EPAM · Epam Systems, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.40B | - | $1.39B | $1.35B | $1.30B | - | $1.17B | $1.15B | $1.17B | - |
| Cost of Revenue | $1.01B | - | $983.17M | $964.01M | $952.01M | - | $763.99M | $810.86M | $834.33M | - |
| Gross Profit | $388.01M | - | $411.20M | $389.43M | $349.68M | - | $403.54M | $335.74M | $331.13M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $239.70M | - | $234.95M | $231.68M | $218.92M | - | $206.82M | $194.06M | $198.45M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $31.54M | - | $31.31M | $31.27M | $31.44M | - | $19.74M | $21.12M | $22.15M | - |
| Operating Income | $116.77M | - | $144.94M | $126.48M | $99.33M | - | $176.98M | $120.56M | $110.53M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $38.13M | - | $36.80M | $35.74M | $20.93M | - | $53.27M | $35.16M | $7.41M | - |
| Net Income | $82.52M | - | $106.82M | $88.03M | $73.48M | - | $136.35M | $98.64M | $116.24M | - |
| EPS - Basic | $1.53 | - | $1.92 | $1.56 | $1.29 | - | $2.40 | $1.71 | $2.01 | - |
| EPS - Diluted | $1.52 | - | $1.91 | $1.56 | $1.28 | - | $2.37 | $1.70 | $1.97 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.04B | $1.30B | $1.24B | $1.04B | $1.17B | $1.29B | $2.04B | $1.79B | $1.98B | $2.04B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $40.11M | $55.33M | $42.98M | $45.28M | $44.45M | $44.70M | $30.77M | $30.95M | $27.25M | $31.99M |
| Current Assets | $2.36B | $2.53B | $2.52B | $2.37B | $2.42B | $2.43B | $3.11B | $2.92B | $3.08B | $3.09B |
| Total Assets | $4.70B | $4.90B | $4.84B | $4.71B | $4.72B | $4.75B | $4.46B | $4.22B | $4.37B | $4.35B |
| Current Liabilities | $884.33M | $976.94M | $835.26M | $747.43M | $789.12M | $821.04M | $681.05M | $602.46M | $658.53M | $644.93M |
| Long-term Debt | $165.00M | $25.03M | $25.04M | $25.04M | $25.06M | $25.19M | $25.33M | $25.50M | $25.79M | $26.13M |
| Total Liabilities | $1.27B | $1.22B | $1.12B | $1.04B | $1.08B | $1.12B | $902.57M | $825.37M | $898.89M | $880.89M |
| Stockholders' Equity | $3.43B | $3.68B | $3.73B | $3.67B | $3.64B | $3.63B | $3.55B | $3.40B | $3.48B | $3.47B |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($36.36M) | - | - | - | $24.16M | - | - | - | $129.92M | - |
| Investing Cash Flow | ($15.65M) | - | - | - | ($5.31M) | - | - | - | ($50.99M) | - |
| Financing Cash Flow | ($192.20M) | - | - | - | ($149.51M) | - | - | - | ($112.08M) | - |
| CapEx | $17.86M | - | - | - | $9.33M | - | - | - | $6.75M | - |
| Free Cash Flow | ($54.22M) | - | - | - | $14.83M | - | - | - | $123.17M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 27.7% | - | 29.5% | 28.8% | 26.9% | - | 34.6% | 29.3% | 28.4% | - |
| Operating margin | 8.3% | - | 10.4% | 9.3% | 7.6% | - | 15.2% | 10.5% | 9.5% | - |
| EBITDA margin | 10.6% | - | 12.6% | 11.7% | 10.0% | - | 16.8% | 12.4% | 11.4% | - |
| Net margin | 5.9% | - | 7.7% | 6.5% | 5.6% | - | 11.7% | 8.6% | 10.0% | - |
| Free cash flow margin | -3.9% | - | - | - | 1.1% | - | - | - | 10.6% | - |
| FCF / Net income | -0.66 | - | - | - | 0.20 | - | - | - | 1.06 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 17.1% | - | 16.8% | 17.1% | 16.8% | - | 17.7% | 16.9% | 17.0% | - |
| Effective tax rate | 31.6% | - | 25.6% | 28.9% | 22.2% | - | 28.1% | 26.3% | 6.0% | - |
| Return on assets | 1.8% | - | 2.2% | 1.9% | 1.6% | - | 3.1% | 2.3% | 2.7% | - |
| Return on equity | 2.4% | - | 2.9% | 2.4% | 2.0% | - | 3.8% | 2.9% | 3.3% | - |
| Return on invested capital | 2.2% | - | 2.9% | 2.4% | 2.1% | - | 3.6% | 2.6% | 3.0% | - |
| Liquidity | ||||||||||
| Current ratio | 2.67 | 2.59 | 3.02 | 3.17 | 3.06 | 2.96 | 4.56 | 4.84 | 4.68 | 4.79 |
| Quick ratio | 2.67 | 2.59 | 3.02 | 3.17 | 3.06 | 2.96 | 4.56 | 4.84 | 4.68 | 4.79 |
| Cash ratio | 1.17 | 1.33 | 1.48 | 1.39 | 1.49 | 1.57 | 2.99 | 2.97 | 3.01 | 3.16 |
| Leverage | ||||||||||
| Debt / Equity | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / Assets | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 1.11 | - | 0.14 | 0.16 | 0.19 | - | 0.13 | 0.18 | 0.19 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.37 | 1.33 | 1.30 | 1.28 | 1.30 | 1.31 | 1.25 | 1.24 | 1.26 | 1.25 |
| Liabilities / Assets | 0.27 | 0.25 | 0.23 | 0.22 | 0.23 | 0.24 | 0.20 | 0.20 | 0.21 | 0.20 |
| Efficiency | ||||||||||
| Asset turnover | 0.30 | - | 0.29 | 0.29 | 0.28 | - | 0.26 | 0.27 | 0.27 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 14d | - | 16d | 17d | 17d | - | 15d | 14d | 12d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 89.1x | - | 78.9x | 113.3x | 131.9x | - | 84.0x | 110.7x | 140.2x | - |
| P / B | 2.1x | - | 2.3x | 2.7x | 2.7x | - | 3.2x | 3.2x | 4.7x | - |
| P / S | 5.2x | - | 6.0x | 7.4x | 7.4x | - | 9.8x | 9.5x | 14.0x | - |
| EV / EBITDA | 43.6x | - | 40.9x | 56.9x | 65.2x | - | 47.9x | 64.8x | 107.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 7.6% | - | 19.4% | 18.0% | 11.7% | - | 1.3% | -2.0% | -3.8% | - |
| Revenue CAGR (3y) | 5.0% | - | 4.4% | 4.2% | 3.6% | - | 5.7% | 9.2% | 14.3% | - |
| Revenue CAGR (5y) | 12.4% | - | 16.4% | 16.4% | 14.9% | - | 14.7% | 15.8% | 17.5% | - |
| Gross profit growth (YoY) | 11.0% | - | 1.9% | 16.0% | 5.6% | - | 12.8% | -7.1% | -6.7% | - |
| Operating income growth (YoY) | 17.6% | - | -18.1% | 4.9% | -10.1% | - | 55.2% | -16.5% | -8.2% | - |
| Net income growth (YoY) | 12.3% | - | -21.7% | -10.8% | -36.8% | - | 40.3% | -17.8% | 13.6% | - |
| EPS growth (YoY) | 18.8% | - | -19.4% | -8.2% | -35.0% | - | 43.6% | -16.3% | 13.9% | - |
| EPS CAGR (3y) | -4.2% | - | -10.1% | 69.6% | -5.6% | - | 6.7% | -4.3% | 1.9% | - |
| EPS CAGR (5y) | -4.0% | - | 4.5% | 6.5% | -2.7% | - | 15.4% | 10.8% | 13.2% | - |
| FCF growth (YoY) | - | - | - | - | -88.0% | - | - | - | 55.1% | - |
| FCF CAGR (5y) | - | - | - | - | -15.4% | - | - | - | - | - |
| Book value growth (YoY) | -5.8% | 1.3% | 4.8% | 8.0% | 4.8% | 4.6% | 7.7% | 4.1% | 11.1% | 15.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.46B totalAmericas Segment$3.17B · 58.0%
Europe Segment$2.29B · 42.0%
Geographic
$14.08B totalNorth America$3.17B · 22.5%
Americas$3.01B · 21.4%
US$2.83B · 20.1%
Europe$2.29B · 16.3%
Other Countries$1.12B · 8.0%
GB$597.32M · 4.2%
CH$438.50M · 3.1%
DE$233.43M · 1.7%
NL$229.78M · 1.6%
EMEA$152.56M · 1.1%
Asia Pacific$1.91M · 0.0%
Peer comparison
Same SIC group: Services-Computer Programming Services
Comparing EPAM Systems against the 5 most active filers in the same SIC group.