Genpact LTDG
Genpact LTD Revenue Disclosure
Net revenues
Disaggregation of revenue
Prior to the quarter that began on April 1, 2025, the Company disaggregated its revenue as revenue from either Data-Tech-AI or Digital Operations based on the nature of the solutions and services provided.
Beginning with the second quarter ended June 30, 2025, the Company now also disaggregates its revenue as revenue from Advanced Technology Solutions or Core Business Services.
Data-Tech-AI includes revenues from data and AI, digital technology, advisory, agentic solutions, decision support services, and technology services.
Digital Operations includes revenues from services related to running client operations, as well as certain IT support services for legacy applications, including end-user computing support and infrastructure production support.
During the first quarter of 2024, the Company realigned as Data-Tech-AI services certain services that had previously been designated as Digital Operations services based on the nature of work performed and the mode of delivery for these particular services, which have evolved over time. Accordingly, the Company has updated the classification of revenue derived from Digital Operations services and Data-Tech-AI services for the year ended December 31, 2023 to present comparable information.
In the following table, the Company’s revenue is disaggregated between Data-Tech-AI and Digital Operations:
| Year ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Data-Tech-AI | $ | 2,089,463 | $ | 2,233,872 | $ | 2,442,380 | |||||||||||
| Digital Operations | 2,387,425 | 2,533,267 | 2,637,499 | ||||||||||||||
| Net revenues | $ | 4,476,888 | $ | 4,767,139 | $ | 5,079,879 | |||||||||||
Advanced Technology Solutions includes revenues from solutions and services focused on data and AI, digital technology, advisory and agentic solutions.
Core Business services includes revenues from decision support services and technology services as well as Digital Operations.
In the following table, the Company’s revenue is disaggregated by the nature of solutions and services provided between Advanced Technology Solutions and Core Business Services:
| Year ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Advanced Technology Solutions | $ | 984,713 | $ | 1,029,134 | $ | 1,204,117 | |||||||||||
| Core Business Services | $ | 3,492,175 | $ | 3,738,006 | $ | 3,875,762 | |||||||||||
| Net revenues | $ | 4,476,888 | $ | 4,767,139 | $ | 5,079,879 | |||||||||||
All three of the Company's segments include revenue from each of the service types included in the tables above. See Note 23 for additional information.
Contract balances
Contract assets represent the contract acquisition fees or other upfront fees paid to a customer. Such costs are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. The Company’s assessment did not indicate any significant impairment losses on its contract assets for the periods presented.
24. Net revenues (Continued)
Contract liabilities include that portion of revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities is also included as part of contract liabilities. The contract liabilities are included within “Accrued expenses and other current liabilities” and “Other liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled pursuant to the contract with the customer.
The following table provides details of the Company’s contract balances:
| As of December 31, | |||||||||||
| 2024 | 2025 | ||||||||||
| Contract assets (Note a) | $ | 48,980 | $ | 64,811 | |||||||
| Contract liabilities (Note b) | |||||||||||
| Deferred transition revenue | $ | 106,769 | $ | 90,607 | |||||||
| Advance from customers | $ | 45,420 | $ | 159,584 | |||||||
(a) Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheets.
(b) Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheets.
Changes in the Company’s contract asset and liability balances during the years ended December 31, 2024 and 2025 were a result of normal business activity and not materially impacted by any other factors.
Revenue recognized during the years ended December 31, 2024 and 2025 that was included in the contract liabilities balance at the beginning of the period was $112,896 and $112,113, respectively.
The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of December 31, 2025:
| Particulars | Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||||||||||
| Transaction price allocated to remaining performance obligations | $ | 250,191 | $ | 203,128 | $ | 36,080 | $ | 10,364 | $ | 619 | |||||||||||||||||||
The following table provides details of the Company’s contract cost assets:
| As of December 31, 2024 | As of December 31, 2025 | ||||||||||||||||||||||
| Particulars | Sales incentive programs | Transition activities | Sales incentive programs | Transition activities | |||||||||||||||||||
| Opening balance | $ | 41,964 | $ | 160,579 | $ | 41,348 | $ | 159,552 | |||||||||||||||
| Closing balance | 41,348 | 159,552 | 34,556 | 162,863 | |||||||||||||||||||
| Amortization | 29,179 | 75,477 | 27,051 | 80,014 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.