Key Highlights

  • DXC Technology reported Revenue of $3,034 million, down 4.0% organically, with Insurance up 23.1%.
  • Ingram Micro reported net sales up 20.8% to $15.22 billion, with Advanced Solutions up 40%.
  • Grid Dynamics reported revenue up 9.7% to $114.3 million and a 40.3% gross margin.
  • Rimini Street reported revenue up 8% to $112.1 million and annualized Recurring Revenue of $421 million.
  • Forrester reported revenue of $86.1 million, down from $94.3 million, and raised the low end of its adjusted EPS guidance.

Which IT Services Companies Reported Growth in Their Latest Quarter?

Growth was uneven. Ingram Micro (NYSE:INGM) reported third quarter 2026 net sales of $15.22 billion, up 20.8%. Grid Dynamics (NASDAQ:GDYN) reported revenue of $114.3 million, up 9.7%, and Rimini Street (NASDAQ:RMNI) reported $112.1 million, up 8%.

DXC Technology (NYSE:DXC) reported fiscal 2027 second quarter revenue of $3,034 million, down 4.0% on an organic basis, and Forrester (NASDAQ:FORR) reported $86.1 million, down from $94.3 million. The periods ended between September 26, 2026 and September 30, 2026, and the five serve different niches, from managed infrastructure and distribution to engineering and research. Each section below uses figures from the company's own reported results, and the comparison section adds a few calculated ratios.

DXC Technology: Why Does Insurance Grow 23.1% While Infrastructure Falls 10.0%?

DXC reported Insurance Software and Services revenue of $394 million, up 23.1%, which the company said includes a favorable contract modification. Global Infrastructure Services revenue was $1,427 million, down 10.0%, and Consulting and Engineering Services was $1,213 million, down 3.3% organically.

Diluted EPS was $0.15 against $0.20, and adjusted diluted EPS was $0.67 against $0.84, with acquired intangible amortization at $0.36 per share and restructuring at $0.10. First-half free Cash Flow was $405 million, including $214 million of litigation proceeds, and total Debt fell to $3,059 million from $3,552 million at March 31, 2026. Selling, general and administrative expense fell to $319 million, or 10.5% of revenue, and book-to-bill was 0.80x. Cash and cash equivalents were $1,599 million at September 30, 2026.

Ingram Micro: How Does It Lift Sales 20.8% and Still Use $1.26 Billion of Cash?

Ingram Micro reported Net Income of $131.1 million, or $0.57 per diluted share, against $0.42. Advanced Solutions rose 40%, driven by networking, servers and GPU and AI infrastructure products, and North America rose 31.5% to $5.82 billion.

Gross Margin slipped 35 basis points to 6.55% on that product mix. Over thirty-nine weeks, Operating Activities used $1,259.7 million of cash as inventory and receivables grew, and total debt rose to $3.90 billion from $3.20 billion. The company announced a $0.088 Dividend on October 29, 2026. Income from operations was $293.8 million, or 1.93% of sales, against $223.5 million, or 1.77%, and the effective tax rate fell to 29.9% from 33.9%. Cash and cash equivalents were $1.00 billion at the end of the quarter.

Grid Dynamics: What Drove the Gross Margin to 40.3% With Fewer People?

Grid Dynamics reported gross margin of 40.3% against 33.3%, with cost of revenues down 1.8% to $68.2 million. Personnel totaled 4,559 against 4,971, a decline of about 8.3% on a calculated basis.

Technology, Media and Telecom revenue rose 29.3% to $37.0 million, while Finance and CPG and Manufacturing were flat. Net income was $6.2 million, or $0.08 per diluted share, and non-GAAP EPS was $0.18 against $0.09. The top five customers made up 45.4% of revenue, up from 40.1%, and the largest customer was 17.9%. Cash and cash equivalents were $304.3 million with no revolver debt outstanding, and Retail revenue grew 13.3% to $31.1 million.

Rimini Street: Can It Keep Growing While PeopleSoft Support Winds Down?

Rimini Street reported net income of $6.5 million, or $0.07 per diluted share, against $2.8 million. Annualized recurring revenue was $421 million, up from $391 million, and revenue retention was 90%.

Under a July 2025 settlement, the company must complete the wind down of PeopleSoft support by July 31, 2028. Those products were roughly 3% of nine-month revenue, down from about 6%. The term Loan fell to $41.7 million from $67.2 million at year-end, and cash and cash equivalents were $93.3 million. Gross Profit was $68.8 million against $61.9 million, and the company repurchased 1.0 million shares for $5.0 million in the quarter.

Forrester: How Does a Guidance Floor Rise as Contract Value Slips 3.5%?

Forrester reported a GAAP net loss of $4.4 million, or $0.23 per share, and adjusted net income of $4.7 million, or $0.24 per share. Income tax expense of $6.9 million on pre-tax income of $2.5 million drove the GAAP result.

Contract value was $281.9 million, down 3.5%, while client retention rose to 78% from 74%. Consulting revenue fell to $14.7 million from $21.5 million, and headcount fell to 1,337 from 1,485. Wallet retention rose to 89% from 86%, and cash, cash equivalents and marketable investments were $117.6 million with $30.0 million of debt outstanding. Research revenue was $70.1 million against $72.7 million.

How Do the Five Compare on Scale and Net Margin?

Ingram Micro's net sales of $15,220 million are about 5.0 times DXC Technology's revenue of $3,034 million (calculated). Ingram Micro's size comes with thin profitability, since its net income of $131.1 million is about 0.9% of net sales (calculated).

DXC Technology's net income of $13 million is about 0.4% of revenue (calculated). Grid Dynamics earned about 5.4% (calculated) and Rimini Street about 5.8% (calculated). Forrester's GAAP net loss of $4.4 million is about negative 5.1% of revenue (calculated).

Grid Dynamics and Rimini Street show better net margins than the two largest names, and their growth rates of 9.7% and 8% sit between Ingram Micro's 20.8% and the declines at DXC Technology and Forrester. Forrester is the only one of the five with a GAAP net loss, although its adjusted EPS was positive at $0.24.

What to Watch Next: Dividend Dates, Guidance and Wind-Down Deadlines

Ingram Micro's $0.088 dividend is payable on November 23, 2026 to holders of record on November 9, 2026, and $53.0 million remains under its $100 million repurchase program.

Forrester guides full-year 2026 revenue to about $350.0 million to $360.0 million and adjusted EPS to about $0.77 to $0.82, with the low end raised. DXC Technology's filing did not provide a forward outlook, and its book-to-bill was 0.80x.

Rimini Street's next scheduled term loan principal payment is April 30, 2029, and the PeopleSoft wind down deadline is July 31, 2028. Grid Dynamics has spent $35.5 million of a $50.0 million repurchase program.