EPAM Systems, Inc. (EPAM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.14	$3.38	+7.6%	—	$1.4B	—
Q1 26	$2.75	$2.86	+4.0%	—	$1.4B	—
Q4 25	$1.94	$2.13	+9.8%	—	$1.4B	—
Q3 25	$3.03	$3.08	+1.7%	—	$1.4B	—
Q2 25	$2.61	$2.77	+6.1%	—	$1.4B	—
Q1 25	$2.27	$2.41	+6.2%	—	$1.3B	—
Q4 24	$2.75	$2.84	+3.3%	—	$1.2B	—
Q3 24	$2.7	$3.12	+15.6%	—	$1.2B	—
Q2 24	$2.26	$2.45	+8.4%	—	$1.1B	—
Q1 24	$2.31	$2.46	+6.5%	—	$1.2B	—
Q4 23	$2.5	$2.75	+10.0%	—	$1.2B	—
Q3 23	$2.56	$2.73	+6.6%	—	$1.2B	—
Q2 23	$2.34	$2.64	+12.8%	—	$1.2B	—
Q1 23	$2.34	$2.47	+5.6%	—	$1.2B	—
Q4 22	$2.68	$2.93	+9.3%	—	$1.2B	—
Q3 22	$2.53	$3.1	+22.5%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.76	—	—	$5.5B	—
FY24	—	$7.93	—	—	$4.7B	—
FY23	—	$7.21	—	—	$4.7B	—
FY22	—	$7.32	—	—	$4.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.5B	$1.8B	$2.3B	$2.7B	$3.8B	$4.8B	$4.7B	$4.7B	$5.5B
YoY change	+26.9%	+25%	+27.1%	+24.5%	+15.9%	+41.3%	+28.4%	-2.78%	+0.8%	+15.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.5B	1.8B	2.3B	2.7B	3.8B	4.8B	4.7B	4.7B	5.5B
Cost of revenue	737.2M	921.4M	1.2B	1.5B	1.7B	2.5B	3.3B	3.3B	3.3B	3.9B
Gross profit	422.9M	529.1M	656M	805.6M	927M	1.3B	1.5B	1.4B	1.5B	1.6B
Gross margin	36.5%	36.5%	35.6%	35.1%	34.9%	33.9%	31.9%	30.6%	30.7%	28.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	265.9M	327.6M	373.6M	457.4M	484.8M	648.7M	872.8M	815.1M	816.3M	928.7M
Operating expenses	267.1M	330.3M	373.6M	457.4M	484.8M	648.7M	872.8M	815.1M	816.3M	928.7M
Operating income	133.7M	172.9M	245.8M	302.9M	379.3M	542.3M	573M	527.2M	544.6M	520M
Operating margin	11.5%	11.9%	13.3%	13.2%	14.3%	14.4%	11.9%	11.2%	11.5%	9.53%
Non-operating income, net	-12.1M	-3.2M	487K	-12M	-4.7M	-7.2M	-75.7M	-41.7M	-7M	-25.9M
Pretax income	126.5M	174.3M	249.8M	299.5M	378.5M	533.4M	507.3M	536.6M	584.4M	505.6M
Income tax	27.2M	101.5M	9.5M	38.5M	51.3M	51.7M	87.8M	119.5M	129.9M	127.9M
Net income	99.3M	72.8M	240.3M	261.1M	327.2M	481.7M	419.4M	417.1M	454.5M	377.7M
Net margin	8.56%	5.02%	13%	11.4%	12.3%	12.8%	8.69%	8.89%	9.61%	6.92%
EBITDA	169.2M	204.8M	281.9M	416.1M	513.2M	687.5M	788.7M	701.6M	678.7M	712M
EPS	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
Diluted EPS	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.2B	1.2B	1.1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B
Cost of revenue	794.3M	797.6M	834.3M	810.9M	764M	868.3M	952M	964M	983.2M	984.3M	1B	985.2M
Gross profit	357.9M	359.6M	331.1M	335.7M	403.5M	380M	349.7M	389.4M	411.2M	423.2M	388M	429.6M
Gross margin	31.1%	31.1%	28.4%	29.3%	34.6%	30.4%	26.9%	28.8%	29.5%	30.1%	27.7%	30.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	194.8M	214M	198.5M	194.1M	206.8M	217M	218.9M	231.7M	234.9M	243.2M	239.7M	245.2M
Operating expenses	194.8M	214M	198.5M	194.1M	206.8M	217M	218.9M	231.7M	234.9M	243.2M	239.7M	245.2M
Operating income	139.9M	122.5M	110.5M	120.6M	177M	136.5M	99.3M	126.5M	144.9M	149.3M	116.8M	152.2M
Operating margin	12.1%	10.6%	9.48%	10.5%	15.2%	10.9%	7.63%	9.34%	10.4%	10.6%	8.34%	10.8%
Non-operating income, net	-22M	-9.1M	-1.9M	1.2M	-710K	-5.6M	-10.7M	-6.2M	-3.6M	-5.3M	2.3M	-9.8M
Pretax income	131.9M	127.4M	123.7M	133.8M	189.6M	137.3M	94.4M	123.8M	143.6M	143.8M	120.6M	140.6M
Income tax	34.6M	29.8M	7.4M	35.2M	53.3M	34M	20.9M	35.7M	36.8M	34.5M	38.1M	37.6M
Net income	97.2M	97.6M	116.2M	98.6M	136.3M	103.3M	73.5M	88M	106.8M	109.4M	82.5M	103M
Net margin	8.44%	8.43%	9.97%	8.6%	11.7%	8.27%	5.65%	6.5%	7.66%	7.77%	5.89%	7.28%
EBITDA	195.3M	164.8M	144M	149.8M	206.7M	178.2M	151.4M	174.6M	190.2M	195.7M	156.4M	194.6M
EPS	1.68	1.69	2.01	1.71	2.4	1.82	1.29	1.56	1.92	1.99	1.53	1.97
Diluted EPS	1.65	1.66	1.97	1.7	2.37	1.8	1.28	1.56	1.91	1.98	1.52	1.97

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	5.6B	6.2B	11.6B	20B	37.8B	18.8B	17.2B	13.4B	11.5B	5.5B
Enterprise value	2.9B	5B	5.5B	10.9B	18.9B	36.6B	17.2B	15.3B	12.3B	10.3B	4.9B
Shares outstanding	50.3M	52.1M	53.6M	54.7M	55.7M	56.5M	57.3M	57.8M	57.3M	55.9M	55.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.6	76.9	25.9	44.5	61	78.4	44.8	41.2	29.5	30.3	14.5
P/S	2.79	3.86	3.38	5.06	7.51	10.1	3.89	3.67	2.83	2.1	0.98
P/B	4.14	5.74	4.93	7.27	10.1	15.1	6.25	4.95	3.69	3.11	1.57
EV/EBITDA	17.1	24.6	19.4	26.3	36.7	53.2	21.8	21.8	18.1	14.5	6.57
EV/Sales	2.5	3.47	2.97	4.77	7.09	9.73	3.57	3.26	2.6	1.89	0.88
Earnings yield	3.07%	1.3%	3.86%	2.25%	1.64%	1.28%	2.23%	2.43%	3.39%	3.3%	6.88%
FCF yield	4.26%	2.91%	4.09%	1.62%	2.38%	1.22%	2.04%	3.11%	3.93%	5.35%	11.7%
PEG	—	—	—	—	—	—	—	—	—	—	0.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36.5%	36.5%	35.6%	35.1%	34.9%	33.9%	31.9%	30.6%	30.7%	28.8%	30.4%
Operating margin	11.5%	11.9%	13.3%	13.2%	14.3%	14.4%	11.9%	11.2%	11.5%	9.53%	10.9%
Net margin	8.56%	5.02%	13%	11.4%	12.3%	12.8%	8.69%	8.89%	9.61%	6.92%	7.15%
ROE	12.7%	7.46%	19%	16.4%	16.5%	19.3%	14%	12%	12.5%	10.3%	11.2%
ROA	10.7%	5.82%	14.9%	11.6%	12%	13.7%	10.5%	9.58%	9.57%	7.7%	8.45%
ROIC	23.6%	17.3%	45.7%	28.6%	37.8%	38%	32.6%	26.5%	16.9%	15.4%	14.3%
Return on tangible assets	16.4%	7.89%	20.6%	15%	14.9%	21.3%	15%	13.5%	30%	22.6%	28.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.56	5.31	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59	2.75
Quick ratio	5.56	5.31	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59	2.75
Debt / equity	0.03	0.03	0.02	0.17	0.13	0.1	0.06	0.05	0.04	0.04	0.04
Debt / assets	0.03	0.02	0.02	0.12	0.1	0.07	0.05	0.04	0.03	0.03	0.03
Net debt / EBITDA	-1.99	-2.72	-2.64	-1.62	-2.17	-1.76	-1.97	-2.74	-1.66	-1.62	-0.86
Interest coverage	—	—	—	—	—	309.9	—	—	—	—	—
Effective tax rate	21.5%	58.3%	3.81%	12.8%	13.6%	9.7%	17.3%	22.3%	22.2%	25.3%	26.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23.1	27.9	34.4	41.9	47.7	66.5	84.2	81.1	82.5	97.6	103.8
EPS (basic)	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76	6.76
EPS (diluted)	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72	7.37
Book value per share	15.5	18.7	23.5	29.2	35.6	44.2	52.4	60	63.4	65.8	68.2
FCF per share	2.74	3.13	4.75	3.44	8.53	8.15	6.68	9.24	9.2	11	9.23
Cash per share	7.2	11.2	14.4	17.1	24.8	25.6	30.4	36.3	22.5	23.2	15.3
Capex per share	0.58	0.57	0.7	1.81	1.23	1.97	1.42	0.49	0.56	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.53%	2.05%	2.04%	4.33%	2.59%	2.97%	1.69%	0.61%	0.68%	—	—
Capex / operating cash flow	16.3%	36.3%	15.7%	34.4%	14.9%	26.1%	20.3%	4.41%	5.04%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.2B	$1.2B	$1.1B	$1.2B	$1.2B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B
YoY change	-6.1%	-6.01%	-3.76%	-2.02%	+1.34%	+7.87%	+11.7%	+18%	+19.4%	+12.8%	+7.56%	+4.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	362.4M	582.6M	770.6M	936.6M	1.4B	1.4B	1.7B	2.1B	1.3B	1.3B
Receivables	200M	265.6M	402.3M	497.7M	501.1M	768.9M	932.6M	897M	1B	1.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	646.6M	960M	1.2B	1.5B	1.9B	2.3B	2.8B	3.1B	2.4B	2.5B
Property, plant & equipment	39.6M	52.4M	68.2M	352.9M	346.2M	365.7M	367.5M	315.1M	280.9M	260.1M
Goodwill & intangibles	321.1M	328.1M	447.8M	502.6M	527.9M	1.3B	1.2B	1.3B	3.2B	3.2B
Total assets	925.8M	1.3B	1.6B	2.2B	2.7B	3.5B	4B	4.4B	4.8B	4.9B
Accounts payable	3.2M	5.6M	7.4M	7.8M	10.2M	24.8M	30.9M	32M	44.7M	55.3M
Short-term debt	—	—	—	57.5M	60.8M	66.1M	40.4M	36.6M	39.6M	37.2M
Total current liabilities	116.2M	181M	262.8M	386.9M	465.9M	763.4M	747.5M	644.9M	821M	976.9M
Long-term debt	25M	25M	25M	205.9M	205.6M	173M	150M	135.4M	123.6M	106.5M
Total liabilities	144.4M	275.3M	349.2M	648.1M	738.3M	1B	1B	880.9M	1.1B	1.2B
Shareholders' equity	781.4M	974.9M	1.3B	1.6B	2B	2.5B	3B	3.5B	3.6B	3.7B
Total debt	25M	25M	25M	263.5M	266.4M	239.2M	190.4M	171.9M	163.3M	143.7M
Net debt	-337M	-557.6M	-745.5M	-673.1M	-1.1B	-1.2B	-1.5B	-1.9B	-1.1B	-1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.9B	2.1B	2B	1.8B	2.1B	1.3B	1.2B	1B	1.2B	1.3B	1B	789.4M
Receivables	913M	897M	931.4M	960.9M	935.1M	1B	1.1B	1.2B	1.1B	1.1B	1.2B	1.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.9B	3.1B	3.1B	2.9B	3.1B	2.4B	2.4B	2.4B	2.5B	2.5B	2.4B	2.2B
Property, plant & equipment	376M	315.1M	358M	340.3M	337.4M	280.9M	327.7M	331M	322.3M	260.1M	321.3M	330M
Goodwill & intangibles	1.2B	1.3B	1.4B	1.4B	1.4B	3.2B	3.2B	3.3B	3.3B	3.2B	3.2B	3.2B
Total assets	4.2B	4.4B	4.4B	4.2B	4.5B	4.8B	4.7B	4.7B	4.8B	4.9B	4.7B	4.6B
Accounts payable	25.4M	32M	27.2M	31M	30.8M	44.7M	44.5M	45.3M	43M	55.3M	40.1M	41.6M
Short-term debt	38.3M	36.6M	36.2M	36.8M	37.6M	39.6M	39.5M	40.4M	40.5M	37.2M	36.8M	39.3M
Total current liabilities	613.6M	644.9M	658.5M	602.5M	681M	821M	789.1M	747.4M	835.3M	976.9M	884.3M	804.4M
Long-term debt	135.8M	135.4M	136.2M	129.2M	127.9M	123.6M	118.7M	122.3M	114.8M	106.5M	251.2M	112.9M
Total liabilities	862.3M	880.9M	898.9M	825.4M	902.6M	1.1B	1.1B	1B	1.1B	1.2B	1.3B	1.1B
Shareholders' equity	3.3B	3.5B	3.5B	3.4B	3.6B	3.6B	3.6B	3.7B	3.7B	3.7B	3.4B	3.5B
Total debt	174.1M	171.9M	172.4M	166M	165.4M	163.3M	158.1M	162.7M	155.2M	143.7M	287.9M	152.2M
Net debt	-1.7B	-1.9B	-1.8B	-1.6B	-1.9B	-1.1B	-1B	-878.7M	-1.1B	-1.2B	-749M	-637.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	99.3M	72.8M	240.3M	261.1M	327.2M	481.7M	419.4M	417.1M	454.5M	377.7M
Depreciation & amortization	23.4M	28.6M	36.6M	101.2M	129.2M	145.2M	140M	132.7M	127.1M	166.1M
Stock-based compensation	49.2M	52.4M	59.2M	72M	75.2M	111.7M	99.9M	147.7M	167.3M	176.8M
Change in working capital	4.9M	-80.3M	-47.7M	-142.3M	-57.8M	-277.9M	-247.3M	-15.6M	-52.9M	-128.1M
Operating cash flow	179.7M	82M	238.7M	289M	460.7M	426.7M	402.7M	644.1M	637.6M	654.9M
Capital expenditure	-29.3M	-29.8M	-37.6M	-99.3M	-68.8M	-111.5M	-81.6M	-28.4M	-32.1M	—
Investing cash flow	-9.3M	-36.2M	-112.1M	-145.4M	-167.2M	-368.9M	-182.9M	-66.8M	-885M	-6.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	0	-164.9M	-398M	-662.2M
Financing cash flow	-7.5M	-4.2M	-11.8M	-16.6M	-27.2M	-85.8M	-52.7M	-217.4M	-444.1M	-705.8M
Net change in cash	162.9M	41.6M	114.7M	127M	266.3M	-28.1M	167.1M	360M	-691.5M	-57.6M
Free cash flow	137.9M	163M	254.6M	188.1M	475.6M	460.8M	382.5M	534.2M	527M	612.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	97.2M	97.6M	116.2M	98.6M	136.3M	103.3M	73.5M	88M	106.8M	109.4M	82.5M	103M
Depreciation & amortization	33.3M	33.2M	31.6M	30.5M	29M	36M	41.4M	41.9M	41.7M	41.1M	42M	42.4M
Stock-based compensation	37.8M	38.2M	44.8M	35.7M	42.1M	44.7M	48.5M	38.6M	44.6M	45.1M	49.9M	46.4M
Change in working capital	-17.8M	11.7M	-51.6M	-33.1M	27.7M	4.1M	-87.2M	-51M	8.3M	1.8M	-101.2M	-103.4M
Operating cash flow	135.7M	153.6M	153.4M	119.7M	216.5M	147.9M	82.3M	53.2M	294.7M	282.9M	-36.4M	-2.4M
Capital expenditure	-3.6M	-10M	-6.7M	-4.7M	-5M	-15.7M	-9.3M	—	—	—	—	—
Investing cash flow	-10.6M	-20.7M	-51M	-22.8M	34.7M	-845.9M	-5.3M	-8.4M	-978K	-1.5M	2.2M	-1.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-78.5M	-36.5M	-120.6M	-214.5M	-50M	-13M	-160M	-196.5M	-82.1M	-223.5M	-324M	-85M
Financing cash flow	-83.6M	-45.4M	-126.7M	-243.9M	-54.8M	-18.7M	-169M	-219.2M	-86.1M	-237.2M	-192.9M	-246.8M
Net change in cash	41.6M	87.5M	-24.3M	-147.1M	196.4M	-716.7M	-92M	-174.3M	207.6M	44.2M	-227.1M	-250.5M
Free cash flow	211.3M	161.4M	123.2M	52.3M	237M	114.5M	14.8M	43.4M	286.4M	268.1M	-54.2M	-17.6M

EPAM Systems, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement