EPAM Systems (EPAM)

NYSE Information Technology IT Consulting & Other Services S&P SmallCap 600

$159.31

-6.39 (-3.86%)

Close of Nov 06, 2026 · end-of-day data

Source: EPAM Systems's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.16B	$1.45B	$1.84B	$2.29B	$2.66B	$3.76B	$4.82B	$4.69B	$4.73B	$5.46B
Cost of revenue	$737.19M	$921.35M	$1.19B	$1.49B	$1.73B	$2.48B	$3.29B	$3.26B	$3.28B	$3.88B
Gross profit	$422.95M	$529.10M	$655.99M	$805.60M	$926.96M	$1.27B	$1.54B	$1.43B	$1.45B	$1.57B
Selling, general & admin	$265.86M	$327.59M	$373.59M	$457.43M	$484.76M	$648.74M	$872.78M	$815.07M	$816.30M	$928.71M
Operating income	$133.70M	$172.95M	$245.76M	$302.85M	$379.32M	$542.32M	$572.97M	$501.24M	$544.58M	$520.00M
Pre-tax income	$126.47M	$174.31M	$249.77M	$299.53M	$378.48M	$533.39M	$507.26M	$536.59M	$584.41M	$505.62M
Income tax	$27.20M	$101.55M	$9.52M	$38.47M	$51.32M	$51.74M	$87.84M	$119.50M	$129.88M	$127.95M
Net income	$99.27M	$72.76M	$240.26M	$261.06M	$327.16M	$481.65M	$419.42M	$417.08M	$454.53M	$377.68M
EBITDA	$157.08M	$201.51M	$282.40M	$348.17M	$442.20M	$625.71M	$665.24M	$593.04M	$634.14M	$644.81M
EPS (basic)	$1.97	$1.40	$4.48	$4.77	$5.87	$8.52	$7.32	$7.21	$7.93	$6.76
EPS (diluted)	$1.87	$1.32	$4.24	$4.53	$5.60	$8.15	$7.09	$7.06	$7.84	$6.72
Diluted shares	53.22M	54.98M	56.67M	57.67M	58.45M	59.06M	59.17M	59.09M	57.98M	56.23M
Gross margin	36.5%	36.5%	35.6%	35.1%	34.9%	33.9%	31.9%	30.6%	30.7%	28.8%
Operating margin	11.5%	11.9%	13.3%	13.2%	14.3%	14.4%	11.9%	10.7%	11.5%	9.5%
Net margin	8.6%	5.0%	13.0%	11.4%	12.3%	12.8%	8.7%	8.9%	9.6%	6.9%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$362.02M	$582.59M	$770.56M	$936.55M	$1.32B	$1.45B	$1.68B	$2.04B	$1.29B	$1.30B
Short-term investments	—	—	—	—	—	$0	$60.34M	$60.74M	$1.69M	—
Receivables	$199.98M	$265.64M	$0	—	—	—	—	—	—	—
Total current assets	$646.55M	$960.03M	$1.20B	$1.47B	$1.91B	$2.27B	$2.76B	$3.09B	$2.43B	$2.53B
Goodwill	$109.29M	$119.53M	$166.83M	$195.04M	$211.96M	$530.72M	$529.07M	$562.46M	$1.18B	$1.21B
Total assets	$925.81M	$1.25B	$1.61B	$2.24B	$2.72B	$3.52B	$4.01B	$4.35B	$4.75B	$4.90B
Total current liabilities	$116.22M	$180.97M	$262.83M	$386.95M	$465.95M	$763.42M	$747.48M	$644.93M	$821.04M	$976.94M
Short-term debt	—	—	—	—	$0	$16.02M	$2.86M	—	—	—
Long-term debt	$25.05M	$25.03M	$25.03M	$25.07M	$25.04M	$30.23M	$27.69M	$26.13M	$25.19M	$25.03M
Total debt	$25.05M	$25.03M	$25.03M	$25.07M	$25.04M	$46.25M	$30.55M	$26.13M	$25.19M	$25.03M
Total liabilities	$144.40M	$275.31M	$349.21M	$648.06M	$738.31M	$1.03B	$1.01B	$880.89M	$1.12B	$1.22B
Shareholders' equity	$781.41M	$974.95M	$1.26B	$1.60B	$1.98B	$2.49B	$3.00B	$3.47B	$3.63B	$3.68B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$167.22M	$192.82M	$292.22M	$287.45M	$544.41M	$572.33M	$464.10M	$562.63M	$559.17M	$654.93M
Capital expenditures	$29.32M	$29.81M	$37.57M	$99.31M	$68.79M	$111.50M	$81.63M	$28.41M	$32.15M	$42.24M
Free cash flow	$137.90M	$163.01M	$254.64M	$188.15M	$475.61M	$460.83M	$382.48M	$534.22M	$527.02M	$612.69M
Investing cash flow	-$9.32M	-$36.15M	-$112.12M	-$145.37M	-$167.15M	-$368.92M	-$182.93M	-$66.77M	-$884.98M	-$49.05M
Financing cash flow	$10.47M	$49.75M	$23.00M	$20.36M	-$765.00K	-$59.56M	-$2.02M	-$165.77M	-$390.41M	-$651.20M
Share buybacks	—	—	—	—	—	$0	$0	$164.92M	$398.03M	$662.16M
Stock-based compensation	$49.24M	$52.41M	$59.19M	$72.04M	$75.24M	$111.66M	$99.91M	$147.73M	$167.30M	$176.76M
Depreciation & amortization	$23.39M	$28.56M	$36.64M	$45.32M	$62.87M	$83.39M	$92.27M	$91.80M	$89.56M	$124.81M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.16B	$1.17B	$1.15B	$1.17B	$1.25B	$1.30B	$1.35B	$1.39B	$1.41B	$1.40B	$1.41B	$1.43B
Cost of revenue	$797.63M	$834.33M	$810.86M	$763.99M	$868.31M	$952.01M	$964.01M	$983.17M	$984.35M	$1.01B	$985.20M	$980.49M
Gross profit	$359.62M	$331.13M	$335.74M	$403.54M	$380.04M	$349.68M	$389.43M	$411.20M	$423.20M	$388.01M	$429.57M	$445.94M
Selling, general & admin	$213.97M	$198.45M	$194.06M	$206.82M	$216.97M	$218.92M	$231.68M	$234.95M	$243.16M	$239.70M	$245.25M	$237.39M
Operating income	$122.49M	$110.53M	$120.56M	$176.98M	$136.51M	$99.33M	$126.48M	$144.94M	$149.25M	$116.77M	$152.22M	$175.93M
Pre-tax income	$127.40M	$123.66M	$133.81M	$189.62M	$137.33M	$94.42M	$123.77M	$143.62M	$143.82M	$120.65M	$140.55M	$176.34M
Income tax	$29.85M	$7.41M	$35.16M	$53.27M	$34.03M	$20.93M	$35.74M	$36.80M	$34.47M	$38.13M	$37.57M	$46.02M
Net income	$97.55M	$116.24M	$98.64M	$136.35M	$103.30M	$73.48M	$88.03M	$106.82M	$109.35M	$82.52M	$102.98M	$130.31M
EBITDA	$145.65M	$132.68M	$141.68M	$196.72M	$163.07M	$130.77M	$157.75M	$176.26M	$180.04M	$148.31M	$184.32M	$208.55M
EPS (basic)	$1.69	$2.01	$1.71	$2.40	$1.82	$1.29	$1.56	$1.92	$1.99	$1.53	$1.97	$2.53
EPS (diluted)	$1.66	$1.97	$1.70	$2.37	$1.80	$1.28	$1.56	$1.91	$1.97	$1.52	$1.97	$2.53
Diluted shares	-58.00K	58.93M	58.15M	57.42M	-183.00K	57.26M	56.54M	55.82M	-301.00K	54.18M	52.27M	51.47M
Gross margin	31.1%	28.4%	29.3%	34.6%	30.4%	26.9%	28.8%	29.5%	30.1%	27.7%	30.4%	31.3%
Operating margin	10.6%	9.5%	10.5%	15.2%	10.9%	7.6%	9.3%	10.4%	10.6%	8.3%	10.8%	12.3%
Net margin	8.4%	10.0%	8.6%	11.7%	8.3%	5.6%	6.5%	7.7%	7.8%	5.9%	7.3%	9.1%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$2.04B	$1.98B	$1.79B	$2.04B	$1.29B	$1.17B	$1.04B	$1.24B	$1.30B	$1.04B	$789.40M	$965.17M
Short-term investments	$60.74M	$61.62M	$61.49M	$22.32M	$1.69M	—	—	—	—	—	—	—
Total current assets	$3.09B	$3.08B	$2.92B	$3.11B	$2.43B	$2.42B	$2.37B	$2.52B	$2.53B	$2.36B	$2.22B	$2.33B
Goodwill	$562.46M	$595.22M	$608.07M	$621.90M	$1.18B	$1.19B	$1.21B	$1.21B	$1.21B	$1.20B	$1.20B	$1.20B
Total assets	$4.35B	$4.37B	$4.22B	$4.46B	$4.75B	$4.72B	$4.71B	$4.84B	$4.90B	$4.70B	$4.57B	$4.68B
Total current liabilities	$644.93M	$658.53M	$602.46M	$681.05M	$821.04M	$789.12M	$747.43M	$835.26M	$976.94M	$884.33M	$804.44M	$844.04M
Long-term debt	$26.13M	$25.79M	$25.50M	$25.33M	$25.19M	$25.06M	$25.04M	$25.04M	$25.03M	$165.00M	$25.00M	$25.00M
Total debt	$26.13M	$25.79M	$25.50M	$25.33M	$25.19M	$25.06M	$25.04M	$25.04M	$25.03M	$165.00M	$25.00M	$25.00M
Total liabilities	$880.89M	$898.89M	$825.37M	$902.57M	$1.12B	$1.08B	$1.04B	$1.12B	$1.22B	$1.27B	$1.05B	$1.09B
Shareholders' equity	$3.47B	$3.48B	$3.40B	$3.55B	$3.63B	$3.64B	$3.67B	$3.73B	$3.68B	$3.43B	$3.52B	$3.59B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$171.37M	$129.92M	$57.03M	$241.96M	$130.26M	$24.16M	$53.20M	$294.68M	$282.89M	-$36.36M	-$2.42M	$288.84M
Capital expenditures	$9.99M	$6.75M	$4.70M	$4.97M	$15.73M	$9.33M	$9.83M	$8.30M	$14.78M	$17.86M	$15.21M	$14.68M
Free cash flow	$161.37M	$123.17M	$52.32M	$237.00M	$114.53M	$14.83M	$43.37M	$286.38M	$268.11M	-$54.22M	-$17.64M	$274.16M
Investing cash flow	-$20.70M	-$50.99M	-$22.85M	$34.74M	-$845.88M	-$5.31M	-$18.21M	-$9.28M	-$16.25M	-$15.65M	-$16.51M	-$23.84M
Financing cash flow	-$22.36M	-$112.08M	-$226.08M	-$53.51M	$1.26M	-$149.51M	-$204.06M	-$85.65M	-$211.98M	-$192.20M	-$233.15M	-$83.19M
Share buybacks	$36.49M	$120.59M	$214.48M	$49.95M	$13.00M	$160.00M	$196.50M	$82.10M	$223.53M	$323.98M	$85.00M	$79.90M
Stock-based compensation	$38.19M	$44.79M	$35.68M	$42.12M	$44.70M	$48.46M	$38.56M	$44.60M	$45.15M	$49.92M	$46.40M	$42.48M
Depreciation & amortization	$23.16M	$22.15M	$21.12M	$19.74M	$26.56M	$31.44M	$31.27M	$31.31M	$30.79M	$31.54M	$32.10M	$32.62M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.