E 
Epam Systems EPAM · USD
Information Technology · IT Services · US listing · 🇺🇸 United States
156.82
-1.56%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$5.46bn
FY2016FY2025
Net income
$377.7m
FY2016FY2025
Free cash flow
$612.7m
FY2016FY2025
Shareholders' equity
$3.68bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.46bn | $4.73bn | $4.69bn | $4.82bn | $3.76bn | $2.66bn | $2.29bn | $1.84bn | $1.45bn | $1.16bn |
| Gross profit | $1.45bn | $1.45bn | $1.43bn | $1.54bn | $1.27bn | $927.0m | $805.6m | $656.0m | $529.1m | $422.9m |
| Operating income | $521.2m | $544.6m | $501.2m | $573.0m | $542.3m | $379.3m | $302.9m | $245.8m | $172.9m | $133.7m |
| Net income | $377.7m | $454.5m | $417.1m | $419.4m | $481.7m | $327.2m | $261.1m | $240.3m | $72.8m | $99.3m |
| Diluted earnings per share | 6.82 | 7.91 | 7.08 | 7.07 | 8.13 | 5.57 | 4.50 | 4.22 | 1.38 | 1.86 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $4.90bn | $4.75bn | $4.35bn | $4.01bn | $3.52bn | $2.72bn | $2.24bn | $1.61bn | $1.25bn | $925.8m |
| Cash and short-term investments | $1.30bn | $1.29bn | $2.10bn | $1.74bn | $1.45bn | $1.38bn | $936.6m | $770.6m | $582.6m | $362.4m |
| Total liabilities | $1.22bn | $1.12bn | $880.9m | $1.01bn | $1.03bn | $738.3m | $648.1m | $349.2m | $275.3m | $144.4m |
| Debt | $62.2m | $25.2m | $26.1m | $30.6m | $46.3m | $25.0m | $25.1m | $25.0m | $25.0m | $25.0m |
| Shareholders' equity | $3.68bn | $3.63bn | $3.47bn | $3.00bn | $2.49bn | $1.98bn | $1.60bn | $1.26bn | $974.9m | $781.4m |
| Shares outstanding | 55m | 57m | 59m | 59m | 59m | 59m | 58m | 57m | 53m | 53m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $654.9m | $559.2m | $562.6m | $464.1m | $572.3m | $544.4m | $287.5m | $292.2m | $195.4m | $164.8m |
| Capital spending | −$42.2m | −$32.1m | −$28.4m | −$81.6m | −$111.5m | −$68.8m | −$99.3m | −$37.6m | −$29.8m | −$29.3m |
| Free cash flow | $612.7m | $527.0m | $534.2m | $382.5m | $460.8m | $475.6m | $188.1m | $254.6m | $165.6m | $135.5m |
| Dividends paid | — | — | −$3.0m | — | −$15.3m | −$6.3m | −$21.5m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41bn | $1.40bn | $1.41bn | $1.39bn | $1.35bn | $1.30bn | $1.25bn | $1.17bn |
| Gross profit | $429.6m | $358.3m | $423.2m | $379.9m | $389.4m | $349.7m | $380.0m | $403.5m |
| Operating income | $152.2m | $118.6m | $149.3m | $156.0m | $126.5m | $99.3m | $136.5m | $177.0m |
| Net income | $103.0m | $82.5m | $109.4m | $106.8m | $88.0m | $73.5m | $103.3m | $136.3m |
| Diluted earnings per share | 1.97 | 1.58 | 1.98 | 1.93 | 1.59 | 1.33 | 1.80 | 2.37 |
| Cash from operations | −$2.0m | −$36.0m | $282.0m | $294.0m | $53.0m | $24.0m | $130.0m | $241.0m |
| Capital spending | −$15.0m | −$17.0m | −$14.0m | −$8.0m | −$9.0m | −$9.0m | −$15.0m | −$4.0m |
| Free cash flow | −$17.0m | −$53.0m | $268.0m | $286.0m | $44.0m | $15.0m | $115.0m | $237.0m |
| Total assets | $4.57bn | $4.70bn | $4.90bn | $4.84bn | $4.71bn | $4.72bn | $4.75bn | $4.46bn |
| Cash and short-term investments | $789.4m | $1.04bn | $1.30bn | $1.24bn | $1.04bn | $1.17bn | $1.29bn | $2.06bn |
| Debt | $64.3m | $201.8m | $62.2m | $65.5m | $65.5m | $64.5m | $64.8m | $62.9m |
| Shareholders' equity | $3.52bn | $3.43bn | $3.68bn | $3.73bn | $3.67bn | $3.64bn | $3.63bn | $3.55bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.5% | 30.7% | 30.6% | 31.9% | 33.9% | 34.9% | — | — |
| Operating margin | 9.3% | 12.4% | 11.2% | 10.5% | 14.2% | 14.3% | — | — |
| Net margin | 6.9% | 9.6% | 8.9% | 8.7% | 12.8% | 12.3% | — | — |
| Return on equity | 10.3% | 12.5% | 12.0% | 14.0% | 19.4% | 16.5% | — | — |
| Return on assets | 7.7% | 9.6% | 9.6% | 10.5% | 13.7% | 12.0% | — | — |
| Free cash flow yield | 11.5% | 9.4% | 9.2% | 8.4% | 10.6% | 9.5% | — | — |
| Revenue growth | 15.4% | 0.8% | -2.8% | 28.4% | 41.3% | 15.9% | — | — |
| Earnings growth | -16.9% | 9.0% | -0.6% | -12.9% | 47.2% | 25.3% | — | — |
| Current ratio | 2.59x | 2.96x | 4.79x | 3.69x | 2.97x | 4.11x | — | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.04x | 0.04x | — | — |
| Equity ratio | 75.0% | 76.4% | 79.7% | 74.9% | 70.6% | 72.9% | — | — |
| Interest coverage | — | — | 187.07x | 50.60x | 309.85x | 68.82x | 19.70x | 1532.57x |
| Buybacks as a share of market value | 3.6% | 2.5% | 0.7% | -0.2% | -0.8% | -1.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.2% | 15.5% | 19.6% |
| Operating income | -3.1% | 6.6% | 17.3% |
| Net income | -3.4% | 2.9% | 16.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.5% | 29.8% | 30.9% | 32.1% |
| Operating margin | 10.5% | 10.9% | 11.7% | 11.9% |
| Net margin | 8.2% | 8.5% | 9.5% | 9.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.0 | 29.6 | 42.0 | 46.4 | 44.7 | 35.0 | 25.6 | 14.9 | 42.4 | 18.8 |
| Price to sales | 2.1 | 2.8 | 3.7 | 4.0 | 5.7 | 4.3 | 2.9 | 1.9 | 2.1 | 1.6 |
Market value over time
30 Nov 2016 to 6 Oct 2026, in USD
$3.56bn$5.71bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -13% | -19% | -10% | -3% | 83% | 61% | 94% | 1% | 72% | -17% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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