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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $4.9B

Total liabilities $1.2B

Shareholders equity $3.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	23.8%	27.2%	43.4%	34.8%	38.5%	49.7%	40.8%	41.8%	40.2%	31.2%
Accounts Receivable	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.2%	18.3%	17.2%
Prepaid Expenses	2.4%	2.9%	2.1%	1.8%	1.4%	1.1%	1.7%	1.4%	1.6%	1.4%
Total Current Assets	46.4%	51.3%	65.9%	57.2%	60.4%	71.9%	64.3%	65.1%	66.2%	55.7%
Property,Plant and Equipment	3.7%	4.4%	5.0%	5.7%	6.3%	6.4%	7.2%	5.6%	6.0%	6.3%
Operating Lease Assets	2.1%	2.7%	2.9%	3.1%	4.9%	8.6%	10.4%	—	—	—
Goodwill	22.2%	25.0%	12.0%	11.0%	14.1%	8.0%	8.5%	9.1%	8.2%	9.4%
Intangible Assets	7.5%	9.2%	1.5%	1.6%	2.7%	2.0%	2.5%	3.1%	3.1%	4.4%
Long Term Investments	0.7%	0.8%	—	—	0.0%	2.3%	—	—	—	—
Deferred Tax Assets	5.4%	5.7%	4.2%	3.6%	3.8%	3.5%	4.2%	4.3%	2.0%	3.2%
Other Noncurrent Assets	2.5%	2.1%	1.3%	1.0%	1.5%	2.0%	1.7%	0.9%	0.9%	0.9%
Total Assets	89.8%	100.5%	92.8%	83.1%	93.7%	102.3%	97.8%	87.5%	86.2%	79.8%
Liabilities
Accounts Payable	1.0%	0.9%	0.7%	0.6%	0.7%	0.4%	0.3%	0.4%	0.4%	0.3%
Accrued Liabilities	11.1%	1.5%	1.0%	1.0%	1.1%	1.0%	1.7%	6.9%	1.3%	0.2%
Current Portion of Long Term Debt	0.5%	0.5%	0.6%	0.6%	0.4%	—	—	—	—	—
Operating Lease Liabilities	0.7%	0.8%	0.8%	0.8%	1.3%	2.3%	2.5%	—	—	—
Other Current Liabilities	1.2%	1.7%	2.1%	2.3%	1.3%	0.9%	0.4%	1.0%	0.7%	0.3%
Total Current Liabilities	17.9%	17.4%	13.7%	15.5%	20.3%	17.5%	16.9%	14.3%	12.5%	10.0%
Long Term Debt	0.5%	0.5%	0.6%	0.6%	0.8%	—	—	—	—	—
Operating Lease Liabilities Noncurrent	1.5%	2.1%	2.3%	2.5%	3.8%	6.8%	7.9%	—	—	—
Deferred Tax Liabilities	1.4%	4.3%	2.2%	2.1%	2.4%	2.7%	1.1%	0.7%	0.9%	0.8%
Other Noncurrent Liabilities	1.2%	1.7%	2.1%	2.3%	1.3%	0.9%	0.4%	1.0%	0.7%	0.3%
Total Liabilities	22.4%	23.7%	18.8%	20.9%	27.3%	27.8%	28.3%	18.9%	19.0%	12.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	25.5%	25.2%	21.5%	17.6%	18.9%	24.8%	26.5%	29.6%	32.7%	32.3%
Treasury Stock	12.1%	8.4%	3.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Accumulated Other Comprehensive Income	0.3%	-2.5%	-0.8%	-2.0%	-1.4%	-1.0%	-1.4%	-2.3%	-1.2%	-3.2%
Noncontrolling Interest	0.0%	0.0%	0.0%	0.0%	0.2%	—	—	—	—	—
Total Stockholders Equity	67.4%	76.8%	74.0%	62.2%	66.2%	74.6%	69.6%	68.5%	67.2%	67.4%
Total Liabilitiesand Equity	89.8%	100.5%	92.8%	83.1%	93.7%	102.3%	97.8%	87.5%	86.2%	79.8%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $5.5B

Operating income $520.0M

Net income $377.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	71.2%	69.3%	69.4%	68.1%	66.1%	65.1%	64.9%	64.4%	63.5%	63.5%
Expenses Selling,General and Administrative	17.0%	17.3%	17.4%	18.1%	17.3%	18.2%	19.9%	20.3%	22.6%	22.9%
Expenses Depreciation and Amortization	2.3%	1.9%	2.0%	1.9%	2.2%	2.4%	2.0%	2.0%	2.0%	2.0%
Expenses Share Based Compensation	3.2%	3.5%	3.1%	2.1%	3.0%	2.8%	3.1%	3.2%	3.6%	4.2%
Expenses Restructuring and Asset Impairment	0.9%	0.7%	0.6%	—	—	—	—	—	—	—
Other Income Expense Operating Income	9.5%	11.5%	10.7%	11.9%	14.4%	14.3%	13.2%	13.3%	11.9%	11.5%
Other Income Expense Income Before Tax	9.3%	12.4%	11.4%	10.5%	14.2%	14.2%	13.1%	13.6%	12.0%	10.9%
Income Tax Income Tax Expense	2.3%	2.7%	2.5%	1.8%	1.4%	1.9%	1.7%	0.5%	7.0%	2.3%
net Income net Income	6.9%	9.6%	8.9%	8.7%	12.8%	12.3%	11.4%	13.0%	5.0%	8.6%
net Income Comprehensive Income	9.4%	8.0%	10.1%	7.8%	12.1%	12.5%	11.8%	11.7%	6.4%	8.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.2%	1.2%	1.2%	1.5%	2.1%	2.4%	2.9%	3.6%	4.3%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.2%	1.3%	1.2%	1.6%	2.2%	2.5%	3.1%	3.8%	4.6%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $654.9M

Investing cash flow $-49.0M

Financing cash flow $-651.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	6.9%	9.6%	8.9%	8.7%	12.8%	12.3%	11.4%	13.0%	5.0%	8.6%
Operating Activities Depreciation and Amortization	2.3%	1.9%	2.0%	1.9%	2.2%	2.4%	2.0%	2.0%	2.0%	2.0%
Operating Activities Stock Based Compensation	3.2%	3.5%	3.1%	2.1%	3.0%	2.8%	3.1%	3.2%	3.6%	4.2%
Operating Activities Deferred Income Taxes	-1.1%	-1.4%	-0.8%	-0.9%	-1.2%	-0.8%	-0.3%	-2.6%	0.9%	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	2.1%	-0.2%	0.2%	0.4%	-0.3%	4.0%	3.0%	5.6%	2.9%
Operating Activities net Cash From Operating Activities	12.0%	11.8%	12.0%	9.6%	15.2%	20.5%	12.5%	15.9%	13.3%	14.4%
Investing Activities Capital Expenditures	0.8%	0.7%	0.6%	1.7%	3.0%	2.6%	4.3%	2.0%	2.1%	2.5%
Investing Activities Business Acquisitions	0.1%	19.3%	0.5%	0.2%	8.4%	0.7%	1.7%	4.0%	0.5%	0.5%
Investing Activities Other Investing Activities	0.1%	-0.0%	0.2%	0.6%	-0.0%	-0.0%	0.1%	0.0%	-0.0%	0.4%
Investing Activities net Cash From Investing Activities	-0.9%	-18.7%	-1.4%	-3.8%	-9.8%	-6.3%	-6.3%	-6.1%	-2.5%	-0.8%
Financing Activities Proceeds From Debt	0.1%	0.0%	0.0%	0.0%	0.8%	0.0%	0.0%	—	—	—
Financing Activities Repurchase of Common Stock	12.1%	8.4%	3.5%	0.0%	0.0%	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	1.0%	1.1%	1.1%	1.1%	0.7%	1.0%	1.6%	1.9%	3.7%	1.6%
Financing Activities Tax Withholding On Stock Based Compensation	0.5%	0.7%	0.6%	0.6%	1.1%	0.8%	0.7%	0.4%	0.2%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.2%	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%	-0.1%	0.0%
Financing Activities net Cash From Financing Activities	-11.9%	-8.3%	-3.5%	-0.0%	-1.6%	-0.0%	0.9%	1.2%	3.4%	0.9%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	-0.8%	0.6%	-0.9%	-0.5%	0.4%	0.2%	-0.8%	0.8%	-0.3%
Cash Reconciliation net Change In Cash	0.2%	-15.9%	7.7%	4.9%	3.3%	14.5%	7.2%	10.2%	15.0%	14.2%
Cash Reconciliation Cash At Beginning of Period	23.8%	27.3%	43.6%	34.9%	38.6%	49.8%	40.9%	41.9%	40.2%	31.4%
Cash Reconciliation Cash At End of Period	23.8%	27.3%	43.6%	34.9%	38.6%	49.8%	40.9%	41.9%	40.2%	31.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+28.8%	+30.7%	+30.6%	+31.9%	+33.9%	+34.9%	+35.1%	+35.6%	+36.5%	+36.5%
Operating margin	+9.5%	+11.5%	+10.7%	+11.9%	+14.4%	+14.3%	+13.2%	+13.3%	+11.9%	+11.5%
Net margin	+6.9%	+9.6%	+8.9%	+8.7%	+12.8%	+12.3%	+11.4%	+13.0%	+5.0%	+8.6%
FCF margin	+11.2%	+11.1%	+11.4%	+7.9%	+12.3%	+17.9%	+8.2%	+13.8%	+11.2%	+11.9%
Growth
Revenue CAGR (3y)	+4.2%	+8.0%	+20.8%	+28.1%	+26.8%	+22.4%	+25.5%	+26.3%	+25.7%	+27.9%
Returns
ROE	+10.3%	+12.5%	+12.0%	+14.0%	+19.4%	+16.5%	+16.4%	+19.0%	+7.5%	+12.7%
ROA	+7.7%	+9.6%	+9.6%	+10.5%	+13.7%	+12.0%	+11.6%	+14.9%	+5.8%	+10.7%
ROIC	+16.0%	+17.7%	+26.2%	+34.4%	+45.1%	—	—	—	—	—
Liquidity
Current ratio	2.59x	2.96x	4.79x	3.69x	2.97x	4.11x	3.81x	4.56x	5.31x	5.56x
Quick ratio	1.33x	1.57x	3.16x	2.25x	1.89x	2.84x	2.42x	4.06x	4.69x	4.84x
Leverage
D/E	0.33x	0.31x	0.25x	0.34x	0.41x	0.37x	0.41x	0.28x	0.28x	0.18x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.11x	1.00x	1.08x	1.20x	1.07x	0.98x	1.02x	1.14x	1.16x	1.25x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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EPAM Systems

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