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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $5.46B | $4.73B | $4.69B | $4.82B | $3.76B | $2.66B |
| Cost of Revenue | $3.88B | $3.28B | $3.26B | $3.29B | $2.48B | $1.73B |
| Gross Profit | $1.57B | $1.45B | $1.43B | $1.54B | $1.27B | $926.96M |
| R&D | - | - | - | - | - | - |
| SG&A | $928.71M | $816.30M | $815.07M | $872.78M | $648.74M | $484.76M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $124.81M | $89.56M | $91.80M | $92.27M | $83.39M | $62.87M |
| Operating Income | $520.00M | $544.58M | $501.24M | $572.97M | $542.32M | $379.32M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $127.95M | $129.88M | $119.50M | $87.84M | $51.74M | $51.32M |
| Net Income | $377.68M | $454.53M | $417.08M | $419.42M | $481.65M | $327.16M |
| EPS - Basic | $6.76 | $7.93 | $7.21 | $7.32 | $8.52 | $5.87 |
| EPS - Diluted | $6.72 | $7.84 | $7.06 | $7.09 | $8.15 | $5.60 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.30B | $1.29B | $2.04B | $1.68B | $1.45B | $1.32B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $55.33M | $44.70M | $31.99M | $30.85M | $24.85M | $10.19M |
| Current Assets | $2.53B | $2.43B | $3.09B | $2.76B | $2.27B | $1.91B |
| Total Assets | $4.90B | $4.75B | $4.35B | $4.01B | $3.52B | $2.72B |
| Current Liabilities | $976.94M | $821.04M | $644.93M | $747.48M | $763.42M | $465.95M |
| Long-term Debt | $25.03M | $25.19M | $26.13M | $27.69M | $30.23M | - |
| Total Liabilities | $1.22B | $1.12B | $880.89M | $1.01B | $1.03B | $738.31M |
| Stockholders' Equity | $3.68B | $3.63B | $3.47B | $3.00B | $2.49B | $1.98B |
| Retained Earnings | - | - | - | - | - | - |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $654.93M | $559.17M | $562.63M | $464.10M | $572.33M | $544.41M |
| Investing Cash Flow | ($49.05M) | ($884.98M) | ($66.77M) | ($182.93M) | ($368.92M) | ($167.15M) |
| Financing Cash Flow | ($651.20M) | ($390.41M) | ($165.77M) | ($2.02M) | ($59.56M) | ($765.0K) |
| CapEx | $42.24M | $32.15M | $28.41M | $81.63M | $111.50M | $68.79M |
| Free Cash Flow | $612.69M | $527.02M | $534.22M | $382.48M | $460.83M | $475.61M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 28.8% | 30.7% | 30.6% | 31.9% | 33.9% | 34.9% |
| Operating margin | 9.5% | 11.5% | 10.7% | 11.9% | 14.4% | 14.3% |
| EBITDA margin | 11.8% | 13.4% | 12.6% | 13.8% | 16.6% | 16.6% |
| Net margin | 6.9% | 9.6% | 8.9% | 8.7% | 12.8% | 12.3% |
| Free cash flow margin | 11.2% | 11.1% | 11.4% | 7.9% | 12.3% | 17.9% |
| FCF / Net income | 1.62 | 1.16 | 1.28 | 0.91 | 0.96 | 1.45 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 17.0% | 17.3% | 17.4% | 18.1% | 17.3% | 18.2% |
| Effective tax rate | 25.3% | 22.2% | 22.3% | 17.3% | 9.7% | 13.6% |
| Return on assets | 7.7% | 9.6% | 9.6% | 10.5% | 13.7% | 12.0% |
| Return on equity | 10.3% | 12.5% | 12.0% | 14.0% | 19.4% | 16.5% |
| Return on invested capital | 10.5% | 11.6% | 11.1% | 15.6% | 19.5% | - |
| Liquidity | ||||||
| Current ratio | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 |
| Quick ratio | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 |
| Cash ratio | 1.33 | 1.57 | 3.16 | 2.25 | 1.89 | 2.84 |
| Leverage | ||||||
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | - |
| Debt / Assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | - |
| Debt / EBITDA | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.33 | 1.31 | 1.25 | 1.34 | 1.42 | 1.37 |
| Liabilities / Assets | 0.25 | 0.24 | 0.20 | 0.25 | 0.29 | 0.27 |
| Efficiency | ||||||
| Asset turnover | 1.11 | 1.00 | 1.08 | 1.20 | 1.07 | 0.98 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 5d | 5d | 4d | 3d | 4d | 2d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 30.5x | 29.8x | 42.1x | 46.2x | 82.0x | 64.0x |
| P / B | 3.1x | 3.7x | 5.1x | 6.5x | 15.9x | 10.6x |
| P / S | 2.1x | 2.9x | 3.7x | 4.0x | 10.5x | 7.9x |
| EV / EBITDA | 15.9x | 19.4x | 26.2x | 26.7x | 60.8x | 44.4x |
| Growth | ||||||
| Revenue growth (YoY) | 15.4% | 0.8% | -2.8% | 28.4% | 41.3% | 15.9% |
| Revenue CAGR (3y) | 4.2% | 8.0% | 20.8% | 28.1% | 48.0% | 22.4% |
| Revenue CAGR (5y) | 15.5% | 15.6% | 32.2% | 27.2% | 26.5% | 23.8% |
| Gross profit growth (YoY) | 8.5% | 1.1% | -6.8% | 20.7% | 37.5% | 15.1% |
| Operating income growth (YoY) | -4.5% | 8.6% | -12.5% | 5.7% | 43.0% | 25.3% |
| Net income growth (YoY) | -16.9% | 9.0% | -0.6% | -12.9% | 47.2% | 25.3% |
| EPS growth (YoY) | -14.3% | 11.0% | -0.4% | -13.0% | 45.5% | 23.6% |
| EPS CAGR (3y) | -1.8% | -1.3% | 8.0% | 16.1% | 24.3% | 61.9% |
| EPS CAGR (5y) | 3.7% | 11.6% | 10.7% | 40.0% | 34.2% | 28.2% |
| FCF growth (YoY) | 16.3% | -1.3% | 39.7% | -17.0% | -3.1% | 152.8% |
| FCF CAGR (5y) | 5.2% | 22.9% | 16.0% | 18.2% | 27.7% | 49.8% |
| Book value growth (YoY) | 1.3% | 4.6% | 15.6% | 20.7% | 25.4% | 24.2% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Programming Services
Comparing EPAM Systems against the 5 most active filers in the same SIC group.