IBEX Limited (IBEX) Earnings
IBEX has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +9.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.85 | $0.91 | +6.4% | $164M | +4.7% |
| Feb 5, 2026 | $0.85 | $0.87 | +1.8% | $164M | +5.4% |
| Nov 6, 2025 | $0.81 | $0.90 | +11.1% | $151M | -2.8% |
| Sep 11, 2025 | $0.73 | $0.87 | +18.4% | $147M | +1.7% |
| May 8, 2025 | $0.73 | $0.82 | +12.3% | $141M | +5.9% |
| Feb 6, 2025 | $0.49 | $0.59 | +20.4% | $141M | +4.5% |
| Nov 7, 2024 | $0.48 | $0.52 | +8.3% | $130M | +3.6% |
| Sep 12, 2024 | $0.53 | $0.58 | +9.4% | $125M | +1.9% |
| May 9, 2024 | $0.52 | $0.70 | +34.6% | $127M | +3.7% |
| Feb 8, 2024 | $0.50 | $0.44 | -12.0% | $133M | +5.0% |
| Nov 9, 2023 | $0.36 | $0.40 | +11.1% | $125M | +0.6% |
| Sep 13, 2023 | $0.49 | $0.33 | -32.7% | $124M | -1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strong third quarter results with record revenue growth (17% to $164.4M) and adjusted EPS growth (11% to $0.91), fifth straight quarter of double-digit revenue growth. - Key pillars of growth: new wins with key logos and market share gains with existing clients. Over last five quarters, growth within top 10 clients averaged >25%. 100% client retention for the quarter and 99.9% revenue retention for the year. - Won 11 new logos year to date. Health tech vertical grew nearly 54%, will exceed $100M business by end of FY2026. - Landmark strategic partnership with Sierra AI to integrate AI technology with CX expertise, etc., enabling scalable end-to-end AI-powered CX solutions. Early wins and strong pipeline in AI. - AI is an opportunity for differentiated providers like IBEX, as clients seek partners beyond labor arbitrage. IBEX's land and expand flywheel and partnership with Sierra set it apart.
Guidance
- Raising revenue guidance for the year to $638 - $642 million from $620 - $630 million. - Raising adjusted EBITDA guidance to $82 - $84 million from $80 - $82 million. - Capital expenditures guidance raised to $25 - $30 million from $20 - $25 million due to ongoing investment to meet increased demand in higher margin regions.
Segment performance
Third quarter revenue was $164.4 million, an increase of 16.8% from $140.7 million in the prior year quarter. Revenue growth was driven predominantly by broad-based growth in high-margin verticals. Health tech grew 53.7%, technology 42.6%, travel, transportation, and logistics 15.1%, retail and e-commerce 8.3%, partially offset by a decline in telecommunications at 23.1%. Onshore region grew 36.8%, offshore 13.9%, nearshore 3.7%. Offshore revenue comprises 50% of total revenue, onshore 27.9%. Higher margin digital and omnichannel services grew 18% to 82% of total revenue. Third quarter net income increased to $13.3 million. Adjusted EBITDA increased to $22 million. Client diversification is strong with top 25 clients well-diversified. Health tech grew 54% to 20.8% of revenue, technology 43% to 9.2%, other vertical 27% to 14%, telecommunications 8.6%, fintech 5% to 9.7%, retail and e-commerce 8.3% to 23.9%, travel, transportation, and logistics 15% to 13.8%.
Analyst Q&A
Q: Congrats on another good quarter, wanted to kick off with the new AI partnership, questions on model, how to decide between using own or Sierra's AI solutions, and rev share and cannibalization.
A: IBEX built internally focused elements in Wave IX stack. Partnered with Sierra as leading AI player. Contracts are IBEX contracts, costs negotiated with Sierra, accretive to BPO margins. Cannibalization may occur but models show accretive for revenue.
Q: On health, 54% growth, how much new clients vs existing clients growing, and lumpy revenue.
A: 54% growth is combination of new logos (six meaningful ones in healthcare over last two years) and taking market share from existing large clients. Revenue is sustainable and repeatable, no one-time nature