TaskUs (TASK) named Meta as its largest client in its FY2025 10-K, at 26% of revenue. Top 10 clients were 58%; top 20 were 71%.

That share is now falling (10-Q concentration footnotes):

| Period | Largest client, % of revenue |
|---|---|
| FY2025 | 26% |
| Q1 2026 | 24% |
| Q2 2026 | 20% |

On the Q2 call, management said revenue from this client fell \~22% YoY, partly because AI automation projects there ended. They expect pressure into 2027.

So far the rest of the book has absorbed it: revenue excluding this client grew \~15% in Q2, and total revenue grew 5%. But:

* A second, unnamed client was 11% of Q2 revenue and 17% of receivables. Concentration is shifting, not disappearing.
* In March 2026, TaskUs took a $500M term loan and paid a $332.8M special dividend. Equity roughly halved (\~$600M to \~$300M).
* Contract terms (10-K): multiple agreements across service lines and geographies; fees have minimums and maximums tied to client volume forecasts; contracts typically run 1–3 years with auto-renewal and termination for convenience on notice of "varying length."

Nothing is Meta-specific.

* 10-K: [https://www.sec.gov/Archives/edgar/data/1829864/000182986426000012/0001829864-26-000012-index.htm](https://www.sec.gov/Archives/edgar/data/1829864/000182986426000012/0001829864-26-000012-index.htm)
* Q2 10-Q: [https://www.sec.gov/Archives/edgar/data/1829864/000182986426000149/task-20260630.htm](https://www.sec.gov/Archives/edgar/data/1829864/000182986426000149/task-20260630.htm)

Has anyone heard whether management said anything about notice periods, or how much of this work falls within the volume minimums?