EPAM Systems
Builds enterprise software and digital platforms with consulting, cloud, data and AI services.
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Profile
Builds custom software products and digital platforms while providing strategy, experience, cloud, data, AI and cybersecurity services. Revenue comes mainly from time-and-materials projects for enterprises in North America and Western Europe, delivered by a workforce concentrated in other regions.
Builds and modernizes custom software products, digital platforms and enterprise systems for clients in financial services, software and technology, retail and travel, media, and life sciences. Services span product and platform engineering, EPAM Continuum strategy and experience consulting, cloud modernization, data and artificial intelligence, cybersecurity, quality engineering, and managed support. Revenue comes mainly from time-and-materials project contracts, with a smaller fixed-price mix.
Combines multidisciplinary consulting, design and engineering teams with a proprietary global delivery platform to carry work from strategy through deployment and maintenance. Most revenue is generated in North America and Western Europe, while most personnel and delivery centers sit elsewhere, including India, Latin America and Central and Eastern Europe. A meaningful delivery workforce remains in Ukraine and Belarus, leaving operations exposed to regional instability.
Company facts
Categories
Key statistics
Year to date −42.7% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Guggenheim | Reiterate | Buy | $200 | $140 | |
| Aug 10, 2026 | Mizuho Securities | Target | $282 | $130 | ||
| Aug 7, 2026 | Truist Financial | Target | $112 | $110 | ||
| Aug 7, 2026 | Needham | Reiterate | Buy | $210 | $120 | |
| Aug 7, 2026 | Morgan Stanley | Target | $100 | $97 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $3.16 | $3.38 | +7.0% | $1.41B | $1.41B | +0.5% | −15.29% |
| May 7, 2026Q1 FY26 | $2.75 | $2.86 | +4.0% | $1.39B | $1.40B | +0.4% | −4.81% |
| Feb 19, 2026Q4 FY25 | $3.16 | $3.26 | +3.2% | $1.39B | $1.41B | +1.2% | −0.22% |
| Nov 6, 2025Q3 FY25 | $3.03 | $3.08 | +1.7% | $1.38B | $1.39B | +1.4% | +4.35% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.35B | $1.39B | $1.41B | $1.40B | $1.41B | |
| Gross profit | $349.7M | $389.4M | $379.9M | $423.2M | $358.3M | $429.6M | |
| Operating income | $99.3M | $126.5M | $156.0M | $149.3M | $118.6M | $152.2M | |
| Net income | $73.5M | $88.0M | $106.8M | $109.4M | $82.5M | $103.0M | |
| Diluted EPS | $1.28 | $1.56 | $1.91 | $1.98 | $1.52 | $1.97 | |
| Gross margin | 26.9% | 28.8% | 27.2% | 30.1% | 25.6% | 30.4% | |
| Operating margin | 7.6% | 9.3% | 11.2% | 10.6% | 8.5% | 10.8% |
Fiscal years (4-quarter sums)FY21 $3.76B · FY22 $4.82B · FY23 $4.69B · FY24 $4.73B · FY25 $5.46B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $789.4M · Total debt $152.2M · Total assets $4.57B · Shareholders' equity $3.52B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 52.24M · Float 50.43M · 96.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.64M | 12.70% | 13F | Aug 7, 2026 |
| Ameriprise Financial Inc | 5.46M | 10.45% | 13F | Aug 14, 2026 |
| Capital World Investors | 4.83M | 9.24% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 3.47M | 6.64% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 2.41M | 4.61% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 30, 2026 | Viktar Dvorkin | officer: Chief Deliv Off, EVP, Americas | +78 | $96.71 |
| Apr 30, 2026 | Lawrence F. Solomon | officer: SVP/Chief People Officer | +78 | $96.71 |
| Apr 30, 2026 | Jason D. Peterson | officer: Chief Financial Officer | +78 | $96.71 |
| Apr 30, 2026 | Gary C. Abrahams | officer: VP, Corporate Controller, PAO | +78 | $96.71 |
| Apr 30, 2026 | Edward Rockwell | officer: SVP/Chief Legal Officer | +78 | $96.71 |
Peers
- Accenture
Full-stack digital transformation leader competing across every service tier.
- Cognizant Technology Solutions
Large IT and digital engineering rival across healthcare, finserv, and cloud.
- Globant
Direct digital engineering rival with AI studios and LatAm nearshore delivery.
- Infosys (ADR)
Indian IT major competing on AI engineering, cloud, and global delivery scale.
- Endava (ADR)
Nearshore engineering specialist from CEE/LatAm; strong in payments and banking.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| EPAM Systems | $114.11 | −0.63% | $6.00B | 15.6 | 8.5 | 1.1 | +4.5% |
| Accenture | $189.20 | −0.17% | $116.03B | 15.1 | 13.2 | 1.6 | +5.6% |
| Cognizant Technology Solutions | $64.12 | +0.11% | $28.85B | 13.8 | 10.6 | 1.3 | +4.5% |
| Globant | $40.52 | −0.04% | $1.75B | 15.9 | 6.8 | 0.7 | +0.0% |
| Infosys (ADR) | $12.01 | −0.41% | $48.89B | 14.9 | 14.8 | 2.4 | +1.0% |
| Endava (ADR) | $3.21 | +0.31% | $172.0M | — | 4.1 | 0.2 | −6.2% |
| Median | 15.0 | 10.6 | 1.3 | +1.0% |