Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock trades on the Nasdaq Global Select Market under the symbol “EXLS.”
As of February 20, 2026, there were 7 holders of record of our outstanding common stock. A substantially greater number of holders of our common stock are “street name” or beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions.
Dividend Policy
We do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will be dependent on then-existing conditions, including our financial condition and results of operations, capital requirements, contractual restrictions, including restrictions under our credit agreement, business prospects and other factors that our board of directors considers relevant.
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
On February 26, 2024, our board of directors authorized a $500 million (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the “2024 Repurchase Program”).
Under our repurchase program, shares may be purchased by us from time to time from the open market and through private transactions, or otherwise, as determined by our management as market conditions warrant. We have structured open market purchases under our repurchase program to comply with Rule 10b-18 under the Exchange Act. Repurchases may be discontinued at any time by management. Repurchased shares are recorded as treasury shares and are held until our board of directors designates that these shares be retired or used for other purposes.
During the three months ended December 31, 2025, purchases of common stock were as follows:
Shares Purchased from Employees in connection with satisfaction of Withholding Tax Obligations Shares Purchased as Part of Publicly Announced Programs Shares Privately Purchased, not Part of Publicly Announced Programs (1)
Total Number of Shares Purchased Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
Period Number of
Shares Purchased Average Price
Paid per share Number of
Shares Purchased Average Price
Paid per share Number of
Shares Purchased Average Price
Paid per share
October 1, 2025 through October 31, 2025 — $ — 915,871 $ 37.98 — $ — 915,871 $ 104,847,587
November 1, 2025 through November 30, 2025 — — 336,800 39.48 — — 336,800 $ 91,552,038
December 1, 2025 through December 31, 2025
38,767 42.75 526,750 41.49 1,551,970 40.83 2,117,487 $ 69,697,583
Total 38,767 $ 42.75 1,779,421 $ 39.30 1,551,970 $ 40.83 3,370,158 —
(1) We purchased 1,551,970 shares as part of private transaction, from Orogen Echo LLC, for an aggregate purchase price of $63.4 million, under a Stock Purchase Agreement dated December 15, 2025, which is separate from the 2024 Repurchase Program.
During the year ended December 31, 2025, as part of our publicly announced program, we purchased 5,934,710 shares of our common stock for an aggregate purchase consideration of $253.2 million, including commission and excluding excise tax, representing an average purchase price per share of $42.67.
During the year ended December 31, 2025, we purchased 229,483 shares from employees in connection with withholding tax payments related to the vesting of restricted stock units for an aggregate purchase consideration of $11.1 million. The
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weighted average purchase price of $48.32 was the closing price of our shares of our common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the restricted stock units.
Pursuant to the Inflation Reduction Act, effective January 1, 2023, we are required to pay a 1% excise tax on the fair market value of each share of common stock repurchased, net of stock issuances.
Performance Graph
The following graph compares the cumulative total stockholder return on our common stock with the cumulative total return of the Nasdaq Composite Index and S&P 500 Information Technology Index, capitalization weighted, for the period beginning December 31, 2020. As of December 31, 2025, we included the S&P 500 Information Technology Index, because we believe it offers a better comparison of the industry performance, and removed the earlier peer group, which comprised two companies: Genpact Limited and WNS (Holdings) Limited, because WNS (Holdings) Limited was delisted on October 17, 2025. As a result of such delisting, providing a comparison of the newly selected index (S&P 500 Information Technology Index) against the prior peer group is not meaningful. The returns assume that $100 was invested on December 31, 2020, and that all dividends were reinvested. The stock performance shown on the graph below is not indicative of future price performance.
This graph will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This graph will not be deemed to be incorporated by reference into any prior or subsequent filing under the Securities Act, or the Exchange Act.
ITEM 6. [Reserved]
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