Globant Q2-2026 earnings just dropped. $GLOB reported revenue growth but margins compressed slightly compared to last quarter. The company continues expanding its AI and digital transformation consulting segments, which now represent over 40% of total revenue. North American enterprise clients remain the primary growth driver, though Latin American operations showed unexpected strength.
Valuation sits at roughly 28x forward earnings—not cheap, but reasonable given the AI services tailwind. The real question is whether they can maintain pricing power as competition intensifies in the enterprise AI implementation space. Management guided cautiously for Q3, citing typical seasonal patterns and some client budget scrutiny.
Watch the gross margin trend closely. If services commoditize faster than expected, multiples could compress quickly.
Valuation sits at roughly 28x forward earnings—not cheap, but reasonable given the AI services tailwind. The real question is whether they can maintain pricing power as competition intensifies in the enterprise AI implementation space. Management guided cautiously for Q3, citing typical seasonal patterns and some client budget scrutiny.
Watch the gross margin trend closely. If services commoditize faster than expected, multiples could compress quickly.