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…
Earnings analysis · 10-Q
EPAM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.86
What stood out
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Revenue Exceeds Estimates
Actual revenue was $1.4 billion, 0.03% above estimates of $1.395 billion.
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Strong EPS Performance
Reported EPS was $2.86, beating estimates by 10% (expected $2.6).
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Year-over-Year Revenue Growth
Revenue increased by 7.6% compared to Q1 2025, up from $1.3 billion.
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Operational Income Growth
Income from operations rose by 17.6% year-over-year.
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Cash Preservation Strategy
Maintained $63.5 million in cash and cash equivalents in Ukraine and $50 million in Belarus.
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Share Buybacks
Authorized share repurchase program of up to $1 billion, $512 million remaining available.
What to watch
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Geopolitical Instability
Ongoing impact from the war in Ukraine poses risk to operations, primarily in Eastern Europe.
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Foreign Exchange Fluctuations
Approximately 40% of revenue is in foreign currencies, exposing EPAM to exchange rate risks.
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Concentration of Credit Risk
Significant cash reserves in Ukraine and Belarus expose the company to banking instability in those regions.
Management's outlook
Company expects revenue growth of 4.0% to 6.5% for the full year.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.