EPAM earnings analysis
What we found in EPAM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
EPAM reported Q1 2026 revenues of $1.4 billion, slightly exceeding estimates with a 7.6% year-over-year growth. GAAP EPS was $2.86, above the expected $2.6, demonstrating strong operational performance in a challenging geopolitical environment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue was $1.4 billion, 0.03% above estimates of $1.395 billion.
- Strong EPS Performance
- Reported EPS was $2.86, beating estimates by 10% (expected $2.6).
- Year-over-Year Revenue Growth
- Revenue increased by 7.6% compared to Q1 2025, up from $1.3 billion.
- Operational Income Growth
- Income from operations rose by 17.6% year-over-year.
- Cash Preservation Strategy
- Maintained $63.5 million in cash and cash equivalents in Ukraine and $50 million in Belarus.
- Share Buybacks
- Authorized share repurchase program of up to $1 billion, $512 million remaining available.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Instability
- Ongoing impact from the war in Ukraine poses risk to operations, primarily in Eastern Europe.
- Foreign Exchange Fluctuations
- Approximately 40% of revenue is in foreign currencies, exposing EPAM to exchange rate risks.
- Concentration of Credit Risk
- Significant cash reserves in Ukraine and Belarus expose the company to banking instability in those regions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.86
What they said about what is next.
Company expects revenue growth of 4.0% to 6.5% for the full year.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- EPAM Systems, Inc. reported a strong performance in 2025 despite market headwinds, with revenues reaching $5.457 billion, a 15.4% increase from the previous year. The company also saw an improvement in EPS to $6.72 from…
- 10-Q · November 6, 2025
- EPAM reported strong Q3 2025 results, with revenue growth of 19.4% year-over-year at $1.39 billion and an EPS of $3.08, exceeding expectations. Despite a slight decrease in gross margin to 29.5%, the company…
- 10-Q · August 7, 2025
- EPAM Systems reported strong second-quarter results, beating both revenue and earnings per share estimates. Revenue grew to $1.35 billion, reflecting an 18% increase year-over-year, while diluted EPS was reported at…
- 10-Q · May 8, 2025
- EPAM reported a Q1 2025 revenue of $1.3 billion, up 11.7% year-over-year compared to $1.17 billion in Q1 2024, outperforming the $1.27 billion estimate. However, gross margin fell to 26.9%, and diluted EPS dropped to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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