# EDGAR Filing Document

**Accession Number:** 0001398659
**File Stem:** 0001398659-26-000004
**Filing Date:** 2026-2
**Character Count:** 626799
**Document Hash:** 275d0386fcb7f5d34bb75f1aae9e5025
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398659-26-000004.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001398659-26-000004

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 167

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Genpact LTD
- **CENTRAL INDEX KEY:** 0001398659
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 980533350
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33626
- **FILM NUMBER:** 26683901

**BUSINESS ADDRESS:**
- **STREET 1:** CANON'S COURT
- **STREET 2:** 22 VICTORIA STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 12
- **BUSINESS PHONE:** 4412952244

**MAIL ADDRESS:**
- **STREET 1:** CANON'S COURT
- **STREET 2:** 22 VICTORIA STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 12

?xml version='1.0' encoding='ASCII'? g-20251231

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-K** 

☒ **Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025.**

☐ **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .**

 

Commission file number: **001-33626**

**GENPACT LIMITED**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Bermuda** | **98-0533350** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**Canon's Court**

**22 Victoria Street**

**Hamilton HM 12**

**Bermuda**

**(441) 298-3300**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive office)

 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common shares, par value $0.01 per share | G | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was $7,632,233,960, based on the closing price of the registrant's common shares, par value $0.01 per share, reported on the New York Stock Exchange on such date of $44.01 per share. Directors, executive officers and significant shareholders of Genpact Limited are considered affiliates for purposes of this calculation, but should not necessarily be deemed affiliates for any other purpose.

As of February 24, 2026, there were 169,863,795 common shares of the registrant outstanding.

**Documents incorporated by reference:**

The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2025. Portions of the proxy statement are incorporated herein by reference to the following parts of this Annual Report on Form 10-K:

Part III, Item 10, Directors, Executive Officers and Corporate Governance;

Part III, Item 11, Executive Compensation;

Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters;

Part III, Item 13, Certain Relationships and Related Transactions, and Director Independence; and

Part III, Item 14, Principal Accountant Fees and Services.

Auditor name: KPMG Assurance and Consulting Services LLP Auditor Location: Mumbai, Maharashtra, India Auditor Firm ID: 2115

------

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Page No.** |
| **PART I** | **<u>Item No.</u>** | **<u>Item No.</u>** | |
|  | 1. | <u>[Business](#i633c309ef82847beaa5e818ee8c0dc6b_13)</u> | [8](#i633c309ef82847beaa5e818ee8c0dc6b_13) |
|  | 1A. | <u>[Risk Factors](#i633c309ef82847beaa5e818ee8c0dc6b_16)</u> | [21](#i633c309ef82847beaa5e818ee8c0dc6b_16) |
|  | 1B. | <u>[Unresolved Staff Comments](#i633c309ef82847beaa5e818ee8c0dc6b_19)</u> | [46](#i633c309ef82847beaa5e818ee8c0dc6b_19) |
|  | 1C. | <u>[Cybersecurity](#i633c309ef82847beaa5e818ee8c0dc6b_4129)</u> | [46](#i633c309ef82847beaa5e818ee8c0dc6b_4129) |
|  | 2. | <u>[Properties](#i633c309ef82847beaa5e818ee8c0dc6b_22)</u> | [47](#i633c309ef82847beaa5e818ee8c0dc6b_22) |
|  | 3. | <u>[Legal Proceedings](#i633c309ef82847beaa5e818ee8c0dc6b_25)</u> | [47](#i633c309ef82847beaa5e818ee8c0dc6b_25) |
|  | 4. | <u>[Mine Safety Disclosures](#i633c309ef82847beaa5e818ee8c0dc6b_28)</u> | [47](#i633c309ef82847beaa5e818ee8c0dc6b_28) |
| **PART II** |  |  |  |
|  | 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i633c309ef82847beaa5e818ee8c0dc6b_34)</u> | [48](#i633c309ef82847beaa5e818ee8c0dc6b_34) |
|  | 6. | <u>[\[](#i633c309ef82847beaa5e818ee8c0dc6b_37)[Reserved](#i633c309ef82847beaa5e818ee8c0dc6b_37)[\]](#i633c309ef82847beaa5e818ee8c0dc6b_37)</u> | [49](#i633c309ef82847beaa5e818ee8c0dc6b_37) |
|  | 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i633c309ef82847beaa5e818ee8c0dc6b_40)</u> | [50](#i633c309ef82847beaa5e818ee8c0dc6b_40) |
|  | 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i633c309ef82847beaa5e818ee8c0dc6b_91)</u> | [69](#i633c309ef82847beaa5e818ee8c0dc6b_91) |
|  | 8. | <u>[Financial Statements and Supplementary Data](#i633c309ef82847beaa5e818ee8c0dc6b_94)</u> | [70](#i633c309ef82847beaa5e818ee8c0dc6b_94) |
|  | 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i633c309ef82847beaa5e818ee8c0dc6b_97)</u> | [70](#i633c309ef82847beaa5e818ee8c0dc6b_97) |
|  | 9A. | <u>[Controls and Procedures](#i633c309ef82847beaa5e818ee8c0dc6b_100)</u> | [70](#i633c309ef82847beaa5e818ee8c0dc6b_100) |
|  | 9B. | <u>[Other Information](#i633c309ef82847beaa5e818ee8c0dc6b_103)</u> | [71](#i633c309ef82847beaa5e818ee8c0dc6b_103) |
|  | 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i633c309ef82847beaa5e818ee8c0dc6b_5497558142419)</u> | [71](#i633c309ef82847beaa5e818ee8c0dc6b_103) |
| **PART III** |  |  |  |
|  | 10. | <u>[Directors, Executive Officers and Corporate Governance](#i633c309ef82847beaa5e818ee8c0dc6b_109)</u> | [72](#i633c309ef82847beaa5e818ee8c0dc6b_109) |
|  | 11. | <u>[Executive Compensation](#i633c309ef82847beaa5e818ee8c0dc6b_112)</u> | [72](#i633c309ef82847beaa5e818ee8c0dc6b_112) |
|  | 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i633c309ef82847beaa5e818ee8c0dc6b_115)</u> | [72](#i633c309ef82847beaa5e818ee8c0dc6b_115) |
|  | 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i633c309ef82847beaa5e818ee8c0dc6b_118)</u> | [72](#i633c309ef82847beaa5e818ee8c0dc6b_118) |
|  | 14. | <u>[Principal Accountant Fees and Services](#i633c309ef82847beaa5e818ee8c0dc6b_121)</u> | [72](#i633c309ef82847beaa5e818ee8c0dc6b_121) |
| **PART IV** |  |  |  |
|  | 15. | <u>[Exhibits and Financial Statement Schedules](#i633c309ef82847beaa5e818ee8c0dc6b_127)</u> | [73](#i633c309ef82847beaa5e818ee8c0dc6b_127) |
|  | 16. | <u>[Form 10-K Summary](#i633c309ef82847beaa5e818ee8c0dc6b_130)</u> | [76](#i633c309ef82847beaa5e818ee8c0dc6b_130) |
| **<u>[SIGNATURES](#i633c309ef82847beaa5e818ee8c0dc6b_310)</u>** | **<u>[SIGNATURES](#i633c309ef82847beaa5e818ee8c0dc6b_310)</u>** | **<u>[SIGNATURES](#i633c309ef82847beaa5e818ee8c0dc6b_310)</u>** | [77](#i633c309ef82847beaa5e818ee8c0dc6b_310) |
| **CONSOLIDATED FINANCIAL STATEMENTS** | **CONSOLIDATED FINANCIAL STATEMENTS** | **CONSOLIDATED FINANCIAL STATEMENTS** |  |
| <u>[Reports of Independent Registered Public Accounting Firm](#i633c309ef82847beaa5e818ee8c0dc6b_136)</u> | <u>[Reports of Independent Registered Public Accounting Firm](#i633c309ef82847beaa5e818ee8c0dc6b_136)</u> | <u>[Reports of Independent Registered Public Accounting Firm](#i633c309ef82847beaa5e818ee8c0dc6b_136)</u> | F-[2](#i633c309ef82847beaa5e818ee8c0dc6b_136) |
| <u>[Consolidated Balance Sheets](#i633c309ef82847beaa5e818ee8c0dc6b_139)</u> | <u>[Consolidated Balance Sheets](#i633c309ef82847beaa5e818ee8c0dc6b_139)</u> | <u>[Consolidated Balance Sheets](#i633c309ef82847beaa5e818ee8c0dc6b_139)</u> | F-[6](#i633c309ef82847beaa5e818ee8c0dc6b_139) |
| <u>[Consolidated Statements of Income](#i633c309ef82847beaa5e818ee8c0dc6b_145)</u> | <u>[Consolidated Statements of Income](#i633c309ef82847beaa5e818ee8c0dc6b_145)</u> | <u>[Consolidated Statements of Income](#i633c309ef82847beaa5e818ee8c0dc6b_145)</u> | F-[7](#i633c309ef82847beaa5e818ee8c0dc6b_145) |
| <u>[Consolidated Statements of Comprehensive Income (Loss)](#i633c309ef82847beaa5e818ee8c0dc6b_148)</u> | <u>[Consolidated Statements of Comprehensive Income (Loss)](#i633c309ef82847beaa5e818ee8c0dc6b_148)</u> | <u>[Consolidated Statements of Comprehensive Income (Loss)](#i633c309ef82847beaa5e818ee8c0dc6b_148)</u> | F-[8](#i633c309ef82847beaa5e818ee8c0dc6b_148) |
| <u>[Consolidated Statements of Equity](#i633c309ef82847beaa5e818ee8c0dc6b_151)</u> | <u>[Consolidated Statements of Equity](#i633c309ef82847beaa5e818ee8c0dc6b_151)</u> | <u>[Consolidated Statements of Equity](#i633c309ef82847beaa5e818ee8c0dc6b_151)</u> | F-[9](#i633c309ef82847beaa5e818ee8c0dc6b_151) |
| <u>[Consolidated Statements of Cash Flows](#i633c309ef82847beaa5e818ee8c0dc6b_160)</u> | <u>[Consolidated Statements of Cash Flows](#i633c309ef82847beaa5e818ee8c0dc6b_160)</u> | <u>[Consolidated Statements of Cash Flows](#i633c309ef82847beaa5e818ee8c0dc6b_160)</u> | F-[12](#i633c309ef82847beaa5e818ee8c0dc6b_160) |
| <u>[Notes to the Consolidated Financial Statements](#i633c309ef82847beaa5e818ee8c0dc6b_163)</u> | <u>[Notes to the Consolidated Financial Statements](#i633c309ef82847beaa5e818ee8c0dc6b_163)</u> | <u>[Notes to the Consolidated Financial Statements](#i633c309ef82847beaa5e818ee8c0dc6b_163)</u> | F-[14](#i633c309ef82847beaa5e818ee8c0dc6b_163) |

---

------

**Special Note Regarding Forward-Looking Statements**

We have made statements in this Annual Report on Form 10-K (the "Annual Report") in, among other sections, Item 1—"Business," Item 1A—"Risk Factors," and Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations" that are forward-looking statements. In some cases, you can identify these statements by forward-looking terms such as "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," "could," "may," "shall," "will," "would" and variations of such words and similar expressions, or the negative of such words or similar expressions. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, which in some cases may be based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks outlined under the heading "Summary of Risk Factors" and Item 1A—"Risk Factors" in this Annual Report on Form 10-K. These forward-looking statements include, but are not limited to, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain existing clients and contracts;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to win new clients and engagements;

&nbsp;&nbsp;&nbsp;&nbsp;• the expected value of the statements of work under our master service agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• our beliefs about future trends in our market;

&nbsp;&nbsp;&nbsp;&nbsp;• political, economic or business conditions in countries where we have operations or where our clients operate, and heightened economic uncertainty and geopolitical tensions;

&nbsp;&nbsp;&nbsp;&nbsp;• expected spending by existing and prospective clients on our services and solutions;

&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to convert bookings to revenue;

&nbsp;&nbsp;&nbsp;&nbsp;• our rate of employee attrition;

&nbsp;&nbsp;&nbsp;&nbsp;• our effective tax rate; and

&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry.

Factors that may cause actual results to differ from expected results include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to anticipate, develop and incorporate advanced technologies, including artificial intelligence ("AI") and generative and agentic AI, into our solutions and services as well as our internal operations and to compete in the rapidly evolving technological environment and successfully implement and generate revenue from new solutions and services;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop and successfully execute our business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• evolving global trade dynamics, including newly imposed or changing tariffs, trade restrictions and other measures introduced by major economies, any of which may disrupt global supply chains, increase operating costs for our clients and delay their business decisions;

&nbsp;&nbsp;&nbsp;&nbsp;• deterioration in the global economic environment and its impact on our clients;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and retain enough qualified employees to support our business, especially our advanced technology solutions;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to safeguard our systems and protect client, Genpact or employee data from security incidents or cyberattacks;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively price our solutions and services and maintain our pricing and employee and asset utilization rates;

&nbsp;&nbsp;&nbsp;&nbsp;• general inflationary pressures and our ability to share increased costs with our clients;

&nbsp;&nbsp;&nbsp;&nbsp;• increasing competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in wages in locations where we have operations;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain senior management;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with data protection laws and regulations and to maintain the security and confidentiality of personal and other sensitive data of our clients, employees or others;

&nbsp;&nbsp;&nbsp;&nbsp;• telecommunications or technology disruptions or breaches, natural or other disasters, or medical epidemics or pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on favorable policies and tax laws that may be changed or amended in a manner adverse to us or be unavailable to us in the future, including as a result of tax policy changes in India, and our ability to effectively execute our tax planning strategies;

------

&nbsp;&nbsp;&nbsp;&nbsp;• claims and lawsuits, including by clients, employees or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, legislative and judicial developments, including the withdrawal of governmental fiscal incentives, particularly in India;

&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on revenues derived from clients in North America and Europe and clients that operate in certain industries;

&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical tensions, including the Russia-Ukraine war and the Middle East conflicts, and actions that may be taken by the United States and other countries in response;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully consummate or integrate strategic acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain clients and to develop and maintain client relationships on attractive terms;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to service our defined contribution and benefit plan payment obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• clarification as to the possible retrospective application of a judicial pronouncement in India regarding our defined contribution and benefit plan payment obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• financing terms, including changes in the Secured Overnight Financing Rate ("SOFR") and changes to our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet our corporate funding needs, pay dividends and service debt, including our ability to comply with the restrictions that apply to our indebtedness that may limit our business activities and investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully implement our new enterprise resource planning system;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow our business and effectively manage growth and international operations while maintaining effective internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on visas for our employees, in particular for employees traveling to the United States, the United Kingdom and the European Union, and restrictions on immigration more generally, as well as the potentially increased costs of visas and the wages we are required to pay employees on visas;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in currency exchange rates between the currencies in which we transact business;

&nbsp;&nbsp;&nbsp;&nbsp;• the selling cycle for our client relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• legislation in the United States or elsewhere that restricts or adversely affects demand for our services offshore;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our intellectual property and the intellectual property of others;

&nbsp;&nbsp;&nbsp;&nbsp;• the international nature of our business;

&nbsp;&nbsp;&nbsp;&nbsp;• technological innovation; and

&nbsp;&nbsp;&nbsp;&nbsp;• unionization of a significant number of our employees.

Although we believe the expectations reflected in the forward-looking statements are reasonable at the time they are made, we cannot guarantee future results, level of activity, performance or achievements. Achievement of future results is subject to risks, uncertainties, and potentially inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations. You are advised, however, to consult any further disclosures we make on related subjects in our Forms 10-Q and Form 8-K reports to the Securities and Exchange Commission (the "SEC").

In this Annual Report on Form 10-K, we use the terms "Genpact," "Company," "we" and "us" to refer to Genpact Limited and its subsidiaries. Our registered office is located at Canon's Court, 22 Victoria Street, Hamilton HM 12, Bermuda.

------

**SUMMARY OF RISK FACTORS**

Below is a summary of the principal risk factors that make an investment in our common shares risky or speculative. Additional risks and uncertainties not known to us or that we deem less significant may also impair our business. Additional discussion of the risks that we face can be found in Item 1A—"Risk Factors" of this Annual Report on Form 10-K, and should be carefully considered, together with the other information in this Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission, before making an investment decision regarding our common shares.

**Risks Related to our Business and Operations**

• AI and other advanced technologies are having, and are expected to continue to have, a significant impact on our industry and the markets in which we compete. The development and use of AI and other advanced technologies present competitive, reputational and legal risks, and our use of these technologies may not be successful.

• Our success largely depends on our ability to develop and achieve our business strategies, and our results of operations and financial condition may suffer if we are unable to continually develop and successfully execute our business strategies.

• We may fail to attract and retain enough qualified employees to support our business, especially our advanced technology solutions.

• We face legal, operational, reputational and financial risks from any failure to safeguard our systems and protect client, Genpact or employee data from security incidents or cyberattacks.

• Our profitability will suffer if we are not able to price appropriately, effectively utilize new technologies, maintain employee and asset utilization levels and control our costs.

• Our results of operations could be adversely affected by economic and geopolitical conditions and the effects of these conditions on our and our clients' businesses and levels of business activity.

• A substantial portion of our assets, employees and operations is located in India and we are subject to regulatory, economic, social and political uncertainties in India.

• Changes in our tax rates or tax provisions, adverse tax audits and other proceedings, or changes in tax laws or their interpretation or enforcement could have an adverse effect on our business, results of operations, effective tax rate and financial condition.

• Our industry is highly competitive, and we may not be able to compete effectively.

• Wage increases in the countries where we operate may reduce our profit margin.

• Our success depends in part on our retention of key members of our senior leadership team.

• Our business depends on generating and maintaining ongoing, profitable client demand for our services and solutions, and a significant reduction in such demand or an inability to respond to or compete in the rapidly evolving technological environment could materially affect our results of operations.

• We enter into long-term contracts and fixed-price contracts with our clients. Our failure to price these contracts correctly may negatively affect our profitability.

• Our partnerships, alliances and other third-party relationships are critical to our growth strategy and expose us to a variety of risks that could have a material adverse effect on our business.

• Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.

• We may be subject to claims and lawsuits for substantial damages, including by our clients arising out of disruptions to their businesses or our inadequate performance of services.

• Recent and future legislation and executive action in the United States and other jurisdictions could significantly affect the ability or willingness of our clients and prospective clients to utilize our services.

• Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, and we are or may become subject to government investigations, regulatory examinations and enforcement actions worldwide that could harm our business.

• Our revenues are highly dependent on clients located in North America and Europe, as well as on clients that operate in certain industries.

• We are implementing a new enterprise resource planning system, and challenges with the planning or implementation of the system may impact our internal controls over financial reporting, business and operations.

• Our results of operations and share price could be adversely affected if we are unable to maintain effective internal controls.

------

• We may face difficulties in providing end-to-end business solutions or delivering complex, large or unique projects for our clients that could cause clients to discontinue their work with us, which in turn could harm our business and our reputation.

• Currency exchange rate fluctuations in various currencies in which we do business, especially the Indian rupee, the euro and the U.S. dollar, could have a material adverse effect on our business, results of operations and financial condition.

• Restrictions on entry or work visas may affect our ability to compete for and provide services to clients, which could have a material adverse effect on our business and financial results.

• We may be unable to service our debt or obtain additional financing on competitive terms or at all.

• We often face a long selling cycle to secure a new Digital Operations contract as well as long implementation periods that require significant resource commitments, which result in a long lead time before we receive revenues from new relationships.

• We make estimates and assumptions in connection with the preparation of our consolidated financial statements, and any changes to those estimates and assumptions could adversely affect our financial results.

• Our operating results may experience significant fluctuations.

• If we are unable to collect our receivables, our results of operations, financial condition and cash flows could be adversely affected.

• Some of our contracts contain provisions which, if triggered, could result in lower future revenues and have a material adverse effect on our business, results of operations and financial condition.

• Our business could be materially and adversely affected if we do not protect our intellectual property or if our solutions or services are found to infringe on the intellectual property of others.

• We may face difficulties as we expand our operations into countries in which we have no prior operating experience.

• Armed conflicts, terrorism or other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.

• If more stringent labor laws become applicable to us or if a significant number of our employees unionize, our profitability may be adversely affected.

• We may engage in strategic transactions that could create risks.

• Bermuda recently enacted new tax legislation that will impose a corporate income tax on certain Bermuda companies. Any new tax liability in Bermuda or another jurisdiction based on our incorporation in Bermuda could have a material adverse effect on our business, results of operations and financial condition.

• Economic substance requirements in Bermuda could adversely affect us.

• We may not be able to realize the entire book value of goodwill and other intangible assets from acquisitions.

**Risks Related to our Shares**

• The issuance of additional common shares by us or the sale of our common shares by our employees could dilute our shareholders' ownership interest in the Company and could significantly reduce the market price of our common shares.

• There can be no assurance that we will continue to declare and pay dividends on our common shares, and future determinations to pay dividends will be at the discretion of our board of directors.

• We are organized under the laws of Bermuda, and Bermuda law differs from the laws in effect in the United States and may afford less protection to shareholders.

• The market price for our common shares has been and may continue to be volatile.

• You may be unable to effect service of process or enforce judgments obtained in the United States or Bermuda against us or our assets in the jurisdictions in which we or our executive officers operate.

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**USE OF TRADEMARKS**

The trademarks, trade names and service marks appearing in this Annual Report on Form 10-K are the property of their respective owners. We have omitted the® and™ designations, as applicable, for the trademarks named in this Annual Report on Form 10-K after their first reference herein.

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**PART I**

**Item 1. Business** 

We have over 146,500 employees and serve clients from more than 35 countries around the world. Our 2025 total net revenues were $5.1 billion.

Genpact was established more than 25 years ago as the global capability center for the General Electric Company ("GE"). Our mandate was to perfect a set of shared business processes using Lean Six Sigma and other rigorous methodologies. The work was highly detailed and operationally complex, establishing Genpact as one of the world's leading business process experts. This operational discipline, combined with our end-to-end process view, granular data benchmarking capabilities, and operator-led approach has shaped our culture and core competencies in process design, data management, and industry domain knowledge. We believe this foundational process intelligence positions us to deliver differentiated AI and agentic solutions that address the operational complexities and "last mile" execution challenges our clients are facing.

Today, we are embedding AI as a driver of enterprise-wide value – building agentic solutions that act and learn alongside humans with the potential to unlock transformational outcomes for the world's leading companies. We believe we are well positioned to help clients move from experimentation with AI to agentic operations. We sit at the heart of modern enterprise operations and are known globally for bringing deep domain and process expertise, last mile knowledge, rich operational data, and proprietary advanced technologies to transform business processes and deliver outstanding results for our clients. We support mission critical operations for some of the world's leading companies and leverage our Advanced Technology Solutions, including Data and AI and Agentic Solutions, to help them reimagine the most critical elements of their AI journey – from reengineering business processes to building data and AI capabilities to leading with agentic collaboration.

We enable AI-led transformation for our clients through our Advanced Technology Solutions and our Core Business Services.

**Advanced Technology Solutions**

Our Advanced Technology Solutions comprise our capabilities in the areas of **Data and AI**, **Digital Technology**, **Advisory Services** and **Agentic Solutions**.

Revenues from Advanced Technology Solutions in 2025 were $1.2 billion, representing 23.7% of our 2025 net revenues.

Data and AI

Data and AI includes data and AI strategy, data engineering, data management, and domain-based AI and generative AI solutions and services. We enhance, modernize and enrich structured and unstructured data and use a spectrum of advanced analytical tools and techniques, including our in-house and third-party AI, generative AI, and machine learning capabilities and proprietary solutions, to create insights, improve decision-making for our clients and address a range of complex industry-wide challenges and opportunities.

Digital Technology

As we develop new advanced technology solutions for our clients, we develop proprietary technology in the process. Additionally, we may partner with many market-leading technology establishments to develop solutions that we can embed into our offerings. The digital technologies comprising our proprietary technology and partner technology aim to improve execution of business processes and enable scalable efficiencies.

Advisory Services

Our Advisory Services are built on our industry intelligence and process expertise and driven by our practitioner's perspective, which is rooted in decades of operational depth across industries. We provide consultative advice to clients through either functional- or industry-specific process design, operating model design, agentic and advanced technology value identification and capture, M&A and change management services.

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Agentic Solutions

Our Agentic Solutions combine advanced AI and domain-specific, agent management capabilities, leveraging large language models, small language models, domain-specific context, robotic process automation, and orchestration to deploy agents that can learn, adapt, and make decisions. Built on deep process intelligence and governance frameworks, our agentic solutions redesign end-to-end workflows, enabling AI agents to manage routine or complex processes, while humans focus on higher-value judgment, oversight and responsible AI.

**Core Business Services**

Our Core Business Services include **Decision Support Services**, **Technology Services** and **Digital Operations**.

Revenues from Core Business Services in 2025 were $3.9 billion, representing 76.3% of our 2025 net revenues.

Decision Support Services

Our Decision Support Services combine models and other analytical techniques to help organizations make better choices. These services are human-led delivery combining large amounts of data, analyzing it, identifying patterns, and presenting actionable insights, often through visualizations or reports to our clients. These services are typically done in support of clients' supply chain, order management and procurement, risk management, and financial planning and analysis functions.

Technology Services

Our Technology Services generally fall into three categories: (i) application management, which includes overseeing software applications throughout their lifecycle, from planning and development to deployment, maintenance, and retirement, ensuring they run securely; (ii) customization, maintenance, and ongoing support of technology platforms that are used by internal business functions (such as Enterprise Resource Planning (ERP) systems); and (iii) services that manage the asset lifecycle for components of clients' technology stacks.

Digital Operations

Digital Operations refer to our traditional managed service offerings where we leverage technology and deep domain and process expertise to transform and run our clients' operations with an aim to achieve higher levels of end-to-end performance. These services allow enterprises to be more flexible and focus on high-value work to better compete in their industries. Our Digital Operations solutions also include certain information technology ("IT") support services for legacy applications, including end-user computing support and infrastructure production support.

We introduced the Advanced Technology Solutions and Core Business Services revenue disaggregation in the quarter that began on April 1, 2025. Prior to that, we disaggregated our revenue as revenue from either Data-Tech-AI or Digital Operations.

**Data-Tech-AI**

Our Data-Tech-AI services focus on designing and building solutions that harness the power of advanced technologies, data and advanced analytics, AI, and cloud-based software-as-a-service ("SaaS") offerings to help transform our clients' businesses and operations. These services include advisory, implementation and execution work. We provide consultative advice to clients as well as technology engineering support and migration and optimization of our clients' data and technology enterprise infrastructures. Using human-centric design, we help clients build new products and services, create digital workspaces, and drive customer, client, employee and partner engagement.

Data-Tech-AI revenues in 2025 were $2.5 billion, representing 48.1% of our 2025 net revenues.

**Digital Operations**

Digital Operations are described above under "Core Business Services."

Digital Operations revenues in 2025 were $2.6 billion, representing 51.9% of our 2025 net revenues.

The chart below illustrates how Advanced Technology Solutions, Core Business Services, Data-Tech-AI and Digital Operations intersect.

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![Seven boxes_Image1.jpg](g-20251231_g1.jpg)

Industries we serve

We work with clients across our chosen industry verticals, reflecting our deep industry expertise. Our industry verticals, described in more detail below, are grouped within our three reportable segments: (1) Financial Services, (2) Consumer and Healthcare, and (3) High Tech and Manufacturing. Organizing our business by industry verticals allows us to leverage our deep domain knowledge and create, replicate, and standardize innovative solutions for clients in the same industries. Our segments align our products and services with how we manage our business, approach our key markets, and interact with clients through a unified go-to-market approach.

**Financial Services** 

Our Financial Services segment covers the Advanced Technology Solutions and Core Business Services we provide to clients in the banking, capital markets and insurance sectors. Our banking and capital markets clients include retail, investment and commercial banks, equipment and lease financing providers, fintech companies, payment providers, wealth and asset management firms, broker/dealers, exchanges, auto finance providers, clearing and settlement organizations, renewable energy lenders and other financial services companies. Our domain-specific services and solutions for these clients include customer onboarding, customer service, collections, retail and commercial loan operations, payment operations, mortgage origination and servicing, compliance, and wealth management and capital market operations support. We also provide financial crime and risk management services and solutions in areas such as fraud and dispute management, anti-money laundering, transaction monitoring, Know Your Customer, due diligence, and sanctions screening.

Our insurance clients include insurers, brokers, agents, reinsurers and insurtech companies operating across property and casualty, specialty, life, annuity, disability and employee benefits lines of business. Our domain-specific services and solutions for these clients include our proprietary insurance policy suite, underwriting support, new business processing, policy administration, customer service and claims management, as well as data and analytics services such as catastrophe and exposure/risk modeling and actuarial services. We also provide end-to-end third-party administration for property and casualty claims, and technology services specific to insurance, including insurance platform systems integration.

Revenues from our Financial Services segment in 2025 were $1.4 billion, representing 26.7% of our 2025 net revenues.

**Consumer and Healthcare** 

Our Consumer and Healthcare segment covers the Advanced Technology Solutions and Core Business Services we provide to clients in the consumer goods, retail, life sciences and healthcare sectors. Our consumer goods and retail clients include companies in the food and beverage, household goods, consumer health and beauty and apparel industries, as well as grocery chains and general and specialty retailers. The domain-specific services and solutions we provide to these clients include demand generation, sensing and planning, supply chain planning and management, pricing and trade promotion management, deduction recovery management, order management, digital commerce and customer experience.

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Our life sciences and healthcare clients include pharmaceutical, medical technology, medical device and biotechnology companies as well as retail pharmacies, distributors, diagnostic labs, and healthcare payers (health insurers) and providers. Our domain-specific services and solutions for life sciences clients include regulatory affairs services, such as lifecycle management, regulatory operations, Chemistry Manufacturing Controls compliance and regulatory information management. Our services and solutions for healthcare clients include end-to-end claim lifecycle management, from claims processing and adjudication to claims recovery and payment integrity, revenue cycle management, health equity analytics, care services and customer experience.

Revenues from our Consumer and Healthcare segment in 2025 were $1.7 billion, representing 34.0% of our 2025 net revenues.

**High Tech and Manufacturing** 

Our High Tech and Manufacturing segment covers the Advanced Technology Solutions and Core Business Services we provide to clients in the high tech hardware, high tech software and manufacturing sectors. Our clients in the high tech industry include companies in the information and digital technology, software, digital platform, social media, electronics, semiconductor, enterprise technology, media and communications, services and hospitality sectors. The industry-specific services and solutions we provide to these clients include trust and safety, advertising sales support, customer and user experience, customer care support and supply chain management.

Our manufacturing clients include companies in the aerospace, automotive and mobility, chemicals, energy, electric vehicles and batteries, industrial machinery, materials transportation and logistics, oil and gas and utilities sectors. The industry-specific services and solutions we provide to these clients include supply chain management, direct and indirect procurement, logistics, field, aftermarket support and engineering services.

Revenues from our High Tech and Manufacturing segment in 2025 were $2.0 billion, representing 39.3% of our 2025 net revenues.

Enterprise functional services

Our process intelligence, developed over decades running operations for large clients, extends not only to specific industries but also to specific enterprise functional processes. We provide the following enterprise functional services across all of our industry segments:

Finance and accounting services

We believe we are one of the world's premier providers of finance and accounting services. Our focus is on delivering fast and high-quality results, minimizing exceptions, providing a seamless user experience, and driving working capital improvements for our clients. We offer a range of services in this area, including:

**Accounts payable**: Our accounts payable services include document management, vendor master data management, invoice receipt and processing, accuracy audits, reconciliations, aging analyses, help desk management, payments processing and travel and expense processing;

**Invoice-to-cash**: Our invoice-to-cash services include customer master data management, credit and contract management, data validation and credit worthiness assessments, billing, collections, accounts receivable maintenance and reporting, credit review support, bad debts research, accounts receivable reconciliation, and dispute and deduction management services;

**Record to report**: Our record to report services include closing and reporting process management, general accounting and industry-specific accounting services, treasury services, tax services, and external reporting, including statutory accounting and reporting;

**Financial planning and analysis**: Our financial planning and analysis services include budgeting, planning and forecasting support, management reporting, business, financial and operational analytics, transformation design, digital-infused process enhancement, enterprise data and advisory services, master data management and data quality services and data lake implementation;

**Enterprise risk and compliance**: Our enterprise risk and compliance services include operational risk and controls across a wide range of regulatory environments, including SOX and controls monitoring, controls transformation, ERP and digital controls, third party risk management, internal audit and audit analytics; and

**Finance strategy**: These services cover the entire finance value stream, working capital optimization, operational finance transformation, as well as corporate development and event-driven initiatives, such as carve-outs and post-merger integration services, including transactional due diligence.

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Supply chain and procurement services

**Supply chain:** We help our clients transform process-led and technology-enabled operating models across the value chain (plan, source, make, deliver, and aftersales). We cover the complete supply chain operations reference model and provide advisory and managed services in critical areas such as supply chain resiliency, sustainable/circular supply chain and orchestrated enterprise.

**Procurement:** We offer advisory and managed services across the direct and indirect procurement value chain, including strategic sourcing, responsible sourcing, category management, spend analytics, procurement operations and digital platform transformation.

Human resources and people advisory services

Our human resources ("HR") services include change management services, where we partner with clients to drive HR function transformations through an approach that combines strategic communications, leadership enablement and training design services. We also provide HR advisory services, which focus on HR operating model design, technology implementation and M&A people integration services.

Sales and commercial, marketing and experience services

**Sales and commercial:** We drive growth and experience for our clients by transforming and running the end-to-end sales lifecycle for our clients through services such as campaign management, lead generation, qualification and deductions. We also provide services in the areas of partner management and commercial operations, such as pricing and promotion optimization, B2B customer experience, and deductions and dispute management.

**Marketing and experience:** We enable our clients to drive growth by delivering transformational experiences that leverage our deep understanding of data, technology and process design. Our focus is to differentiate through operational transformation, generative AI enablement and improved experience across customers, employees and products, with data led insights. Our services in this area are supported by strategic partnerships with leading ecosystem providers in marketing and experience.

Global Business Solutions/Global Capability Center services

Our global business solutions ("GBS"), including our global capability center ("GCC") advisory services, help our clients to set up their own GBS and GCC capabilities. These services include strategy and feasibility assessment, location selection, target operating model design, hiring, recruitment and onboarding, transition, change management and service delivery optimization. Our GCC services also include capability building and transition services.

Our clients

Our clients include some of the biggest brands in the world, many of which are leaders in their industries, including approximately one quarter of the Fortune Global 500, as well as smaller, emerging companies that are disrupting their industries.

Our contracts for Digital Operations often take the form of a master services agreement ("MSA"), which is a framework agreement that we then supplement with statements of work ("SOWs") or other service level agreements, such as supplements, work orders, purchase orders or business services agreements. These SOWs and other service level agreements cover in more detail the type of work to be performed and the associated amounts to be billed. For Agentic Solutions, we typically enter into master software-as-a-service agreements with our clients. For other Advanced Technology and Data-Tech-AI services, we typically enter into consulting agreements with our clients. For more about our contracting frameworks, see Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations—Overview—Net Revenues."

Partnerships and alliances

Strategic alliances with companies whose services and solutions complement ours are integral to our growth and innovation strategy. Our partnership strategy is designed to deepen collaboration and drive value in three core categories:

&nbsp;&nbsp;&nbsp;&nbsp;• **Enterprise partners**: We work closely with leading global technology companies to accelerate our advanced technology solutions. These relationships are increasingly central to our business model, supporting co-innovation and joint go-to-market initiatives.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Domain partners**: We engage with industry- and function-specific partners to deliver differentiated, domain-led solutions. By leveraging our expertise and the specialized capabilities of these partners, we address complex business challenges and seek to create unique value propositions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Innovation Accelerator Partners**: We also collaborate with start-ups and emerging innovators to enhance our technology and AI capabilities, providing early access to disruptive trends and fostering a culture of continuous innovation.

Our approach prioritizes quality, strategic alignment, and joint value creation. By continually refining our partner ecosystem, we aim to embed advanced technologies in virtually all of our offerings, as we co-develop solutions and deliver greater value to clients across our core markets. This partnership model is a key enabler of our transformation agenda and supports our ambition to be a leader in Agentic and Advanced Technology Solutions.

Our workforce

We are hiring leaders with significant experience in Data and AI, product development, and technology consulting to drive critical initiatives within our Agentic and Advanced Technology Solutions. Over time, we are also incorporating more digital labor into our workforce in the form of AI agents. As of December 31, 2025, we had over 146,500 employees working in more than 35 countries. Our workforce is critical to the success of our business. We have created, and constantly reinforce, a culture that emphasizes collaboration, innovation, continuous learning, process improvement, and dedication to our clients. We seek to foster a culture that wins clients, develops leaders and attracts and retains talent who exhibit our core values – curiosity, incisiveness and courage – and who uphold our dedication to integrity consistent with our Code of Conduct, Integrity@Genpact.

**Rewarding and recognizing our talent**

We aim to create a work environment where every person is inspired to achieve, driven to perform and rewarded for their contributions. We strive to engage and competitively compensate our high-performing talent by providing performance-based promotions and merit-based compensation increases. In 2025, we promoted more than 11,000 of our employees and encouraged employee career growth through internal training, including our Genome learning platform, and professional development programs. We also closely monitor employee retention levels and regularly evaluate our pay-for-performance approach in an effort to retain our top talent.

We believe in equal opportunity for each individual, irrespective of their gender, age, ethnicity, cultural background, race or sexual orientation. Understanding each other's uniqueness, recognizing our differences, respecting varied opinions and accepting various points of view is at the heart of our organization's culture. We promote these values by seeking to maintain hiring and management practices that ensure opportunities are equally open to all.

**Employee development and engagement**

We are committed to the career development of our employees and making them future-ready as we continue to pivot towards Agentic and Advanced Technology Solutions. We strive to engage them with challenging and rewarding career opportunities. Our performance management approach supports our career philosophy by encouraging employees to reflect on their performance, set challenging goals, receive feedback, identify their development needs and find relevant learning and training opportunities. We have also developed a number of leadership development and mentoring programs, including our Global Operations Leadership Development and our Leadership Direct programs for high potential talent and our programs designed to increase gender diversity in our leadership ranks, such as our Pay it Forward and Women's Leadership initiatives.

We have also developed a learning framework called **Genome** that enables our employees to acquire new skills and evolve quickly as industries and technologies change, equipping them with skills that are relevant to their current roles and future aspirations. Genome was designed to shape an adaptive workforce, and its learning strategy was formulated to "reskill at scale" and be integrated throughout the enterprise.

As Genpact continues to pivot towards Agentic and Advanced Technology Solutions, we are significantly scaling AI talent and reshaping our workforce into two cohorts: AI builders and AI practitioners. AI builders are experts who build AI solutions and includes data scientists, data engineers and technical architects. AI practitioners are domain experts who are trained to use AI in the flow of work for client processes.

In 2025, our employees completed over 12.5 million learning hours, including an increase on time spent in technology and AI skilling by 1.5 times year-over-year. We now have more than 7,000 AI builders and nearly 20,000 AI practitioners, with more than 9,000 external certifications awarded in 2025 through partner training programs, including Databricks, Microsoft, and AWS.

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**TalentMatch** is our talent transformation initiative to match the skills and job aspirations of our employees with existing and future job opportunities at Genpact. By enabling employees to prepare for their future career aspirations by upskilling and reskilling through Genome, TalentMatch has allowed us to identify talent available for redeployment from one part of our business to another as the needs of our clients change. It improves our employee utilization globally by providing the right talent at the right time for our client engagements. TalentMatch also gives our employees the opportunity to take their careers in their desired directions, thus increasing employee satisfaction, and bolstering our ability to scale our flexible working model.

**Amber**, our AI-powered chatbot and employee experience platform, enables transformation of our employee engagement strategy. Amber provides an outlet for unbiased and judgment free conversations, giving employees a space to share honest insights and enabling live predictive people analytics for business and HR leaders.

By engaging with our employees through Amber, we have increased the scope and frequency of employee feedback and our ability to identify trends in employee engagement and satisfaction across the company.

In 2025, we continued to invest in technologies and programs designed to improve employee experience, with a particular focus on employee well-being. These investments included developing and launching a series of AI agents to support employee learning, career development and issue resolution.

Corporate social responsibility

Our approach to corporate social responsibility focuses on two pillars tied to our purpose: **Better Access** to healthcare, education and opportunities for the communities in which we live and work, and **Better Planet**, which reflects our aim to inform, educate, and catalyze action on the different facets of the environment and climate change and help make the planet work better for all.

We foster a culture of giving and volunteering, primarily through local community and social initiatives. More than 65,000 of our employees have volunteered their time to support a range of causes, such as mentoring children and young adults, providing meals to food-insecure communities, planting saplings, and engaging in e-waste collection drives.

Additionally, in 2025 more than 3,000 of our employees participated in our payroll-based charitable donation programs, and many of our employee volunteers participated in virtual volunteering initiatives such as creating learning aids for students, awareness posters for non-profits, and completing at-home sustainability challenges to build a better planet.

Sales and marketing

We market our services and solutions to both existing and potential clients through our business development team. Like our clients, members of this team are based around the globe. Our business development team focuses both on supporting our existing client accounts and acquiring new clients.

We have designated lead client partners and global relationship managers for each of our existing client relationships. These business development personnel are supported by industry and capability subject matter experts to ensure our services and solutions best address the needs of our clients. We continuously monitor our client satisfaction levels to ensure that we maintain high service levels using metrics such as the Net Promoter Score.

The length of our selling cycle varies depending on the type of engagement. The sales cycle for our advisory and project work is typically much shorter than the sales cycle for a large business process engagement. Our efforts may begin in response to our lead generation program, a perceived opportunity, a reference by an existing client, a request for proposal or otherwise. Our teams seek to understand the needs and priorities of our clients as well as the business outcomes our clients desire, and we leverage our combination of advanced technology skills and industry expertise to create differentiated client solutions. We may expend substantial time and resources in engaging with prospective clients to secure new business. See Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations—Overview—Net Revenues."

As our relationship with a client deepens, the time required to win an engagement for additional services generally declines. In addition, during an engagement, as we better understand and experience a client's business and processes, we are able to identify incremental opportunities to deliver greater value for the client, including by leveraging our expanding portfolio of Agentic and other Advanced Technology Solutions to transform our clients' operations.

We strive to foster relationships between our senior leadership team and our clients' senior management teams. These "C-level" relationships ensure that both parties are focused on establishing priorities, aligning objectives and driving client value. High-level executive relationships present significant opportunities to increase business from our existing clients. These relationships also provide a forum for gathering feedback on service delivery performance and

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addressing client concerns. Our governance methodology is designed to ensure that we are well connected at all levels of our clients' organizations (executive, management, technology and operations).

Significant new business opportunities are reviewed by business leaders, lead client partners and global relationship managers from the applicable industry along with operations personnel and members of our finance team. If they determine that the new business is aligned with our strategic objectives and a good use of our resources, then our business development team is authorized to pursue the opportunity.

Global delivery

We serve our clients using our global network of more than 100 delivery centers in more than 25 countries. We have delivery centers in Argentina, Australia, Brazil, Bulgaria, Canada, China, Colombia, Costa Rica, Egypt, Germany, Guatemala, Hungary, India, Israel, Italy, Japan, Malaysia, Mexico, the Netherlands, the Philippines, Poland, Portugal, Romania, South Africa, Thailand, Turkey and the United States. We also have employees in these and additional countries, such as the Czech Republic, Ireland, Singapore and Slovakia, who work with our clients either onsite or virtually, which offers flexibility for both clients and employees. Over time, we are also incorporating more digital labor into our workforce in the form of AI agents.

With this global network, both human and agentic, we are able to manage complex processes around the world. We use different locations for different types of services depending on client needs and the mix of skills and cost of employees at each location.

Our global delivery model gives us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multilingual capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to a larger talent pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "near-shoring" as well as off-shoring capabilities to take advantage of time zones; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proximity to our clients through a significant onshore presence.

We also regularly look for new places to open delivery centers and offices, both in new countries and in new cities in countries where we already have a presence. Before choosing a new location, we consider several factors, such as the talent pool, infrastructure, government support, operating costs, and client demand.

**Service delivery model**

We seek to be a seamless extension of our clients' operations. To that end, we have developed the **Genpact Virtual Captive**<sup>SM</sup> service delivery model, in which we create a virtual extension of our clients' teams and environments. Our clients get dedicated support, as well as dedicated infrastructure at our delivery centers. We also train our teams in our clients' cultures, processes, and business environments.

Intellectual Property

The solutions we offer our clients often include a range of proprietary methodologies, software, and reusable knowledge capital. We develop intellectual property in the course of our business and our agreements with our clients govern the ownership of such intellectual property. We seek to protect our intellectual property and our brand through various means, including by agreement and applications for patents, trademarks, service marks, copyrights and domain names. Some of our intellectual property rights are trade secrets and relate to proprietary business process enhancements.

As of December 31, 2025, we had a portfolio of more than 80 patents and pending patent applications globally. Additionally, we have over 200 trademarks registered in various jurisdictions.

We often use third-party and client software platforms and systems to provide our services. Our agreements with our clients normally include a license to use the client's proprietary systems to provide our services. Clients authorize us to access and use third party software licenses held by the client so that we may provide our services. Our agreements with vendors normally include an assignment of rights to all intellectual property developed by such vendors on our behalf.

It is our practice to enter into agreements with our employees and independent contractors that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure that all new intellectual property developed by our employees or independent contractors in the course of their employment or engagement is assigned to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide for employees' and independent contractors' cooperation in intellectual property protection matters even if they no longer work for us; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• include a confidentiality undertaking by our employees and independent contractors.

Competition

We operate in a highly competitive and rapidly evolving global market. We have a number of competitors offering services that are the same as or similar to ours. Our competitors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• large multinational service providers, primarily accounting and consulting firms, that provide consulting, technology transformation and other professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies that are primarily business process service providers operating from low-cost countries, most commonly India;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies that are primarily information technology service and transformation services providers with some business process service capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• smaller, niche service providers that provide services or products in a specific geographic market, industry or service area, including AI and other advanced technologies.

We may also face losses or potential losses of business when in-house departments of companies use their own resources – often through a global capability center ("GCC") model – rather than engage an outside firm for the types of services and solutions we provide.

Our business model is also subject to competitive forces from the advent of novel technology or applications of these technological capabilities made readily available in open-market environments. The improving capabilities of generative and agentic AI solutions may also lead to increased competition from technology platform or AI-native competitors.

We believe that the principal competitive factors in our industry include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deep expertise in industry- and function-specific domains and processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to advise clients on how to transform their processes and deliver transformation that drives business value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to provide innovative services and products, including agentic and other advanced technology solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to data, AI and technology expertise to identify opportunities for transformation and value creation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to consistently add value through digital transformation and continuous process improvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputation and client references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contractual terms, including competitive pricing and innovative commercial models;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scope of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quality of products, services and solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to sustain long-term client relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global reach and scale.

Our clients typically retain us on a non-exclusive basis.

Regulation

We are subject to regulation in many jurisdictions around the world as a result of the complexity of our operations and services, particularly in the countries where we have operations and where we deliver services. We are also subject to regulation by regional bodies such as the European Union ("EU").

In addition, the terms of our service contracts typically require that we comply with applicable laws and regulations. In some of our service contracts, we are contractually required to comply even if such laws and regulations apply to our clients, but not to us, and sometimes our clients require us to take specific steps intended to make it easier for them to comply with applicable requirements. In some of our service contracts, our clients undertake the responsibility to inform us about laws and regulations that may apply to us in jurisdictions in which they are located.

If we fail to comply with any applicable laws and regulations, we may face restrictions on our ability to provide services, and may also be the subject of civil or criminal actions involving penalties, any of which could have a material adverse effect on our operations. Our clients generally have the right to terminate our contracts for cause in the event of

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regulatory failures, subject in some cases to notice periods. See Item 1A—"Risk Factors—Risks Related to our Business and Operations—Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, and violations of these laws and regulations could harm our business." If we fail to comply with contractual commitments to facilitate our clients' compliance, we may be liable for contractual damages, and clients in regulated industries may be less willing to use our services.

We are affected by laws and regulations in the United States, the United Kingdom ("UK"), the EU and its member states, and other countries in which we do business that are intended to limit the impact of outsourcing on employees in those jurisdictions, and occasional changes to laws and regulations in such jurisdictions may impose changes that further restrict or discourage offshore outsourcing or otherwise harm our business. See Item 1A—"Risk Factors—Risks Related to our Business and Operations—Recent and future legislation and executive action in the United States and other jurisdictions could significantly affect the ability or willingness of our clients and prospective clients to utilize our services."

Our collection, use, disclosure and retention of personal health-related and other information is subject to an array of privacy, data security, and data breach notification laws and regulations that change frequently, are inconsistent across the jurisdictions in which we do business, and impose significant compliance costs. In the United States, personal information is subject to numerous federal and state laws and regulations relating to privacy, data security, and breach notification, including, for example, the Financial Modernization Act (sometimes referred to as the Gramm-Leach-Bliley Act), Health Insurance Portability and Accountability Act, Federal Trade Commission Act, Family Educational Rights and Privacy Act, Communications Act, Electronic Communications Privacy Act, and state-level comprehensive privacy laws, including the California Consumer Privacy Act. There are also various state-level privacy laws that specifically regulate consumer health data.

All fifty U.S. states and the District of Columbia have implemented separate data security breach notification laws with which we must comply, and some states have added specific data security standards to their existing laws.

Some courts have become more willing to allow individuals to pursue claims in data breach cases, indicating that it may become easier for consumers to sue companies for data breaches. Related laws and regulations govern our direct marketing activities and our use of personal information for direct marketing, including the Telemarketing and Consumer Fraud and Abuse Prevention Act, Telemarketing Sales Rule, Telephone Consumer Protection Act and rules promulgated by the Federal Communications Commission, and CAN-SPAM Act. In 2018, the Clarifying Lawful Overseas Use of Data Act established new required processes and procedures for handling U.S. law enforcement requests for data that we may store outside of the U.S.

In the EU, the General Data Protection Regulation ("GDPR") went into effect in May 2018. The GDPR imposes privacy and data security compliance obligations and increased penalties for noncompliance. In particular, the GDPR has introduced numerous privacy-related obligations for companies operating in the EU, including greater control for data subjects, increased data portability for EU consumers, data breach notification requirements and increased fines for violations. The GDPR also prohibits the transfer of personal data from the European Economic Area ("EEA") to countries outside of the EEA unless an appropriate data transfer mechanism has been put in place. Such mechanisms include adequacy decisions, standard contractual clauses ("SCCs") and binding corporate rules ("BCRs"). Our BCR for data processors was approved in May 2024 and is subject to the oversight of our supervisory authority, the Romanian National Supervisory Authority for Personal Data Processing. Changes to the GDPR, SCCs, adequacy decisions, our BCRs, or changes in oversight or enforcement priorities could create uncertainty around international transfers of data and may require Genpact to modify its approach.

Following the withdrawal of the UK from the EU, the UK has amended the UK Data Protection Act 2018 to retain the GDPR in UK national law. The penalties prescribed in the UK GDPR are the same as under the EU GDPR. However, the UK has implemented its own guidance for handling outbound data transfers to jurisdictions, such as the U.S., whose privacy laws are not covered by an existing adequacy decision and has adopted an International Data Transfer Agreement as a framework for companies to transfer personal data outside of the UK.

Additionally, foreign governments outside of the EU and UK are also taking steps to fortify their data privacy laws and regulations. For example, India recently enacted a data protection law that will affect how we handle vendor and employee data in India. Other countries in Africa, Asia and Latin America have either passed data privacy legislation or are considering data protection laws that affect or may affect us. As privacy laws and regulations around the world continue to evolve, these changes could adversely affect our business operations, websites and mobile applications that are accessed by residents in the applicable countries.

In the United States, we are either directly subject to, or contractually required to comply or facilitate our clients' compliance with, laws and regulations arising out of our work for clients operating there, especially in the area of banking, financial services and insurance, such as the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act, the Fair

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and Accurate Credit Transactions Act, the Right to Financial Privacy Act, the Bank Secrecy Act, the USA PATRIOT Act, the Bank Service Company Act, the Home Owners Loan Act, the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, executive action and regulation by U.S. agencies such as the Securities and Exchange Commission ("SEC"), the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Commodity Futures Trading Commission, the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Department of Justice. Additionally, in the EU and other countries, including Australia, we are either directly subject to, or contractually required to comply or facilitate our clients' compliance with, regulations addressing organizational resilience. For clients in the EU financial sector, new frameworks such as the Digital Operational Resilience Act (effective 2025) and NIS2 impose heightened information and communications technology risk management and reporting obligations that may increase our compliance obligations and costs.

Because of our debt collections work in the United States, we are also regulated by laws such as the Truth in Lending Act, the Fair Credit Billing Act, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act and related regulations. We are currently licensed to engage in debt collection activities in all jurisdictions in the United States where licensing is required. U.S. banking and debt collection laws and their implementing regulations are occasionally amended, and these changes may impose new obligations on us or may change existing obligations.

Because of our insurance processing activities in the United States, we are currently licensed as a third-party administrator in 43 states and are regulated by the department of insurance in each such state. In two other states, we qualify for regulatory exemption from licensing based on the insurance processing activities we provide. We also hold entity adjuster licenses in 24 states that require licensing. Our debt collections and insurance processing activities are also subject to licensing or authorization in other countries, including the UK, France, and Australia.

Certain laws may apply to our content moderation activity, such as laws regulating hate speech on the internet. In the United States, Section 230 of the Communications Decency Act shields "interactive computer services" (e.g., websites, social media platforms) from liability for the speech of their users, with certain exceptions.

The law also shields interactive computer services from civil liability for a good faith action voluntarily taken to restrict access to or availability of content that the provider or user considers to be obscene, lewd, lascivious, filthy, excessively violent, harassing, or otherwise objectionable, whether or not such material is constitutionally protected. The future of Section 230 and the scope of the protections it provides to online publishers and other laws related to bullying, harassing, offensive materials and hate speech on the internet are currently the topic of significant debate. We expect that these laws will continue to evolve and change. Changes to the laws and regulations governing liability for speech on the internet may affect the business strategies and offerings of our clients, which may significantly change their approach to content moderation, and which, in turn, could reduce the market for our trust and safety related services.

In the United States, we are subject to laws and regulations governing foreign trade, such as export control, customs and sanctions regulations maintained by government bodies such as the Commerce Department's Bureau of Industry and Security, the Treasury Department's Office of Foreign Assets Control, the Department of Justice and the Homeland Security Department's Bureau of Customs and Border Protection. Other jurisdictions, such as the EU and UK, also maintain similar laws and regulations that apply to some of our operations. Failing to comply with applicable foreign trade restrictions could subject us to civil or criminal actions involving penalties.

Several of our service delivery centers, primarily located in China, Costa Rica, India, Israel, Malaysia and the Philippines, benefit from tax incentives or concessional rates provided by local laws and regulations. In addition, certain benefits are also available to us in India as an information technology enabled service (ITES) company under certain Indian state and central laws. These benefits include labor law exemptions, preferential rates for the commercial usage of electricity and incentives related to the export of qualified services.

Our hedging activities and currency transfers are restricted by regulations in certain countries, including China, India, Malaysia, the Philippines and Romania.

**Certain Bermuda Law Considerations** 

As a Bermuda company, we are also subject to regulation in Bermuda. Among other things, we must comply with the provisions of the Companies Act 1981 of Bermuda, as amended, regulating the declaration and payment of dividends and the making of distributions from contributed surplus. We are classified as a non-resident of Bermuda for exchange control purposes by the Bermuda Monetary Authority. Pursuant to our non-resident status, we may engage in transactions in currencies other than Bermuda dollars. There are no restrictions on our ability to transfer funds in and out of Bermuda or to pay dividends to United States residents that are holders of our common shares.

Under Bermuda law, "exempted" companies are companies formed for the purpose of conducting business outside Bermuda. As an exempted company, we may not, without a license granted by the Minister of Finance,

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participate in certain business transactions, including transactions involving Bermuda landholding rights and the carrying on of business of any kind, for which we are not licensed in Bermuda.

Bermuda has economic substance requirements pursuant to the Economic Substance Act 2018, as amended, and the regulations proffered thereunder, which require us to have adequate economic substance in Bermuda in relation to certain of our activities.

Available Information

We file current and periodic reports, proxy statements, and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, at www.sec.gov. We make available free of charge on our website, www.genpact.com, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The contents of our website are not incorporated by reference into this Annual Report.

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Information about our executive officers

The following table sets forth information concerning our executive officers as of February 26, 2026:

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Age** | **Position(s)** |
| Balkrishan Kalra | &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;President, Chief Executive Officer and Director |
| Michael Weiner | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;Senior Vice President, Chief Financial Officer |
| Sameer Dewan | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;Senior Vice President, Global Business Leader, Financial Services |
| Piyush Mehta | &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;Senior Vice President, Chief Human Resources Officer and Country Manager, India |
| Anil Nanduru | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;Senior Vice President, Global Business Leader, Consumer & Healthcare and High Tech Software |
| Riju Vashisht | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;Senior Vice President, Chief Growth Officer and Global Business Leader, Enterprise Services and Partnerships & Alliances |
| Sydney Schaub | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;Senior Vice President, Chief Legal Officer and Corporate Secretary |

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***Balkrishan Kalra*** has served as our President and Chief Executive Officer since February 2024. Prior to his appointment as our President and Chief Executive Officer, he served as the Senior Vice President and Business Leader for our Consumer Goods, Retail and Life Sciences business since 2008, our Healthcare business since 2016 and our Financial Services business since 2020. Before he led our Consumer Goods, Retail and Life Sciences business, he held various roles at Genpact since joining us in 1999.

***Michael Weiner*** has served as our Senior Vice President, Chief Financial Officer since August 2021. Before joining Genpact, he was the executive vice president, chief financial officer and treasurer of National General Holdings Corp. from 2010 to 2021. Prior to that, he worked with Ally Financial's GMAC Insurance unit, Cerberus Operations and Advisory Company, Citigroup, KPMG LLP and Bankers Trust Company.

***Sameer Dewan*** has served as Senior Vice President and Global Business Leader for our Financial Services business since November 2023. Prior to that, he served as our Global Operating Officer from February to November 2023 and as the Global Business Leader for our Insurance and Capital Markets businesses from March 2021 to February 2023. Before joining Genpact in 2006, he served as a Master Black Belt in General Electric's insurance operations.

***Piyush Mehta*** has served as our Senior Vice President, Chief Human Resources Officer since March 2005 and as our Country Manager for India since April 2024. He has worked for us since 2001, initially as Vice President of Human Resources.

***Anil Nanduru*** has served as our Senior Vice President and Global Business Leader for our High Tech Software business since 2022 and our Consumer and Healthcare business since November 2023. Mr. Nanduru also served as the Global Business Leader for our High Tech Hardware and Manufacturing businesses from 2022 through December 2025. Prior to these roles, Mr. Nanduru served as our Senior Vice President and Chief Commercial Officer. Before serving as our Chief Commercial Officer, he held various roles at Genpact since joining us in 2005.

***Riju Vashisht*** has served as our Senior Vice President and Chief Growth Officer since 2022 and as the Global Business Leader for Enterprise Services, Partnerships and Alliances since December 2023. Prior to that, she served as our Senior Vice President and Chief Transformation Officer since 2020. She previously served as our Head of Digital Solutions and Transformation and as the Chief Operating Officer for our Consumer Goods, Retail, Life Sciences and Healthcare businesses. She previously was at Walmart India and Unilever India.

***Sydney Schaub*** has served as our Senior Vice President, Chief Legal Officer and Corporate Secretary since December 2025. Prior to joining Genpact, Ms. Schaub served as Chief Legal Officer at Opendoor Technologies from 2022 to November 2025. Before that, she was Chief Legal Officer, General Counsel and Corporate Secretary at Gemini, the digital asset exchange, from 2018 to 2022. She was also previously the General Counsel and Corporate Secretary at Rent The Runway and prior to that held various roles as an attorney at Square and Google.

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**Item 1A. &nbsp;&nbsp;&nbsp;&nbsp;Risk Factors** 

**Risks Related to our Business and Operations**

***AI and other advanced technologies are having, and are expected to continue to have, a significant impact on our industry and the markets in which we compete. The development and use of AI and other advanced technologies present competitive, reputational and legal risks, and our use of these technologies may not be successful.***

AI and other advanced technologies are having, and are expected to continue to have, a significant impact on client preferences and market dynamics in our industry, and our ability to effectively compete in this space will be critical to our financial performance. We are increasingly applying AI and other advanced technologies, including generative AI and autonomous agentic AI, to our services and solutions, to how we deliver services to our clients and to our own internal operations. We are also creating new offerings to implement AI and other advanced technology solutions for our clients. We have made significant investments in our AI and other advanced technology capabilities and will continue to incur significant development and operational costs to support these efforts. There is no assurance that we will realize the anticipated benefits from these investments.

The market for AI and other advanced technology and services is highly competitive and rapidly evolving. We face significant competition from our traditional competitors as well as other third parties, including those that are new to the market or our industry, as well as our own clients, who may develop their own AI-related capabilities. We may be unable to deliver anticipated efficiencies from our AI-enabled solutions and services, and we may be unable to bring AI-enabled products and solutions to market as effectively, or with the same speed or in the same volumes, as our competitors, which may harm our client relationships and competitive position. In addition, as these technologies evolve, we expect that some services that we currently perform for our clients will be replaced, in whole or in part, by AI, including generative AI and agentic solutions, or other forms of automation, and clients may not accept new pricing or commercial models reflecting the value of AI-enabled solutions. Each of the foregoing may lead to reduced demand for our services, adversely affect our employee utilization rate or harm our ability to obtain favorable pricing or other terms for our services, any of which could have a material adverse effect on our business, results of operations and financial condition. Leveraging AI and other advanced technology capabilities for our internal functions and operations also presents additional risks, costs, and challenges, including those discussed in these risk factors.

The development, adoption, and use of AI and other advanced technologies continue to rapidly evolve. AI algorithms may be flawed, and datasets may be insufficient or contain biased information, which could result in outputs that are unexpected, of low quality or that implicate intellectual property, privacy, export control or safety risks. Ineffective or inadequate AI development, monitoring or deployment practices by us, our clients, or third parties with whom we do business could result in unintended consequences, such as disclosure of sensitive information, infringement of third-party intellectual property rights, violation of laws related to recruitment and hiring, or other incidents that impair the acceptance of AI solutions or cause harm to individuals or society. These deficiencies and other failures of AI systems could subject us to competitive harm, regulatory action, legal liability including litigation, and brand or reputational harm. Some AI capabilities present ethical issues, and we may be unsuccessful in identifying or resolving issues before they arise. If we enable or offer AI products or solutions or implement AI capabilities in our internal operations that are controversial because of their impact on human rights, privacy, employment, or other social, economic, or political issues, we may experience brand or reputational harm, financial or legal liability or increased employee attrition.

Additionally, the use of AI and other advanced technology by us or our partners may create new or exacerbate existing cybersecurity vulnerabilities, including vulnerabilities not currently known or novel risk vectors that may not be immediately identifiable. The uncertainty around the safety and security of new and emerging AI applications requires continued significant investment in monitoring, validation and implementation of governance processes and controls across the AI lifecycle, including relating to security, accuracy, bias, and other variables to ensure alignment with industry standards and meet client expectations. These efforts can be complex, resource-intensive, could adversely impact our profitability, may not sufficiently address risks and may cause decreased demand for our services or harm to our business, results of operations, financial condition, or reputation. While we have in place policies and mechanisms designed to ensure that we use AI responsibly, these efforts may be insufficient to identify and mitigate AI-related risks.

AI technology and services require access to high-quality datasets, foundation models, and other AI system components. We currently rely, in part, on third parties to provide these components. In the future, we may face difficulties acquiring the necessary rights from third parties due to market competition and other factors. Failures or discontinuation by cloud/software partners or loss of rights to third-party data needed for our services, including AI solutions, could delay delivery, require costly re-engineering, or limit competitiveness. These challenges could hinder our ability to develop, implement or maintain AI technologies, or may increase the costs of doing so. To overcome this, we may need to invest in alternative strategies, such as forming alliances or developing our own resources.

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In addition, the legal and regulatory landscape surrounding AI technologies is rapidly evolving, uncertain and varies significantly by jurisdiction, including in the areas of intellectual property, cybersecurity, employment, privacy and data protection. Authorities where we operate are applying, or considering applying, laws and regulations related to intellectual property, cybersecurity, export controls, privacy, data security, data protection and employment to AI and automated decision-making, or general legal frameworks on AI, such as the EU AI Act, which entered into force in 2024 and parts of which became applicable in 2025. Compliance with new or changing laws, regulations, industry standards or ethical requirements and expectations relating to AI, the eventual scope and extent of which are currently unknown and which may vary or conflict across jurisdictions or between different courts or regulators, may impose significant operational costs requiring us to change our service offerings or business practices, or may limit or prevent our ability to develop, deploy, or use AI technologies in our own operations or our client offerings. Failure to keep pace with this evolving landscape may result in legal liability, increased regulatory scrutiny and oversight, regulatory action, or brand and reputational harm. In addition, the SEC is increasingly focused on AI-related disclosures, in particular how companies disclose their AI usage, business strategy, and risk, and has targeted companies that exaggerated their AI capabilities. If we fail to accurately represent our AI capabilities or if we overstate the benefits of our AI offerings, we could face SEC enforcement actions, securities litigation, reputational harm, or loss of investor confidence.

***Our success largely depends on our ability to develop and achieve our business strategies, and our results of operations and financial condition may suffer if we are unable to continually develop and successfully execute our business strategies.***

Our future growth, profitability and cash flows largely depend upon our ability to continually develop and successfully execute our business strategies. While we believe that our strategic plans reflect opportunities that are appropriate and achievable, we may not select the best or most appropriate business strategies and the execution of our strategies may not result in long-term growth in revenue or profitability due to a number of factors, including incorrect assumptions, macroeconomic conditions, competition, changes in the industries in which we operate, suboptimal resource allocation or any of the other risks described in this "Risk Factors" section. In pursuit of our growth strategy, we have invested and will continue to invest significant time and resources into developing new product, solution or service offerings, including advanced technology solutions, and transforming, adapting and upskilling our workforce, and these undertakings may fail to yield sufficient return to cover our investments in them or may fail to gain traction with clients or compete effectively in the market.

To achieve our strategic plans, we must, among other things, continue to make significant investments in our business, including in technology and people, and adapt our operating model. The complexity of our business continues to increase, which can place strain on our management team, employees, operations, systems, financial resources and internal financial control and reporting functions. Our ability to successfully manage change associated with our developing business strategy and advanced technology initiatives will be critical for our overall success. The failure to continually develop and execute optimally on our business strategies could have a material adverse effect on our business, financial condition and results of operations.

***We may fail to attract and retain enough qualified employees to support our business, especially our advanced technology solutions.***

Our industry relies on large numbers of skilled employees, and our success and profitability depend on our ability to attract, train and retain a sufficient number of employees with the right mix of skills and experience, including advanced technology skills, to deliver our services and solutions to our clients. High employee attrition is common in our industry. In 2025, our attrition rate for all employees who were employed for a day or more was 24%. We cannot assure you that we will be able to maintain our attrition rate at the 2025 level. If our attrition rate increases beyond this level or rises above our historical average attrition rate for an extended period, our operating efficiency and productivity may decrease.

Competition for highly qualified employees, particularly in India and the United States, remains high and we expect such competition to continue. We compete for employees not only with other companies in our industry but also with companies in other industries, such as software services, engineering services and financial services companies, as well as our clients' GCCs. In many locations in which we operate, there is a limited pool of employees who have the mix of skills and experience we need to perform services for our clients and, in certain jurisdictions or in key areas such as AI, the number of open positions exceeds the number of qualified candidates to fill them. In addition, changes in immigration laws or policies, or varying applications of immigration laws and policies, could exacerbate competition for skilled labor. We must hire or reskill, retain and motivate appropriate numbers of skilled employees with diverse experience in order to serve clients across the globe, respond quickly to rapid and ongoing changes in demand for our services and new technologies, and continuously innovate to grow our business. If we are unable to hire or retrain our employees to keep pace with the rapid and continuous changes in technology and the industries we serve, we may not be able to innovate quickly enough and fulfill client demand. If our business continues to grow, the number of people we

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will need to hire may also continue to increase. We will also need to increase our hiring if we are not able to maintain our attrition rate through innovative recruiting and retention policies. Additionally, if we are unable to offer our employees a value proposition that is competitive and appealing, our employee engagement and retention rate may suffer, which could materially adversely affect our business.

In 2025, we continued to face increased competition for talent with scarce skills and capabilities in advanced technologies, including AI, and our competitors have directly targeted our employees with these highly sought-after skills and may continue to do so. As a result, we may be unable to cost-effectively hire and retain employees with these market-leading skills, which may cause us to continue to incur increased costs or be unable to fulfill client demand for our services and solutions. Sustained competition for employees, or an increase in competition from the current heightened levels, could have an adverse effect on our ability to expand our business and service our clients, as well as cause us to incur greater personnel expenses and training costs.

***We face legal, operational, reputational and financial risks from any failure to safeguard our systems and protect client, Genpact or employee data from security incidents or cyberattacks.***

In providing our services and solutions to clients, we often collect, process and store proprietary, personally identifying or other sensitive or confidential client and other third-party data. In addition, we collect, process and store data regarding our employees and contractors. As a result, we are subject to numerous data protection and privacy laws and regulations designed to protect this information in the countries in which we operate as well as the countries of residence of the persons whose data we process. We have established security measures and internal controls designed to prevent the inadvertent or intentional exposure or loss of personally identifiable information and other sensitive or confidential data. We regularly assess the adequacy of and make improvements to such security measures and controls. However, if any person, including any of our current or former employees or contractors, negligently disregards or intentionally breaches our or our clients' established security policies, measures and controls with respect to client, third-party or Genpact protected data or if we do not adapt to changes in data protection legislation, we could be subject to significant litigation, monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions. Unauthorized parties have attempted, and we expect will continue to attempt, to gain access to our systems and facilities, as well as those of our clients and third-party service providers, through various means, including hacking, social engineering, phishing, and attempting to fraudulently induce individuals (including employees, service providers, and our clients) into disclosing usernames, passwords, payment card information, or other sensitive information, which may in turn be used to access our information technology systems. Additionally, our employees and contractors have in the past engaged, and may in the future engage, in fraudulent conduct or other conduct that violates our client contracts or our internal controls or policies, whether intentionally or inadvertently. We have experienced security incidents due to the actions of our employees or contractors, though none of these incidents has had a material impact on our operations or financial results.

The threat of incursions into our information systems and technology infrastructure has increased in recent years as the sophistication of threat actors who have hacked, attacked, held for ransom or otherwise disrupted information systems of other companies and misappropriated or disclosed data has increased. Threat actors are also increasingly focused on gaining access to a target's systems though supply chain channels and taking advantage of the proliferation of technology platform vulnerabilities disclosed by software companies to exploit the vulnerabilities before patches are applied. Additionally, threat actors are increasingly using AI and generative AI capabilities to enhance their attack techniques, including by creating deepfakes, exploitation code or automated social engineering. We could also be impacted by cyberattacks by nation states or other organizations arising out of geopolitical tensions or conflicts. Certain types of cyberattacks could harm us even if our systems are left undisturbed. For example, attacks may be designed to deceive employees or service providers into providing credentials or other access mechanisms to our or our clients' systems to a hacker. We may be unable to anticipate the techniques used by threat actors to infiltrate our systems and may fail to detect or timely detect when an incursion has occurred or to implement adequate preventative and responsive measures, including in the case of threats that are designed to remain dormant or undetectable until launched against a target.

Additionally, in the event of a ransomware or other attack involving data theft and encryption, we could face delays in the recovery of data, or a partial or total loss of data, in the event of a lack of adequate backups or recovery processes or a compromise of our backups or backup systems. The steps we have taken to protect our information systems and data security may be inadequate. Actual or perceived breaches of our security, whether through breach of our computer systems, systems failure (including due to aged IT systems or infrastructure or system misconfigurations) or otherwise, could influence the market perception of the effectiveness of our security measures and, as a result, our reputation could be harmed and we could lose existing or potential clients. Media or other reports of perceived breaches or weaknesses in our systems, products or networks could also adversely impact our brand and reputation and materially affect our business.

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Our clients, suppliers, subcontractors, and other third parties with whom we do business, including in particular cloud service providers and software vendors, generally face similar or greater cybersecurity threats, and we must rely on the safeguards adopted by these third parties. We and our clients rely on third-party cloud, software, and open-source components, and vulnerabilities or failures in those supply chains (including "zero-day" exploits) may introduce or amplify risk, trigger client and regulatory claims, and increase remediation costs. If these third parties do not have adequate safeguards or their safeguards fail, it might result in breaches of our systems or applications, unauthorized access to or disclosure of our and our clients' confidential data or a disruption in our services. In addition, the products, services and software that we use and provide to our clients, or the third-party components of such products, services and software, sometimes contain or introduce cybersecurity threats or vulnerabilities to our and our clients' information technology networks, intentionally or unintentionally. We are regularly alerted to vulnerabilities in third-party technology components we use in our business that create risks in our environments. We typically are not aware of such vulnerabilities until we receive notice from the third parties who have discovered the exposure, and our responses to such vulnerabilities may not be adequate or prompt enough to prevent their exploitation.

Our clients' proprietary, sensitive, or confidential information could also be compromised by a cybersecurity attack affecting us, or their systems could be disabled or disrupted as a result of such an attack. Our clients, regulators, or other third parties may attempt to hold us liable, through contractual indemnification clauses or directly, for any such losses or damages resulting from such an attack. We may also be liable to our clients or others for damages caused by disclosure of confidential information or system failures. Many of our contracts do not limit our potential liability for breaches of confidentiality. We may also be subject to civil actions and criminal prosecution by governments or government agencies for breaches relating to such data. Our insurance coverage or indemnification protections for breaches or mismanagement of such data may not be adequate to cover all costs related to data loss, cybersecurity attacks, or disruptions resulting from such events, or they may not continue to be available on reasonable terms or in sufficient amounts to cover one or more large claims against us and our insurers may disclaim coverage as to any future claims. The impact of these cybersecurity attacks, data losses, and other security breaches cannot be predicted, but any such attack, loss or breach could disrupt our operations and the operations of our clients, suppliers, subcontractors, or other third parties. Incidents of this type have in the past and may in the future require significant management attention and resources and have in the past and may in the future result in the loss of revenues from clients. These incidents could also result in regulatory fines and penalties, financial liability, significant remediation costs, and reputational harm among our clients and the public, any of which could have a material adverse impact on our financial condition, results of operations, or liquidity.

While we have developed and implemented security measures and internal controls designed to prevent, detect and respond to cyber and other security threats and incidents and to recover data compromised in such incidents, such measures cannot guarantee security and may not be successful in preventing security breaches, detecting or effectively responding to such breaches, recovering data compromised or lost, or restoring operations in a timely manner. In the ordinary course of business, we are subject to regular incursion attempts from a variety of sources, and we have experienced security incidents, including from cyber threat actors, as a result of attack techniques such as phishing, social engineering, vulnerability exploitation and malware. To date such incidents have not had a material impact on our operations or financial results. However, there is no assurance that such impacts will not be material in the future.

Additionally, our hybrid working model, which includes a high number of employees working remotely, has reduced our ability to enforce physical security controls and monitor employee conduct and has increased the risk that our employees will engage in impermissible or careless conduct, which could give rise to reputational harm and legal liability. Our inability to enforce physical security controls and monitor our employees working remotely also increases the risk of security incidents. Virtual hiring and remote work can also increase risks of candidate fraud, moonlighting, training and cultural integration challenges, as well as inadvertent local tax or employment law non-compliance due to unreported employee location changes. Measures we have taken in the remote work environment to implement suitable additional controls and educate our employees on the importance of cybersecurity, data loss prevention and related best practices may not prevent data breaches, the occurrence of which could have a material adverse impact on our business, reputation, financial condition, and results of operations.

***Our profitability will suffer if we are not able to price appropriately, effectively utilize new technologies, maintain employee and asset utilization levels and control our costs.***

Our profitability is largely a function of how efficiently we utilize our assets and the pricing that we are able to obtain for our solutions and services. Our utilization rates are affected by a number of factors, including our ability to transition employees from completed projects to new assignments, hire and assimilate new employees, forecast demand for our services, match our employees' skills with client demand, manage attrition as well as our need to devote time and resources to training, professional development and other typically non-chargeable activities.

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The prices we are able to charge for our solutions and services are affected by a number of factors, including our clients' perceptions of our ability to add value, competition, introduction of new services and technologies (including generative and agentic AI) or products by us or our competitors, our ability to accurately estimate, recognize and sustain revenues from client engagements, margins and cash flows over long contract periods and macroeconomic and political conditions. Therefore, if we are unable to price appropriately or manage our asset utilization levels, there could be a material adverse effect on our business, results of operations and financial condition. Our profitability is also a function of our ability to control our costs and improve our efficiency. As we increase the number of our employees and grow our business, we may not be able to manage the significantly larger and more geographically diverse workforce that may result and our profitability may decrease or may not improve. New taxes may also be imposed on our services, such as sales taxes or service taxes, which could affect our competitiveness as well as our profitability. Additionally, we may fail to appropriately estimate our costs in agreeing to provide new or novel services with unique pricing arrangements or service delivery requirements.

***Our results of operations could be adversely affected by economic and geopolitical conditions and the effects of these conditions on our and our clients' businesses and levels of business activity.***

Global macroeconomic conditions affect our business, our clients' businesses and the markets we serve. Volatile, negative or uncertain economic conditions in our significant markets have in the past and could in the future undermine business confidence and cause our clients to reduce, delay or cancel their spending on projects with us, which has negatively affected our business and may continue to do so in the future, including by making it more difficult for us to accurately forecast client demand and effectively build revenue and resource plans. Clients may reduce demand for services suddenly or with limited warning, which may cause us to incur extra costs where we have employed more personnel than client demand supports. Differing economic conditions and patterns of economic growth and contraction in the geographical regions in which we operate and the industries we serve have affected and may in the future affect demand for our services. Changing demand patterns from economic volatility and uncertainty could also have a significant negative impact on our results of operations.

Our business is particularly susceptible to economic and political conditions in the markets where our clients or operations are concentrated. A material portion of our revenues is derived from our clients in North America — in particular the United States — and Europe, and weak or changing demand, or any other adverse economic, political or legal uncertainties or developments, in these markets could have a material adverse effect on our results of operations. The priorities of the current presidential administration, coupled with a consolidation of party control of both chambers of the U.S. Congress, have led to extensive new legislative, executive and regulatory initiatives in the United States and the roll-back of many initiatives of the previous presidential administration. These changes, especially in the areas of trade, tariff policy, taxation, immigration, technology regulation, and international relations, have magnified market uncertainty and volatility, and this volatility may intensify due to the speed, breadth, and evolving nature of the policy changes. These policy shifts impact our business and our clients' businesses in ways that are difficult to predict, may require operational adjustments, and could materially affect demand patterns, cost structures, and competitive dynamics in our or our clients' industries in unpredictable ways.

In addition, broader global geopolitical tensions, including actual or anticipated military or political conflicts (such as the ongoing conflict between Russia and Ukraine, tensions across the Taiwan Strait, the Israel-Hamas conflict and broader instability in the Middle East), and actions that governments take in response, continue to create uncertainty and risks to our and our clients' businesses and have led to shifting global structures, relationships and trade flows. In response to the ongoing conflict between Russia and Ukraine, the United States and other countries in which we operate have imposed broad sanctions and may impose additional sanctions or other restrictive actions against governmental and other entities in Russia. We do not have employees or operations in Russia or Ukraine, but we have operations in surrounding countries, and we have clients that do business in Russia and Ukraine. Such clients may be adversely affected by the ongoing conflict and related sanctions and other governmental actions, which in turn could have an adverse impact on our revenues from such clients. Additionally, given the global nature of our operations and our exposure to clients in Europe and other regions, the broader macroeconomic impact of sanctions imposed on Russia and other macroeconomic impacts of the protracted conflict, including volatility in energy costs in Europe and related economic instability, could have an adverse impact on our business, profitability, results of operations and financial condition. We also have limited employees and operations in Israel, and while we have not experienced any material impacts to our operations in Israel to date, there can be no assurance that our operations there will not be materially adversely affected in the future. The impact of geopolitical conflicts, including those identified above, any further escalation or expansion and the broader geopolitical, economic, and other effects of such conflicts could also heighten the other risks identified in this Annual Report on Form 10-K. Beyond the specific conflicts identified, the growth of nationalism, protectionism, and populist movements has created an environment of increasing uncertainty that could lead to further deglobalization or a slowdown in cross-border commerce. These developments create unpredictability in client spending patterns, particularly among clients in certain sectors, and may reduce demand for cross-border and

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multinational projects or may reduce client spending on discretionary services or the types of services we provide generally.

Additionally, inflationary pressures in the past few years have adversely affected our profitability and could continue to do so. Any protracted increase in inflation, especially if combined with weakening consumer confidence, would likely adversely impact our clients and could constrain their spending on discretionary projects, potentially affecting demand for our services. Broad-based and sustained inflation would also continue to increase the costs of operating our delivery centers. We have not been able to, and may in the future be unable to, fully offset these cost increases by raising prices for our services, particularly because our client agreements generally fix our pricing for periods of time. This has at times resulted in and could continue to result in downward pressure on our gross margins and operating income. Further, our clients may choose to reduce their business with us or cancel, defer or delay projects if we increase our pricing. If we are unable to successfully adjust pricing, reduce costs or implement other countermeasures, our profitability could be materially adversely affected.

***A substantial portion of our assets, employees and operations is located in India and we are subject to regulatory, economic, social and political uncertainties in India.***

We are subject to several risks associated with having a substantial portion of our assets, employees and operations located in India. The business and political environment in India is at times highly unpredictable, and the inherent uncertainty associated with operating in India poses an ongoing risk to our business and operations given the scale of our presence there. Navigating the legal, regulatory and tax regimes in India is also challenging due to a complex, rapidly evolving, and often ambiguous regulatory and legal environment. Inconsistent application of rules by authorities and, at times, inconsistent judicial interpretations of rules, create uncertainty. Compliance requires managing layers of federal and state-specific laws, particularly in the areas of tax and labor law, with high risks of non-compliance due to the complexity of the regulatory and enforcement regime.

Most of our employees are based in India and a majority of our services are performed in India, which makes our business particularly sensitive to general economic conditions and economic and fiscal policy changes in India. Various factors, such as changes in the central or state Indian governments, could trigger changes in India's economic liberalization and deregulation policies and disrupt business and economic conditions in India generally and our business in particular. Our ability to maintain cost-effective service delivery through our skilled Indian workforce depends heavily on a stable business and regulatory environment, and if the Indian government introduces policies that raise the cost of doing business in India or that are otherwise unfavorable to us, our competitive advantage may be diminished and our business, financial condition and results of operations could be materially adversely impacted.

We have historically benefited from many policies of the Government of India and the Indian state governments in the states in which we operate which are designed to promote foreign investment generally and in our industry in particular, including significant fiscal incentives, relaxation of regulatory restrictions, liberalized import and export duties and preferential rules on foreign investment and repatriation. However, many of the fiscal policies we have benefited from in the past have lapsed or are no longer available to us, and there is no assurance that fiscal policies from which we continue to benefit will be available to us in the future.

The Indian government has challenged our entitlement to certain benefits we have claimed in the past. During the period from 2017 to 2020, we received benefits totaling $54 million (converted from Indian rupees) from the Director General of Foreign Trade ("DGFT") of India pursuant to the Services Export from India Scheme ("SEIS"). These benefits were available to us in respect of our export of certain services eligible under the SEIS. However, in 2023 and 2024, the DGFT and Indian customs authorities issued us show cause notices challenging our entitlement to such benefits. We subsequently disputed these notices before the Delhi High Court and obtained interim stays temporarily preventing enforcement of the notices. In the event that it is ultimately determined that we were not eligible for the SEIS benefits we claimed, we could be liable for recovery of the amount received along with penalties and interest, which could be material.

Additionally, we are currently subject to an investigation by the India Enforcement Directorate ("ED") relating to certain intercompany debt created as part of a 2015 restructuring transaction undertaken by the Company. On February 3, 2026, the ED issued an order relating to this investigation in connection with which a lien was placed on a building owned by us in Gurgaon, India. We are in the process of taking appropriate steps in relation to this order. We have not received any demand from the ED in relation to this matter. If the ED issues a demand and ultimately prevails in this matter, it would likely have a material adverse effect on our results of operations and financial condition.

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***Changes in our tax rates or tax provisions, adverse tax audits and other proceedings, or changes in tax laws or their interpretation or enforcement could have an adverse effect on our business, results of operations, effective tax rate and financial condition.***

We are subject to income taxes in the United States and in numerous foreign jurisdictions, notably in India where we have substantial operations. We are also subject to ongoing audits, investigations and tax proceedings in various jurisdictions. Our provision for income taxes, actual tax expense and tax liability could be adversely affected by a variety of factors, including lower income before taxes generated in countries with lower tax rates, higher income generated in countries with higher tax rates, changes in tax laws and regulations or in the interpretation or enforcement of such laws and regulations, changes in applicable income tax treaties, changes in accounting principles or interpretations thereof or in the valuation of deferred tax assets and liabilities, the elimination or expiration of certain tax concessions, exemptions or holidays that had reduced our tax liability, and adverse outcomes of tax examinations or tax-related litigation, including a determination by any tax authority that our transfer prices are not appropriate or that our intercompany transactions should be characterized differently than we have characterized them. Changes in tax laws, treaties or regulations impacting our business, and their interpretation and enforcement, have become more unpredictable in recent years and could result in unexpected and unfavorable outcomes. Any of these factors could have a material adverse effect on our business, results of operations, effective tax rate and financial condition.

We are subject to examination of our income tax returns by the U.S. Internal Revenue Service and tax authorities around the world, notably in India where we have substantial operations. Tax authorities have disagreed in the past, and may in the future disagree, with our tax positions, and particularly in India are increasingly taking aggressive stances opposing the tax positions we take, including with respect to our intercompany transactions. Negative outcomes from those examinations or any appeals therefrom may adversely affect our provision for income taxes and tax liability, and the amounts we are ultimately required to pay could be materially different from the amounts we anticipated, which in turn could have a material adverse effect on our business, results of operations, effective tax rate and financial condition.

We are currently subject to several tax audits by the Indian tax authorities ("ITA") related to intercompany transactions that occurred in 2009 and 2015. In each of 2014, 2019, 2022 and 2023, the ITA issued assessment orders seeking to impose tax on us in relation to such transactions. We have received demands for potential tax claims related to these orders in an aggregate amount of $119 million (converted from Indian rupees and including interest through the date of the orders). We do not believe that any of the transactions giving rise to these demands were subject to tax in India under applicable law. To date, we have received favorable orders from appellate judicial authorities in India relating to $21 million of the $119 million demanded in the assessment orders, and we continue to defend against the remaining $98 million in demands. Additionally, in the first quarter of 2023, the ITA issued an assessment order (the "2023 ITA Order") seeking to impose tax on us of $792 million (converted from Indian rupees and including interest through the date of the order) in relation to a 2015 internal restructuring transaction involving our Indian subsidiaries. In March 2023, the tax appellate authority in India struck down this order, and the ITA then appealed the appellate authority's ruling to the Delhi High Court. In December 2024, the High Court dismissed the ITA's appeal, upholding the appellate authority's ruling in our favor. The ITA has filed to appeal this decision to the Indian Supreme Court.

We have appealed all of the outstanding orders from the ITA and have not provided a reserve for the related exposures, which would be material. Although we have received favorable orders as to certain of the ITA's demands, and have appealed others, we may ultimately not prevail in some or all of these matters. In the event we do not prevail in these matters, the total amounts owed in connection with these demands would be material and subject to additional interest accrued over the period since the demands were made, and the amount of this additional interest also would be material. A final determination of tax in the amounts claimed by the ITA would likely have a material adverse effect on our business, results of operations, effective tax rate and financial condition. See Note 25—"Commitments and contingencies" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" for additional information relating to these matters.

Additionally, in 2012, the Government of India appealed a 2011 ruling by the Delhi High Court that Genpact India Private Limited (one of our subsidiaries) cannot be held to be a representative assessee of General Electric Company ("GE") in connection with an assertion that GE has tax liability in India by reason of a 2004 transfer of shares of our predecessor company. We believe that, if the Government of India is successful in its appeal, GE would be obligated to indemnify us for any resulting tax, though there can be no assurance as to the outcome of this matter.

In December 2021, the Organization for Economic Cooperation and Development (the "OECD") announced a global tax framework referred to as "Pillar Two" to reform international tax rules. As part of the announced framework, the OECD released Global Anti-Base Erosion ("GloBE") rules with the purpose of ensuring multinational companies pay a minimum corporate tax rate of 15% on the income generated in each of the jurisdictions in which they operate. The OECD continues to release additional guidance, and several jurisdictions have implemented legislation related to the Model GloBE Rules for Pillar Two. There is still uncertainty as to how countries will continue to implement the provisions

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of GloBE. In January 2026, the OECD released a Side-by-Side (SbS) package providing safe harbor relief for multinational groups headquartered in qualifying jurisdictions. The United States is currently the only jurisdiction recognized as having a qualified SbS regime, and the safe harbor is effective for fiscal years beginning on or after January 1, 2026. Accordingly, the SbS package does not currently apply to us. Some of our operations incurred increased tax resulting from GloBE rules in 2025, but the impact of the GLoBE rules to date has not been material. However, there can be no assurance that the impact of the GloBE rules on our effective tax rate will not become material in the future.

The global tax environment is increasingly complex and uncertain. Although we monitor these developments, it is very difficult to assess to what extent changes and other proposals, if enacted, may be implemented in India, the United States and other jurisdictions in which we conduct our business or may impact the way in which we conduct our business or our effective tax rate due to their unpredictability and interdependency. As these and other tax laws and related regulations and practices change, those changes could have a material adverse effect on our business, results of operations, effective tax rate and financial condition.

***Our industry is highly competitive, and we may not be able to compete effectively.***

Our industry is increasingly competitive, highly fragmented and subject to rapid change. We compete for business with a variety of companies, including large multinational firms that provide consulting, technology and/or managed services, offshore business process service providers in low-cost locations like India, in-house global capability centers of existing or potential clients, software services companies that also provide managed services or advanced technology solutions, smaller, niche companies that compete with us in a specific geographic market, industry or service area, emerging advanced technology and AI-native companies, and accounting firms that also provide consulting or other business process services.

Some of our competitors have greater financial, marketing, technological or other resources and larger client bases than we do, and may expand their service offerings more quickly or at a lower cost and compete more effectively for clients and employees than we do. Some of our competitors have more established reputations and client relationships in our markets than we do. In addition, some of our competitors who do not have global delivery capabilities may expand their delivery centers to the countries in which we are located, which could result in increased competition for employees and could reduce our competitive advantage. Consolidation activity may also result in new competitors with greater scale, a broader footprint or vertical integration that makes them more attractive to clients as a single provider of integrated products and services. In addition, concurrent use by many clients of multiple professional service providers requires us to be continuously competitive on the quality, scope and pricing of our offerings or face a reduction or elimination of our business. Competitors have also in the past and will likely in the future be willing to take on more risk or offer more favorable pricing to enter the market or increase market share, or competitors may offer alternative commercial models that are more favorable to clients than ours. If we are not able to supply clients with services or solutions that they deem superior and successfully apply our business models with market-level pricing, we may lose business to competitors and face downward pressure on gross margins and profitability. Any inability to compete effectively would materially adversely affect our business, results of operations and financial condition.

Our competitiveness also depends on our ability to continue to develop and implement services and solutions that anticipate and respond to rapid and continuing changes in technology to serve the evolving needs of our clients. See the Risk Factor titled "Our business depends on generating and maintaining ongoing, profitable client demand for our services and solutions, and a significant reduction in such demand or an inability to respond to or compete in the rapidly evolving technological environment could materially affect our results of operations" for additional information. New services or technologies offered by our competitors, partners or new market participants, including AI-native technology start-ups and other companies that can scale rapidly to focus on or disrupt certain markets and provide new or alternative services, solutions or delivery models, may make our offerings less differentiated or less competitive by comparison, which may adversely affect our results of operations. Certain technology companies, including some of our partners, are increasingly able to offer services related to their AI, software, platform, cloud migration and other solutions, or are developing AI, software, platform, cloud migration and other solutions that require integration services to a lesser extent or replace them in their entirety. These more integrated services and solutions may represent more attractive alternatives to clients than some of our services and solutions, which may materially adversely affect our competitive position and our results of operations.

Our relationships with our third-party alliance partners, who supply us with necessary components to the services and solutions we offer our clients, are also critical to our ability to provide many of our services and solutions that address client demands. Some of our third-party alliance partners are also clients or suppliers for our internal operations. There can be no assurance that we will be able to maintain such relationships or that such components will be available on the expected timelines or for anticipated prices. Among other things, such alliance partners may in the future decide to compete with us, form exclusive or more favorable arrangements with our competitors or otherwise reduce our access to their products, thereby impairing our ability to provide the services and solutions demanded by

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clients. Any performance failure on the part of our alliance partners, or the discontinuance by such alliance partners of services that we have relied on them to perform for our clients, could delay our performance or require us to engage alternative third parties to perform the services at our cost or to perform them ourselves, any of which could deprive us of potential revenue or adversely impact our profitability.

Increased competition may result in lower prices and volumes, higher costs, and lower profitability. Any inability to compete effectively, including as a result of any of the factors described above, would adversely affect our business, results of operations and financial condition.

***Wage increases in the countries where we operate may reduce our profit margin.***

Salaries and related benefits of our employees are our most significant costs. Demand and competition for skilled employees, especially employees with the mix of skills and experience that we need to provide certain of our services, including highly skilled technical personnel and personnel with AI skills, continue to be high. As wage levels for skilled employees increase in most of the countries in which we operate because of, among other reasons, inflation and tight labor markets for employees with particular skills, wage increases have adversely affected our profitability in the past and may continue to adversely affect our profitability in the future to the extent that we are not able to control or share wage increases with our clients. Sharing wage increases may also cause our clients to be less willing to utilize our services. We will attempt to control such costs by seeking to add capacity in locations where we consider wage levels of skilled personnel to be satisfactory, but we may not be successful in doing so. In recent years we have had to increase our wage levels for certain roles significantly in a short period of time, and we may in the future need to increase our wage levels significantly and rapidly in order to attract the quantity and quality of employees that are necessary for us to remain competitive, which may have a material adverse effect on our business, results of operations and financial condition.

We engage independent contractors in various U.S. states in the ordinary course of business. Several U.S. states have enacted legislation that requires businesses to consider individuals to be employees who, under current law in most other U.S. states, would be considered independent contractors. If additional states or the U.S. federal government pass similar legislation, we may be required to modify our hiring plans and associated business model, which may increase our cost of doing business.

In addition, in early 2019, the Supreme Court of India clarified that certain allowances paid by an employer to an employee should be included for purposes of calculating provident fund contributions in addition to contributions based on basic wages alone. If this decision is implemented with retrospective application, the amount of the payments that we are required to make at that time to or for the benefit of our employees could be substantial and could have a material adverse effect on our business, results of operations and financial condition.

Additionally, the Government of India implemented labor law reforms effective November 21, 2025, including the Code on Social Security, 2020, which we expect to modestly increase our defined benefit costs prospectively. Certain aspects of the Labor Code rely on the issuance of rules and regulations. Additionally, the Government of India is in the process of clarifying certain aspects of the Labor Code. The issuance of rules and regulations as well as the outcome of these clarifications could increase new employment obligations, create operational and administrative burdens, trigger higher compliance penalties, and enforcement uncertainties during the transition period, which may result in increased costs in 2026 and future years due to expanded social security and employment coverage. Any of the foregoing could adversely affect our profitability, results of operations and financial condition.

***Our success depends in part on our retention of key members of our senior leadership team.***

Our future success depends in part on our ability to attract and retain key employees, including our executive officers and other members of our senior leadership team. These executives possess business and technical capabilities and institutional knowledge that are difficult to replace. Our employment agreements with our Chief Executive Officer and other members of our executive management team do not obligate them to work for us for any specified period. If we lose key members of our senior leadership team, our daily operations and relationships with clients, suppliers, and employees could be negatively affected, which could impact our public or market perception and have a negative impact on our business or share price. In addition, the loss of key members of our leadership team would result in the loss of valuable institutional knowledge. Any management transition resulting from the loss of key personnel could create uncertainty and involve a diversion of resources and management attention, which could negatively impact our ability to operate effectively or execute our strategies. Any of the foregoing could have a material adverse effect on our business, results of operations and financial condition.

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***Our business depends on generating and maintaining ongoing, profitable client demand for our services and solutions, and a significant reduction in such demand or an inability to respond to or compete in the rapidly evolving technological environment could materially affect our results of operations.***

Our revenue and profitability depend on the demand for our services and solutions with favorable margins, which could be negatively affected by numerous factors, many of which are beyond our control and unrelated to our work product. Our success depends, in part, on our ability to continue to develop and implement services and solutions that anticipate and respond to rapid and continuing changes in technology and offerings to serve the evolving needs of our clients. Examples of areas of significant change include digital- and cloud-related offerings, which are continually evolving as developments such as AI, including generative and agentic AI solutions, automation, Internet of Things and as-a-service solutions are commercialized. Technological developments such as these may materially affect the cost and use of technology by our clients and, in the case of as-a-service solutions, could affect the nature of how we generate revenue. Some of these technologies, such as cloud-based services, AI, automation, and others that may emerge, have reduced and replaced, in whole or in part, some of our historical services and solutions and may continue to do so in the future. This has caused, and may in the future cause, clients to delay spending under existing contracts and engagements and to delay entering into new contracts while they evaluate new technologies. Such delays can negatively impact our results of operations if the pace and level of spending on new technologies is not sufficient to make up any shortfall. As we develop and implement new solutions, our results of operations may also be negatively impacted if we are unable to introduce new pricing or commercial models that appropriately capture the value our services are generating for our clients or if our clients demand savings that we are unable to deliver or do not properly account for in pricing these new solutions.

Our Advanced Technology Solutions can include a high number of short-cycle engagements. These shorter cycle engagements are more susceptible than longer-term engagements to changing client preferences and economic pressures that can cause delays or reductions in client purchasing decisions. When an increased share of our revenues is derived from these engagements, business forecasting becomes more complex given the more discretionary and non-recurring nature of these services compared to our traditional managed services. Our contracts for consulting and other short-cycle engagements typically permit our clients to terminate the agreement with less notice than is required under our longer-term contracts for Digital Operations and without paying termination fees. Our failure to continue to effectively manage, develop and sell these shorter-cycle engagements, as well as our inability to accurately forecast revenues from these engagements (as has occurred in the past), could adversely affect our business, growth strategy and results of operations.

Developments in the industries we serve, which are increasingly rapid, have shifted and may continue to shift demand to new services and solutions. If we fail to keep pace with the development or integration of new technologies, including generative and agentic AI, or to adapt to other changes in the industries we serve or our clients' demand for new services and solutions, we may be less competitive in these new areas or need to make significant investment to meet that demand. Our growth strategy focuses on responding to these types of developments by driving innovation that will enable us to expand our business into new growth areas, including through our new agentic AI solutions. If we do not sufficiently invest in new technology and adapt to industry developments, or evolve and expand our business at sufficient speed and scale, or if we do not make the right strategic investments to respond to these developments and successfully drive innovation, our services and solutions, results of operations, and ability to develop and maintain a competitive advantage and to execute on our growth strategy could be negatively affected.

Companies in the industries we serve sometimes seek to achieve economies of scale and other synergies by combining with or acquiring other companies. If one of our current clients merges or consolidates with a company that relies on another provider for the services and solutions we offer, we may lose work from that client or lose the opportunity to gain additional work if we are not successful in generating new opportunities from the merger or consolidation.

***We enter into long-term contracts and fixed-price contracts with our clients. Our failure to price these contracts correctly may negatively affect our profitability.***

The pricing of our services is usually included in SOWs entered into with our clients, many of which are for terms of two to five years. In certain cases, we have committed to pricing over this period with only limited sharing of risk regarding inflation and currency exchange rates. In addition, we are obligated under some of our contracts to deliver productivity benefits to our clients. If we fail to estimate accurately future wage inflation rates, currency exchange rates or our costs, or if we fail to accurately estimate the productivity benefits we can achieve under a contract, it could have a material adverse effect on our business, results of operations and financial condition.

A portion of our SOWs are currently billed on a fixed-price basis rather than on a time-and-materials basis. We may also increase the number of fixed-price contracts we perform in the future. Any failure to accurately estimate the resources or time required to complete a fixed-price engagement or to maintain the required quality levels or any

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unexpected increase in the cost to us of employees, office space or technology could expose us to risks associated with cost overruns and could have a material adverse effect on our business, results of operations and financial condition.

***Our partnerships, alliances and other third-party relationships are critical to our growth strategy and expose us to a variety of risks that could have a material adverse effect on our business.***

We are increasingly investing in our strategic partnership and alliances and are focused on these critical relationships as a source of growth. Our partnerships and alliances and our relationships with a variety of third parties, including suppliers, contractors and others, expose us to a variety of risks that could have a material adverse effect on our business, and we may not be successful in mitigating such risks. Our operations depend on our ability to anticipate and quickly address our and our clients' needs for products and services, as well as our suppliers' ability to deliver the required products and services at reasonable prices and in time for us to meet our own client commitments. In addition, we must adequately address quality issues associated with our solutions and services, including with respect to any third-party components. Any performance failure on the part of our partners or the third parties with whom we do business, or the discontinuance by such third parties or partners of products or services that we have relied on them to provide, could delay our performance or require us to engage alternative third parties to provide the required solutions or services at our cost or to perform them ourselves, any of which could deprive us of potential revenue or adversely impact our profitability. Additionally, our partners, third-party suppliers and contractors and other third parties with whom we do business may not be able to comply with current good business practices or applicable laws or regulatory requirements. Our failure, or the failure of such third parties, to comply with applicable laws and regulations could result in sanctions being imposed on us, including fines, injunctions, civil penalties and criminal prosecutions, any of which could significantly and adversely affect our business.

We may have limited control over the time and effort our partners and third parties with whom we do business dedicate to their arrangements with us. Our ability to generate revenue from these arrangements will depend on our partners' or other third parties' desire and ability to successfully perform the functions assigned to them in these arrangements. Further, certain of our suppliers, partners and other contractors may decide to discontinue conducting business with us.

The successful execution of our growth strategy also depends on our ability to effectively manage and develop our strategic partnerships and alliances. We may not be successful in maintaining or growing our existing alliances with partners whose capabilities complement our own, and our partners may have strategic priorities and objectives that differ from or conflict with our interests. In addition, certain of our partners may also be our clients or suppliers, which may create conflicts of interest. Any failure to successfully manage these relationships, or any misalignment of priorities with our partners, could adversely affect our business, results of operations and financial condition.

Additionally, our partners could decide to establish preferred or exclusive arrangements with our competitors, which could limit our access to key technologies, reduce our competitive position in the market and adversely affect our ability to deliver solutions to our clients. We may not be able to prevent or mitigate the effects of such competitive dynamics.

Our ability to remain competitive depends in part on our success in identifying and forming partnerships with providers of new and emerging technologies. We may fail to anticipate technological shifts or to establish meaningful alliances with emerging technology providers early enough in their life cycles to gain a competitive advantage. Furthermore, we may not develop a sufficient number of personnel with the skills and certifications necessary to deliver services related to new technologies offered by our partners. Any such failures could limit our ability to offer innovative solutions to our clients and could materially adversely affect our competitive position and business.

Our alliance partners may be adversely affected by global events, macroeconomic changes, geopolitical instability or other factors beyond our or their control, which could impair their operations and their ability to perform under their arrangements with us. Rapid changes in demand could also affect our partners' ability to deliver the required products or services to us within expected timeframes or at anticipated prices or could lead to reduced demand for our related solutions and services.

In addition, we are a party to license agreements with third parties and expect to enter into additional licenses in the future. Our existing licenses impose, and we expect that future licenses will impose, various obligations and restrictions on us. If we fail to comply with these obligations and restrictions, the licensors may have the right to terminate the licenses, in which event we might not be able to market any product or service that is covered by these agreements, which could materially adversely affect our business. Termination of these license agreements or a reduction in or elimination of our licensed rights may result in our having to negotiate new or reinstated licenses with less favorable terms, or cause us to lose rights in important intellectual property or technology.

Any of the foregoing may prevent us from working with our partners or third parties with whom we do business and could subject us to losses, affect our ability to bring products, solutions and services to market, impair our

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competitiveness, cause us to fail to satisfy our client obligations and harm our reputation, which would materially adversely affect our business and results of operations.

***Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.***

We have employees in more than 35 countries and significant operations in more than 25 countries, and these global operations have in the past and could in the future be disrupted by natural or other disasters, telecommunications failures, power or water shortages, extreme weather conditions (whether as a result of climate change or otherwise), medical epidemics or pandemics and other natural or manmade disasters or catastrophic events. The occurrence of any of these business disruptions could result in significant losses, seriously harm our revenue, profitability and financial condition, adversely affect our competitive position, increase our costs and expenses, and require substantial expenditures and recovery time in order to fully resume operations. In addition, global climate change may result in certain natural disasters occurring more frequently or with greater intensity, such as earthquakes, tsunamis, cyclones, drought, wildfires, sea-level rise, heavy rains and flooding, and any such disaster or series of disasters in areas where we have a high concentration of employees, such as India, could significantly disrupt our operations and have a material adverse effect on our business, results of operations and financial condition.

Our operations could also be disrupted as a result of technological failures, such as electricity or infrastructure breakdowns, including damage to telecommunications cables, computer glitches and electronic viruses, or human-caused events such as protests, riots, labor unrest and cyberattacks. Such events, or any natural or weather-related disaster, could lead to the disruption of information systems and telecommunication services for sustained periods. Damage or destruction that interrupts our provision of services could adversely affect our reputation, our relationships with our clients, our leadership team's ability to administer and supervise our business or it may cause us to incur substantial additional expenditure to repair or replace damaged equipment or delivery centers. Our operations and those of our significant suppliers and distributors could be adversely affected if manufacturing, logistics or other operations in these locations are disrupted for any reason, such as those listed above. Even if our operations are unaffected or recover quickly from any such events, if our clients cannot timely resume their own operations due to a catastrophic event, they may reduce or terminate our services, which may adversely affect our results of operations. We may also be liable to our clients for disruption in service resulting from such damage or destruction.

Our business continuity and disaster recovery plans may not be effective at preventing or mitigating the effects of any of the foregoing business disruptions, particularly in the case of a catastrophic event. Prolonged disruption of our services would also entitle our clients to terminate their contracts with us. While we currently have commercial liability insurance, our insurance coverage may not be sufficient. Furthermore, we may be unable to secure such insurance coverage at premiums acceptable to us in the future or at all. Any of the above factors may have a material adverse effect on our business, results of operations and financial condition.

***We may be subject to claims and lawsuits for substantial damages, including by our clients arising out of disruptions to their businesses or our inadequate performance of services.***

We depend in large part on our relationships with clients and our reputation for high-quality solutions and services to generate revenue and secure future engagements. Most of our client contracts contain service level and performance requirements, including requirements relating to the quality of our solutions and services. Failure to consistently meet client requirements, whether due to: (a) natural or other disasters, telecommunications failures, power or water shortages, extreme weather conditions (whether as a result of climate change or otherwise), medical epidemics, pandemics or other contagious diseases, or other natural or manmade disasters or catastrophic events; (b) breach of or incursion into our computer systems (for example, through a ransomware attack); (c) other systems failure, including due to aged IT systems or infrastructure; or (d) errors made by our employees or intentional misuse of client information or systems by our employees in the course of delivering services to our clients have in the past and could in the future disrupt a client's business and result in a reduction in our revenues, clients terminating their business relationships with us and/or a claim for damages against us. Additionally, we could incur liability if a process we manage for a client were to result in internal control failures or impair our client's ability to comply with its own internal control requirements.

We are also subject to actual and potential claims, lawsuits, investigations and proceedings outside of errors and omissions claims. For example, we engage in trust and safety services on behalf of clients, including content moderation, which could have a negative impact on our employees performing such services due to the nature of the materials they review. These types of services have been the subject of negative media coverage as well as litigation, and we may face adverse judgments or settlements or damage to our brand or reputation as a result of our provision of these services.

Under our MSAs with our clients, our liability for breach of our obligations is generally limited to actual damages suffered by the client and is typically capped at an agreed amount. These limitations and caps on liability may be unenforceable or otherwise may not protect us from liability for damages.

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In addition, certain liabilities, such as claims of third parties for which we may be required to indemnify our clients or liability for breaches of confidentiality, are generally not limited under those agreements. Our MSAs are governed by laws of multiple jurisdictions, therefore the interpretation of such provisions, and the availability of defenses to us, may vary, which may contribute to the uncertainty as to the scope of our potential liability. Although we have commercial general liability insurance coverage, the coverage may not continue to be available on acceptable terms or in sufficient amounts to cover one or more large claims and our insurers may disclaim coverage as to any future claims.

The successful assertion of one or more large claims against us that exceed available insurance coverage, or changes in our insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), could have a material adverse effect on our reputation, business, results of operations and financial condition. It is also possible that future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected by an unfavorable resolution of these matters. In addition, these matters divert management and personnel resources away from operating our business. Even if we do not experience significant monetary costs, there may be adverse publicity or social media attention associated with these matters that could result in reputational harm, either to us directly or to the industries or geographies we operate in, that may materially adversely affect our business, client or employee relationships. Further, defending against these claims can involve potentially significant costs, including legal defense costs.

***Recent and future legislation and executive action in the United States and other jurisdictions could significantly affect the ability or willingness of our clients and prospective clients to utilize our services.***

In the United States, federal and state measures aimed at limiting or restricting, or requiring disclosure of offshore outsourcing have been occasionally proposed and enacted. New U.S. regulations effective as of April 2025 restrict bulk transfers of certain U.S. personal data to designated countries of concern including China, Cuba, Iran, North Korea, Russia, and Venezuela, and the scope of the covered data set and the list of countries of concern could be expanded in the future. In addition, public figures in the United States have from time to time suggested that U.S. businesses be subjected to tax, public disclosure or other adverse consequences for outsourcing, with incentives for returning outsourced operations to the United States. Lawmakers have proposed bills of this type in recent legislative sessions and other specific measures might be proposed. It is not known how they would be implemented and enforced, or whether emerging or enacted tax reform or other near-term Congressional action will affect companies' outsourcing practices. There can be no assurance that pending or future legislation or executive action in the United States that would significantly adversely affect our business, results of operations, and financial condition will not be enacted.

To date, twenty U.S. states have enacted comprehensive privacy laws, and some other states have enacted privacy laws that specifically regulate consumer health data or biometric data. These state privacy laws generally require that the use, retention, and sharing of personal information of residents be reasonably necessary and proportionate to the purposes of collection or processing, that businesses provide notice to data subjects regarding the information collected about them and how such information is used and shared, and provide data subjects the right to opt out of sales of their personal information and, in some cases, request the erasure of their personal information. Such laws, whether currently in effect or becoming effective in the future, carry substantial penalties for non-compliance, and any potential enforcement actions brought under these laws could lead to both business and reputational harm.

Legislation enacted in certain European jurisdictions, and any future legislation in Europe, Japan or any other region or country in which we have clients restricting the performance of managed services from an offshore location or imposing burdens on companies that outsource data processing functions, could also have a material adverse effect on our business, results of operations and financial condition. For example, the legal mechanisms for transferring personal data from the EU to other countries continue to evolve in response to legislation, rulemaking, and litigation. The validity of approved mechanisms for personal data transfers outside of the EU may be challenged and require further rulemaking by the applicable legal bodies.

Following the UK's withdrawal from the EU, the UK has continued to develop its own data protection framework. As the UK and EU pursue separate data protection reform agendas, emerging areas of divergence may impose additional expense, administrative burdens, and regulatory complexity for companies operating in the region, including potential enforcement risk associated with transferring personal data from the UK and EU to the U.S., where the applicable transfer mechanisms differ. The EU's adequacy decision in respect of the UK, which facilitates the transfer of personal data from the EU to the UK without additional safeguards, is subject to periodic review and could be suspended or revoked. The UK's exit from the EU and associated ongoing regulatory changes, including in trade relations, could also result in increased costs, delays, and regulatory complexity in our operations in or involving the UK.

Additionally, legislation enacted in the UK and by many EU countries provides that if a company outsources all or part of its business to a service provider or changes its current service provider, the affected employees of the company or of the previous service provider are entitled to become employees of the new service provider, generally on the same terms and conditions as their original employment. In addition, dismissals of employees who were employed by the

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company or the previous service provider immediately prior to that outsourcing, if the dismissals resulted solely or principally from the outsourcing, are automatically considered unfair dismissals that entitle such employees to compensation. As a result, to avoid unfair dismissal claims we may have to offer, and become liable for, voluntary redundancy payments to the employees of our clients in the UK and other EU countries who have adopted similar laws who transfer business to us.

***Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, and we are or may become subject to government investigations, regulatory examinations and enforcement actions worldwide that could harm our business.***

We are subject to numerous, and sometimes conflicting, legal regimes on matters such as anticorruption, import/export controls, trade restrictions, taxation, immigration (including temporary work authorizations or work permits), internal and disclosure control obligations, securities regulation, anti-competition, data privacy and protection, AI, wage-and-hour standards, employment and labor relations, and ESG reporting requirements. Our clients' business operations are also subject to numerous regulations, and our clients may require that we perform our services in compliance with regulations applicable to them or in a manner that will enable them to comply with such regulations. In addition, regulators that oversee our clients' industries may examine our clients' outsourcing arrangements and their third-party service providers, including us, as part of their oversight activities. If such examinations reveal deficiencies in our operations or compliance programs — or if we are unable to satisfy client or regulatory requirements for third-party service providers — we could lose existing engagements, be precluded from bidding on new work in certain regulated industries or jurisdictions, or be subject to regulatory actions that could materially adversely affect our business and results of operations.

The global nature of our operations and the expanding compliance perimeter associated with increased regulatory complexity increases the difficulty of compliance. Compliance with diverse legal requirements is costly, time-consuming and requires significant resources. Regulatory proceedings, inquiries and investigations can be disruptive to our operations, may divert significant management attention and resources, and may require us to respond to extensive document requests, implement remedial measures, modify business practices, or undertake changes to our internal controls and compliance programs. Given the complexity and scope of our global operations, we are subject to numerous ongoing regulatory and governmental investigations and examinations across the jurisdictions in which we do business, and at any time we could become subject to additional investigations or enforcement actions. Any such investigation or proceeding, alone or in combination with others across jurisdictions, could have a material adverse effect on our business. Violations of any regulations in the conduct of our business, or adverse outcomes of any such investigations or enforcement actions, could result in significant fines or penalties, criminal sanctions against us and/or our employees, restrictions or prohibitions on our ability to conduct business or carry on certain activities, breach of contract damages and harm to our reputation, any of which could have a material adverse effect on our business, results of operations and financial condition. Such consequences may arise even if we are ultimately not found to have violated applicable law, and the existence of any such inquiry or investigation, regardless of outcome, could damage our relationships with existing clients, impair our ability to win new business, and adversely affect our share price. In addition, our insurance may be inadequate to cover, or we may not have insurance coverage for, costs and damages sustained if we become liable in relation to regulatory enforcement actions. Finally, due to the varying degrees of development of the legal systems of the countries in which we operate, local laws may not be well developed or provide sufficiently clear guidance and may be insufficient to protect our rights.

Our collection, use, disclosure, and retention of personal health-related and other information is subject to an array of privacy, data security, and data breach notification laws and regulations that change frequently, are inconsistent across the jurisdictions in which we do business, and impose significant compliance costs. Changes in these laws and regulations and inconsistencies in the standards that apply to our business in different jurisdictions may impose significant compliance costs, reduce the efficiency of our operations, and expose us to enforcement risks.

In the United States, all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands have enacted legislation requiring notice to individuals of security breaches of information involving personally identifiable information. In addition, several U.S. states have enacted data privacy laws that impose varying privacy and data security obligations on companies and grant individuals residing in those states certain rights as data subjects, and legislation has been proposed in several more states. In addition, some states have passed laws imposing increased data security and breach notification obligations on companies operating in the U.S.

In the EU, the GDPR imposes privacy and data security compliance obligations and significant penalties for noncompliance. The GDPR presents numerous privacy-related changes for companies operating in the EU, including rights guaranteed to data subjects, requirements for data portability for EU consumers, data breach notification requirements and significant fines for noncompliance. In GDPR enforcement matters, companies have faced fines for violations of certain provisions. Fines can reach as high as 4% of a company's annual total revenue, potentially including

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the revenue of a company's international affiliates. EU regulations impose increasing obligations on businesses that collect and process commercial, personal and health data. For example, the EU Data Act effective as of September 12, 2025, requires data holders to provide broader rights for data subjects to access information generated through their use of certain networked devices. The EU's European Health Data Space Regulation effective as of March 2025 established a comprehensive regulatory regime for sharing health data within and among EU member states. Additionally, governments outside of the EU are also taking steps to fortify their data privacy laws and regulations. For example, some countries in Africa, Asia and Latin America, including Brazil and South Africa, where we have operations, have implemented or are considering data protection laws. India recently enacted a data protection law, the Digital Personal Data Protection Act (the "DPDP Act"), that will impact how we handle vendor and employee data in India and will require us to develop new controls governing our processing of employee data. Given the size and scope of our operations in India, the costs of compliance with the DPDP Act, and any fines or penalties for breaches thereof, could be significant and could have a material adverse effect on our business, financial condition and results of operations. As privacy laws and regulations around the world continue to evolve, these changes and others could adversely affect our business operations, websites and mobile applications that are accessed by residents in the applicable countries.

In many parts of the world, including countries in which we operate and/or seek to expand, common practices in the local business community might not conform to international business standards and could violate anticorruption laws or regulations, including the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010. Our employees, subcontractors, agents, joint venture partners, the companies we acquire and their employees, subcontractors and agents, and other third parties with which we associate, could take actions that violate policies or procedures designed to promote legal and regulatory compliance or applicable anticorruption laws or regulations. Violations of these laws or regulations by us, our employees or any of these third parties could subject us to criminal or civil enforcement actions (whether or not we participated or knew about the actions leading to the violations), including fines or penalties, disgorgement of profits and suspension or disqualification from work, any of which could materially adversely affect our business, including our results of operations and our reputation.

In addition, the current U.S. presidential administration has sought, and is expected to continue to seek, to enact changes to numerous areas of law and regulations. Any such changes could significantly impact our business either directly or indirectly through their impact on our clients. Legislative or regulatory changes that could materially impact our business directly include changes to immigration policy, income tax regulations and the federal tax code, and public company reporting requirements. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting US institutions under the new administration remain highly uncertain. Future changes may adversely affect our operating environment and therefore our business, financial condition and results of operations.

***Our revenues are highly dependent on clients located in North America and Europe, as well as on clients that operate in certain industries.***

In 2025, 71% of our revenues were derived from clients based in North America and 22% of our revenues were derived from clients based in Europe. The inflationary economic environment in recent years has adversely affected economic activity in North America and Europe and activity in certain industries in which our clients operate.

In a particular geographic market, service line or industry, a small number of clients have at times contributed, or may in the future contribute, a significant portion of our revenues from such geographic market, service line or industry, and decisions by such clients to delay, reduce, or eliminate spending on our services and solutions have had and could in the future have a disproportionate impact on our results of operations in the relevant geographic market, service or industry vertical.

In addition, any deterioration in economic activity in North America or Europe, or in industries in which our clients operate, could adversely affect demand for our services, thus reducing our revenue. Increased regulation, monetary policy actions, changes in existing regulation or increased government intervention in the industries in which our clients operate may adversely affect growth in such industries and therefore have an adverse impact on our revenues. Any of the foregoing factors could have a material adverse effect on our business, results of operations and financial condition.

***We are implementing a new enterprise resource planning system, and challenges with the planning or implementation of the system may impact our internal controls over financial reporting, business and operations.***

We are in the midst of a multi-year process of implementing a complex new enterprise resource planning system ("ERP"), which is a major undertaking that will replace most of our existing operating and financial systems. An ERP system is used to maintain financial records, enhance data security and operational functionality and resiliency, and provide timely information to management related to the operation of a business. The ERP implementation requires the integration of the new ERP with existing information systems and business processes. Our ERP planning and implementation has required and will continue to require, investment of significant capital and human resources,

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requiring the attention of members of our management team. Any deficiencies in the design, or delays or issues encountered in the implementation, of the new ERP could result in significantly greater capital expenditures and employee time and attention than currently contemplated, and could adversely affect our ability to operate our business, including effective management of our invoicing and accounts receivable and collections processes, file timely reports with the SEC or otherwise affect the proper and efficient operation of our controls. If the system as implemented, or after necessary investments, does not result in our ability to maintain accurate books and records, our financial condition, results of operations, and cash flows could be materially adversely impacted. Additionally, conversion from our old system to the new ERP may also cause inefficiencies until the ERP is stabilized and mature. The implementation of our new ERP will require new procedures and many new controls over financial reporting. If we are unable to adequately plan, implement and maintain procedures and controls relating to our ERP, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and impact the effectiveness of our internal controls over financial reporting. All of the above could result in harm to our reputation or our clients, as well as expose us to regulatory actions or claims, any of which could materially impact our business, results of operations, financial condition and stock price.

***Our results of operations and share price could be adversely affected if we are unable to maintain effective internal controls.***

The accuracy of our financial reporting is dependent on the effectiveness of our internal controls. We are required to provide a report from management to our shareholders on our internal control over financial reporting that includes an assessment of the effectiveness of these controls. Internal control over financial reporting has inherent limitations, including human error, sample-based testing, the possibility that controls could be circumvented or become inadequate because of changed conditions, and fraud. Because of these inherent limitations, internal control over financial reporting might not prevent or detect all misstatements or fraud. If we cannot maintain and execute adequate internal control over financial reporting or implement required new or improved controls that provide reasonable assurance of the reliability of the financial reporting and preparation of our financial statements for external use, we could suffer harm to our reputation, fail to meet our public reporting requirements on a timely basis, be unable to properly report on our business and our results of operations, or be required to restate our financial statements, and our results of operations, the market price of our common shares and our ability to obtain new business could be materially adversely affected.

***We may face difficulties in providing end-to-end business solutions or delivering complex, large or unique projects for our clients that could cause clients to discontinue their work with us, which in turn could harm our business and our reputation.***

We continue to expand the nature and scope of our engagements, including by incorporating digital solutions that use social, mobility, big data and cloud-based technologies. Our ability to effectively offer a wide range of business solutions depends on our ability to attract existing or new clients to new service offerings, and the market for our solutions is highly competitive. We cannot be certain that our new services or solutions will effectively meet client needs or that we will be able to attract clients to these offerings. The complexity of our new service offerings, our inexperience in developing or implementing them, and significant competition in the markets for these services may affect our ability to market these services successfully.

In addition, the breadth of our existing service offerings continues to result in larger and more complex projects with our clients, which have risks associated with their scope and complexities, including our reliance on alliance partners and other third-party service providers in implementing and delivering these projects. Our failure to deliver services that meet the requirements specified by our clients could result in termination of client contracts, and we could be liable to our clients for significant penalties or damages or suffer reputational harm. Larger projects may involve multiple engagements or stages, and there is a risk that a client may choose not to retain us for additional stages or may cancel or delay additional planned engagements. These terminations, cancellations or delays may result from factors that have little or nothing to do with the quality of our services, such as the business or financial condition of our clients or the economy generally. Such cancellations or delays make it difficult to plan for project resource requirements and inaccuracies in such resource planning and allocation may have a negative impact on our profitability.

From time to time we also enter into agreements that include unique service level delivery requirements or novel pricing arrangements with which we have no experience and that may be unique in the industry. These projects can include performance targets that become more rigorous over the term of the contracts and service delivery components that are partially subjective by design, and we may be unable to achieve such targets or to satisfy our clients' expectations in delivering such services. Our failure to deliver such engagements to our clients' expectations could result in termination of client contracts, and we could be liable to our clients for penalties or damages or suffer reputational harm. We may also discover that we have not priced such engagements appropriately, which could adversely affect our profitability and results of operations.

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***Currency exchange rate fluctuations in various currencies in which we do business, especially the Indian rupee, the euro and the U.S. dollar, could have a material adverse effect on our business, results of operations and financial condition.***

Most of our revenues are denominated in U.S. dollars, with the remaining amounts largely in euros, UK pounds sterling, the Australian dollar, the Indian rupee and the Japanese yen. Most of our expenses are incurred and paid in Indian rupees, with the remaining amounts largely in U.S. dollars, Romanian lei, UK pounds sterling, Chinese renminbi, Philippine pesos, Polish zloty, euros, Mexican pesos, Costa Rican colón, Japanese yen, Canadian dollars, Malaysian ringgit, Guatemalan quetzals, Australian dollars, South African rand and Hungarian forint. As we expand our operations to new countries, we will incur expenses in other currencies. We report our financial results in U.S. dollars. The exchange rates between the Indian rupee, the euro and other currencies in which we incur costs or receive revenues, on the one hand, and the U.S. dollar, on the other hand, have changed substantially in recent years and may fluctuate substantially in the future. See Item 7A—"Quantitative and Qualitative Disclosures about Market Risk."

Our results of operations have been adversely affected and could be further adversely affected by certain movements in exchange rates, particularly if the Indian rupee or other currencies in which we incur expenses appreciate against the U.S. dollar or if, as has occurred over the past year, the currencies in which we receive revenues, such as the euro, depreciate against the U.S. dollar. Although we take steps to hedge a substantial portion of our foreign currency exposures, there is no assurance that our hedging strategy will be successful or that the hedging markets will have sufficient liquidity or depth for us to implement our strategy in a cost-effective manner. In addition, in some countries, such as China, Costa Rica, India, Malaysia, the Philippines and Romania, we are subject to legal restrictions on hedging activities, as well as convertibility of currencies, which limits our ability to use cash generated in one country in another country and could limit our ability to hedge our exposures. Finally, our hedging policies only provide near term protection from exchange rate fluctuations. If the Indian rupee or other currencies in which we incur expenses appreciate against the U.S. dollar, we may have to consider additional means of maintaining profitability, including by increasing pricing, which may or may not be achievable. See also Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations—Overview—Net Revenues—Foreign exchange gains (losses), net."

***Restrictions on entry or work visas may affect our ability to compete for and provide services to clients, which could have a material adverse effect on our business and financial results.***

A portion of our business depends on the ability of our employees to obtain the necessary visas and work or entry permits to travel to and do business in the countries where our clients and, in some cases, our delivery centers, are located. In recent years, in response to terrorist attacks, geopolitical tensions, and political developments, immigration authorities, particularly in the United States, have increased scrutiny in granting, extending, and renewing visas. The current U.S. presidential administration's immigration agenda has created increased uncertainty surrounding U.S. immigration policy. Recent executive orders impose a $100,000 fee on certain new H-1B entries, expand travel restrictions, intensify Department of Labor investigations, and eliminate automatic employment authorization extensions. Our operating subsidiaries in the U.S. use skilled workers holding H-1B and L-1 visas, and it has become more expensive, time-consuming, and legally complex to utilize existing U.S. visa programs. Additional executive or legislative action restricting the use of foreign personnel could materially increase our operating expenses, restrict our access to qualified workers, adversely affect our ability to recruit and retain critical talent, and place us at a competitive disadvantage relative to companies with greater resources. Visa processing delays or further restrictions could also disrupt our ability to staff client engagements, delay key projects, and reduce operational efficiency. Overall, ongoing changes in immigration laws and enforcement priorities have created significant uncertainty that makes workforce planning more difficult and could have a material adverse effect on our business and results of operations.

Local immigration laws may impose additional requirements for obtaining or maintaining entry or work visas, and countries other than the United States may restrict the number of visas or entry permits available. Immigration restrictions targeting specific countries may also limit our employment of international personnel. Any future adverse developments in immigration regulation or enforcement limiting the mobility of our employees could adversely impact our business and results of operations.

***We may be unable to service our debt or obtain additional financing on competitive terms or at all.***

In December 2022, we entered into an amended and restated five-year credit agreement with certain financial institutions as lenders which replaced our prior credit facility. The amended and restated credit agreement provides for a $530 million term loan and a $650 million revolving credit facility. The credit agreement obligations are unsecured, and guaranteed by certain subsidiaries. As of December 31, 2025, the total amount due under the credit facility net of debt amortization expenses, including the amount utilized under the revolving facility, was $451.2 million. The amended and restated credit agreement contains covenants that require maintenance of certain financial ratios, including consolidated leverage and interest coverage ratios, and also, under certain conditions, restrict our ability to incur additional indebtedness, create liens, make certain investments, pay dividends or make certain other restricted

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payments, repurchase common shares, undertake certain liquidations, mergers, consolidations and acquisitions and dispose of certain assets or subsidiaries, among other things. If we breach any of these restrictions and do not obtain a waiver from the lenders, subject to applicable cure periods the outstanding indebtedness (and any other indebtedness with cross-default provisions) could be declared immediately due and payable, which could adversely affect our liquidity and financial condition.

On March 26, 2021, we issued $350 million aggregate principal amount of 1.75% senior notes (the "2026 Notes") in an underwritten public offering. As of December 31, 2025, the amount outstanding under the 2026 Notes, net of debt amortization expense of $0.2 million, was $349.8 million, which is payable on April 10, 2026 when the notes mature. We are required to pay interest on the 2026 Notes semi-annually in arrears on April 10 and October 10 of each year, ending on the maturity date.

On June 4, 2024, we issued $400 million aggregate principal amount of 6.000% senior notes (the "2029 Notes") in an underwritten public offering. As of December 31, 2025, the amount outstanding under the 2029 Notes, net of debt amortization expense of $3.0 million, was $397.0 million, which is payable on June 4, 2029 when the notes mature. We are required to pay interest on the 2029 Notes semi-annually in arrears on June 4 and December 4 of each year, ending on the maturity date.

On November 18, 2025, we issued $350 million aggregate principal amount of 4.950% senior notes (the "2030 Notes") in an underwritten public offering. As of December 31, 2025, the amount outstanding under the 2030 Notes, net of debt amortization expense of $4.4 million, was $345.6 million, which is payable on November 18, 2030 when the notes mature. We are required to pay interest on the 2030 Notes semi-annually in arrears on May 18 and November 18 of each year, ending on the maturity date.

We may seek to repay or refinance any series of our outstanding notes at or prior to the scheduled maturity date, as we have done in the past. Any decision to do so will depend on the condition of the capital markets and our financial condition at such time. When we have refinanced certain series of our notes in the past, we have paid higher interest rates on the refinanced notes than the rates we paid on the original notes, which adversely affected our net interest expense. If we refinance any series of outstanding notes in the future, the interest rate we pay on the refinanced notes may again be higher than the rate we currently pay on such notes, which would likely adversely affect our net interest expense. It is also possible that, due to the market conditions or our financial condition at such time, we may not seek to, or may be unable to, refinance any outstanding series of notes when they mature, which could have an adverse impact on our cash flows, working capital or liquidity and in turn have an adverse impact on our financial condition or results of operations.

The 2026 Notes and 2029 Notes were issued by, and are senior unsecured indebtedness of, Genpact Luxembourg S.à r.l. and Genpact USA, Inc., and are guaranteed on a senior unsecured basis by Genpact Limited and Genpact UK Finco plc, a wholly-owned subsidiary of the Company ("Genpact UK"). The 2030 Notes were issued by, and are senior unsecured indebtedness of, Genpact UK and Genpact USA, Inc., and are guaranteed on a senior unsecured basis by Genpact Limited and Genpact Luxembourg S.à r.l. The 2026 Notes, 2029 Notes and 2030 Notes are subject to certain customary covenants set forth in their respective governing indentures, including limitations on our ability to incur debt secured by liens, engage in certain sale and leaseback transactions and consolidate, merge, convey or transfer our assets. Upon certain change of control transactions, we would be required to make an offer to repurchase the 2026 Notes, the 2029 Notes and the 2030 Notes, as applicable, at a price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest. The interest rate payable on the 2026 Notes is subject to adjustment if the credit ratings of the 2026 Notes is downgraded, up to a maximum increase of 2.0%. We may redeem the 2026 Notes, 2029 Notes and 2030 Notes at any time in whole or in part, at a redemption price equal to 100% of the principal amount of the notes redeemed, together with accrued and unpaid interest or, if redemption occurs prior to, in the case of the 2026 Notes, March 10, 2026, in the case of the 2029 Notes, May 4, 2029, and in the case of the 2030 Notes, October 18, 2030, a specified "make-whole" premium. The 2026 Notes, 2029 Notes and 2030 Notes are our senior unsecured obligations and rank equally with all our other senior unsecured indebtedness outstanding from time to time.

Our indebtedness and related debt service obligations can have negative consequences, requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes such as acquisitions and capital investment, limiting our ability to obtain additional financing and limiting our ability to undertake strategic acquisitions, increasing our vulnerability to adverse economic and industry conditions, including by reducing our flexibility in planning for or reacting to changes in our business and market conditions, and exposing us to interest rate risk since a portion of our debt obligations are at variable rates. We manage only a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps. A portion of our indebtedness, including borrowings under our credit facility, bears interest at variable interest rates primarily based on the Secured Overnight Financing Rate. Accordingly, any adverse change in interest rates due to market conditions or otherwise could increase our cost of funding substantially.

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***We often face a long selling cycle to secure a new Digital Operations contract as well as long implementation periods that require significant resource commitments, which result in a long lead time before we receive revenues from new relationships.***

We often face a long selling cycle to secure a new Digital Operations contract. If we are successful in obtaining an engagement, that is generally followed by a long implementation period in which the services are planned in detail and we demonstrate to a client that we can successfully integrate our processes and resources with their operations. During this time a contract is also negotiated and agreed. There is then a long ramping up period in order to commence providing the services. We typically incur significant business development expenses during the selling cycle. We may not succeed in winning a new client's business, in which case we receive no revenues and may receive no reimbursement for such expenses. Even if we succeed in developing a relationship with a potential new client and begin to plan the services in detail, a potential client may choose a competitor or decide to retain the work in-house prior to the time a final contract is signed. If we enter into a Digital Operations contract with a client, we will typically receive no revenues until implementation actually begins. Our clients may also experience delays in obtaining internal approvals or delays associated with technology or system implementations, thereby further lengthening the implementation cycle. We generally hire new employees to provide services to a new client once a contract is signed. We may face significant difficulties in hiring such employees and incur significant costs associated with these hires before we receive corresponding revenues. If we are not successful in obtaining contractual commitments after the selling cycle, in maintaining contractual commitments after the implementation cycle or in maintaining or reducing the duration of unprofitable initial periods in our contracts, it may have a material adverse effect on our business, results of operations and financial condition.

***We make estimates and assumptions in connection with the preparation of our consolidated financial statements, and any changes to those estimates and assumptions could adversely affect our financial results.***

Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The application of generally accepted accounting principles requires us to make estimates and assumptions about certain items and future events that affect our reported financial condition, and our accompanying disclosure with respect to, among other things, revenue recognition and income taxes. We base our estimates on historical experience, contractual commitments and on various other assumptions that we believe to be reasonable under the circumstances and at the time they are made. These estimates and assumptions involve the use of judgment and are subject to significant uncertainties, some of which are beyond our control. If our estimates, or the assumptions underlying such estimates, are not correct, actual results may differ materially from our estimates, and we may need to, among other things, adjust revenues or accrue additional charges that could adversely affect our results of operations.

***Our operating results may experience significant fluctuations.***

Our operating results may fluctuate significantly from period to period. The long selling cycle for many of our services as well as the time required to complete the implementation phases of new contracts makes it difficult to accurately predict the timing of revenues from new clients or new SOWs as well as our costs. In recent years, volatility in client demand for and the volume of consulting and other short-cycle engagements in our Data-Tech-AI business has also made it more difficult to accurately forecast our revenues. Our future revenues, operating margins and profitability may fluctuate as a result of, among other factors, lower demand for our services, lower win rates versus our competition, changes in pricing in response to client demands, new services and solutions, and competitive pressures, changes to the financial condition of our clients, employee wage levels and utilization rates, the availability of, and our ability to attract and retain, employees with specialized skills in advanced technologies, changes in foreign exchange rates, including the Indian rupee versus the U.S. dollar and the euro versus the U.S. dollar, the timing of collection of accounts receivable, enactment of new taxes, changes in income tax rates and regulations in the countries where we do business, changes in laws and regulations affecting the willingness of clients to purchase the types of services and solutions we provide or our ability to provide services from offshore, and changes to levels and types of share-based compensation awards and assumptions used to determine the fair value of such awards. As a result of these factors, it is possible that, as has occurred in the past, our revenues and operating results may be below, in some cases significantly, the expectations of public market analysts and investors. The price of our common shares has been adversely affected by lower-than-expected operating results in the past and would likely be materially and adversely affected if we report significantly lower-than-expected operating results in the future.

***If we are unable to collect our receivables, our results of operations, financial condition and cash flows could be adversely affected.***

Our business depends on our ability to successfully obtain payment from our clients of the amounts they owe us for work performed. We evaluate the financial condition of our clients and usually bill and collect on relatively short cycles. We have established allowances for losses of receivables and unbilled services. Actual losses on client balances could differ from those that we currently anticipate, and, as a result, we might need to adjust our allowances. We might

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not accurately assess the creditworthiness of our clients. In recent years, some of our clients have begun to delay their payments to us in order to take advantage of increased interest rates to earn additional interest income, which has had an adverse impact on our days sales outstanding. Delayed client payments and extended payment terms in some contracts have in some cases had an adverse impact on our cash flows, and we expect that our working capital balances and cash management practices will be further adversely affected if more clients delay payments or if payments are delayed further or for an extended period.

Macroeconomic conditions, including persistent inflation in the countries in which we do business and have operations, increasing geopolitical tensions, the possibility of an economic downturn globally or regionally and changes in global trade policies, particularly trade relations involving the U.S., could also result in financial difficulties for our clients, including bankruptcy and insolvency. Additionally, cyberattacks on any of our clients could disrupt their internal systems and capability to make payments. The occurrence of any of these events could cause clients to delay payments to us, request modifications to their payment arrangements that could increase our receivables balance, or default on their payment obligations to us. If we experience an increase in the time to bill and collect for our services due to these additional factors, our cash flows could be adversely affected.

***Some of our contracts contain provisions which, if triggered, could result in lower future revenues and have a material adverse effect on our business, results of operations and financial condition.***

Some of our contracts allow a client, in certain limited circumstances, to request a benchmark study comparing our pricing and performance with that of an agreed list of other service providers for comparable services. Based on the results of the study and depending on the reasons for any unfavorable variance, we may be required to make improvements in the services we provide or to reduce the pricing for services on a prospective basis to be performed under the remaining term of the contract, which could have an adverse effect on our business, results of operations and financial condition. Some of our contracts contain provisions that would require us to pay penalties to our clients and/or provide our clients with the right to terminate the contract if we do not meet agreed service level requirements. Failure to meet these requirements could result in the payment of significant penalties by us to our clients which in turn could have a material adverse effect on our business, results of operations and financial condition.

A few of our MSAs provide that during the term of the MSA and under specified circumstances, we may not provide similar services to the competitors of our client. Some of our contracts also provide that, during the term of the contract and for a certain period thereafter ranging from six to 12 months, we may not provide similar services to certain or any of our client's competitors using the same personnel. These restrictions may hamper our ability to compete for and provide services to other clients in the same industry, which may inhibit growth and result in lower future revenues and profitability.

Some of our contracts with clients specify that if a change of control of our company occurs during the term of the contract, the client has the right to terminate the contract. These provisions may result in our contracts being terminated if there is such a change in control, resulting in a potential loss of revenues. In addition, these provisions may act as a deterrent to any attempt by a third party to acquire our company. Some of our contracts with clients require that we bear the cost of any sales or withholding taxes or unreimbursed value-added taxes imposed on payments made under those contracts. While the imposition of these taxes is generally minimized under our contracts, changes in law or the interpretation thereof and changes in our internal structure may result in the imposition of these taxes and a reduction in our net revenues.

***Our business could be materially and adversely affected if we do not protect our intellectual property or if our solutions or services are found to infringe on the intellectual property of others.***

Our success depends in part on certain methodologies, practices, tools and technical expertise we utilize in designing, developing, implementing and maintaining applications and other proprietary intellectual property rights. Our success also depends on our ability to develop and protect intellectual property rights in our AI-enabled solutions, including proprietary AI models, algorithms, and methodologies. In order to protect our rights in these various intellectual properties, we rely upon a combination of nondisclosure and other contractual arrangements as well as patent, trade secret, copyright and trademark laws. We also generally enter into confidentiality agreements with our employees, consultants, vendors, clients and potential clients, partners and potential partners, and limit access to and distribution of our proprietary information. We operate across multiple jurisdictions with varying intellectual property frameworks, including evolving AI-specific regulations. While international treaties such as the Berne Convention provide certain baseline protections, the regulatory landscape governing AI and intellectual property is rapidly evolving. The U.S. Patent and Trademark Office and Copyright Office continue issuing guidance on AI-related inventions, and patentability questions involving machine-generated outputs remain unsettled. There can be no assurance that the laws, rules, regulations and treaties in effect in the United States, India and the other jurisdictions in which we operate and the contractual and other protective measures we take, are adequate to protect us from misappropriation or unauthorized use of our intellectual property, or that such laws will not change. We may not be able to detect unauthorized use and

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take appropriate steps to enforce our rights, and any such steps may not be successful. Infringement by others of our intellectual property, including the costs of enforcing our intellectual property rights, may have a material adverse effect on our business, results of operations and financial condition.

In addition, we may not be able to prevent others from using our data and proprietary information to compete with us. Existing trade secret, copyright and trademark laws offer only limited protection. Further, the laws of some foreign countries may not protect our data and proprietary information at all. If we have to resort to legal proceedings to enforce our rights, the proceedings could be burdensome, protracted, distracting to management and expensive and could involve a high degree of risk and be unsuccessful.

Although we do not believe that our solutions or services infringe the intellectual property rights of others, claims may nonetheless be successfully asserted against us in the future. Our use of AI and generative AI technologies may expose us to intellectual property claims related to the data used to train AI models incorporated into our solutions and services. We may face claims that AI models we use were trained on copyrighted materials without authorization, or that outputs from our solutions or services infringe third-party copyrights or other intellectual property rights. The complexity and limited transparency of many AI models may make it difficult to fully understand AI system behavior or anticipate unintended infringement. Our development and deployment of agentic AI systems present novel intellectual property risks. The autonomous nature of these systems may result in outputs or actions that infringe third-party IP rights in ways that are difficult to predict or prevent, and liability frameworks for autonomous AI-generated infringement remain unclear. The costs of defending any infringement claims could be significant, and any successful claim may require us to modify, discontinue or rename any of our services.

Additionally, if commercially available AI technologies become unavailable or more costly due to changing law or litigation, or if competitors develop more effective IP strategies for their AI technologies, obtain broader IP protection, or more successfully navigate the evolving IP landscape for AI-generated content, our competitive position may be materially harmed. The costs of developing, implementing, and defending our AI-related intellectual property portfolio may be substantial and may not yield anticipated returns. Any liability arising from unintentional infringement, or the costs of developing an IP strategy that sufficiently addresses the IP-related risks of our advanced technology solutions, could have a material adverse effect on our business, reputation, results of operations and financial condition.

***We may face difficulties as we expand our operations into countries in which we have no prior operating experience.***

We intend to continue to expand our global footprint in order to maintain an appropriate cost structure and meet our clients' delivery needs. This has in the past and may in the future involve expanding into countries other than those in which we currently operate. It may involve expanding into less developed countries, which may have less political, social or economic stability and less developed infrastructure and legal systems. When we expand our business into new countries, as has happened in the past, we may encounter regulatory, employment, technological, logistical and other difficulties that increase our expenses or delay our ability to start up our operations or become profitable in such countries. This may affect our relationships with our clients and could have an adverse effect on our business, results of operations and financial condition.

***Armed conflicts, terrorism or other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.***

Terrorist attacks and other acts of violence or war may adversely affect worldwide financial markets and could potentially lead to economic recession, which could adversely affect our business, results of operations, financial condition and cash flows. Such events have created volatility and uncertainty in financial markets in the past and could in the future adversely affect our clients' levels of business activity and precipitate sudden significant changes in regional and global economic conditions and cycles. For instance, the Russia-Ukraine war and ongoing conflicts in the Middle East have created volatility and uncertainty in financial markets. These events also pose significant risks to our people and to our delivery centers and operations around the world.

Southern Asia has from time to time experienced instances of civil unrest and hostilities among neighboring countries, including India and Pakistan. In recent years, military confrontations between India and Pakistan have occurred in the region of Kashmir and along the India/Pakistan border. Incidents in and near India, such as continued terrorist activity around the northern border of India, have contributed to an aggravated geopolitical situation in the region, culminating in military escalation in May 2025. In addition, there has been a series of conflicts between India and China along their shared border in recent years. Although both countries have taken actions to control and de-escalate these conflicts, there can be no assurance that tensions in the area will diminish in the near future. Military activity, terrorist attacks and other unrest in the future could adversely impact the Indian economy. Any of the foregoing could also create a perception that investments in companies with Indian operations involve a high degree of risk or that there is a risk of disruption of services provided by companies with Indian operations, which could have a material adverse

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effect on our share price and/or the market for our services. Furthermore, if India or bordering countries were to become engaged in armed hostilities, particularly hostilities that were protracted or involved the threat or use of nuclear weapons, we might not be able to continue our operations. We generally do not have insurance for losses and interruptions caused by terrorist attacks, military conflicts and wars, and our business continuity planning may not adequately address all potential scenarios arising from such regional instability or conflicts.

***If more stringent labor laws become applicable to us or if a significant number of our employees unionize, our profitability may be adversely affected.***

India has stringent labor legislation that protects employee interests, including legislation that sets forth detailed procedures for dispute resolution and that imposes financial obligations on employers upon termination of employees without cause. Though companies in our industry have certain exemptions from some of these labor laws, there can be no assurance that such laws will not become applicable to us in the future. If these labor laws become applicable to us or if more stringent labor laws apply to us in the future, it may become difficult for us to maintain flexible human resource policies, to attract and employ the numbers of sufficiently qualified candidates we require or to terminate employees, and our compensation expenses may increase significantly.

In addition, a small percentage of our global employee population is currently unionized. If a significant number of our employees form or join unions, we may be required to raise wage levels or provide additional benefits, which could result in operational impediments and an increase in our compensation expenses, in which case our operations and profitability may be adversely affected.

***We may engage in strategic transactions that could create risks.***

As part of our business strategy, we regularly review potential strategic transactions, including potential acquisitions, dispositions, consolidations, joint ventures or similar transactions, some of which may be material. Through the acquisitions we pursue, we may seek opportunities to add to or enhance the services we provide, to enter new industries or expand our client base, or to strengthen our global presence and scale of operations. We have completed numerous acquisitions since our inception. There can be no assurance that we will find suitable candidates in the future for strategic transactions at acceptable prices, have sufficient capital resources to accomplish our strategy, or be successful in entering into agreements for desired transactions.

Businesses we have acquired have in the past and could in the future lose clients or employees or under-perform relative to expectations. We could also experience financial or other setbacks if transactions encounter unanticipated problems, including problems related to execution, integration or unknown liabilities. Although we conduct due diligence in connection with our acquisitions, there could be liabilities that we fail to discover, that we inadequately assess or that are not properly disclosed to us. Any material liabilities associated with our acquisitions could harm our business, results of operations and financial condition. Following the completion of an acquisition, we may have to rely on the seller to provide administrative and other support, including financial reporting and internal controls, to the acquired business for a period of time. There can be no assurance that the seller will do so in a manner that is acceptable to us.

***Bermuda recently enacted new tax legislation that will impose a corporate income tax on certain Bermuda companies. Any new tax liability in Bermuda or another jurisdiction based on our incorporation in Bermuda could have a material adverse effect on our business, results of operations and financial condition.***

We previously received a written assurance from the Bermuda Minister of Finance under The Exempted Undertaking Tax Protection Act 1966 of Bermuda (the "EUTP") to the effect that if there is enacted in Bermuda any legislation imposing tax computed on profits or income, or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any such tax shall not be applicable to us or to any of our operations or common shares, debentures or other obligations or securities until March 31, 2035, except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda. While we are not subject to tax on income, profits, withholding, capital gains or capital transfers under current law, the Bermuda Government recently passed a new law titled the Corporate Income Tax Act, 2023 (the "CIT Act"), which imposes a 15% minimum corporate income tax rate and expressly supersedes the written assurance we received under the EUTP.

Under the CIT Act, Bermuda corporate income tax is chargeable with respect to fiscal years beginning on or after January 1, 2025 and applies to Bermuda entities that are part of a multinational group with annual revenue above 750 million euros in at least two of the prior four fiscal years. This corporate income tax currently has no impact on us given that we have no profits in Bermuda and we do not currently expect to have profits in Bermuda in the foreseeable future. However, if we incur tax liability in Bermuda as a result of the CIT Act or in any other jurisdiction as a result of our incorporation in Bermuda, it could have a material adverse effect on our business, results of operations and financial condition.

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***Economic substance requirements in Bermuda could adversely affect us.***

Harmful tax practices have become the focus of increased scrutiny from the EU. Following a 2017 assessment by the Code of Conduct Group (Business Taxation) ("COCG"), which included Bermuda in a list of jurisdictions required by the EU to address the COCG's concerns relating to the demonstration of economic substance, the Bermuda Government implemented legislation which brought certain substance requirements into force in 2019 for Bermuda entities. Pursuant to the economic substance requirements, core income generating activities carried out by Bermuda companies must be undertaken in Bermuda. To satisfy these requirements, we may be required to conduct additional activities in Bermuda. The substance requirements could be difficult to manage or implement, and compliance with the requirements could be difficult or costly and could have a material adverse effect on us or our operations.

***We may not be able to realize the entire book value of goodwill and other intangible assets from acquisitions.***

As of December 31, 2025, we had $1,781 million of goodwill and $67 million of intangible assets. We periodically assess these assets to determine if they are impaired and we monitor for impairment all acquisition-related goodwill as allocated among our reporting units. Goodwill is not amortized but is tested for impairment at least on an annual basis as of December 31 of each year. Impairment testing of goodwill may also be performed between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of goodwill below its carrying amount.

We may perform quantitative testing where the fair value of the reporting unit is compared with its carrying amount, including goodwill, or perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If we choose to perform a qualitative assessment and we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform a quantitative assessment as well. If the book value of our goodwill and other intangible assets is impaired, any such impairment would be charged to earnings in the period of impairment. We cannot assure you that any future impairment of goodwill and other intangible assets will not have a material adverse effect on our business, financial condition or results of operations.

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**Risks Related to our Shares** 

***The issuance of additional common shares by us or the sale of our common shares by our employees could dilute our shareholders' ownership interest in the Company and could significantly reduce the market price of our common shares.***

Sales of a substantial number of our common shares in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our common shares.

We have issued a significant number of equity awards under our equity compensation plans. The shares underlying these awards are or, with respect to certain option grants, will be registered on a Form S-8 registration statement. As a result, upon vesting these shares can be freely exercised and sold in the public market upon issuance, subject to volume limitations applicable to affiliates. The exercise of options and the subsequent sale of the underlying common shares or the sale of common shares upon vesting of other equity awards could cause a decline in our share price. These sales also might make it difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

Certain of our employees, executive officers and directors have entered or may enter into Rule 10b5-1 plans providing for sales of our common shares from time to time. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the employee, director or officer when entering into the plan, without further direction from the employee, officer or director. A Rule 10b5-1 plan may be amended or terminated in some circumstances. Our employees, executive officers and directors may also buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material, nonpublic information.

In addition, we may in the future engage in strategic transactions that could dilute our shareholders' ownership and cause our share price to decline. Sales of substantial amounts of our common shares or other securities by us could also dilute our shareholders' interests, lower the market price of our common shares and impair our ability to raise capital through the sale of equity securities.

***There can be no assurance that we will continue to declare and pay dividends on our common shares, and future determinations to pay dividends will be at the discretion of our board of directors.***

Prior to 2017, we did not declare regular dividends. In February 2017, we announced the declaration of the first quarterly cash dividend on our common shares and have paid a quarterly cash dividend each quarter since that date. Any determination to pay dividends to holders of our common shares in the future, including future payment of a regular quarterly cash dividend, will be at the discretion of our board of directors and will depend on many factors, including our financial condition, results of operations, general business conditions, statutory requirements under Bermuda law and any other factors our board of directors deems relevant. Our ability to pay dividends will also continue to be subject to restrictive covenants contained in credit facility agreements governing indebtedness we and our subsidiaries have incurred or may incur in the future. In addition, statutory requirements under Bermuda law could require us to defer making a dividend payment on a declared dividend date until such time as we can meet statutory requirements under Bermuda law. A reduction in, delay of, or elimination of our dividend payments could have a negative effect on our share price.

***We are organized under the laws of Bermuda, and Bermuda law differs from the laws in effect in the United States and may afford less protection to shareholders.***

Our shareholders may have more difficulty protecting their interests than would shareholders of a corporation incorporated in a state of the United States. As a Bermuda company, we are governed by, in particular, the Companies Act. The Companies Act differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including the provisions relating to interested directors, mergers, amalgamations, takeovers and indemnification of directors.

Generally, the duties of directors and officers of a Bermuda company are owed to the company only. Shareholders of Bermuda companies generally do not have the right to take action against directors or officers of the company except in limited circumstances. Directors of a Bermuda company must, in exercising their powers and performing their duties, act honestly and in good faith with a view to the best interests of the company, exercising the care and skill that a reasonably prudent person would exercise in comparable circumstances. Directors have a duty not to put themselves in a position in which their duties to the company and their personal interests may conflict and also are under a duty to disclose any personal interest in any material contract or arrangement with the company or any of its subsidiaries. If a director of a Bermuda company is found to have breached his or her duties to that company, he may be held personally liable to the company in respect of that breach of duty. A director may be liable jointly and severally with other directors if it is shown that the director knowingly engaged in fraud or dishonesty (with such unlimited liability as the courts shall

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direct). In cases not involving fraud or dishonesty, the liability of the director will be determined by the Supreme Court of Bermuda or other Bermuda court (with such liability as the Bermuda court thinks just) who may take into account the percentage of responsibility of the director for the matter in question, in light of the nature of the conduct of the director and the extent of the causal relationship between his or her conduct and the loss suffered.

In addition, our bye-laws contain a broad waiver by our shareholders of any claim or right of action, both individually and on our behalf, against any of our officers or directors. The waiver applies to any action taken by an officer or director, or the failure of an officer or director to take any action, in the performance of his or her duties, except with respect to any matter involving or arising out of any fraud or dishonesty on the part of the officer or director or to matters which would render it void pursuant to the Companies Act. This waiver limits the rights of shareholders to assert claims against our officers and directors unless the act or failure to act involves fraud or dishonesty. Therefore, our shareholders may have more difficulty protecting their interests than would shareholders of a corporation incorporated in a state within the United States.

***The market price for our common shares has been and may continue to be volatile.***

The market price for our common shares has been and may continue to be volatile and subject to price and volume fluctuations in response to market and other factors, some of which are beyond our control. Among the factors that could affect our share price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological developments that have an actual or perceived impact on us or our industry, such as generative and agentic AI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorist attacks, other acts of violence or war, such as the Russia-Ukraine war and conflicts in the Middle East, natural disasters, epidemics or pandemics, or other such events impacting countries where we or our clients have operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly and annual operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in or our inability to meet our financial estimates or the estimates of securities research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economic performance or market valuations of our competitors and other companies engaged in providing similar or competitive services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of one or more significant clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the addition or loss of executive officers or key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory developments in our target markets affecting us, our clients or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, industry and market conditions, such as geopolitical events, inflation and sustained high interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited liquidity in our trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or expected sales of additional common shares, either by us, our employees, or any of our shareholders, or purchases or expected purchases of common shares, including by us under existing or future share repurchase programs, which purchases are at the discretion of our board of directors and may not continue in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions or announcements by activist shareholders or others.

In addition, securities markets generally and from time to time experience significant price and volume fluctuations that are not related to the operating performance of particular companies. Market uncertainty and volatility have been magnified and may continue to intensify due to the statements and actions of the current U.S. presidential administration and resulting uncertainties regarding actual and potential shifts in U.S. and foreign trade, economic and other policies, including with respect to treaties and tariffs. These market fluctuations may have a material adverse effect on the market price of our common shares.

***You may be unable to effect service of process or enforce judgments obtained in the United States or Bermuda against us or our assets in the jurisdictions in which we or our executive officers operate.***

We are incorporated and organized under the laws of Bermuda, and a significant portion of our assets are located outside the United States. It may not be possible to enforce court judgments obtained in the United States against us in Bermuda or in countries, other than the United States, where we have assets based on the civil liability or penal provisions of the federal or state securities laws of the United States. In addition, there is some doubt as to whether the courts of Bermuda and other countries would recognize or enforce judgments of United States courts obtained against us or our directors or officers based on the civil liability or penal provisions of the federal or state securities laws of the

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United States or would hear actions against us or those persons based on those laws. We have been advised by Appleby (Bermuda) Limited, our Bermuda counsel, that the United States and Bermuda do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not based solely on United States federal or state securities laws, would not automatically be enforceable in Bermuda. Similarly, those judgments may not be enforceable in countries, other than the United States, where we have assets.

**Item 1B. &nbsp;&nbsp;&nbsp;&nbsp; Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

Cybersecurity risk management is an essential part of our enterprise risk management program. We are committed to maintaining governance and oversight of these risks and to implementing controls, technologies, and processes designed to help us identify, assess, and manage these risks.

Our cybersecurity program aims to incorporate industry best practices, including standards such as ISO 27001 and the NIST Cybersecurity Framework, and focuses on implementing effective and efficient controls, technologies, and other processes to assess, identify, manage and address cybersecurity risks, threats and incidents. Our practices include, among other things, security awareness training and simulations, technologies and processes to monitor our systems, assessments of controls, and incident response processes. We engage with industry groups and forums to stay informed of industry practices and developments. We monitor developments in the threat landscape that may affect our systems or services and assess their potential impacts on and risks to our cybersecurity posture. We engage external service providers, where appropriate and from time to time, to assist us with aspects of our program, such as assessing and testing controls, providing threat intelligence information and incident response. We also have processes in place to manage cybersecurity risks associated with third-party service providers. Certain key security controls are tested annually by independent third-party auditors as well as our internal auditors. We regularly refine our cybersecurity processes as we determine necessary to address developments in the threat landscape, advance our control and technology capabilities, respond to regulatory requirements and standards, and implement improvements based on the results of internal and external assessments.

Our cybersecurity incident response process involves a multi-functional approach for investigating, containing, and mitigating incidents, including reporting findings to senior management and other key stakeholders, including if appropriate the audit committee and the board, and keeping them informed and involved as appropriate. While we have not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that has had or is reasonably likely to have a material impact on our business or operations, we have experienced incidents that did not have a material impact on our business or operations, and there can be no guarantee that we will not experience an incident that results in a material impact to our business or operations in the future. In addition, cybersecurity threats are constantly evolving and increasing in sophistication, which increases the difficulty of successfully defending against them or implementing adequate preventative and detective measures. See "Risk Factors" above for more information about the cybersecurity risks we face.

Our board of directors has ultimate responsibility for oversight of our risk management, and delegates cybersecurity risk management oversight to the audit committee. The audit committee, which is responsible for ensuring that management has processes in place designed to identify, evaluate and manage cybersecurity risks and incidents, regularly reviews our cybersecurity program with management and reports to the board of directors. Cybersecurity reviews by the audit committee generally occur at least quarterly. A number of our directors have experience in assessing and managing cybersecurity risk, including by serving on other public company audit committees having responsibility for cybersecurity oversight. One of our directors has also served as a Chief Technology Officer for multiple companies.

Our cybersecurity program is run by our Chief Information Security Officer (CISO), who reports to our Senior Vice President, Information Security, Infrastructure & Logistics and Global Mobility Services, and who receives input and support from our Head of Enterprise Risk Management and our Chief Information and Transformation Officer. Our CISO has extensive experience leading and managing cybersecurity programs and in cybersecurity risk management. Our CISO has served in this position since 2014 and, before Genpact, was previously CISO at another US-listed public company. Our CISO is supported by our information security team, many of whom hold cybersecurity certifications and who collectively possess relevant experience in different areas of cybersecurity, and by our information technology team who operate several critical controls.

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Our CISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from our information security team, internal governance processes, and by reviewing the results of internal and third-party assessments and audits. Our CISO regularly reports directly to the audit committee on our cybersecurity program and our efforts to prevent, detect, mitigate, and remediate cybersecurity risks. In addition, we have an Information Security Governance Council, made up of members of our senior management team as well as relevant information security personnel, that meets periodically to discuss and address relevant cybersecurity matters.

**Item 2. &nbsp;&nbsp;&nbsp;&nbsp; Properties** 

We have delivery centers in more than 25 countries. We have a mixture of owned and leased properties and substantially all of our leased properties are leased under long-term leases with varying expiration dates. We believe that our properties and facilities are suitable and adequate for our present purposes and are well-maintained.

**Item 3. &nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings**

The information set forth in Item 1A—"Risk Factors" above related to the 2023 ITA Order and in subsection (b) to Note 25—"Commitments and contingencies—Contingency" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" is incorporated herein by reference.

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. &nbsp;&nbsp;&nbsp;&nbsp; Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Stock Price Information and Stockholders**

The principal market on which the Company's common shares are traded is the New York Stock Exchange under the symbol "G." As of January 31, 2026, there were 34 holders of record of our common shares.

The following graph and table compare the performance of an investment in our common shares (measured as the cumulative total shareholder return) with investments in the S&P 500 Index (market capitalization weighted) and a peer group of companies for the period from January 1, 2021 to December 31, 2025. The selected peer group for the period presented is comprised of six companies that we believe are our closest reporting issuer competitors: Accenture plc, Cognizant Technology Solutions Corp., ExlService Holdings, Inc., Infosys Technologies Limited, Wipro Technologies Limited, and WNS (Holdings) Limited. WNS (Holdings) Limited was acquired by Capgemini SE in the fourth quarter of 2025. Accordingly, performance data for WNS (Holdings) Limited is included in the chart and table below through September 30, 2025. The returns of the component entities of our peer group index are weighted according to the market capitalization of each company as of the end of each period for which a return is presented. The returns assume that $100 was invested on December 31, 2020 and that all dividends were reinvested. The performance shown in the graph and table below is historical and should not be considered indicative of future price performance. &nbsp;&nbsp;&nbsp;&nbsp;

![Picture2.png.jpg](g-20251231_g2.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **3/31/21** | **6/30/21** | **9/30/21** | **12/31/21** | **3/31/22** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact | 103.80 | 110.38 | 115.68 | 129.52 | 106.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | 106.17 | 115.25 | 115.92 | 128.71 | 122.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Group | 106.20 | 114.82 | 124.25 | 152.28 | 132.97 |
|  | **6/30/22** | **9/30/22** | **12/31/22** | **3/31/23** | **6/30/23** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact | 103.96 | 107.72 | 114.31 | 114.40 | 93.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | 103.02 | 97.99 | 105.40 | 113.30 | 123.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Group | 104.80 | 96.19 | 100.13 | 103.96 | 108.10 |
|  | **9/30/23** | **12/31/23** | **03/31/24** | **06/30/24** | **09/30/24** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact | 90.27 | 86.90 | 82.86 | 81.32 | 99.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | 119.17 | 133.10 | 147.15 | 153.50 | 162.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Group | 109.92 | 124.08 | 122.69 | 114.79 | 133.43 |
|  | **12/31/24** | **03/31/25** | **06/30/25** | **09/30/25** | **12/31/25** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact | 109.30 | 128.65 | 112.84 | 107.82 | 120.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | 166.40 | 159.29 | 176.70 | 191.10 | 196.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Group | 134.50 | 119.97 | 118.22 | 101.23 | 112.31 |

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This graph is not deemed to be "filed" with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, and should not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.

**Dividends**

In February 2025, our board of directors approved an 11% increase in our quarterly cash dividend to $0.17 per common share, representing an annual dividend of $0.68 per common share. In 2025, dividends were declared in February, May, July and October and paid in March, June, September and December. In February 2026, our board of directors approved a 10% increase in our quarterly cash dividend to $0.1875 per common share, representing a planned annual dividend of $0.75 per common share for 2026. Any future dividends will be at the discretion of the board of directors and subject to Bermuda and other applicable laws.

**Unregistered Sales of Equity Securities**

None.

**Purchase of Equity Securities by the Issuer and Affiliated Purchasers**

Share repurchase activity during the three months ended December 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares<br>Purchased** | **Weighted Average Price Paid per<br>Share ($)** | **Total Number of Shares<br>Purchased as<br> Part of Publicly<br>Announced Plan or Program** | **Approximate Dollar Value of Shares that May Yet Be<br>Purchased Under the <br>Plan or Program ($)** |
| October 1-October 31, 2025 |  |  |  | 464061368 |
| November 1-November 30, 2025 | 1014511 | 44.35 | 1014511 | 419066031 |
| December 1-December 31, 2025 | 1195771 | 45.99 | 1195771 | 364076328 |
| **Total** | **2210282** | **45.24** | **2210282** |  |

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In February 2025, our board of directors authorized a $500 million increase to our existing $2.25 billion share repurchase program, first announced in February 2015, bringing the total authorization under our existing program to $2.75 billion. This repurchase program does not obligate us to acquire any specific number of shares and does not specify an expiration date. All shares repurchased under the plan have been cancelled. See Note 18—"Capital stock" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" for additional information.

**Item 6. &nbsp;&nbsp;&nbsp;&nbsp; [Reserved]** 

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**Item 7. &nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amounts and uncertainties of cash flows from operations and from outside sources, so as to allow investors to better view our company from management's perspective. The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion includes forward-looking information that involves risks and assumptions, which could cause actual results to differ materially from management's expectations. See "Special Note Regarding Forward-Looking Statements" included elsewhere in this Annual Report on Form 10-K.*

**Macroeconomic and business environment**

Our results of operations are affected by economic and geopolitical conditions, new and rapidly changing technologies, and shifting levels of business confidence. Since the beginning of 2025, economic uncertainty has increased in several markets globally, driven by shifting trade policy and the prospect of slowing global growth, which has impacted our business and may continue to impact our business in the future.

Broad-based tariffs imposed by the U.S., and threatened or imposed retaliatory measures by other countries, have contributed to increased macroeconomic uncertainty in global markets, which may impact our revenue growth. Extended periods of slower sales cycles could have a material adverse effect on our business, financial position and results of operations.

Geopolitical tensions have also continued to intensify globally. The Russia-Ukraine war and ongoing conflicts in the Middle East are contributing to global market volatility and regional instability. We do not have operations in Russia or Ukraine and have limited operations in Israel or other affected countries. To date, these conflicts have not had a material impact on our business, financial position or operations, but it is difficult to anticipate the future impacts of these conflicts and other geopolitical tensions on our business or our clients' businesses.

For additional information about the risks we face, see Part I, Item 1A—"Risk Factors."

**Overview**

We are an agentic and advanced technology solutions company recognized for our deep industry knowledge, process intelligence and last-mile expertise. We have over 146,500 employees serving clients from more than 35 countries.

Our 2025 net revenues were $5.1 billion, an increase of 6.6% year-over-year, or 6.4% on a constant currency<sup>1</sup> basis.

*Net Revenues*

*Revenue by top clients*.&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth the percentage of our total net revenues derived from our largest clients in the years ended December 31, 2024 and 2025:

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| | | |
|:---|:---|:---|
| | **Percentage of Total Net Revenues** | **Percentage of Total Net Revenues** |
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| Top five clients | 14.1% | 15.2% |
| Top ten clients | 22.4% | 23.4% |
| Top fifteen clients | 28.8% | 29.6% |
| Top twenty clients | 34.2% | 34.4% |

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We earn revenues pursuant to contracts that generally take the form of a master service agreement ("MSA"), which is a framework agreement that is then supplemented by statements of work ("SOWs"). Our MSAs specify the general terms applicable to the services we will provide. Our MSAs are generally for terms of three to seven years, although they may also have an indefinite term or be for terms of less than three years. In most cases they do not specify pricing terms or obligate the client to purchase a particular amount of services. We then enter into SOWs under an MSA, which specify particular services to be provided and the pricing terms.

<sup>1</sup> Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.

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Most of our revenues are from SOWs with terms of two to five years. We typically have multiple SOWs under any given MSA, and the terms of our SOWs vary depending on the nature of the services to be provided. We seek to develop long-term relationships with our clients.

We believe that these relationships best serve our clients as they create opportunities for us to provide a variety of services using the full range of our capabilities and to deliver continuous process improvement.

New business proposals are reviewed in line with our strategy to target specific industry verticals and geographical markets. We begin each year with a set of named accounts, including prospective clients with operations in our target areas, and all opportunities during the year are reviewed by business leaders from the applicable industry vertical, operations, and finance teams. In this way, we try to ensure that contract terms meet our pricing, cash and service objectives. See Item 1—"Business—Sales and marketing" for additional information.

Many factors affect how we price our contracts. Under some of our MSAs, we are able to share a limited amount of inflation and currency exchange risk for engagements lasting longer than 12 months. Many of our MSAs also provide that, under transaction-based and fixed-price SOWs, we are entitled to retain a portion of certain productivity benefits we achieve. However, some of our MSAs and SOWs require certain minimum productivity benefits to be passed on to our clients. Once an MSA and the related SOWs are signed and production of services commences, our revenues and expenses increase as services are ramped up to the agreed upon level. In many cases, we may have opportunities to increase our profit margins over the life of an MSA or SOW, driven by a number of factors. Our revenues include gains or losses arising upon the maturity of qualified cash flow hedges.

*Disaggregation of net revenues*. Prior to the quarter that began on April 1, 2025, we disaggregated our net revenues as either Data-Tech-AI or Digital Operations revenues based on the nature of services rendered. Beginning with the second quarter ended June 30, 2025, we now also disaggregate our revenue as revenue from Advanced Technology Solutions and Core Business Services.

*Expenses*. Personnel expenses are a major component of both our cost of revenue and our selling, general and administrative ("SG&A") expenses. Personnel expenses include salaries and benefits (including stock-based compensation) as well as costs related to recruitment and training. Personnel expenses are allocated between cost of revenue and selling, general and administrative expenses based on the allocation of the employee. Depreciation and amortization expense are allocated between cost of revenue and selling, general and administrative expenses using an appropriate allocation basis.

Our industry is labor-intensive. Wage levels in the countries in which our delivery centers are located have historically increased on a year-over-year basis. We attempt to address the impact of wage increases, and pressures to increase wages, in a number of ways, which include seeking to control entry-level wages, managing attrition, internal training to re-skill existing employees, delivering productivity and "right-skilling," which refers to ensuring that positions are not filled by overqualified employees. We try to control increases in entry-level wages by implementing innovative recruitment policies, utilizing continuous training techniques, emphasizing promotion opportunities and maintaining an attractive work atmosphere and culture.

In planning capacity expansion, we look for locations that help us ensure global delivery capability while helping us control average salary levels. In India and in other countries where we may open multiple offices or delivery centers, we try to expand into cities where competition for personnel and wage levels may be lower than in more developed cities. In addition, under some of our contracts we can share with our clients a portion of any increase in costs due to inflation. Nevertheless, despite these steps, we expect general increases in wage levels in the future, which could adversely affect our margins. A significant increase in attrition rates would also increase our recruitment and training costs and decrease our operating efficiency, productivity and profit margins. Increased attrition rates or increased pricing may also cause some clients to be less willing to use our services. See Item 1A—"Risk Factors—Wage increases in the countries where we operate may reduce our profit margin."

Our operational expenses include facilities maintenance expenses, travel and living expenses, IT expenses, and consulting and certain other expenses. Consulting charges, consisting of the cost of consultants and contract employees with specialized skills who are directly responsible for the performance of services for clients, are included in cost of revenue. Facilities maintenance expenses and certain other expenses are allocated between cost of revenue and selling, general and administrative expenses based on the employee's function.

*Cost of revenue*. The principal component of cost of revenue is personnel expenses. We include in cost of revenue all personnel expenses for employees who are directly responsible for the performance of services for clients, their supervisors and certain support personnel who may be dedicated to a particular client or a set of processes. Travel and living expenses are included in cost of revenue if the personnel expense for the employee incurring such expense is included in cost of revenue.

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The ratio of cost of revenue to revenues for any particular SOW or for all SOWs under an MSA, which generally has a longer term ranging from two to five years, is typically higher in the early periods of the contract or client relationship than in later periods. This is because the number of supervisory and direct support personnel relative to the number of employees who are performing services typically declines in later periods of the contract. It is also because we may retain a portion of the benefit of productivity increases realized over time.

*Selling, general and administrative expenses*. Our SG&A expenses are primarily comprised of personnel expenses for senior management and other support personnel in enabling functions, such as human resources, finance, legal, marketing, sales and sales support, and other non-billable support personnel. The operational costs component of SG&A expenses also includes travel and living costs for such personnel. Additionally, the operational costs component of SG&A expenses includes acquisition related costs, legal and professional fees (which represent the costs of third-party legal, tax, accounting and other advisors), strategic investments in research and development, digital technology, advanced automation and robotics, and an allowance for credit losses.

*Amortization of acquired intangible assets*. Amortization of acquired intangible assets consists of amortization expenses relating to intangible assets acquired through acquisitions.

*Other operating (income) expense, net.*&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense, net primarily consists of the impact of certain operating losses resulting from the write-down of operating lease right-of-use assets, property, plant and equipment and intangible assets, losses on the sale of assets classified as held for sale, gains on lease terminations, the waiver of a vendor liability and a gain on the redemption of a loan note associated with the sale of a business classified as held for sale.

*Foreign exchange gains (losses), net.* Foreign exchange gains (losses), net primarily consists of gains or losses on the re-measurement of non-functional currency assets and liabilities. In addition, it includes gains or losses from derivative contracts entered into to offset the impact of the re-measurement of non-functional currency assets and liabilities. It also includes the realized and unrealized gains or losses on derivative contracts that do not qualify for hedge accounting.

We also enter into derivative contracts to offset the impact of the re-measurement of non-functional currency expenditures and income. The gains or losses on derivative contracts that qualify for hedge accounting, which are cash flow hedges, are deferred and included under other comprehensive income (loss) until the derivative contracts mature, at which time the gains or losses on such cash flow hedges are classified as net revenues, cost of revenue or selling, general and administrative expenses based on the underlying risk being hedged. See Note 2—"Summary of significant accounting policies" to our Consolidated Financial Statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules'' and Item 7A—"Quantitative and Qualitative Disclosures about Market Risk—Foreign Currency Risk."

75% of our fiscal 2025 net revenues were earned in U.S. dollars. We also received payments in euros, UK pounds sterling, Australian dollars, Indian rupees and Japanese yen. Our costs are primarily incurred in Indian rupees, as well as U.S. dollars, Romanian leu, UK pounds sterling, Chinese renminbi, Philippine pesos, Polish zloty, euros, Mexican pesos, Costa Rican colón, Japanese yen, Canadian dollars, Malaysian ringgit, Guatemalan quetzals, Australian dollars, South African rand and Hungarian forint and the currencies of the other countries in which we have operations. While some of our contracts provide for limited sharing of the risk of inflation and fluctuations in currency exchange rates, we bear a substantial portion of this risk, and therefore our operating results could be negatively affected by adverse changes in wage inflation rates and foreign currency exchange rates. See our discussion of wage inflation under "Expenses" above. We enter into forward currency contracts, which are generally designed to qualify for hedge accounting, in order to hedge most of our net cost currency exposure between the U.S. dollar and the Indian rupee and Mexican peso, between the Australian dollar and the Indian rupee, and between the euro and the Romanian leu, and our revenue currency exposure between the U.S. dollar and the UK pound sterling, Philippine peso, Hungarian forint, Chinese renminbi, Malaysian ringgit, Polish zloty, Costa Rican colón, and the euro, and between the Chinese renminbi and the Japanese yen. However, our ability to hedge such risks is limited by local law, the liquidity of the market for such hedges and other practical considerations. Thus, our results of operations may be adversely affected if we are not able to enter into the desired hedging arrangements or if our hedging strategies are not successful. See Note 2—"Summary of significant accounting policies" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" for additional information.

*Interest income (expense), net.* Interest income (expense), net consists primarily of interest expense on indebtedness, including resulting from interest rate swaps and a treasury rate lock agreement, finance lease obligations, certain items related to debt restructuring, and interest income on certain deposits. We manage a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps under which we receive floating rate payments based on the greater of Term Secured Overnight Financing Rate ("SOFR") and the floor rate under our term loan and make payments based on a fixed rate.

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*Other income (expense), net*. Other income (expense), net primarily includes certain government incentives received by our subsidiaries, gains (losses) on the sale/disposal of property, plant and equipment and changes in the fair value of assets in our deferred compensation plan.

*Income taxes*. We are incorporated in Bermuda and have operations in many countries. Our effective tax rate has historically varied and will continue to vary from year to year based on the tax rate in the jurisdiction of our organization, the geographical sources of our earnings and the tax rates in those countries, the tax relief and incentives available to us, the financing and tax planning strategies employed by us, changes in tax laws or the interpretation thereof, and movements in our tax reserves, if any.

*Bermuda taxes*. We are organized in Bermuda. On December 27, 2023, the government of Bermuda passed legislation introducing a corporate income tax of 15%, which became effective on January 1, 2025. As a result of this new legislation, we recorded a deferred tax asset on net operating losses, which was fully offset by a valuation allowance.

*Transfer pricing*. We have transfer pricing arrangements among our subsidiaries involved in various aspects of our business, including operations, marketing, sales and delivery functions. U.S., UK, and Indian transfer pricing regulations, as well as the regulations applicable in the other countries in which we operate, require that any international transaction involving affiliated enterprises be made on arm's-length terms. We consider the transactions among our subsidiaries to be substantially on arm's-length pricing terms. If, however, a tax authority in any jurisdiction reviews any of our tax returns and determines that the transfer prices we have applied are not appropriate, or that other income of our affiliates should be taxed in that jurisdiction, we may incur increased tax liability, including accrued interest and penalties, which would cause our tax expense to increase, possibly materially, thereby reducing our profitability and cash flows.

*Other taxes*. We have operating subsidiaries or branches in several countries, including Albania, Argentina, Australia, Brazil, Bulgaria, Canada, China, Colombia, Costa Rica, the Czech Republic, Egypt, Germany, Guatemala, Hungary, India, Ireland, Israel, Japan, Kosovo, Malaysia, Mexico, the Netherlands, Norway, the Philippines, Poland, Portugal, Romania, Singapore, Slovakia, South Africa, Thailand, Turkey, the United Kingdom, the United States and Vietnam, as well as sales and marketing subsidiaries in certain jurisdictions, including the United States and the United Kingdom, which are subject to tax in such jurisdictions.

One of our subsidiaries in China obtained a ruling from the Government of China certifying it to be a Technologically Advanced Service Enterprise. As a result, that subsidiary is subject to a lower corporate income tax rate of 15% through December 31, 2026, subject to the fulfillment of certain conditions. Our delivery centers are eligible for corporate tax holidays or concessional tax rates in certain other jurisdictions, including Costa Rica, Israel, Malaysia, the Philippines and Poland. These tax concessions will expire over the next few years, possibly increasing our overall tax rate.

The governments of foreign jurisdictions where we deliver services may assert that certain of our clients have a "permanent establishment" in such jurisdictions by reason of the activities we perform on their behalf, particularly those clients that exercise control over or have substantial dependency on our services. Such an assertion could affect the size and scope of the services requested by such clients in the future.

Our ability to repatriate surplus earnings from our foreign subsidiaries in a tax-efficient manner is dependent upon interpretations of local laws and applicable double taxation treaties. Possible changes in such laws and the renegotiation of existing double tax avoidance treaties may adversely affect our overall tax rate.

*Tax audits*.&nbsp;&nbsp;&nbsp;&nbsp;Our tax liabilities may also increase, including due to accrued interest and penalties, if the applicable income tax authorities in any jurisdiction, during the course of any audits, were to disagree with any of our tax return positions. We have an indemnity from GE for any additional taxes attributable to periods prior to December 30, 2004.

*Tax losses and other deferred tax assets*.&nbsp;&nbsp;&nbsp;&nbsp;Our ability to utilize our tax loss carry forwards and other deferred tax assets and credits may be affected if our profitability deteriorates or if new legislation is introduced that changes carry-forward or crediting rules. Additionally, reductions in enacted tax rates may affect the value of our deferred tax assets and our tax expense.

**One Big Beautiful Bill Act ("OBBBA")**

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA introduced several measures, including the permanent extension of select provisions from the Tax Cuts and Jobs Act of 2017, revisions to the international tax framework, and the reinstatement of favorable tax treatment for certain business-related items. The OBBBA contains multiple effective dates. The legislation did not have a material impact on our income tax expense for the year ended December 31, 2025.

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**Certain Acquisitions**

From time to time we may make acquisitions or engage in other strategic transactions if suitable opportunities arise, and we may use cash, securities, other assets or a combination thereof as consideration.

On June 5, 2025, we acquired 100% of the outstanding equity interests in XponentL Data, Inc., a Delaware corporation, and certain affiliated entities in Albania, India and Kosovo (collectively referred to as "XponentL"), for total purchase consideration of $160.2 million. This amount represents cash consideration of $82.7 million (including $2.3 million of cash acquired) and earn-out consideration of $77.5 million payable by us in March 2026 to the sellers of XponentL. This acquisition brings differentiated domain-led data strategy, design, and engineering capabilities, deep industry experience, and strategic partnerships. This acquisition builds on Genpact's pivot to data, AI, and other advanced technologies, enhancing Genpact's ability to help clients across the lifecycle of AI transformation, from strategy through implementation. Goodwill arising from the acquisition amounting to $112.3 million has been allocated among our three reporting units as follows: to the Financial Services segment in the amount of $6.2 million, to the Consumer and Healthcare segment in the amount of $88.8 million and to the High Tech and Manufacturing segment in the amount of $17.3 million, using a relative fair value allocation method. Goodwill arising from this acquisition is not deductible for income tax purposes and represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with our existing operations.

**New Bookings**

New bookings is an operating or other statistical measure. We define new bookings as the total contract value of new client contracts and certain changes to existing client contracts to the extent that such contracts represent incremental future revenue. In determining total contract value for this purpose, we assume the volume to which the client has committed or make a conservative projection where the client has not made a volume commitment. New bookings attributable to deals may exclude a portion of the total contract value if the services are subject to certain contingencies, such as regulatory or other approvals. Regular renewals of contracts with no change in scope, which we consider business as usual, are not included as new bookings. We provide information regarding our new bookings because we believe doing so provides useful trend information regarding changes in the volume of our new business and may be a useful metric as an indicator of future revenue growth potential. Our management also uses new bookings to measure our sales force productivity.

New bookings in 2025 and 2024 were $5.5 billion and $5.7 billion, respectively.

New bookings can vary significantly year to year depending in part on the timing of signing of large contracts. The types of services clients are demanding, the duration of the contract and the pace and level of client spending may impact the conversion of new bookings to revenues. For example, bookings for our Digital Operations services and Core Business Services, which are typically provided under multi-year contracts, generally convert to revenue over a longer period of time than do bookings for our Data-Tech-AI services and Advanced Technology Solutions, which often include shorter cycle, project-based work.

Information regarding our new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. The calculation of new bookings involves estimates and judgments. There are no third-party standards or requirements governing the calculation of new bookings. We do not update our new bookings for material subsequent terminations or reductions related to new bookings originally recorded in prior fiscal years. New bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. Our revenues recognized each year will vary from the new bookings value since new bookings is a snapshot measurement of a portion of the total client contract value at a given time.

**Critical Accounting Policies and Estimates**

A summary of our significant accounting policies is included in Note 2—"Summary of significant accounting policies" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules." An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made and if changes in the estimate that are reasonably possible could materially impact the financial statements or require a higher degree of judgment than others in their application. We base our estimates on historical experience, contractual commitments and on various other assumptions that we believe to be reasonable under the circumstances and at the time they are made. We believe the following critical accounting policies require a higher level of management judgment and estimates than others in preparing the consolidated financial statements. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

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*Business combinations.* The application of business combination accounting requires the use of significant estimates and assumptions. We account for business combinations using the acquisition method of accounting, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. The measurement of purchase price, including future contingent consideration, if any, and its allocation, requires significant estimates in determining the fair values of assets acquired and liabilities assumed, including with respect to intangible assets and deferred and contingent consideration. Significant estimates and assumptions we may make include, but are not limited to, the timing and amount of future revenue and cash flows based on, among other things, anticipated growth rates, customer attrition rates, and the discount rate reflecting the risk inherent in future cash flows.

In addition, uncertain tax positions and tax-related valuation allowances assumed in connection with business combinations are initially estimated as of the acquisition date, and we reevaluate these items quarterly with any adjustments to our preliminary estimates being recorded to goodwill within the measurement period (up to one year from the acquisition date).

*Goodwill and other intangible assets*. Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. We test goodwill for impairment as of December 31 every year. We may perform quantitative testing where the fair value of the reporting unit is compared with its carrying amount, including goodwill, or choose to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Based on the results of the qualitative assessment, we perform the quantitative assessment of goodwill impairment if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

For the years ended December 31, 2023 and 2024, we relied on a qualitative assessment to determine if it was more likely than not that the fair value of a reporting unit was less than its carrying amount. For the year ended December 31, 2025, we performed a quantitative assessment of impairment of goodwill as of December 31, 2025 for all reporting units to enhance the robustness of the testing process and to establish updated fair value baselines. The fair value of each reporting unit was determined using an income approach (discounted cash flow method). This valuation required us to make significant estimates regarding future cash flows, including projections of revenue growth, operating margins, and the selection of appropriate market-participant discount rates and terminal growth rates.

For the years ended December 31, 2023 and 2024, our qualitative assessments showed that it was more likely than not that the fair value of our reporting units exceeded their carrying amounts and concluded that no impairment existed as of December 31, 2023 and 2024. Based on the results of the quantitative assessment for the year ended December 31, 2025, the fair value of each reporting unit was found to be substantially in excess of its carrying value and we concluded that no impairment existed as of December 31, 2025.

We capitalize certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale or lease to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) the external direct costs of materials and services utilized in developing or obtaining software and technology, (ii) compensation and related benefits for employees who are directly associated with the project, and (iii) interest costs incurred while developing or obtaining software or technology for sale or lease to customers.

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We test our intangible assets for impairment whenever events occur or changes in circumstances indicate that the related carrying amounts may not be recoverable. Determining whether we have incurred an impairment loss requires comparing the carrying amounts of the assets to the sum of future undiscounted cash flows expected to be generated by the assets. When determining the fair value of our intangible assets, we utilize various assumptions, including discount rates, estimated growth rates, economic trends and projections of future cash flows. These projections also take into account factors such as the expected impact of new client contracts, expanded or new business from existing clients, efficiency initiatives, and the maturity of the markets in which each of our businesses operates. We generally categorize intangible assets acquired individually or with a group of other assets or in a business combination as customer-related, marketing-related, technology-related, and other intangible assets. See Note 2—"Summary of significant accounting policies—Goodwill and other intangible assets" and Note 9—"Goodwill and intangible assets" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules'' for more information about how we value our intangible assets. Actual results may vary, and may cause significant adjustments to the valuation of our assets in the future.

*Income taxes*.&nbsp;&nbsp;&nbsp;&nbsp;We calculate and provide for income taxes in each of the tax jurisdictions in which we operate. We account for income taxes using the asset and liability method. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating losses and tax credits carried forward, if any. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or tax status is recognized in the statement of income in the period that includes the enactment date or the filing or approval date of the tax status change. Deferred tax assets are recognized in full, subject to a valuation allowance that reduces the amount recognized to that which is more likely than not to be realized. In assessing the likelihood of realization, we consider estimates of future taxable income.

In the case of an entity that benefits from a corporate tax holiday, deferred tax assets or liabilities for existing temporary differences are recorded only to the extent such temporary differences are expected to reverse after the expiration of the tax holiday. We also evaluate potential exposures related to tax contingencies or claims made by tax authorities in various jurisdictions and determine if a reserve is required. A reserve is recorded if we believe that a loss is more likely than not to occur and the amount can be reasonably estimated. Any such reserves are based on estimates and are subject to changing facts and circumstances considering the progress of ongoing audits, case law and new legislation. We believe that the reserves we have established are adequate.

We apply a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining, based on the technical merits, that the position is more likely than not to be sustained upon examination. The second step is to measure the tax benefit as the largest amount of the tax benefit that is greater than 50% likely of being realized upon settlement. We also include interest and penalties related to unrecognized tax benefits within our provision for income tax expense.

We generally plan to indefinitely reinvest the undistributed earnings of foreign subsidiaries, except for those earnings that can be repatriated in a tax-efficient manner. As a result, we recognize tax that would be incurred on undistributed earnings not subject to indefinite reinvestment.

Due to rounding, the numbers presented in the tables included in this Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations" may not add up precisely to the totals provided.

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**Results of Operations**

For a discussion of our results of operations for the year ended December 31, 2023, including a year-to-year comparison between 2024 and 2023, refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following table sets forth certain data from our consolidated statements of income for the years ended December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| **Net revenues** | $**4767.1** | $**5079.9** | **6.6%** |
| Cost of revenue | 3077.1 | 3248.9 | 5.6% |
| **Gross profit** | $**1690.1** | $**1831.0** | **8.3%** |
| **Gross margin** | **35.5%** | **36.0%** |  |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative expenses | 967.1 | 1046.7 | 8.2% |
| &nbsp;&nbsp;Amortization of acquired intangible assets | 26.5 | 24.3 | (8.2)% |
| &nbsp;&nbsp;Other operating (income) expense, net | (5.6) | 9.8 | NM\* |
| **Income from operations** | $**702.1** | $**750.2** | **6.9%** |
| **Income from operations as a percentage of net revenues** | **14.7%** | **14.8%** |  |
| Foreign exchange gains, net | 2.9 | 7.4 | 151.6% |
| Interest income (expense), net | (47.2) | (49.6) | 5.0% |
| Other income (expense), net | 19.0 | 22.1 | 16.3% |
| **Income before income tax expense** | $**676.8** | $**730.1** | **7.9%** |
| Income tax expense | 163.2 | 177.7 | 8.9% |
| **Net income** | $**513.7** | $**552.5** | **7.6%** |
| **Net income as a percentage of net revenues** | **10.8%** | **10.9%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*\*Not Meaningful*

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**Fiscal Year Ended December 31, 2025 Compared to the Fiscal Year Ended December 31, 2024**

*Net revenues*.&nbsp;&nbsp;&nbsp;&nbsp;Our net revenues were $5,079.9 million in 2025, up $312.7 million, or 6.6%, from $4,767.1 million in 2024.

Adjusted for foreign exchange, primarily the impact of changes in the values of the euro and UK pound sterling against the U.S. dollar, our net revenues grew 6.4% in 2025 compared to 2024 on a constant currency<sup>2</sup> basis. Revenue growth on a constant currency<sup>2</sup> basis is a non-GAAP measure. We provide information about our revenue growth on a constant currency<sup>2</sup> basis so that our revenue may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of our business performance. Total net revenues on a constant currency<sup>2</sup> basis are calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates and adjusted for hedging gains/losses.

Our average headcount increased to approximately 146,000 in 2025 from approximately 135,400 in 2024.

Prior to the quarter that began on April 1, 2025, we disaggregated our 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, we now also disaggregate our revenue as revenue from either Advanced Technology Solutions or Core Business Services.

Net revenues disaggregated between Data-Tech-AI and Digital Operations were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **(dollars in millions)** | **(dollars in millions)** | |
| Data-Tech-AI services | $2233.9 | $2442.4 | 9.3% |
| Digital Operations services | 2533.3 | 2637.5 | 4.1% |
| **Total net revenues** | $**4767.1** | $**5079.9** | **6.6%** |

---

Net revenues from Data-Tech-AI services in 2025 were $2,442.4 million, up $208.5 million, or 9.3%, from $2,233.9 million in 2024. This increase was driven by increased demand for our data and AI solutions and services as well as technology services in 2025 compared to 2024.

Net revenues from Digital Operations services in 2025 were $2,637.5 million, up $104.2 million, or 4.1%, from $2,533.3 million in 2024, primarily driven by ramp-ups of services from recently signed deals.

Net revenues disaggregated between Advanced Technology Solutions and Core Business Services were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **(dollars in millions)** | **(dollars in millions)** | |
| Advanced Technology Solutions | $1029.1 | $1204.1 | 17.0% |
| Core Business Services | 3738.0 | 3875.8 | 3.7% |
| **Total net revenues** | $**4767.1** | $**5079.9** | **6.6%** |

---

Net revenues from Advanced Technology Solutions in 2025 were $1,204.1 million, up $175.0 million, or 17.0%, from $1,029.1 million in 2024. This increase was largely driven by increased demand for our data and AI solutions and services in 2025 compared to 2024.

Net revenues from Core Business Services in 2025 were $3,875.8 million, up $137.8 million, or 3.7%, from $3,738.0 million in 2024, primarily due to an increase in revenue from Digital Operations and technology services in 2025 compared to 2024.

<sup>2</sup> Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.

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Net revenues by segment were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **(dollars in millions)** | **(dollars in millions)** | |
| Financial Services | $1288.9 | $1356.8 | 5.3% |
| Consumer and Healthcare | 1692.7 | 1724.7 | 1.9% |
| High Tech and Manufacturing | 1785.6 | 1998.4 | 11.9% |
| **Net revenues** | **4767.1** | **5079.9** | **6.6%** |

---

Net revenues from our Financial Services and Consumer and Healthcare segments increased by 5.3% and 1.9%, respectively, in 2025 compared to 2024, primarily driven by an increase in revenue from Advanced Technology Solutions and technology services. Net revenues from our High Tech and Manufacturing segment increased by 11.9% in 2025 compared to 2024, primarily driven by an increase in ramp-ups of services from recently signed deals and an increase in demand for our Advanced Technology Solutions and technology services. For additional information, see Note 23—"Segment reporting" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

*Cost of revenue*. Cost of revenue was $3,248.9 million in 2025, up $171.8 million, or 5.6%, from $3,077.1 million in 2024. The increase in our cost of revenue in 2025 compared to 2024 was primarily due to (i) an increase in our operational headcount to support revenue growth, (ii) wage inflation, (iii) an increase in costs for resold partnership technologies, (iv) higher stock-based compensation expense, and (v) increased spending on professional services. This increase was partially offset by lower communication and travel-related expenses in 2025 compared to 2024.

*Gross margin.* Our gross margin increased from 35.5% in 2024 to 36.0% in 2025 primarily due to improved operating leverage in 2025 compared to 2024.

*Selling, general and administrative (SG&A) expenses.* SG&A expenses as a percentage of total net revenues were 20.6% in 2025 and 20.3% 2024. SG&A expenses were $1,046.7 million in 2025, up $79.6 million, or 8.2%, from $967.1 million in 2024. The increase in SG&A expenses was primarily due to (i) increased strategic investments in partnerships, alliances, and other sales and marketing capabilities, (ii) higher stock-based compensation expense, (iii) a higher allowance for credit losses, and (iv) wage inflation in 2025 compared to 2024.

*Amortization of acquired intangible assets*. Amortization of acquired intangible assets was $24.3 million in 2025, down $2.2 million, or 8.2%, from $26.5 million in 2024. This decrease was primarily due to the completion of useful lives of intangibles acquired in prior periods, partially offset by the amortization of acquired intangible assets from our recent acquisition of XponentL. For additional information, see Note 3—"Business acquisitions" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

*Other operating (income) expense, net*. Other operating expense (net of income) was $9.8 million in 2025, compared to Other operating income (net of expense) of $5.6 million in 2024. During 2025, we recorded a charge of $10.1 million related to the abandonment of certain leased premises no longer in use with no such corresponding charge in 2024. During 2024, we recorded a gain upon the redemption of a loan note associated with the sale of a business previously classified as held for sale and the waiver by a vendor of a liability, with no such corresponding income recorded in 2025.

*Income from operations*. As a result of the foregoing factors, income from operations as a percentage of total net revenues increased from 14.7% in 2024 to 14.8% in 2025. Income from operations increased by $48.1 million from $702.1 million in 2024 to $750.2 million in 2025, primarily due to a higher gross margin, partially offset by an increase in SG&A expenses and Other operating expense (net of income) in 2025 compared to 2024.

*Foreign exchange gains (losses), net*. We recorded a net foreign exchange gain of $7.4 million in 2025, compared to $2.9 million in 2024. The gains in both years resulted primarily from the weakening of the Indian rupee against the U.S. dollar.

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*Interest income (expense), net*. Our interest expense (net of interest income) was $49.6 million in 2025, up $2.4 million from $47.2 million in 2024, reflecting the net impact of an $8.4 million decrease in interest income in 2025 compared to 2024 and an offsetting $6.0 million decrease in interest expense in 2025 compared to 2024. Our interest income decreased from $32.3 million in 2024 to $23.9 million in 2025 due to lower interest rates and lower cash balances in 2025 compared to 2024. The decrease in interest expense was largely driven by lower interest expense on our term loan due to a lower SOFR and reduced volume in 2025 compared to 2024, which we discuss in the section titled "Liquidity and Capital Resources—Financial Condition" below. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased from 4.5% in 2024 to 4.7% in 2025.

*Other income (expense), net.* Our other income (net of expense) was $22.1 million in 2025, compared to $19.0 million in 2024. This change was primarily due to higher gain on the fair value of deferred compensation plan assets in 2025 compared to 2024.

*Income tax expense/(benefit).* Our income tax expense was $177.7 million in 2025, compared to an income tax expense of $163.2 million in 2024. Our effective tax rate ("ETR") was 24.3% in 2025 and 24.1% in 2024. The increase in our ETR in 2025 was primarily driven by the impact of non-recurring discrete items.

*Net income*. As a result of the foregoing factors, net income increased by $38.8 million from $513.7 million in 2024 to $552.5 million in 2025. Net income as a percentage of net revenues was 10.9% in 2025, up from 10.8% in 2024.

*Adjusted income from operations.* Adjusted income from operations ("AOI") increased by $73.6 million from $813.9 million in 2024 to $887.6 million in 2025. Our AOI margin increased from 17.1% in 2024 to 17.5% in 2025, primarily driven by cost efficiencies and operating leverage in 2025 compared to 2024.

AOI and AOI margin are non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. They should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. We believe that presenting AOI alongside our reported results offers useful supplemental information to our investors and management regarding financial and business trends relating to our financial condition and results of operations. A limitation of using AOI versus net income calculated in accordance with GAAP is that AOI excludes certain recurring costs and certain other charges, namely stock-based compensation and amortization of acquired intangibles. We compensate for this limitation by providing specific information on the GAAP amounts excluded from AOI.

We calculate AOI as net income, excluding (i) stock-based compensation, (ii) amortization and impairment of acquired intangible assets, (iii) foreign exchange gains, net, (iv) interest (income) expense, (v) acquisition-related expenses and (vi) income tax expense, as we believe that our results after taking into account these adjustments more accurately reflect our ongoing operations. To calculate AOI margin, we divided AOI (as calculated above) by net revenue, excluding revenue from the business classified as held for sale. For additional information, see Note 23—"Segment reporting" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

The following table shows the reconciliation of AOI to the most directly comparable GAAP measure for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| | **(dollars in millions)** | **(dollars in millions)** |
| **Net income** | $**513.7** | $**552.5** |
| Foreign exchange gains, net | $(2.9) | $(7.4) |
| Interest (income) expense, net | $47.2 | $49.6 |
| Income tax expense | $163.2 | $177.7 |
| Stock-based compensation expense | $66.4 | $89.6 |
| Amortization of acquired intangible assets | $26.5 | $24.3 |
| Acquisition-related expenses | $— | $1.3 |
| **Adjusted income from operations** | $**813.9** | $**887.6** |

---

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The following table sets forth our AOI by reportable business segment for the years ended December 31, 2024 and 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dollars in millions)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dollars in millions)** | |
| Financial Services | $215.9 | $244.2 | 13.1% |
| Consumer and Healthcare | $293.1 | $295.1 | 0.7% |
| High Tech and Manufacturing | $319.4 | $370.2 | 15.9% |
| **Total reportable segment** | $**828.4** | $**909.5** | **9.8%** |
| Unallocated corporate expenses | $(14.5) | $(21.9) | NM\* |
| **Adjusted income from operations** | $**813.9** | $**887.6** | **9.0%** |

---

*\*Not Meaningful*

AOI of our Financial Services segment increased to $244.2 million in 2025 from $215.9 million in 2024, primarily due to higher revenues and improved operating efficiency in 2025 compared to 2024. AOI of our Consumer and Healthcare segment increased to $295.1 million in 2025 from $293.1 million in 2024, largely driven by higher revenues and improved operating efficiency, partially offset by investments in additional resources to drive business growth in 2025 compared to 2024. AOI of our High Tech and Manufacturing segment increased to $370.2 million in 2025 from $319.4 million in 2024, primarily driven by higher revenues and improved operating efficiency in 2025 compared to 2024.

AOI for "Unallocated corporate expenses" in the table above primarily represents the adjustment of allowances for credit losses, write-downs of property, plant and equipment and right-of-use assets, and over-or-under-absorption of overheads, none of which is allocated to any individual segment for management's internal reporting purposes. See Note 23—"Segment reporting" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Seasonality**

Our financial results may vary from period to period. Our revenues are typically higher in the third and fourth quarters than in other quarters, as a result of several factors. We generally find that demand for short-term Data-Tech-AI services, including analytics and IT projects, increases in the fourth quarter as our clients utilize the balance of their budgets for the year. Additionally, demand for certain services, such as collections and transaction processing, is often greater in the second half of the year as our clients' volumes in such areas increase.

**Statement of financial position**

**Key changes in our financial position during 2025**

Following are the significant changes in our financial position as of December 31, 2025 compared to December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Prepaid expenses, other current assets, contract cost assets and other assets increased by $159.2 million**

The increase in prepaid expenses, other current assets, and other assets is primarily due to higher deferred billings, higher contract assets (net of amortization), higher deferred compensation plan assets and higher prepaid expenses. The increase was partially offset by a decrease in contract cost assets and lower advance income tax payments. For additional information, see Note 7—"Prepaid expenses and other current assets," Note 10—"Other assets" and Note 24—"Net revenues—Contract balances" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accounts receivable, net increased by $41.9 million**

The increase in our accounts receivable is primarily due to an increase in quarter-over-quarter revenue in the fourth quarter of 2025 compared to 2024, partially offset by lower days sales outstanding in 2025 compared to 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Goodwill and intangible assets increased by $151.4 million**

Goodwill increased by $111.3 million, primarily due to our acquisition of XponentL. Our intangible assets increased by $40.1 million primarily due to our acquisition of XponentL, partially offset by the amortization of intangible assets. For additional information, see Note 3—"Business acquisitions" and Note 9—"Goodwill and intangible assets" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Property, plant and equipment, net decreased by $17.5 million**

The decrease in property, plant and equipment, net was primarily due to the reclassification of capitalized CCA implementation costs which were previously included within capital work in progress during 2024 and a charge related to depreciation, amortization and impairment during 2025, partially offset by current year additions. For additional information, see Note 2—"Summary of significant accounting policies" and Note 8—"Property, plant and equipment, net" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operating lease right-of-use assets decreased by $0.5 million**

The decrease in operating lease right-of-use assets is due to amortization and a charge related to the abandonment of certain leased premises no longer in use, partially offset by additions due to new leases/lease renewals entered into in 2025. For additional information, see Note 11—"Leases" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Short-term investments increased by $326.6 million**

The increase in short term investments is primarily due to additional investments made in term deposits during 2025 using the proceeds of the 2025 Senior Notes (as defined below). The proceeds to be received upon maturity of these short-term investments will be utilized to repay the 2019 Senior Notes (as defined below), which mature on April 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operating lease liability decreased by $3.4 million**

The decrease in operating lease liability is due to lease payments made in 2025, partially offset by additions and modifications in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Accounts payable, accrued expenses, other current liabilities and other liabilities increased by $366.0 million**

The increase in accounts payable, accrued expenses, other current liabilities and other liabilities is primarily due to an increase in contract liabilities due to higher advance payments received from a customer, earn-out consideration payable in relation to our acquisition of XponentL, higher expense-related accruals, higher mark-to-market losses on derivative financial instruments, higher deferred compensation plan liabilities, higher statutory liabilities and an increase in employee-related accruals in 2025 compared to 2024. This increase was partially offset by a decrease in accounts payable in 2025 compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Long-term debt increased by $320.9 million**

The increase in long-term debt is primarily attributable to the issuance of our 2025 Senior Notes in November 2025, partially offset by installment payments made on our term loan in 2025. For additional information, see Note 13—"Long-term debt" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net deferred tax assets decreased by $15.9 million**

Our net deferred tax assets decreased by $15.9 million in 2025 compared to 2024. For additional information, see Note 22—"Income taxes" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

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**Liquidity and Capital Resources**

**Overview**

Information about our financial position as of December 31, 2024 and 2025 is presented below:

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **2024** | **2025** | **Percentage change increase/ (decrease) 2025 vs. 2024** |
| | **(dollars in millions)** | **(dollars in millions)** | |
| Cash and cash equivalents | $648.2 | $853.8 | 31.7% |
| Short-term investments | 23.4 | 350.0 | NM\* |
| Long-term debt due within one year | 26.2 | 376.0 | NM\* |
| Long-term debt other than the current portion | 1195.3 | 1166.3 | (2.4)% |
| Total equity | 2389.6 | 2549.4 | 6.7% |

---

*\*Not Meaningful*

**Financial Condition**

We have historically financed our operations and our expansion, including acquisitions, with cash from operations and borrowing facilities.

On February 8, 2024, our board of directors approved an 11% increase in our quarterly cash dividend from $0.1375 per common share to $0.1525 per common share, representing an annual dividend of $0.61 per common share for 2024, up from $0.55 per common share in 2023. On March 26, 2024, June 26, 2024, September 25, 2024 and December 23, 2024, we paid dividends of $0.1525 per share, amounting to $27,492 million, $27,337 million, $26,939 million and $26,698 million in the aggregate, respectively, to shareholders of record as of March 11, 2024, June 10, 2024, September 11, 2024 and December 9, 2024, respectively.

On February 6, 2025, our board of directors approved an 11% increase in our quarterly cash dividend from $0.1525 per common share to $0.17 per common share, representing an annual dividend of $0.68 per common share for 2025, up from $0.61 per common share in 2024. On March 26, 2025, June 30, 2025, September 25, 2025 and December 23, 2025, we paid dividends of $0.17 per share, amounting to $29,784 million, $29,624 million, $29,293 million and $29,046 million in the aggregate, respectively, to shareholders of record as of March 11, 2025, June 18, 2025, September 11, 2025 and December 9, 2025, respectively.

On February 5, 2026, our board of directors approved a 10% increase in our quarterly cash dividend from $0.17 per common share to $0.1875 per common share, representing a planned annual dividend of $0.75 per common share for 2026, up from $0.68 per common share in 2025. Any future dividends will be at the discretion of our board of directors and subject to Bermuda and other applicable laws.

As of December 31, 2025, the total authorization under our existing share repurchase program was $2,750.0 million, including $500.0 million approved in the first quarter of 2025, of which $364.1 million remained available as of December 31, 2025. Since our share repurchase program was initially authorized in 2015, we have repurchased 70,899,146 of our common shares at a weighted average price of $33.65 per share, for an aggregate purchase price of $2,385.9 million. This amount includes shares repurchased under our 2017 accelerated share repurchase program.

During the years ended December 31, 2024 and 2025, we repurchased 6,591,550 and 6,129,521 of our common shares, respectively, on the open market at a weighted average price of $38.31 and $46.16 per share, respectively, for an aggregate purchase price of $252.5 million and $282.9 million, respectively. All repurchased shares have been retired.

For additional information, see Note 18—"Capital stock" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

We expect that for the next twelve months and for the foreseeable future, our cash from operations, cash reserves and debt capacity will be sufficient to finance our operations, our growth and expansion plans, dividend payments and additional share repurchases we may make under our share repurchase program. In addition, we may raise additional funds through public or private debt or equity financing. Our working capital needs are primarily to finance our payroll and other administrative and information technology expenses in advance of the receipt of accounts receivable. Our primary capital requirements include opening new delivery centers, expanding existing operations to support our growth, financing acquisitions and enhancing capabilities, including building certain advanced technology solutions.

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Cash flows from operating, investing and financing activities, as reflected in our consolidated statements of cash flows, are summarized in the following table:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Percentage<br>change** |
| | **2024** | **2025** | **Percentage<br>change** |
| | **(dollars in millions)** | **(dollars in millions)** | |
| Net cash provided by (used for) |  |  |  |
| Operating activities | $615.4 | $812.9 | 32.1% |
| Investing activities | (106.0) | (495.5) | (367.6)% |
| Financing activities | (424.8) | (106.8) | 74.9% |
| **Net increase (decrease) in cash and cash equivalents** | $**84.6** | $**210.6** | **148.8%** |

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*Cash flows provided by operating activities*.&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities was $812.9 million in 2025, up from $615.4 million in 2024. This increase in cash provided by operating activities was primarily driven by (i) a $38.8 million increase in net income in 2025 compared to 2024, (ii) a $40.5 million increase in non-cash expense, primarily due to higher stock-based compensation expense, higher unrealized (gain)/loss on the revaluation of foreign currency assets/liabilities, the write-down of operating right-of-use assets of abandoned leased premises, and a higher allowance for credit losses, partially offset by deferred tax benefit in 2025 compared to 2024, and (iii) a $118.1 million decrease in operating assets and liabilities, which was primarily driven by higher customer advances, lower accounts receivable, and lower employee payments, partially offset by higher tax payments, higher vendor-related payments and lower service tax refunds in India in 2025 compared to 2024.

In 2025, we entered into a contract with a client pursuant to which the client made advance payments in 2025 for services partially rendered during 2025 and that will continue to be rendered by us through 2026. As of December 31, 2025, we had received advances of $170.0 million under this arrangement, which contributed to higher cash flows from operating activities in 2025. Although we may receive additional prepayments under this arrangement during the first quarter of 2026, none are guaranteed under the terms of our agreement with the client.

*Cash flows used for investing activities*. Our net cash used for investing activities was $495.5 million in 2025, compared to $106.0 million in 2024. Net cash used by investing activities increased primarily due to (i) the purchase of short-term investments (net of proceeds from maturities) of $326.6 million in 2025 compared to $23.4 million in 2024, (ii) payments of $80.4 million for business acquisitions, net of cash acquired, in 2025, and (iii) a $5.9 million increase in cash used for payments (net of sales proceeds) for the purchase of property, plant and equipment and internally generated intangible assets in 2025 compared to 2024.

*Cash flows used for financing activities*. Our net cash used for financing activities was $106.8 million in 2025, compared to $424.8 million in 2024. This decrease in cash used for financing activities was primarily due to (i) higher proceeds from borrowings (net of repayments and debt issuance and refinancing costs) amounting to $319.4 million in 2025 compared to repayments of borrowings (net of proceeds) of $47.3 million in 2024. The decrease in cash used for financing activities was partially offset by (i) higher payments for stock repurchased and retired (including related expenses), amounting to $283.0 million in 2025 compared to $252.7 million in 2024, (ii) higher payments for the net settlement of stock-based awards, amounting to $33.4 million in 2025 compared to $22.3 million in 2024, and (iii) higher dividend payments of $117.7 million in 2025 compared to $108.5 million in 2024.

**Financing Arrangements (Credit facility)**

In December 2022, we entered into an amended and restated credit agreement (the "2022 Credit Agreement") with Genpact USA, Inc. ("Genpact USA"), Genpact Global Holdings (Bermuda) Limited ("GGH") and Genpact Luxembourg S.à r.l. ("Genpact Luxembourg", and together with Genpact USA and GGH, the "Borrowers"), as borrowers, Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, swingline lender and issuing bank, and the lenders and other parties thereto, which consists of a $530.0 million term loan and a $650.0 million revolving credit facility. An additional third-party fee paid in connection with the 2022 Credit Agreement is being amortized over the term of the term loan and revolving credit facility, which expire on December 13, 2027. In connection with our entry into the 2022 Credit Agreement, we terminated our previous credit facility under our amended and restated credit agreement entered into in August 2018 (the "2018 Credit Agreement") with the Borrowers, as borrowers, Wells Fargo, as administrative agent, and the lenders and other financial institutions party thereto, which was comprised of a $680.0 million term loan and a $500.0 million revolving credit facility. The 2022 Credit Agreement replaced the 2018 Credit Agreement.

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The 2022 Credit Agreement is guaranteed by us and certain of our subsidiaries. The obligations under the 2022 Credit Agreement are unsecured.

Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at our election, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.00%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, in each case subject to adjustment based on the Borrowers' debt ratings provided by Standard & Poor's Rating Services and Moody's Investors Service, Inc. from time to time (the "Debt Ratings"). The revolving credit commitments under the 2022 Credit Agreement are subject to a commitment fee equal to 0.20% per annum, subject to adjustment based on the Debt Ratings. The commitment fee accrues on the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations.

The 2022 Credit Agreement restricts certain payments, including dividend payments, if there is an event of default under the 2022 Credit Agreement or if we are not, or after making the payment would not be, in compliance with certain financial covenants contained in the 2022 Credit Agreement. These covenants require us to maintain a net debt to EBITDA leverage ratio of less than 3x and an interest coverage ratio of more than 3x. During the year ended December 31, 2025, we were in compliance with the terms of the 2022 Credit Agreement, including all of the financial covenants therein. Our retained earnings are not subject to any restrictions on availability to make dividend payments to shareholders, subject to compliance with the financial covenants described above that are contained in the 2022 Credit Agreement.

As of December 31, 2024 and 2025, our outstanding term loan, net of debt amortization expense of $0.9 million and $0.6 million, respectively, was $476.1 million and $449.9 million, respectively.

We also have fund-based and non-fund based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of December 31, 2024 and 2025, the limits available under such facilities were $22.4 million and $26.6 million, respectively, of which $8.5 million and $8.0 million, respectively, were utilized, constituting non-funded drawdown. As of December 31, 2024 and 2025, a total of $1.5 million and $1.3 million, respectively, of our revolving credit facility was utilized, of which $0.0 million and $0.0 million, respectively, constituted funded drawdown, and $1.5 million and $1.3 million, respectively, constituted non-funded drawdown. Our outstanding term loan and revolving credit facility expire on December 13, 2027.

We manage a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps under which we receive floating rate payments based on the greater of Term SOFR and the floor rate under our term loan and make payments based on a fixed rate. As of December 31, 2025, we were party to interest rate swaps covering a total notional amount of $221.9 million. Under these swap agreements, the rates that we pay to banks in exchange for Term SOFR ranges between 4.25% and 4.72%.

Genpact Luxembourg issued $400.0 million aggregate principal amount of 3.375% senior notes in November 2019 (the "2019 Senior Notes"). The 2019 Senior Notes were fully guaranteed by the Company and Genpact USA. The total debt issuance cost of $2.9 million incurred in connection with the 2019 Senior Notes offering was amortized over the life of the notes as additional interest expense. The 2019 Senior Notes matured on December 1, 2024 and were fully repaid.

Genpact Luxembourg and Genpact USA co-issued $350.0 million aggregate principal amount of 1.750% senior notes in March 2021 (the "2021 Senior Notes"). The 2021 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $3.0 million incurred in connection with the 2021 Senior Notes offering is being amortized over the life of the 2021 Senior Notes as additional interest expense. As of December 31, 2024 and 2025, the amount outstanding under the 2021 Senior Notes, net of debt amortization expense of $0.8 million and $0.2 million, respectively, was $349.2 million and $349.8 million, respectively, which is payable on April 10, 2026.

In June 2024, Genpact Luxembourg and Genpact USA co-issued $400.0 million aggregate principal amount of 6.000% senior notes (the "2024 Senior Notes"). The 2024 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $4.4 million incurred in connection with the 2024 Senior Notes offering is being amortized over the life of the 2024 Senior Notes as additional interest expense. As of December 31, 2024 and 2025, the amount outstanding under the 2024 Senior Notes, net of debt amortization expense of $3.9 million and $3.0 million, respectively, was $396.1 million and $397.0 million, respectively, which is payable on June 4, 2029.

In November 2025, Genpact UK Finco plc and Genpact USA co-issued $350.0 million aggregate principal amount of 4.950% senior notes (the "2025 Senior Notes"). The 2025 Senior Notes are fully guaranteed by the Company. The total debt issuance cost of $4.6 million incurred in connection with the 2025 Senior Notes is being amortized over the life of the 2025 Senior Notes as additional interest expense. As of December 31, 2025, the amount outstanding under the 2025 Senior Notes, net of debt amortization expense of $4.4 million, was $345.6 million, which is payable on November 18, 2030.

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We pay interest on (i) the 2021 Senior Notes semi-annually in arrears on April 10 and October 10 of each year, (ii) the 2024 Senior Notes semi-annually in arrears on June 4 and December 4 of each year, and (iii) the 2025 Senior Notes semi-annually in arrears on May 18 and November 18 of each year, ending on the maturity dates of April 10, 2026, June 4, 2029 and November 18, 2030, respectively.

For additional information, see Notes 13—"Long-term debt" and 14—"Short-term borrowings" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

We use a revolving accounts receivable-based facility for managing our cash flows. As part of this arrangement, accounts receivable sold under this facility are de-recognized upon sale along with the related allowances, if any. As of December 31, 2024 and 2025, we had a revolving accounts receivable-based facility of $60.0 million and $100.0 million, respectively, permitting us to sell accounts receivable to banks on a non-recourse basis in the ordinary course of business. The aggregate maximum capacity utilized at any time during the years ended December 31, 2024 and 2025 was $55.9 million and $60.0 million, respectively. The principal amount outstanding against this facility as of December 31, 2024 and 2025 was $26.6 million and $55.1 million, respectively. The cost of factoring accounts receivable sold under this facility during the years ended December 31, 2024 and 2025 was $2.3 million and $2.1 million, respectively.

We also have arrangements with financial institutions that manage the accounts payable program for certain of our large clients. We sell certain accounts receivable pertaining to such clients to these financial institutions on a non-recourse basis. There is no cap on the value of accounts receivable that can be sold under these arrangements. We used these arrangements to sell accounts receivable amounting to $270.2 million and $327.2 million during the years ended December 31, 2024 and December 31, 2025, respectively, which also represents the maximum utilization under these arrangements in each such year. The cost of factoring such accounts receivable during the years ended December 31, 2024 and 2025 was $6.0 million and $5.8 million, respectively.

For additional information, see Note 4—"Accounts receivable, net of allowance for credit losses" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Goodwill Impairment Testing**

Goodwill of a reporting unit is tested for impairment at least annually and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. In accordance with ASC 350, Intangibles-Goodwill and Other, we may perform quantitative testing where the fair value of the reporting unit is compared with its carrying amount, including goodwill, or choose to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Based on the results of the qualitative assessment, we perform the quantitative assessment of goodwill impairment if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

Based on our assessment of such qualitative factors in 2024, in accordance with ASC 350, we concluded that as of December 31, 2024, the fair values of all of our reporting units are likely to be higher than their respective carrying values.

For the year ended December 31, 2025, we performed a quantitative assessment for impairment of goodwill as of December 31, 2025 for all reporting units to enhance the robustness of our testing process and to establish updated fair value baselines. The fair value of each reporting unit was determined using an income approach (discounted cash flow method). This valuation required management to make significant estimates regarding future cash flows, including projections of revenue growth, operating margins, and the selection of appropriate market-participant discount rates and terminal growth rates.

**Off-Balance Sheet Arrangements**

Our off-balance sheet arrangements consist of foreign exchange contracts. For additional information, see Item 1A—"Risk Factors—Currency exchange rate fluctuations in various currencies in which we do business, especially the Indian rupee, the euro and the U.S. dollar, could have a material adverse effect on our business, results of operations and financial condition" and Note 6—"Derivative financial instruments" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Other Liquidity and Capital Resources Information**

As of December 31, 2024 and 2025, we have purchase commitments, net of capital advances paid in respect of such purchases, of $25.3 million and $16.5 million, respectively. For additional information, see Note 25—"Commitments and contingencies" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

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As of December 31, 2024 and 2025, we also have operating and finance lease commitments of $276.2 million and $268.4 million, respectively, to be paid over the remaining lease terms. For additional information, see Note 11—"Leases" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Supplemental Guarantor Financial Information**

As discussed in Note 13, "Long-term debt," to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules," Genpact Luxembourg and Genpact USA co-issued the 2021 Senior Notes and the 2024 Senior Notes. Genpact UK Finco plc and Genpact USA co-issued the 2025 Senior Notes. As of December 31, 2025, the outstanding balance for the 2021 Senior Notes, the 2024 Senior Notes and the 2025 Senior Notes (collectively, the "Senior Notes") was $349.8 million, $397.0 million and $345.6 million, respectively. Each series of Senior Notes is fully and unconditionally guaranteed by the Company. Genpact USA co-guaranteed the 2019 Senior Notes, Genpact UK Finco plc co-guaranteed the 2021 Senior Notes and the 2024 Senior Notes, and Genpact Luxembourg S.à r.l co-guaranteed the 2025 Senior Notes. Our other subsidiaries (such subsidiaries are referred to as the "non-Guarantors") do not guarantee any series of outstanding Senior Notes. During the year ended December 31, 2024, the Company repaid the 2019 Senior Notes in the amount of $400.0 million at their maturity.

The Company (with respect to all series of Senior Notes) has fully and unconditionally guaranteed (i) that the payment of the principal, premium, if any, and interest on the Senior Notes shall be promptly paid in full when due, whether at stated maturity of the Senior Notes, by acceleration, redemption or otherwise, and that the payment of interest on the overdue principal and interest on the Senior Notes, if any, if lawful, and all other obligations of the applicable issuer or issuers of the Senior Notes, respectively, to the holders of the Senior Notes or the trustee under the Senior Notes shall be promptly paid in full or performed, and (ii) in case of any extension of time of payment or renewal of any Senior Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failure of payment by Genpact Luxembourg, Genpact UK Finco plc or Genpact USA when due of any amount so guaranteed or any performance so guaranteed for whatever reason shall obligate the Company to pay the same immediately. The Company has agreed that the guarantees described above are guarantees of payment of the Senior Notes and not guarantees of collection.

The following tables present summarized financial information for Genpact Luxembourg, Genpact USA, Genpact UK Finco plc and the Company (collectively, the "Debt Issuers and Guarantors") on a combined basis after elimination of (i) intercompany transactions and balances among the Debt Issuers and Guarantors and (ii) equity in earnings from and investments in the non-Guarantors.

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| | | |
|:---|:---|:---|
| **Summarized Statements of Income** | **Year ended**<br>**December 31, 2024** | **Year ended**<br>**December 31, 2025** |
| | **(dollars in millions)** | **(dollars in millions)** |
| Net revenues | $422.4 | $398.6 |
| Gross profit | 422.4 | 398.6 |
| Net income | 237.1 | 224.4 |

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Below is a summary of transactions with non-Guarantors included in the summarized statement of income above:

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| | | |
|:---|:---|:---|
| | **Year ended<br>December 31, 2024** | **Year ended<br>December 31, 2025** |
| | **(dollars in millions)** | **(dollars in millions)** |
| Royalty income | $— | $— |
| Revenue from services | 422.4 | 398.6 |
| Interest income /(expense), net | (15.5) | 11.1 |
| Other income /(expense), net | (4.4) | (11.3) |

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------

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| | | |
|:---|:---|:---|
| **Summarized Balance Sheets** | **As of**<br>**December 31, 2024** | **As of**<br>**December 31, 2025** |
| | **(dollars in millions)** | **(dollars in millions)** |
| **Assets** | | |
| Current assets | $1842.4 | $2658.1 |
| Non-current assets | 1000.5 | 966.0 |
| **Liabilities** |  |  |
| Current liabilities | $4150.1 | $5017.3 |
| Non-current liabilities | 1236.1 | 1058.6 |

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Below is a summary of the balances with non-Guarantors included in the summarized balance sheets above:

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| | | |
|:---|:---|:---|
| | **As of<br>December 31, 2024** | **As of<br>December 31, 2025** |
| | **(dollars in millions)** | **(dollars in millions)** |
| **Assets** | | |
| **Current assets** | | |
| Accounts receivable, net | $174.7 | $175.9 |
| Loans receivable | 932.4 | 1731.5 |
| Others | 589.0 | 302.3 |
| **Non-current assets** |  |  |
| Others | $46.2 | $— |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| Loans payable | $3447.0 | $3170.1 |
| Others | 659.9 | 1475.5 |
| **Non-Current liabilities** |  |  |
| Loans payable | $38.0 | $38.0 |

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The Senior Notes and the related guarantees rank pari passu in right of payment with all senior and unsecured debt of the Debt Issuers and the Guarantors and rank senior in right of payment to all of the Debt Issuers' and the Guarantors' future subordinated debt. The Senior Notes are effectively subordinated to all of the Debt Issuers' and the Guarantors' existing and future secured debt to the extent of the value of the assets securing such debt. The Senior Notes are structurally subordinated to all of the existing and future debt and other liabilities of the Guarantors' subsidiaries (other than the Issuer), including the liabilities of certain subsidiaries pursuant to our senior credit facility. The non-Guarantors are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any amounts due under the Senior Notes or to make the funds available to pay those amounts, whether by dividend, distribution, loan or other payment. If the Debt Issuers or the Guarantors have any right to receive any assets of any of the non-Guarantors upon the insolvency, liquidation, reorganization, dissolution or other winding-up of any non-Guarantor, all of that non-Guarantor's creditors (including trade creditors) would be entitled to payment in full out of that non-Guarantor's assets before the holders of the Senior Notes would be entitled to any payment. Claims of holders of the Senior Notes are structurally subordinated to the liabilities of certain non-Guarantors pursuant to their liabilities under our senior credit facility.

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**Recent Accounting Pronouncements**

*Recently adopted accounting pronouncements*

For a description of recently adopted accounting pronouncements, see Note 2—"Summary of significant accounting policies—Recently issued accounting pronouncements" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules" and Part II, Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates."

For a description of recently issued accounting pronouncements, see Note 2—"Summary of significant accounting policies—Recently issued accounting pronouncements" to our consolidated financial statements under Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Item 7A.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures about Market Risk**

*Foreign currency risk*

Our exposure to market risk arises principally from exchange rate risk. A substantial portion of our revenues (75% in fiscal 2025) is received in U.S. dollars. We also receive revenues in euros, UK pounds sterling, Australian dollars, Indian rupees and Japanese yen. Our expenses are primarily in Indian Rupee and we also incur expenses in U.S. dollars, Romanian lei, UK pounds sterling, Chinese renminbi, Philippine pesos, Polish zloty, euros, Mexican pesos, Costa Rican colón, Japanese yen, Canadian dollars, Malaysian ringgit, Guatemalan quetzals, Australian dollars, South African rand, Hungarian forint and the currencies of the other countries in which we have operations. Our exchange rate risk arises from our foreign currency revenues, expenses, receivables and payables. Based on the results of our European operations for fiscal 2025, and excluding any hedging arrangements that we had in place during that period, a 10.0% appreciation or depreciation of the euro against the U.S. dollar would have increased or decreased, as applicable, our revenues in fiscal 2025 by $20.0 million. Similarly, excluding any hedging arrangements that we had in place during that period, a 10.0% depreciation of the Indian rupee against the U.S. dollar would have decreased our expenses incurred and paid in Indian rupees in fiscal 2025 by $138.0 million. Conversely, a 10.0% appreciation of the Indian rupee against the U.S. dollar would have increased our expenses incurred and paid in rupees in fiscal 2025 by $169.0 million.

We have sought to reduce the effect of any Indian rupee-U.S. dollar, Indian rupee-Australian dollar, Philippine Peso-U.S. dollar, Chinese renminbi-Japanese yen, Chinese renminbi-U.S dollar, Romanian leu-euro, Mexican peso-U.S. dollar, Polish zloty-U.S. dollar, Hungarian forint-U.S. dollar, Malaysian ringgit-U.S. dollar, Costa Rican colón-U.S. dollar and certain other local currency exchange rate fluctuations on our results of operations by purchasing forward foreign exchange contracts to cover a portion of our expected cash flows and accounts receivable. These instruments typically have maturities of zero to sixty months. We use these instruments as economic hedges and not for speculative purposes, and most of them qualify for hedge accounting under the FASB guidance on derivatives and hedging. Our ability to enter into derivatives that meet our planning objectives is subject to the depth and liquidity of the market for such derivatives. In addition, the laws of China, India, Malaysia, Philippines, Costa Rica and Romania limit the duration and amount of such arrangements. We may not be able to purchase contracts adequate to insulate us from Indian rupee-U.S. dollar, Chinese renminbi-Japanese yen, Chinese renminbi-U.S dollar, Philippine peso-U.S. dollar, Malaysian ringgit-U.S. dollar, Costa Rican colón-U.S. dollar and Romanian leu-euro foreign exchange currency risks. In addition, any such contracts may not perform adequately as hedging mechanisms. See Item 7 —"Management's Discussion and Analysis of Financial Condition and Results of Operations—Foreign exchange gains (losses), net."

*Interest rate risk*

Our exposure to interest rate risk arises principally from interest on our indebtedness. As of December 31, 2025, we had $1,542.3 million of indebtedness, comprised of (a) $449.9 million of indebtedness under our 2022 Credit Agreement consisting of a long-term loan, net of $0.6 million in unamortized debt issuance expenses, (b) $349.8 million in indebtedness under our 2021 Senior Notes, net of $0.2 million in unamortized bond issuance expenses, (c) $397.0 million in indebtedness under our 2024 Senior Notes, net of $3.0 million in unamortized bond issuance expenses, and (d) $345.6 million in indebtedness under our 2025 Senior Notes, net of $4.4 million in unamortized bond issuance expenses. Interest on indebtedness under the 2022 Credit Agreement is based on Term SOFR, and we are subject to market risk from changes in interest rates. Borrowings under our 2022 Credit Agreement bear interest at floating rates based on Term SOFR, but in no event less than the floor rate of 0.0% plus an applicable margin. See Item 1A—"Risk Factors"—"We may be unable to service our debt or obtain additional financing on competitive terms or at all." Based on our indebtedness, a 2% change in interest rates, including the impact on the cost of our interest rate swaps, would have had a $5.0 million impact on our net interest expense in fiscal 2025. Additionally, the interest rates on our 2021 Senior Notes are subject to adjustment based on the ratings assigned by Moody's and S&P to the notes from time to time. A decline in such ratings could result in an increase of up to 2% in the rate of interest on the 2021 Senior Notes. For fiscal 2025, such an increase would have had an impact of up to $7.0 million on our net interest expense.

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We manage a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps under which we receive floating rate payments based on the greater of Term SOFR and the floor rate under our term loan and make payments based on a fixed rate. As of December 31, 2025, we were party to interest rate swaps covering a total notional amount of $221.9 million. Under our swap agreements outstanding as of December 31, 2025, the rate that we pay to banks in exchange for Term SOFR ranges between 4.25% and 4.72%.

We executed a treasury rate lock agreement for $350.0 million in connection with future interest payments to be made on the 2021 Senior Notes, and the treasury rate lock agreement was designated as a cash flow hedge. The treasury rate lock agreement was terminated on March 23, 2021, and a deferred gain was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2021 Senior Notes. The remaining gain to be amortized related to the treasury rate lock agreement as of December 31, 2025 was $0.0 million.

We executed treasury rate lock agreements for $400.0 million in connection with future interest payments to be made on the 2024 Senior Notes, and the treasury rate lock agreements were designated as cash flow hedges. These treasury rate lock agreements were terminated on May 30, 2024, and a deferred loss was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2024 Senior Notes. The remaining loss to be amortized related to the treasury rate lock agreements as of December 31, 2025 was $0.3 million.

We executed treasury rate lock agreements for $350.0 million in connection with future interest payments to be made on the 2025 Senior Notes, and the treasury rate lock agreements were designated as cash flow hedges. These treasury rate lock agreements were terminated on November 13, 2025 and a deferred loss was recorded in accumulated other comprehensive income and is being amortized to interest expense over the life of the 2025 Senior Notes. The remaining loss to be amortized related to the treasury rate lock agreements as of December 31, 2025 was $0.2 million.

*Credit risk*

As of December 31, 2025, we had accounts receivable, including deferred billings, net of allowance for credit losses, of $1,462.5 million. No single client owed more than 10% of our accounts receivable balance as of December 31, 2025.

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Supplementary Data**

The financial statements and supplementary data required by this item are listed in Part IV, Item 15—"Exhibits and Financial Statement Schedules."

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

*Evaluation of disclosure controls and procedures*

Disclosure controls and procedures are the Company's controls and other procedures which are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 (the "Exchange Act"), is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer along with the Company's Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, the Company's Chief Executive Officer along with the Company's Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company's periodic SEC filings.

*Management's Report on Internal Control Over Financial Reporting*

Genpact's management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization of management and/or our Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide reasonable assurance regarding the prevention or timely detection of any unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Due to its inherent limitations, including that it relies on sample-based testing, internal control over financial reporting may not prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Based on its evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

During 2025, we acquired XponentL Data, Inc. and certain affiliated entities, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 XponentL Data, Inc. and certain affiliated entities' internal control over financial reporting associated with total assets of $14.7 million and total revenues of $21.8 million included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025.

KPMG Assurance and Consulting Services LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this Annual Report on Form 10-K and, as part of its audit, has issued an attestation report, included herein, on the effectiveness of our internal control over financial reporting. See "Report of Independent Registered Public Accounting Firm" on page F-4.

*Changes in internal control over financial reporting*

There were no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarterly period ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Item 9B.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Director and Officer Trading Arrangements**

None of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended December 31, 2025.

**Item 9C.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**PART III**

**Item 10.&nbsp;&nbsp;&nbsp;&nbsp;Directors, Executive Officers and Corporate Governance**

Information about our executive officers is contained in the section titled "Information about our executive officers" in Part I of this Annual Report on Form 10-K.

The Company has adopted an insider trading policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers, employees and consultants. A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In addition, with regard to the Company's trading in its own securities, it is the Company's policy to comply with the federal securities laws and the applicable exchange listing requirements.

The other information required by this Item will be included in our Proxy Statement for the 2026 Annual General Meeting of Shareholders under the captions "Director Nominees," "Corporate Governance," "Insider Trading Policy" and "Delinquent Section 16(a) Reports," which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31, 2025 and is incorporated by reference in this report.

**Item 11.&nbsp;&nbsp;&nbsp;&nbsp; Executive Compensation**

The information required by this Item will be included in our Proxy Statement for the 2026 Annual General Meeting of Shareholders under the caption "Executive Officer Compensation," which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31, 2025 and is, other than the information required by Item 402(v) of Regulation S-K, incorporated by reference in this report.

**Item 12.&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this Item will be included in our Proxy Statement for the 2026 Annual General Meeting of Shareholders under the captions "Security Ownership of Certain Beneficial Owners and Management" and "Securities Authorized for Issuance under Equity Compensation Plans," which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31, 2025 and is incorporated by reference in this report.

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships and Related Transactions, and Director Independence**

The information required by this Item will be included in our Proxy Statement for the 2026 Annual General Meeting of Shareholders under the captions "Certain Relationships and Related Party Transactions" and "Director Independence," which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31, 2025 and is incorporated by reference in this report.

**Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services**

The information required by this Item will be included in our Proxy Statement for the 2026 Annual General Meeting of Shareholders under the caption "Independent Registered Public Accounting Firm Fees and Other Matters," which will be filed with the SEC no later than 120 days after the close of the fiscal year ended December 31, 2025 and is incorporated by reference in this report.

------

**PART IV**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Documents filed as part of this Annual Report on Form 10-K:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Consolidated Financial Statements

The consolidated financial statements required to be filed in the Annual Report on Form 10-K are listed on page F-1 hereof. The required financial statements appear on pages F-6 through F-72 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Financial Statement Schedules

Separate financial statement schedules have been omitted either because they are not applicable or because the required information is included in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Exhibit Index:

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | <u>[Memorandum of Association of the Registrant (incorporated by reference to Exhibit 3.1 to Amendment No. 2 of the Registrant's Registration Statement on Form S-1 (File No. 333-142875) filed with the SEC on July 16, 2007).](https://www.sec.gov/Archives/edgar/data/1398659/000104746907005612/a2178806zex-3_1.htm)</u> |
| 3.2 | <u>[Bye-laws of the Registrant (incorporated by reference to Exhibit 3.3 to Amendment No. 4 of the Registrant's Registration Statement on Form S-1 (File No. 333-142875) filed with the SEC on August 1, 2007).](https://www.sec.gov/Archives/edgar/data/1398659/000104746907005956/a2179074zex-3_3.htm)</u> |
| 4.1 | <u>[Form of specimen certificate for the Registrant's common shares (incorporated by reference to Exhibit 4.1 to Amendment No. 4 of the Registrant's Registration Statement on Form S-1 (File No. 333-142875) filed with the SEC on August 1, 2007).](https://www.sec.gov/Archives/edgar/data/1398659/000104746907005956/a2179074zex-4_1.htm)</u> |
| 4.2 | <u>[Base Indenture, dated as of March 27, 2017, by and among the Registrant, Genpact Luxembourg S.à r.l. and](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[Comp](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[utershare Trust Company](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[, National Association](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[(as successor to](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[Wells Fargo Bank, National Association](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[)](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)[, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on March 28, 2017).](https://www.sec.gov/Archives/edgar/data/1398659/000095015717000425/ex4-1.htm)</u> |
| 4.3 | <u>[Third Supplemental Indenture, dated as of March 26, 2021, by and among the Registrant, Genpact Luxembourg S.à r.l., Genpact USA, Inc. and](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[Computershare Trust Company](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[, National Association](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[(as successor to](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[Wells Fargo Bank, National Association](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[)](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)[, as trustee, to the Base Indenture dated as of March 27, 2017 (incorporated by reference to Exhibit 4.4 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on March 26, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex44.htm)</u> |
| 4.4 | <u>[Base Indenture, dated as of March 26, 2021, by and among the Registrant, Genpact Luxembourg S.à r.l., Genpact USA, Inc. and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on March 26, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex41.htm)</u> |
| 4.5 | <u>[First Supplemental Indenture, dated as of March 26, 2021, by and among the Registrant, Genpact Luxembourg S.à r.l., Genpact USA, Inc. and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee, to the Base Indenture dated as of March 26, 2021 (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on March 26, 2021)](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex42.htm)</u>. |
| 4.6 | <u>[Second Supplemental Indenture, dated as of June 4, 2024, by and among the Registrant, Genpact Luxembourg S.à r.l., Genpact USA, Inc. and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee, to the Base Indenture dated as of March 26, 2021 (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on June 4, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000114036124028827/ny20029408x7_ex4-2.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 4.7 | <u>[Third Supplemental Indenture, dated as of November 18, 2025, by and among the Registrant, Genpact Luxembourg S.à r.l., Genpact USA, Inc., Genpact UK Finco plc and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee, to the Base Indenture dated as of March 26, 2021 (incorporated by reference to Exhibit 4.4 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on November 18, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000114036125042599/ny20058398x8_ex4-4.htm)</u> |
| 4.8 | <u>[Indenture, dated as of November 18, 2025, by and among the Registrant, Genpact UK Finco plc, Genpact USA, Inc., Genpact Luxembourg S.à r.l. and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on November 18, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000114036125042599/ny20058398x8_ex4-1.htm)</u> |
| 4.9 | <u>[First Supplemental Indenture, dated as of November 18, 2025, by and among the Registrant, Genpact UK Finco plc, Genpact USA, Inc., Genpact Luxembourg S.à r.l. and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on November 18, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000114036125042599/ny20058398x8_ex4-2.htm)</u> |
| 4.10 | <u>[Form of 1.750% Senior Note due 2026 (incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on March 26, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000119312521096668/d166844dex42.htm)</u> |
| 4.11 | <u>[Form of 6.000% Senior Note due 2029 (incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on June 4, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000114036124028827/ny20029408x7_ex4-2.htm#ExhibitA)</u> |
| 4.12 | <u>[Form of 4.950% Senior Note due 2030 (incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on November 18, 2025).](https://www.sec.gov/Archives/edgar/data/0001398659/000114036125042599/ny20058398x8_ex4-2.htm#ExhibitA)</u> |
| 4.13 | <u>[Description of Registrant's Securities (incorporated by reference to Exhibit 4.7 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 2, 2020).](https://www.sec.gov/Archives/edgar/data/1398659/000156459020008158/g-ex47_772.htm)</u> |
| 10.1† | <u>[Form of Indemnity Agreement for directors and executive officers (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on February 26, 2020).](https://www.sec.gov/Archives/edgar/data/0001398659/000156459020006809/g-ex101_6.htm)</u> |
| 10.2† | <u>[Amended and Restated U.S. Employee Stock Purchase Plan and Amended and Restated International Employee Stock Purchase Plan (incorporated by reference to Exhibit 1 to the Registrant's Proxy Statement on Schedule 14A (File No. 001-33626) filed with the SEC on April 10, 2018).](https://www.sec.gov/Archives/edgar/data/1398659/000156459018007954/g-def14a_20180508.htm#EXHIBIT_1)</u> |
| 10.3† | <u>[Amended and Restated Genpact Limited 2007 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 1 to the Registrant's Definitive Proxy Statement on Schedule 14A (File No. 001-33626) filed with the SEC on April 15, 2011).](https://www.sec.gov/Archives/edgar/data/1398659/000119312511099060/ddef14a.htm#toc159066_69)</u> |
| 10.4† | <u>[First Amendment to the Genpact Limited 2007 Omnibus Incentive Compensation Plan (as Amended and Restated April 11, 2012), effective as of August 1, 2012 (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on August 3, 2012).](https://www.sec.gov/Archives/edgar/data/1398659/000119312512335101/d390947dex104.htm)</u> |
| 10.5† | <u>[Form of Share Option Agreement for executive officers under the Genpact Limited 2007 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 1, 2019).](https://www.sec.gov/Archives/edgar/data/1398659/000156459019005767/g-ex105_1962.htm)</u> |
| 10.6† | <u>[Genpact Limited 2017 Omnibus Incentive Compensation Plan (as amended and restated April 5, 2022) (incorporated by reference to Exhibit 1 to the Registrant's Proxy Statement on Schedule 14A (File No. 001-33626) filed with the SEC on April 6, 2022).](https://www.sec.gov/Archives/edgar/data/1398659/000114036122013403/ny20001835x1_def14a.htm#tEXB1)</u> |
| 10.7† | <u>[Form of Share Option Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.9 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 1, 2019).](https://www.sec.gov/Archives/edgar/data/1398659/000156459019005767/g-ex109_1964.htm)</u> |
| 10.8† | <u>[Form of 2021 and 2022 Share Option Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on July 22, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000156459021037599/g-ex102_9.htm)</u> |
| 10.9† | <u>[Form of 2023 Performance Share Award Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 10, 2023).](https://www.sec.gov/Archives/edgar/data/1398659/000139865923000017/exhibit102.htm)</u> |

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------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.10† | <u>[Form of 2023 Restricted Share Unit Issuance Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 10, 2023).](https://www.sec.gov/Archives/edgar/data/1398659/000139865923000017/exhibit101.htm)</u> |
| 10.11† | <u>[Form of 2024 Restricted Share Unit Issuance Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 10, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000139865924000080/exhibit101-rsuawardagreeme.htm)</u> |
| 10.12† | <u>[Form of 2024 Performance Share Award Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 10, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000139865924000080/exhibit102-psuawardagreeme.htm)</u> |
| 10.13† | <u>[Form of 2025 Restricted Share Unit Issuance Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000059/exhibit102-2025rsuawardagr.htm)</u> |
| 10.14† | <u>[Form of 2025 Performance Share Award Agreement for executive officers under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000059/exhibit103-2025psuawardagr.htm)</u> |
| 10.15† | <u>[Form of Restricted Share Unit Issuance Agreement for non-employee directors under the Genpact Limited 2017 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-33626) filed with the SEC on August 9, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000139865921000004/exhibit105.htm)</u> |
| 10.16† | <u>[Genpact LLC Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on July 6, 2018).](https://www.sec.gov/Archives/edgar/data/1398659/000156459018016652/g-ex101_14.htm)</u> |
| 10.17† | <u>[Amendment 2022-1 to the Genpact LLC Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.16 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 1, 2023).](https://www.sec.gov/Archives/edgar/data/1398659/000139865923000009/exhibit1016.htm)</u> |
| 10.18† | <u>[Amended and Restated Employment Agreement, dated as of November 8, 2023, by and between the Registrant and and Balkrishan Kalra (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on November 8, 2023).](https://www.sec.gov/Archives/edgar/data/1398659/000114036123052095/ef20014275_ex10-1.htm)</u> |
| 10.19† | <u>[Employment Agreement by and between the Registrant and Michael Weiner, dated July 16, 2021 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on July 22, 2021).](https://www.sec.gov/Archives/edgar/data/1398659/000156459021037599/g-ex101_6.htm)</u> |
| 10.20† | <u>[Employment Agreement by and between the Registrant and Anil Nanduru, dated November 23, 2021 (incorporated by reference to Exhibit 10.21 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 3, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000035/exhibit1021.htm)</u> |
| 10.21† | <u>[Employment Agreement by and between the Registrant and Riju Vashisht, dated November 23, 2021 (incorporated by reference to Exhibit 10.22 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 3, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000035/exhibit1022.htm)</u> |
| 10.22† | <u>[Employment Agreement by and between Genpact India Private Limited and Piyush Mehta, dated November 24, 2021 (incorporated by reference to Exhibit 10.23 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000139865924000031/exhibit1023.htm)</u> |
| 10.23† | <u>[Form of Amendment of Employment Agreement by and between the Registrant and each of Michael Weiner, Anil Nanduru, Riju Vashisht and Piyush Mehta, dated as of January 1, 2025 (incorporated by reference to Exhibit 10.24 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 3, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000035/exhibit1024.htm)</u> |
| 10.24 | <u>[Second Amended & Restated Credit Agreement, dated as of December 13, 2022, among Genpact USA, Inc., Genpact Global Holdings (Bermuda) Limited, Genpact Luxembourg S.à r.l., the Registrant, Wells Fargo Bank, National Association, as administrative agent, swingline lender, term lender, an issuing bank and a revolving lender, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33626) filed with the SEC on December 16, 2022).](https://www.sec.gov/Archives/edgar/data/1398659/000114036122045864/brhc10045392_ex10-1.htm)</u> |
| 19.1 | <u>[Genpact Limited Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on March 3, 2025).](https://www.sec.gov/Archives/edgar/data/1398659/000139865925000035/exhibit191.htm)</u> |

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---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 21.1\* | <u>[Subsidiaries of the Registrant.](exhibit211.htm)</u> |
| 22.1\* | <u>[List of Issuers and Guarantor Subsidiaries](exhibit221.htm)</u>. |
| 23.1\* | <u>[Consent of KPMG Assurance and Consulting Services LLP.](exhibit231.htm)</u> |
| 24.1\* | <u>[Powers of Attorney (included on the signature pages of this report).](#i633c309ef82847beaa5e818ee8c0dc6b_310)</u> |
| 31.1\* | <u>[Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit311.htm)</u> |
| 31.2\* | <u>[Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312.htm)</u> |
| 32.1\* | <u>[Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321.htm)</u> |
| 32.2\* | <u>[Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322.htm)</u> |
| 97.1† | <u>[Compensation Clawback Policy (incorporated by reference to Exhibit 97.1 to the Registrant's Annual Report on Form 10-K (File No. 001-33626) filed with the SEC on February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1398659/000139865924000031/exhibit971.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed with this Annual Report on Form 10-K.

†&nbsp;&nbsp;&nbsp;&nbsp;Indicates a management contract or compensatory plan, contract or arrangement in which any director or executive officer participates.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Form 10-K Summary**

None.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| GENPACT LIMITED | GENPACT LIMITED |
| By: | /s/ BALKRISHAN KALRA |
|  | Balkrishan Kalra |
|  | *President and Chief Executive Officer* |

---

Date: February 26, 2026

------

**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints each of Sydney Schaub and Thomas D. Scholtes, as his or her true and lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission granting to said attorneys-in-fact and agents, and each of them, full power and authority to perform any other act on behalf of the undersigned required to be done in connection therewith.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 26, 2026 by the following persons on behalf of the registrant and in the capacities indicated.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| /s/ BALKRISHAN KALRA | President, Chief Executive Officer and Director (Principal Executive Officer) |
| Balkrishan Kalra | President, Chief Executive Officer and Director (Principal Executive Officer) |
| &nbsp;&nbsp;/s/ MICHAEL WEINER | Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp;Michael Weiner | Chief Financial Officer (Principal Financial Officer) |
| /s/ ANTHONY RADESCA | Chief Accounting Officer (Principal Accounting Officer) |
| Anthony Radesca | Chief Accounting Officer (Principal Accounting Officer) |
| /s/ AJAY AGRAWAL | Director |
| Ajay Agrawal | |
| /s/ LAURA CONIGLIARO | Director |
| Laura Conigliaro | |
| /s/ TAMARA FRANKLIN | Director |
| Tamara Franklin | |
| &nbsp;&nbsp;/s/ NICHOLAS GANGESTAD | Director |
| &nbsp;&nbsp;Nicholas Gangestad | |
| /s/ JOHN HINSHAW | Director |
| John Hinshaw | |
| &nbsp;&nbsp;/s/ CAROL LINDSTROM | Director |
| &nbsp;&nbsp;Carol Lindstrom | |
| &nbsp;&nbsp;/s/ JAMES MADDEN | Director |
| &nbsp;&nbsp;James Madden | |
| &nbsp;&nbsp;/s/ CECELIA MORKEN | Director |
| &nbsp;&nbsp;CeCelia Morken | |
| /s/ BRIAN STEVENS | Director |
| Brian Stevens | |
| /s/ THIMAYA SUBAIYA | Director |
| Thimaya Subaiya | |
| &nbsp;&nbsp;/s/ MARK VERDI | Director |
| &nbsp;&nbsp;Mark Verdi | |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
| | **Page No.** |
| <u>[Reports of Independent Registered Public Accounting Firm](#i633c309ef82847beaa5e818ee8c0dc6b_136)</u> | F-2 |
| <u>[Consolidated Balance Sheets as of December 31, 2024 and 2025](#i633c309ef82847beaa5e818ee8c0dc6b_139)</u> | F-6 |
| <u>[Consolidated Statements of Income for the years ended December 31, 2023, 2024 and 2025](#i633c309ef82847beaa5e818ee8c0dc6b_145)</u> | F-7 |
| <u>[Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 202](#i633c309ef82847beaa5e818ee8c0dc6b_148)[3](#i633c309ef82847beaa5e818ee8c0dc6b_148)[, 202](#i633c309ef82847beaa5e818ee8c0dc6b_148)[4](#i633c309ef82847beaa5e818ee8c0dc6b_148)[and 202](#i633c309ef82847beaa5e818ee8c0dc6b_148)[5](#i633c309ef82847beaa5e818ee8c0dc6b_148)</u> | F-8 |
| <u>[Consolidated Statements of Equity for the years ended December 31, 202](#i633c309ef82847beaa5e818ee8c0dc6b_151)[3](#i633c309ef82847beaa5e818ee8c0dc6b_151)[, 202](#i633c309ef82847beaa5e818ee8c0dc6b_151)[4](#i633c309ef82847beaa5e818ee8c0dc6b_151)[and 202](#i633c309ef82847beaa5e818ee8c0dc6b_151)[5](#i633c309ef82847beaa5e818ee8c0dc6b_151)</u> | F-9 |
| <u>[Consolidated Statements of Cash Flows for the years ended December 31, 202](#i633c309ef82847beaa5e818ee8c0dc6b_160)[3](#i633c309ef82847beaa5e818ee8c0dc6b_160)[, 202](#i633c309ef82847beaa5e818ee8c0dc6b_160)[4](#i633c309ef82847beaa5e818ee8c0dc6b_160)[and 202](#i633c309ef82847beaa5e818ee8c0dc6b_160)[5](#i633c309ef82847beaa5e818ee8c0dc6b_160)</u> | F-12 |
| <u>[Notes to the Consolidated Financial Statements](#i633c309ef82847beaa5e818ee8c0dc6b_163)</u> | F-14 |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Genpact Limited:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Genpact Limited (and its subsidiaries) (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2026, expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Unrecognized tax benefits pertaining to operations in India*

As discussed in Note 22 to the consolidated financial statements, the Company had unrecognized tax benefits, excluding associated interest and penalties, of $16,552 thousand as of December 31, 2025, which included unrecognized tax benefits relating to operations in India.

We identified the assessment of unrecognized tax benefits pertaining to operations in India as a critical audit matter. The Company operates in multiple jurisdictions across the world with a significant portion of the operations being in India. Complex auditor judgment was required in evaluating the Company's interpretation of tax law in respect of matters relating to operations in India, and its estimate of the resolution of the related tax positions. The audit effort also involved use of tax professionals with specialized skills and knowledge to assist in evaluating the audit evidence obtained.

------

**Report of Independent Registered Public Accounting Firm**

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's unrecognized tax benefit process. This included controls related to the interpretation of tax law and its application in the estimation process. We involved tax professionals with specialized skills and knowledge, who assisted in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the Company's interpretation of tax law and its potential impact on the unrecognized tax benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inspecting correspondence, assessments, and settlement documents with applicable taxing authorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing the expiration of statutes of limitations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing an assessment of the completeness and measurement of the Company's tax positions and comparing the results to the Company's assessment.

We evaluated the Company's ability to accurately estimate its unrecognized tax benefits by comparing historical unrecognized tax benefits to actual results upon conclusion of tax examinations.

/s/KPMG Assurance and Consulting Services LLP

We have served as the Company's auditor since 2004.

Mumbai, Maharashtra, India

February 26, 2026

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Genpact Limited:

*Opinion on Internal Control Over Financial Reporting*

We have audited Genpact Limited and its subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements, and our report dated February 26, 2026 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired XponentL Data, Inc. and certain affiliates (collectively 'XponentL') during 2025, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, XponentL's internal control over financial reporting associated with total assets of $14,689 thousand and total revenues of $21,798 thousand included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of XponentL.

*Basis for Opinion* 

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying *Management's Report on Internal Control over Financial Reporting*. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting* 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

------

**Report of Independent Registered Public Accounting Firm**

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/KPMG Assurance and Consulting Services LLP

Mumbai, Maharashtra, India

February 26, 2026

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Balance Sheets**

**(In thousands, except per share data and share count)**

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **As of December 31, 2024** | **As of December 31, 2025** |
| **Assets** | | | |
| *Current assets* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $648246 | $853836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments |  | 23359 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $12,094 and $22,097 as of December 31, 2024 and 2025, respectively | 4 | 1198606 | 1240550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7 | 209893 | 211981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** |  | $**2080104** | $**2656367** |
| Property, plant and equipment, net | 8 | 207943 | 190448 |
| Operating lease right-of-use assets |  | 182190 | 181708 |
| Deferred tax assets | 22 | 269476 | 258789 |
| Intangible assets, net | 9 | 26950 | 67040 |
| Goodwill | 9 | 1669769 | 1781116 |
| Contract cost assets | 24 | 200900 | 197419 |
| Other assets, net of allowance for credit losses of $7,320 and $10,659 as of December 31, 2024 and 2025, respectively  | 10 | 349821 | 510380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** |  | $**4987153** | $**5843267** |
| **Liabilities and equity** |  |  |  |
| *Current liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term borrowing | 14 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 13 | 26173 | 376027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 36469 | 27533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 22 | 35431 | 43074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 12 | 812994 | 1103625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities |  | 52672 | 52221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** |  | $**963739** | $**1602480** |
| Long-term debt, less current portion | 13 | 1195267 | 1166274 |
| Operating lease liabilities |  | 153587 | 150667 |
| Deferred tax liabilities | 22 | 15908 | 21081 |
| Other liabilities | 15 | 269041 | 353364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  | $**2597542** | $**3293866** |
| **Shareholders' equity** |  |  |  |
| Preferred shares, $0.01 par value, 250,000,000 authorized, none issued |  |  |  |
| Common shares, $0.01 par value, 500,000,000 authorized, 174,661,943 and 170,341,479 issued and outstanding as of December 31, 2024 and 2025, respectively |  | 1740 | 1696 |
| Additional paid-in capital |  | 1945261 | 2018985 |
| Retained earnings |  | 1236696 | 1390164 |
| Accumulated other comprehensive income (loss) |  | (794086) | (861444) |
| **Total equity** |  | $**2389611** | $**2549401** |
| Commitments and contingencies | 25 |  |  |
| **Total liabilities and equity** |  | $**4987153** | $**5843267** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Income**

**(In thousands, except per share data and share count)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| |<br>**Notes** | **2023** | **2024** | **2025** |
| Net revenues | 23, 24 | 4476888 | 4767139 | 5079879 |
| Cost of revenue |  | 2906223 | 3077073 | 3248867 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** |  | $**1570665** | $**1690066** | $**1831012** |
| *Operating expenses:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses |  | 913061 | 967145 | 1046713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 9 | 31463 | 26476 | 24292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense, net | 20 | (4716) | (5616) | 9800 |
| **Income from operations** |  | $**630857** | $**702061** | $**750207** |
| Foreign exchange gains, net |  | 4274 | 2937 | 7390 |
| Interest income (expense), net | 21 | (47935) | (47214) | (49597) |
| Other income (expense), net |  | 15028 | 19036 | 22147 |
| **Income before income tax expense** |  | $**602224** | $**676820** | $**730147** |
| Income tax expense (benefit) | 22 | (29031) | 163150 | 177653 |
| **Net income** |  | $**631255** | $**513670** | $**552494** |
| Earnings per common share | 19 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | $3.46 | $2.88 | $3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | $3.41 | $2.85 | $3.13 |
| Weighted average number of common shares used in computing earnings per common share | 19 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | 182345548 | 178385972 | 173892795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | 185141843 | 180436900 | 176646644 |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Comprehensive Income (Loss)**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Net income | $**631255** | $**513670** | $**552494** |
| Other comprehensive income: |  |  |  |
| Currency translation adjustments | 2340 | (54920) | (12856) |
| Gain (loss) on cash flow hedging derivatives, net of taxes (Note 6) | 6663 | (23413) | (36874) |
| Retirement benefits (expense), net of taxes | 1572 | 6797 | (17628) |
| Other comprehensive income (loss) | 10575 | (71536) | (67358) |
| Comprehensive income | $**641830** | $**442134** | $**485136** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Equity** 

**For the year ended December 31, 2023**

**(In thousands, except share count)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common shares** | **Common shares** | | | | |
| | **No. of Shares** | **Amount** | **Additional <br>Paid-in Capital** | **Retained<br>Earnings** | **Accumulated Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Equity** |
| **Balance as of January 1, 2023** | **182924416** | $**1823** | $**1777453** | $**780007** | $**(733125)** | $**1826158** |
| Issuance of common shares on exercise of options (Note 17) | 1376330 | 14 | 27741 |  |  | 27755 |
| Issuance of common shares under the employee stock purchase plan (Note 17) | 337875 | 3 | 11727 |  |  | 11730 |
| Net settlement on vesting of restricted share units (Note 17) | 457029 | 5 | (10506) |  |  | (10501) |
| Net settlement on vesting of performance units (Note 17) | 412275 | 4 | (11047) |  |  | (11043) |
| Stock repurchased and retired (Note 18) | (6013793) | (60) |  | (225319) |  | (225379) |
| Expenses related to stock repurchased, including taxes (Note 18) |  |  |  | (720) |  | (720) |
| Stock-based compensation expense (Note 17) |  |  | 88576 |  |  | 88576 |
| Comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 631255 |  | 631255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  | 10575 | 10575 |
| Dividend ($0.55 per common share, Note 18) |  |  |  | (100014) |  | (100014) |
| **Balance as of December 31, 2023** | **179494132** | $**1789** | $**1883944** | $**1085209** | $**(722550)** | $**2248392** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Equity** 

**For the year ended December 31, 2024**

**(In thousands, except share count)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common shares** | **Common shares** | | | | |
| | **No. of<br>Shares** | **Amount** | **Additional <br>Paid-in Capital** | **Retained<br>Earnings** | **Accumulated Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Equity** |
| **Balance as of January 1, 2024** | **179494132** | $**1789** | $**1883944** | $**1085209** | $**(722550)** | $**2248392** |
| Issuance of common shares on exercise of options (Note 17) | 240091 | 2 | 7203 |  |  | 7205 |
| Issuance of common shares under the employee stock purchase plan (Note 17) | 303923 | 3 | 10007 |  |  | 10010 |
| Net settlement on vesting of restricted share units (Note 17) | 343905 | 3 | (5316) |  |  | (5313) |
| Net settlement on vesting of performance units (Note 17) | 871442 | 9 | (16960) |  |  | (16951) |
| Stock repurchased and retired (Note 18) | (6591550) | (66) |  | (252474) |  | (252540) |
| Expenses and taxes related to stock repurchased (Note 18) |  |  |  | (1243) |  | (1243) |
| Stock-based compensation expense (Note 17) |  |  | 66383 |  |  | 66383 |
| Comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 513670 |  | 513670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  | (71536) | (71536) |
| Dividend ($0.61 per common share, Note 18) |  |  |  | (108466) |  | (108466) |
| **Balance as of December 31, 2024** | **174661943** | $**1740** | $**1945261** | $**1236696** | $**(794086)** | $**2389611** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Equity** 

**For the year ended December 31, 2025**

**(In thousands, except share count)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common shares** | **Common shares** | | | | |
| | **No. of<br>Shares** | **Amount** | **Additional Paid-<br>in Capital** | **Retained<br>Earnings** | **Accumulated Other Comprehensive<br>Income (Loss)** | **Total<br>Equity** |
| **Balance as of January 1, 2025** | **174661943** | $**1740** | $**1945261** | $**1236696** | $**(794086)** | $**2389611** |
| Issuance of common shares on exercise of options (Note 17) | 235974 | 2 | 8137 |  |  | 8139 |
| Issuance of common shares under the employee stock purchase plan (Note 17) | 223543 | 2 | 9365 |  |  | 9367 |
| Net settlement on vesting of restricted share units (Note 17) | 611050 | 6 | (15333) |  |  | (15327) |
| Net settlement on vesting of performance units (Note 17) | 738490 | 7 | (18061) |  |  | (18054) |
| Stock repurchased and retired (Note 18) | (6129521) | (61) |  | (282868) |  | (282929) |
| Expenses and taxes related to stock repurchased (Note 18) |  |  |  | 1589 |  | 1589 |
| Stock-based compensation expense (Note 17) |  |  | 89616 |  |  | 89616 |
| Comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 552494 |  | 552494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  | (67358) | (67358) |
| Dividend ($0.68 per common share, Note 18) |  |  |  | (117747) |  | (117747) |
| **Balance as of December 31, 2025** | **170341479** | $**1696** | $**2018985** | $**1390164** | $**(861444)** | $**2549401** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Cash Flows**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| **Operating activities** |  |  |  |
| Net income | $631255 | $513670 | $552494 |
| *Adjustments to reconcile net income to net cash provided by operating activities:* |  |  |  |
| Depreciation and amortization | 72530 | 69778 | 70667 |
| Amortization of debt issuance costs (including loss on extinguishment of debt) | 1967 | 2412 | 2331 |
| Amortization of acquired intangible assets | 31463 | 26476 | 24292 |
| Write-down of property, plant and equipment (refer to Note 20) |  |  | 2424 |
| Write-down of operating right-of-use assets (refer to Note 20) |  |  | 7656 |
| Loss on sale of business classified as held for sale | 802 |  |  |
| Allowance for credit losses (refer to Note 4) | 3979 | 13806 | 20532 |
| Unrealized (gain)/loss on revaluation of foreign currency assets/liabilities | (1061) | (11354) | 4366 |
| Stock-based compensation expense | 88576 | 66383 | 89616 |
| Deferred tax expense (benefit) | (157932) | 36610 | 19943 |
| Others, net | 1477 | (2179) | 643 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts receivable | (130791) | (96555) | (44221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses, other current assets, contract cost assets, operating lease right-of-use assets and other assets | (39075) | (73512) | (169594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | (8215) | 8733 | (6415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses, other current liabilities, operating leases liabilities and other liabilities | 1862 | 63340 | 230250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in income taxes payable | (6025) | (2184) | 7872 |
| **Net cash provided by operating activities** | $**490812** | $**615424** | $**812856** |
| **Investing activities** |  |  |  |
| Purchase of property, plant and equipment | $(55421) | $(82766) | $(78203) |
| Payment for internally generated intangible assets (including intangibles under development) | (3356) | (2469) | (10326) |
| Purchase of short term investments |  | (23359) | (350000) |
| Payment for business acquisitions, net of cash acquired | (682) |  | (80384) |
| Proceeds from sale of property, plant and equipment | 25 | 2635 | 59 |
| Payment for divestiture of business | (19510) |  |  |
| Proceeds from maturity of short term investments |  |  | 23359 |
| **Net cash used for investing activities** | $**(78944)** | $**(105959)** | $**(495495)** |
| **Financing activities** |  |  |  |
| Repayment of finance lease obligations | (12165) | (11358) | (9508) |
| Payment of debt issuance and refinancing costs |  | (4165) | (4137) |
| Proceeds of long-term debt |  | 400000 | 350000 |
| Repayment of long-term debt | (19875) | (433125) | (26500) |
| Proceeds from short-term borrowings | 148000 | 50000 | 85000 |
| Repayment of short-term borrowings | (289000) | (60000) | (85000) |
| Proceeds from issuance of common shares under stock-based compensation plans | 39485 | 17215 | 17506 |
| Payment for net settlement of stock-based awards | (21529) | (22278) | (33381) |
| Payment of earn-out consideration | (2399) |  |  |
| Dividend paid | (100014) | (108466) | (117747) |
| Payment for stock repurchased and retired (including expenses related to stock repurchased) | (225499) | (252671) | (283048) |
| **Net cash used for financing activities** | $**(482996)** | $**(424848)** | $**(106815)** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Consolidated Statements of Cash Flows**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Net increase (decrease) in cash and cash equivalents | (71128) | 84617 | 210546 |
| Effect of exchange rate changes | 8033 | (20041) | (4956) |
| Cash and cash equivalents at the beginning of the period | 646765 | 583670 | 648246 |
| **Cash and cash equivalents at the end of the period** | $**583670** | $**648246** | $**853836** |
| **Supplementary information** |  |  |  |
| Cash paid during the period for interest (including interest rate swaps) | $47989 | $68913 | $59691 |
| Cash paid during the period for income taxes, net of refund | $156733 | $113629 | $143645 |
| Property, plant and equipment acquired under finance lease obligations | $2459 | $11483 | $11600 |

---

See accompanying notes to the Consolidated Financial Statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**1. Organization**

The Company is an agentic and advanced technology solutions company recognized for its deep industry knowledge, process intelligence and last-mile expertise. The Company has over 146,500 employees serving clients from more than 35 countries.

**2. Summary of significant accounting policies**

*(a) Basis of preparation and principles of consolidation*

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission (the "SEC") for reporting on Form 10-K. The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for these periods.

The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of Genpact Limited, a Bermuda company, and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity but exerts significant influence over the entity, the Company applies the equity method of accounting. All intercompany transactions and balances are eliminated in consolidation.

*(b) Use of estimates*

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment and intangible assets, transaction prices (including variable consideration) of the Company's revenue contracts, allowances for credit losses, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, measurements of lease liabilities and right-of-use ("ROU") assets, measurements of stock-based compensation, assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates and assumptions are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company's consolidated financial statements.

*(c) Property, plant and equipment, net*

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and accumulated impairment loss. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred.

The Company depreciates and amortizes all property, plant and equipment using the straight-line method over the following estimated economic useful lives of the assets:

---

| | | | |
|:---|:---|:---|:---|
| | **Years** | **Years** | **Years** |
| Buildings | 40 | 40 | 40 |
| Furniture and fixtures | 4 | 4 | 4 |
| Computer equipment and servers | 4 | 4 | 4 |
| Plant, machinery and equipment | 4 | 4 | 4 |
| Computer software | 4 | - | 7 |
| Leasehold improvements | Lease period or 10 Years, whichever is less | Lease period or 10 Years, whichever is less | Lease period or 10 Years, whichever is less |
| Vehicles | 3 | - | 4 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software development will be completed and the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software project, and (iii) interest costs incurred while developing internal-use computer software.

Capitalized computer software costs are included in property, plant and equipment on the Company's consolidated balance sheets and amortized on a straight-line basis when placed into service over the estimated useful lives of the software. Costs incurred in connection with developing or obtaining software or technology for internal use which are under development or advances paid toward the acquisition of property, plant and equipment outstanding as of each balance sheet date and the cost of property, plant and equipment not put to use before such date are disclosed under "Capital work in progress."

*(d) Business combinations, goodwill and other intangible assets*

The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") Topic 805, Business Combinations, by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Contingent consideration is included within the acquisition cost and is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved. Changes in fair value are recognized in earnings. All assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition-related costs are expensed as incurred under selling, general and administrative expenses.

Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not amortized but is tested for impairment at least on an annual basis, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company may perform quantitative testing where the fair value of the reporting unit is compared with its carrying amount, including goodwill, or choose to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Goodwill is tested for impairment by the Company as of December 31 every year.

Intangible assets acquired individually or with a group of other assets or in a business combination and developed internally are carried at cost less accumulated amortization and accumulated impairment loss based on their estimated useful lives as follows:

---

| | | | |
|:---|:---|:---|:---|
| Customer-related intangible assets | 1 | - | 9 years |
| Marketing-related intangible assets | 1 | - | 8 years |
| Technology-related intangible assets | 2 | - | 10 years |

---

Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

The Company also capitalizes certain software and technology-related development costs incurred in connection with developing or obtaining software or technology for sale or lease to customers when the initial design phase is completed and commercial and technological feasibility has been established. Any development cost incurred before technological feasibility is established is expensed as incurred as research and development costs. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Capitalized software and technology costs include only (i) external direct costs of materials and services utilized in developing or obtaining software and technology, (ii) compensation and related benefits for employees who are directly associated with the software and technology project, and (iii) interest costs incurred while developing or obtaining software or technology for sale or lease to customers.

Costs incurred in connection with developing or obtaining software or technology for sale to customers which are under development and not put to use or advances paid towards the acquisition of intangible assets outstanding as of each balance sheet date are classified as "intangible assets under development" and are included in capital work in progress. Capitalized software and technology costs are included in intangible assets under technology-related intangible assets on the Company's consolidated balance sheets and are amortized on a straight-line basis when placed into service over the estimated useful lives of the software and technology.

The Company evaluates the remaining useful life of intangible assets that are being amortized at each reporting period wherever events and circumstances warrant a revision to the remaining period of amortization, and the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life.

*(e) Implementation Costs Incurred in a Cloud Computing Arrangement*

The Company incurs costs to implement cloud computing arrangements for internal use that are service contracts and capitalizes certain costs associated with the implementation of the cloud computing arrangements, including employee payroll and related benefits and third party consulting costs, incurred during the application development stage of a project. These costs will be amortized on a straight-line basis over the term of the hosting service contracts after go-live, including renewal periods which the Company is reasonably certain to exercise, and recognized as a component of selling, general and administrative expenses. These costs are included as a component of "prepaid expenses and other current assets" and "other assets, net of allowances for credit losses" in the consolidated balance sheets.

*(f) Financial instruments and concentration of credit risk*

Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, derivative financial instruments and accounts receivable. The Company places its cash and cash equivalents and derivative financial instruments with corporations and banks with high investment grade ratings, limits the amount of credit exposure with any one corporation or bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. To reduce its credit risk on accounts receivable, the Company conducts ongoing credit evaluations of its customers.

*(g) Accounts receivable*

Accounts receivable are recorded at the invoiced or to be invoiced amount and do not bear interest. The amount to be invoiced represents the unbilled receivables for services rendered between the last billing date and the balance sheet date. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company maintains an allowance for current expected credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses which are adjusted to current market conditions and a reasonable and supportable forecast. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

The Company uses revolving accounts receivable-based facilities in the normal course of business as part of managing its cash flows. The Company accounts for receivables sold under these facilities as a sale of financial assets pursuant to ASC 860, "Transfers and Servicing" and derecognizes these receivables, as well as the related allowances, from its balance sheets. Generally, the fair value of accounts receivable sold approximates their book value due to their short-term nature, and any gains or losses on the sale of these receivables are recorded at the time of transfer and included under "interest income (expense), net" in the Company's consolidated statements of income.

*(h) Revenue Recognition*

The Company derives its revenue primarily from business process management services, including analytics, consulting and related digital solutions and information technology services, which are provided primarily on a time-and-material, resource, transaction or fixed-price basis. The Company recognizes revenue upon the transfer of control of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues from services rendered under time-and-materials and transaction-based contracts are recognized as the services are provided. The Company's fixed-price contracts include contracts for customization of applications, maintenance and support services. Revenues from these contracts are recognized ratably over the term of the agreement. The Company accrues for revenue and unbilled receivables for services rendered between the last billing date and the balance sheet date.

The Company's contracts with its customers also include incentive payments received for discrete benefits delivered or promised to be delivered to the customer or service level agreements that could result in credits or refunds to the customer. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

The Company records deferred revenue attributable to certain process transition activities where such activities do not represent separate performance obligations. Revenues relating to such transition activities are classified under contract liabilities and subsequently recognized ratably over the period in which the related services are performed. Costs relating to such transition activities are fulfillment costs which are directly related to the contract and result in the enhancement of resources. Such costs are expected to be recoverable under the contract and are therefore classified as contract cost assets and recognized ratably over the estimated expected period of benefit under cost of revenue.

Revenues are reported net of value-added tax, business tax and applicable discounts and allowances. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues.

Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring progress. The input (cost expended) method has been used to measure progress towards completion as there is a direct relationship between input and the satisfaction of a performance obligation. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates.

The Company enters into multiple-element revenue arrangements in which a customer may purchase a combination of products or services. The Company determines whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract. If not, the promised products or services are combined and accounted for as a single performance obligation. In the event of a multiple-element revenue arrangement, the Company allocates the arrangement consideration to separately identifiable performance obligations based on their relative stand-alone selling prices.

Certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. Revenue from distinct, non-cancellable, subscription-based licenses is recognized at the point in time when the license is transferred to the customer. Revenue from any associated maintenance or ongoing support services is recognized ratably over the term of the contract. For a combined software license/services performance obligation, revenue is recognized over the period that the services are performed.

All incremental and direct costs incurred for acquiring contracts, such as certain sales commissions, are classified as contract cost assets. Such costs are amortized over the expected period of benefit and recorded under selling, general and administrative expenses.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

Other upfront fees paid to customers are classified as contract assets. Such fees are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue.

Timing of revenue recognition may differ from the timing of invoicing. If a payment is received in respect of services prior to the delivery of services, the payment is recognized as an advance from the customer and classified as a contract liability. Contract assets and contract liabilities relating to the same customer contract are offset against each other and presented on a net basis in the consolidated financial statements.

*(i) Leases*

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on whether: (i) the contract involves the use of a distinct identified asset, (ii) the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the term of the contract, and (iii) the Company has the right to direct the use of the asset. At the inception of a lease, the consideration in the contract is allocated to each lease component based on its relative standalone price to determine the lease payments.

Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset or (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria.

For all leases at the lease commencement date, a ROU asset and a lease liability are recognized. The lease liability represents the present value of the lease payments under the lease. Lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at the lease commencement. The lease liabilities are subsequently measured on an amortized cost basis. The lease liability is adjusted to reflect interest on the liability and the lease payments made during the period. Interest on the lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability.

The ROU asset represents the right to use the leased asset for the lease term. The ROU asset for each lease initially includes the amount of the initial measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, accrued lease liabilities and any lease incentives received or any initial direct costs incurred by the Company.

The ROU asset of finance leases is subsequently measured at cost, less accumulated amortization and accumulated impairment losses, if any. The ROU asset of operating leases is subsequently measured from the carrying amount of the lease liability at the end of each reporting period, and is equal to the carrying amount of lease liabilities adjusted for (i) unamortized initial direct costs, (ii) prepaid/(accrued) lease payments and (iii) the unamortized balance of lease incentives received.

The carrying value of ROU assets is reviewed for impairment, similar to long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

The Company has elected to not separate lease and non-lease components for all of its leases and to use the recognition exemptions for lease contracts that, at commencement date, have a lease term of 12 months or less and do not contain a purchase option ("short-term leases").

**Significant judgements**

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under certain of its leases, the Company has a renewal and termination option to lease assets for additional terms between one and ten years. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew or terminate the lease. The Company considers all relevant factors that create an economic incentive for it to exercise the renewal or termination option. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within the Company's control and affects its ability to exercise (or not to exercise) the option to renew or terminate the lease.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the remaining lease term and the rates prevailing in the jurisdictions where leases were executed.

*(j) Cost of revenue*

Cost of revenue primarily consists of salaries and benefits (including stock-based compensation), recruitment, training and related costs of employees who are directly responsible for the performance of services for customers, their supervisors and certain support personnel who may be dedicated to a particular customer or a set of processes. It also includes operational expenses, which consist of facilities maintenance expenses, travel and living expenses, lease expenses, IT expenses, and consulting and certain other expenses. Consulting charges represent the cost of consultants and contract resources with specialized skills who are directly responsible for the performance of services for clients and travel and other billable costs related to the Company's clients. It also includes depreciation of property, plant and equipment, and amortization of intangible and ROU assets which are directly related to providing services that generate revenue.

*(k) Selling, general and administrative expenses*

Selling, general and administrative ("SG&A") expenses consist of expenses relating to salaries and benefits (including stock-based compensation) as well as costs related to recruitment, training and retention of senior management and other support personnel in enabling functions such as human resources, finance, legal, marketing, sales and sales support, and other support personnel. The operational costs component of SG&A expenses also includes travel and living costs for such personnel. SG&A expenses also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting and other advisors), investment in research and development, digital technology, advanced automation and robotics, and an allowance for credit losses. It also includes depreciation of property, plant and equipment, and amortization of intangibles and ROU assets other than those included in cost of revenue.

*(l) Credit losses*

An allowance for credit losses is recognized for all debt instruments other than those held at fair value through profit or loss. The Company pools its accounts receivable (other than deferred billings) based on similar risk characteristics in estimating expected credit losses. Credit losses for accounts receivable due within one year are based on the roll-rate method, and the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Company has established a provision matrix based on historical credit loss experience, adjusted for forward-looking factors and the economic environment. Credit losses for deferred billings are based on the historical credit loss experience, adjusted for forward-looking factors. At every reporting date, observed historical default rates are updated to reflect changes in the Company's forward-looking estimates.

A financial asset is written off when it is deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. Expected recoveries of amounts previously written off, not to exceed the aggregate amounts previously written off, are included in determining the allowance at each reporting period.

Credit losses are presented as a credit loss expense within "Selling, general and administrative expenses." Subsequent recoveries of amounts previously written off are credited against the same line item.

*(m) Cash and cash equivalents*

Cash and cash equivalents consist of cash and bank balances and all highly liquid investments purchased with an original maturity of three months or less.

*(n) Short-term investments*

The Company's short-term investments consist of investments in term deposits with more than three months of original maturity and less than one year of remaining maturity as of the reporting date. The investments in term deposits are classified as held-to-maturity debt securities which are measured and recognized at amortized cost. Interest earned on term deposit investments is included in interest income (expense), net.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

*(n) Impairment of long-lived assets*

Long-lived assets, including certain intangible assets, to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such assets are required to be tested for impairment if the carrying amount of the assets is higher than the future undiscounted net cash flows expected to be generated by the assets. The impairment amount to be recognized is measured as the amount by which the carrying value of the assets exceeds their fair value. The Company determines fair value by using a discounted cash flow approach.

*(o) Foreign currency*

The Company's consolidated financial statements are reported in U.S. dollars, the Company's functional currency. The functional currency for the Company's subsidiaries organized in Europe, other than the United Kingdom, the Czech Republic, Luxembourg and one subsidiary in Poland, is the euro, and the functional currencies of the Company's subsidiaries organized in Brazil, China, Colombia, Guatemala, Argentina, India, Israel, Japan, Morocco, South Africa, the Philippines, Poland, the Czech Republic, Hong Kong, Singapore, Australia, Vietnam, Kenya, Hungary, Turkey, Bulgaria, Malaysia, New Zealand, Thailand, Costa Rica, Albania and Canada are their respective local currencies. The functional currency of all other Company subsidiaries is the U.S. dollar. The translation of the functional currencies of the Company's subsidiaries into U.S. dollars is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity.

Monetary assets and liabilities of each subsidiary denominated in currencies other than the subsidiary's functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date.

Transactions of each subsidiary in currencies other than the subsidiary's functional currency are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the consolidated statements of income.

*(p) Derivative instruments and hedging activities*

In the normal course of business, the Company uses derivative financial instruments to manage fluctuations in foreign currency exchange rates and interest rate fluctuation. The Company enters into forward foreign exchange contracts to mitigate the risk of changes in foreign exchange rates on intercompany transactions and forecasted transactions denominated in foreign currencies and interest rate swaps to mitigate interest rate fluctuation risk on its indebtedness.

The Company recognizes derivative instruments and hedging activities as either assets or liabilities in its consolidated balance sheets and measures them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Changes in the fair values of derivatives designated as cash flow hedges are deferred and recorded as a component of other comprehensive income (loss) reported under accumulated other comprehensive income (loss) until the hedged transactions occur and are then recognized in the consolidated statements of income along with the underlying hedged item and disclosed as part of "Total net revenues," "Cost of revenue," "Selling, general and administrative expenses," and "Interest expense," as applicable. Changes in the fair value of derivatives not designated as hedging instruments and the ineffective portion of derivatives designated as cash flow hedges are recognized in the consolidated statements of income and are included in foreign exchange gains, net, and other income (expense), net, respectively.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

With respect to derivatives designated as cash flow hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the inception of the hedge and on a quarterly basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If it is determined that a derivative or portion thereof is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, the Company will prospectively discontinue hedge accounting with respect to that derivative instrument.

In all situations in which hedge accounting is discontinued and the derivative is retained, the Company continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent change in its fair value in the consolidated statements of income. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately, in foreign exchange gains, net in the consolidated statements of income, the gains and losses attributable to such derivative that were accumulated in other comprehensive income (loss).

*(q) Income taxes*

The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of income taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating loss and tax credit carry forwards, if any. Deferred tax assets and liabilities are measured using the enacted tax rates of the respective jurisdictions which are expected to apply to taxable income in the years in which the related temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the consolidated statements of income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the amount, based on the weight of available evidence, that is more likely than not to be realized.

The Company applies a two-step approach for recognizing and measuring the benefit of tax positions. The first step is to evaluate the tax position for recognition by determining, based on the technical merits, that the position will more likely than not be sustained upon examination. The second step is to measure the tax benefit as the largest amount of the tax benefit that has a greater than 50 percent likelihood of being realized upon settlement. The Company includes interest and penalties related to income taxes within income tax expense.

The Company follows the specific identification approach for releasing stranded tax effects from accumulated other comprehensive income ("AOCI") upon recognition of these AOCI items in the consolidated statements of income.

*(r) Employee benefit plans*

Contributions to defined contribution plans are charged to consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees. The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable.

The service cost is recognized under "cost of revenue" and "selling, general and administrative expenses," depending on the functional area of the underlying employees included in the plans, and the non-operating components of net benefit plan costs are included within "other income (expense), net" in the consolidated statements of income.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return on plan assets, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in the consolidated statement of comprehensive income (loss) and amortized to net periodic cost over future periods using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions.

(*s*) *Deferred Compensation Plans*

The Company maintains a non-qualified deferred compensation plan for certain employees. The plan is accounted for using the fair value measurement approach. Plan earnings are calculated by reference to actual earnings of the funds chosen by individual participants. In connection with the administration of this plan, the Company has purchased Company-owned life insurance policies insuring the lives of certain employees, held under a Rabbi Trust. The Company consolidates the invested assets of the trust. The cash surrender value of these insurance policies is included in "other assets" at fair value in the consolidated balance sheet. Gains or losses on the plan's assets and changes in the fair value of deferred compensation liabilities are included in "other income (expense), net," and "selling, general and administrative expenses," respectively, in the consolidated statements of income.

*(t) Stock-based compensation*

The Company recognizes and measures compensation expense for all stock-based awards based on the grant date fair value. For option awards, grant date fair value is determined under the option-pricing model (Black-Scholes-Merton model). For stock-based awards other than option awards and the performance units ("PUs") granted since 2023, grant date fair value is determined on the basis of the fair market value of a Company common share on the date of grant of such awards.

Since 2023, the Company has granted PUs to certain employees, the vesting of which is contingent upon Genpact's financial performance over the three-year performance periods set out in the awards. For PUs granted prior to 2023, the performance period was one year. The number of PUs granted since 2023 that will ultimately vest will be determined, subject to certain conditions and limitations, based on the Company's total shareholder return ("TSR") relative to the TSR of the companies included as of the beginning of each performance period in the S&P 400 Midcap Index (the "Peer Group") over the three-year performance periods. Accordingly, the grant date fair value for PUs granted since 2023 is determined using a Monte Carlo simulation model.

The fair value determined at the grant date is expensed over the vesting period of the stock-based awards. The Company recognizes compensation expense for stock-based awards net of estimated forfeitures. Stock-based compensation recognized in the consolidated statements of income is based on awards ultimately expected to vest. As a result, the expense has been reduced for estimated forfeitures.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from such estimates.

*(u) Earnings (loss) per share*

Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. For the purposes of calculating diluted earnings per share, the treasury stock method is used for stock-based awards except where the results would be anti-dilutive.

*(v) Commitments and contingencies*

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with such liabilities are expensed as incurred.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

*(w) Debt restructuring*

The Company accounts for any restructuring of its credit facility using the ten percent cash flow test in accordance with ASC 470, Debt. If the cash flow effect of the change in terms on a present-value basis is less than ten percent, the debt instruments are not considered to be substantially different, and are accounted for as a modification. If the change is more than ten percent, it is treated as an extinguishment. In performing the cash flow test, the Company includes all amounts paid to its lenders in connection with the restructuring but excludes third party expenses. In the case of a modification, all new fees paid to lenders are capitalized and amortized as part of the existing effective yield and any new fees paid to third parties are expensed as incurred. No gain or loss is recorded in the case of a modification. In the case of an extinguishment, all new fees paid to lenders are expensed as incurred and any new fees paid to third parties are capitalized and amortized as a debt issuance cost. The old debt is derecognized and the new debt is recorded at fair value and a gain or loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt.

*(x) Reclassification and presentation adjustments*

During the year ended December 31, 2025, the Company updated the financial presentation of its capitalized cloud computing arrangement (CCA) implementation costs and reclassified certain previously capitalized CCA implementation costs on its consolidated balance sheet, which decreased "property, plant and equipment, net" by $36,424, increased "other assets, net of allowances for credit losses" by $35,817 and increased "prepaid expenses and other current assets" by $607.

Similar reclassifications have not been reflected in the Company's consolidated balance sheet as of December 31, 2024, as such amounts are considered immaterial.

For the third quarter and the fourth quarter of 2025, cash flows related to the CCA implementation costs were correctly classified within "net cash provided by operating activities." However, for the year ended December 31, 2024 and for the first quarter and the second quarter of 2025, these cash flows are incorrectly classified within "net cash used in investing activities" in the Company's consolidated statements of cash flows and have not been reclassified to "net cash provided by operating activities" as the amounts are considered immaterial.

The Company evaluated the impact of the reclassification and presentation adjustments and concluded they are not material to the consolidated financial statements for any of the periods presented.

*(y) Recently issued accounting pronouncements*

The authoritative bodies release standards and guidance which are assessed by management for impact on the Company's consolidated financial statements.

The following recently released accounting standards have been adopted by the Company:

In March 2023, the FASB issued ASU No. 2023-01, "Leases (Topic 842)." This Accounting Standards Update ("ASU") requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements' useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. This ASU is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. The Company adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company's consolidated results of operations, cash flows, financial position or disclosures.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280)." This ASU improves reportable segment disclosure requirements by enhancing disclosures about significant segment expenses. It requires public entities to disclose significant segment expenses, other segment items, and additional measures of segment profit or loss, providing more comprehensive information for investors and stakeholders. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this ASU for the fiscal year beginning January 1, 2024 and updated its segment information disclosure with the requirements of this ASU. See Note 23 for additional information.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)." This Accounting Standard Update ("ASU") enhances income tax disclosures by requiring public business entities on an annual basis (i) to disclose specific categories in the rate reconciliation and (ii) to provide additional information for reconciling items that meet a quantitative threshold, i.e., if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. It also requires entities to disclose the income taxes paid (net of refunds received), broken out between federal (national), state/local and foreign, as well as the amounts paid to an individual jurisdiction when 5% or more of the total income taxes were paid to such jurisdiction. The amendments in this ASU are effective for annual disclosures for fiscal years beginning after December 15, 2024. The Company adopted this ASU prospectively for the fiscal year beginning January 1, 2025 and updated its income tax disclosures in accordance with the requirements of this ASU. See Note 22 for additional information.

The following recently released accounting standards have not yet been adopted by the Company:

In November 2024, the FASB issued ASU No. 2024-03, " Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosure (Topic 220-40)." This ASU improves financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. In January 2025, the FASB further issued ASU No 2025-01, which clarifies the effective date for adoption of ASU No 2024-03. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on the presentation of its consolidated statements of income and disclosures.

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments—Credit Losses (Topic 326)." This ASU provides public entities with an additional practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions under ASC 606. This includes assets acquired in business combinations or through consolidation of VIEs that is not a business if those assets arose from transactions that the acquiree or variable interest entity accounted for under ASC 606. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)." This ASU provides guidance to clarify and modernize the accounting for costs related to internal-use software. It removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The ASU also specifies that the property, plant and equipment disclosure requirements under ASC 360-10 apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. The guidance, which applies to all entities, is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815)." This ASU clarifies certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform initiative. The amendments in this ASU apply to any entity that elects to apply hedge accounting in accordance with Topic 815. The guidance, which applies to all entities, is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU should be applied prospectively for all hedging relationships. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**2. Summary of significant accounting policies (Continued)**

In December 2025, the FASB issued ASU No. 2025-10, "Government Grants (Topic 832)." This ASU adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other U.S. GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. The amendments in this ASU apply to business entities (specifically, all entities except for not-for-profit entities and employee benefit plans) that receive a government grant. The guidance under this ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. Entities may apply the guidance using a modified prospective, modified retrospective or retrospective transition approach. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-scope improvements." This ASU specifies the form and content choices for interim financial statements and accompanying notes, incorporates a comprehensive list of required interim disclosures and introduces a disclosure principle to disclose events since the end of the previous annual reporting period that have material impact on the entity. The amendments in this ASU apply to all entities that provide interim financial statements and notes in accordance with U.S. GAAP. The amendments in this ASU are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-12, "Codification Improvements." This ASU enhances the usability of the ASC by refining accounting guidance and streamlining its application through technical corrections, making standards more consistent and easier to interpret for preparers and users. The amendments in this ASU apply to all reporting entities. The guidance under this ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

**3. Business acquisitions**

XponentL Data, Inc.

On June 5, 2025, the Company, by way of a merger, acquired 100% of the outstanding equity interest in XponentL Data, Inc., a Delaware corporation, and certain affiliated entities in Albania, India and Kosovo (collectively referred to as "XponentL") for total purchase consideration of $160,157, which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Cash consideration paid by the Company to the sellers of XponentL on the closing date of $82,657; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Earn-out consideration of $77,500, payable by the Company in March 2026 to the sellers of XponentL based on the actual performance of the acquired business through the year ended December 31, 2025 relative to the thresholds specified in the earn-out calculation. See Note 5, "Fair value measurements," for additional details.

The total purchase consideration paid by the Company to the sellers of XponentL on the closing date was $82,657 (including $2,273 of cash acquired), resulting in a payable of $77,500, which remained outstanding as of December 31, 2025. The Company is evaluating adjustments related to certain income and other taxes, which, when determined, may result in the recognition of additional assets or liabilities as of the acquisition date. The measurement period will not exceed one year from the acquisition date.

This acquisition adds differentiated domain-led data strategy, design, and engineering capabilities, deep industry experience and strategic partnerships. It also builds on the Company's pivot to data, AI, and other advanced technologies, enhancing the Company's ability to help clients across the lifecycle of AI transformation, from strategy through implementation.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**3. Business acquisitions (Continued)**

In connection with this acquisition, the Company recorded $51,400 in customer-related intangibles and $6,000 in marketing-related intangibles, which have a weighted average amortization period of five years. Goodwill arising from the acquisition amounting to $112,271 has been allocated using a relative fair value allocation method to each of the Company's reporting segments as follows: to the Financial Services segment in the amount of $6,151, to the Consumer and Healthcare segment in the amount of $88,793 and to the High Tech and Manufacturing segment in the amount of $17,327. Goodwill arising from this acquisition is not deductible for income tax purposes. The goodwill represents primarily the acquired capabilities and other benefits expected to result from combining the acquired operations with those of the Company.

Acquisition-related costs of $1,310 have been included in selling, general and administrative expenses as incurred. In connection with the acquisition, the Company also acquired certain assets with a value of $6,954, assumed certain liabilities amounting to $2,408 and recognized a net deferred tax liability of $14,060. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company's consolidated financial statements with effect from the date of the acquisition.

**4. Accounts receivable, net of allowance for credit losses**

The following table provides details of the Company's allowance for credit losses on accounts receivable:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Opening balance as of January 1 | $20442 | $18278 | $12094 |
| Additions (net), charged to income statement | 3081 | 7582 | 17193 |
| Deductions/effect of exchange rate fluctuations | (5245) | (13766) | (7190) |
| Closing balance | $18278 | $12094 | $22097 |

---

Accounts receivable were $1,210,700 and $1,262,647, and allowances for credit losses were $12,094 and $22,097, resulting in net accounts receivable balances of $1,198,606 and $1,240,550 as of December 31, 2024 and 2025, respectively.

The Company has a revolving accounts receivable-based facility of $60,000 and $100,000 as of December 31, 2024 and 2025, respectively, permitting it to sell accounts receivable to banks on a non-recourse basis in the ordinary course of business. The aggregate maximum capacity utilized by the Company at any time during the years ended December 31, 2024 and 2025 was $55,870 and $59,952, respectively. The principal amount outstanding against this facility as of December 31, 2024 and 2025 was $26,583 and $55,140, respectively. The cost of factoring such accounts receivable during the years ended December 31, 2023, 2024 and 2025 was $2,013, $2,301 and $2,079, respectively. Gains or losses on the sales are recorded at the time of transfer of the accounts receivable and are included under "interest income (expense), net" in the Company's consolidated statements of income.

The Company also has arrangements with financial institutions that manage the accounts payable program for certain of the Company's large clients. The Company sells certain accounts receivable pertaining to such clients to these financial institutions on a non-recourse basis. There is no cap on the value of accounts receivable that can be sold under these arrangements. The Company used these arrangements to sell accounts receivable amounting to $270,211 and $327,207 during the years ended December 31, 2024 and 2025, respectively, which also represents the maximum capacity utilized under these arrangements in each such year. The cost of factoring such accounts receivable during the years ended December 31, 2023, 2024 and 2025 was $7,921, $6,027 and $5,796, respectively. These costs are included under "interest income (expense), net" in the Company's consolidated statements of income.

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**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**5. Fair value measurements**

The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| | | **Quoted Prices in<br>Active Markets for<br>Identical Assets** | **Significant Other<br>Observable<br>Inputs** | **Significant Other<br>Unobservable<br>Inputs** |
| |<br>Total | (Level 1) | (Level 2) | (Level 3) |
| **Assets** |  |  |  |  |
| Derivative instruments (Note a, c) | $22001 | $— | $22001 | $— |
| Deferred compensation plan assets (Note a, e) | 61549 |  |  | 61549 |
| Total | $83550 | $— | $22001 | $61549 |
| **Liabilities** |  |  |  |  |
| Derivative instruments (Note b, c) | 58699 |  | 58699 |  |
| Deferred compensation plan liability (Note b, f) | 60924 |  |  | 60924 |
| Total | $119623 | $— | $58699 | $60924 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| | | **Quoted Prices in<br>Active Markets for<br>Identical Assets** | **Significant Other<br>Observable<br>Inputs** | **Significant Other<br>Unobservable<br>Inputs** |
| | Total | (Level 1) | (Level 2) | (Level 3) |
| **Assets** |  |  |  |  |
| Derivative instruments (Note a, c) | $15440 | $— | $15440 | $— |
| Deferred compensation plan assets (Note a, e) | 75586 |  |  | 75586 |
| Total | $91026 | $— | $15440 | $75586 |
| **Liabilities** |  |  |  |  |
| Earn-out consideration (Note b, d) | $77500 | $— | $— | $77500 |
| Derivative instruments (Note b, c) | $105009 | $— | $105009 | $— |
| Deferred compensation plan liability (Note b, f) | 74820 |  |  | 74820 |
| Total | $257329 | $— | $105009 | $152320 |

---

(a)Derivative assets are included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheets. Deferred compensation plan assets are included in "other assets" in the consolidated balance sheets.

(b)Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheets.

(c)The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database.

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**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**5. Fair value measurements (Continued)**

(d)The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formulas and performance targets specified in the purchase agreements and adjusting the result to reflect the Company's estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy.

(e)Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy.

(f)The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy.

The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| **Opening balance** | $— | $**—** |
| Earn-out consideration payable in connection with acquisitions |  | 77500 |
| **Closing balance** | $**—** | $**77500** |

---

The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| **Opening balance** | $**51983** | $**61549** |
| Additions (net of redemption) | 2263 | 4148 |
| Change in fair value of deferred compensation plan assets (Note a) | 7303 | 9889 |
| **Closing balance** | $**61549** | $**75586** |

---

(a)Changes in the fair value of plan assets are reported in "other income (expense), net" in the consolidated statements of income.

The following table provides a roll-forward of the fair value of deferred compensation plan liabilities categorized as level 3 in the fair value hierarchy for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| **Opening balance** | $**51354** | $**60924** |
| Additions (net of redemption) | 2263 | 3988 |
| Change in fair value of deferred compensation plan liabilities (Note a) | 7307 | 9908 |
| **Closing balance** | $**60924** | $**74820** |

---

(a)Changes in the fair value of deferred compensation plan liabilities are reported in "selling, general and administrative expenses" in the consolidated statements of income.

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**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**6. Derivative financial instruments**

The Company is exposed to the risk of rate fluctuations on its foreign currency assets and liabilities and on foreign currency denominated forecasted cash flows and interest rates. The Company has established risk management policies, including the use of derivative financial instruments to hedge foreign currency assets and liabilities, foreign currency denominated forecasted cash flows and interest rate risk. These derivative financial instruments consist of deliverable and non-deliverable forward foreign exchange contracts, treasury rate locks and interest rate swaps. The Company enters into these contracts with counterparties that are banks or other financial institutions, and the Company considers the risk of non-performance by such counterparties not to be material. The forward foreign exchange contracts and interest rate swaps mature during a period of up to 48 months and the forecasted transactions are expected to occur during the same period.

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**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**6. Derivative financial instruments (Continued)**

The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Notional principal amounts<br>(Note a)** | **Notional principal amounts<br>(Note a)** | **Balance sheet exposure asset<br>(liability) (Note b)** | **Balance sheet exposure asset<br>(liability) (Note b)** |
| | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2025** |
| Foreign exchange forward contracts denominated in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Indian Rupees (buy) | $2413000 | $2771310 | $(36478) | $(72843) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Mexican Peso (buy) | 71000 | 71400 | (8188) | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Philippines Peso (buy) | 161400 | 234000 | (3274) | (5739) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro (sell) United States Dollars (buy) | 219706 | 446846 | 10282 | (9636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Dollar (buy) United States Dollars (sell) | 12000 |  | (407) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro (sell) Romanian Leu (buy) | 67144 | 63353 | (156) | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen (sell) Chinese Renminbi (buy) | 34507 | 67617 | 3402 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Chinese Renminbi (buy) | 46800 | 82800 | (1883) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pound Sterling (sell) United States Dollars (buy) | 15507 | 92322 | 463 | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Hungarian Forint (buy) | 21000 | 33000 | -1611 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian Dollars (sell) Indian Rupees (buy) | 109490 | 189797 | 3556 | (8204) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Polish Zloty (buy) | 39000 | 42000 | (1190) | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen (sell) United States Dollars (buy) | 7000 | 7000 | 366 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israeli Shekel (buy) United States Dollars (sell) | 20000 | 30000 | 454 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;South African Rand (sell) United States Dollars (buy) | 32000 | 18000 | 1725 | (1186) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Brazilian Real (buy) | 4000 | 4000 | (314) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Costa Rica Colon (buy) | 13000 | 44400 | 231 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Canadian Dollar (buy) | 9000 | 9000 | (352) | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (sell) Malaysian Ringgit (buy) | 5000 | 21000 | (169) | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps (floating to fixed) | 234375 | 221875 | (3155) | (4993) |
|  | $3534929 | $4449720 | $(36698) | $(89569) |

---

(a)Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company's exposure to credit, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars.

(b)Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**6. Derivative financial instruments (Continued)**

FASB guidance on derivatives and hedging requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. In accordance with FASB guidance on derivatives and hedging, the Company designates foreign exchange forward contracts, interest rate swaps and treasury rate locks as cash flow hedges. Foreign exchange forward contracts are entered into to cover the effects of future exchange rate variability on forecasted revenues and purchases of services, and interest rate swaps and treasury rate locks are entered into to cover interest rate fluctuation risk. In addition to this program, the Company uses derivative instruments that are not accounted for as hedges under FASB guidance in order to hedge foreign exchange risks related to balance sheet items, such as receivables and intercompany borrowings, that are denominated in currencies other than the Company's underlying functional currency.

The fair value of the Company's derivative instruments and their location in the Company's financial statements are summarized in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cash flow hedges** | **Cash flow hedges** | **Non-designated** | **Non-designated** |
| | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2025** |
| **Assets** | | | | |
| Prepaid expenses and other current assets | $11855 | $9257 | $5419 | $2076 |
| Other assets | $4727 | $4107 | $— | $— |
| **Liabilities** |  |  |  |  |
| Accrued expenses and other current liabilities | $24436 | $47648 | $12990 | $12947 |
| Other liabilities | $21273 | $44414 | $— | $— |

---

*Cash flow hedges*

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain (loss) on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction is recognized in the consolidated statements of income. Gains (losses) on the derivatives, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in earnings as incurred.

In March 2021, the Company executed a treasury rate lock agreement for $350,000 in connection with future interest payments to be made on its senior notes issued in March 2021 by Genpact Luxembourg S.à r.l. ("Genpact Luxembourg") and Genpact USA, Inc. ("Genpact USA"), both wholly-owned subsidiaries of the Company, and the treasury rate lock was designated as a cash flow hedge. The treasury rate lock agreement was terminated on March 23, 2021 and a deferred gain was recorded in accumulated other comprehensive income. This gain is being amortized to interest expense over the life of the 2021 Senior Notes (as defined in Note 13). The remaining gain to be amortized related to the treasury rate lock agreement as of December 31, 2024 and 2025 was $206 and $44, respectively.

In May 2024, the Company executed treasury rate lock agreements for $400,000 in connection with future interest payments to be made on its senior notes issued in June 2024 by Genpact Luxembourg and Genpact USA, and the treasury rate locks were designated as cash flow hedges. These treasury rate lock agreements were terminated on May 30, 2024 and a deferred loss was recorded in accumulated other comprehensive income. This loss is being amortized to interest expense over the life of the 2024 Senior Notes (as defined in Note 13). The remaining loss to be amortized related to the treasury rate lock agreements as of December 31, 2024 and 2025 was $351 and $272, respectively.

In November 2025, the Company executed treasury rate lock agreements for $350,000 in connection with future interest payments to be made on its senior notes issued in November 2025 by Genpact UK Finco plc and Genpact USA, and the treasury rate locks were designated as cash flow hedges. These treasury rate lock agreements were terminated on November 13, 2025 and a deferred loss was recorded in accumulated other comprehensive income. This loss is being amortized to interest expense over the life of the 2025 Senior Notes (as defined in Note 13). The remaining loss to be amortized related to the treasury rate lock agreements as of December 31, 2025 was $226.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**6. Derivative financial instruments (Continued)**

In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss) ("OCI"), and the related tax effects are summarized below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
| | **Before-Tax amount** | **Tax (Expense) or Benefit** | **Net of tax Amount** | **Before-Tax<br>amount** | **Tax (Expense) or Benefit** | **Net of tax Amount** | **Before-Tax<br>amount** | **Tax (Expense) or Benefit** | **Net of tax Amount** |
| Opening balance | $(7255) | $1543 | $(5712) | $805 | $146 | $951 | $(29271) | $6809 | $(22462) |
| Net gains (losses) reclassified into statement of income on completion of hedged transactions | 13871 | (3644) | 10227 | 11260 | (3033) | 8227 | (17494) | 4721 | (12773) |
| Changes in fair value of effective portion of outstanding derivatives, net | 21931 | (5041) | 16890 | (18816) | 3630 | (15186) | (67374) | 17727 | (49647) |
| Gain (loss) on cash flow hedging derivatives, net | 8060 | (1397) | 6663 | (30076) | 6663 | (23413) | (49880) | 13006 | (36874) |
| Closing balance | $805 | $146 | $951 | $(29271) | $6809 | $(22462) | $(79151) | $19815 | $(59336) |

---

The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives in<br>Cash Flow<br>Hedging<br>Relationships** | **Amount of Gain (Loss)<br>recognized in OCI on<br>Derivatives (Effective Portion)** | **Amount of Gain (Loss)<br>recognized in OCI on<br>Derivatives (Effective Portion)** | **Amount of Gain (Loss)<br>recognized in OCI on<br>Derivatives (Effective Portion)** | **Location of Gain (Loss)<br>reclassified<br>from OCI into<br>Statement of Income<br>(Effective Portion)** | **Amount of Gain (Loss) reclassified<br>from OCI into Statement of Income<br>(Effective Portion)** | **Amount of Gain (Loss) reclassified<br>from OCI into Statement of Income<br>(Effective Portion)** | **Amount of Gain (Loss) reclassified<br>from OCI into Statement of Income<br>(Effective Portion)** |
| **Derivatives in<br>Cash Flow<br>Hedging<br>Relationships** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Location of Gain (Loss)<br>reclassified<br>from OCI into<br>Statement of Income<br>(Effective Portion)** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Derivatives in<br>Cash Flow<br>Hedging<br>Relationships** | **2023** | **2024** | **2025** | **Location of Gain (Loss)<br>reclassified<br>from OCI into<br>Statement of Income<br>(Effective Portion)** | **2023** | **2024** | **2025** |
| Forward foreign exchange contracts | $24660 | $(21056) | $(64719) | Revenue | $1256 | $2200 | $550 |
| Interest rate swaps | (2729) | 2637 | (2539) | Cost of revenue | 3715 | 6757 | (15371) |
| Treasury rate lock |  | (397) | (116) | Selling, general and administrative expenses | 565 | 947 | (2049) |
|  |  |  |  | Interest expense | 8335 | 1356 | (624) |
|  | $**21931** | $**(18816)** | $**(67374)** |  | $**13871** | $**11260** | $**(17494)** |

---

There were no gains (losses) recognized in the statement of income on the ineffective portion of derivatives and excluded from effectiveness testing for the years ended December 31, 2023, 2024 and 2025, respectively.

*Non-designated Hedges*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not designated as hedging instruments** | **Location of Gain (Loss) recognized in Statement of Income on Derivatives** | **Amount of Gain (Loss) recognized in Statement of Income on Derivatives** | **Amount of Gain (Loss) recognized in Statement of Income on Derivatives** | **Amount of Gain (Loss) recognized in Statement of Income on Derivatives** |
| **Derivatives not designated as hedging instruments** | **Location of Gain (Loss) recognized in Statement of Income on Derivatives** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Derivatives not designated as hedging instruments** | **Location of Gain (Loss) recognized in Statement of Income on Derivatives** | **2023** | **2024** | **2025** |
| Forward foreign exchange contracts (Note a) | Foreign exchange gains (losses), net | $13462 | $(10321) | $(18199) |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**6. Derivative financial instruments (Continued)**

a) These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items, such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses),net in the consolidated statements of income.

**7. Prepaid expenses and other current assets**

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Advance income and non-income-based taxes | $69668 | $61065 |
| Contract asset (Note 24) | 32572 | 35583 |
| Prepaid expenses | 43936 | 51778 |
| Derivative instruments (Note 6) | 17274 | 11333 |
| Employee advances | 3186 | 3353 |
| Deposits | 3886 | 2280 |
| Advances to suppliers | 6377 | 2913 |
| Others | 32994 | 43676 |
|  | $**209893** | $**211981** |

---

**8. Property, plant and equipment, net**

Property, plant and equipment, net consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Land | $4465 | $4252 |
| Buildings | 31976 | 31430 |
| Furniture and fixtures | 48636 | 44693 |
| Computer equipment and servers | 299617 | 307557 |
| Plant, machinery and equipment | 97490 | 98314 |
| Computer software | 116591 | 113614 |
| Leasehold improvements | 126048 | 123153 |
| Vehicles | 114 | 111 |
| Capital work in progress | 62572 | 50268 |
| Property, plant and equipment, gross | $787509 | $773392 |
| Less: Accumulated depreciation, amortization and impairment | (579566) | (582944) |
| **Property, plant and equipment, net** | $**207943** | $**190448** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Depreciation expense on property, plant and equipment (other than computer software) for the years ended December 31, 2023, 2024 and 2025 was $50,445, $55,249 and $55,781, respectively. Computer software amortization for the years ended December 31, 2023, 2024 and 2025 was $2,429, $2,101 and $2,076, respectively.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**8. Property, plant and equipment, net (Continued)**

The depreciation and amortization expenses set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(24), $(146) and $344 for the years ended December 31, 2023, 2024 and 2025, respectively.

For the year ended December 31, 2025, the Company determined that the carrying values of certain leasehold improvements related to the abandonment of various leased premises in 2025 were not recoverable, and the Company recorded complete write-downs of the carrying values of these assets. See Note 20, "Other operating (income) expense, net," for additional details.

**9. Goodwill and intangible assets**

The following table presents the changes in goodwill for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Opening balance | $1683782 | $1669769 |
| Goodwill relating to acquisitions consummated during the period |  | 111925 |
| Impact of measurement period adjustments |  | 346 |
| Effect of exchange rate fluctuations | (14013) | (924) |
| **Closing balance** | $**1669769** | $**1781116** |

---

The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Financial Services** | **Consumer and Healthcare** | **High Tech and Manufacturing** | **Total** |
| Opening balance | $408674 | $592780 | $682328 | $1683782 |
| Effect of exchange rate fluctuations | (3677) | (4983) | (5353) | (14013) |
| **Closing balance** | $**404997** | $**587797** | $**676975** | $**1669769** |

---

The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Financial Services** | **Consumer and Healthcare** | **High Tech and Manufacturing** | **Total** |
| Opening balance | $404997 | $587797 | $676975 | $1669769 |
| Goodwill relating to acquisitions consummated during the period | 6132 | 88519 | 17274 | 111925 |
| Impact of measurement period adjustments | 19 | 274 | 53 | 346 |
| Effect of exchange rate fluctuations | 280 | (106) | (1098) | (924) |
| **Closing balance** | $**411428** | $**676484** | $**693204** | $**1781116** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**9. Goodwill and intangible assets (Continued)**

The Company performed its annual impairment test of goodwill for the years ended December 31, 2023, 2024 and 2025. For the years ended December 31, 2023 and 2024, the Company performed a qualitative assessment to test goodwill for impairment to determine if it was more likely than not that the fair value of a reporting unit was less than its carrying amount. For the year ended December 31, 2025, the Company performed a quantitative assessment for impairment of goodwill as of December 31, 2025 for all reporting units to enhance the robustness of the testing process and to establish updated fair value baselines. Accordingly, the fair value of each reporting unit was determined using an income approach (discounted cash flow method). This valuation required management to make significant estimates regarding future cash flows, including projections of revenue growth, operating margins, and the selection of appropriate market-participant discount rates and terminal growth rates. .

Based on the results of the quantitative assessment, the fair value of each reporting unit was found to be substantially in excess of its carrying value and the Company concluded that no impairment existed as of December 31, 2025. For the years ended December 31, 2023 and 2024, the Company's qualitative assessments showed that it was more likely than not that the fair value of the Company's reporting units exceeded their carrying amounts for those periods and concluded that no impairment existed as of December 31, 2023 and 2024.

The total amount of the Company's goodwill deductible for income tax purposes was $237,125 and $210,585 as of December 31, 2024 and 2025, respectively.

The Company's intangible assets are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Gross carrying amount** | **Accumulated amortization & Impairment** | **Net** | **Gross carrying amount** | **Accumulated amortization & Impairment** | **Net** |
| Customer-related intangible assets | $468500 | $451285 | $17215 | $513977 | $459682 | $54295 |
| Marketing-related intangible assets | 97607 | 93609 | 3998 | 102233 | 102208 | 25 |
| Technology-related intangible assets | 131853 | 126116 | 5737 | 141659 | 128939 | 12720 |
|  | $**697960** | $**671010** | $**26950** | $**757869** | $**690829** | $**67040** |

---

Amortization expenses for intangible assets acquired as part of a business combination and disclosed in the consolidated statements of income under amortization of acquired intangible assets for the years ended December 31, 2023, 2024 and 2025 was $31,463 , $26,476 and $24,292, respectively.

Amortization expenses for internally-developed and other intangible assets disclosed in the consolidated statements of income under cost of revenue and selling, general and administrative expenses for the years ended December 31, 2023, 2024 and 2025 were $8,571, $2,061 and $3,481, respectively.

Amortization expenses for the technology-related, internally-developed intangible assets set forth above include the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts, amounting to $(4), $(5) and $22 for the years ended December 31, 2023, 2024 and 2025, respectively.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**9. Goodwill and intangible assets (Continued)**

The estimated amortization schedule for the Company's intangible assets for future periods as of December 31, 2025 is set out below:

---

| | |
|:---|:---|
| **For the year ending December 31:** | |
| 2026 | $17948 |
| 2027 | 16094 |
| 2028 | 11804 |
| 2029 | 9684 |
| 2030 | 8097 |
| 2031 | 3413 |
| **Total** | $**67040** |

---

**10. Other assets**

Other assets consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Contract asset (Note 24) | $16408 | $29228 |
| Advance income and non-income-based taxes | 76720 | 66358 |
| Deposits | 23611 | 27864 |
| Derivative instruments (Note 6) | 4727 | 4107 |
| Prepaid expenses | 4442 | 51566 |
| Deferred billings\* | 122933 | 221988 |
| Right of use of assets finance lease | 18849 | 20472 |
| Deferred compensation plan asset (Note 5) | 61549 | 75586 |
| Others | 20582 | 13211 |
|  | $**349821** | $**510380** |

---

\*Deferred billings were $130,253 and $232,647, and allowances for credit losses on deferred billings were $7,320 and $10,659, resulting in net deferred billings balances of $122,933 and $221,988 as of December 31, 2024 and 2025, respectively.

During the years ended December 31, 2023, 2024 and 2025, the Company recorded additional charges of $898, $6,224 and $3,339, respectively, in the income statement on account of credit losses on deferred billings.

**11. Leases**

The Company has leased buildings, vehicles, furniture and fixtures, leased lines, computer equipment and servers from various lessors. Certain lease agreements include options to terminate or extend the leases for up to 10 years. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**11. Leases (Continued)**

The components of lease cost for operating and finance leases for the years ended December 31, 2023, 2024 and 2025 are summarized below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| **Finance lease cost:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of ROU assets (Note a) | 11058 | 10261 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities (Note b) | 1332 | 1351 | 1654 |
| Operating lease cost (Note c) | 60629 | 61489 | 64766 |
| Short-term lease cost (Note c) | 1963 | 2111 | 3069 |
| Variable lease cost (Note c) | 6785 | 3314 | 3312 |
| **Total lease cost** | $**81767** | $**78526** | $**82776** |

---

(a)Included in "depreciation and amortization" in the consolidated statements of income.

(b)Included in "interest income (expense), net" in the consolidated statements of income.

(c)Included in "cost of revenue" and "selling, general and administrative expenses" in the consolidated statements of income.

ROU assets relating to finance leases of $18,849 and $20,472 as of December 31, 2024 and December 31, 2025, respectively, are included in "other assets" in the consolidated balance sheets.

Amortization of ROU assets as set out above includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $(3), $(26) and $58 for the years ended December 31, 2023, 2024 and 2025, respectively.

The operating lease cost set out above includes the effect of the reclassification of foreign exchange (gains) losses related to the effective portion of foreign currency derivative contracts amounting to $(74), $(14) and $289 for the years ended December 31, 2023, 2024 and 2025, respectively.

**Other information**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| Weighted-average remaining lease term—finance leases | 1.9 years | 2.39 years | 2.45 years |
| Weighted-average remaining lease term—operating leases | 5.06 years | 4.69 years | 4.36 years |
| Weighted-average discount rate—finance leases | 6.54% | 7.49% | 6.88% |
| Weighted-average discount rate—operating leases | 8.33% | 8.75% | 8.94% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash outflows for finance leases | $1332 | $1351 | $1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash outflows for operating leases | $70176 | $69682 | $75131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash outflows for finance leases | $12165 | $11358 | $9508 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**11. Leases (Continued)**

The following table reconciles the undiscounted cash flows for the Company's operating and finance leases as of December 31, 2024 to the finance and operating lease liabilities recorded on the Company's consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| **Period range** | **Finance lease** | **Operating lease** |
| 2025 | $9561 | $68952 |
| 2026 | 5358 | 55397 |
| 2027 | 3034 | 48097 |
| 2028 | 1450 | 34995 |
| 2029 | 243 | 19481 |
| Thereafter |  | 29633 |
| **Total lease payments** | $**19646** | $**256555** |
| Less: Imputed interest | 2254 | 50296 |
| **Total lease liabilities** | $**17392** | $**206259** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table reconciles the undiscounted cash flows for the Company's finance and operating leases as of December 31, 2025 to the finance and operating lease liabilities recorded on the Company's consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| **Period range** | **Finance lease** | **Operating lease** |
| 2026 | $10557 | $67670 |
| 2027 | 5515 | 61795 |
| 2028 | 4070 | 48387 |
| 2029 | 1149 | 29504 |
| 2030 | 181 | 15124 |
| Thereafter |  | 24398 |
| **Total lease payments** | $**21472** | $**246878** |
| Less: Imputed interest | 2163 | 43990 |
| **Total lease liabilities** | $**19309** | $**202888** |

---

During the years ended December 31, 2023, 2024 and 2025, the Company recorded impairment charges on operating lease right-of-use assets amounting to $0, $0 and $7,656, respectively, relating to the abandonment of certain leased premises. See Note 20, "Other operating (income) expense, net," for additional details.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**12. Accrued expenses and other current liabilities**

Accrued expenses and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Accrued expenses | $199555 | $221316 |
| Accrued employee cost | 328090 | 380914 |
| Statutory liabilities | 78267 | 88847 |
| Retirement benefits | 2219 | 2334 |
| Compensated absences | 28157 | 30414 |
| Derivative instruments (Note 6) | 37426 | 60595 |
| Contract liabilities (Note 24) | 101853 | 203128 |
| Finance lease liabilities | 8581 | 9444 |
| Earn-out consideration |  | 77500 |
| Deferred compensation plan liability (Note 5) | 3813 | 3831 |
| Other liabilities | 25033 | 25302 |
|  | $**812994** | $**1103625** |

---

**13. Long-term debt**

In December 2022, the Company entered into the 2022 Credit Agreement ("the 2022 Credit Agreement") which amended its credit facility entered into in August 2018. The 2022 Credit Agreement, which is comprised of a $530,000 term loan and a $650,000 revolving credit facility, is guaranteed by the Company and certain of its subsidiaries. The obligations under the 2022 Credit Agreement are unsecured.

Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at the election of the Company, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.00%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, in each case subject to adjustment based on the Borrowers' debt ratings provided by Standard & Poor's Rating Services and Moody's Investors Service, Inc. (the "Debt Ratings"). The revolving credit commitments under the 2022 Credit Agreement are subject to a commitment fee equal to 0.20% per annum, subject to adjustment based on the Debt Ratings. The commitment fee accrues on the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations.

The 2022 Credit Agreement restricts certain payments, including dividend payments, if there is an event of default under the 2022 Credit Agreement or if the Company is not, or after making the payment would not be, in compliance with certain financial covenants contained in the 2022 Credit Agreement. These covenants require the Company to maintain a net debt to EBITDA leverage ratio of less than 3x and an interest coverage ratio of more than 3x. During the year ended December 31, 2025, the Company was in compliance with the terms of the 2022 Credit Agreement, including all of the financial covenants therein. The Company's retained earnings are not subject to any restrictions on availability to make dividend payments to shareholders, subject to compliance with the financial covenants described above that are contained in the 2022 Credit Agreement.

As of December 31, 2024 and 2025, the amount outstanding under the Company's term loan, net of debt amortization expense of $911 and $584, was $476,089 and $449,916, respectively.

Indebtedness under the 2022 Credit Agreement is unsecured. The amount outstanding on the term loan as of December 31, 2025 requires quarterly payments of $6,625, and the balance of the loan is due and payable upon the maturity of the term loan on December 13, 2027.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**13. Long-term debt (Continued)**

The maturity profile of the term loan outstanding as of December 31, 2025, net of debt amortization expense, is as follows:

---

| | |
|:---|:---|
| **Year ended** | **Amount** |
| 2026 | 26192 |
| 2027 | 423724 |
| **Total** | $**449916** |

---

Genpact Luxembourg issued $400,000 aggregate principal amount of 3.375% senior notes in November 2019 (the "2019 Senior Notes"). The 2019 Senior Notes were fully guaranteed by the Company and Genpact USA. The total debt issuance cost of $2,937 incurred in connection with the 2019 Senior Notes offering was amortized over the life of the 2019 Senior Notes as an additional interest expense. The 2019 Senior Notes were fully repaid at their maturity on December 1, 2024.

In March 2021, Genpact Luxembourg and Genpact USA co-issued $350,000 aggregate principal amount of 1.750% senior notes (the "2021 Senior Notes"). The 2021 Senior Notes are fully guaranteed by the Company and Genpact UK Finco plc. The total debt issuance cost of $3,032 incurred in connection with the 2021 Senior Notes is being amortized over the life of the 2021 Senior Notes as additional interest expense. As of December 31, 2024 and 2025, the amount outstanding under the 2021 Senior Notes, net of debt amortization expense of $766 and $165, respectively, was $349,234 and $349,835, respectively, which is payable on April 10, 2026.

In June 2024, Genpact Luxembourg and Genpact USA co-issued $400,000 aggregate principal amount of 6.000% senior notes (the "2024 Senior Notes"). The 2024 Senior Notes are fully guaranteed by the Company and Genpact UK Finco plc. The total debt issuance cost of $4,395 incurred in connection with the 2024 Senior Notes is being amortized over the life of the 2024 Senior Notes as additional interest expense. As of December 31, 2024 and December 31, 2025, the amount outstanding under the 2024 Senior Notes, net of debt amortization expense of $3,883 and $3,005, was $396,117 and $396,994, respectively, which is payable on June 4, 2029.

In November 2025, Genpact UK Finco plc and Genpact USA co-issued $350,000 aggregate principal amount of 4.950% senior notes (the "2025 Senior Notes," and together with the 2021 Senior Notes and 2024 Senior Notes, the "Senior Notes"). The 2025 Senior Notes are fully guaranteed by the Company and Genpact Luxembourg. The total debt issuance cost of $4,551 incurred in connection with the 2025 Senior Notes is being amortized over the life of the 2025 Senior Notes as additional interest expense. As of December 31, 2025, the amount outstanding under the 2025 Senior Notes, net of debt amortization expense of $4,444, was $345,556, which is payable on November 18, 2030.

The Company pays interest on (i) the 2021 Senior Notes semi-annually in arrears on April 10 and October 10 of each year, (ii) the 2024 Senior Notes semi-annually in arrears on June 4 and December 4 of each year and (iii) the 2025 Senior Notes semi-annually in arrears on May 18 and November 18 of each year, ending on the maturity dates of April 10, 2026, June 4, 2029 and November 18, 2030, respectively. The Company, at its option, may redeem the Senior Notes at any time in whole or in part, at a redemption price equal to (i) 100% of the principal amount of the notes redeemed, together with accrued and unpaid interest on the redeemed amount, and (ii) if the notes are redeemed prior to, in the case of the 2021 Senior Notes, March 10, 2026, in the case of the 2024 Senior Notes, May 4, 2029, and in the case of the 2025 Senior Notes, October 18, 2030, a specified "make-whole" premium. Additionally, the Company may redeem any series of Senior Notes in whole, but not in part, at any time at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to the redemption date, in the event of certain changes in taxation in any jurisdiction (other than the U.S. for the 2021 Senior Notes and 2024 Notes, and other than the U.S. and UK for the 2025 Senior Notes) having authority to tax the issuers. Upon certain change of control transactions, the applicable issuer or issuers will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest. The interest rate payable on the 2021 Senior Notes is subject to adjustment if the credit rating of the 2021 Senior Notes is downgraded, up to a maximum increase of 2.0%. The Senior Notes are subject to certain customary covenants, including limitations on the ability of the Company and certain of its subsidiaries to incur debt secured by liens, engage in certain sale and leaseback transactions and consolidate, merge, convey or transfer their assets substantially as an entirety. During the year ended December 31, 2025, the Company and its applicable subsidiaries were in compliance with the covenants under the Senior Notes.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**13. Long-term debt (Continued)**

A summary of the Company's long-term debt is as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Credit facility, net of amortization expenses | $476089 | $449916 |
| 1.750% 2021 Senior Notes, net of debt amortization expenses  | $349234 | $349835 |
| 6.000% 2024 Senior Notes, net of debt amortization expenses  | $396117 | $396994 |
| 4.950% 2025 Senior Notes, net of debt amortization expenses  | $— | $345556 |
|  | $**1221440** | $**1542301** |
| Current portion | $26173 | $376027 |
| Non-current portion | 1195267 | 1166274 |
| **Total** | $**1221440** | $**1542301** |

---

**14. Short-term borrowings**

The Company has the following borrowing facilities:

(a)Fund-based and non-fund-based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of December 31, 2024 and 2025, the limits available were $22,421 and $26,563, respectively, of which $8,482 and $7,988, respectively, were utilized, constituting non-funded drawdown.

(b)A fund-based and non-fund based revolving credit facility of $650,000, which the Company obtained by entering into the 2022 Credit Agreement on December 13, 2022. The term loan and revolving credit facility under the 2022 Credit Agreement expire on December 13, 2027. Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at the election of the Company, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.0%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum. The unutilized amount on the revolving credit facilities under the 2022 Credit Agreement bore a commitment fee of 0.20% as of December 31, 2024 and 2025. As of December 31, 2024 and 2025, a total of $1,532 and $1,257, respectively, was utilized, of which $0 and $0, respectively, constituted funded drawdown and $1,532 and $1,257, respectively, constituted non-funded drawdown. The 2022 Credit Agreement contains certain customary covenants, including a maximum leverage covenant and a minimum interest coverage ratio. During the year ended December 31, 2025, the Company was in compliance with the financial covenants of the 2022 Credit Agreement.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**15. Other liabilities**

Other liabilities consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Accrued expenses | 60905 | 100573 |
| Accrued employee cost | 2854 | 4406 |
| Retirement benefits | 13843 | 17237 |
| Compensated absences | 48527 | 51780 |
| Derivative instruments (Note 6) | 21273 | 44414 |
| Contract liabilities (Note 24) | 50336 | 47063 |
| Finance lease liabilities | 8811 | 9864 |
| Deferred compensation plan liability (Note 5) | 57111 | 70989 |
| Others | 5381 | 7038 |
| **Total** | $**269041** | $**353364** |

---

**16. Employee benefit plans**

The Company has employee benefit plans in the form of certain statutory and other programs covering its employees.

**Defined benefit plans**

In accordance with Indian law, the Company maintains a defined benefit retirement plan ("the Gratuity Plan") covering substantially all of its Indian employees. The Gratuity Plan provides a lump-sum payment to vested employees upon retirement or termination of employment in an amount based on each employee's salary and duration of employment with the Company. The Gratuity Plan benefit cost for the year is calculated on an actuarial basis. The Company contributes the required funding for all ascertained liabilities to the Gratuity Plan. Trustees administer contributions made to the trust, and contributions are invested in specific designated instruments as permitted by Indian law. The Company's overall investment strategy is to invest predominantly in fixed income funds managed by asset management companies and a small portion in equity funds. These funds further invest in debt securities such as money market instruments, government securities and public and private bonds. During the years ended December 31, 2024 and 2025, all of the plan assets were primarily invested in debt securities.

On November 21, 2025, the Government of India implemented four new labor codes—the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020—which consolidate 29 existing labor laws into a unified legislative framework. The implementation of these codes has significant accounting impacts for the Company's employee benefit obligations.

In accordance with ASC 715, changes to defined benefit plans, such as the Gratuity Plan in India, are accounted for as plan amendments, with the impact recognized in Other Comprehensive Income ("OCI") at the amendment date. The implementation of the new labor codes had a $19,055 impact on the Company's Gratuity Plan, which was recognized as a prior service cost in OCI in 2025 and will subsequently be reclassified to the Company's consolidated statements of income over the future service periods of employees active at the amendment date who are expected to receive benefits under the plan.

In accordance with ASC 710, the impact of the new labor codes on compensated absences for employees in India in the consolidated statement of income for the year ended December 31, 2025 was not significant.

The Company has assessed and disclosed the incremental impact of these legislative changes based on legal opinions received and the best available information. The Company continues to monitor the finalization of implementing rules and clarifications from the Government of India and will recognize any additional accounting effects as required.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

In accordance with Mexican law, the Company provides certain termination benefits (the "Mexican Plan") to all of its Mexican employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Mexican Plan is calculated on an actuarial basis.

Certain of the Company's subsidiaries organized or operating in the Philippines and Japan have sponsored defined benefit retirement programs (respectively, the "Philippines Plan" and the "Japan Plan"). The full-year benefit costs of the Philippines Plan and the Japan Plan are calculated on an actuarial basis. Company contributions in respect of these plans are made to insurer-managed funds or to a trust. The trust contributions are further invested in government bonds.

In accordance with Israeli law, the Company provides certain termination benefits (the "Israeli Plan") to all of its Israeli employees based on the age, duration of service and salary of each eligible employee. The full-year benefit cost of the Israeli Plan is calculated on an actuarial basis. The plan contributions are further invested into insurer managed funds.

Current service costs for defined benefit plans are accrued in the year to which they relate on a monthly basis. Actuarial gains or losses, or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees or over the average remaining life expectancies for inactive employees if most of the plan obligations are payable to inactive employees.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

The following table sets forth the funded status of the Company's defined benefit plans and the amounts recognized in the Company's financial statements based on actuarial valuations carried out as of December 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| **Change in benefit obligation** |  |  |
| &nbsp;&nbsp;&nbsp;Projected benefit obligation at the beginning of the year | $101739 | $105693 |
| &nbsp;&nbsp;&nbsp;Service cost | 16625 | 19672 |
| &nbsp;&nbsp;&nbsp;Actuarial loss/(gain) | (7185) | 6880 |
| &nbsp;&nbsp;&nbsp;Interest cost | 8123 | 8997 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (9109) | (9244) |
| &nbsp;&nbsp;&nbsp;Plan amendments |  | 19055 |
| &nbsp;&nbsp;&nbsp;Settlements | (349) | (1386) |
| &nbsp;&nbsp;&nbsp;Curtailments | (18) | (109) |
| &nbsp;&nbsp;&nbsp;Gain on exchange rate changes | (4133) | (4768) |
| &nbsp;&nbsp;&nbsp;Projected benefit obligation at the end of the year | $**105693** | $**144790** |
| **Change in fair value of plan assets** |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of plan assets at the beginning of the year | $86685 | $106025 |
| &nbsp;&nbsp;&nbsp;Employer contributions | 24720 | 36540 |
| &nbsp;&nbsp;&nbsp;Actual gain on plan assets | 8714 | 7135 |
| &nbsp;&nbsp;&nbsp;Actuarial gain/(loss) | (1493) | 25 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (9837) | (10308) |
| &nbsp;&nbsp;&nbsp;Settlements | 404 | (387) |
| &nbsp;&nbsp;&nbsp;Loss on exchange rate changes | (3168) | (5720) |
| &nbsp;&nbsp;&nbsp;Fair value of plan assets at the end of the year | $**106025** | $**133310** |
| **Funded status, end of year** | $**332** | $**(11480)** |
| Amounts recognized in the consolidated balance sheets |  |  |
| Non-current assets (recorded under other assets-others) | $16392 | $8091 |
| Current liabilities (recorded under accrued expenses and other current liabilities-retirement benefits) | (2219) | (2334) |
| Non-current liabilities (recorded under other liabilities- retirement benefits) | (13841) | (17237) |
| **Funded status, end of year** | $**332** | $**(11480)** |

---

The change in defined benefit obligation for the years ended December 31, 2025 is largely due to the prior service cost arising from the implementation of new labor codes in India and changes in actuarial assumptions pertaining to discount rates.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

Amounts included in accumulated other comprehensive income (loss) as of December 31, 2023, 2024 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2023** | **2024** | **2025** |
| Net actuarial gain (loss) | (8747) | $437 | $(5027) |
| Net prior service credit / (cost) | 446 | 379 | (17520) |
| Deferred tax benefit (expense) | 1812 | (508) | 5227 |
| Other comprehensive income (loss), net | $(6489) | $308 | $(17320) |

---

Changes in other comprehensive income (loss) during the years ended December 31, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2025** |
| Net actuarial gain (loss) | $8870 | $(6817) |
| Amortization of net actuarial loss | 470 | 1118 |
| Deferred tax (expense) benefit | (2320) | 5736 |
| Net prior service credit | 2 | 517 |
| Plan amendments |  | (19055) |
| Curtailment | 5 | 2 |
| Settlements | 1 | 2 |
| Effect of exchange rate changes | (231) | 869 |
| Other comprehensive income (loss), net | $6797 | $(17628) |

---

**Funded status for defined benefit plans**

The accumulated benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2024 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| &nbsp;&nbsp;Accumulated benefit obligation | $13719 | $18582 |
| &nbsp;&nbsp;Fair value of plan assets at the end of the year | $1413 | $3987 |

---

The projected benefit obligation for defined benefit plans in excess of plan assets as of December 31, 2024 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Projected benefit obligation | $17834 | $24914 |
| Fair value of plan assets at the end of the year | $1773 | $5698 |

---

The amount of net projected benefit obligation and plan assets for all underfunded (including unfunded) defined benefit obligation plans was $16,062 and $19,216 as of December 31, 2024 and 2025, respectively, and was classified as liabilities in the consolidated balance sheets.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

Net defined benefit plan costs for the year ended December 31, 2023, 2024 and 2025 include the following components:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Service costs | $15099 | $16625 | $19672 |
| Interest costs | 6930 | 8123 | 8997 |
| Amortization of actuarial loss | 660 | 195 | 557 |
| Expected return on plan assets | (5008) | (5536) | (7099) |
| Settlements | 140 | 279 | 852 |
| Net Prior Service Credit / (Cost) |  |  | 517 |
| Net defined benefit plan costs | $17821 | $19686 | $23496 |

---

**Expected Contributions** 

The Company estimates that it will pay approximately $8,006 in fiscal 2026 related to contributions to defined benefit plans.

The weighted average assumptions used to determine the benefit obligations of the Indian Gratuity Plan as of December 31, 2024 and 2025 are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2024** | **2024** | **2025** | **2025** |
| Discount rate | 7.70% | 7.75% | 7.10% | 7.40% |
| Rate of increase in compensation per annum | 4.35% | 8.00% | 5.50% | 10.00% |

---

The weighted average assumptions used to determine the Indian Gratuity Plan costs for the years ended December 31, 2023, 2024 and 2025 are presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Discount rate | 7.45% | 7.70% | 7.65% | 7.90% | 7.70% | 7.75% |
| Rate of increase in compensation per annum | 5.20% | 9.00% | 5.20% | 9.00% | 4.35% | 8.00% |
| Expected long term rate of return on plan assets per annum | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |

---

The weighted average assumptions used to determine the benefit obligations of the Mexican Plan as of December 31, 2024 and 2025 are presented below:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Discount rate | 10.70% | 10.70% |
| Rate of increase in compensation per annum | 5.50% | 5.50% |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

The weighted average assumptions used to determine the costs of the Mexican Plan for the years ended December 31, 2023, 2024 and 2025 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Discount rate | 9.30% | 10.70% | 10.70% |
| Rate of increase in compensation per annum | 5.50% | 5.50% | 5.50% |

---

The weighted average assumptions used to determine the benefit obligations of the Philippines Plan as of December 31, 2024 and 2025 are presented below:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| Discount rate | 8.44% | 8.23% |
| Rate of increase in compensation per annum | 5.80% | 5.00% |

---

The weighted average assumptions used to determine the costs of the Philippines Plan for the years ended December 31, 2023, 2024 and 2025 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Discount rate | 9.80% | 8.54% | 8.44% |
| Rate of increase in compensation per annum | 5.30% | 5.80% | 5.80% |
| Expected long-term rate of return on plan assets per annum | 2.00% | 2.00% | 7.00% |

---

The weighted average assumptions used to determine the benefit obligation of the Japan Plan as of December 31, 2024 and 2025 are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2024** | **2024** | **2025** | **2025** |
| Discount rate | 0.34% | 1.29% | 0.81% | 3.20% |
| Rate of increase in compensation per annum | —\* | —\* | 2% | 2% |

---

\*Not significant.

The weighted average assumptions used to determine the costs of the Japan Plan for the years ended December 31, 2023, 2024 and 2025 are presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| Discount rate | 0.14% | 0.94% | 0.34% | 1.29% | 0.81% | 3.20% |
| Rate of increase in compensation per annum | —\* | —\* | —\* | —\* | 2% | 2% |
| Expected long term rate of return on plan assets per annum | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% |

---

\*Not significant.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

The expected returns on plan assets set forth above are based on the Company's expectation of the average long-term rate of return expected to prevail over the next 15 to 20 years on the types of investments prescribed by applicable statute.

The Company evaluates these assumptions based on projections of the Company's long-term growth and prevalent industry standards. Unrecognized actuarial loss is amortized over the average remaining service period of the active employees expected to receive benefits under the plan.

**Investment and risk management strategy**

The overall investment objective of the Company's defined benefit plans is to match the duration of the plans' assets to the plans' liabilities while managing risk in order to meet defined benefit obligations. The plans' future prospects, their current financial conditions, our current funding levels and other relevant factors suggest that the plans can tolerate some interim fluctuations in market value and rates of return in order to achieve long-term objectives without undue risk to the plans' ability to meet their current benefit obligations.

Plan investments are exposed to risks including market, interest rate and operating risk. In order to mitigate significant concentrations of these risks, the assets are invested in a diversified portfolio primarily consisting of fixed income instruments, liquid assets, equities and debt.

The fair values of the Company's plan assets as of December 31, 2024 and 2025 by asset category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| | | **Quoted Prices in<br>Active Markets for<br>Identical Assets** | **Significant Other<br>Observable<br>Inputs** | **Significant Other<br>Unobservable<br>Inputs** |
| | **Total** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| **Asset Category** | | | | |
| Cash | 5948 | 5948 |  |  |
| Fixed income securities (Note a) | 99795 |  | 99795 |  |
| Other securities (Note b) | 282 |  | 282 |  |
| **Total** | $**106025** | $**5948** | $**100077** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| | | **Quoted Prices in<br>Active Markets for<br>Identical Assets** | **Significant Other<br>Observable<br>Inputs** | **Significant Other<br>Unobservable<br>Inputs** |
| | **Total** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| **Asset Category** | | | | |
| Cash | 26063 | 26063 |  |  |
| Fixed income securities (Note a) | 106120 |  | 106120 |  |
| Other securities (Note b) | 1127 |  | 1127 |  |
| **Total** | $**133310** | $**26063** | $**107247** | $**—** |

---

(a)Includes investments in funds that invest 100% of their assets in fixed income securities such as money market instruments, government securities and public and private bonds.

(b)Includes investments in funds that invest primarily in equity securities.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

The expected benefit plan payments set forth below reflect expected future service:

---

| | |
|:---|:---|
| **Year ending December 31,** | |
| 2026 | 21011 |
| 2027 | 19090 |
| 2028 | 19111 |
| 2029 | 18268 |
| 2030 | 17894 |
| 2031-2035 | 79023 |
|  | $**174397** |

---

The Company's expected benefit plan payments are based on the same assumptions that were used to measure the Company's benefit obligations as of December 31, 2025.

**Defined contribution plans**

During the years ended December 31, 2023, 2024 and 2025, the Company contributed the following amounts to defined contribution plans in various jurisdictions:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| India | $47979 | $54867 | $60984 |
| U.S. | 20820 | 21600 | 20270 |
| UK | 19197 | 18348 | 19678 |
| China | 27077 | 29076 | 29659 |
| Other Regions | 19737 | 18487 | 20971 |
| **Total** | $**134810** | $**142378** | $**151562** |

---

**Deferred compensation plan**

On July 1, 2018, Genpact LLC, a wholly-owned subsidiary of the Company, adopted an executive deferred compensation plan (the "Plan"). The Plan provides a select group of U.S.-based members of Company management with the opportunity to defer from 1% to 80% of their base salary and from 1% to 100% of their qualifying bonus compensation (or such other minimums or maximums as determined by the Plan administrator from time to time) pursuant to the terms of the Plan. Participant deferrals are 100% vested at all times. The Plan also allows for discretionary supplemental employer contributions by the Company, in its sole discretion, which will be subject to a two-year vesting schedule (50% vesting on the one-year anniversary of approval of the contribution and 50% vesting on the second year anniversary of approval of the contribution) or such other vesting schedule as determined by the Company. However, no such contributions have been made by the Company to date.

The Plan also provides an option for participants to elect to receive deferred compensation and earnings thereon on either fixed date(s) no earlier than two years following the applicable Plan year (or end of the applicable performance period for performance-based bonus compensation) or following a separation from service, in each case either in a lump sum or in annual installments over a term of up to 15 years. Participants can elect to change or re-defer their rights to receive the deferred compensation until the 10th anniversary following their separation from service, subject to fulfillment of certain conditions. Each Plan participant's compensation deferrals are credited or debited with notional investment gains and losses equal to the performance of selected hypothetical investment funds offered under the Plan and elected by the participant.

The Company has investments in funds held in Company-owned life insurance policies which are held in a Rabbi Trust that are classified as trading securities. Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**16. Employee benefit plans (Continued)**

The liability for the Plan was $60,924 and $74,820 as of December 31, 2024 and December 31, 2025, respectively, and is included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheets. In connection with the administration of the Plan, the Company has purchased Company-owned life insurance policies insuring the lives of certain employees. The cash surrender value of these policies was $61,549 and $75,586 as of December 31, 2024 and December 31, 2025, respectively. The cash surrender value of these insurance policies is included in "Other assets" in the consolidated balance sheets. During the years ended December 31, 2023, 2024 and 2025, the change in the fair value of Plan assets was $7,506, $7,303 and $9,889, respectively, which is included in "Other income (expense), net" in the consolidated statements of income. During the years ended December 31, 2023, 2024 and 2025, the change in the fair value of deferred compensation liabilities was $7,484, $7,307 and $9,908, respectively, which is included in "selling, general and administrative expenses."

**17. Stock-based compensation**

The Company has granted stock-based awards under the Genpact Limited 2007 Omnibus Incentive Compensation Plan (the "2007 Omnibus Plan") and the Genpact Limited 2017 Omnibus Incentive Compensation Plan (the "2017 Omnibus Plan") to eligible persons, including employees, directors and certain other persons associated with the Company.

A brief summary of each plan is provided below:

*2007 Omnibus Plan*

The Company adopted the 2007 Omnibus Plan on July 13, 2007 and amended and restated it on April 11, 2012. The 2007 Omnibus Plan provided for the grant of awards intended to qualify as incentive stock options, non-qualified stock options, share appreciation rights, restricted share awards, restricted share units ("RSUs"), PUs, cash incentive awards and other equity-based or equity-related awards. Under the 2007 Omnibus Plan, the Company was authorized to grant awards for the issuance of up to a total of 23,858,823 common shares.

*2017 Omnibus Plan*

On May 9, 2017, the Company's shareholders approved the adoption of the 2017 Omnibus Plan, pursuant to which 15,000,000 Company common shares are available for issuance. The 2017 Omnibus Plan was amended and restated on April 5, 2019 and April 5, 2022 to increase the number of common shares authorized for issuance by 8,000,000 shares to 23,000,000 shares and by 3,500,000 shares to 26,500,000 shares, respectively. No grants may be made under the 2007 Omnibus Plan after the date of adoption of the 2017 Omnibus Plan. Grants that were outstanding under the 2007 Omnibus Plan as of the date of the Company's adoption of the 2017 Omnibus Plan, remain subject to the terms of the 2007 Omnibus Plan.

Stock-based compensation costs relating to the foregoing plans during the years ended December 31, 2023, 2024 and 2025 were $87,108, $65,318 and $88,650, respectively, and have been allocated to cost of revenue and selling, general, and administrative expenses.

Income tax benefits recognized in relation to stock-based compensation costs, including options, RSUs and PUs, including excess tax benefits, during the years ended December 31, 2023, 2024 and 2025 were $19,312, $8,997 and $16,487, respectively.

**Stock options**

All options granted under the 2007 and 2017 Omnibus Plans are exercisable into common shares of the Company, have a contractual period of ten years and vest over three to five years unless otherwise specified in the applicable award agreement. The compensation expense is recognized on a straight-line basis over the vesting term.

The compensation cost is determined at the date of grant by estimating the fair value of an option using the Black-Scholes option-pricing model. No options were granted in 2023, 2024 and 2025.

The Company has issued, and intends to continue to issue, new common shares upon stock option exercises and the vesting of share awards under its equity-based incentive compensation plans.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**17. Stock-based compensation (Continued)**

A summary of stock option activity during the years ended December 31, 2023, 2024 and 2025 is set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| | **Shares arising <br>out of options** | **Weighted<br>average<br>exercise price** | **Weighted average<br>remaining<br>contractual life (years)** | **Aggregate<br>intrinsic<br>value** |
| Outstanding as of January 1, 2023 | 7748114 | 33.27 | 5.6 |  |
| Granted |  |  |  |  |
| Forfeited | (319646) | 41.06 |  |  |
| Expired | (53990) | 43.94 |  |  |
| Exercised | (1376330) | 20.17 |  | 29255 |
| Outstanding as of December 31, 2023 | 5998148 | 35.77 | 5.5 | $19341 |
| Vested as of December 31, 2023 and expected to vest thereafter (Note a) | 5784672 | 35.38 | 5.5 | $19332 |
| Vested and exercisable as of December 31, 2023 | 3161392 | 30.42 | 4.3 | $15069 |
| Weighted average grant-date fair value of options granted during the period |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| | **Shares arising<br>out of options** | **Weighted<br>average<br>exercise price** | **Weighted average<br>remaining<br>contractual life (years)** | **Aggregate<br>intrinsic<br>value** |
| Outstanding as of January 1, 2024 | 5998148 | $35.77 | 5.5 | $— |
| Granted |  |  |  |  |
| Forfeited | (226691) | 45.13 |  |  |
| Expired | (183810) | 45.19 |  |  |
| Exercised | (240091) | 30.01 |  | 3149 |
| Outstanding as of December 31, 2024 | 5347556 | $35.31 | 4.4 | $47372 |
| Vested as of December 31, 2024 and expected to vest thereafter (Note a) | 5262942 | $35.12 | 4.4 | $47335 |
| Vested and exercisable as of December 31, 2024 | 4216796 | $32.35 | 3.9 | $46650 |
| Weighted average grant-date fair value of options granted during the period |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Shares arising<br>out of options** | **Weighted<br>average<br>exercise price** | **Weighted average<br>remaining<br>contractual life (years)** | **Aggregate<br>intrinsic<br>value** |
| Outstanding as of January 1, 2025 | 5347556 | $35.31 | 4.4 | $— |
| Granted |  |  |  |  |
| Forfeited | (75040) | 44.90 |  |  |
| Expired |  |  |  |  |
| Exercised | (235974) | 34.49 |  | 2899 |
| Outstanding as of December 31, 2025 | 5036542 | $35.20 | 3.4 | $61095 |
| Vested as of December 31, 2025 and expected to vest thereafter (Note a) | 5020702 | $35.15 | 3.4 | $61091 |
| Vested and exercisable as of December 31, 2025 | 4230132 | $33.18 | 3.0 | $58912 |
| Weighted average grant-date fair value of options granted during the period |  |  |  |  |

---

(a) Options expected to vest after considering an estimated forfeiture rate.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**17. Stock-based compensation (Continued)**

Cash received by the Company upon the exercise of stock options during the years ended December 31, 2023, 2024 and 2025 amounted to $27,755, $7,205 and $8,140, respectively. Income tax benefits from the exercise of stock options during the years ended December 31, 2023, 2024 and 2025 were $6,631, $423 and $479 (including excess tax benefits of $3,453, $110 and $245), respectively.

As of December 31, 2025, the total remaining unrecognized stock-based compensation cost for options expected to vest amounted to $1,197, which will be recognized over the weighted average remaining requisite vesting period of 0.9 years.

**Restricted Share Units**

The Company has granted RSUs under the 2007 and 2017 Omnibus Plans. Each RSU represents the right to receive one common share. The fair value of each RSU is the market price of one common share of the Company on the date of grant. The RSUs granted to date have graded vesting schedules of three months to four years. The compensation expense is recognized on a straight-line basis over the vesting term.

A summary of RSU activity during the years ended December 31, 2023, 2024 and 2025 is set out below:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| | **Number of <br>Restricted Share Units** | **Weighted <br>Average Grant Date Fair Value** |
| Outstanding as of January 1, 2023 | 579622 | $42.97 |
| Granted | 1047905 | 42.77 |
| Vested (Note b) | (510057) | 42.77 |
| Forfeited | (80854) | 42.96 |
| Outstanding as of December 31, 2023 | 1036616 | $42.87 |
| Expected to vest (Note a) | 953972 |  |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| | **Number of <br>Restricted<br>Share Units** | **Weighted <br>Average<br>Grant Date Fair Value** |
| Outstanding as of January 1, 2024 | 1036616 | $42.87 |
| Granted | 1881223 | 34.57 |
| Vested (Note c) | (530464) | 40.01 |
| Forfeited | (253106) | 39.13 |
| Outstanding as of December 31, 2024 | 2134269 | $36.71 |
| Expected to vest (Note a) | 1972934 |  |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| | **Number of <br>Restricted<br>Share Units** | **Weighted <br>Average<br>Grant Date Fair Value** |
| Outstanding as of January 1, 2025 | 2134269 | $36.71 |
| Granted | 1339281 | 47.58 |
| Vested (Note d) | (942725) | 37.79 |
| Forfeited | (228489) | 39.72 |
| Outstanding as of December 31, 2025 | 2302336 | $42.29 |
| Expected to vest (Note a) | 2145220 |  |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**17. Stock-based compensation (Continued)**

(a)RSUs expected to vest after considering an estimated forfeiture rate.

(b)453,761 RSUs that vested during the year were net settled upon vesting by issuing 296,656 shares (net of minimum statutory tax withholding). 9,103 RSUs vested in the year ended December 31, 2023, in respect of which 4,983 shares were issued during 2024 after withholding shares to the extent of minimum statutory withholding taxes. 47,193 RSUs vested in the year ended December 31, 2023, in respect of which 46,982 shares were issued in 2025 after withholding shares to the extent of minimum statutory withholding taxes.

(c)443,718 RSUs that vested during the year were net settled upon vesting by issuing 293,000 shares (net of minimum statutory tax withholding). 22,551 RSUs vested in the year ended December 31, 2024, in respect of which 13,626 were issued in 2025 after withholding shares to the extent of minimum statutory withholding taxes. 64,195 RSUs vested in the year ended December 31, 2024, shares in respect of which will be issued in 2026 after withholding shares to the extent of minimum statutory withholding taxes.

(d)892,189 RSUs that vested during the year were net settled upon vesting by issuing 550,442 shares (net of minimum statutory tax withholding). 50,536 RSUs that vested in the year ended December 31, 2025 will be issued in 2026 after withholding shares to the extent of minimum statutory withholding taxes.

As of December 31, 2025, the total remaining unrecognized stock-based compensation cost related to RSUs amounted to $52,495, which will be recognized over the weighted average remaining requisite vesting period of 2.0 years.

**Performance Units**

The Company also grants stock awards in the form of PUs, and has granted PUs under both the 2007 and 2017 Omnibus Plans.

Each PU represents the right to receive one common share at a future date based on the Company's performance against specified targets. PUs granted to date have vesting schedules of approximately six months to three years. PUs granted under the plans are subject to cliff vesting. The compensation expense for such awards is recognized on a straight-line basis over the vesting terms.

For PUs granted prior to 2023, the fair value of each PU was the market price of one common share of the Company on the date of grant and the performance period for such grants was one year. For PUs that have a performance period of one year, the Company's estimate of the number of shares to be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The ultimate number of shares issued and the related compensation cost recognized is based on a comparison of the final performance metrics to the specified targets.

For PUs granted annually beginning in 2023, the performance period of the awards increased to three years from one year. The number of PUs that will ultimately vest will be determined, subject to certain conditions and limitations, based on the Company's achievement of the performance targets set forth in the awards as well as its total shareholder return ("TSR") relative to the TSR of the companies included as of the beginning of the performance period in the S&P 400 Midcap Index (the "Peer Group") over the three-year performance period.

The grant date fair value for PUs granted in 2023, 2024 and 2025 is determined using a Monte Carlo simulation model. This model simulates a range of possible future share prices and estimates the probabilities of the potential payouts. This model also incorporates the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The historical volatility for the companies in the Peer Group was measured using the most recent three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For determining the TSR of the Company and the companies in the Peer Group, dividends are assumed to have been reinvested in the stock of the issuing entities on a continuous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The correlation coefficients used to model the way in which each entity tends to move in relation to each other are based upon the price data used to calculate historical volatility.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**17. Stock-based compensation (Continued)**

The fair value of each PU granted in 2023, 2024 and 2025 was estimated on the date of grant using the following valuation assumptions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| Dividend yield | 1.22% | 1.52% | 1.62% | 1.81% | 1.37% |
| Expected life (years) | 2.54 | 2.80 | 2.38 | 2.80 | 2.81 |
| Risk-free rate of interest for expected life | 3.80% | 4.44% | 3.83% | 4.37% | 3.89% |
| Volatility | 24.03% | 24.71% | 24.24% | 26.33% | 25.78% |

---

A summary of PU activity during the years ended December 31, 2023, 2024 and 2025 is set out below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| | **Number of<br>Performance Units** | **Weighted Average<br>Grant Date <br>Fair Value** | **Maximum Shares<br>Eligible to Receive** |
| Outstanding as of January 1, 2023 | 3570951 | $44.07 | 3570951 |
| Granted | 986891 | 43.99 | 2368538 |
| Vested (Note b) | (647549) | 42.53 | (647549) |
| Forfeited | (357362) | 44.19 | (411551) |
| Adjustment upon final determination of level of performance goal achievement (Note c) | 96668 | 44.50 | 96668 |
| Outstanding as of December 31, 2023 | 3649599 | $44.32 | 4977057 |
| Expected to vest (Note a) | 3282005 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| | **Number of<br>Performance Units** | **Weighted Average<br>Grant Date <br>Fair Value** | **Maximum Shares<br>Eligible to Receive** |
| Outstanding as of January 1, 2024 | 3649599 | $44.32 | 4977057 |
| Granted | 1381610 | 32.64 | 3315864 |
| Vested (Note d) | (1365712) | 44.13 | (1365712) |
| Forfeited | (407693) | 41.76 | (722332) |
| Outstanding as of December 31, 2024 | 3257804 | $39.77 | 6204877 |
| Expected to vest (Note a) | 3305380 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| | **Number of<br>Performance Units** | **Weighted Average<br>Grant Date <br>Fair Value** | **Maximum Shares<br>Eligible to Receive** |
| Outstanding as of January 1, 2025 | 3257804 | $39.77 | 6204877 |
| Granted | 881631 | 53.83 | 2115914 |
| Vested (Note e) | (1154998) | 44.50 | (1154998) |
| Forfeited | (332083) | 39.76 | (796999) |
| Outstanding as of December 31, 2025 | 2652354 | $42.39 | 6368794 |
| Expected to vest (Note a) | 2969268 |  |  |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**17. Stock-based compensation (Continued)**

(a)PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate.

(b)647,549 PSUs that vested during the year 2023 were net settled upon vesting by issuing 412,275 shares (net of minimum statutory tax withholding).

(c)Represents an adjustment made in March 2023 to the number of shares subject to the PUs granted in 2022 upon certification of the level of achievement of the performance targets underlying such awards.

(d)1,365,712 PSUs that vested during the year 2024 were net settled upon vesting by issuing 871,442 shares (net of minimum statutory tax withholding).

(e)1,154,998 PSUs that vested during the year 2025 were net settled upon vesting by issuing 738,490 shares (net of minimum statutory tax withholding).

As of December 31, 2025, the total remaining unrecognized stock-based compensation cost related to PUs amounted to $56,846, which will be recognized over the weighed average remaining requisite vesting period of 1.8 years.

**Employee Stock Purchase Plan (ESPP)**

On May 1, 2008, the Company adopted the Genpact Limited U.S. Employee Stock Purchase Plan and the Genpact Limited International Employee Stock Purchase Plan (together, the "ESPP"). In April 2018, these plans were amended and restated, and their terms were extended to August 31, 2028.

The ESPP allows eligible employees to purchase the Company's common shares through payroll deductions at 90% of the closing price of the Company's common shares on the last business day of each purchase interval. The dollar amount of common shares purchased under the ESPP cannot exceed 15% of the participating employee's base salary, subject to a cap of $25 per employee per calendar year. With effect from September 1, 2009, the offering periods commence on the first business day in March, June, September and December of each year and end on the last business day of the subsequent May, August, November and February. 4,200,000 common shares have been reserved for issuance in the aggregate over the term of the ESPP.

During the years ended December 31, 2023, 2024 and 2025, 337,875, 303,923 and 223,543 common shares, respectively, were issued under the ESPP.

The ESPP is considered compensatory under FASB guidance on Compensation-Stock Compensation.

The compensation expense for the ESPP is recognized in accordance with the FASB guidance on Compensation—Stock Compensation. The compensation expense for the ESPP during the years ended December 31, 2023, 2024 and 2025 was $1,468, $1,065 and $964, respectively, and has been allocated to cost of revenue and selling, general, and administrative expenses.

**18. Capital stock**

The Company's authorized capital stock as of December 31, 2024 and 2025 consisted of 500 million common shares with a par value of $0.01 per share, and 250 million preferred shares with a par value of $0.01 per share. There were 174,661,943 and 170,341,479 common shares, and no preferred shares, issued and outstanding as of December 31, 2024 and 2025, respectively.

Holders of common shares are entitled to one vote per share. Upon the liquidation, dissolution or winding up of the Company, common shareholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The common shares have no preemptive, subscription, redemption or conversion rights.

The Company's board of directors by resolution can establish one or more series of preferred shares having such par value, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other rights, qualifications, limitations or restrictions as may be fixed by the board of directors without shareholder approval. Such rights, preferences, powers and limitations as may be established could also have the effect of discouraging an attempt to obtain control of the Company. These preferred shares are of the type commonly known as "blank-check" preferred shares.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**18. Capital stock (Continued)**

Under Bermuda law, the Company may declare and pay dividends from time to time unless there are reasonable grounds for believing that the Company is or would, after the payment, be unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than the aggregate of its liabilities, its issued share capital, and its share premium accounts. Under the Company's bye-laws, each common share is entitled to dividends if, as and when dividends are declared by the Company's board of directors. There are no restrictions in Bermuda on the Company's ability to transfer funds (other than funds denominated in Bermuda dollars) in or out of Bermuda or to pay dividends to U.S. residents who are holders of common shares. The Company's ability to declare and pay cash dividends is restricted by its debt covenants.

**Share Repurchases**

The Board of Directors of the Company (the "Board") has authorized repurchases of up to $2,750,000 under the Company's existing share repurchase program, including $500,000 approved during the first quarter of 2025. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be purchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

During the years ended December 31, 2023, 2024 and 2025, the Company repurchased 6,013,793, 6,591,550 and 6,129,521 of its common shares, respectively, on the open market at a weighted average price of $37.48, $38.31 and $46.16 per share, respectively, for an aggregate cash amount of $225,379, $252,540 and $282,929, respectively. All repurchased shares have been retired.

The Company records repurchases of its common shares on the settlement date of each transaction. Shares purchased and retired are deducted to the extent of their par value from common stock and from retained earnings for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares purchased. For the years ended December 31, 2023, 2024 and 2025, retained earnings were reduced by direct costs, including taxes, related to share repurchases of $720, $1,243 and $(1,589), respectively.

$364,076 remained available for share repurchases under the Company's existing share repurchase program as of December 31, 2025. This repurchase program does not obligate us to acquire any specific number of shares and does not specify an expiration date.

**Dividend**

On February 9, 2023, the Company announced that its Board had approved a 10% increase in its quarterly cash dividend to $0.1375 per share, up from $0.125 per share in 2022, representing an annual dividend of $0.55 per common share, up from $0.50 per share in 2022, payable to holders of the Company's common shares. On March 24, 2023, June 26, 2023, September 26, 2023 and December 22, 2023, the Company paid dividends of $0.1375 per share, amounting to $25,255, $25,031, $24,944 and $24,784 in the aggregate, respectively, to shareholders of record as of March 10, 2023, June 9, 2023, September 8, 2023 and December 8, 2023, respectively.

On February 8, 2024, the Company announced that its Board had approved an 11% increase in its quarterly cash dividend to $0.1525 per share, up from $0.1375 per share in 2023, representing an annual dividend of $0.61 per common share, up from $0.55 per share in 2023, payable to holders of the Company's common shares. On March 26, 2024, June 26, 2024, September 25, 2024 and December 23, 2024, the Company paid dividends of $0.1525 per share, amounting to $27,492, $27,337, $26,939 and $26,698 in the aggregate, respectively, to shareholders of record as of March 11, 2024, June 10, 2024, September 11, 2024 and December 9, 2024, respectively.

On February 6, 2025, the Company announced that its Board had approved an 11% increase in its quarterly cash dividend to $0.17 per share, up from $0.1525 per share in 2024, representing an annual dividend of $0.68 per common share, up from $0.61 per share in 2024, payable to holders of the Company's common shares. On March 26, 2025, June 30, 2025, September 25, 2025 and December 23, 2025, the Company paid dividends of $0.17 per share, amounting to $29,784, $29,624, $29,293 and $29,046 in the aggregate, respectively, to shareholders of record as of March 11, 2025, June 18, 2025, September 11, 2025 and December 9, 2025, respectively.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**19. Earnings per share**

The Company calculates earnings per share in accordance with FASB guidance on earnings per share. Basic and diluted earnings per common share give effect to the change in the number of Company common shares outstanding. The calculation of basic earnings per common share is determined by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the respective periods. The potentially dilutive shares, consisting of outstanding options on common shares, RSUs, common shares to be issued under the ESPP and PUs, have been included in the computation of diluted net earnings per share and the number of weighted average shares outstanding, except where the result would be anti-dilutive.

The number of shares subject to stock awards outstanding but not included in the computation of diluted earnings per common share because their effect was anti-dilutive was 2,289,623, 2,341,015 and 1,119,283 for the years ended December 31, 2023, 2024 and 2025, respectively.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| **Net income** | $631255 | $513670 | $552494 |
| Weighted average number of common shares used in computing basic earnings per common share | 182345548 | 178385972 | 173892795 |
| Dilutive effect of stock-based awards | 2796295 | 2050928 | 2753849 |
| Weighted average number of common shares used in computing dilutive earnings per common share | 185141843 | 180436900 | 176646644 |
| Earnings per common share |  |  |  |
| Basic | $3.46 | $2.88 | $3.18 |
| Diluted | $3.41 | $2.85 | $3.13 |

---

**20. Other operating (income) expense, net**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Write-down of property, plant and equipment | $— | $— | $2424 |
| Write-down of operating lease right-of-use assets |  |  | 7656 |
| Change in fair value of earn-out consideration and deferred consideration (relating to business acquisitions) | (118) |  |  |
| Loss on the sale of business classified as held for sale | 802 |  |  |
| Gain on termination of lease\* | (4874) |  |  |
| Other operating (income) expense | (526) | (5616) | (280) |
| **Other operating (income) expense, net** | $**(4716)** | $**(5616)** | $**9800** |

---

\* Refer to Note 26 for additional information.

**21. Interest income (expense), net**

Interest income (expense), net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Interest income | $18373 | $32293 | $23919 |
| Interest expense | (66308) | (79507) | (73516) |
| **Interest income (expense), net** | $**(47935)** | $**(47214)** | $**(49597)** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes**

As described in Note 2, Summary of Significant Accounting Policies, the Company has elected to adopt the guidance in "ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures" (ASU 2023-09), prospectively. In accordance with the guidance, the Company's country of domicile reflected for the year ended December 31, 2025 is Bermuda. This is a change from the comparable periods ended December 31, 2023, and December 31, 2024, for which the United States is presented as the Company's *de facto* country of domicile. The Company's country of domicile for purposes of this guidance has changed in 2025 due to Bermuda's adoption of an income tax rate of 15% in 2025. Prior to January 2025, the Bermuda income tax rate was zero percent. This change is applied consistently throughout the income tax disclosures.

Income tax expense (benefit) for the years ended December 31, 2023, 2024 and 2025 is allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Income from continuing operations | $(29031) | $163150 | $177653 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedging derivatives | 1397 | (6663) | (13006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | 705 | 2320 | (5736) |

---

The components of income before income tax expense (benefit) from continuing operations are as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** |
| Domestic (U.S.) | $216718 | $307650 |
| Foreign (other than U.S.) | 385506 | 369170 |
| Income before income tax expense (benefit) | $602224 | $676820 |

---

---

| | |
|:---|:---|
| | **Year ended December 31,** |
| | **2025** |
| Domestic (Bermuda) | $(38206) |
| Foreign (other than Bermuda) | 768353 |
| Income before income tax expense (benefit) | $730147 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

&nbsp;&nbsp;&nbsp;&nbsp;**22. Income taxes (Continued)**

Income tax expense (benefit) attributable to income from continuing operations consists of:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** |
| Current tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic (U.S. federal) | $20222 | $37769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic (U.S. state) | 7558 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign (other than U.S.) | 101121 | 78301 |
|  | $128901 | $126540 |
| Deferred tax expense (benefit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic (U.S. federal) (Note a) | $(122166) | $12794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic (U.S. state) (Note b) | (32112) | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign (other than U.S.) | (3654) | 17841 |
|  | $(157932) | $36610 |
| Total income tax expense (benefit) | $(29031) | $163150 |

---

(a)For the year ended December 31, 2023, the amount includes a U.S. federal tax benefit on the transfer of intellectual property rights amounting to $138,390.

(b)For the year ended December 31, 2023, the amount includes a state tax benefit on the transfer of intellectual property rights amounting to $33,800.

---

| | |
|:---|:---|
| | **Year ended December 31,** |
| | **2025** |
| Foreign (other than Bermuda) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current tax expense | $157710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense (benefit) | $19943 |
| Total income tax expense (benefit) | $177653 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

In accordance with the guidance in effect prior to the Company's adoption of ASU 2023-09, income tax expense (benefit) attributable to income from continuing operations for the years ended December 31, 2023 and 2024 differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income tax expense (benefit) as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** |
| Income before income tax expense (benefit) | $602224 | $676820 |
| Statutory income tax rates | 21% | 21% |
| Computed expected income tax expense | 126467 | 142132 |
| Increase (decrease) in income taxes resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax rate differential | 16455 | 14464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit from tax holiday | (3877) | (4980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign-derived intangible income | (11281) | (20683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expenses | 2932 | 6058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of change in tax rates (Note c) | (36099) | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance (Note d) | (121358) | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized tax benefits | (5563) | (5362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal transfer of intellectual property rights (Note d) | (7835) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State income taxes (Note e) | 9245 | 16445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess tax benefit on share-based compensation | (5274) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 7157 | 9469 |
| Reported income tax expense (benefit) | $(29031) | $163150 |

---

 

(c)The amount shown for the year ended December 31, 2023 includes a benefit of $35,771 resulting from a new income tax enacted in Bermuda on December 27, 2023, the impact of which has been fully offset by a valuation allowance.

(d)For the year ended December 31, 2023, the Company recorded an income tax benefit of $169,945 in connection with an intercompany transfer of certain intellectual property rights from certain non-U.S. subsidiaries to certain wholly-owned US subsidiaries in an effort to better align with the Company's business operations, which is reflected in the rows titled "change in valuation allowance" and "internal transfer of intellectual property rights" in the reconciliation table above.

(e)The amount shown for the year ended December 31, 2023 does not include a state tax benefit on the transfer of intellectual property rights amounting to $33,800.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

In accordance with the guidance prescribed in ASU 2023-09, income tax expense (benefit) attributable to income from continuing operations for the year ended December 31, 2025 differed from the amounts computed by applying the Bermuda statutory income tax rate of 15%, the income tax rate of our country of domicile, to income before income tax expense (benefit) as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** |
| | **Total** | **%** |
| Income before income tax expense | $730147 |  |
| Bermuda statutory income tax rate | 109522 | 15.0% |
| **Bermuda** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | 4644 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nontaxable or Nondeductible items | 1087 | 0.1% |
| **Foreign tax effects** |  |  |
| &nbsp;&nbsp;**India** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of rates different than statutory | 35290 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2687 | 0.4% |
| &nbsp;&nbsp;**United States** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of rates different than statutory | 17367 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible compensation | 6887 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local income taxes | 11389 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign-derived intangible income | (22342) | (3.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (4594) | (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other foreign jurisdictions** | 12506 | 1.8% |
| **Worldwide changes in unrecognized tax benefits** | 3210 | 0.4% |
| **Reported income tax expense** | $**177653** | **24.3%** |

---

The effect of the tax holiday on both basic and diluted earnings per share was $0.02, $0.03 and $0.03, respectively, for the years ended December 31, 2023, 2024 and 2025.

The income taxes paid by jurisdiction, in accordance with the disclosure requirements of ASU 2023-09, for the year ended December 31, 2025, are as follows:

---

| | |
|:---|:---|
| | **Year ended December 31,** |
| | **2025** |
| Foreign: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | $61541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States federal | 29328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other foreign | 40763 |
| Income taxes, net of amounts refunded | $143645 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

The components of the Company's deferred tax balances as of December 31, 2024 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| **Deferred tax assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryforwards | $81563 | $85303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 68218 | 79606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 5209 | 8383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 9697 | 9927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 40707 | 45051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 20801 | 16986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 184623 | 160773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | 6113 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 13361 | 7906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credit carryforwards | 31094 | 30087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 10532 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 11558 | 11315 |
| **Total deferred tax assets** | $**483476** | $**482242** |
| Less: Valuation allowance | (105661) | (110877) |
| **Total deferred tax assets, net of valuation allowance** | $**377815** | $**371365** |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 1751 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of use assets | 34682 | 39465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | 1350 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in foreign subsidiaries not indefinitely reinvested | 11009 | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 1149 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 59762 | 61759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 14544 | 12448 |
| **Total deferred tax liabilities** | $**124247** | $**133657** |
| **Net of deferred tax assets and liabilities** | $**253568** | $**237708** |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| **Classified as** | **2024** | **2025** |
| Deferred tax assets non-current | $269476 | $258789 |
| Deferred tax liabilities non-current | 15908 | 21081 |
|  | $**253568** | $**237708** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

The change in the Company's total valuation allowance for deferred tax assets as of December 31, 2023, 2024 and 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Opening valuation allowance | $222655 | $101438 | $105661 |
| Reduction during the year through continuing operations | (162138) | (3603) | (1266) |
| Addition during the year through continuing operations | 40921 | 7826 | 6482 |
| Net change in valuation allowance | $(121217) | $4223 | $5216 |
| Closing valuation allowance | $101438 | $105661 | $110877 |

---

During the year ended December 31, 2023, the Company completed an intercompany transfer of certain intellectual property rights from certain non-US subsidiaries to certain wholly-owned US subsidiaries in an effort to better align with the Company's business operations. As a result of this transfer, the Company received a step-up in tax basis of the transferred intellectual property assets to their current fair market value under applicable tax law. The determination of fair value involves judgments with respect to future revenue growth, operating margins and discount rates. The step-up in basis will be amortizable against future taxable income and, accordingly, the Company recognized a one-time income tax benefit of $169,945. The Company expects to realize the deferred tax asset recorded as a result of the intellectual property transfer and will periodically assess such realizability. The tax-deductible amortization related to the transferred intellectual property rights will be recognized over a 15-year period.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which temporary differences are deductible. In order to fully realize a deferred tax asset, the Company must generate future taxable income prior to the expiration of the deferred tax asset under applicable law.

Management considers the scheduled reversal of deferred tax liabilities, carryback availability and projected taxable income in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods during which the Company's deferred tax assets are deductible, management believes that it is more likely than not that the Company will realize the benefits of its deductible temporary differences and carry forwards, net of the existing valuation allowances as of December 31, 2025. The amount of the Company's deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced.

For the years ended December 31, 2023, 2024 and 2025, the Company recognized net excess tax benefits on share-based compensation of $5,274, $114 and $985, respectively, in income tax expense attributable to continuing operations.

As of December 31, 2025, the Company's deferred tax assets related to federal and national operating loss carryforwards of $457,111 for all countries amounted to $73,327 (excluding state and local operating loss carryforwards). Federal and national operating loss carryforwards of subsidiaries in Bermuda, France, the United Kingdom, Hong Kong, Mauritius, New Zealand, the United States and Luxembourg (for 2016 and prior years) amounted to $354,237 and can be carried forward for an indefinite period.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

The Company's remaining federal and national operating loss carryforwards expire as set forth in the table below:

---

| | | |
|:---|:---|:---|
| | **Europe** | **Others** |
| **Year ending December 31,** | | |
| 2026 | $610 | $258 |
| 2027 |  | 211 |
| 2028 |  | 49 |
| 2029 | 805 | 64 |
| 2030 | 2762 | 326 |
| 2032 |  | 237 |
| 2034 | 18820 | 69 |
| 2035 | 7357 |  |
| 2036 | 63373 |  |
| 2037 |  | 184 |
| 2041 | 427 |  |
| 2042 | 7322 |  |
|  | $**101476** | $**1398** |

---

In the table above, "Europe" includes federal and national operating loss carryforwards of subsidiaries in Bulgaria, Czech Republic, Slovakia, Poland and Luxembourg, while "Others" includes net operating loss carryforwards of subsidiaries in Argentina, China, Colombia, India, Japan and the Philippines.

As of December 31, 2025, the Company had additional deferred tax assets of $11,976 for state and local operating loss carryforwards of $187,868 in all countries, of which $146,082 will expire in various years from 2026 through 2044. The remaining $41,786 of state and local net operating loss carryforwards can be carried forward for an indefinite period.

As of December 31, 2025, the Company had total United States foreign tax credit carryforwards of $30,087, which will expire as set forth in the table below:

---

| | |
|:---|:---|
| **Year ending December 31,** | **Amount** |
| 2027 | $4676 |
| 2028 | 3217 |
| 2029 | 1833 |
| 2030 | 832 |
| 2031 | 5341 |
| 2032 | 2599 |
| 2033 | 5788 |
| 2034 | 5120 |
| 2035 | 681 |
|  | $**30087** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**22. Income taxes (Continued)**

The Company plans to indefinitely reinvest the subsidiaries' undistributed earnings, except for those earnings for which a deferred tax liability has already been accrued or which can be repatriated in a tax-free manner. Accordingly, with limited exceptions, the Company does not accrue any income, distribution or withholding taxes that would arise if such earnings were repatriated. Due to the Company's changing corporate structure, the various methods that are available to repatriate earnings and uncertainty relative to the applicable taxes at the time of repatriation, it is not practicable to determine the amount of tax that would be imposed upon repatriation. If undistributed earnings are repatriated in the future, or are no longer deemed to be indefinitely reinvested, the Company will accrue the applicable amount of taxes associated with such earnings at that time.

The Company reports its gain (loss) on derivatives designated as cash flow hedges, actuarial gain (loss) on retirement benefits and currency translation adjustment, net of income taxes to the extent applicable, in OCI.

The following table summarizes activities related to our unrecognized tax benefits from January 1 to December 31 for each of 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **2023** | **2024** | **2025** |
| **Opening Balance at January 1** | $25430 | $19236 | $14063 |
| Increase related to prior year tax positions, including recorded in acquisition accounting | 1385 | 27 | 24 |
| Decrease related to prior year tax positions for other reasons | (2405) |  |  |
| Decrease related to prior year tax positions due to lapse of applicable statute of limitation | (4658) | (4149) | (2958) |
| Increase related to current year tax positions | 677 | 256 | 5700 |
| Decrease related to settlements with taxing authorities | (1144) | (967) | (54) |
| Effect of exchange rate changes | (49) | (340) | (223) |
| **Closing Balance at December 31** | $**19236** | $**14063** | $**16552** |

---

As of December 31, 2024 and 2025, the Company had unrecognized tax benefits amounting to $14,036 and $16,552, respectively, which, if recognized, would affect the Company's effective tax rate.

As of December 31, 2024 and 2025, the Company had accrued $3,141 and $3,552, respectively, in interest and $43 and $5, respectively, for penalties relating to income taxes.

During the years ended December 31, 2023, 2024 and 2025, the Company recognized $220, $(1,387) and $395, respectively, in interest expense (income) related to income taxes.

With certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2019. The Company's subsidiaries in India and China are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2019 and January 1, 2016, respectively. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**23. Segment reporting**

The Company's operating segments are significant strategic business units that align its products and services with how it manages its business, approaches key markets and interacts with its clients.

The Company's reportable segments are as follows: (1) Financial Services; (2) Consumer and Healthcare; and (3) High Tech and Manufacturing.

The Company's Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), is presented with operating segment revenue and operating segment adjusted income from operations ("AOI"). The CODM uses both revenue and AOI to review the monthly and quarterly performance of the Company's operating segments. The CODM uses AOI, which is gross margin and G&A expenditures, to assess capacity for investments in each segment, including sales capacity, delivery resources, offerings and solutions, or partnerships. The Company does not allocate, and therefore the CODM does not evaluate, stock-based compensation expenses, amortization of acquired intangible assets, unallocated corporate expenses, foreign exchange gain/(loss), interest income/(expense), restructuring (expense)/income, acquisition related expenses, gains/(losses) from businesses held for sale, other income/(expense), or income taxes by segment. Unallocated corporate expenses primarily represent the impact of certain under or over-absorption of overhead, write-downs of property, plant and equipment and right-of-use assets, and allowances for credit losses, which are not allocated to the Company's segments for management's internal reporting purposes. The Company's operating assets and liabilities pertain to multiple segments. The Company manages assets and liabilities on a total company basis, not by operating segment, and therefore asset and liability information and capital expenditures by operating segment are not presented to the CODM and are not reviewed by the CODM.

The Company adopted ASU No. 2023-07, "Segment Reporting" (Topic 280), during the year ended December 31, 2024 and has provided the additional segment related information as required by ASU 2023-07 for the years ended December 31, 2023, 2024 and 2025. The Company has identified cost of revenue as the significant segment expense which is provided to the CODM on a regular basis. The Company has also provided information related to other segment items.

Revenues, cost of revenue, other segment items and AOI for each of the Company's segments in the year ended December 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net revenues** | **Cost of Revenue** | **Other segment items\*** | **AOI** |
| Financial Services | $1225375 | $788121 | $243899 | $193355 |
| Consumer and Healthcare | 1570719 | 1037755 | 290507 | 242457 |
| High Tech and Manufacturing | 1680794 | 1080347 | 302538 | 297909 |
| **Net revenues** | $**4476888** |  |  |  |
| Business held for sale (refer to Note (a) below) | (490) | (1265) | (426) | 1201 |
| **Net revenues (excluding business held for sale - refer to Note (a) below)** | $**4476398** |  |  |  |
| Unallocated corporate expenses |  |  | (28016) | 28016 |
| Stock-based compensation |  |  |  | (88576) |
| Amortization of acquired intangible assets |  |  |  | (31348) |
| Foreign exchange gains, net |  |  |  | 4274 |
| Interest income (expense), net |  |  |  | (47935) |
| Restructuring (expense) / income (refer to Note (b) below and Note 26) |  |  |  | 4874 |
| Operating loss from the business classified as held for sale (refer to Note (a) below) |  |  |  | (1201) |
| Loss on the sale of business classified as held for sale (refer to Note (a) below) |  |  |  | (802) |
| Income tax benefit |  |  |  | 29031 |
| **Net income** |  |  |  | $**631255** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**23. Segment reporting (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In 2022, the Company's management approved a plan to divest a business that comprised part of the Company's Consumer and Healthcare segment. The revenues and associated losses attributable to this business have been excluded from the computation of AOI margin as management believes that excluding these items provides useful information about the Company's financial performance and underlying business trends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company does not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are included in the Company's segment reporting as "unallocated costs."

\*Other segment items primarily includes selling, general and administrative expenses, other operating (income) expense, net and other income (expense), net. It excludes stock-based compensation expenses, restructuring (expense)/income and loss on the sale of business classified as held for sale.

Revenues, cost of revenue, other segment items and AOI for each of the Company's segments in the year ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net revenues** | **Cost of Revenue** | **Other segment items\*** | **AOI** |
| Financial Services | $1288852 | $822575 | $250366 | $215911 |
| Consumer and Healthcare | 1692707 | 1099482 | 300079 | 293146 |
| High Tech and Manufacturing | 1785580 | 1155016 | 311152 | 319412 |
| **Net revenues** | $**4767139** |  |  |  |
| Unallocated corporate expenses |  |  | 14533 | (14533) |
| Stock-based compensation |  |  |  | (66383) |
| Amortization of acquired intangible assets |  |  |  | (26456) |
| Foreign exchange gains, net |  |  |  | 2937 |
| Interest income (expense), net |  |  |  | (47214) |
| Income tax expense |  |  |  | (163150) |
| **Net income** |  |  |  | $**513670** |

---

\*Other segment items primarily includes selling, general and administrative expenses (excluding stock-based compensation expenses), other operating (income) expense, net and other income (expense), net.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**23. Segment reporting (Continued)**

Revenues, cost of revenue, other segment items and AOI for each of the Company's segments in the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net revenues** | **Cost of Revenue** | **Other segment items\*** | **AOI** |
| Financial Services | $1356834 | 855647 | 257028 | 244159 |
| Consumer and Healthcare | 1724666 | 1119139 | 310434 | 295093 |
| High Tech and Manufacturing | 1998379 | 1274081 | 354096 | 370202 |
| **Net revenues** | $**5079879** |  |  |  |
| Unallocated corporate expenses |  |  | 21886 | (21886) |
| Stock-based compensation |  |  |  | (89616) |
| Amortization of acquired intangible assets |  |  |  | (24288) |
| Foreign exchange gains, net |  |  |  | 7390 |
| Interest income (expense), net |  |  |  | (49597) |
| Acquisition-related expenses |  |  |  | (1310) |
| Income tax expense |  |  |  | (177653) |
| **Net income** |  |  |  | $**552494** |

---

\*Other segment items primarily includes selling, general and administrative expenses (excluding stock-based compensation expenses), other operating (income) expense, net and other income (expense), net.

No single customer accounted for more than 10% of the Company's consolidated net revenues in 2023, 2024 or 2025.

Net revenues from geographic areas based on the location of the Company's service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients' premises outside of India by business units or personnel normally based in India.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| India | $2320853 | $2761552 | $2982991 |
| Asia, other than India | 643096 | 700259 | 788059 |
| North and Latin America | 979946 | 683407 | 730435 |
| Europe | 532993 | 621921 | 578395 |
| **Total net revenues** | $**4476888** | $**4767139** | $**5079879** |

---

Property, plant and equipment, net by geographic region are as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2024** | **2025** |
| India | $143172 | $134222 |
| Asia, other than India | 21524 | 25824 |
| North and Latin America | 19584 | 21981 |
| Europe | 23663 | 8421 |
| **Total** | $**207943** | $**190448** |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**24. 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,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Data-Tech-AI | $2089463 | $2233872 | $2442380 |
| Digital Operations | 2387425 | 2533267 | 2637499 |
| **Net revenues** | $**4476888** | $**4767139** | $**5079879** |

---

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,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2024** | **2025** |
| Advanced Technology Solutions | $984713 | $1029134 | $1204117 |
| Core Business Services | $3492175 | $3738006 | $3875762 |
| **Net revenues** | $**4476888** | $**4767139** | $**5079879** |

---

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.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**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,** | **As of December 31,** |
| | **2024** | **2025** |
| Contract assets (Note a) | $48980 | $64811 |
| Contract liabilities (Note b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred transition revenue | $106769 | $90607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance from customers | $45420 | $159584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 | $250191 | $203128 | $36080 | $10364 | $619 |

---

The following table provides details of the Company's contract cost assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Particulars** | **Sales incentive programs** | **Transition activities** | **Sales incentive programs** | **Transition activities** |
| Opening balance | $41964 | $160579 | $41348 | $159552 |
| Closing balance | 41348 | 159552 | 34556 | 162863 |
| Amortization | 29179 | 75477 | 27051 | 80014 |

---

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**25. Commitments and contingencies**

*Capital commitments*

As of December 31, 2024 and 2025, the Company has committed to spend $25,309 and $16,542, respectively, under agreements to purchase property, plant and equipment. This amount is net of capital advances paid in respect of such purchases.

*Bank guarantees*

The Company has outstanding bank guarantees and letters of credit amounting to $10,014 and $9,245 as of December 31, 2024 and 2025, respectively. Bank guarantees are generally provided to government agencies or for leases. These guarantees may be revoked if the beneficiary suffers any losses or damages through the breach of any of the covenants contained in the agreements governing such guarantees.

*Other commitments*

Certain units of the Company's Indian subsidiaries are established as Software Technology Parks of India units or Special Economic Zone ("SEZ") units under the relevant regulations issued by the Government of India. These units are exempt from customs and other duties on imported and indigenous capital goods, stores and spares. SEZ units are also exempt from the Indian Goods and Services Tax that was introduced in India in 2017. The Company has undertaken to pay taxes and duties, if any, in respect of capital goods, stores, spares and services consumed duty-free, in the event that certain terms and conditions are not fulfilled.

*Contingency*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In February 2019, there was a judicial pronouncement in India with respect to defined contribution benefit payments interpreting certain statutory defined contribution obligations of employees and employers. If applied retrospectively, the interpretation would result in an increase in contributions payable by the Company for past periods for certain of its India-based employees. Due to a lack of interpretive guidance and based on legal advice the Company has obtained on the matter, it is currently impracticable to reliably estimate the timing and amount of any payments the Company may be required to make. Accordingly, the Company will await further clarity to evaluate the amount of a potential provision, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indian taxing authorities ("ITA") have issued assessment orders to certain subsidiaries of the Company seeking to assess income tax on certain transactions that occurred in 2015. The Company has received demands for potential tax claims related to these orders in an aggregate amount of $98,093, including interest through the date of the orders. This amount excludes penalties or interest accrued since the date of the orders. The Company is pursuing appeals before the relevant appellate authorities in respect of these orders. Further, in respect of a 2015 transaction, the ITA has attempted to revise a previously closed assessment. In 2022, the Income Tax Appellate Tribunal of India (the "Tribunal") ruled in favor of the Company denying the ITA's ability to revise the assessment, and the ITA appealed this ruling before the Delhi High Court. In January 2023, notwithstanding the Tribunal's decision in the Company's favor, the ITA issued a revised assessment order to the Company, and in March 2023, this assessment order was struck down by the Tribunal. The ITA then filed an appeal to the Delhi High Court challenging the decision of the Tribunal. In December 2024, the Delhi High Court dismissed the ITA's appeal of the Tribunal's order, upholding the Company's position. Although the ITA has filed to appeal this decision to the Supreme Court of India, the Company believes that it is more likely than not that the Company's position will ultimately prevail in respect of these transactions. Accordingly, no unrecognized tax benefit has been provided with respect to this matter as of December 31, 2025.

**26. Restructuring**

In 2023, the Company successfully terminated a lease agreement involving leased premises that were abandoned as part of the 2022 restructuring. Accordingly, effective upon the lease termination date, the Company recorded a gain in other operating (income) expense of $4,874 in 2023. There was no restructuring charge or income in 2024 and 2025.

------

**GENPACT LIMITED AND ITS SUBSIDIARIES**

**Notes to the Consolidated Financial Statements**

**(In thousands, except per share data and share count)**

**27. Subsequent Events**

*Dividend*

In February 2026, the Company announced that its board of directors approved a 10% increase in its quarterly cash dividend, representing a planned annual dividend of $0.75 per common share in 2026, increased from $0.68 per common share in 2025. The board of directors also declared a dividend for the first quarter of 2026 of $0.1875 per common share, which will be paid on March 31, 2026 to shareholders of record as of the close of business on March 16, 2026. The declaration of any future dividends will be at the discretion of the board of directors and subject to Bermuda and other applicable laws.

*Share Repurchase*

Pursuant to its share repurchase program, the Company repurchased 1,204,744 of its common shares on the open market between January 1, 2026 and February 25, 2026 at a weighted average price of $38.15 per share for an aggregate cash amount of $45,960.

## Exhibit 21.1

**Exhibit 21.1**

<u>Subsidiaries of the Registrant:</u>

---

| | |
|:---|:---|
| **Name:** | **Jurisdiction of** <br>**Incorporation:** |
| XponentL Data Albania sh.p.k. | Albania |
| Genpact Argentina S.R.L. | Argentina |
| Genpact Australia Pty Ltd. | Australia |
| Headstrong (Australia) Pty Ltd. | Australia |
| Genpact Global (Bermuda) Limited | Bermuda |
| Genpact Global Holdings (Bermuda) Limited | Bermuda |
| Genpact Brasil Gestão de Processos Operacionais Ltda. | Brazil |
| Genpact Bulgaria EOOD | Republic of Bulgaria |
| Genpact Canada Services Company | Canada |
| Headstrong Canada Company | Canada |
| Genpact (Dalian) Co. Ltd. | China |
| Genpact (Foshan) Information & Technology Service Co., Ltd. | China |
| Genpact (Suzhou) Information & Technology Service Co., Ltd. | China |
| Genpact Colombia S.A.S. | Colombia |
| Genpact International Services Costa Rica, S.R.L. | Costa Rica |
| Genpact Czech s.r.o. | Czech Republic |
| Genpact Egypt LLC | Egypt |
| Genpact Administraciones-Guatemala, S.A. | Guatemala |
| Lean Digital Services Guatemala, S.A. | Guatemala |
| Servicios Internacionales De Atencion Al Cliente, Limitada | Guatemala |
| Genpact Deutschland GmbH | Germany |
| Headstrong (Hong Kong) Ltd. | Hong Kong |
| Genpact Services Hungary Kft | Hungary |
| Enquero Global LLP | India |
| Genpact Enterprise Risk Consulting LLP | India |
| Genpact Global (IFSC) Private Limited | India |
| Genpact India Private Limited | India |
| Genpact Mobility Services (I) Pvt. Ltd. | India |
| Headstrong Services India Pvt. Ltd. | India |
| RAGE Frameworks India Pvt. Ltd. | India |
| Rightpoint India Digital Private Limited | India |
| Genpact Ireland Private Limited | Ireland |
| Genpact DS Israel Ltd | Israel |
| Genpact Consulting K.K. | Japan |
| Genpact Japan Business Services K.K. | Japan |
| Genpact Japan K.K. | Japan |
| Genpact Japan Smart Command Center K.K. | Japan |
| Genpact Kenya Limited | Kenya |

---

------

---

| | |
|:---|:---|
| eXponent Data L.L.C. | Kosovo |
| Genpact Luxembourg S.à r.l. | Luxembourg |
| Genpact Luxembourg S.à r.l. II | Luxembourg |
| Genpact Investment Luxembourg S.à r.l. | Luxembourg |
| Genpact Malaysia Sdn Bhd | Malaysia |
| Genpact China Investments | Mauritius |
| Genpact India Holdings | Mauritius |
| Genpact Mauritius | Mauritius |
| EDM S. de R.L. de C.V. | Mexico |
| Genpact Morocco S.à r.l. | Morocco |
| Genpact Morocco Training S.à r.l. | Morocco |
| Genpact NL B.V. | Netherlands |
| Genpact New Zealand Limited | New Zealand |
| Genpact Norway A.S. | Norway |
| Headstrong Philippines, Inc. | Philippines |
| Genpact PL sp. z.o.o. | Poland |
| Genpact Poland sp. z.o.o. | Poland |
| Genpact Services Poland sp. z.o.o. | Poland |
| Genpact Portugal, SOC Unipessoal LDA | Portugal |
| Genpact Romania SRL | Romania |
| Genpact Singapore Pte. Ltd. | Singapore |
| Genpact Consulting (Singapore) Pte. Ltd. | Singapore |
| Genpact Slovakia s.r.o. | Slovakia |
| Genpact South Africa (Proprietary) Limited | South Africa |
| Genpact Strategy Consultants S.L. | Spain |
| Genpact Consulting Services (Thailand) Co. Ltd. | Thailand |
| Genpact Turkey İş ve Finansal Danışmanlık Hizmetleri Limited Şirketi | Turkey |
| Genpact (UK) Limited | United Kingdom |
| Genpact UK Finco plc | United Kingdom |
| Genpact UK Issuer Limited | United Kingdom |
| Genpact WM UK Limited | United Kingdom |
| Headstrong (UK) Limited | United Kingdom |
| Headstrong Worldwide Ltd | United Kingdom |
| Pharmalink Consulting Operations Ltd | United Kingdom |
| PNMSoft UK Limited | United Kingdom |
| Akritiv Technologies, Inc. | United States |
| BrightClaim Blocker, Inc. | United States |
| BrightClaim, LLC | United States |
| BrightServe, LLC | United States |
| Endeavour Software Technologies Inc. | United States |
| Enquero Inc | United States |
| Genpact (Mexico) I LLC | United States |

---

------

---

| | |
|:---|:---|
| Genpact (Mexico) II LLC | United States |
| Genpact Collections LLC | United States |
| Genpact CL, Inc. | United States |
| Genpact Insurance Administration Services Inc. | United States |
| Genpact LH LLC | United States |
| Genpact LLC | United States |
| Genpact Management Consultants, LLC | United States |
| Genpact NH, Inc. | United States |
| Genpact Onsite Services, Inc. | United States |
| Genpact RW Services, Inc. | United States |
| Genpact SCM, LLC | United States |
| Genpact Services LLC | United States |
| Genpact Solutions, Inc. | United States |
| Genpact USA, Inc. | United States |
| Genpact US Services, LLC | United States |
| Genpact WB LLC | United States |
| Genpact XH, Inc. | United States |
| GP Insurance Company, Inc. | United States |
| Headstrong Corporation | United States |
| Headstrong Services LLC | United States |
| Hoodoo Digital, LLC | United States |
| Jawood Business Process Solutions, LLC | United States |
| LeaseDimensions, Inc. | United States |
| National Vendor, LLC | United States |
| Oasis Technology Partners, LLC | United States |
| Pharmalink Consulting Inc. | United States |
| PNMSoft USA Inc. | United States |
| RAGE Frameworks, Inc. | United States |
| Rightpoint Consulting, LLC | United States |
| riskCanvas Holdings LLC | United States |
| SPC RP Investor, LLC | United States |
| Techspan Holdings, Inc. | United States |
| TS Mergerco, Inc. | United States |
| XponentL Data, Inc. | United States |
| Genpact Consulting (Vietnam) Company Limited | Vietnam |

---

## Exhibit 22.1

**Exhibit 22.1**

**List of Issuers and Guarantor Subsidiaries** 

This table sets forth the issuers and guarantors of the notes issued by Genpact Limited and its subsidiaries and the jurisdiction of incorporation or organization for each such entity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Jurisdiction of Incorporation or Organization** | **1.750% Senior Notes due 2026** | **6.000% Senior Notes due 2029** | **4.950% Senior Notes due 2030** |
| Genpact Limited | Bermuda | Guarantor | Guarantor | Guarantor |
| Genpact Luxembourg S.à r.l. | Luxembourg | Issuer | Issuer | Guarantor |
| Genpact USA, Inc. | Delaware, U.S. | Issuer | Issuer | Issuer |
| Genpact UK Finco plc | UK | Guarantor | Guarantor | Issuer |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (No.333-291491) on Form S-3 and (No. 333-265116) on Form S-8 of our reports dated February 26, 2026, with respect to the consolidated financial statements of Genpact Limited and subsidiaries, and the effectiveness of internal control over financial reporting.

/s/KPMG Assurance and Consulting Services LLP

Mumbai, Maharashtra, India<br>

February 26, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CHIEF EXECUTIVE OFFICER CERTIFICATION**

I, Balkrishan Kalra, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Genpact Limited for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 26, 2026

---

| |
|:---|
| /s/&nbsp;&nbsp;&nbsp;&nbsp;Balkrishan Kalra |
| Balkrishan Kalra |
| *Chief Executive Officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CHIEF FINANCIAL OFFICER CERTIFICATION**

I, Michael Weiner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Genpact Limited for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 26, 2026

---

| |
|:---|
| /s/ Michael Weiner |
| Michael Weiner |
| *Chief Financial Officer* |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of the Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Genpact Limited (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Balkrishan Kalra, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2026

---

| |
|:---|
| /s/ Balkrishan Kalra |
| Balkrishan Kalra |
| *Chief Executive Officer* |
| *Genpact Limited* |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of the Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of Genpact Limited (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Weiner, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2026

---

| |
|:---|
| /s/ Michael Weiner |
| Michael Weiner |
| *Chief Financial Officer* |
| *Genpact Limited* |

---

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