EPAM Systems

Information Technology IT Consulting & Other Services Newtown, Pennsylvania Last filing Feb 26, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.5B
                    3y CAGR +4.2%
                    
                    P44
                    
                    +15.4%
                    
                    Net income
                    FY2025
                
$377.7M
                    Net margin +6.9%
                    
                    P20
                    
                    -16.9%
                    
                    Total assets
                    FY2025
                
$4.9B
                    ROA +7.7%
                    
                    P48
                    
                    +3.2%
                    
                    Operating cash flow
                    FY2025
                
$654.9M
                    FCF margin +11.2%
                    
                    P21
                    
                    +17.1%

18 yrs · FY2006–FY2025 2 gaps (2008–2007) 2 quarantined 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $4.9B

Total liabilities $1.2B

Shareholders equity $3.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$1.3B 0.8%	$1.3B -36.8%	$2.0B 21.1%	$1.7B 16.2%	$1.4B
Accounts Receivable	$0	$0	$0	$0	$0
Prepaid Expenses	$129.6M -4.8%	$136.1M 39.8%	$97.4M 14.1%	$85.3M 58.2%	$53.9M
Total Current Assets	$2.5B 4.4%	$2.4B -21.5%	$3.1B 12.0%	$2.8B 21.6%	$2.3B
Property,Plant and Equipment	$202.4M -2.5%	$207.7M -11.7%	$235.1M -14.0%	$273.3M 15.7%	$236.2M
Operating Lease Assets	$114.9M -10.4%	$128.2M -4.9%	$134.9M -9.3%	$148.8M -19.5%	$184.8M
Goodwill	$1.2B 2.5%	$1.2B 110.1%	$562.5M 6.3%	$529.1M -0.3%	$530.7M
Intangible Assets	$406.6M -6.8%	$436.4M 513.7%	$71.1M -8.4%	$77.7M -23.2%	$101.1M
Long Term Investments	$36.7M -4.7%	$38.5M	—	—	$0
Deferred Tax Assets	$295.1M 9.4%	$269.8M 36.3%	$197.9M 14.5%	$172.8M 20.1%	$143.9M
Other Noncurrent Assets	$138.7M 38.0%	$100.5M 68.7%	$59.6M 24.4%	$47.9M -15.9%	$56.9M
Total Assets	$4.9B 3.2%	$4.8B 9.1%	$4.4B 8.6%	$4.0B 13.8%	$3.5B
Liabilities
Accounts Payable	$55.3M 23.8%	$44.7M 39.7%	$32.0M 3.7%	$30.9M 24.2%	$24.8M
Accrued Liabilities	$608.2M 781.7%	$69.0M 45.7%	$47.3M -5.3%	$50.0M 16.6%	$42.9M
Current Portion of Long Term Debt	$25.0M -0.6%	$25.2M -3.6%	$26.1M -5.7%	$27.7M 72.9%	$16.0M
Operating Lease Liabilities	$37.2M -6.2%	$39.6M 8.4%	$36.6M -9.4%	$40.4M -19.5%	$50.1M
Other Current Liabilities	$63.9M -22.4%	$82.3M -18.2%	$100.6M -7.4%	$108.6M 124.1%	$48.5M
Total Current Liabilities	$976.9M 19.0%	$821.0M 27.3%	$644.9M -13.7%	$747.5M -2.1%	$763.4M
Long Term Debt	$25.0M -0.6%	$25.2M -3.6%	$26.1M -5.7%	$27.7M -8.4%	$30.2M
Operating Lease Liabilities Noncurrent	$81.5M -17.2%	$98.4M -9.9%	$109.3M -10.7%	$122.3M -14.3%	$142.8M
Deferred Tax Liabilities	$77.0M -62.3%	$204.1M 96.8%	$103.7M 2.9%	$100.8M 12.9%	$89.3M
Other Noncurrent Liabilities	$63.9M -22.4%	$82.3M -18.2%	$100.6M -7.4%	$108.6M 124.1%	$48.5M
Total Liabilities	$1.2B 9.4%	$1.1B 27.1%	$880.9M -12.4%	$1.0B -2.1%	$1.0B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$54.0K -5.3%	$57.0K -1.7%	$58.0K 0.0%	$58.0K 1.8%	$57.0K
Additional Paid In Capital	$1.4B 16.8%	$1.2B 18.0%	$1.0B 19.0%	$848.0M 19.1%	$711.9M
Treasury Stock	$660.6M 66.0%	$398.0M 141.4%	$164.9M 139645.8%	$118.0K -33.3%	$177.0K
Accumulated Other Comprehensive Income	$18.5M 115.9%	$-116.9M -199.3%	$-39.0M 59.0%	$-95.3M -75.8%	$-54.2M
Noncontrolling Interest	$582.0K -70.0%	$1.9M 235.1%	$579.0K -60.8%	$1.5M -83.1%	$8.7M
Total Stockholders Equity	$3.7B 1.3%	$3.6B 4.6%	$3.5B 15.6%	$3.0B 20.7%	$2.5B
Total Liabilitiesand Equity	$4.9B 3.2%	$4.8B 9.1%	$4.4B 8.6%	$4.0B 13.8%	$3.5B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $5.5B

Operating income $520.0M

Net income $377.7M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$5.5B 15.4%	$4.7B 0.8%	$4.7B -2.8%	$4.8B 28.4%	$3.8B
Expenses Cost of Revenue	$3.9B 18.5%	$3.3B 0.6%	$3.3B -0.9%	$3.3B 32.3%	$2.5B
Expenses Selling,General and Administrative	$928.7M 13.8%	$816.3M 0.2%	$815.1M -6.6%	$872.8M 34.5%	$648.7M
Expenses Depreciation and Amortization	$124.8M 39.4%	$89.6M -2.4%	$91.8M -0.5%	$92.3M 10.6%	$83.4M
Expenses Share Based Compensation	$176.8M 5.7%	$167.3M 13.2%	$147.7M 47.9%	$99.9M -10.5%	$111.7M
Expenses Restructuring and Asset Impairment	$47.9M 53.2%	$31.3M 7.9%	$29.0M	—	—
Other Income Expense Operating Income	$520.0M -4.5%	$544.6M 8.6%	$501.2M -12.5%	$573.0M 5.7%	$542.3M
Other Income Expense Income Before Tax	$505.6M -13.5%	$584.4M 8.9%	$536.6M 5.8%	$507.3M -4.9%	$533.4M
Income Tax Income Tax Expense	$127.9M -1.5%	$129.9M 8.7%	$119.5M 36.0%	$87.8M 69.8%	$51.7M
net Income net Income	$377.7M -16.9%	$454.5M 9.0%	$417.1M -0.6%	$419.4M -12.9%	$481.7M
net Income Comprehensive Income	$513.1M 36.2%	$376.7M -20.4%	$473.4M 25.1%	$378.3M -16.5%	$453.0M
Earnings Per Share Basic Eps	$7 -14.8%	$8 10.0%	$7 -1.5%	$7 -14.1%	$9
Earnings Per Share Diluted Eps	$7 -14.3%	$8 11.0%	$7 -0.4%	$7 -13.0%	$8
Earnings Per Share Weighted Average Shares Basic	$55.9M -2.4%	$57.3M -0.9%	$57.8M 0.9%	$57.3M 1.4%	$56.5M
Earnings Per Share Weighted Average Shares Diluted	$56.2M -3.0%	$58.0M -1.9%	$59.1M -0.1%	$59.2M 0.2%	$59.1M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $654.9M

Investing cash flow $-49.0M

Financing cash flow $-651.2M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$377.7M -16.9%	$454.5M 9.0%	$417.1M -0.6%	$419.4M -12.9%	$481.7M
Operating Activities Depreciation and Amortization	$124.8M 39.4%	$89.6M -2.4%	$91.8M -0.5%	$92.3M 10.6%	$83.4M
Operating Activities Stock Based Compensation	$176.8M 5.7%	$167.3M 13.2%	$147.7M 47.9%	$99.9M -10.5%	$111.7M
Operating Activities Deferred Income Taxes	$-59.3M 7.6%	$-64.2M -72.6%	$-37.2M 11.8%	$-42.2M 10.1%	$-46.9M
Operating Activities Changes In Operating Assets and Liabilities	$2.2M -97.8%	$99.1M 1300.2%	$-8.3M -189.7%	$9.2M -33.2%	$13.8M
Operating Activities net Cash From Operating Activities	$654.9M 17.1%	$559.2M -0.6%	$562.6M 21.2%	$464.1M -18.9%	$572.3M
Investing Activities Capital Expenditures	$42.2M 31.4%	$32.1M 13.1%	$28.4M -65.2%	$81.6M -26.8%	$111.5M
Investing Activities Business Acquisitions	$3.4M -99.6%	$912.2M 3575.5%	$24.8M 133.2%	$10.6M -96.6%	$315.0M
Investing Activities Other Investing Activities	$3.3M 244.5%	$-2.3M -123.3%	$9.9M -65.8%	$29.0M 36845.6%	$-79.0K
Investing Activities net Cash From Investing Activities	$-49.0M 94.5%	$-885.0M -1225.5%	$-66.8M 63.5%	$-182.9M 50.4%	$-368.9M
Financing Activities Proceeds From Debt	$5.7M 71325.0%	$8.0K -99.0%	$825.0K -53.2%	$1.8M -94.3%	$31.1M
Financing Activities Repurchase of Common Stock	$662.2M 66.4%	$398.0M 141.3%	$164.9M	$0	$0
Financing Activities Proceeds From Stock Issuance	$54.6M 1.6%	$53.7M 4.1%	$51.6M 1.9%	$50.7M 92.7%	$26.3M
Financing Activities Tax Withholding On Stock Based Compensation	$26.8M -23.8%	$35.2M 20.9%	$29.1M 9.6%	$26.6M -36.2%	$41.6M
Financing Activities Other Financing Activities	$-6.7M -136.7%	$-2.8M 74.4%	$-11.0M -92.4%	$-5.7M -146.1%	$-2.3M
Financing Activities net Cash From Financing Activities	$-651.2M -66.8%	$-390.4M -135.5%	$-165.8M -8102.5%	$-2.0M 96.6%	$-59.6M
Cash Reconciliation Effect of Exchange Rate On Cash	$56.3M 254.3%	$-36.5M -224.2%	$29.4M 165.5%	$-44.9M -148.8%	$-18.0M
Cash Reconciliation net Change In Cash	$11.0M 101.5%	$-752.7M -309.4%	$359.5M 53.4%	$234.3M 86.2%	$125.8M
Cash Reconciliation Cash At Beginning of Period	$1.3B 0.9%	$1.3B -36.8%	$2.0B 21.4%	$1.7B 16.2%	$1.4B
Cash Reconciliation Cash At End of Period	$1.3B 0.9%	$1.3B -36.8%	$2.0B 21.4%	$1.7B 16.2%	$1.4B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+28.8%	+30.7%	+30.6%	+31.9%	+33.9%
Operating margin	+9.5%	+11.5%	+10.7%	+11.9%	+14.4%
Net margin	+6.9%	+9.6%	+8.9%	+8.7%	+12.8%
FCF margin	+11.2%	+11.1%	+11.4%	+7.9%	+12.3%
Growth
Revenue CAGR (3y)	+4.2%	+8.0%	+20.8%	+28.1%	+26.8%
Returns
ROE	+10.3%	+12.5%	+12.0%	+14.0%	+19.4%
ROA	+7.7%	+9.6%	+9.6%	+10.5%	+13.7%
ROIC	+16.0%	+17.7%	+26.2%	+34.4%	+45.1%
Liquidity
Current ratio	2.59x	2.96x	4.79x	3.69x	2.97x
Quick ratio	1.33x	1.57x	3.16x	2.25x	1.89x
Leverage
D/E	0.33x	0.31x	0.25x	0.34x	0.41x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	1.11x	1.00x	1.08x	1.20x	1.07x
Cash conversion cycle	—	—	—	—	—

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EPAM Systems

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