What is EPAM SYSTEMS, INC.'s earnings per share (EPS)?

EPAM SYSTEMS, INC. (EPAM) reported diluted earnings per share of $6.72 for fiscal year 2025. This represents a -14.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

EPAM SYSTEMS, INC. (EPAM) Financials

EPAM

Trailing 12 months to June 30, 2026

Revenue $5.6B +10.8% YoY

Net Income $401.7M +0.1% YoY

EPS (Diluted) $7.37 +5.1% YoY

Free Cash Flow $482.6M +17.8% YoY

Market Cap $5.8B as of Oct 13, 2026

Price / Sales 1.0x on $5.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 14.5x on $401.7M net income, trailing 12 months to June 30, 2026

Price / Book 1.7x on $3.5B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EPAM SEC filings page.

EPAM SYSTEMS, INC. (EPAM) reported $5.6B in revenue over the twelve months to Jun 30, 2026, up 10.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EPAM FY2025 2026-10-03

EPAM is growing again, but 2025 growth came with lower margins while cash generation stayed strong.

Revenue grew in FY2025, yet operating margin fell to 9.5% from 11.5% in FY2024, showing scale did not translate into operating profit. Operating cash flow reached $655M against $378M of net income, indicating cash conversion remained stronger than reported earnings despite the margin pressure.

Gross margin narrowed to 28.8% in FY2025 from 30.7% in FY2024, so incremental sales carried less gross profit. Selling, general and administrative expense rose to $929M from $816M, adding pressure below gross profit.

EPAM remains lightly debt-funded, with debt-to-equity at 0.0x in FY2025; balance-sheet pressure is therefore coming more from working-capital obligations than long-term borrowing. Current ratio fell to 2.6x from 3.0x in FY2024, while share buybacks reached $662M against $613M of free cash flow, so capital returns exceeded internally generated cash that year.

Financial Health Signals

Financial Health Score 75/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of EPAM SYSTEMS, INC.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

EPAM SYSTEMS, INC. has an operating margin of 9.5%, meaning the company retains $10 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is down from 11.5% the prior year.

Growth

EPAM SYSTEMS, INC.'s revenue surged 15.4% year-over-year to $5.5B, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage

EPAM SYSTEMS, INC. carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.59, EPAM SYSTEMS, INC. holds $2.59 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Cash Flow

EPAM SYSTEMS, INC. converts 11.2% of revenue into free cash flow ($612.7M). This strong cash generation earns a score of 69/100.

Returns

EPAM SYSTEMS, INC. earns a strong 10.3% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 80/100. This is down from 12.5% the prior year.

Piotroski F-Score Neutral

6/9

EPAM SYSTEMS, INC. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.73x

For every $1 of reported earnings, EPAM SYSTEMS, INC. generates $1.73 in operating cash flow ($654.9M OCF vs $377.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.4B

YoY+4.5%

QoQ+1.1%

5Y CAGR+9.9%

10Y CAGR+17.4%

EPAM SYSTEMS, INC. generated $1.4B in revenue in Q2 2026. This represents an increase of 4.5% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.

EBITDA

$184.3M

YoY+16.8%

QoQ+24.3%

5Y CAGR+4.8%

10Y CAGR+17.0%

EPAM SYSTEMS, INC.'s EBITDA was $184.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.8% from the same quarter a year earlier. Against the prior quarter it is up 24.3%.

Net Income

$103.0M

YoY+17.0%

QoQ+24.8%

5Y CAGR-2.1%

10Y CAGR+15.5%

EPAM SYSTEMS, INC. reported $103.0M in net income in Q2 2026. This represents an increase of 17.0% from the same quarter a year earlier. Against the prior quarter it is up 24.8%.

EPS (Diluted)

$1.97

YoY+26.3%

QoQ+29.6%

5Y CAGR+0.3%

10Y CAGR+15.7%

EPAM SYSTEMS, INC. earned $1.97 per diluted share (EPS) in Q2 2026. This represents an increase of 26.3% from the same quarter a year earlier. Against the prior quarter it is up 29.6%.

Cash & Balance Sheet

Free Cash Flow

-$17.6M

YoY-140.7%

QoQ+67.5%

EPAM SYSTEMS, INC. recorded an outflow of $17.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 140.7% from the same quarter a year earlier. Against the prior quarter it is up 67.5%.

Cash & Debt

$789.4M

YoY-24.2%

QoQ-23.9%

5Y CAGR-9.3%

10Y CAGR+10.9%

EPAM SYSTEMS, INC. held $789.4M in cash against $25.0M in long-term debt as of Q2 2026, with $804.4M of liabilities due within a year.

Shares Outstanding

52M

YoY-7.4%

QoQ-1.3%

5Y CAGR-1.8%

10Y CAGR+0.1%

EPAM SYSTEMS, INC. had 52M shares outstanding in Q2 2026. This represents a decrease of 7.4% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

30.4%

YoY+1.6pp

QoQ+2.6pp

5Y change-3.4pp

10Y change-5.9pp

EPAM SYSTEMS, INC.'s gross margin was 30.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.

Operating Margin

10.8%

YoY+1.4pp

QoQ+2.4pp

5Y change-3.5pp

10Y change-0.5pp

EPAM SYSTEMS, INC.'s operating margin was 10.8% in Q2 2026, reflecting core business profitability. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.

Net Margin

7.3%

YoY+0.8pp

QoQ+1.4pp

5Y change-5.7pp

10Y change-1.3pp

EPAM SYSTEMS, INC.'s net profit margin was 7.3% in Q2 2026, showing the share of revenue converted to profit. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.4 percentage points.

Return on Equity

2.9%

YoY+0.5pp

QoQ+0.5pp

5Y change-2.3pp

10Y change-0.5pp

EPAM SYSTEMS, INC.'s ROE was 2.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Capital Allocation

Share Buybacks

$85.0M

YoY-56.7%

QoQ-73.8%

EPAM SYSTEMS, INC. spent $85.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 56.7% from the same quarter a year earlier. Against the prior quarter it is down 73.8%.

Capital Expenditures

$15.2M

YoY+54.8%

QoQ-14.8%

5Y CAGR-7.6%

10Y CAGR+7.5%

EPAM SYSTEMS, INC. invested $15.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 54.8% from the same quarter a year earlier. Against the prior quarter it is down 14.8%.

R&D Spending

Not reported for Q2 2026.

EPAM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EPAM quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$5.6B	$5.5B+15.4%	$4.7B+0.8%	$4.7B-2.8%	$4.8B+28.4%	$3.8B+41.3%	$2.7B+15.9%	$2.3B+24.5%	$1.8B+27.1%	$1.5B+25.0%	$1.2B+26.9%	$914.1M+25.2%	$730.0M+31.5%	$555.1M+28.0%	$433.8M+29.7%	$334.5M
Cost of Revenue	$4.0B	$3.9B+18.5%	$3.3B+0.6%	$3.3B-0.9%	$3.3B+32.3%	$2.5B+43.4%	$1.7B+16.4%	$1.5B+25.4%	$1.2B+28.8%	$921.4M+25.0%	$737.2M+30.0%	$566.9M+24.2%	$456.5M+31.3%	$347.6M+28.6%	$270.4M+31.7%	$205.3M
Gross Profit	$1.7B	$1.6B+8.5%	$1.5B+1.1%	$1.4B-6.8%	$1.5B+20.7%	$1.3B+37.5%	$927.0M+15.1%	$805.6M+22.8%	$656.0M+24.0%	$529.1M+25.1%	$422.9M+21.8%	$347.2M+27.0%	$273.5M+31.8%	$207.5M+26.9%	$163.4M+26.5%	$129.2M
SG&A Expenses	$963.1M	$928.7M+13.8%	$816.3M+0.2%	$815.1M-6.6%	$872.8M+34.5%	$648.7M+33.8%	$484.8M+6.0%	$457.4M+22.4%	$373.6M+14.0%	$327.6M+23.2%	$265.9M+19.4%	$222.8M+36.1%	$163.7M+40.5%	$116.5M+35.7%	$85.9M+32.2%	$64.9M
Operating Income	$563.2M	$520.0M-4.5%	$544.6M+8.6%	$501.2M-12.5%	$573.0M+5.7%	$542.3M+43.0%	$379.3M+25.3%	$302.9M+23.2%	$245.8M+42.1%	$172.9M+29.4%	$133.7M+26.2%	$106.0M+23.0%	$86.2M+12.7%	$76.5M+15.9%	$66.0M+20.0%	$55.0M
EBITDA	N/A	$644.8M+1.7%	$634.1M+6.9%	$593.0M-10.9%	$665.2M+6.3%	$625.7M+41.5%	$442.2M+27.0%	$348.2M+23.3%	$282.4M+40.1%	$201.5M+28.3%	$157.1M+27.3%	$123.4M+19.0%	$103.7M+13.2%	$91.6M+19.2%	$76.9M+22.9%	$62.5M
Income Tax	$147.0M	$127.9M-1.5%	$129.9M+8.7%	$119.5M+36.0%	$87.8M+69.8%	$51.7M+0.8%	$51.3M+33.4%	$38.5M+304.2%	$9.5M-90.6%	$101.5M+273.3%	$27.2M+25.8%	$21.6M+24.8%	$17.3M+17.2%	$14.8M+29.9%	$11.4M+34.8%	$8.4M
Net Income	$401.7M	$377.7M-16.9%	$454.5M+9.0%	$417.1M-0.6%	$419.4M-12.9%	$481.7M+47.2%	$327.2M+25.3%	$261.1M+8.7%	$240.3M+230.2%	$72.8M-26.7%	$99.3M+17.5%	$84.5M+21.3%	$69.6M+12.3%	$62.0M+13.8%	$54.5M+22.8%	$44.4M
EPS (Basic)	N/A	$6.76-14.8%	$7.93+10.0%	$7.21-1.5%	$7.32-14.1%	$8.52+45.1%	$5.87+23.1%	$4.77+6.5%	$4.48+220.0%	$1.40-28.9%	$1.97+13.9%	$1.73+16.9%	$1.48+9.6%	$1.35+6.3%	$1.27	N/A
EPS (Diluted)	$7.37	$6.72-14.3%	$7.84+11.0%	$7.06-0.4%	$7.09-13.0%	$8.15+45.5%	$5.60+23.6%	$4.53+6.8%	$4.24+221.2%	$1.32-29.4%	$1.87+15.4%	$1.62+15.7%	$1.40+9.4%	$1.28+9.4%	$1.17	N/A
Diluted Shares (Avg)	N/A	56M-3.0%	58M-1.9%	59M-0.1%	59M+0.2%	59M+1.1%	58M+1.3%	58M+1.8%	57M+3.1%	55M+3.3%	53M+2.4%	52M+4.5%	50M+2.8%	48M+10.4%	44M	20,473

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.4B+4.5%	$1.4B+7.6%	$1.4B+12.8%	$1.4B+19.4%	$1.4B+18.0%	$1.3B+11.7%	$1.2B+7.9%	$1.2B+1.3%
Cost of Revenue	$985.2M+2.2%	$1.0B+6.3%	$984.3M+13.4%	$983.2M+28.7%	$964.0M+18.9%	$952.0M+14.1%	$868.3M+8.9%	$764.0M-3.8%
Gross Profit	$429.6M+10.3%	$388.0M+11.0%	$423.2M+11.4%	$411.2M+1.9%	$389.4M+16.0%	$349.7M+5.6%	$380.0M+5.7%	$403.5M+12.8%
SG&A Expenses	$245.2M+5.9%	$239.7M+9.5%	$243.2M+12.1%	$234.9M+13.6%	$231.7M+19.4%	$218.9M+10.3%	$217.0M+1.4%	$206.8M+6.2%
Operating Income	$152.2M+20.4%	$116.8M+17.6%	$149.3M+9.3%	$144.9M-18.1%	$126.5M+4.9%	$99.3M-10.1%	$136.5M+11.4%	$177.0M+55.2%
EBITDA	$184.3M+16.8%	$148.3M+13.4%	$180.0M+10.4%	$176.3M-10.4%	$157.8M+11.3%	$130.8M-1.4%	$163.1M+12.0%	$196.7M+43.5%
Income Tax	$37.6M+5.1%	$38.1M+82.1%	$34.5M+1.3%	$36.8M-30.9%	$35.7M+1.6%	$20.9M+182.4%	$34.0M+14.0%	$53.3M+53.7%
Net Income	$103.0M+17.0%	$82.5M+12.3%	$109.4M+5.9%	$106.8M-21.7%	$88.0M-10.8%	$73.5M-36.8%	$103.3M+5.9%	$136.3M+40.3%
EPS (Basic)	$1.97+26.3%	$1.53+18.6%	$1.99+9.3%	$1.92-20.0%	$1.56-8.8%	$1.29-35.8%	$1.82+7.7%	$2.40+42.9%
EPS (Diluted)	$1.97+26.3%	$1.52+18.8%	$1.97+9.4%	$1.91-19.4%	$1.56-8.2%	$1.28-35.0%	$1.80+8.4%	$2.37+43.6%
Diluted Shares (Avg)	52M-7.6%	54M-5.4%	N/A	56M-2.8%	57M-2.8%	57M-2.8%	N/A	57M-2.6%

Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.

EPAM Balance Sheet

EPAM quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$4.9B+3.2%	$4.8B+9.1%	$4.4B+8.6%	$4.0B+13.8%	$3.5B+29.5%	$2.7B+21.3%	$2.2B+39.2%	$1.6B+28.9%	$1.3B+35.0%	$925.8M+18.9%	$778.5M+31.1%	$594.0M+37.2%	$432.9M+23.4%	$350.8M+48.9%	$235.6M
Current Assets	$2.5B+4.4%	$2.4B-21.5%	$3.1B+12.0%	$2.8B+21.6%	$2.3B+18.6%	$1.9B+29.7%	$1.5B+22.9%	$1.2B+24.9%	$960.0M+48.5%	$646.6M+22.2%	$528.9M+27.4%	$415.1M+25.4%	$331.0M+31.9%	$251.0M+36.7%	$183.6M
Cash & Equivalents	$1.3B+0.8%	$1.3B-36.8%	$2.0B+21.1%	$1.7B+16.2%	$1.4B+9.4%	$1.3B+41.2%	$936.6M+21.5%	$770.6M+32.3%	$582.6M+60.9%	$362.0M+81.5%	$199.4M-9.6%	$220.5M+30.3%	$169.2M+43.3%	$118.1M+33.0%	$88.8M
Short-Term Investments	$0-100.0%	$1.7M-97.2%	$60.7M+0.7%	$60.3M	$0-100.0%	$60.0M+666644.4%	$9K	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$265.6M+32.8%	$200.0M+14.5%	$174.6M+40.3%	$124.5M+30.4%	$95.4M+20.9%	$78.9M+32.7%	$59.5M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.2B+2.5%	$1.2B+110.1%	$562.5M+6.3%	$529.1M-0.3%	$530.7M+150.4%	$212.0M+8.7%	$195.0M+16.9%	$166.8M+39.6%	$119.5M+9.4%	$109.3M-5.7%	$115.9M+101.9%	$57.4M+157.8%	$22.3M-1.9%	$22.7M+177.9%	$8.2M
Total Liabilities	$1.2B+9.4%	$1.1B+27.1%	$880.9M-12.4%	$1.0B-2.1%	$1.0B+39.2%	$738.3M+13.9%	$648.1M+85.6%	$349.2M+26.8%	$275.3M+90.7%	$144.4M-12.7%	$165.3M+27.2%	$130.0M+128.9%	$56.8M-12.0%	$64.5M-54.1%	$140.6M
Current Liabilities	$976.9M+19.0%	$821.0M+27.3%	$644.9M-13.7%	$747.5M-2.1%	$763.4M+63.8%	$465.9M+20.4%	$386.9M+47.2%	$262.8M+45.2%	$181.0M+55.7%	$116.2M-9.1%	$127.9M+2.0%	$125.4M+129.4%	$54.7M-7.9%	$59.4M+11.7%	$53.1M
Non-Current Liabilities	$247.4M-17.1%	$298.3M+26.4%	$236.0M-8.8%	$258.7M-2.0%	$264.0M-3.1%	$272.4M+4.3%	$261.1M+202.3%	$86.4M-8.4%	$94.3M+234.8%	$28.2M-24.7%	$37.4M+719.7%	$4.6M+116.1%	$2.1M-59.2%	$5.2M-94.1%	$87.4M
Long-Term Debt	$25.0M-0.6%	$25.2M-3.6%	$26.1M-5.7%	$27.7M-8.4%	$30.2M+20.8%	$25.0M-0.1%	$25.1M+0.2%	$25.0M0.0%	$25.0M-0.1%	$25.0M-28.4%	$35.0M	$0	N/A	N/A	N/A
Total Equity	$3.7B+1.3%	$3.6B+4.6%	$3.5B+15.6%	$3.0B+20.7%	$2.5B+25.4%	$2.0B+24.2%	$1.6B+26.4%	$1.3B+29.5%	$974.9M+24.8%	$781.4M+27.4%	$613.2M+32.1%	$464.1M+23.4%	$376.1M+31.4%	$286.3M+201.2%	$95.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.6B-2.9%	$4.7B-0.4%	$4.9B+3.2%	$4.8B+8.7%	$4.7B+11.5%	$4.7B+8.0%	$4.8B+9.1%	$4.5B+7.1%
Current Assets	$2.2B-6.5%	$2.4B-2.4%	$2.5B+4.4%	$2.5B-18.8%	$2.4B-18.7%	$2.4B-21.6%	$2.4B-21.5%	$3.1B+6.2%
Cash & Equivalents	$789.4M-24.2%	$1.0B-11.6%	$1.3B+0.8%	$1.2B-39.2%	$1.0B-41.7%	$1.2B-40.8%	$1.3B-36.8%	$2.0B+8.7%
Short-Term Investments	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$1.7M-97.2%	$22.3M-63.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.2B-0.5%	$1.2B+1.5%	$1.2B+2.5%	$1.2B+94.4%	$1.2B+98.9%	$1.2B+99.4%	$1.2B+110.1%	$621.9M+13.4%
Total Liabilities	$1.1B+1.2%	$1.3B+17.7%	$1.2B+9.4%	$1.1B+23.7%	$1.0B+26.3%	$1.1B+20.2%	$1.1B+27.1%	$902.6M+4.7%
Current Liabilities	$804.4M+7.6%	$884.3M+12.1%	$976.9M+19.0%	$835.3M+22.6%	$747.4M+24.1%	$789.1M+19.8%	$821.0M+27.3%	$681.0M+11.0%
Non-Current Liabilities	$250.3M-15.1%	$387.4M+33.0%	$247.4M-17.1%	$281.2M+26.9%	$294.9M+32.3%	$291.3M+21.2%	$298.3M+26.4%	$221.5M-10.9%
Long-Term Debt	$25.0M-0.2%	$165.0M+558.4%	$25.0M-0.6%	$25.0M-1.2%	$25.0M-1.8%	$25.1M-2.8%	$25.2M-3.6%	$25.3M-7.9%
Total Equity	$3.5B-4.1%	$3.4B-5.8%	$3.7B+1.3%	$3.7B+4.8%	$3.7B+8.0%	$3.6B+4.8%	$3.6B+4.6%	$3.6B+7.7%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Retained Earnings.

EPAM Cash Flow Statement

EPAM quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$538.8M	$654.9M+17.1%	$559.2M-0.6%	$562.6M+21.2%	$464.1M-18.9%	$572.3M+5.1%	$544.4M+89.4%	$287.5M-1.6%	$292.2M+51.5%	$192.8M+15.3%	$167.2M+118.9%	$76.4M-27.2%	$104.9M+80.1%	$58.2M+20.1%	$48.5M-11.0%	$54.5M
Depreciation & Amortization	N/A	$124.8M+39.4%	$89.6M-2.4%	$91.8M-0.5%	$92.3M+10.6%	$83.4M+32.6%	$62.9M+38.7%	$45.3M+23.7%	$36.6M+28.3%	$28.6M+22.1%	$23.4M+34.4%	$17.4M-0.5%	$17.5M+15.6%	$15.1M+38.9%	$10.9M+44.4%	$7.5M
Stock-Based Compensation	N/A	$176.8M+5.7%	$167.3M+13.2%	$147.7M+47.9%	$99.9M-10.5%	$111.7M+48.4%	$75.2M+4.4%	$72.0M+21.7%	$59.2M+12.9%	$52.4M+6.4%	$49.2M+7.4%	$45.8M+86.2%	$24.6M+87.2%	$13.2M+92.6%	$6.8M+138.2%	$2.9M
Capital Expenditures	$56.2M	$42.2M+31.4%	$32.1M+13.1%	$28.4M-65.2%	$81.6M-26.8%	$111.5M+62.1%	$68.8M-30.7%	$99.3M+164.3%	$37.6M+26.1%	$29.8M+1.7%	$29.3M+120.9%	$13.3M+11.4%	$11.9M-10.8%	$13.4M-0.1%	$13.4M-14.0%	$15.5M
Free Cash Flow	$482.6M	$612.7M+16.3%	$527.0M-1.3%	$534.2M+39.7%	$382.5M-17.0%	$460.8M-3.1%	$475.6M+152.8%	$188.1M-26.1%	$254.6M+56.2%	$163.0M+18.2%	$137.9M+118.5%	$63.1M-32.1%	$93.0M+107.2%	$44.9M+27.7%	$35.1M-9.9%	$39.0M
Investing Cash Flow	-$57.7M	-$49.0M+94.5%	-$885.0M-1225.5%	-$66.8M+63.5%	-$182.9M+50.4%	-$368.9M-120.7%	-$167.2M-15.0%	-$145.4M-29.7%	-$112.1M-210.2%	-$36.2M-287.9%	-$9.3M+92.6%	-$125.5M-137.1%	-$52.9M-142.6%	-$21.8M+63.4%	-$59.6M-242.5%	-$17.4M
Financing Cash Flow	-$723.0M	-$651.2M-66.8%	-$390.4M-135.5%	-$165.8M-8102.5%	-$2.0M+96.6%	-$59.6M-7685.2%	-$765K-103.8%	$20.4M-11.5%	$23.0M-53.8%	$49.7M+375.3%	$10.5M-69.0%	$33.8M+226.3%	$10.3M-33.2%	$15.5M-60.1%	$38.8M+2593.4%	-$1.6M
Share Buybacks	$714.6M	$662.2M+66.4%	$398.0M+141.3%	$164.9M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$2.4M-104.6%	-$36.4M-250.5%	$282.9M+117.2%	$294.7M+21.8%	$53.2M-6.7%	$24.2M-81.4%	$130.3M-24.0%	$242.0M+12.6%
Depreciation & Amortization	$32.1M+2.6%	$31.5M+0.3%	$30.8M+15.9%	$31.3M+58.7%	$31.3M+48.1%	$31.4M+42.0%	$26.6M+14.7%	$19.7M-14.5%
Stock-Based Compensation	$46.4M+20.3%	$49.9M+3.0%	N/A	$44.6M+5.9%	$38.6M+8.1%	$48.5M+8.2%	N/A	$42.1M+11.3%
Capital Expenditures	$15.2M+54.8%	$17.9M+91.4%	$14.8M-6.0%	$8.3M+67.2%	$9.8M+109.0%	$9.3M+38.2%	$15.7M+57.3%	$5.0M+37.0%
Free Cash Flow	-$17.6M-140.7%	-$54.2M-465.5%	$268.1M+134.1%	$286.4M+20.8%	$43.4M-17.1%	$14.8M-88.0%	$114.5M-29.0%	$237.0M+12.2%
Investing Cash Flow	-$16.5M+9.4%	-$15.6M-194.8%	-$16.2M+98.1%	-$9.3M-126.7%	-$18.2M+20.3%	-$5.3M+89.6%	-$845.9M-3987.0%	$34.7M+428.9%
Financing Cash Flow	-$233.2M-14.3%	-$192.2M-28.5%	-$212.0M-16923.9%	-$85.7M-60.1%	-$204.1M+9.7%	-$149.5M-33.4%	$1.3M+105.6%	-$53.5M+33.6%
Share Buybacks	$85.0M-56.7%	$324.0M+102.5%	$223.5M+1619.0%	$82.1M+64.4%	$196.5M-8.4%	$160.0M+32.7%	$13.0M-64.4%	$50.0M-36.4%

Not reported in any period shown, so not listed: Dividends Paid.

EPAM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EPAM quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	28.8%-1.9pp	30.7%+0.1pp	30.6%-1.3pp	31.9%-2.0pp	33.9%-0.9pp	34.8%-0.3pp	35.1%-0.5pp	35.6%-0.9pp	36.5%0.0pp	36.5%-1.5pp	38.0%+0.5pp	37.5%+0.1pp	37.4%-0.3pp	37.7%-0.9pp	38.6%
Operating Margin	9.5%-2.0pp	11.5%+0.8pp	10.7%-1.2pp	11.9%-2.6pp	14.4%+0.2pp	14.3%+1.1pp	13.2%-0.1pp	13.3%+1.4pp	11.9%+0.4pp	11.5%-0.1pp	11.6%-0.2pp	11.8%-2.0pp	13.8%-1.4pp	15.2%-1.2pp	16.4%
Net Margin	6.9%-2.7pp	9.6%+0.7pp	8.9%+0.2pp	8.7%-4.1pp	12.8%+0.5pp	12.3%+0.9pp	11.4%-1.7pp	13.0%+8.0pp	5.0%-3.5pp	8.6%-0.7pp	9.2%-0.3pp	9.5%-1.6pp	11.2%-1.4pp	12.6%-0.7pp	13.3%
Return on Equity	10.3%-2.3pp	12.5%+0.5pp	12.0%-1.9pp	14.0%-5.4pp	19.4%+2.9pp	16.5%+0.1pp	16.4%-2.7pp	19.0%+11.6pp	7.5%-5.2pp	12.7%-1.1pp	13.8%-1.2pp	15.0%-1.5pp	16.5%-2.5pp	19.0%-27.6pp	46.7%
Return on Assets	7.7%-1.9pp	9.6%0.0pp	9.6%-0.9pp	10.5%-3.2pp	13.7%+1.6pp	12.0%+0.4pp	11.6%-3.3pp	14.9%+9.1pp	5.8%-4.9pp	10.7%-0.1pp	10.8%-0.9pp	11.7%-2.6pp	14.3%-1.2pp	15.5%-3.3pp	18.8%
Current Ratio	2.59-0.4x	2.96-1.8x	4.79+1.1x	3.69+0.7x	2.97-1.1x	4.11+0.3x	3.81-0.8x	4.56-0.7x	5.30-0.3x	5.56+1.4x	4.14+0.8x	3.31-2.7x	6.05+1.8x	4.23+0.8x	3.46
Debt-to-Equity	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.020.0x	0.020.0x	0.030.0x	0.030.0x	0.06+0.1x	0.00-0.2x	0.15-0.1x	0.23-1.3x	1.48
Asset Turnover	1.11+0.1x	1.00-0.1x	1.08-0.1x	1.20+0.1x	1.07+0.1x	0.980.0x	1.02-0.1x	1.140.0x	1.16-0.1x	1.25+0.1x	1.17-0.1x	1.23-0.1x	1.280.0x	1.24-0.2x	1.42
FCF Margin	11.2%+0.1pp	11.2%-0.2pp	11.4%+3.5pp	7.9%-4.3pp	12.3%-5.6pp	17.9%+9.7pp	8.2%-5.6pp	13.8%+2.6pp	11.2%-0.7pp	11.9%+5.0pp	6.9%-5.8pp	12.7%+4.7pp	8.1%0.0pp	8.1%-3.6pp	11.7%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	30.4%+1.6pp	27.7%+0.9pp	30.1%-0.4pp	29.5%-5.1pp	28.8%-0.5pp	26.9%-1.6pp	30.4%-0.6pp	34.6%+3.5pp
Operating Margin	10.8%+1.4pp	8.3%+0.7pp	10.6%-0.3pp	10.4%-4.8pp	9.3%-1.2pp	7.6%-1.8pp	10.9%+0.4pp	15.2%+5.3pp
Net Margin	7.3%+0.8pp	5.9%+0.2pp	7.8%-0.5pp	7.7%-4.0pp	6.5%-2.1pp	5.7%-4.3pp	8.3%-0.2pp	11.7%+3.2pp
Return on Equity	2.9%+0.5pp	2.4%+0.4pp	3.0%+0.1pp	2.9%-1.0pp	2.4%-0.5pp	2.0%-1.3pp	2.9%0.0pp	3.8%+0.9pp
Return on Assets	2.3%+0.4pp	1.8%+0.2pp	2.2%+0.1pp	2.2%-0.8pp	1.9%-0.5pp	1.6%-1.1pp	2.2%-0.1pp	3.1%+0.7pp
Current Ratio	2.75-0.4x	2.67-0.4x	2.59-0.4x	3.02-1.5x	3.17-1.7x	3.06-1.6x	2.96-1.8x	4.56-0.2x
Debt-to-Equity	0.010.0x	0.050.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x
Asset Turnover	0.310.0x	0.300.0x	0.290.0x	0.290.0x	0.290.0x	0.280.0x	0.260.0x	0.260.0x
FCF Margin	-1.3%-4.5pp	-3.9%-5.0pp	19.1%+9.9pp	20.5%+0.2pp	3.2%-1.4pp	1.1%-9.4pp	9.2%-4.8pp	20.3%+2.0pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
EPAM SYSTEMS, INC. EPAM	FY2025	$5.5B	$377.7M	6.9%	$5.8B	75/100
Parsons Corporation PSN	FY2025	$6.4B	$241.1M	3.8%	$4.8B	55/100
Kyndryl Holdings, Inc. KD	FY2026	$15.1B	$185.0M	1.2%	$2.6B	14/100
GENPACT LIMITED G	FY2025	$5.1B	$552.5M	10.9%	$5.8B	69/100
ExlService Holdings, Inc. EXLS	FY2025	$2.1B	$251.0M	12.0%	$5.6B	77/100

Where EPAM SYSTEMS, INC. Ranks

Frequently Asked Questions

What is EPAM SYSTEMS, INC.'s annual revenue?

EPAM SYSTEMS, INC. (EPAM) reported $5.5B in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is EPAM SYSTEMS, INC.'s revenue growing?

EPAM SYSTEMS, INC. (EPAM) revenue grew by 15.4% year-over-year, from $4.7B to $5.5B in fiscal year 2025.

Is EPAM SYSTEMS, INC. profitable?

Yes, EPAM SYSTEMS, INC. (EPAM) reported a net income of $377.7M in fiscal year 2025, with a net profit margin of 6.9%.

What is EPAM SYSTEMS, INC.'s EBITDA?

EPAM SYSTEMS, INC. (EPAM) had EBITDA of $644.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does EPAM SYSTEMS, INC. have?

As of fiscal year 2025, EPAM SYSTEMS, INC. (EPAM) had $1.3B in cash and equivalents against $25.0M in long-term debt.

What is EPAM SYSTEMS, INC.'s gross margin?

EPAM SYSTEMS, INC. (EPAM) had a gross margin of 28.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is EPAM SYSTEMS, INC.'s operating margin?

EPAM SYSTEMS, INC. (EPAM) had an operating margin of 9.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is EPAM SYSTEMS, INC.'s net profit margin?

EPAM SYSTEMS, INC. (EPAM) had a net profit margin of 6.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is EPAM SYSTEMS, INC.'s return on equity (ROE)?

EPAM SYSTEMS, INC. (EPAM) has a return on equity of 10.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is EPAM SYSTEMS, INC.'s free cash flow?

EPAM SYSTEMS, INC. (EPAM) generated $612.7M in free cash flow during fiscal year 2025. This represents a 16.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is EPAM SYSTEMS, INC.'s operating cash flow?

EPAM SYSTEMS, INC. (EPAM) generated $654.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are EPAM SYSTEMS, INC.'s total assets?

EPAM SYSTEMS, INC. (EPAM) had $4.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are EPAM SYSTEMS, INC.'s capital expenditures?

EPAM SYSTEMS, INC. (EPAM) invested $42.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does EPAM SYSTEMS, INC. buy back shares?

Yes, EPAM SYSTEMS, INC. (EPAM) spent $662.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does EPAM SYSTEMS, INC. have outstanding?

EPAM SYSTEMS, INC. (EPAM) had 54M shares outstanding as of fiscal year 2025.

What is EPAM SYSTEMS, INC.'s current ratio?

EPAM SYSTEMS, INC. (EPAM) had a current ratio of 2.59 as of fiscal year 2025, which is generally considered healthy.

What is EPAM SYSTEMS, INC.'s debt-to-equity ratio?

EPAM SYSTEMS, INC. (EPAM) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is EPAM SYSTEMS, INC.'s return on assets (ROA)?

EPAM SYSTEMS, INC. (EPAM) had a return on assets of 7.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is EPAM SYSTEMS, INC.'s P/E ratio?

EPAM SYSTEMS, INC. (EPAM) trades at 14.5x earnings, its market capitalization divided by net income of $401.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EPAM SYSTEMS, INC.'s price-to-sales ratio?

EPAM SYSTEMS, INC. (EPAM) trades at 1.0x sales, its market capitalization divided by revenue of $5.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EPAM SYSTEMS, INC.'s Piotroski F-Score?

EPAM SYSTEMS, INC. (EPAM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are EPAM SYSTEMS, INC.'s earnings high quality?

EPAM SYSTEMS, INC. (EPAM) has an earnings quality ratio of 1.73x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is EPAM SYSTEMS, INC.?

EPAM SYSTEMS, INC. (EPAM) scores 75 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.