EPAM

MKT CAP:$6B

EPAM Systems, Inc.

Market Cap

$6B

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$120.77-$79.69 (-39.75%)

Apr 23, 2026

Company Details

EPAM Systems, Inc. provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, ...

CEO

Balazs Fejes

IPO Date

Feb 8, 2012

Website

www.epam.com

Key Metrics TTM

Revenue

$5.5B

+15.4% YoY

Net Income

$378M

EPS (Diluted)

$6.73

Free Cash Flow

$613M

Revenue / Share

$98.61

Gross Margin

28.3%

Operating Margin

9.7%

Net Margin

6.9%

FCF Margin

11.2%

P/S

1.2x

P/E

17.1x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$5.5B+15.4%EPS $6.72

Q4 2025

Feb 26, 2026

$1.4B+12.8%EPS $1.98

Q3 2025

Nov 6, 2025

$1.4B+19.4%EPS $1.91

Q2 2025

Aug 7, 2025

$1.4B+18.0%EPS $1.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.2B	$391M	$129M
Q2 22	$1.2B	$349M	$93M
Q3 22	$1.2B	$400M	$180M
Q4 22	$1.2B	$399M	$170M
Q1 23	$1.2B	$355M	$120M
Q2 23	$1.2B	$361M	$144M
Q3 23	$1.2B	$358M	$114M
Q4 23	$1.2B	$360M	$122M
Q1 24	$1.2B	$331M	$111M
Q2 24	$1.1B	$336M	$121M
Q3 24	$1.2B	$404M	$177M
Q4 24	$1.2B	$380M	$137M
Q1 25	$1.3B	$350M	$99M
Q2 25	$1.4B	$389M	$126M
Q3 25	$1.4B	$380M	$156M
Q4 25	$1.4B	$423M	$149M

Valuation

Quarter	P/S	P/E
Q1 22	3.8x	33.9x
Q2 22	4.2x	50.8x
Q3 22	4.5x	51.5x
Q4 22	3.9x	44.7x
Q1 23	3.5x	39.9x
Q2 23	2.7x	24.6x
Q3 23	3.1x	30.7x
Q4 23	3.7x	41.2x
Q1 24	3.4x	36.4x
Q2 24	2.3x	25.8x
Q3 24	2.4x	25.2x
Q4 24	2.8x	29.3x
Q1 25	2.0x	23.2x
Q2 25	1.9x	24.5x
Q3 25	1.6x	23.1x
Q4 25	2.2x	31.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$52M	-$75M
Q2 22	$78M	$59M
Q3 22	$252M	$234M
Q4 22	$186M	$165M
Q1 23	$87M	$79M
Q2 23	$89M	$82M
Q3 23	$215M	$211M
Q4 23	$171M	$161M
Q1 24	$130M	$123M
Q2 24	$57M	$52M
Q3 24	$242M	$237M
Q4 24	$130M	$115M
Q1 25	$24M	$15M
Q2 25	$53M	$43M
Q3 25	$295M	$286M
Q4 25	$283M	$268M

Capital Expenditures

Quarter	CapEx
Q1 22	$23M
Q2 22	$18M
Q3 22	$19M
Q4 22	$21M
Q1 23	$8M
Q2 23	$7M
Q3 23	$4M
Q4 23	$10M
Q1 24	$7M
Q2 24	$5M
Q3 24	$5M
Q4 24	$16M
Q1 25	$9M
Q2 25	$10M
Q3 25	$8M
Q4 25	$15M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+50.1%	+54.8%
Q2 22	+35.6%	+45.7%
Q3 22	+24.1%	+24.0%
Q4 22	+11.2%	+12.6%
Q1 23	+3.4%	+4.6%
Q2 23	-2.1%	-6.9%
Q3 23	-6.1%	-0.8%
Q4 23	-6.0%	-2.5%
Q1 24	-3.8%	-3.3%
Q2 24	-2.0%	+0.0%
Q3 24	+1.3%	-4.6%
Q4 24	+7.9%	+7.4%
Q1 25	+11.7%	+14.0%
Q2 25	+18.0%	+19.6%
Q3 25	+19.4%	+25.0%
Q4 25	+12.8%	+13.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	0.6%
Q2 22	$28M	2.3%
Q3 22	$33M	2.7%
Q4 22	$32M	2.6%
Q1 23	$39M	3.2%
Q2 23	$33M	2.8%
Q3 23	$38M	3.3%
Q4 23	$38M	3.3%
Q1 24	$45M	3.8%
Q2 24	$36M	3.1%
Q3 24	$42M	3.6%
Q4 24	$45M	3.6%
Q1 25	$48M	3.7%
Q2 25	$39M	2.8%
Q3 25	$45M	3.2%
Q4 25	$45M	3.2%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	—	$237M
Q2 22	—	$233M
Q3 22	—	$198M
Q4 22	—	$205M
Q1 23	—	$212M
Q2 23	—	$194M
Q3 23	—	$195M
Q4 23	—	$214M
Q1 24	—	$198M
Q2 24	—	$194M
Q3 24	—	$207M
Q4 24	—	$217M
Q1 25	—	$219M
Q2 25	—	$232M
Q3 25	—	$224M
Q4 25	$243M	—

Revenue Segments

Quarter	Business Information and Media Sectors	Consumer Goods, Retail & Travel	Emerging Vertical Sector	Financial Services Sector	Healthcare Sector	Software And Hi-Tech Sector
Q1 22	$194M	$265M	$139M	$260M	$124M	$189M
Q2 22	$198M	$276M	$146M	$251M	$128M	$195M
Q3 22	$209M	$280M	$148M	$255M	$130M	$205M
Q4 22	$209M	$270M	$163M	$261M	$125M	$203M
Q1 23	$202M	$278M	$159M	$271M	$111M	$189M
Q2 23	$190M	$273M	$158M	$259M	$114M	$175M
Q3 23	$184M	$263M	$160M	$246M	$124M	$174M
Q4 23	$178M	$258M	$170M	$242M	$140M	$169M
Q1 24	$170M	$259M	$180M	$243M	$140M	$173M
Q2 24	$166M	$252M	$175M	$244M	$140M	$169M
Q3 24	$167M	$251M	$174M	$255M	$142M	$178M
Q4 24	$171M	$251M	$212M	$281M	$152M	$182M
Q1 25	$167M	$256M	$221M	$314M	$155M	$190M
Q2 25	$170M	$268M	$226M	$328M	$157M	$205M
Q3 25	$168M	$276M	$242M	$338M	$159M	$212M

Revenue by Geography

Quarter	Canada	Germany	Netherlands	Other Countries	Russia Segment	Switzerland	United Kingdom	United States
Q1 22	$27M	$36M	$50M	$135M	$31M	$82M	$153M	$657M
Q2 22	$32M	$40M	$51M	$138M	$18M	$79M	$150M	$687M
Q3 22	$29M	$40M	$57M	$140M	$8M	$76M	$161M	$715M
Q4 22	$27M	$45M	$57M	$150M	$8M	$86M	$156M	$702M
Q1 23	$28M	$43M	$59M	$151M	$6M	$90M	$155M	$679M
Q2 23	$26M	$45M	$58M	$143M	$6M	$89M	$152M	$650M
Q3 23	$22M	$45M	$59M	$140M	$2M	$92M	$141M	$653M
Q4 23	$22M	$46M	$60M	$145M	—	$96M	$137M	$652M
Q1 24	$23M	$50M	$52M	$139M	—	$98M	$145M	$667M
Q2 24	$21M	$50M	$45M	$162M	—	$101M	$128M	$663M
Q3 24	$22M	$54M	$46M	$149M	—	$104M	$126M	$667M
Q4 24	$23M	$53M	$46M	$184M	—	$104M	$125M	$683M
Q1 25	—	$52M	$47M	$265M	—	$105M	$145M	$688M
Q2 25	—	$56M	$57M	$270M	—	$110M	$150M	$710M
Q3 25	—	$60M	$61M	$291M	—	$113M	$153M	$716M
Q4 25	—	$65M	$65M	$298M	—	$110M	$150M	$720M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.3B	$0	$1.3B
Q2 22	$1.3B	$60M	$1.4B
Q3 22	$1.5B	$60M	$1.5B
Q4 22	$1.7B	$60M	$1.7B
Q1 23	$1.7B	$60M	$1.8B
Q2 23	$1.8B	$71M	$1.8B
Q3 23	$1.9B	$60M	$1.9B
Q4 23	$2.0B	$61M	$2.1B
Q1 24	$2.0B	$62M	$2.0B
Q2 24	$1.8B	$61M	$1.8B
Q3 24	$2.0B	$22M	$2.1B
Q4 24	$1.3B	$2M	$1.3B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.0B	$0	$1.0B
Q3 25	$1.2B	$0	$1.2B
Q4 25	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	59M	-0.5%	+0.3%
Q2 22	59M	+0.1%	+0.0%
Q3 22	59M	+0.6%	+0.3%
Q4 22	59M	-0.0%	+0.2%
Q1 23	59M	-0.1%	+0.6%
Q2 23	59M	-0.2%	+0.3%
Q3 23	59M	-0.4%	-0.7%
Q4 23	59M	-0.1%	-0.7%
Q1 24	59M	+0.0%	-0.6%
Q2 24	58M	-1.3%	-1.7%
Q3 24	57M	-1.2%	-2.6%
Q4 24	57M	+0.0%	-2.5%
Q1 25	57M	-0.3%	-2.8%
Q2 25	57M	-0.6%	-2.2%
Q3 25	56M	-1.9%	-2.8%
Q4 25	55M	-0.9%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$20.2K	58K
Q2 22	$20.6K	58K
Q3 22	$21.2K	58K
Q4 22	$20.8K	59K
Q1 23	$20.4K	59K
Q2 23	$19.7K	59K
Q3 23	$19.4K	59K
Q4 23	$19.7K	59K
Q1 24	$19.8K	59K
Q2 24	$19.5K	59K
Q3 24	$19.9K	59K
Q4 24	$20.4K	61K
Q1 25	$21.3K	61K
Q2 25	$22.1K	61K
Q3 25	$22.8K	61K
Q4 25	$22.4K	63K

Revenue / Employee