Here are the 10-K annual reports from EPAM Systems, Inc. (EPAM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow EPAM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EPAM filings page.
EPAM Systems, Inc. files its annual report for the year ended December 31, 2025, describing a global digital engineering and consulting business with growing emphasis on cloud and AI-native transformation services. The company serves five main verticals, with its top five clients providing 13.7% of 2025 revenue and top ten 21.6%.
EPAM operates a large distributed delivery model, with approximately 56,600 delivery professionals out of 62,850 total employees as of December 31, 2025, and delivery utilization of about 76.8%. India is its largest delivery location with roughly 12,200 professionals, while Ukraine and Belarus remain significant centers despite the ongoing war in the region.
The report highlights strategic investment in AI platforms such as EPAM AI/RUN™ and data and cloud capabilities, alongside detailed risk factors. Key risks include geopolitical instability in Ukraine and Belarus, AI-driven changes that could reduce demand or pressure pricing, intense competition for skilled talent, regulatory and sanctions exposure, tax-incentive dependency in Belarus and Poland, and evolving ESG and data privacy obligations.