NYSE : EPAM
EPAM Systems, Inc. — Financial statements
Technology · Information Technology Services · United States
Last price 140.51 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.25B
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Financial statements
EPAM Systems, Inc. (EPAM) reported revenue of 5.62B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.62B | 5.46B | 4.73B | 4.69B | 4.82B | 3.76B |
| Cost of Revenue | 3.96B | 3.88B | 3.28B | 3.24B | 3.24B | 2.48B |
| Gross Profit | 1.65B | 1.58B | 1.45B | 1.45B | 1.58B | 1.27B |
| Selling, General & Admin | 900.58M | 868.34M | 758.91M | 801.15M | 781.58M | 645.14M |
| Operating Expenses | 1.03B | 993.15M | 848.47M | 892.95M | 873.85M | 728.53M |
| Operating Income | 627.86M | 582.67M | 604.37M | 561.78M | 707.87M | 545.92M |
| Interest & Investment Income | 7.86M | 15.01M | 52.58M | 53.94M | 22.43M | 7.05M |
| Currency Exchange Gain (Loss) | -16.52M | -25.93M | -7.05M | -15.78M | -75.73M | -7.20M |
| EBT Excluding Unusual Items | 619.20M | 571.76M | 649.90M | 599.94M | 654.56M | 545.77M |
| Merger & Restructuring Charges | -52.60M | -47.89M | -45.37M | -17.10M | -3.60M | |
| Impairment of Goodwill | -700.00K | |||||
| Gain (Loss) on Sale of Investments | -1.30M | |||||
| Gain (Loss) on Sale of Assets | -25.92M | |||||
| Asset Writedown | -175.00K | -175.00K | -417.00K | -6.02M | -18.90M | |
| Other Unusual Items | -17.79M | -18.07M | -19.70M | -31.41M | -109.30M | -8.78M |
| Pretax Income | 548.64M | 505.62M | 584.41M | 536.59M | 507.26M | 533.39M |
| Income Tax Expense | 146.97M | 127.95M | 129.88M | 119.50M | 87.84M | 51.74M |
| Net Income | 401.67M | 377.68M | 454.53M | 417.08M | 419.42M | 481.65M |
| Net Income to Common | 401.67M | 377.68M | 454.53M | 417.08M | 419.42M | 481.65M |
| Shares Outstanding (Basic) | 54.11M | 55.89M | 57.29M | 57.83M | 57.29M | 56.51M |
| Shares Outstanding (Diluted) | 54.39M | 56.23M | 57.98M | 59.09M | 59.17M | 59.06M |
| EPS (Basic) | 7.42 | 6.76 | 7.93 | 7.21 | 7.32 | 8.52 |
| EPS (Diluted) | 7.39 | 6.72 | 7.84 | 7.06 | 7.09 | 8.15 |
| Free Cash Flow | 482.64M | 612.69M | 527.02M | 534.22M | 382.48M | 460.83M |
| Free Cash Flow Per Share | 8.87 | 10.90 | 9.09 | 9.04 | 6.46 | 7.80 |
| Gross Margin | 29.45% | 28.88% | 30.73% | 31.01% | 32.78% | 33.91% |
| Operating Margin | 11.18% | 10.68% | 12.78% | 11.98% | 14.67% | 14.53% |
| Profit Margin | 7.15% | 6.92% | 9.61% | 8.89% | 8.69% | 12.82% |
| Free Cash Flow Margin | 8.59% | 11.23% | 11.15% | 11.39% | 7.93% | 12.26% |
| EBITDA | 753.35M | 707.23M | 692.93M | 652.48M | 799.05M | 628.20M |
| EBITDA Margin | 13.41% | 12.96% | 14.66% | 13.91% | 16.56% | 16.72% |
| D&A For EBITDA | 125.49M | 124.56M | 88.56M | 90.70M | 91.19M | 82.29M |
| EBIT | 627.86M | 582.67M | 604.37M | 561.78M | 707.87M | 545.92M |
| EBIT Margin | 11.18% | 10.68% | 12.78% | 11.98% | 14.67% | 14.53% |
| Effective Tax Rate | 26.79% | 25.30% | 22.22% | 22.27% | 17.32% | 9.70% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 789.40M | 1.30B | 1.29B | 2.04B | 1.68B | 1.45B |
| Short-Term Investments | 60.74M | 60.34M | ||||
| Cash & Short-Term Investments | 789.40M | 1.30B | 1.29B | 2.10B | 1.74B | 1.45B |
| Accounts Receivable | 1.27B | 1.11B | 1.00B | 897.03M | 932.63M | 768.93M |
| Other Receivables | 18.90M | 21.60M | 23.10M | |||
| Receivables | 1.29B | 1.13B | 1.03B | 897.03M | 932.63M | 768.93M |
| Prepaid Expenses | 134.87M | 104.69M | 113.87M | 81.64M | 72.70M | 52.00M |
| Restricted Cash | 446.00K | 1.34M | 837.00K | 5.29M | 430.00K | 495.00K |
| Other Current Assets | 4.34M | 1.98M | 10.42M | 12.19M | 1.43M | |
| Total Current Assets | 2.22B | 2.53B | 2.43B | 3.09B | 2.76B | 2.27B |
| Property, Plant & Equipment | 329.97M | 317.26M | 335.91M | 369.95M | 422.13M | 421.06M |
| Long-Term Investments | 36.60M | 36.70M | 38.50M | 31.70M | 28.40M | 27.50M |
| Goodwill | 1.20B | 1.21B | 1.18B | 562.46M | 529.07M | 530.72M |
| Other Intangible Assets | 372.97M | 406.59M | 436.42M | 71.12M | 77.65M | 101.14M |
| Long-Term Deferred Tax Assets | 295.95M | 295.12M | 269.80M | 197.90M | 172.80M | 143.93M |
| Other Long-Term Assets | 117.91M | 102.02M | 62.02M | 27.88M | 19.48M | 29.40M |
| Total Assets | 4.57B | 4.90B | 4.75B | 4.35B | 4.01B | 3.52B |
| Accounts Payable | 41.55M | 55.33M | 44.70M | 31.99M | 30.85M | 24.85M |
| Accrued Expenses | 629.60M | 662.28M | 528.69M | 452.60M | 523.30M | 552.92M |
| Short-Term Debt | 2.86M | 16.02M | ||||
| Current Portion of Leases | 39.30M | 37.17M | 39.63M | 36.56M | 40.35M | 50.10M |
| Current Income Taxes Payable | 19.09M | 25.52M | 50.40M | 38.81M | 46.07M | 27.44M |
| Current Unearned Revenue | 64.36M | 104.22M | 59.32M | 27.99M | 36.04M | 39.81M |
| Other Current Liabilities | 10.54M | 92.42M | 98.30M | 56.98M | 68.01M | 52.28M |
| Total Current Liabilities | 804.44M | 976.94M | 821.04M | 644.93M | 747.48M | 763.42M |
| Long-Term Debt | 25.00M | 25.03M | 25.19M | 26.13M | 27.69M | 30.23M |
| Long-Term Leases | 87.94M | 81.50M | 98.43M | 109.26M | 122.32M | 142.80M |
| Long-Term Unearned Revenue | 574.00K | 674.00K | 741.00K | 951.00K | 42.00K | 84.00K |
| Pension & Post-Retirement Benefits | 38.08M | 27.47M | 14.91M | 9.79M | 3.49M | |
| Long-Term Deferred Tax Liabilities | 74.50M | 76.97M | 92.36M | 8.74M | 12.80M | 18.30M |
| Other Long-Term Liabilities | 62.33M | 25.13M | 54.09M | 75.97M | 86.01M | 69.06M |
| Total Liabilities | 1.05B | 1.22B | 1.12B | 880.89M | 1.01B | 1.03B |
| Common Stock | 52.00K | 54.00K | 57.00K | 58.00K | 58.00K | 57.00K |
| Additional Paid-In Capital | 1.49B | 1.39B | 1.19B | 1.01B | 847.97M | 711.91M |
| Retained Earnings | 2.04B | 2.27B | 2.56B | 2.50B | 2.25B | 1.83B |
| Treasury Stock | -118.00K | -177.00K | ||||
| Comprehensive Income & Other | -4.97M | 18.55M | -116.86M | -39.04M | -95.32M | -54.21M |
| Total Common Equity | 3.52B | 3.68B | 3.63B | 3.47B | 3.00B | 2.49B |
| Minority Interest | 582.00K | 582.00K | 1.94M | 579.00K | 1.48M | 8.72M |
| Shareholders' Equity | 3.52B | 3.68B | 3.63B | 3.47B | 3.00B | 2.50B |
| Total Liabilities & Equity | 4.57B | 4.90B | 4.75B | 4.35B | 4.01B | 3.52B |
| Total Debt | 152.24M | 143.70M | 163.25M | 171.94M | 193.22M | 239.16M |
| Net Cash (Debt) | 637.15M | 1.15B | 1.12B | 1.93B | 1.55B | 1.21B |
| Net Cash Per Share | 11.71 | 20.49 | 19.37 | 32.58 | 26.17 | 20.44 |
| Filing Date Shares Outstanding | 51.59M | 54.14M | 56.89M | 57.83M | 57.68M | 56.88M |
| Total Common Shares Outstanding | 51.59M | 54.27M | 56.87M | 57.79M | 57.66M | 56.85M |
| Working Capital | 1.41B | 1.56B | 1.61B | 2.45B | 2.01B | 1.51B |
| Book Value Per Share | 68.21 | 67.75 | 63.82 | 60.06 | 52.06 | 43.75 |
| Tangible Book Value | 1.94B | 2.06B | 2.01B | 2.84B | 2.39B | 1.86B |
| Tangible Book Value Per Share | 37.66 | 37.96 | 35.37 | 49.10 | 41.54 | 32.63 |
| Land | 1.34M | 1.34M | 1.34M | 1.34M | 1.34M | |
| Buildings | 57.19M | 57.19M | 54.90M | 54.63M | 55.39M | |
| Machinery | 197.43M | 186.55M | 196.89M | 198.47M | 222.39M | |
| Construction In Progress | 52.34M | 52.26M | 51.48M | 51.50M | 50.13M | |
| Leasehold Improvements | 44.38M | 39.28M | 37.19M | 32.95M | 37.83M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 401.67M | 377.68M | 454.53M | 417.08M | 419.42M | 481.65M |
| Depreciation & Amortization | 166.89M | 165.83M | 126.10M | 131.60M | 138.96M | 144.04M |
| Other Amortization | 252.00K | 252.00K | 1.00M | 1.10M | 1.09M | 1.11M |
| Loss (Gain) From Sale of Assets | 25.92M | |||||
| Asset Writedown & Restructuring Costs | 175.00K | 175.00K | 417.00K | 6.02M | 23.62M | 144.00K |
| Stock-Based Compensation | 186.07M | 176.76M | 167.30M | 147.73M | 99.91M | 111.66M |
| Provision & Write-off of Bad Debts | 711.00K | 1.81M | -4.40M | 4.05M | 12.39M | 2.49M |
| Other Operating Activities | -39.62M | -48.44M | -58.47M | -45.70M | -1.45M | -33.91M |
| Change in Accounts Receivable | -124.99M | -69.13M | 15.59M | 32.36M | -192.71M | -211.68M |
| Change in Accounts Payable | -24.91M | -12.68M | -29.08M | 154.00K | -2.93M | -2.40M |
| Change in Income Taxes | -4.77M | -20.36M | -8.17M | -33.39M | 3.60M | 3.57M |
| Change in Other Net Operating Assets | -22.69M | 83.04M | -105.65M | -124.29M | -37.78M | 75.66M |
| Operating Cash Flow | 538.79M | 654.93M | 559.17M | 562.63M | 464.10M | 572.33M |
| Capital Expenditures | -56.15M | -42.24M | -32.15M | -28.41M | -81.63M | -111.50M |
| Cash Acquisitions | -393.00K | -3.43M | -912.16M | -24.82M | -10.64M | -314.96M |
| Investment in Securities | -193.00K | -31.00K | 57.01M | -3.60M | -61.62M | 57.46M |
| Other Investing Activities | -938.00K | -3.34M | 2.31M | -9.94M | -29.03M | 79.00K |
| Investing Cash Flow | -57.68M | -49.05M | -884.98M | -66.77M | -182.93M | -368.92M |
| Long-Term Debt Issued | 5.71M | 8.00K | 825.00K | 1.76M | 31.11M | |
| Long-Term Debt Repaid | -8.26M | -1.86M | -2.97M | -15.54M | -31.05M | |
| Net Debt Issued (Repaid) | -1.64M | -2.55M | -1.86M | -2.14M | -13.78M | 55.00K |
| Issuance of Common Stock | 34.32M | 54.58M | 53.73M | 51.64M | 50.66M | 26.29M |
| Repurchase of Common Stock | -740.90M | -688.96M | -433.22M | -194.03M | -26.56M | -41.60M |
| Other Financing Activities | -14.75M | -14.27M | -9.06M | -21.24M | -12.35M | -44.30M |
| Financing Cash Flow | -722.98M | -651.20M | -390.41M | -165.77M | -2.02M | -59.56M |
| Foreign Exchange Rate Adjustments | -10.33M | 56.30M | -36.50M | 29.38M | -44.87M | -18.03M |
| Net Cash Flow | -252.19M | 10.98M | -752.72M | 359.47M | 234.29M | 125.81M |
| Free Cash Flow | 482.64M | 612.69M | 527.02M | 534.22M | 382.48M | 460.83M |
| Free Cash Flow Margin | 8.59% | 11.23% | 11.15% | 11.39% | 7.93% | 12.26% |
| Free Cash Flow Per Share | 8.87 | 10.90 | 9.09 | 9.04 | 6.46 | 7.80 |
| Levered Free Cash Flow | 650.16M | 725.31M | 667.42M | 530.79M | 412.63M | 486.39M |
| Unlevered Free Cash Flow | 650.16M | 725.31M | 667.42M | 530.79M | 412.63M | 486.39M |
| Cash Interest Paid | 1.40M | 1.40M | 3.74M | 4.70M | 1.66M | 413.00K |
| Cash Income Tax Paid | 184.43M | 184.43M | 196.40M | 177.40M | 113.19M | 87.32M |
| Change in Working Capital | -177.36M | -19.14M | -127.31M | -125.17M | -229.83M | -134.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.42B | 11.32B | 13.26B | 17.16B | 18.85B | 37.91B |
| Enterprise Value | 6.78B | 10.23B | 11.37B | 15.40B | 17.50B | 36.87B |
| Last Close Price | 143.80 | 204.88 | 233.82 | 297.34 | 327.74 | 668.45 |
| PE Ratio | 19.46 | 29.97 | 29.18 | 41.13 | 44.94 | 78.72 |
| Forward PE | 10.61 | 16.62 | 21.15 | 29.12 | 27.82 | 64.01 |
| PS Ratio | 1.32 | 2.07 | 2.81 | 3.66 | 3.91 | 10.09 |
| PB Ratio | 2.11 | 3.08 | 3.65 | 4.94 | 6.28 | 15.19 |
| P/TBV Ratio | 3.82 | 5.49 | 6.59 | 6.05 | 7.87 | 20.44 |
| P/FCF Ratio | 15.37 | 18.47 | 25.16 | 32.12 | 49.28 | 82.27 |
| P/OCF Ratio | 13.77 | 17.28 | 23.72 | 30.49 | 40.62 | 66.25 |
| PEG Ratio | 1.16 | 2.04 | 1.34 | 5.98 | 1.55 | 2.21 |
| EV/Sales Ratio | 1.21 | 1.88 | 2.40 | 3.28 | 3.63 | 9.81 |
| EV/EBITDA Ratio | 9.00 | 14.47 | 16.41 | 23.60 | 21.90 | 58.70 |
| EV/EBIT Ratio | 10.80 | 17.57 | 18.81 | 27.41 | 24.72 | 67.54 |
| EV/FCF Ratio | 14.05 | 16.70 | 21.57 | 28.82 | 45.76 | 80.02 |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.04 | 0.05 | 0.06 | 0.10 |
| Debt / EBITDA Ratio | 0.19 | 0.19 | 0.22 | 0.24 | 0.22 | 0.34 |
| Debt / FCF Ratio | 0.32 | 0.23 | 0.31 | 0.32 | 0.51 | 0.52 |
| Net Debt / Equity Ratio | -0.18 | -0.31 | -0.31 | -0.56 | -0.52 | -0.48 |
| Net Debt / EBITDA Ratio | -0.85 | -1.63 | -1.62 | -2.95 | -1.94 | -1.92 |
| Net Debt / FCF Ratio | -1.32 | -1.88 | -2.13 | -3.60 | -4.05 | -2.62 |
| Asset Turnover | 1.21 | 1.13 | 1.04 | 1.12 | 1.28 | 1.20 |
| Quick Ratio | 2.58 | 2.48 | 2.81 | 4.64 | 3.58 | 2.90 |
| Current Ratio | 2.75 | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 |
| Return on Equity (ROE) | 11.18% | 10.33% | 12.80% | 12.88% | 15.25% | 21.51% |
| Return on Assets (ROA) | 8.45% | 7.54% | 8.30% | 8.40% | 11.75% | 10.93% |
| Return on Invested Capital (ROIC) | 16.52% | 17.29% | 23.19% | 29.10% | 42.68% | 45.74% |
| Return on Capital Employed (ROCE) | 16.70% | 14.80% | 15.40% | 15.20% | 21.70% | 19.80% |
| Earnings Yield | 5.14% | 3.34% | 3.43% | 2.43% | 2.23% | 1.27% |
| FCF Yield | 6.51% | 5.41% | 3.97% | 3.11% | 2.03% | 1.21% |
| Buyback Yield / Dilution | 4.84% | 3.02% | 1.86% | 0.14% | -0.18% | -1.06% |