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Side-by-side financial comparison of ExlService Holdings, Inc. (EXLS) and Vici Properties (VICI). Click either name above to swap in a different company.
Vici Properties is the larger business by last-quarter revenue ($1.0B vs $542.6M, roughly 1.9× ExlService Holdings, Inc.). Vici Properties runs the higher net margin — 87.0% vs 11.1%, a 75.9% gap on every dollar of revenue. On growth, ExlService Holdings, Inc. posted the faster year-over-year revenue change (12.7% vs 3.5%). Over the past eight quarters, ExlService Holdings, Inc.'s revenue compounded faster (11.5% CAGR vs 3.2%).
Exlservice Holdings, Inc. is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.
Vici Properties Inc. is an American real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
EXLS vs VICI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $542.6M | $1.0B |
| Net Profit | $60.2M | $886.0M |
| Gross Margin | 38.6% | — |
| Operating Margin | 14.4% | — |
| Net Margin | 11.1% | 87.0% |
| Revenue YoY | 12.7% | 3.5% |
| Net Profit YoY | 18.9% | 60.5% |
| EPS (diluted) | $0.38 | $0.82 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $542.6M | $1.0B | ||
| Q3 25 | $529.6M | $1.0B | ||
| Q2 25 | $514.5M | $1.0B | ||
| Q1 25 | $501.0M | $984.2M | ||
| Q4 24 | $481.4M | $976.1M | ||
| Q3 24 | $472.1M | $964.7M | ||
| Q2 24 | $448.4M | $957.0M |
| Q1 26 | — | $886.0M | ||
| Q4 25 | $60.2M | $604.8M | ||
| Q3 25 | $58.2M | $762.0M | ||
| Q2 25 | $66.1M | $865.1M | ||
| Q1 25 | $66.6M | $543.6M | ||
| Q4 24 | $50.7M | $614.6M | ||
| Q3 24 | $53.0M | $732.9M | ||
| Q2 24 | $45.8M | $741.3M |
| Q1 26 | — | — | ||
| Q4 25 | 38.6% | 99.3% | ||
| Q3 25 | 38.5% | 99.3% | ||
| Q2 25 | 37.7% | 99.3% | ||
| Q1 25 | 38.6% | 99.4% | ||
| Q4 24 | 38.1% | 99.3% | ||
| Q3 24 | 37.8% | 99.3% | ||
| Q2 24 | 37.1% | 99.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 60.2% | ||
| Q3 25 | 14.4% | 77.2% | ||
| Q2 25 | 15.8% | 88.3% | ||
| Q1 25 | 15.7% | 55.9% | ||
| Q4 24 | 14.8% | 64.2% | ||
| Q3 24 | 14.7% | 77.4% | ||
| Q2 24 | 13.7% | 79.0% |
| Q1 26 | — | 87.0% | ||
| Q4 25 | 11.1% | 59.7% | ||
| Q3 25 | 11.0% | 75.6% | ||
| Q2 25 | 12.8% | 86.4% | ||
| Q1 25 | 13.3% | 55.2% | ||
| Q4 24 | 10.5% | 63.0% | ||
| Q3 24 | 11.2% | 76.0% | ||
| Q2 24 | 10.2% | 77.5% |
| Q1 26 | — | $0.82 | ||
| Q4 25 | $0.38 | $0.57 | ||
| Q3 25 | $0.36 | $0.71 | ||
| Q2 25 | $0.40 | $0.82 | ||
| Q1 25 | $0.40 | $0.51 | ||
| Q4 24 | $0.31 | $0.58 | ||
| Q3 24 | $0.33 | $0.70 | ||
| Q2 24 | $0.28 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $328.4M | $480.2M |
| Total DebtLower is stronger | $298.6M | — |
| Stockholders' EquityBook value | $912.7M | $28.6B |
| Total Assets | $1.7B | $47.1B |
| Debt / EquityLower = less leverage | 0.33× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $480.2M | ||
| Q4 25 | $328.4M | $608.0M | ||
| Q3 25 | $390.1M | $507.5M | ||
| Q2 25 | $353.3M | $233.0M | ||
| Q1 25 | $331.4M | $334.3M | ||
| Q4 24 | $340.6M | $524.6M | ||
| Q3 24 | $325.8M | $355.7M | ||
| Q2 24 | $276.1M | $347.2M |
| Q1 26 | — | — | ||
| Q4 25 | $298.6M | $16.8B | ||
| Q3 25 | $354.8M | $16.8B | ||
| Q2 25 | $260.0M | $16.9B | ||
| Q1 25 | $307.3M | $16.8B | ||
| Q4 24 | $288.5M | $16.7B | ||
| Q3 24 | $344.7M | $16.7B | ||
| Q2 24 | — | $16.7B |
| Q1 26 | — | $28.6B | ||
| Q4 25 | $912.7M | $27.8B | ||
| Q3 25 | $952.4M | $27.7B | ||
| Q2 25 | $1.1B | $27.0B | ||
| Q1 25 | $1.0B | $26.6B | ||
| Q4 24 | $929.9M | $26.5B | ||
| Q3 24 | $907.6M | $26.1B | ||
| Q2 24 | $852.6M | $25.7B |
| Q1 26 | — | $47.1B | ||
| Q4 25 | $1.7B | $46.7B | ||
| Q3 25 | $1.7B | $46.5B | ||
| Q2 25 | $1.7B | $46.1B | ||
| Q1 25 | $1.7B | $45.5B | ||
| Q4 24 | $1.6B | $45.4B | ||
| Q3 24 | $1.6B | $44.9B | ||
| Q2 24 | $1.5B | $44.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.33× | 0.60× | ||
| Q3 25 | 0.37× | 0.61× | ||
| Q2 25 | 0.25× | 0.63× | ||
| Q1 25 | 0.30× | 0.63× | ||
| Q4 24 | 0.31× | 0.63× | ||
| Q3 24 | 0.38× | 0.64× | ||
| Q2 24 | — | 0.65× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $117.4M | — |
| Free Cash FlowOCF − Capex | $106.5M | — |
| FCF MarginFCF / Revenue | 19.6% | — |
| Capex IntensityCapex / Revenue | 2.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $298.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $117.4M | $691.9M | ||
| Q3 25 | $120.7M | $586.3M | ||
| Q2 25 | $109.4M | $639.9M | ||
| Q1 25 | $3.2M | $591.9M | ||
| Q4 24 | $105.3M | $644.1M | ||
| Q3 24 | $110.1M | $579.1M | ||
| Q2 24 | $74.9M | $614.6M |
| Q1 26 | — | — | ||
| Q4 25 | $106.5M | — | ||
| Q3 25 | $106.4M | — | ||
| Q2 25 | $95.0M | — | ||
| Q1 25 | $-9.7M | — | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $97.3M | — | ||
| Q2 24 | $62.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 19.6% | — | ||
| Q3 25 | 20.1% | — | ||
| Q2 25 | 18.5% | — | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 20.6% | — | ||
| Q2 24 | 14.0% | — |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 1.14× | ||
| Q3 25 | 2.08× | 0.77× | ||
| Q2 25 | 1.66× | 0.74× | ||
| Q1 25 | 0.05× | 1.09× | ||
| Q4 24 | 2.08× | 1.05× | ||
| Q3 24 | 2.08× | 0.79× | ||
| Q2 24 | 1.63× | 0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
VICI
| Other | $330.1M | 32% |
| MGM Master Lease | $193.7M | 19% |
| Caesars Las Vegas Master Lease | $126.4M | 12% |
| MGM Grand/Mandalay Bay Lease | $81.1M | 8% |
| The Venetian Resort Las Vegas Lease | $76.1M | 7% |
| Harrah's NOLA, AC, and Laughlin (3) | $44.6M | 4% |
| Mezzanine loans & preferred equity | $35.6M | 3% |
| Hard Rock Mirage Lease | $23.9M | 2% |
| PENN Master Lease (1) | $20.2M | 2% |
| JACK Entertainment Master Lease | $18.3M | 2% |
| Century Master Lease (excluding Century Canadian Portfolio) | $12.7M | 1% |
| Hard Rock Cincinnati Lease | $12.2M | 1% |
| CNE Gold Strike Lease | $10.6M | 1% |
| EBCI Southern Indiana Lease | $8.6M | 1% |
| Lucky Strike Master Lease | $8.3M | 1% |
| Foundation Master Lease | $6.4M | 1% |
| PURE Master Lease | $4.1M | 0% |
| Century Canadian Portfolio (4) | $3.3M | 0% |
| Senior secured notes | $2.4M | 0% |
