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Call sheet · Q4'26

IBEX (IBEX)

Q4'26 earnings call · held September 10, 2026 · compared with the Q3'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
IBEX delivered its annual financial ranges with improving receivables and net cash. The investment debate is now less about whether growth exists than whether growth can restore margins after tax normalization. AI customer outcomes are encouraging; profitable scaling and the HealthTech revenue bridge remain the next decisive tests. [1][2][8]

What changed this quarter

MetricQ3'26Q4'26Change
RevenueQ4 FY2025: $147.138m; FY2025: $558.273mQ4 FY2026: $164.269m; FY2026: $644.076mGrowth of 11.6% quarterly and 15.4% annually; quarterly growth slowed from Q3's 16.8%. [2][8]
GAAP net income and diluted EPSQ4: $9.596m / $0.66; full year: $36.864m / $2.36Q4: $8.747m / $0.59; full year: $46.331m / $3.13Quarterly earnings fell despite annual growth; annual diluted shares declined, while quarterly diluted shares increased. [8]
Management-adjusted earningsQ4 adjusted EBITDA $20.450m, margin 13.9%, adjusted EPS $0.87Q4 adjusted EBITDA $20.185m, margin 12.3%, adjusted EPS $0.85Adjusted profitability weakened as well as GAAP profitability. [8]
Operating cash flow / free cash flowQ4: $27.937m / $22.778m; FY: $45.668m / $27.293mQ4: $24.823m / $21.660m; FY: $59.001m / $31.194mAnnual improvement masks quarterly declines; FCF is CFO less capital expenditures. [8]
FY2026 guidance completionMay 6: revenue $638-642m; adjusted EBITDA $82-84m; capex $25-30mActual revenue $644.076m; adjusted EBITDA $82.372m; capex $27.807mRevenue exceeded the upper bound; EBITDA and capex landed inside their ranges. FY2027 guidance is a new-period outlook, not a revision to these targets. [2][8]

Accountability tracked

5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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