The IBEX 35 (IBerian IndEX) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually.3Wikipedia text CC BY-SA 4.0
The IBEX 35 (IBerian IndEX) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213145$644.1M in 2026+75% since 2019Operating income10111213145$55.0M in 2026+708% since 2019Net income10111213145$46.3M in 2026+323% since 2019
Revenue151617$164.4M in Q3 FY2026+9% since Q1 FY2025Operating income151617$16.2M in Q3 FY2026+18% since Q1 FY2025Net income151617$13.3M in Q3 FY2026+11% since Q1 FY2025
Total assets1810111213145$309.1M in 2026+64% since 2019Total liabilities1810111213145$138.9M in 2026−23% since 2019Shareholders’ equity111213145$170.2M in 2026+1873% since 2019Cash111213145$32.6M in 2026+267% since 2019
Total assets151617$297.2M in Q3 FY2026+5% since Q1 FY2025Total liabilities151617$136.5M in Q3 FY2026−3% since Q1 FY2025Shareholders’ equity151617$160.8M in Q3 FY2026+12% since Q1 FY2025Cash151617$15.4M in Q3 FY2026−32% since Q1 FY2025
Cash from operations10111213145$59.0M in 2026+2579% since 2019Capital spending10111213145$27.8M in 2026+395% since 2019Free cash flow10111213145$31.2M in 2026Dividends paid12$0 in 2023Share buybacks1213145$14.4M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
IBEX 35 sits at the top of its group. 21 entities, 10 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of IBEX 35
AMERICAN CENTURY INVESTMENT MANAGEMENT INC Filed SCHEDULE 13G/A on IBEX 35, latest Aug 14, 2026 (8 filings since Feb 4, 2022)
JPMorgan ChaseFiled SCHEDULE 13G/A on IBEX 35, latest May 5, 2025 (2 filings since Apr 29, 2025)
PineBridge GEM II G.P., L.P. Filed SCHEDULE 13D/A on IBEX 35, latest Feb 27, 2025 (8 filings since Jan 5, 2022)
Muhammad Ziaullah Chishti Filed SC 13G/A on IBEX 35, latest Feb 13, 2024 (3 filings since Mar 24, 2022)
Resource Group International Ltd Filed SC 13G/A on IBEX 35, latest Feb 13, 2024 (3 filings since Feb 14, 2022)
IBEX 35Madrid
7 Degrees, LLC Subsidiary · Delaware, United States
DGS (Private) Limited Subsidiary · Pakistan
DGS LIMITED Subsidiary · Bermuda
Digital Globe Services, LLC Subsidiary · Delaware, United States
Ibex Global Bermuda Ltd Subsidiary · Bermuda
Ibex Global Jamaica Limited Subsidiary · Jamaica
IBEX GLOBAL LIMITED Subsidiary · Bermuda
Ibex Global Solutions (Private) Limited Subsidiary · Pakistan
Ibex Global Solutions Nicaragua S.A. Subsidiary · Nicaragua
Ibex Global Solutions Philippines, Inc. Subsidiary · Philippines
Ibex Global Solutions, Inc. Subsidiary · Delaware, United States
Ibex Honduras S.A. de C.V. Subsidiary · Honduras
Ibex Philippines, Inc. Subsidiary · Philippines
Ibex Receivable Solutions, Inc. Subsidiary · Delaware, United States
iSky, LLC Subsidiary · Delaware, United States
Lake Ball LLC Subsidiary · Delaware, United States
TelSatOnline, LLC Subsidiary · Delaware, United States
TRG Customer Solutions (Canada) Inc. Subsidiary · Canada
TRG Marketing Solutions Limited Subsidiary · United Kingdom
Virtual World (Private) Limited Subsidiary · Pakistan
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What IBEX 35 reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our executive management offices are located in Washington, D.C., which consist of approximately 5,300 square feet of office space and serves as the headquarters for senior management and the financial, information technology and administrative departments.
As of June 30, 2026, we operated 30 delivery centers in the following countries:
The rest of Item 2
Country · Number ofcenters · Number ofworkstations
United States · 2 · 654
Philippines · 10 · 9,772
Pakistan · 11 · 5,473
Jamaica · 2 · 2,405
Nicaragua · 4 · 2,691
Honduras · 1 · 710
Total · 30 · 21,705
We lease all of our facilities and do not own any real property. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are typically made for a fixed period of two to 15 years and may include renewal options.
The Company believes that all of its facilities are adequately maintained and in good operating condition and are suitable and adequate to meet the Company’s current operational needs. We expect to procure additional space in the future as we continue to add employees and expand geographically to meet the demands of the business.
The IBEX 35 was inaugurated on January 14, 1992, although there are calculated values for the index back to December 29, 1989, where the base value of 3,000 points lies.
Between 2000 and 2007, the index outperformed many of its Western peers, driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks. Consequently, while the record highs to date of the FTSE 100, CAC 40 and AEX, for example, were set during the dot-com bubble in 1999 and 2000, the IBEX 35's all-time maximum of 15,945.70 was reached on November 8, 2007.
The 2008 financial crisis included extreme volatility in the markets, and saw both the biggest one day percentage fall and rise in the IBEX 35's history. The index closed 7.5% down on January 21, 2008, the second biggest fall in the Spanish equity market since 1987, and rose a record 6.95% three days later.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
397 filings to the SEC since October 2021: 6 annual reports, 9 quarterly reports, 27 major events, 213 insider forms, 26 large holders, 116 other. The latest 20:
163 open-market trades by officers, directors and large owners since October 2021: 0 buys and 163 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
From the cover page of the 10-K filed Sep 10, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks IBEX 35 names in Item 1A of its 10-K filed Sep 10, 2026: 46 risks under these headings, as written.19
Business Risks
Our business is dependent on key clients.
Our profitability largely depends on maintaining efficient asset utilization levels, pricing our solutions appropriately, and managing costs, particularly through our contracts with customers.
Asset Utilization Levels
Solutions Pricing
Controlling Costs
If our solutions do not comply with the quality standards required by our clients under our agreements, our clients may assert claims for reduced payments to us or substantial damages against us.
The consolidation of our clients or potential clients may adversely affect us.
Our clients may decide to enter into or further expand insourcing activities in the future.
We may be unable to continue to anticipate our clients’ needs by adapting to market and technology trends.
We may not be successful in converting visitors to our customer acquisition websites into purchasers or subscribers.
We face substantial competition in our business.
The other 38 risks
We may acquire other companies in pursuit of growth, which may divert our management’s attention, result in dilution to our shareholders, be unsuccessful, and consume resources that are necessary to sustain our business.
If we fail to adequately protect our intellectual property and proprietary information in the United States and abroad, our competitive position could be impaired, and we may lose valuable assets, experience reduced revenues and incur costly litigation to protect our rights.
Financial, Accounting, and Economic Risks
If we are unable to fund our working capital requirements and new investments, we could be adversely affected.
Our operating results may fluctuate from quarter to quarter due to various factors.
General economic uncertainty in global markets and unfavorable global economic conditions including inflation, rising interest rates, recession, and foreign exchange fluctuations, could adversely affect us.
The inability or unwillingness of clients that represent a large portion of our accounts receivable balance to pay such balances in a timely fashion could adversely affect our business.
Our existing debt covenants may affect our flexibility in operating, developing and expanding our business.
If our goodwill becomes impaired, we could be required to record a significant charge to earnings.
Our ability to use our net operating loss carry forwards may be subject to limitation.
Operational Risks
Our business relies heavily on technology, telephone, and computer systems as well as third-party telecommunications and data services providers, which subjects us to various uncertainties.
The integration of AI and generative AI technology into our offerings, including our use of third-party providers, could result in operational, legal, regulatory, and reputational harm.
Our business is heavily dependent upon our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua and any disruption to those operations would adversely affect us.
•“Natural events, health epidemics, geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.”;
•“Fluctuations against the U.S. dollar in the local currencies in the countries in which we operate could have a material effect on our results of operations.”;
•“Our global operations expose us to numerous legal and regulatory requirements.”; and
•“We rely on the attraction, retention, and motivation of qualified senior management, employees, and agents to support our success and operations.”
We rely on the attraction, retention, and motivation of qualified senior management, employees, and agents to support our success and operations.
Natural events, health epidemics, geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.
Fluctuations against the U.S. dollar in the local currencies in the countries in which we operate could have a material effect on our results of operations.
We depend upon internet search engines to attract a significant portion of the consumers who visit our customer acquisition websites, and we would be negatively impacted if we are unable to advertise on search engines on a cost-effective basis.
We may face difficulties as we expand our operations into countries in which we have no prior operating experience.
Our facilities operate on leasehold property, and the inability to renew our leases on commercially acceptable terms or at all may adversely affect our results of operations.
Legal and Regulatory Risks
Our global operations and customers expose us to numerous legal and regulatory requirements.
Unauthorized or improper disclosure of personal information, breach of privacy, whether inadvertent or as the result of a cyber-attack or improperly by our employees, has resulted in liability and could harm us.
Others could claim that we infringe on their intellectual property rights or violate contractual protections, which may result in substantial costs, diversion of resources and management attention and harm to our reputation.
Risks Related to Being Incorporated in Bermuda
We may be impacted by tax matters, new legislation and actions by taxing authorities.
We will become subject to corporate income taxes in Bermuda once revenues exceed €750 million.
Bermuda law differs from the laws in effect in the United States and may afford less protection to holders of our common shares.
Any U.S. or other foreign judgments obtained against us may be difficult to enforce against us in Bermuda.
Risks Related to Our Common Shares
We cannot take certain actions without the consent of one of our shareholders, The Resource Group International Limited, which could limit our other shareholders' ability to influence the outcome of key transactions, including any change of control.
Our future earnings and earnings per share could be adversely impacted by the Amazon Warrant and if Amazon exercises its right to acquire our common shares pursuant to the Amazon Warrant, it will dilute the ownership interests of our then-existing shareholders and could adversely affect the market price of our common shares.
We no longer qualify as an “emerging growth company” or a “smaller reporting company” and may no longer take advantage of certain disclosure exemptions which may cause us to incur increased costs.
If we are unable to maintain effective internal control over financial reporting, our results of operations and the price of our common shares could be adversely affected.
A significant portion of our total outstanding shares may be sold into the market in the near future. This could cause the market price of our common shares to drop significantly, even if our business is doing well.
Anti-takeover provisions in our bye-laws could make an acquisition of us, which may be beneficial to our shareholders, more difficult and may prevent attempts by our shareholders to replace or remove our current management.
We have the ability to issue preferred shares without shareholder approval.
The market price of our common shares may be volatile.
We may not pay any dividends. Accordingly, investors may only realize future gains on their investments if the price of their common shares increases, which may never occur.
Legal proceedings
From time to time, the Company has been involved in legal actions, both as plaintiff and defendant, which arise in the ordinary course of business. The Company accrues for exposures associated with such legal actions to the extent that losses are deemed both probable and reasonably estimable. To the extent specific reserves have not been made for certain legal proceedings, their ultimate outcome, and consequently, an estimate of possible loss, if any, cannot reasonably be determined at this time.
Based on currently available information and advice received from counsel, the Company believes that the disposition or ultimate resolution of any current legal proceedings, except as otherwise specifically reserved for in its financial statements, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations. Refer to Note 1, "Overview and Summary of Significant Accounting Policies - Contingencies" in the consolidated financial statements included in this Form 10-K for additional information.
