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Friday 6 November 2026
Export EPAM’s income statement to Excel — free account
EPAM Systems, Inc.
EPAM Technology Information Technology Services
EPAM Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 15.4% from fiscal 2024.
- Revenue
- +2.30%
- EPS
- +32.0%
- Free cash flow
- −4.27%
- Total debt
- −0.14%
Quarter to September 2026, against a year earlier
159.06
6.64
−4.01%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,160 | 1,450 | 1,843 | 2,294 | 2,659 | 3,758 | 4,825 | 4,691 | 4,728 | 5,457 | 5,649 | +18.8% | 5,658 | 5,861 | 6,141 | +4.0% | |
| Gross margin, % | 36.46 | 36.48 | 35.60 | 35.12 | 34.85 | 33.91 | 31.88 | 30.57 | 30.68 | 28.83 | 29.86 | (7.6) pt | ||||||
| EBT | 126 | 174 | 250 | 300 | 378 | 533 | 507 | 537 | 584 | 506 | 581 | +16.6% | ||||||
| EBT margin, % | 10.90 | 12.02 | 13.55 | 13.06 | 14.23 | 14.19 | 10.51 | 11.44 | 12.36 | 9.27 | 10.29 | (1.6) pt | ||||||
| Net income | 99 | 73 | 240 | 261 | 327 | 482 | 419 | 417 | 455 | 378 | 425 | +16.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 23.06 | 27.85 | 34.37 | 41.92 | 47.72 | 66.50 | 84.21 | 81.11 | 82.53 | 97.63 | 109.84 | +17.4% | |||||
| Earnings | 1.97 | 1.40 | 4.48 | 4.77 | 5.87 | 8.52 | 7.32 | 7.21 | 7.93 | 6.76 | 8.02 | +14.7% | ||||||
| Cash flow | 3.32 | 3.70 | 5.45 | 5.25 | 9.77 | 10.13 | 8.10 | 9.73 | 9.76 | 11.72 | 10.36 | +15.0% | ||||||
| Capex | (0.58) | (0.57) | (0.70) | (1.81) | (1.23) | (1.97) | (1.42) | (0.49) | (0.56) | (0.76) | (1.22) | +2.9% | ||||||
| Free cash flow | 2.74 | 3.13 | 4.75 | 3.44 | 8.53 | 8.15 | 6.68 | 9.24 | 9.20 | 10.96 | 9.15 | +16.6% | ||||||
| Book value | 15.53 | 18.72 | 23.55 | 29.17 | 35.58 | 44.17 | 52.42 | 60.03 | 63.38 | 65.80 | 69.90 | +17.4% | ||||||
| Shares, m | 50 | 52 | 54 | 55 | 56 | 57 | 57 | 58 | 57 | 56 | 53 | +1.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 32.31 | 76.88 | 25.90 | 44.57 | 60.94 | 78.46 | 45.28 | 40.39 | 29.45 | 30.31 | 19.82 | 46.4 | |||||
| P/S | 2.76 | 3.89 | 3.38 | 5.06 | 7.51 | 10.05 | 3.94 | 3.59 | 2.83 | 2.10 | 1.45 | 4.5 | ||||||
| P/B | 4.10 | 5.79 | 4.93 | 7.27 | 10.07 | 15.14 | 6.32 | 4.85 | 3.69 | 3.11 | 2.28 | 6.5 | ||||||
| EV/Sales | 2.47 | 3.51 | 2.97 | 4.66 | 7.00 | 9.67 | 3.58 | 3.15 | 2.57 | 1.87 | 1.28 | 4.1 | ||||||
| EV/FCF | 20.78 | 31.21 | 21.50 | 56.86 | 39.13 | 78.90 | 45.16 | 27.65 | 23.02 | 16.62 | 15.39 | 36.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 167 | 193 | 292 | 287 | 544 | 572 | 464 | 563 | 559 | 655 | 533 | +16.4% | |||||
| Capex | (29) | (30) | (38) | (99) | (69) | (112) | (82) | (28) | (32) | (42) | (63) | +4.1% | ||||||
| Free cash flow | 138 | 163 | 255 | 188 | 476 | 461 | 382 | 534 | 527 | 613 | 470 | +18.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 530 | 779 | 936 | 1,087 | 1,447 | 1,506 | 2,012 | 2,446 | 1,605 | 1,557 | 1,489 | +12.7% | |||||
| Net debt | (337) | (558) | (746) | (911) | (1,357) | (1,416) | (1,714) | (2,071) | (1,261) | (1,271) | (940) | +15.9% | ||||||
| Shareholders’ equity | 781 | 975 | 1,263 | 1,596 | 1,983 | 2,496 | 3,003 | 3,471 | 3,631 | 3,678 | 3,595 | +18.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 11.65 | 6.69 | 16.79 | 13.54 | 13.18 | 15.43 | 11.14 | 9.98 | 9.99 | 7.83 | 8.93 | (3.8) pt | |||||
| ROIC | 18.80 | 25.90 | 29.71 | 27.65 | 37.88 | 31.40 | 27.78 | 22.37 | 14.36 | 13.50 | 13.99 | (5.3) pt | ||||||
| ROE | 14.24 | 8.29 | 21.47 | 18.26 | 18.28 | 21.51 | 15.25 | 12.88 | 12.80 | 10.33 | 11.61 | (3.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 22,383 | 25,962 | 30,156 | 32,561 | 41,168 | 58,000 | 59,300 | 53,150 | 61,200 | 62,850 | — | +12.2% | |||||
| Revenue/emp, $m | 0.05 | 0.06 | 0.06 | 0.07 | 0.06 | 0.06 | 0.08 | 0.09 | 0.08 | 0.09 | — | +5.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Americas | 3,166 | 58.02% |
|---|---|---|
| Europe | 2,291 | 41.98% |
| Gross margin | 28.83% | |
| Operating margin | 9.53% | |
| Pre-tax margin | 9.27% |
EPAM Systems, Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CACI CACI International, Inc. | $13.4B | 24.8× | 25.4× | +8.17% (above 0%: growing) | +4.06% (above 0%: growing) | −2.66% (below 0%: shrinking) | 35.44% | 10.00% | Compare |
| WSE WISE GROUP PLC | $13.1B | — | — | — | — | — | — | — | Compare |
| JKHY Jack Henry & Associates, Inc. | $12.6B | 24.9× | 21.8× | +8.81% (above 0%: growing) | −10.29% (below 0%: shrinking) | +19.37% (above 0%: growing) | 46.40% | 29.52% | Compare |
| IT Gartner, Inc. | $12.5B | 13.5× | 16.8× | −1.27% (below 0%: shrinking) | +615.62% (above 0%: growing) | +2.19% (above 0%: growing) | 71.22% | 18.68% | Compare |
| EPAM EPAM Systems, Inc. | $8.6B | 19.8× | 16.8× | +2.30% (above 0%: growing) | +31.97% (above 0%: growing) | −4.27% (below 0%: shrinking) | 31.26% | 12.33% | |
| G Genpact Limited | $6.9B | 12.3× | 11.2× | +7.29% (above 0%: growing) | +7.14% (above 0%: growing) | −70.83% (below 0%: shrinking) | 38.02% | 15.23% | Compare |
| EXLS ExlService Holdings, Inc. | $6.6B | 25.7× | 23.9× | +19.71% (above 0%: growing) | +25.86% (above 0%: growing) | −3.65% (below 0%: shrinking) | 38.04% | 14.02% | Compare |
| SAIC Science Applications International Corporation | $6.2B | 16.9× | 18.0× | +6.27% (above 0%: growing) | −11.40% (below 0%: shrinking) | +13.91% (above 0%: growing) | 12.71% | 8.09% | Compare |
| INGM Ingram Micro Holding Corporation | $5.6B | 12.8× | 12.9× | +20.76% (above 0%: growing) | +35.71% (above 0%: growing) | +220.66% (above 0%: growing) | 6.55% | 1.93% | Compare |
| Median of peers | $9.7B | 16.9× | 18.0× | +8.17% | +7.14% | +2.19% | 38.02% | 14.02% |
From the latest earnings call
- CFO Jason Peterson said AI-native revenue grew in the quarter and that three large multi-year deals are expected to ramp in 2027.
- Peterson said EPAM is investing in AI and sales capabilities while expecting a lower benefit from Poland’s research and development tax incentive in 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
110.66%
Held by the ten largest
64.71%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 6.64m | 12.87% | +2.55m |
| Vanguard | 6.16m | 11.94% | −754.23k |
| Ameriprise (Columbia Threadneedle) | 5.46m | 10.58% | +1.68m |
| Capital Group | 4.92m | 9.55% | −2.10m |
| Invesco | 2.41m | 4.67% | −1.97m |
| State Street | 1.96m | 3.79% | −277.10k |
| Dimensional Fund Advisors | 1.65m | 3.20% | +579.31k |
| Citadel Advisors | 1.57m | 3.04% | +1.48m |
| Aikya Investment Management Ltd | 1.37m | 2.65% | +455.30k |
| Morgan Stanley | 1.25m | 2.42% | +130.35k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 6 April 2026
Ownership
Directors and executive officers, together
3.80%
Capital World Investors
12.30%
The Vanguard Group
11.83%
BlackRock, Inc.
7.00%
Invesco Ltd.
6.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
EPAM Systems, Inc. (EPAM) Latest News
6 Nov
5 Nov
19 Oct
5 Oct
31 Aug
7 Aug
6 Aug
28 Jul
EPAM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
EPAM Systems helps organizations design, build and run software and other digital services. Its work combines software engineering with business consulting, customer-experience design, cloud technology, cybersecurity and artificial intelligence. Clients include global enterprises and startups that need help changing their technology or the way they serve customers.
An engagement can start with advice on a business problem and continue through selecting technology, building and testing software, integrating it with existing systems, and maintaining it after launch. EPAM also helps clients move applications and data to cloud platforms, modernize older systems and prepare their data and infrastructure for AI applications. Its teams include consultants, designers, architects, engineers and trainers.