EPAM Systems (EPAM) Financials

$103.23 -1.07 (-1.03%)

Closing price 05/21/2026 03:59 PM Eastern

Extended Trading

$103.18 -0.05 (-0.05%)

As of 04:40 AM Eastern

Annual Income Statements for EPAM Systems

This table shows EPAM Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	84	99	73	240	261	327	482	419	417	455	378
Consolidated Net Income / (Loss)	84	99	73	240	261	327	482	419	417	455	378
Net Income / (Loss) Continuing Operations	84	99	73	240	261	327	482	419	417	455	378
Total Pre-Tax Income	106	126	174	250	300	378	533	507	537	584	506
Total Operating Income	106	134	173	246	303	379	542	573	501	545	520
Total Gross Profit	347	423	529	656	806	927	1,274	1,538	1,434	1,450	1,574
Total Revenue	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728	5,457
Operating Revenue	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728	5,457
Total Cost of Revenue	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277	3,884
Operating Cost of Revenue	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277	3,884
Total Operating Expenses	241	289	356	410	503	548	732	965	933	906	1,054
Selling, General & Admin Expense	223	266	328	374	457	485	649	873	815	816	929
Depreciation Expense	17	23	29	37	45	63	83	92	92	90	125
Other Operating Expenses / (Income)	1.09	-	-	-	-	-	0.00	0.00	26	0.00	0.00
Total Other Income / (Expense), net	0.10	-7.23	1.36	4.01	-3.32	-0.85	-8.92	-66	35	40	-14
Other Income / (Expense), net	-4.63	-12	1.36	4.01	-3.32	-0.85	-8.92	-66	35	40	-14
Income Tax Expense	22	27	102	9.52	38	51	52	88	120	130	128
Basic Earnings per Share	$1.73	$1.97	$1.40	$4.48	$4.77	$5.87	$8.52	$7.32	$7.21	$7.93	$6.76
Weighted Average Basic Shares Outstanding	48.72M	50.31M	52.08M	53.62M	54.72M	55.73M	56.51M	57.29M	57.83M	57.29M	55.89M
Diluted Earnings per Share	$1.62	$1.87	$1.32	$4.24	$4.53	$5.60	$8.15	$7.09	$7.06	$7.84	$6.72
Weighted Average Diluted Shares Outstanding	51.99M	53.22M	54.98M	56.67M	57.67M	58.45M	59.06M	59.17M	59.09M	57.98M	56.23M
Weighted Average Basic & Diluted Shares Outstanding	48.80M	50.40M	52M	53.60M	55.26M	56.18M	56.88M	57.68M	57.83M	56.89M	54.14M

This table shows EPAM Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	97	98	116	99	136	103	73	88	107	109	83
Consolidated Net Income / (Loss)	97	98	116	99	136	103	73	88	107	109	83
Net Income / (Loss) Continuing Operations	97	98	116	99	136	103	73	88	107	109	83
Total Pre-Tax Income	132	127	124	134	190	137	94	124	144	144	121
Total Operating Income	114	122	111	121	177	137	99	126	145	149	117
Total Gross Profit	358	360	331	336	404	380	350	389	411	423	388
Total Revenue	1,152	1,157	1,165	1,147	1,168	1,248	1,302	1,353	1,394	1,408	1,400
Operating Revenue	1,152	1,157	1,165	1,147	1,168	1,248	1,302	1,353	1,394	1,408	1,400
Total Cost of Revenue	794	798	834	811	764	868	952	964	983	984	1,012
Operating Cost of Revenue	794	798	834	811	764	868	952	964	983	984	1,012
Total Operating Expenses	244	237	221	215	227	244	250	263	266	274	271
Selling, General & Admin Expense	195	214	198	194	207	217	219	232	235	243	240
Depreciation Expense	23	23	22	21	20	27	31	31	31	31	32
Total Other Income / (Expense), net	18	4.91	13	13	13	0.82	-4.91	-2.71	-1.33	-5.43	3.88
Other Income / (Expense), net	18	4.91	13	13	13	0.82	-4.91	-2.71	-1.33	-5.43	3.88
Income Tax Expense	35	30	7.41	35	53	34	21	36	37	34	38
Basic Earnings per Share	$1.68	$1.69	$2.01	$1.71	$2.40	$1.81	$1.29	$1.56	$1.92	$1.99	$1.53
Weighted Average Basic Shares Outstanding	57.85M	57.83M	57.84M	57.59M	56.91M	57.29M	56.78M	56.32M	55.56M	55.89M	53.79M
Diluted Earnings per Share	$1.65	$1.65	$1.97	$1.70	$2.37	$1.80	$1.28	$1.56	$1.91	$1.97	$1.52
Weighted Average Diluted Shares Outstanding	58.95M	59.09M	58.93M	58.15M	57.43M	57.98M	57.26M	56.54M	55.82M	56.23M	54.18M
Weighted Average Basic & Diluted Shares Outstanding	57.70M	57.83M	57.97M	56.94M	56.72M	56.89M	56.65M	55.70M	55.24M	54.14M	52.24M

This table details how cash moves in and out of EPAM Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-21	165	218	203	166	386	126	234	359	-753	11
Net Cash From Operating Activities	76	167	193	292	287	544	572	464	563	559	655
Net Cash From Continuing Operating Activities	76	167	193	292	287	544	572	464	563	559	655
Net Income / (Loss) Continuing Operations	84	99	73	240	261	327	482	419	417	455	378
Consolidated Net Income / (Loss)	84	99	73	240	261	327	482	419	417	455	378
Depreciation Expense	17	23	29	37	45	63	83	92	92	90	125
Amortization Expense	-	-	0.00	0.00	56	66	62	48	41	38	41
Non-Cash Adjustments To Reconcile Net Income	42	52	48	58	-8.76	89	-84	-16	208	185	120
Changes in Operating Assets and Liabilities, net	-67	-7.18	43	-43	-66	-0.52	30	-79	-195	-207	-9.31
Net Cash From Investing Activities	-125	-9.32	-36	-112	-145	-167	-369	-183	-67	-885	-49
Net Cash From Continuing Investing Activities	-125	-9.32	-36	-112	-145	-167	-369	-183	-67	-885	-49
Purchase of Property, Plant & Equipment	-13	-29	-30	-38	-99	-69	-112	-82	-28	-32	-42
Acquisitions	-77	-5.50	-6.81	-74	-39	-19	-315	-11	-25	-912	-3.43
Purchase of Investments	-30	-	-	0.00	-5.00	-141	-2.54	-62	-14	-8.84	-3.08
Divestitures	-	-	-	-	-	-	0.00	0.00	0.00	4.34	3.05
Sale and/or Maturity of Investments	2.25	-	-	0.42	0.00	60	60	0.00	11	62	0.00
Other Investing Activities, net	-7.62	25	0.47	-0.70	-1.74	1.02	0.08	-29	-9.94	2.31	-3.34
Net Cash From Financing Activities	34	10	50	23	20	-0.77	-60	-2.02	-166	-390	-651
Net Cash From Continuing Financing Activities	34	10	50	23	20	-0.77	-60	-2.02	-166	-390	-651
Repayment of Debt	0.00	-30	-26	-4.10	-0.03	-0.04	-33	-21	-14	-4.68	-15
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-165	-398	-662
Payment of Dividends	-	-	-	-	0.00	0.00	-1.75	-	0.00	0.00	-1.36
Issuance of Debt	35	20	25	-	0.00	0.00	31	1.76	0.83	0.01	5.71
Other Financing Activities, net	-1.24	20	51	27	20	-0.73	-56	17	12	12	22
Other Net Changes in Cash	-	-3.39	12	-	-	-	-18	-45	29	-36	56
Cash Interest Paid	0.12	0.57	0.55	0.78	0.83	0.43	0.41	1.66	4.70	3.74	1.40

This table details how cash moves in and out of EPAM Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	101	163	-53	-199	249	-750	-112	-132	197	58	-259
Net Cash From Operating Activities	215	171	130	57	242	130	24	53	295	283	-36
Net Cash From Continuing Operating Activities	215	171	130	57	242	130	24	53	295	283	-36
Net Income / (Loss) Continuing Operations	97	98	116	99	136	103	73	88	107	109	83
Consolidated Net Income / (Loss)	97	98	116	99	136	103	73	88	107	109	83
Depreciation Expense	23	23	22	21	20	27	31	31	31	31	32
Amortization Expense	10	10	9.43	9.34	9.28	9.49	9.93	11	10	10	10
Non-Cash Adjustments To Reconcile Net Income	72	69	54	27	33	81	-25	41	47	-19	-29
Changes in Operating Assets and Liabilities, net	12	-29	-72	-99	44	-90	-66	-118	99	152	-132
Net Cash From Investing Activities	-11	-21	-51	-23	35	-846	-5.31	-18	-9.28	-16	-16
Net Cash From Continuing Investing Activities	-11	-21	-51	-23	35	-846	-5.31	-18	-9.28	-16	-16
Purchase of Property, Plant & Equipment	-3.62	-10.00	-6.75	-4.70	-4.97	-16	-9.33	-9.83	-8.30	-15	-18
Acquisitions	-14	-11	-44	-13	-0.36	-855	3.33	-6.67	0.00	-0.09	-0.31
Purchase of Investments	-1.38	-0.32	-1.42	-6.71	-0.68	-0.04	-2.35	-0.05	-0.29	-0.40	-0.84
Divestitures	-	2.17	0.00	-	-	4.34	2.91	-	-	0.14	0.00
Sale and/or Maturity of Investments	11	-	0.31	1.20	40	20	0.00	-	-	-	2.21
Other Investing Activities, net	-0.26	-1.73	1.01	-0.07	0.74	0.64	0.13	-1.67	-0.69	-1.12	1.14
Net Cash From Financing Activities	-81	-22	-112	-226	-54	1.26	-150	-204	-86	-212	-192
Net Cash From Continuing Financing Activities	-81	-22	-112	-226	-54	1.26	-150	-204	-86	-212	-192
Repayment of Debt	-3.16	-8.47	-0.93	0.72	-2.99	-1.47	-1.60	-0.58	-1.43	-11	-0.06
Repurchase of Common Equity	-78	-36	-121	-214	-50	-13	-160	-197	-82	-224	-324
Payment of Dividends	-	-	0.00	-	-	-	-1.36	-	-	-	0.00
Issuance of Debt	0.59	0.06	-	-	-	0.01	0.00	-	-	-	140
Other Financing Activities, net	0.47	21	9.45	-12	-0.56	16	13	-6.95	-2.12	17	-8.16
Other Net Changes in Cash	-	-	-20	-6.89	-	-	19	37	-2.72	3.20	-15

This table presents EPAM Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	779	926	1,250	1,612	2,244	2,721	3,523	4,009	4,352	4,750	4,902
Total Current Assets	529	647	960	1,199	1,474	1,913	2,269	2,760	3,091	2,426	2,534
Cash & Equivalents	199	362	583	771	937	1,322	1,447	1,681	2,036	1,286	1,296
Accounts Receivable	270	263	352	402	498	501	769	933	897	1,002	1,108
Prepaid Expenses	14	18	25	26	40	30	54	85	97	138	130
Plant, Property, & Equipment, net	60	74	86	103	165	170	236	273	235	208	202
Total Noncurrent Assets	189	206	204	310	605	639	1,018	976	1,026	2,117	2,166
Goodwill	116	109	120	167	195	212	531	529	562	1,182	1,211
Intangible Assets	47	51	45	57	56	52	101	78	71	436	407
Noncurrent Deferred & Refundable Income Taxes	18	31	25	70	75	92	144	173	198	270	295
Other Noncurrent Operating Assets	4.35	11	15	16	278	283	242	197	194	229	254
Total Liabilities & Shareholders' Equity	779	926	1,250	1,612	2,244	2,721	3,523	4,009	4,352	4,750	4,902
Total Liabilities	165	144	275	349	648	738	1,027	1,006	881	1,119	1,224
Total Current Liabilities	128	116	181	263	387	466	763	747	645	821	977
Accounts Payable	29	35	44	7.44	7.83	10	25	31	32	45	55
Accrued Expenses	64	50	90	50	82	80	142	154	125	201	251
Current Deferred & Payable Income Tax Liabilities	29	25	41	28	9.06	21	27	46	39	50	26
Current Employee Benefit Liabilities	5.36	5.90	5.96	178	230	295	503	476	413	485	608
Other Current Liabilities	-	-	-	0.00	58	61	50	40	37	40	37
Total Noncurrent Liabilities	37	28	94	86	261	272	264	259	236	298	247
Long-Term Debt	35	25	25	25	25	25	30	28	26	25	25
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	8.74	92	77
Other Noncurrent Operating Liabilities	2.40	3.13	9.44	18	190	204	234	231	201	181	145
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	613	781	975	1,263	1,596	1,983	2,496	3,003	3,471	3,631	3,678
Total Preferred & Common Equity	613	781	975	1,263	1,596	1,983	2,487	3,002	3,471	3,629	3,677
Total Common Equity	613	781	975	1,263	1,596	1,983	2,487	3,002	3,471	3,629	3,677
Common Stock	303	375	474	545	607	661	712	848	1,009	1,190	1,390
Retained Earnings	345	444	519	760	1,021	1,348	1,830	2,249	2,501	2,556	2,268
Accumulated Other Comprehensive Income / (Loss)	-35	-38	-18	-42	-31	-26	-54	-95	-39	-117	19
Noncontrolling Interest	-	-	-	-	-	0.00	8.72	1.48	0.58	1.94	0.58

This table presents EPAM Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,094	4,162	4,352	4,375	4,223	4,457	4,750	4,724	4,711	4,843	4,703
Total Current Assets	2,872	2,925	3,091	3,083	2,916	3,107	2,426	2,416	2,370	2,524	2,357
Cash & Equivalents	1,777	1,873	2,036	1,984	1,787	2,036	1,286	1,174	1,041	1,239	1,037
Accounts Receivable	918	913	897	931	961	935	1,002	1,090	1,159	1,130	1,175
Prepaid Expenses	106	79	97	106	106	113	136	152	170	154	146
Plant, Property, & Equipment, net	256	240	235	222	210	208	208	203	202	199	203
Total Noncurrent Assets	966	997	1,026	1,069	1,097	1,143	2,117	2,105	2,139	2,120	2,143
Goodwill	534	548	562	595	608	622	1,182	1,187	1,209	1,209	1,205
Intangible Assets	68	70	71	81	78	74	436	427	436	420	386
Noncurrent Deferred & Refundable Income Taxes	164	188	198	197	213	218	270	255	241	235	283
Other Noncurrent Operating Assets	199	192	194	196	198	228	229	236	252	256	270
Total Liabilities & Shareholders' Equity	4,094	4,162	4,352	4,375	4,223	4,457	4,750	4,724	4,711	4,843	4,703
Total Liabilities	830	862	881	899	825	903	1,119	1,080	1,042	1,116	1,272
Total Current Liabilities	584	614	645	659	602	681	821	789	747	835	884
Accounts Payable	27	25	32	27	31	31	45	44	45	43	40
Accrued Expenses	128	128	125	123	130	156	201	174	185	189	224
Current Deferred & Payable Income Tax Liabilities	31	30	39	34	37	34	50	35	18	19	16
Current Employee Benefit Liabilities	359	392	413	438	368	423	485	496	459	544	568
Other Current Liabilities	39	38	37	36	37	38	40	39	40	40	37
Total Noncurrent Liabilities	246	249	236	240	223	222	298	291	295	281	387
Long-Term Debt	26	28	26	26	26	25	25	25	25	25	165
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	8.74	-	-	-	92	94	98	97	74
Other Noncurrent Operating Liabilities	220	221	201	215	197	196	181	172	172	159	149
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,263	3,300	3,471	3,476	3,398	3,555	3,631	3,643	3,668	3,727	3,432
Total Preferred & Common Equity	3,263	3,299	3,471	3,475	3,397	3,554	3,629	3,643	3,668	3,726	3,431
Total Common Equity	3,263	3,299	3,471	3,475	3,397	3,554	3,629	3,643	3,668	3,726	3,431
Common Stock	914	951	1,009	1,040	1,087	1,129	1,190	1,236	1,286	1,330	1,360
Retained Earnings	2,421	2,440	2,501	2,497	2,379	2,465	2,556	2,469	2,360	2,384	2,085
Accumulated Other Comprehensive Income / (Loss)	-72	-92	-39	-61	-69	-41	-117	-62	21	12	-14
Noncontrolling Interest	0.58	0.58	0.58	0.58	0.58	0.58	1.94	0.58	0.58	0.58	0.58

This table displays calculated financial ratios and metrics derived from EPAM Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.22%	26.91%	25.02%	27.06%	24.47%	15.94%	41.31%	28.38%	-2.78%	0.80%	15.42%
EBITDA Growth	19.13%	22.13%	39.90%	41.18%	39.90%	26.71%	33.64%	-4.60%	3.40%	6.31%	-5.60%
EBIT Growth	23.31%	20.01%	43.32%	43.30%	19.92%	26.36%	40.93%	-4.90%	5.78%	8.91%	-13.48%
NOPAT Growth	22.24%	24.38%	-31.21%	227.46%	11.66%	24.22%	49.35%	-3.26%	-17.76%	8.71%	-8.30%
Net Income Growth	21.27%	17.54%	-26.70%	230.20%	8.66%	25.32%	47.22%	-12.92%	-0.56%	8.98%	-16.91%
EPS Growth	15.71%	15.43%	-29.41%	221.21%	6.84%	23.62%	45.54%	-13.01%	-0.42%	11.05%	-14.29%
Operating Cash Flow Growth	-27.16%	118.89%	15.31%	51.55%	-1.63%	89.39%	5.13%	-18.91%	21.23%	-0.62%	17.13%
Free Cash Flow Firm Growth	-1,180.35%	243.35%	25.45%	37.79%	-29.52%	301.24%	-94.79%	1,290.34%	-0.78%	-295.75%	164.43%
Invested Capital Growth	50.01%	6.17%	-6.08%	23.88%	32.41%	-8.58%	75.02%	17.67%	8.66%	69.10%	1.55%
Revenue Q/Q Growth	6.78%	4.81%	6.29%	6.08%	5.90%	3.53%	11.38%	2.63%	-1.55%	1.96%	3.00%
EBITDA Q/Q Growth	11.43%	-0.93%	12.74%	11.34%	6.50%	4.38%	10.41%	5.88%	-9.95%	1.83%	1.75%
EBIT Q/Q Growth	11.08%	-2.18%	14.04%	11.96%	2.05%	4.77%	12.20%	8.79%	-12.06%	1.73%	1.30%
NOPAT Q/Q Growth	9.51%	3.60%	-45.20%	60.76%	6.04%	6.42%	12.14%	-4.44%	-8.77%	2.19%	2.84%
Net Income Q/Q Growth	12.25%	-2.81%	-43.33%	60.80%	5.91%	3.48%	13.35%	3.14%	-12.11%	1.28%	1.63%
EPS Q/Q Growth	10.20%	-2.60%	-44.07%	61.83%	5.59%	3.13%	13.04%	3.20%	-12.08%	1.95%	2.60%
Operating Cash Flow Q/Q Growth	-32.55%	35.94%	8.55%	21.59%	0.51%	6.84%	28.00%	-17.51%	-2.55%	-6.85%	30.39%
Free Cash Flow Firm Q/Q Growth	-324.83%	1,016.77%	12.53%	26.50%	-20.29%	25.59%	514.44%	-19.13%	-0.62%	-289.40%	157.30%
Invested Capital Q/Q Growth	21.89%	-1.97%	-16.00%	-3.51%	3.13%	-5.75%	-0.19%	3.39%	0.47%	55.69%	-4.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.98%	36.46%	36.48%	35.60%	35.12%	34.85%	33.91%	31.88%	30.57%	30.68%	28.83%
EBITDA Margin	12.99%	12.50%	13.99%	15.54%	17.47%	19.09%	18.06%	13.42%	14.27%	15.05%	12.31%
Operating Margin	11.59%	11.52%	11.92%	13.34%	13.20%	14.26%	14.43%	11.88%	10.69%	11.52%	9.53%
EBIT Margin	11.09%	10.48%	12.02%	13.55%	13.06%	14.23%	14.19%	10.51%	11.44%	12.36%	9.27%
Profit (Net Income) Margin	9.24%	8.56%	5.02%	13.04%	11.38%	12.30%	12.82%	8.69%	8.89%	9.61%	6.92%
Tax Burden Percent	79.62%	78.49%	41.74%	96.19%	87.16%	86.44%	90.30%	82.68%	77.73%	77.78%	74.70%
Interest Burden Percent	104.67%	103.99%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	20.38%	21.51%	58.26%	3.81%	12.84%	13.56%	9.70%	17.32%	22.27%	22.22%	25.30%
Return on Invested Capital (ROIC)	24.19%	24.32%	16.75%	50.60%	43.93%	50.04%	56.90%	39.74%	28.97%	22.48%	16.26%
ROIC Less NNEP Spread (ROIC-NNEP)	24.15%	26.45%	16.63%	50.00%	44.28%	50.10%	57.48%	43.22%	27.52%	20.62%	17.11%
Return on Net Nonoperating Assets (RNNOA)	-8.51%	-10.08%	-8.47%	-29.12%	-25.67%	-31.76%	-35.39%	-24.48%	-16.09%	-9.68%	-5.93%
Return on Equity (ROE)	15.68%	14.24%	8.29%	21.48%	18.26%	18.28%	21.51%	15.25%	12.88%	12.80%	10.33%
Cash Return on Invested Capital (CROIC)	-15.82%	18.33%	23.03%	29.26%	16.04%	59.00%	2.34%	23.50%	20.67%	-28.88%	14.73%
Operating Return on Assets (OROA)	14.77%	14.27%	16.02%	17.45%	15.54%	15.24%	17.08%	13.47%	12.83%	12.84%	10.48%
Return on Assets (ROA)	12.31%	11.65%	6.69%	16.79%	13.54%	13.18%	15.43%	11.14%	9.98%	9.99%	7.83%
Return on Common Equity (ROCE)	15.68%	14.24%	8.29%	21.48%	18.26%	18.28%	21.47%	15.23%	12.88%	12.79%	10.33%
Return on Equity Simple (ROE_SIMPLE)	13.77%	12.70%	7.46%	19.03%	16.36%	16.50%	19.37%	13.97%	12.02%	12.52%	0.00%
Net Operating Profit after Tax (NOPAT)	84	105	72	236	264	328	490	474	390	424	388
NOPAT Margin	9.23%	9.05%	4.98%	12.83%	11.51%	12.33%	13.03%	9.82%	8.31%	8.96%	7.12%
Net Nonoperating Expense Percent (NNEP)	0.04%	-2.14%	0.13%	0.59%	-0.35%	-0.06%	-0.58%	-3.49%	1.45%	1.86%	-0.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.63%	11.14%	11.58%	10.49%
Cost of Revenue to Revenue	62.02%	63.54%	63.52%	64.40%	64.88%	65.15%	66.09%	68.12%	69.43%	69.32%	71.17%
SG&A Expenses to Revenue	24.37%	22.92%	22.59%	20.27%	19.94%	18.23%	17.26%	18.09%	17.38%	17.27%	17.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.39%	24.93%	24.55%	22.26%	21.92%	20.59%	19.48%	20.00%	19.89%	19.16%	19.31%
Earnings before Interest and Taxes (EBIT)	101	122	174	250	300	378	533	507	537	584	506
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	119	145	203	286	401	508	679	647	669	712	672
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.41	4.20	5.82	4.96	7.31	10.12	15.24	6.28	4.94	3.65	3.08
Price to Tangible Book Value (P/TBV)	8.72	5.29	7.00	6.03	8.67	11.67	20.44	7.87	6.05	6.59	5.49
Price to Revenue (P/Rev)	4.30	2.83	3.91	3.40	5.09	7.54	10.09	3.91	3.66	2.81	2.07
Price to Earnings (P/E)	46.52	33.06	77.98	26.08	44.69	61.33	78.72	44.94	41.13	29.18	29.97
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.15%	3.02%	1.28%	3.83%	2.24%	1.63%	1.27%	2.23%	2.43%	3.43%	3.34%
Enterprise Value to Invested Capital (EV/IC)	8.92	6.63	12.26	10.68	15.71	29.89	33.34	13.29	10.77	5.07	4.17
Enterprise Value to Revenue (EV/Rev)	4.08	2.54	3.53	3.00	4.69	7.03	9.72	3.55	3.22	2.54	1.84
Enterprise Value to EBITDA (EV/EBITDA)	31.45	20.31	25.22	19.27	26.84	36.84	53.82	26.47	22.54	16.87	14.96
Enterprise Value to EBIT (EV/EBIT)	36.85	24.22	29.35	22.10	35.90	49.43	68.47	33.78	28.12	20.54	19.87
Enterprise Value to NOPAT (EV/NOPAT)	44.26	28.06	70.87	23.35	40.74	57.05	74.58	36.17	38.72	28.34	25.87
Enterprise Value to Operating Cash Flow (EV/OCF)	48.88	17.61	26.53	18.89	37.41	34.36	63.81	36.92	26.81	21.46	15.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	37.23	51.56	40.37	111.60	48.38	1,812.32	61.16	54.27	0.00	28.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.03	0.03	0.02	0.02	0.01	0.02	0.01	0.01	0.01	0.01
Long-Term Debt to Equity	0.06	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01
Financial Leverage	-0.35	-0.38	-0.51	-0.58	-0.58	-0.63	-0.62	-0.57	-0.58	-0.47	-0.35
Leverage Ratio	1.27	1.22	1.24	1.28	1.35	1.39	1.39	1.37	1.29	1.28	1.32
Compound Leverage Factor	1.33	1.27	1.24	1.28	1.35	1.39	1.39	1.37	1.29	1.28	1.32
Debt to Total Capital	5.40%	3.11%	2.50%	1.94%	1.55%	1.25%	1.82%	0.91%	0.75%	0.69%	0.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	5.40%	3.11%	2.50%	1.94%	1.55%	1.25%	1.19%	0.91%	0.75%	0.69%	0.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%	0.05%	0.02%	0.05%	0.02%
Common Equity to Total Capital	94.60%	96.89%	97.50%	98.06%	98.45%	98.75%	97.84%	99.04%	99.24%	99.26%	99.31%
Debt to EBITDA	0.29	0.17	0.12	0.09	0.06	0.05	0.07	0.04	0.04	0.04	0.04
Net Debt to EBITDA	-1.64	-2.32	-2.75	-2.60	-2.27	-2.67	-2.06	-2.65	-3.09	-1.77	-1.89
Long-Term Debt to EBITDA	0.29	0.17	0.12	0.09	0.06	0.05	0.04	0.04	0.04	0.04	0.04
Debt to NOPAT	0.41	0.24	0.35	0.11	0.10	0.08	0.09	0.06	0.07	0.06	0.06
Net Debt to NOPAT	-2.31	-3.21	-7.72	-3.15	-3.45	-4.14	-2.86	-3.62	-5.32	-2.98	-3.27
Long-Term Debt to NOPAT	0.41	0.24	0.35	0.11	0.10	0.08	0.06	0.06	0.07	0.06	0.06
Altman Z-Score	17.10	16.68	15.31	13.78	13.48	19.07	24.95	14.25	14.65	9.67	8.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.19%	0.19%	0.03%	0.04%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.14	5.56	5.31	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59
Quick Ratio	3.93	5.40	5.17	4.46	3.71	4.04	2.90	3.58	4.64	2.79	2.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-55	79	99	137	96	387	20	280	278	-544	352
Operating Cash Flow to CapEx	575.60%	570.38%	646.92%	777.71%	289.46%	791.37%	513.29%	568.55%	1,980.06%	1,739.46%	1,550.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.33	1.36	1.33	1.29	1.19	1.07	1.20	1.28	1.12	1.04	1.13
Accounts Receivable Turnover	4.06	4.35	4.71	4.89	5.10	5.33	5.92	5.67	5.13	4.98	5.17
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.81	17.30	18.13	19.50	17.12	15.89	18.52	18.94	18.45	21.36	26.62
Accounts Payable Turnover	19.40	22.79	23.11	45.85	194.85	192.29	141.78	118.02	103.64	85.47	77.65
Days Sales Outstanding (DSO)	89.99	83.96	77.44	74.71	71.61	68.54	61.67	64.36	71.19	73.31	70.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.81	16.02	15.80	7.96	1.87	1.90	2.57	3.09	3.52	4.27	4.70
Cash Conversion Cycle (CCC)	71.18	67.95	61.64	66.75	69.74	66.64	59.10	61.27	67.67	69.04	65.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	419	444	417	517	685	626	1,095	1,289	1,401	2,368	2,407
Invested Capital Turnover	2.62	2.69	3.37	3.94	3.82	4.06	4.37	4.05	3.49	2.51	2.28
Increase / (Decrease) in Invested Capital	140	26	-27	100	168	-59	470	194	112	968	37
Enterprise Value (EV)	3,734	2,945	5,116	5,520	10,754	18,707	36,523	17,137	15,086	12,002	10,048
Market Capitalization	3,929	3,282	5,674	6,266	11,666	20,064	37,914	18,849	17,157	13,263	11,318
Book Value per Share	$12.27	$15.31	$18.46	$23.38	$29.03	$35.42	$43.85	$52.19	$60.15	$63.98	$66.57
Tangible Book Value per Share	$9.01	$12.17	$15.35	$19.23	$24.46	$30.70	$32.71	$41.64	$49.17	$35.46	$37.29
Total Capital	648	806	1,000	1,288	1,621	2,008	2,542	3,031	3,498	3,656	3,703
Total Debt	35	25	25	25	25	25	46	28	26	25	25
Total Long-Term Debt	35	25	25	25	25	25	30	28	26	25	25
Net Debt	-195	-337	-558	-746	-911	-1,357	-1,400	-1,714	-2,071	-1,263	-1,271
Capital Expenditures (CapEx)	13	29	30	38	99	69	112	82	28	32	42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	171	168	196	166	151	65	75	270	349	317	261
Debt-free Net Working Capital (DFNWC)	401	530	779	936	1,087	1,447	1,522	2,012	2,446	1,605	1,557
Net Working Capital (NWC)	401	530	779	936	1,087	1,447	1,506	2,012	2,446	1,605	1,557
Net Nonoperating Expense (NNE)	-0.08	5.67	-0.57	-3.86	2.90	0.73	8.06	54	-27	-31	11
Net Nonoperating Obligations (NNO)	-195	-337	-558	-746	-911	-1,357	-1,400	-1,714	-2,071	-1,263	-1,271
Total Depreciation and Amortization (D&A)	17	23	29	37	101	129	145	140	133	127	166
Debt-free, Cash-free Net Working Capital to Revenue	18.75%	14.51%	13.55%	8.99%	6.57%	2.43%	2.01%	5.61%	7.45%	6.71%	4.78%
Debt-free Net Working Capital to Revenue	43.87%	45.71%	53.71%	50.80%	47.40%	54.40%	40.50%	41.71%	52.16%	33.95%	28.53%
Net Working Capital to Revenue	43.87%	45.71%	53.71%	50.80%	47.40%	54.40%	40.07%	41.71%	52.16%	33.95%	28.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.73	$1.97	$1.40	$4.48	$4.77	$5.87	$8.52	$7.32	$7.21	$7.93	$6.76
Adjusted Weighted Average Basic Shares Outstanding	48.72M	50.31M	52.08M	53.62M	54.72M	55.73M	56.51M	57.29M	57.83M	57.29M	55.89M
Adjusted Diluted Earnings per Share	$1.62	$1.87	$1.32	$4.24	$4.53	$5.60	$8.15	$7.09	$7.06	$7.84	$6.72
Adjusted Weighted Average Diluted Shares Outstanding	51.99M	53.22M	54.98M	56.67M	57.67M	58.45M	59.06M	59.17M	59.09M	57.98M	56.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.37M	51.18M	53.04M	54.18M	55.26M	56.18M	56.88M	57.68M	57.83M	56.89M	54.14M
Normalized Net Operating Profit after Tax (NOPAT)	84	105	121	236	264	328	490	474	390	424	388
Normalized NOPAT Margin	9.23%	9.05%	8.35%	12.83%	11.51%	12.33%	13.03%	9.82%	8.31%	8.96%	7.12%
Pre Tax Income Margin	11.60%	10.90%	12.02%	13.55%	13.06%	14.23%	14.19%	10.51%	11.44%	12.36%	9.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%	0.36%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.00%	39.54%	87.57%	175.68%

This table displays calculated financial ratios and metrics derived from EPAM Systems' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	54,139,969.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	54,139,969.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.52
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.10%	-6.01%	-3.76%	-2.02%	1.34%	7.87%	11.69%	18.04%	19.43%	12.75%	7.56%
EBITDA Growth	-26.37%	-31.53%	-3.04%	-10.43%	32.38%	7.94%	-12.53%	0.87%	-15.25%	6.67%	19.77%
EBIT Growth	-31.02%	-36.61%	-2.85%	-10.82%	43.81%	7.79%	-23.64%	-7.50%	-24.26%	4.73%	27.78%
NOPAT Growth	-42.87%	-28.61%	7.41%	-23.03%	51.38%	9.48%	-25.60%	1.21%	-15.29%	10.52%	3.31%
Net Income Growth	-37.71%	-37.08%	13.64%	-17.82%	40.27%	5.89%	-36.79%	-10.76%	-21.66%	5.86%	12.30%
EPS Growth	-37.26%	-37.02%	13.87%	-16.26%	43.64%	9.09%	-35.03%	-8.24%	-19.41%	9.44%	18.75%
Operating Cash Flow Growth	-14.85%	-7.90%	48.76%	-35.96%	12.60%	-23.99%	-81.40%	-6.71%	21.79%	117.18%	-250.48%
Free Cash Flow Firm Growth	-2,843.07%	71.36%	-105.06%	-148.48%	100.19%	-4,758.96%	-28,857.22%	-2,093.59%	-741,508.56%	108.86%	101.53%
Invested Capital Growth	11.81%	8.66%	7.95%	9.29%	9.12%	69.10%	71.32%	68.41%	65.18%	1.55%	2.61%
Revenue Q/Q Growth	-1.54%	0.44%	0.71%	-1.62%	1.83%	6.92%	4.27%	3.98%	3.02%	0.94%	-0.53%
EBITDA Q/Q Growth	-9.95%	-2.75%	-3.35%	5.82%	33.09%	-20.70%	-21.69%	22.03%	11.83%	-0.19%	-12.07%
EBIT Q/Q Growth	-12.13%	-3.37%	-2.94%	8.21%	41.71%	-27.57%	-31.25%	31.09%	16.04%	0.14%	-16.11%
NOPAT Q/Q Growth	-27.20%	11.58%	10.78%	-14.46%	43.18%	-19.31%	-24.71%	16.36%	19.84%	5.27%	-29.62%
Net Income Q/Q Growth	-19.02%	0.36%	19.16%	-15.14%	38.22%	-24.24%	-28.86%	19.79%	21.35%	2.38%	-24.54%
EPS Q/Q Growth	-18.72%	0.00%	19.39%	-13.71%	39.41%	-24.05%	-28.89%	21.88%	22.44%	3.14%	-22.84%
Operating Cash Flow Q/Q Growth	141.30%	-20.25%	-24.19%	-56.11%	324.29%	-46.17%	-81.45%	120.17%	453.94%	-4.00%	-112.85%
Free Cash Flow Firm Q/Q Growth	-249.07%	71.84%	81.36%	-1,255.95%	100.26%	-725,896.22%	-11.11%	-2.72%	10.50%	108.69%	-80.79%
Invested Capital Q/Q Growth	-3.25%	0.47%	3.96%	8.15%	-3.40%	55.69%	5.33%	6.31%	-5.25%	-4.22%	6.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.06%	31.08%	28.41%	29.28%	34.56%	30.44%	26.86%	28.77%	29.49%	30.07%	27.71%
EBITDA Margin	14.33%	13.88%	13.32%	14.33%	18.73%	13.89%	10.43%	12.24%	13.29%	13.14%	11.62%
Operating Margin	9.90%	10.58%	9.48%	10.51%	15.16%	10.94%	7.63%	9.34%	10.39%	10.60%	8.34%
EBIT Margin	11.44%	11.01%	10.61%	11.67%	16.24%	11.00%	7.25%	9.14%	10.30%	10.22%	8.62%
Profit (Net Income) Margin	8.44%	8.43%	9.97%	8.60%	11.68%	8.27%	5.65%	6.50%	7.66%	7.77%	5.89%
Tax Burden Percent	73.72%	76.57%	94.01%	73.72%	71.91%	75.22%	77.83%	71.12%	74.38%	76.03%	68.40%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	26.28%	23.43%	5.99%	26.28%	28.09%	24.78%	22.17%	28.88%	25.62%	23.97%	31.60%
Return on Invested Capital (ROIC)	26.33%	28.27%	29.53%	23.76%	34.67%	20.64%	14.62%	15.95%	20.31%	18.42%	12.54%
ROIC Less NNEP Spread (ROIC-NNEP)	25.56%	28.07%	28.88%	23.22%	34.21%	20.60%	14.87%	16.08%	20.37%	18.75%	12.28%
Return on Net Nonoperating Assets (RNNOA)	-14.42%	-16.41%	-16.62%	-12.71%	-19.66%	-9.67%	-6.62%	-6.46%	-9.08%	-6.49%	-3.51%
Return on Equity (ROE)	11.91%	11.86%	12.91%	11.05%	15.01%	10.97%	8.01%	9.48%	11.22%	11.93%	9.03%
Cash Return on Invested Capital (CROIC)	21.19%	20.67%	20.69%	15.71%	19.71%	-28.88%	-32.55%	-32.19%	-30.43%	14.73%	12.89%
Operating Return on Assets (OROA)	13.81%	12.35%	11.67%	12.97%	17.47%	11.43%	7.76%	10.38%	11.73%	11.55%	10.16%
Return on Assets (ROA)	10.18%	9.46%	10.97%	9.56%	12.56%	8.60%	6.04%	7.38%	8.73%	8.78%	6.95%
Return on Common Equity (ROCE)	11.91%	11.86%	12.91%	11.05%	15.01%	10.96%	8.01%	9.48%	11.22%	11.92%	9.03%
Return on Equity Simple (ROE_SIMPLE)	14.38%	0.00%	12.40%	12.06%	12.63%	0.00%	11.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	84	94	104	89	127	103	77	90	108	113	80
NOPAT Margin	7.30%	8.11%	8.92%	7.75%	10.90%	8.23%	5.94%	6.65%	7.73%	8.06%	5.70%
Net Nonoperating Expense Percent (NNEP)	0.77%	0.20%	0.65%	0.54%	0.46%	0.04%	-0.24%	-0.14%	-0.06%	-0.33%	0.26%
Return On Investment Capital (ROIC_SIMPLE)	-	2.68%	-	-	-	2.81%	2.11%	2.44%	2.87%	3.06%	2.22%
Cost of Revenue to Revenue	68.94%	68.92%	71.59%	70.72%	65.44%	69.56%	73.14%	71.23%	70.51%	69.93%	72.29%
SG&A Expenses to Revenue	16.91%	18.49%	17.03%	16.92%	17.71%	17.38%	16.82%	17.12%	16.85%	17.28%	17.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.16%	20.49%	18.93%	18.77%	19.40%	19.51%	19.23%	19.43%	19.10%	19.46%	19.37%
Earnings before Interest and Taxes (EBIT)	132	127	124	134	190	137	94	124	144	144	121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	165	161	155	164	219	173	136	166	185	185	163
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.49	4.94	4.59	3.21	3.19	3.65	2.64	2.73	2.25	3.08	2.14
Price to Tangible Book Value (P/TBV)	5.53	6.05	5.69	4.02	3.97	6.59	4.73	4.95	4.00	5.49	3.98
Price to Revenue (P/Rev)	3.11	3.66	3.43	2.36	2.44	2.81	1.97	1.98	1.59	2.07	1.32
Price to Earnings (P/E)	31.23	41.13	36.97	26.62	25.25	29.18	23.33	24.97	22.60	29.97	18.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.20%	2.43%	2.71%	3.76%	3.96%	3.43%	4.29%	4.00%	4.42%	3.34%	5.28%
Enterprise Value to Invested Capital (EV/IC)	9.26	10.77	9.56	5.77	6.11	5.07	3.39	3.39	2.86	4.17	2.52
Enterprise Value to Revenue (EV/Rev)	2.71	3.22	3.00	1.97	2.01	2.54	1.74	1.78	1.36	1.84	1.16
Enterprise Value to EBITDA (EV/EBITDA)	17.38	22.54	20.94	14.08	13.31	16.87	12.22	12.98	10.88	14.96	9.25
Enterprise Value to EBIT (EV/EBIT)	21.17	28.12	26.11	17.58	16.19	20.54	15.23	16.51	14.40	19.87	12.14
Enterprise Value to NOPAT (EV/NOPAT)	30.24	38.72	35.01	24.50	22.44	28.34	21.38	22.68	19.02	25.87	16.53
Enterprise Value to Operating Cash Flow (EV/OCF)	22.37	26.81	22.99	15.85	15.49	21.46	18.65	20.02	14.30	15.34	10.87
Enterprise Value to Free Cash Flow (EV/FCFF)	46.17	54.27	47.95	38.35	32.36	0.00	0.00	0.00	0.00	28.57	19.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.05
Long-Term Debt to Equity	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.05
Financial Leverage	-0.56	-0.58	-0.58	-0.55	-0.57	-0.47	-0.45	-0.40	-0.45	-0.35	-0.29
Leverage Ratio	1.30	1.29	1.28	1.25	1.26	1.28	1.28	1.26	1.28	1.32	1.33
Compound Leverage Factor	1.30	1.29	1.28	1.25	1.26	1.28	1.28	1.26	1.28	1.32	1.33
Debt to Total Capital	0.83%	0.75%	0.74%	0.74%	0.71%	0.69%	0.68%	0.68%	0.67%	0.68%	4.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.83%	0.75%	0.74%	0.74%	0.71%	0.69%	0.68%	0.68%	0.67%	0.68%	4.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.02%	0.02%	0.02%	0.02%	0.05%	0.02%	0.02%	0.02%	0.02%	0.02%
Common Equity to Total Capital	99.16%	99.24%	99.25%	99.24%	99.28%	99.26%	99.30%	99.31%	99.32%	99.31%	95.40%
Debt to EBITDA	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.24
Net Debt to EBITDA	-2.56	-3.09	-3.04	-2.83	-2.91	-1.77	-1.66	-1.47	-1.84	-1.89	-1.25
Long-Term Debt to EBITDA	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.24
Debt to NOPAT	0.06	0.07	0.06	0.07	0.06	0.06	0.06	0.06	0.07	0.06	0.42
Net Debt to NOPAT	-4.46	-5.32	-5.08	-4.92	-4.91	-2.98	-2.90	-2.56	-3.21	-3.27	-2.23
Long-Term Debt to NOPAT	0.06	0.07	0.06	0.07	0.06	0.06	0.06	0.06	0.07	0.06	0.42
Altman Z-Score	13.05	14.34	13.26	10.57	10.14	9.36	7.57	8.04	6.81	7.79	5.72
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.02%	0.02%	0.04%	0.02%	0.02%	0.02%	0.03%	0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.77	4.79	4.68	4.84	4.56	2.96	3.06	3.17	3.02	2.59	2.67
Quick Ratio	4.64	4.64	4.52	4.66	4.40	2.79	2.87	2.94	2.84	2.46	2.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-63	-18	-3.32	-45	0.12	-865	-961	-987	-884	77	15
Operating Cash Flow to CapEx	5,929.33%	1,714.55%	1,925.03%	1,212.31%	4,872.37%	828.25%	259.00%	541.13%	3,549.55%	1,913.88%	-203.62%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.21	1.12	1.10	1.11	1.08	1.04	1.07	1.14	1.14	1.13	1.18
Accounts Receivable Turnover	5.21	5.13	4.98	4.92	5.02	4.98	4.81	4.78	5.13	5.17	4.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	21.21	18.45	18.99	19.83	20.74	21.36	22.86	24.62	26.08	26.62	27.36
Accounts Payable Turnover	122.59	103.64	115.32	111.16	114.14	85.47	94.70	93.09	102.16	77.65	93.26
Days Sales Outstanding (DSO)	70.10	71.19	73.30	74.18	72.74	73.31	75.84	76.29	71.15	70.58	74.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2.98	3.52	3.17	3.28	3.20	4.27	3.85	3.92	3.57	4.70	3.91
Cash Conversion Cycle (CCC)	67.12	67.67	70.13	70.89	69.54	69.04	71.99	72.37	67.58	65.88	70.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,394	1,401	1,456	1,575	1,521	2,368	2,495	2,652	2,513	2,407	2,560
Invested Capital Turnover	3.61	3.49	3.31	3.06	3.18	2.51	2.46	2.40	2.63	2.28	2.20
Increase / (Decrease) in Invested Capital	147	112	107	134	127	968	1,039	1,077	991	37	65
Enterprise Value (EV)	12,915	15,086	13,916	9,083	9,299	12,002	8,457	9,002	7,185	10,048	6,459
Market Capitalization	14,820	17,157	15,935	10,906	11,332	13,263	9,605	10,017	8,399	11,318	7,331
Book Value per Share	$56.93	$60.15	$60.08	$58.60	$62.42	$63.98	$64.03	$64.74	$66.90	$66.57	$63.38
Tangible Book Value per Share	$46.26	$49.17	$48.40	$46.76	$50.19	$35.46	$35.67	$35.70	$37.66	$37.29	$34.00
Total Capital	3,328	3,498	3,501	3,423	3,580	3,656	3,668	3,693	3,752	3,703	3,597
Total Debt	28	26	26	26	25	25	25	25	25	25	165
Total Long-Term Debt	28	26	26	26	25	25	25	25	25	25	165
Net Debt	-1,906	-2,071	-2,020	-1,823	-2,033	-1,263	-1,149	-1,016	-1,214	-1,271	-872
Capital Expenditures (CapEx)	3.62	10.00	6.75	4.70	4.97	16	9.33	9.83	8.30	15	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	378	349	379	465	367	317	453	582	450	261	436
Debt-free Net Working Capital (DFNWC)	2,312	2,446	2,425	2,313	2,426	1,605	1,627	1,623	1,689	1,557	1,473
Net Working Capital (NWC)	2,312	2,446	2,425	2,313	2,426	1,605	1,627	1,623	1,689	1,557	1,473
Net Nonoperating Expense (NNE)	-13	-3.76	-12	-9.77	-9.09	-0.62	3.82	1.93	0.99	4.13	-2.65
Net Nonoperating Obligations (NNO)	-1,906	-2,071	-2,020	-1,823	-2,033	-1,263	-1,149	-1,016	-1,214	-1,271	-872
Total Depreciation and Amortization (D&A)	33	33	32	30	29	36	41	42	42	41	42
Debt-free, Cash-free Net Working Capital to Revenue	7.94%	7.45%	8.17%	10.05%	7.92%	6.71%	9.31%	11.47%	8.49%	4.78%	7.85%
Debt-free Net Working Capital to Revenue	48.52%	52.16%	52.20%	50.05%	52.32%	33.95%	33.44%	32.01%	31.88%	28.53%	26.52%
Net Working Capital to Revenue	48.52%	52.16%	52.20%	50.05%	52.32%	33.95%	33.44%	32.01%	31.88%	28.53%	26.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.68	$1.69	$2.01	$1.71	$2.40	$1.81	$1.29	$1.56	$1.92	$1.99	$1.53
Adjusted Weighted Average Basic Shares Outstanding	57.85M	57.83M	57.84M	57.59M	56.91M	57.29M	56.78M	56.32M	55.56M	55.89M	53.79M
Adjusted Diluted Earnings per Share	$1.65	$1.65	$1.97	$1.70	$2.37	$1.80	$1.28	$1.56	$1.91	$1.97	$1.52
Adjusted Weighted Average Diluted Shares Outstanding	58.95M	59.09M	58.93M	58.15M	57.43M	57.98M	57.26M	56.54M	55.82M	56.23M	54.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	57.70M	57.83M	57.97M	56.94M	56.72M	56.89M	56.65M	55.70M	55.24M	54.14M	52.24M
Normalized Net Operating Profit after Tax (NOPAT)	84	94	104	89	127	103	77	90	108	113	80
Normalized NOPAT Margin	7.30%	8.11%	8.92%	7.75%	10.90%	8.23%	5.94%	6.65%	7.73%	8.06%	5.70%
Pre Tax Income Margin	11.44%	11.01%	10.61%	11.67%	16.24%	11.00%	7.25%	9.14%	10.30%	10.22%	8.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.00%
Augmented Payout Ratio	27.48%	39.54%	64.27%	109.86%	93.92%	87.57%	106.23%	104.57%	121.53%	175.68%	213.63%

Financials Breakdown Chart

Key Financial Trends

EPAM Systems, Inc. (EPAM) has shown a solid four-year trend of revenue growth, margin stability, and strong cash generation, with a notable upturn in 2025. Below are key takeaways from the last four years of quarterly statements (2022–2025).

Revenue growth across 2022–2025: four-year revenue moved from about $1.231B (Q4 2022) to about $1.408B (Q4 2025), reflecting a rebound and sustained top-line expansion.
Gross margin stability: gross margins hover in the ~29–31% range, with Q4 2025 gross margin around 30.0% (423.2M gross profit on 1.408B revenue), indicating stable profitability as the company scales.
Operating margin improvement in 2025: operating margin rose through 2025, with total operating income of about $149.3M on ~1.408B revenue in Q4 2025 (roughly 10.6% margin) after rising from mid-single digits earlier in the year.
Net income and EPS trend higher in 2025: Q4 2025 net income attributable to common shareholders about $109.354M and diluted EPS around $1.97.
Robust operating cash flow and free cash flow potential: quarterly net cash from continuing operating activities around $283M in Q4 2025 and $295M in Q3 2025, supporting significant free cash flow after moderate capex.
Strong liquidity position: as of mid-2025, cash and cash equivalents were about $1.24B–$1.29B, with total current assets near $2.5B and current liabilities around $0.84B, yielding a healthy current ratio (>3x).

Debt load remains modest: long-term debt around $25M in 2025, with total liabilities well below equity, indicating conservative leverage and optionality for growth financing.
Capital allocation signal: EPAM engaged in meaningful share repurchases in 2025, which can be a neutral-to-positive signal of capital allocation depending on price and growth outlook.

Financing outflows tied to buybacks: recurring cash outflows from financing activities due to share repurchases reduce cash reserves and may constrain near-term liquidity if cash generation slows.
Investing cash flow remains modestly negative: investing cash flows were occasionally negative in 2025 quarters due to capex and acquisitions, which weigh on near-term cash balances despite long-term growth potential.

05/22/26 02:29 AM ETAI Generated. May Contain Errors.

EPAM Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, EPAM Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

EPAM Systems' net income appears to be on an upward trend, with a most recent value of $377.68 million in 2025, rising from $84.46 million in 2015. The previous period was $454.53 million in 2024. Check out EPAM Systems' forecast to explore projected trends and price targets.

EPAM Systems' total operating income in 2025 was $520.00 million, based on the following breakdown:

Total Gross Profit: $1.57 billion
Total Operating Expenses: $1.05 billion

Over the last 10 years, EPAM Systems' total revenue changed from $914.13 million in 2015 to $5.46 billion in 2025, a change of 497.0%.

EPAM Systems' total liabilities were at $1.22 billion at the end of 2025, a 9.4% increase from 2024, and a 640.6% increase since 2015.

In the past 10 years, EPAM Systems' cash and equivalents has ranged from $199.45 million in 2015 to $2.04 billion in 2023, and is currently $1.30 billion as of their latest financial filing in 2025.

Over the last 10 years, EPAM Systems' book value per share changed from 12.27 in 2015 to 66.57 in 2025, a change of 442.4%.

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Financial statements for NYSE:EPAM last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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EPAM Systems (EPAM) Financials

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EPAM Systems (EPAM) Financials

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EPAM Systems Financials - Frequently Asked Questions

When does EPAM Systems' financial year end?

How has EPAM Systems' net income changed over the last 10 years?

What is EPAM Systems' operating income?

How has EPAM Systems' revenue changed over the last 10 years?

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How much cash does EPAM Systems have?

How has EPAM Systems' book value per share changed over the last 10 years?

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