—“Unaudited Consolida…
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The information set forth in Part I, Item 1A—“Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 related to the 2023 ITA Order and in subsection (b) to Note 22—“Commitments and contingencies—Contingency” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above is incorporated herein by reference.
We have disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 the risk factors that materially affect our business, financial condition or results of operations. You should carefully consider the risk factors set forth…
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We have disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 the risk factors that materially affect our business, financial condition or results of operations. You should carefully consider the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 as well as the other information that appears elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025. You should be aware that these risk factors and other information may not describe every risk facing our Company. Additional risks and uncertainties not currently known to us may also materially adversely affect our business, financial condition and/or results of operations.