Logo

EPAM

EPAM Systems, Inc.

EPAM

EPAM Systems, Inc. • NYSE
$187.00 ▲ 1.25% (+2.31)
Market Cap $10.33 B
52w High $269.00
52w Low $138.15
Dividend Yield 0%
P/E 28.55
Volume 302.11K
Outstanding Shares 55.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.394B ▲ $223.856M ▼ $106.816M ▲ 7.661% ▲ $1.923 ▲ $174.931M ▲
Q2-2025 $1.353B ▲ $262.955M ▲ $88.026M ▲ 6.504% ▲ $1.56 ▲ $168.402M ▲
Q1-2025 $1.302B ▲ $250.354M ▲ $73.482M ▼ 5.645% ▼ $1.29 ▼ $140.696M ▼
Q4-2024 $1.248B ▲ $243.525M ▲ $103.299M ▼ 8.275% ▼ $1.82 ▼ $172.562M ▼
Q3-2024 $1.168B $226.556M $136.346M 11.678% $2.4 $205.993M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.239B ▲ $4.843B ▲ $1.116B ▲ $3.726B ▲
Q2-2025 $1.041B ▼ $4.711B ▼ $1.042B ▼ $3.668B ▲
Q1-2025 $1.174B ▼ $4.724B ▼ $1.08B ▼ $3.643B ▲
Q4-2024 $1.288B ▼ $4.75B ▲ $1.119B ▲ $3.629B ▲
Q3-2024 $2.059B $4.457B $902.568M $3.554B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $106.816M ▲ $294.684M ▲ $-9.28M ▲ $-85.65M ▲ $197.034M ▲ $286.382M ▲
Q2-2025 $88.026M ▲ $53.198M ▲ $-18.214M ▼ $-204.055M ▼ $-132.021M ▼ $43.367M ▲
Q1-2025 $73.482M ▼ $24.162M ▼ $-5.308M ▲ $-149.514M ▼ $-111.89M ▲ $14.833M ▼
Q4-2024 $103.299M ▼ $130.259M ▼ $-845.88M ▼ $1.26M ▲ $-750.315M ▼ $114.532M ▼
Q3-2024 $136.346M $241.962M $34.736M $-53.506M $249.096M $236.996M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Business Information and Media Sectors
Business Information and Media Sectors
 $170.00M ▲$170.00M ▲$170.00M ▲$170.00M ▲
Consumer Goods Retail Travel
Consumer Goods Retail Travel
 $250.00M ▲$260.00M ▲$270.00M ▲$280.00M ▲
Emerging Vertical Sector
Emerging Vertical Sector
 $210.00M ▲$220.00M ▲$230.00M ▲$240.00M ▲
Financial Services Sector
Financial Services Sector
 $280.00M ▲$310.00M ▲$330.00M ▲$340.00M ▲
Healthcare Sector
Healthcare Sector
 $150.00M ▲$150.00M ▲$160.00M ▲$160.00M ▲
Software And HiTech Sector
Software And HiTech Sector
 $180.00M ▲$190.00M ▲$200.00M ▲$210.00M ▲

Five-Year Company Overview

Income Statement

Income Statement EPAM’s income statement shows a business that is solidly profitable but has moved from fast growth to a more moderate, choppier pattern. Revenue climbed strongly through 2022, then flattened out with only slight growth more recently, suggesting a tougher demand environment in digital and IT services. Despite that slowdown, gross profit and operating profit have held up well, indicating good cost control and a focus on higher-value work. Net income is healthy and not far below its prior peak, which points to resilient margins even as growth cooled. Overall, the earnings profile looks durable, but not in a hyper‑growth phase anymore.

Balance Sheet

Balance Sheet The balance sheet looks conservative and robust. Total assets and shareholder equity have grown steadily, reflecting retained profits and ongoing reinvestment in the business. Cash levels remain strong, even after coming down from an unusually high point, giving EPAM flexibility for acquisitions, buybacks, or cushioning against downturns. Debt is relatively low and has been edging down over time, which reduces financial risk. In short, EPAM appears to be operating with a clear net cash, low‑leverage stance, which is a notable strength for a services company exposed to cyclical client spending.

Cash Flow

Cash Flow Cash generation is a clear bright spot. Operating cash flow has been consistently solid and broadly in line with earnings, which suggests that profits are of good quality and not heavily reliant on accounting adjustments. Free cash flow has been positive in every year shown and has generally trended upward, helped by modest capital spending needs. The business model looks capital‑light, meaning EPAM can fund growth, acquisitions, and shareholder returns largely from internal cash rather than new borrowing. This steady cash flow profile adds resilience if revenue growth remains uneven.

Competitive Edge

Competitive Edge EPAM occupies a premium niche in IT services, built around deep software engineering capabilities rather than pure cost arbitrage. Its reputation for handling complex, mission‑critical projects, combined with relatively low staff turnover, supports strong client relationships and repeat business. A globally distributed delivery model gives access to diverse talent and flexibility on cost and scale, though it also brings geopolitical and regional‑risk considerations. Strategic acquisitions have broadened its reach in consulting, design, and key verticals like financial services and healthcare. Competition from large global consultancies and other offshore providers remains intense, but EPAM’s engineering depth and domain specialization give it a differentiated position rather than a commodity offering.

Innovation and R&D

Innovation and R&D Innovation is a core part of EPAM’s identity and strategy. The company is leaning hard into artificial intelligence, not just as a service line for clients but as a foundation for how it operates (“AI‑native”). Proprietary platforms such as TelescopeAI, InfoNgen, and especially the DIAL AI orchestration platform show a clear push to move beyond pure services into reusable tools and accelerators. The AI/Run playbook and EPAM Continuum consulting capabilities signal a shift up the value chain, from execution to strategy plus implementation. This creates potential for higher‑value, stickier work but also requires ongoing investment and rapid adaptation in a very competitive AI landscape. Successful scaling and client adoption of these AI platforms will be an important indicator of whether this innovation focus translates into durable advantage and margin expansion.

Summary

EPAM looks like a high‑quality, engineering‑driven IT services company that has transitioned from rapid expansion into a more mature, steady phase. Financially, it combines solid profitability, a strong and conservative balance sheet, and reliable free cash flow—ingredients that support resilience and strategic flexibility. Strategically, its strengths lie in deep technical talent, low employee churn, global delivery, and a clear bet on AI‑enabled transformation backed by proprietary platforms and targeted acquisitions. The main watchpoints are the slowdown from earlier growth rates, exposure to discretionary tech spending, execution risk around acquisitions and AI initiatives, and intense competition in both traditional IT services and emerging AI solutions. Overall, EPAM appears well‑positioned to benefit from ongoing digital and AI adoption, provided it can reignite organic growth and successfully turn its AI vision into scalable, differentiated offerings.

NEWS

November 13, 2025 · 8:02 AM UTC

EPAM Wins the 2025 Microsoft Innovate with Azure AI Platform Partner of the Year Award

Read more

November 6, 2025 · 6:00 AM UTC

EPAM Reports Results for Third Quarter 2025 and Raises Full Year Revenue and EPS Outlook

Read more

October 28, 2025 · 10:02 AM UTC

Revolutionizing QA: EPAM's Agentic QA™ Brings Human-AI Synergy to Software Testing

Read more

October 23, 2025 · 8:02 AM UTC

EPAM Launches AI/Run™.Transform to Accelerate AI-Native Transformation for the Enterprise

Read more

October 21, 2025 · 6:00 AM UTC

EPAM Announces New $1B Share Repurchase Program

Read more