Globant Reports 2026 First Quarter Financial Results

LUXEMBOURG, May 14, 2026 /PRNewswire/ — Globant (NYSE: GLOB) today announced results for the three months ended March 31, 2026.

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“Globant’s mission is to reinvent how technology is created, and today we are leading one of the most significant pivots in our history toward AI-native tech services as the market shifts from experimentation to deep AI implementation. Our AI Pods are the engine of this transformation, with ARR reaching $32.8 million as of March 2026. We are moving beyond the traditional ‘seats’ model by becoming the AI-native partner that collapses the boundary between software and services, redefining what it means to be a professional services firm in the AI era,” explained Martín Migoya, Globant’s CEO and co-founder.

“We have begun the year with a focus on stability and execution, seeing the early benefits of our pivot toward AI-integrated delivery. Our first-quarter revenue exceeded the high end of our guidance, bolstered by the growth of our top clients. By driving Revenue Per Head to company record levels, we are proving we can deliver higher value with greater efficiency. Furthermore, we demonstrated strong financial health by generating $36.1 million in free cash flow. Having successfully completed our previous share repurchase program during Q2, we are pleased to announce a new $125 million plan to continue returning value to our shareholders. As we look ahead, we remain focused on maintaining this discipline to capture the opportunities in our pipeline,” explained Juan Urthiague, Globant’s CFO.

Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.

First Quarter 2026 Financial Highlights

• Revenues were $607.1 million, exceeding the company’s guidance and representing 0.7% year-over-year decline.
• IFRS Gross Profit Margin was 34.5% compared to 34.9% in the first quarter of 2025.
• Non-IFRS Adjusted Gross Profit Margin was 37.0% compared to 38.0% in the first quarter of 2025.
• IFRS Profit from Operations Margin was 8.5% compared to 8.2% in the first quarter of 2025.
• Non-IFRS Adjusted Profit from Operations Margin was 14.1% compared to 14.8% in the first quarter of 2025.
• IFRS Diluted EPS was $0.85 compared to $0.68 in the first quarter of 2025.
• Non-IFRS Adjusted Diluted EPS was $1.50 compared to $1.50 in the first quarter of 2025.

Other Financial Highlights as of and for the quarter ended March 31, 2026

• Cash and cash equivalents and Short-term investments were $200.5 million as of March 31, 2026.
• The Company invested $50.0 million during the first quarter under its share repurchase program. As of March 31, 2026, the Company had $25.0 million remaining for repurchase under its share repurchase authorization.
• Globant completed the first quarter of 2026 with 28,510 Globers, 26,702 of whom were technology, design and innovation professionals.
• The geographic revenue breakdown for the first quarter of 2026 was as follows: 53.5% from North America (top country: US), 20.5% from Latin America (top country: Argentina), 19.7% from Europe (top country: Spain) and 6.3% from New Markets[1] (top country: Saudi Arabia).
• Globant’s top customer, top five customers and top ten customers for the first quarter of 2026 represented 8.9%, 21.1% and 30.5% of revenues, respectively.
• During the twelve months ended March 31, 2026, Globant served a total of 943 customers (with revenues over $100,000 in the last twelve months), with 333 accounts generating more than $1 million of annual revenues, compared to 341 for the same period one year ago.
• In terms of currencies, 64.5% of Globant’s revenues for the first quarter of 2026 were denominated in US dollars.

2026 Second Quarter and Full Year Outlook

Based on current market conditions, Globant is providing the following estimates for the second quarter and the full year of 2026:

• Second quarter 2026 Revenues are estimated to be in the range of $610 million to $616 million, representing a 0.7% year-over-year decline to 0.3% year-over-year increase. This outlook includes a positive FX impact of 100 basis points.
• Second quarter 2026 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 14.0% to 15.0%.
• Second quarter 2026 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of 1.45 to 1.55 (assuming an average of 43.6 million diluted shares outstanding during the second quarter).
• Fiscal year 2026 Revenues are estimated to be in the range of $2,462 million to $2,508 million, implying 0.3% to 2.2% year-over-year revenue growth. This expected growth includes a positive FX impact of 100 basis points.
• Fiscal year 2026 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 14.0% to 15.0%.
• Fiscal year 2026 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $6.10 to $6.50 (assuming an average of 44.1 million diluted shares outstanding during 2026).

Shareholder Letter, Conference Call and Webcast A shareholder letter will be available in the Investor Relations section of Globant’s website.Martin Migoya, Chief Executive Officer and co-founder, Diego Tártara, Chief Technology Officer, Juan Urthiague, Chief Financial Officer, and Fernando Matzkin, Chief Revenue Officer, will discuss the results in a video conference call and a live Q&A session beginning today at 4:30 pm ET.

Video conference call access information is:https://more.globant.com/F1Q26EarningsCallWebcast http://investors.globant.com/

[1] Represents Asia, Oceania and the Middle East.

About Globant (NYSE:GLOB)At Globant, we help organizations thrive in a digital and AI-powered future. Our industry-focused solutions combine technology and creativity to accelerate enterprise transformation and design experiences customers demand. Through digital reinvention, our subscription-based AI Pods, and Globant Enterprise AI platform, we turn challenges into measurable business results and promised savings into real impact.

We have more than 28,500 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.

We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.

For more information, please visit www.globant.com

Non-IFRS Financial MeasuresWhile the financial figures included in this press release have been computed in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” or a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited.

Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS Accounting Standards. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, business optimization costs, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of March 31, 2026 and December 31, 2025 and its condensed interim consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.

Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

Forward Looking Statements In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.

Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Globant S.A.

Condensed Interim Consolidated Statements of Comprehensive Income

(In thousands of U.S. dollars, except per share amounts, unaudited)

Three months ended

March 31, March 31,
2026 2025

Revenues 607,085 611,085

Cost of revenues (397,604) (397,855)

Gross profit 209,481 213,230

Selling, general and administrative expenses (158,406) (161,695)

Net impairment losses on financial assets (794) (1,679)

Other operating income and expenses, net 1,391

Profit from operations 51,672 49,856

Finance income 1,822 945

Finance expense (9,432) (9,627)

Other financial results, net 1,760 1,100

Financial results, net (5,850) (7,582)

Share of results of investment in associates (65) (17)

Other income and expenses, net 4,917 (3,271)

Profit before income tax 50,674 38,986

Income tax (11,904) (8,491)

Net income for the period 38,770 30,495

Other comprehensive income, net of income tax effects

Items that may be reclassified subsequently to profit and loss:

– Exchange differences on translating foreign operations (5,643) 29,089

– Remeasurement on defined benefit plan 196

– Gains and losses on cash flow hedges (3,616) 10,158

Total comprehensive income for the period 29,707 69,742

Net income attributable to:

Owners of the Company 36,979 30,635

Non-controlling interest 1,791 (140)

Net income for the period 38,770 30,495

Total comprehensive income for the period attributable to:

Owners of the Company 29,047 67,724

Non-controlling interest 660 2,018

Total comprehensive income for the period 29,707 69,742

Earnings per share

Basic 0.86 0.70

Diluted 0.85 0.68

Weighted average of outstanding shares (in thousands)

Basic 43,076 44,057

Diluted 43,352 45,182

Globant S.A.

Condensed Interim Consolidated Statements of Financial Position as of March 31, 2026 and December 31, 2025

(In thousands of U.S. dollars, unaudited)

March 31,
2026 December 31, 2025

ASSETS

Current assets

—

Cash and cash equivalents 195,293 243,742

Investments 5,244 6,594

Trade receivables 605,760 577,673

Other assets 32,826 35,117

Other receivables 76,316 84,405

Other financial assets 5,899 6,226

Total current assets 921,338 953,757

Non-current assets

—

Investments 2,578 2,489

Other assets 4,138 4,424

Other receivables 60,586 49,496

Deferred tax assets 93,607 91,065

Investment in associates 1,039 1,727

Other financial assets 29,930 29,930

Property and equipment 132,655 137,331

Intangible assets 328,163 345,951

Right-of-use assets 93,321 100,542

Goodwill 1,598,230 1,601,523

Total non-current assets 2,344,247 2,364,478

TOTAL ASSETS 3,265,585 3,318,235

LIABILITIES

Current liabilities

—

Trade payables 112,668 112,590

Payroll and social security taxes payable 190,665 203,395

Borrowings 19,503 19,666

Other financial liabilities 119,472 169,605

Lease liabilities 28,499 28,511

Tax liabilities 21,385 33,205

Income tax payable 12,468 10,730

Other liabilities 2,207 2,591

Total current liabilities 506,867 580,293

Non-current liabilities

—

Trade payables 7,692 3,684

Borrowings 342,268 347,040

Other financial liabilities 88,121 90,499

Lease liabilities 72,400 78,428

Deferred tax liabilities 27,299 30,906

Income tax payable 6,429 1,428

Payroll and social security taxes payable 2,341 2,358

Contingent liabilities 21,277 21,963

Total non-current liabilities 567,827 576,306

TOTAL LIABILITIES 1,074,694 1,156,599

Capital and reserves

Issued capital 51,914 52,604

Additional paid-in capital 1,168,217 1,167,979

Other reserves (100,653) (92,721)

Retained earnings 1,002,718 965,739

Total equity attributable to owners of the Company 2,122,196 2,093,601

Non-controlling interests 68,695 68,035

Total equity 2,190,891 2,161,636

TOTAL EQUITY AND LIABILITIES 3,265,585 3,318,235

Globant S.A.
Selected Cash Flow Data
(In thousands of U.S. dollars, unaudited)

Three Months Ended

March 31, March 31,
2026 2025

Net Income for the period 38,770 30,495

Non-cash adjustments, taxes and others 75,930 73,625

Changes in working capital (60,262) (88,429)

Cash flows from operating activities 54,438 15,691

Capital expenditures (18,372) (21,405)

Cash flows from investing activities (31,014) (26,489)

Cash flows from financing activities (71,862) (16,980)

Net increase/decrease in cash & cash equivalents (48,438) (27,778)

Globant S.A.
Supplemental Non-IFRS Financial Information
(In thousands of U.S. dollars, unaudited)

Three Months Ended

March 31,
2026 March 31, 2025

Reconciliation of adjusted gross profit

Gross profit 209,481 213,230

Depreciation and amortization expense 11,589 11,156

Share-based compensation expense – Equity settled 3,306 7,690

Adjusted gross profit 224,376 232,076

Adjusted gross profit margin 37.0 % 38.0 %

Reconciliation of selling, general and administrative expenses

Selling, general and administrative expenses (158,406) (161,695)

Depreciation and amortization expense 26,544 29,655

Share-based compensation expense – Equity settled 14,894 13,385

Acquisition-related charges (a) 4,417 6,567

Adjusted selling, general and administrative expenses (112,551) (112,088)

Adjusted selling, general and administrative expenses as % of revenues (18.5) % (18.3) %

Reconciliation of adjusted profit from operations

Profit from operations 51,672 49,856

Share-based compensation expense – Equity settled 18,200 21,075

Acquisition-related charges (a) 15,552 19,605

Adjusted profit from operations 85,424 90,536

Adjusted profit from operations margin 14.1 % 14.8 %

Reconciliation of net income for the period

Net income for the period 36,979 30,635

Share-based compensation expense – Equity settled 18,186 21,019

Acquisition-related charges (a) 18,343 27,957

Tax effect of non-IFRS adjustments (8,347) (11,776)

Adjusted net income 65,161 67,835

Adjusted net income margin 10.7 % 11.1 %

Calculation of adjusted diluted EPS

Adjusted net income 65,161 67,835

Diluted shares 43,352 45,182

Adjusted diluted EPS 1.50 1.50

Globant S.A.
Schedule of Supplemental Information (unaudited)

Metrics Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Total Employees 31,102 30,084 29,020 28,773 28,510

IT Professionals 29,022 28,097 27,123 26,906 26,702

North America Revenues % 55.5 54.1 53.8 53.8 53.5

Latin America Revenues % 19.6 19.7 19.9 21.1 20.5

Europe Revenues % 18.2 19.6 19.4 19.3 19.7

New Markets Revenues % 6.7 6.6 6.9 5.8 6.3

USD Revenues % 67.2 64.1 63.2 64.0 64.5

Other Currencies Revenues % 32.8 35.9 36.8 36.0 35.5

Top Customer % 8.8 8.6 8.7 8.5 8.9

Top 5 Customers % 20.0 20.3 20.7 20.5 21.1

Top 10 Customers % 29.1 29.3 29.5 29.4 30.5

Customers Served (Last Twelve Months)* 1,004 981 978 944 943

Customers with >$1M in Revenues (Last Twelve Months) 341 339 339 336 333

(*) Represents customers with more than $100,000 in revenues in the last twelve months.

Investor Relations Contact:Arturo Langa, [email protected]+1 (877) 215-5230

Media Contact:Gregorio Lascano, [email protected]+1 (877) 215-5230

Source: Globant

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