Five of the ten largest IT service companies in Ukraine demonstrated positive revenue growth in the first quarter of 2026. In particular, growth was recorded by local divisions EPAM, Grid Dynamics, Ciklum, Tietoevry (Tieto), and Capgemini Engineering.
Five of the ten largest IT service companies in Ukraine demonstrated positive revenue growth in the first quarter of 2026. In particular, growth was recorded by local divisions EPAM, Grid Dynamics, Ciklum, Tietoevry (Tieto), and Capgemini Engineering.
This is reported by Forbes Ukraine with reference to financial data from YouControl and the YC.Market platform.
It is noted that the results of the Ukrainian IT sector are at odds with general global trends. According to estimates by the consulting company ISG, in the first quarter of 2026 the global IT outsourcing market fell by 7% year-on-year to $7.9 billion. The largest decline was recorded in the niche of application development and maintenance (ADM) without infrastructure, which decreased by 20% year-on-year.
«There is a transitional phase: service companies are forming new commercial offers, but it is still unclear what services there will be demand for,» says an investor with experience in the IT service business, speaking on condition of anonymity.
According to the National Bank of Ukraine, exports of computer services from Ukraine in the first quarter of 2026 increased by 3,9% compared to the same period last year and reached $2.2 billion (about UAH 100 billion). At the same time, the combined revenue of the ten largest IT service companies with open financial reporting in Ukraine slightly decreased — by 0,6%, to UAH 13.7 billion. These companies provide approximately every seventh dollar of the country’s total IT exports.
Experts note that the official financial indicators of Ukrainian legal entities do not always fully reflect the real state of affairs of companies. For large players, revenue in Ukraine is primarily funds to cover operating expenses: paying office rent, paying salaries, and covering local margins. On the other hand, for smaller companies, local revenue can be direct income from foreign customers.
How did the performance of market leaders change in the first quarter of 2026:
Grid Dynamics Group showed the best growth dynamics — by 10% in Ukraine (up to UAH 416 million) and by 3,7% globally (up to USD 104 million). The Ukrainian office provides about 9% of the company’s global revenue.
Capgemini Engineering increased revenue in Ukraine by 5% to UAH 703 million.
Tieto Ukraine increased its performance in Ukraine by 4% to UAH 846 million, despite an overall 14% drop in Tieto Tech Consulting’s global business.
Ciklum demonstrated a 3% increase in Ukrainian revenue to UAH 840 million.
EPAM increased its revenue in Ukraine by 2% to UAH 4.9 billion. The parent company showed growth of 7,6% (to $1.4 billion), with the Ukrainian office accounting for about 8% of revenue.
In general, the list of companies whose financial indicators were analyzed included the largest IT service businesses in terms of the number of specialists from the DOU rating for January 2026, whose revenue in Ukraine is distributed among no more than three legal entities. Among them are EPAM, GlobalLogic, Luxoft, Intellias, Ciklum, Sigma Software, Tietoevry, Capgemini Engineering, Grid Dynamics and SPD Technology.
Earlier, economist Viktor Galasyuk shared his thoughts that the Ukrainian IT industry should move away from export-oriented outsourcing, which is currently dominant.
«We are simply mechanically selling the labor of IT workers abroad. The difference with raw material exports in the agricultural sector is that there you have to grow something, dig, chop, and here people work with their heads. But, other than that, the model is very similar. IT outsourcing is a virtual analogy to our raw material agriculture,» the economist believes.
