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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

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159.06 6.64 −4.01%

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Market cap: $8.6B
P/E: 19.8×
Fwd P/E: 16.8×
Dividend yield: —
F-score: 6/9
Altman Z: 8.10
Beneish M: −2.69
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

EPAM Systems, Inc. (EPAM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Americas	3,166	58.02%
Europe	2,291	41.98%
Gross margin		28.83%
Operating margin		9.53%
Pre-tax margin		9.27%

Revenue by product or service $m

Line	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Software Development Service	1,060 73.10%	842 72.57%	645 70.53%	505 69.12%	374 67.45%	290 66.88%	219 65.53%	150 67.47%
Applications	276 19.05%	223 19.22%	174 19.06%	140 19.23%	109 19.68%	86 19.79%	68 20.28%	44 20.04%
Application Maintenance and Support	93 6.39%	74 6.42%	71 7.72%	59 8.06%	46 8.28%	36 8.31%	29 8.75%	19 8.68%
All Other	17 1.18%	13 1.08%	10 1.04%	8 1.15%	8 1.37%	6 1.48%	6 1.85%	4 1.70%
Licensing	4 0.24%	3 0.27%	4 0.41%	4 0.50%	—	—	—	—
Technology Infrastructure	1 0.04%	5 0.44%	11 1.24%	14 1.94%	14 2.60%	12 2.86%	8 2.54%	3 1.27%
Software License Arrangement	—	—	—	—	3 0.62%	3 0.67%	4 1.05%	2 0.83%
Revenue	1,450	1,160	914	730	555	434	335	222

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Americas	3,166 58.02%	2,866 60.63%	2,765 58.95%	2,899 60.08%	2,242 59.66%	1,602 60.23%	1,381 60.20%	1,077 58.44%	796 54.88%	642 55.36%	—	—	—	—	—	—
Europe	2,291 41.98%	1,862 39.37%	1,909 40.71%	1,853 38.41%	1,350 35.93%	947 35.62%	821 35.78%	693 37.59%	591 40.78%	475 40.94%	—	—	—	—	—	—
Russia	—	—	16 0.34%	73 1.51%	165 4.40%	110 4.15%	92 4.02%	73 3.97%	63 4.34%	44 3.76%	—	—	—	—	—	—
Material reconciling items [member]	—	—	—	—	—	—	—	—	—	(1) (0.06%)	—	0 0.00%	0 0.01%	0 0.02%	—	—
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0 0.07%	0 0.14%
Operating Segments	—	—	—	—	—	—	—	—	—	1,161	—	—	—	—	—	—
Revenue	5,457	4,728	4,691	4,825	3,758	2,659	2,294	1,843	1,450	1,160	914	730	555	434	335	222

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Russia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Americas	1,099 59.64%	—	—	—	—	—	—	—	—
EMEA	612 33.23%	—	—	—	—	—	—	—	—
CEE	82 4.43%	—	—	—	—	—	—	—	—
APAC	50 2.69%	—	—	—	—	—	—	—	—
Hong Kong	—	—	—	23 2.55%	13 1.84%	0 0.00%	—	—	—
Sweden	—	—	—	11 1.18%	8 1.08%	6 1.03%	5 1.13%	5 1.58%	3 1.37%
Belgium	—	—	—	8 0.89%	4 0.58%	0 0.00%	—	—	—
Ireland	—	—	—	6 0.61%	4 0.50%	0 0.05%	—	—	—
Italy	—	—	—	2 0.26%	2 0.24%	—	—	—	—
China	—	—	—	1 0.09%	0 0.00%	—	0 0.00%	—	—
United Arab Emirates	—	—	—	0 0.00%	—	—	—	—	—
Spain	—	—	—	—	0 0.01%	—	—	2 0.57%	—
Kazakhstan	—	—	—	—	—	10 1.78%	11 2.62%	9 2.64%	7 3.37%
Ukraine	—	—	—	—	—	—	—	1 0.27%	1 0.42%
Also reported: a second breakdown of the same revenue
United States	1,029 55.85%	784 54.02%	611 52.70%	432 47.26%	318 43.60%	248 44.67%	198 45.55%	163 48.75%	117 52.76%
United Kingdom	201 10.90%	189 13.03%	177 15.27%	166 18.21%	141 19.36%	109 19.62%	98 22.67%	71 21.22%	33 14.69%
Other	176 9.56%	125 8.59%	87 7.53%	11 1.26%	11 1.52%	8 1.39%	9 2.02%	4 1.11%	3 1.41%
Switzerland	144 7.84%	123 8.50%	123 10.60%	112 12.22%	87 11.93%	52 9.36%	30 6.94%	16 4.74%	10 4.40%
Germany	81 4.38%	60 4.15%	44 3.76%	36 3.98%	26 3.53%	20 3.65%	16 3.78%	8 2.36%	7 3.26%
Russia	71 3.86%	61 4.22%	41 3.53%	37 4.00%	49 6.70%	53 9.61%	48 10.95%	44 13.09%	31 14.20%
Netherlands	70 3.81%	52 3.55%	18 1.51%	10 1.13%	9 1.21%	8 1.39%	3 0.72%	4 1.20%	5 2.43%
Canada	70 3.79%	57 3.94%	59 5.10%	58 6.38%	49 6.74%	34 6.08%	9 2.13%	2 0.62%	—
Other, not broken out	—	—	—	—	8 1.15%	8 1.37%	6 1.48%	6 1.85%	4 1.70%
Revenue	1,843	1,450	1,160	914	730	555	434	335	222

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Delivery professionals	Q3 FY2026	57.4K	56.1K	+2.23%
Total headcount	Q3 FY2026	63.7K	62.4K	+2.09%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Delivery professionals	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total headcount	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.