EPAM Systems

EPAM · NYSE · Information Technology · Financials, fiscal 2016 to 2025

EPAM · Last close · November 6, 2026

$159.31

EPAM Systems' revenue rose 15.4% to $5.5 billion in fiscal 2025. Its operating margin was 9.5%, down from 11.5% a year earlier. Free cash flow was $613 million, up 16.3%. It paid out $662 million in dividends and buybacks, 108% of free cash flow. The diluted share count fell 3.0%.

EPAM SYSTEMS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001352010-26-000015 Updated November 6, 2026

Revenue

$5.5B

15.4%

Operating margin

9.5%

2.0 pts

Net income

$378M

16.9%

Free cash flow

$613M

16.3%

Return on capital

16.3%

6.2 pts

Market cap

$8.2B

Nov 6 close

P/E

19.9x

On $7.99 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What EPAM Systems does

EPAM Systems provides digital engineering, cloud and AI-enabled transformation services, and business and experience consulting. Its clients are global enterprises and start-ups. It builds software and designs digital products for them, and helps them move their operations onto new technology.

Its roots are in software development and product engineering. It has added consulting, advanced technology software, and services that run and improve a client's operations and customer experience. It uses AI tools in its work, including platforms it calls EPAM AI/RUN, and it delivers projects through a global network of teams. Acquisitions have broadened where it works and what it offers.

EPAM earns its money by billing clients for the work its engineers and consultants do. It has significant operations and many staff in Ukraine and Belarus, which makes the war in the region a risk to its business.

Its biggest risks, as it describes them

The war in Ukraine, where it has significant operations and staff, could harm its people and business.
Instability in other regions where it has staff or revenue could hurt it.
Clients' wider use of AI software tools may reduce demand for its services.
It must keep pace with AI and attract and keep qualified staff.
It may not manage its growth well, and tax or employment law could treat some of its contractors differently than it plans.

From EPAM Systems's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 15.3% a year and net income 16.0% a year, as new shares raised the share count by 6% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,447	1,742	2,097	1,288	1,296
Debt incl. finance leases	46	31	26	25	25
Net debt (negative means net cash)	−1,400	−1,711	−2,071	−1,263	−1,271
Net debt to EBITDA	−2.2x	−2.6x	−3.5x	−2.0x	−2.0x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	1,313.1x	345.4x	106.7x	145.7x	372.2x
Current ratio	3.0x	3.7x	4.8x	3.0x	2.6x
Quick ratio	3.0x	3.7x	4.8x	3.0x	2.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project EPAM Systems' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open EPAM Systems' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $7,500 of EPAM Systems shares on the open market, and 3 insiders sold $1.6 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Apr 30, 2026	Balazs FejesCEO, President, Director, Director	Bought	78	$96.71	$7,500	Form 4
Dec 10, 2025	Boris ShnayderSVP/Co-Head of Global Business	Sold	5,000	$207.00	$1.0 million	Form 4
Nov 17, 2025	Gary C AbrahamsVP, Corporate Controller, Pao	Sold	600	$179.29	$107,574	Form 4
Nov 13, 2025	Viktar DvorkinSVP/Head of Global Delivery	Sold	2,500	$181.80	$454,497	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	7 of 9	6 of 9
Rule of 40	8.6%	11.9%	26.6%
Altman Z''	—	—	—
Accruals ratio	−3.5%	−2.3%	−5.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	7 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put EPAM Systems side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
EPAM Systems	FY25	15.4%	9.5%	11.2%	16.3%	−2.0x	6
Gartner	FY25	3.7%	15.8%	18.1%	44.6%	1.0x	5	Compare
Everforth	FY25	−2.9%	5.8%	7.2%	5.9%	2.9x	5	Compare
NCR Voyix	FY25	−4.7%	1.0%	−14.0%	1.3%	3.5x	3	Compare
Globant	FY25	1.6%	7.0%	11.5%	5.8%	—	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,160	1,450	1,843	2,294	2,660	3,758	4,825	4,690	4,728	5,457
Revenue growth	26.9%	25.0%	27.1%	24.5%	15.9%	41.3%	28.4%	−2.8%	0.8%	15.4%
Gross profit	423	529	656	806	927	1,274	1,538	1,434	1,450	1,574
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	134	173	246	303	379	542	573	501	545	520
Net income	99	73	240	261	327	482	419	417	454	378
Diluted EPS (US$)	1.87	1.32	4.24	4.53	5.60	8.15	7.09	7.06	7.84	6.72
Diluted shares (millions)	53	55	57	58	58	59	59	59	58	56
Cash flow
Cash from operations	167	193	292	288	544	572	464	563	559	655
Capital expenditure	29	30	38	99	69	112	82	28	32	42
Free cash flow	138	163	255	188	476	461	382	534	527	613
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	165	398	662
Acquisitions	6	7	74	39	19	315	11	25	912	3
Stock-based compensation	49	52	59	72	75	112	100	148	167	177
Balance sheet at fiscal year end
Cash and short-term investments	362	583	771	937	1,382	1,447	1,742	2,097	1,288	1,296
Debt incl. finance leases	25	25	25	25	25	46	31	26	25	25
Total assets	926	1,250	1,612	2,244	2,721	3,523	4,009	4,352	4,750	4,902
Total liabilities	144	275	349	648	738	1,027	1,006	881	1,119	1,224
Shareholders' equity	781	975	1,263	1,596	1,983	2,487	3,002	3,471	3,629	3,677
Margins and ratios
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%
Free cash flow margin	11.9%	11.2%	13.8%	8.2%	17.9%	12.3%	7.9%	11.4%	11.2%	11.2%
Rule of 40 (growth + FCF margin)	38.8%	36.3%	40.9%	32.7%	33.8%	53.6%	36.3%	8.6%	11.9%	26.6%
Return on capital	23.5%	20.1%	50.6%	43.9%	50.0%	56.9%	39.7%	28.9%	22.5%	16.3%
Return on equity	14.2%	8.3%	21.5%	18.3%	18.3%	21.6%	15.3%	12.9%	12.8%	10.3%
Return on assets	11.7%	6.7%	16.8%	13.5%	13.2%	15.4%	11.1%	10.0%	10.0%	7.8%
Net debt to EBITDA	−2.1x	−2.8x	−2.6x	−2.6x	−3.1x	−2.2x	−2.6x	−3.5x	−2.0x	−2.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: EPAM Systems' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with EPAM Systems.