Saturday 17 October 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. In the quarter to June 2026, revenue grew 4.53%, EPS grew 26.3%, free cash flow fell 140.7% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.

122.19 0.07 −0.06%

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Market cap: $6.3B
P/E: 16.5×
Fwd P/E: 11.8×
Dividend yield: —
F-score: 6/9
Altman Z: 8.10
Beneish M: −2.69
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.05

Total sells 1.60

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	6	—	—	—	—	—	—
Sell	2	1	—	—	—	—	—	—	—	—	—	—

Insider Ownership 4.63%

Capital & Financial Ratios $m

Market Cap 6,310.00

Revenue 5,616.75

Net Income 401.67

Free Cash Flow 482.64

Net Debt (764.40)

Current Ratio 2.75

Debt/Equity 0.01

P/E ratio 16.49

Fwd P/E 11.80

P/S ratio 1.14

P/B ratio 1.81

Past 5Y EPS Growth 3.71%

This Y EPS Growth 14.28%

Next Y EPS Growth 7.13%

Next Y revenue growth 3.68%

Next 5Y EPS Growth 9.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 4.31%

10-year low 10-year high

P/S against its own 10 years 4.35%

10-year low 10-year high

P/B against its own 10 years 4.31%

10-year low 10-year high

EV/Sales against its own 10 years 4.39%

10-year low 10-year high

EV/FCF against its own 10 years 5.86%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,097	1,286	1,296	789
Receivables	897	1,002	1,108	1,268
Inventory	—	—	—	—
Other	—	—	—	—
	3,091	2,426	2,534	2,216

	2023	2024	2025	Q'26
Payables	32	45	55	42
ST’ Debt	—	—	—	—
Other	—	—	—	—
	645	821	977	804

Compound Annual Growth %

	10y	5y	3y
Sales	19.56%	15.46%	4.19%
Cash Flow	23.97%	3.77%	12.17%
Earnings	16.16%	2.91%	(3.43%)
Book Value	19.62%	13.15%	6.99%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,400	1,415	—	—	—
’25	1,302	1,353	1,394	1,408	5,457
’24	1,165	1,147	1,168	1,248	4,728
’23	1,211	1,170	1,152	1,157	4,691
’22	1,172	1,195	1,227	1,231	4,825
’21	781	881	989	1,107	3,758
’20	651	632	652	723	2,659

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(36)	(2)	—	—	—
’25	24	53	295	283	655
’24	130	57	242	130	559
’23	87	89	215	171	563
’22	(52)	78	252	186	464
’21	13	69	206	285	572
’20	63	146	176	159	544

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(54)	(18)	—	—	—
’25	15	43	286	268	613
’24	123	52	237	115	527
’23	79	82	211	161	534
’22	(75)	59	234	165	382
’21	2	46	185	228	461
’20	34	135	166	141	476

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.52	1.97	—	—	—
’25	1.28	1.56	1.91	1.98	6.72
’24	1.97	1.70	2.37	1.80	7.84
’23	1.73	2.03	1.65	1.66	7.06
’22	1.52	0.32	2.63	2.61	7.09
’21	1.86	1.94	1.95	2.40	8.15
’20	1.47	1.14	1.53	1.46	5.60

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	54.53	63.32	102.03	111.44	151.97	328.90	168.59	197.99	169.43	138.15	Analyst estimates 2026–2028 Powerpack
	High	78.40	109.07	144.19	217.00	360.89	725.40	675.34	385.96	317.50	269.00
People
People	Employees	22,383	25,962	30,156	32,561	41,168	58,000	59,300	53,150	61,200	62,850
	Revenue/emp, $m	0.05	0.06	0.06	0.07	0.06	0.06	0.08	0.09	0.08	0.09
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
	Gross margin, %	36.46	36.48	35.60	35.12	34.85	33.91	31.88	30.57	30.68	28.83
	EBT	126	174	250	300	378	533	507	537	584	506
	EBT margin, %	10.90	12.02	13.55	13.06	14.23	14.19	10.51	11.44	12.36	9.27
	Net income	99	73	240	261	327	482	419	417	455	378
	Depreciation	23	29	37	45	63	83	92	92	90	125
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
	Earnings	1.97	1.40	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
	Cash flow	3.32	3.70	5.45	5.25	9.77	10.13	8.10	9.73	9.76	11.72
	Capex	(0.58)	(0.57)	(0.70)	(1.81)	(1.23)	(1.97)	(1.42)	(0.49)	(0.56)	(0.76)
	Free cash flow	2.74	3.13	4.75	3.44	8.53	8.15	6.68	9.24	9.20	10.96
	Book value	15.53	18.72	23.55	29.17	35.58	44.17	52.42	60.03	63.38	65.80
	Shares, m	50	52	54	55	56	57	57	58	57	56
Valuation, ×
Valuation, ×	P/E	32.31	76.88	25.90	44.57	60.94	78.46	45.28	40.39	29.45	30.31
	P/S	2.76	3.89	3.38	5.06	7.51	10.05	3.94	3.59	2.83	2.10
	P/B	4.10	5.79	4.93	7.27	10.07	15.14	6.32	4.85	3.69	3.11
	EV/Sales	2.47	3.51	2.97	4.66	7.00	9.67	3.58	3.15	2.57	1.87
	EV/FCF	20.78	31.21	21.50	56.86	39.13	78.90	45.16	27.65	23.02	16.62
Cash, $m
Cash, $m	Operating cash flow	167	193	292	287	544	572	464	563	559	655
	Capex	(29)	(30)	(38)	(99)	(69)	(112)	(82)	(28)	(32)	(42)
	Free cash flow	138	163	255	188	476	461	382	534	527	613
Balance, $m
Balance, $m	Working capital	530	779	936	1,087	1,447	1,506	2,012	2,446	1,605	1,557
	Total debt	25	25	25	25	25	30	28	26	25	25
	Net debt	(337)	(558)	(746)	(911)	(1,357)	(1,416)	(1,714)	(2,071)	(1,261)	(1,271)
	Shareholders’ equity	781	975	1,263	1,596	1,983	2,496	3,003	3,471	3,631	3,678
Returns, %
Returns, %	ROA	11.65	6.69	16.79	13.54	13.18	15.43	11.14	9.98	9.99	7.83
	ROIC	18.80	25.90	29.71	27.65	37.88	31.40	27.78	22.37	14.36	13.50
	ROE	14.24	8.29	21.47	18.26	18.28	21.51	15.25	12.88	12.80	10.33

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EPAM EPAM Systems, Inc.	$6.3B	16.5×	11.8×	+4.53% (above 0%: growing)	+26.28% (above 0%: growing)	−140.67% (below 0%: shrinking)	30.36%	10.76%
G Genpact Limited	$6.3B	11.0×	9.2×	+7.10% (above 0%: growing)	+13.16% (above 0%: growing)	−64.88% (below 0%: shrinking)	36.50%	14.36%	Compare
INGM Ingram Micro Holding Corporation	$6.2B	14.5×	14.0×	+13.58% (above 0%: growing)	+200.00% (above 0%: growing)	−69.92% (below 0%: shrinking)	6.60%	1.62%	Compare
APLD Applied Digital Corporation	$6.2B	— (loss-making)	— (loss-making)	+432.38% (above 0%: growing)	n/m	−506.67% (below 0%: shrinking)	15.30%	(18.25%)	Compare
EXLS ExlService Holdings, Inc.	$5.9B	24.9×	17.5×	+15.61% (above 0%: growing)	+2.44% (above 0%: growing)	−22.73% (below 0%: shrinking)	37.99%	14.68%	Compare
SAIC Science Applications International Corporation	$5.6B	15.4×	14.6×	+6.27% (above 0%: growing)	−11.40% (below 0%: shrinking)	+13.91% (above 0%: growing)	12.71%	8.09%	Compare
GDS GDS Holdings	$4.9B	8.5×	26.4×	+12.41% (above 0%: growing)	n/m	+142.21% (above 0%: growing)	21.51%	14.22%	Compare
PSN Parsons Corporation	$4.7B	30.0×	25.4×	−0.53% (below 0%: shrinking)	n/m	−72.44% (below 0%: shrinking)	18.73%	0.08%	Compare
CIFR Cipher Digital Inc.	$4.2B	— (loss-making)	— (loss-making)	−42.99% (below 0%: shrinking)	n/m	−255.68% (below 0%: shrinking)	39.42%	(316.21%)	Compare
Median of peers	$5.8B	15.0×	16.1×	+9.76%	+7.80%	−67.40%	20.12%	4.85%

All 73 Information Technology Services stocks →

EPAM Systems, Inc. (EPAM) key facts

Concern: Net income was $377.7 million, or $6.76 per share (basic), a net margin of 6.92%.
Strength: EPAM Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 15.4% from fiscal 2024.
EPAM Systems, Inc. (EPAM) is an Information Technology Services company in the Technology sector, listed on the New York Stock Exchange.
As of October 16, 2026, EPAM traded at $122.19, a market capitalization of $6.3 billion.
At that price the stock trades at 16.5× trailing-twelve-month earnings and 1.1× sales; its P/E is higher than 4% of its own readings over the past ten years.
Return on equity was 10.3% and debt-to-equity 0.01.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 8.10 (safe zone) for fiscal 2025.