TaskUs, Inc.

TaskUs reported Q2 2026 revenue of $309 million, up 5% year over year and $10.9 million above the top end of guidance. Adjusted EBITDA was $57.7 million with an 18.7% margin; adjusted EPS was $0.33 versus $0.43 in the prior-year quarter. DCX revenue was $175.7 million, up 6.4%; trust and safety revenue was $67.1 million, down 12.3%; and AI services revenue was $66.1 million, up 25.8%. Cash and cash equivalents were $180 million, net leverage was under 1.3x, year-to-date operating cash flow was $89.4 million, and year-to-date adjusted free cash flow was $78.7 million. Management raised full-year 2026 revenue guidance to $1.22 billion-$1.24 billion, lifted full-year adjusted EBITDA margin outlook to about 19% at the midpoint, and increased adjusted free cash flow guidance to $110 million-$120 million (midpoint $115 million). Q3 revenue guidance was $300 million-$302 million, with adjusted EBITDA margin expected at approximately 18.7%.

Bryce Maddock said TaskUs is benefiting from both resilient DCX demand and fast-growing AI services, and emphasized that the company is investing in AI while still delivering cash and margin performance. He highlighted new robotics/physical AI capabilities, stronger agentic solutions, and internal automation tools like Maestro as part of a broader AI strategy. His tone was confident but measured, repeatedly noting that large-client automation will continue to create headwinds even as the rest of the business accelerates.

Rishabh Khemka focused on execution, noting that revenue beat guidance by $10.9 million and that roughly 75% of growth came from new clients. He said adjusted EBITDA of $57.7 million and the 18.7% margin beat expectations despite higher cost of service at 65.3% of revenue, while SG&A improved to $54.6 million, or 17.7% of revenue, versus $68.4 million, or 23.3%, a year ago. He also highlighted cash flow strength: cash from operations of $89.4 million year to date, adjusted free cash flow of $78.7 million year to date, cash of $180 million, net leverage below 1.3x, and expected 2026 capex of about $47 million, down $13 million from the initial outlook.

Analysts focused on AI services deceleration, the outlook for the second half and 2027, and how much the largest client’s automation versus project timing is affecting growth. Management said AI services should be similar in Q3 before accelerating back above 30% in Q4, with some Q2-Q3 softness tied to project-based dynamics and the sunset of certain social-media-related work. Questions also centered on the largest client and vendor consolidation; Bryce said the client relationship remains strong, that consolidation benefits should start in 2027, and that any recovery likely comes as complex, AI-enabled work remains after automation.