실적분석 2026년 8월 13일

Globant ($GLOB) Q2 2026 Earnings Analysis — Adjusted Profit Misses Estimates, Shares Plunge After Hours

Earnings Scorecard

Revenue: $614.4 million (flat vs. year-ago quarter, estimate $613 million) ✅ Beat

EPS: Adjusted diluted $1.40 (estimate $1.50, prior year $1.53) ❌ Miss

Guidance: Newly issued · Q3 revenue $607–$615 million (down year over year), full-year adjusted EPS $5.75–$6.15

Stock reaction: After-hours -13.88% ($35.3) — as of 08:02 KST, Aug 14

What Went Well

AI Platform: GlobantAI annual recurring revenue of $52.8 million, up 61% from the prior quarter

Cash Flow: Q2 free cash flow of $12.6 million, swinging from a year-ago loss into positive territory — highest first half on record

Key Accounts: Revenue from the top 50 customers grew 6.9% year over year, with account expansion continuing

Progress on the AI transition and cash generation is clearly visible. However, these results alone cannot mask the stagnation in the core business.

What Fell Short

Adjusted Profit Miss: Adjusted diluted EPS of $1.40 came in below both the $1.50 estimate and the prior-year $1.53

Revenue Stagnation: Q2 revenue of $614.4 million was essentially unchanged from a year earlier, indicating growth has stalled

Soft Outlook: Newly issued Q3 revenue guide points to a 0.3%–1.6% year-over-year decline

What the market reacted to most sharply was that even after growth stalled, profitability came in weaker than expected. The gap between IFRS profit — which reflects restructuring charges — and adjusted profit is also worth monitoring.

What Management Said

Management noted that it is shifting toward a subscription-based AI pricing model and has proactively reshaped the organization in response to market volatility. The market appeared to focus less on those efforts and more on the health of profitability and the trajectory of next-quarter revenue while core growth remains stalled.

Market Reaction and What to Watch Next

The market appears to have read the combination of stagnant revenue, the adjusted profit miss, and the next-quarter revenue decline guide as a signal of growth deceleration.

Where Q3 actual revenue lands within the newly issued $607–$615 million range

Whether GlobantAI annual recurring revenue stays on track toward the $110 million year-end target

Whether adjusted operating margin converges to the 13.5%–14.5% guide following the restructuring