IBEX Reports Record Fiscal Year 2026 Financial Results, Introduces Fiscal Year 2027 Guidance

• Record fourth quarter revenue grew 12% versus prior year quarter, sixth consecutive quarter of double-digit growth
• Nine new logo wins in the fourth quarter, including two strategic AI Agent wins
• Strong operating cash flow of $24.8 million and free cash flow of $21.7 million in the fourth quarter
• Record full-year revenue, net income, adjusted net income, adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow
• Full-year revenue grew over 15% versus prior year; full-year diluted EPS grew 33% to $3.13, full-year adjusted EPS grew 28% to $3.52
• Introduces fiscal year and first quarter 2027 guidance, forecasting continued strong revenue and adjusted EBITDA growth
  
  

WASHINGTON, Sept. 10, 2026 (GLOBE NEWSWIRE) -- IBEX Limited (“ibex”) (Nasdaq: IBEX), a global leader in outsourced business services and AI-powered customer experience solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2026.

 Three months ended June 30, Twelve months ended June 30,($ millions, except per share amounts)2026
 2025
 Change 2026
 2025
 ChangeRevenue(2)$164.3  $147.1  11.6% $644.1  $558.3  15.4%Net income(2)$8.7  $9.6  (8.8)% $46.3  $36.9  25.7%Net income margin(2) 5.3%  6.5% (120) bps  7.2%  6.6% 60 bpsAdjusted net income(1)$12.7  $12.6  0.8% $52.2  $43.0  21.3%Adjusted net income margin(1) 7.7%  8.5% (80) bps  8.1%  7.7% 40 bpsAdjusted EBITDA(1, 2)$20.2  $20.5  (1.3)% $82.4  $72.0  14.5%Adjusted EBITDA margin(1) 12.3%  13.9% (160) bps  12.8%  12.9% (10) bpsEarnings per share - diluted(1,2)$0.59  $0.66  (11.3   )% $3.13  $2.36  32.8%Adjusted earnings per share - diluted(1,2)$0.85  $0.87  (1.9)% $3.52  $2.75  28.3%            (1) See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.(2) The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. 

“ibex delivered another record-breaking quarter with revenue growth of 12% to $164.3 million, our sixth straight double-digit growth quarter, capping off an amazing year with top-line organic growth of over 15%, and adjusted EPS growth of over 28%,” said Bob Dechant, ibex CEO. “Our differentiation continues to shine, enabling us to win new trophy clients and outperform our competition operationally which leads to significant market share gains.”

“Fiscal 2026 also marked a transformational step forward as ibex defined a new era of BPO, one powered by AI agents. Our strategic partnership with Sierra, a leader in conversational AI, has firmly strengthened our leadership position in this evolving market. To date, we have delivered more than 10 successful AI Agent implementations across five verticals. Momentum continues to build for these solutions, further separating us from traditional BPO providers.”

Fourth Quarter Financial Performance
Revenue

• Revenue of $164.3 million, an increase of 11.6% from $147.1 million in the prior year quarter, was driven by strong performance across four verticals: HealthTech (+42.3%), Technology (+27.4%), Travel, Transportation and Logistics (+17.8%), and Retail & E-Commerce (+7.0%), with accelerating growth in our Wave iX solutions.
  
  

Net Income and Earnings Per Share

• Net income of $8.7 million decreased from $9.6 million in the prior year quarter.
• Diluted earnings per share decreased to $0.59 compared to $0.66 in the prior year quarter.
• Net income margin decreased to 5.3% compared to 6.5% in the prior year primarily driven by training costs related to new client wins and the temporary impact of work transferring from nearshore to offshore delivery centers.
• Non-GAAP adjusted net income remained relatively consistent at $12.7 million when compared to the prior year quarter (see Exhibit 1 for reconciliation).
• Non-GAAP adjusted diluted earnings per share was $0.85 compared to $0.87 in the prior year quarter (see Exhibit 1 for reconciliation). 
  
  

Adjusted EBITDA

• Adjusted EBITDA was $20.2 million compared to $20.5 million in the prior year quarter (see Exhibit 2 for reconciliation).
• Adjusted EBITDA margin decreased to 12.3% compared to 13.9% in the prior year quarter (see Exhibit 2 for reconciliation).
  
  

Fiscal Year 2026 Financial Performance
Revenue

• Revenue of $644.1 million, an increase of 15.4% from $558.3 million in the prior year, was driven by broad-based growth across four verticals: HealthTech (+38.5%), Technology (+25.6%) Travel, Transportation and Logistics (+17.2%), and Retail & E-commerce (+14.1%), with growth in our Wave iX solutions and digital acquisition business.

Net Income and Earnings Per Share

• Net income increased to $46.3 million compared to $36.9 million in the prior year. Net income was favorably impacted by revenue growth in our higher margin offshore regions as well as lower selling, general, and administrative and income tax expenses as a percentage of revenue compared to the prior year.
• Diluted earnings per share increased to $3.13 compared to $2.36 in the prior year.
• Net income margin increased to 7.2% compared to 6.6% in the prior year.
• Non-GAAP adjusted net income increased to $52.2 million compared to $43.0 million in the prior year (see Exhibit 1 for reconciliation).
• Non-GAAP adjusted diluted earnings per share increased to $3.52 compared to $2.75 in the prior year (see Exhibit 1 for reconciliation).
  
  

Adjusted EBITDA

• Adjusted EBITDA increased to $82.4 million compared to $72.0 million in the prior year (see Exhibit 2 for reconciliation).
• Adjusted EBITDA margin remained relatively consistent at 12.8% when compared to the prior year (see Exhibit 2 for reconciliation). 
  
  

Cash Flow and Balance Sheet

• Capital expenditures were $27.8 million compared to $18.4 million in the prior year. The planned increase in capital expenditures during the year was driven by expansions in our offshore regions and purchases of IT and telecommunications equipment to support the Company’s continued growth.
• Cash flow from annual operating activities increased to a record of $59.0 million compared to $45.7 million in the prior year. The increase was primarily driven by an increase in revenue and profit, offset by a higher use of working capital.
• Free cash flow of $21.7 million for the fourth quarter contributed to record annual free cash flow of $31.2 million, up from $27.3 million in the prior year (see Exhibit 3 for reconciliation).
• Net cash was $30.9 million, an improvement of $17.2 million compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation).
• Repurchased 0.1 million shares in the fourth quarter for $4.3 million at an average price of $29.83. Repurchased approximately 0.5 million shares for $14.4 million at an average price of $31.70 during fiscal year 2026.
  
  

Fiscal Year and First Quarter Fiscal 2027 Business Outlook
“Fiscal 2026 was a banner year that included record performance across many key operating metrics, including revenue, adjusted EBITDA, EPS, and free cash flow. Our financial results were driven by consistent performance throughout the year, supported by our differentiated strategy and increased traction in our AI-enabled solution offerings. Looking ahead, this momentum gives us confidence that our strategy will continue generating results that outpace our market as we head to fiscal year 2027,” said Taylor Greenwald, CFO of ibex.

“Forecasting the year ahead, our healthy balance sheet and cash flows are enabling us to continue to make smart investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our current position and forward momentum, we are providing initial first quarter and fiscal year 2027 revenue and adjusted EBITDA guidance.”

Fiscal Year and First Quarter Fiscal 2027 Guidance

• For fiscal year 2027, revenue is expected to be in the range of $700 to $715 million for 9-11% growth. Adjusted EBITDA is expected to be in the range of $90 to $94 million for 9-14% growth.
• For first quarter fiscal year 2027, revenue is expected to be in the range of $168 to $170 million for 11-12% growth. Adjusted EBITDA is expected to be in the range of $22 to $23 million for 13-18% growth.
• Capital expenditures for the year are expected to be in the range of $25 to $30 million.
  
  

Conference Call and Webcast Information
IBEX Limited will host a conference call and live webcast to discuss its fourth quarter and fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, September 10, 2026. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

Live and archived webcasts can be accessed at: https://investors.ibex.co/.

Non-GAAP Financial Measures
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

About ibex
ibex is a global leader in outsourced business services and AI-powered customer experience solutions, enabling the world’s best brands to deliver truly differentiated experiences for their customers. Leveraging a global team of approximately 35,000 human CX experts – powered by the best AI technology, decades of CX innovation, and deep business insights – ibex engineers seamless, end-to-end customer journeys from AI agents to human agents at scale across retail, e-commerce, healthcare, fintech, utilities, technology, logistics, and more. Discover more at ibex.co and connect with us on LinkedIn.

Forward Looking Statements
In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “forecast,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; our access to financing to support our operations and growth; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; our ability to compete effectively in our industry; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, and foreign exchange fluctuations; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

IR Contact:  [email protected]
Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, [email protected]

 IBEX LIMITED AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(in thousands)  June 30,
2026 June 30,
2025Assets   Current assets   Cash and cash equivalents$32,566  $15,350 Accounts receivable, net 125,292   117,136 Prepaid expenses 15,205   9,443 Due from related parties —   40 Tax advances and receivables 4,226   1,522 Other current assets 2,348   2,128 Total current assets 179,637   145,619     Non-current assets   Property and equipment, net 40,725   32,563 Operating lease assets 55,496   62,276 Goodwill 11,832   11,832 Deferred tax asset, net 7,170   7,163 Other non-current assets 14,275   13,762 Total non-current assets 129,498   127,596 Total assets$309,135  $273,215     Liabilities and stockholders' equity   Current liabilities   Accounts payable and accrued liabilities$22,996  $18,692 Accrued payroll and employee-related liabilities 40,914   38,588 Current deferred revenue 6,384   5,498 Current operating lease liabilities 13,936   14,332 Current debt 882   823 Due to related parties —   22 Income taxes payable 427   1,986 Total current liabilities 85,539   79,941     Non-current liabilities   Non-current deferred revenue 2,075   1,130 Non-current operating lease liabilities 46,849   53,804 Long-term debt 777   796 Other non-current liabilities 3,665   3,235 Total non-current liabilities 53,366   58,965 Total liabilities 138,905   138,906     Stockholders' equity   Common shares 2   1 Treasury shares (117,703)  (103,338)Additional paid-in capital 227,346   218,241 Accumulated other comprehensive loss (11,487)  (6,336)Retained earnings 72,072   25,741 Total stockholders' equity 170,230   134,309 Total liabilities and stockholders' equity$309,135  $273,215 

 IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except per share data)  Three months ended June 30, Twelve months ended June 30,  2026   2025   2026   2025 Revenue$164,269  $147,138  $644,076  $558,273         Cost of services (exclusive of depreciation and amortization presented separately below) 117,349   100,872   456,169   385,692 Selling, general and administrative 31,474   29,756   113,021   108,738 Depreciation and amortization 5,624   4,248   19,922   17,232 Total operating expenses 154,447   134,876   589,112   511,662 Income from operations 9,822   12,262   54,964   46,611         Interest income 115   29   266   955 Interest expense (222)  (448)  (936)  (1,634)Income before income taxes 9,715   11,843   54,294   45,932         Provision for income tax expense (968)  (2,247)  (7,963)  (9,068)Net income$8,747  $9,596  $46,331  $36,864         Other comprehensive income / (loss)       Foreign currency translation adjustments$(436) $263  $(3,140) $1,114 Unrealized gain / (loss) on cash flow hedging instruments, net of tax 1,748   204   (2,535)  775 Actuarial gain / (loss) on defined benefit plan 524   (312)  524   (312)Total other comprehensive income / (loss) 1,836   155   (5,151)  1,577 Total comprehensive income$10,583  $9,751  $41,180  $38,441         Net income per share       Basic$0.65  $0.72  $3.45  $2.51 Diluted$0.59  $0.66  $3.13  $2.36         Weighted average common shares outstanding       Basic 13,372   13,380   13,414   14,678 Diluted 14,892   14,491   14,808   15,725 

 IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)  Three months ended June 30, Twelve months ended June 30,  2026   2025   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES       Net income$8,747  $9,596  $46,331  $36,864 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization 5,624   4,248   19,922   17,232 Noncash lease expense 3,592   3,358   13,911   13,378 Noncash gain on lease terminations (85)  —   (85)  — Deferred income tax 782   (1,168)  (8)  (2,877)Stock-based compensation expense 3,285   1,926   7,737   5,432 Allowance of expected credit losses 114   86   427   514 Impairment losses 1,092   1,429   1,092   1,429 Change in assets and liabilities:       Decrease / (increase) in accounts receivable 3,695   2,788   (8,659)  (19,262)(Increase) / decrease in prepaid expenses and other current assets (983)  (31)  (11,356)  361 Increase in accounts payable and accrued liabilities 3,051   9,290   2,506   6,248 (Decrease) / increase in deferred revenue (204)  (451)  1,830   752 Decrease in operating lease liabilities (3,887)  (3,134)  (14,647)  (14,403)Net cash inflow from operating activities 24,823   27,937   59,001   45,668         CASH FLOWS FROM INVESTING ACTIVITIES       Purchase of property and equipment (3,163)  (5,159)  (27,807)  (18,375)Net cash outflow from investing activities (3,163)  (5,159)  (27,807)  (18,375)        CASH FLOWS FROM FINANCING ACTIVITIES       Proceeds from line of credit 3,000   13,400   38,600   82,710 Repayments of line of credit (3,000)  (32,500)  (38,600)  (82,710)Proceeds from the exercise of options 195   773   4,009   4,307 Taxes paid related to net share settlement of equity awards (36)  —   (2,338)  — Principal payments on finance leases (383)  (314)  (1,216)  (953)Purchase of treasury shares (4,249)  (1,593)  (14,382)  (78,014)Net cash outflow from financing activities (4,473)  (20,234)  (13,927)  (74,660)Effects of exchange rate difference on cash and cash equivalents (30)  (171)  (51)  (3)Net increase / (decrease) in cash and cash equivalents 17,157   2,373   17,216   (47,370)Cash and cash equivalents, beginning 15,409   12,977   15,350   62,720 Cash and cash equivalents, ending$32,566  $15,350  $32,566  $15,350 

IBEX LIMITED AND SUBSIDIARIES
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

 Three months ended June 30, Twelve months ended June 30,($000s, except per share amounts)2026 2025 2026 2025Net income$8,747  $9,596  $46,331  $36,864 Net income margin 5.3%  6.5%  7.2%  6.6%        Severance costs 267   558   1,240   558 Impairment losses 1,092   1,429   1,092   1,429 Gain on asset disposals (150)  —   (150)  — Loss on lease terminations 744   —   744   — Foreign currency (gains) / losses (499)  27   (3,177)  693 Stock-based compensation expense 3,285   1,926   7,737   5,432 Total adjustments$4,739  $3,940  $7,486  $8,112 Tax impact of adjustments1 (821)  (969)  (1,650)  (1,975)Adjusted net income$12,665  $12,567  $52,167  $43,001 Adjusted net income margin 7.7%  8.5%  8.1%  7.7%        Diluted earnings per share$0.59  $0.66  $3.13  $2.36 Per share impact of adjustments to net income 0.26   0.21   0.39   0.39 Adjusted earnings per share$0.85  $0.87  $3.52  $2.75  Weighted average diluted shares outstanding 14,892   14,491   14,808   15,725 

________________________________
1 The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: interest income, severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

 Three months ended June 30, Twelve months ended June 30,($000s)2026 2025 2026 2025Net income$8,747  $9,596  $46,331  $36,864 Net income margin 5.3%  6.5%  7.2%  6.6%        Interest expense 222   448   936   1,634 Income tax expense 968   2,247   7,963   9,068 Depreciation and amortization 5,624   4,248   19,922   17,232 EBITDA$15,561  $16,539  $75,152  $64,798 Interest income (115)  (29)  (266)  (955)Severance costs 267   558   1,240   558 Impairment losses 1,092   1,429   1,092   1,429 Gain on asset disposals (150)  —   (150)  — Loss on lease terminations 744   —   744   — Foreign currency (gains) / losses (499)  27   (3,177)  693 Stock-based compensation expense 3,285   1,926   7,737   5,432 Adjusted EBITDA$20,185  $20,450  $82,372  $71,955         Adjusted EBITDA margin 12.3%  13.9%  12.8%  12.9%

EXHIBIT 3: Free cash flow

We define free cash flow as net cash provided by operating activities less capital expenditures.

 Three months ended June 30, Twelve months ended June 30,($000s) 2026   2025   2026   2025 Net cash provided by operating activities$24,823  $27,937  $59,001  $45,668 Less: capital expenditures 3,163   5,159   27,807   18,375 Free cash flow$21,660  $22,778  $31,194  $27,293 

EXHIBIT 4: Net cash

We define net cash as total cash and cash equivalents less debt.

($000s)June 30, 2026 June 30, 2025Cash and cash equivalents$32,566  $15,350       Debt     Current$882  $823 Non-current 777   796 Total debt$1,659  $1,619 Net cash$30,907  $13,731