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EPAM Systems, Inc.

EPAM Clue Score67
United States Fiscal year ends December CIK 0001352010
$113.24 -0.54% Close, 9 Oct 2026
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Price $113.24 −80.36% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,160.1Operating income133.7Net income99.3EPS, diluted1.87Fiscal year 2017Revenue1,450.4 +25.0%Operating income172.9Net income72.8 −26.7%EPS, diluted1.32 −29.4%Fiscal year 2018Revenue1,842.9 +27.1%Operating income245.8Net income240.3 +230.2%EPS, diluted4.24 +221.2%Fiscal year 2019Revenue2,293.8 +24.5%Operating income302.9Net income261.1 +8.7%EPS, diluted4.53 +6.8%Fiscal year 2020Revenue2,659.5 +15.9%Operating income379.3Net income327.2 +25.3%EPS, diluted5.60 +23.6%Fiscal year 2021Revenue3,758.1 +41.3%Operating income542.3Net income481.7 +47.2%EPS, diluted8.15 +45.5%Fiscal year 2022Revenue4,824.7 +28.4%Operating income573.0Net income419.4 −12.9%EPS, diluted7.09 −13.0%Fiscal year 2023Revenue4,690.5 −2.8%Operating income501.2Net income417.1 −0.6%EPS, diluted7.06 −0.4%Fiscal year 2024Revenue4,727.9 +0.8%Operating income544.6Net income454.5 +9.0%EPS, diluted7.84 +11.0%Fiscal year 2025Revenue5,457.1 +15.4%Operating income520.0Net income377.7 −16.9%EPS, diluted6.72 −14.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,160.1 1,450.4 1,842.9 2,293.8 2,659.5 3,758.1 4,824.7 4,690.5 4,727.9 5,457.1
Growth +25.0% +27.1% +24.5% +15.9% +41.3% +28.4% −2.8% +0.8% +15.4%
Operating income 133.7 172.9 245.8 302.9 379.3 542.3 573.0 501.2 544.6 520.0
Net income 99.3 72.8 240.3 261.1 327.2 481.7 419.4 417.1 454.5 377.7
Growth −26.7% +230.2% +8.7% +25.3% +47.2% −12.9% −0.6% +9.0% −16.9%
EPS, diluted 1.87 1.32 4.24 4.53 5.60 8.15 7.09 7.06 7.84 6.72
Growth −29.4% +221.2% +6.8% +23.6% +45.5% −13.0% −0.4% +11.0% −14.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin11.5%Net margin8.6%Free cash flow margin11.9%Fiscal year 2017Operating margin11.9%Net margin5.0%Free cash flow margin11.2%Fiscal year 2018Operating margin13.3%Net margin13.0%Free cash flow margin13.8%Fiscal year 2019Operating margin13.2%Net margin11.4%Free cash flow margin8.2%Fiscal year 2020Operating margin14.3%Net margin12.3%Free cash flow margin17.9%Fiscal year 2021Operating margin14.4%Net margin12.8%Free cash flow margin12.3%Fiscal year 2022Operating margin11.9%Net margin8.7%Free cash flow margin7.9%Fiscal year 2023Operating margin10.7%Net margin8.9%Free cash flow margin11.4%Fiscal year 2024Operating margin11.5%Net margin9.6%Free cash flow margin11.1%Fiscal year 2025Operating margin9.5%Net margin6.9%Free cash flow margin11.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 11.5% 11.9% 13.3% 13.2% 14.3% 14.4% 11.9% 10.7% 11.5% 9.5%
Net margin 8.6% 5.0% 13.0% 11.4% 12.3% 12.8% 8.7% 8.9% 9.6% 6.9%
Free cash flow margin 11.9% 11.2% 13.8% 8.2% 17.9% 12.3% 7.9% 11.4% 11.1% 11.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow167.2Capital expenditure−29.3Free cash flow137.9Fiscal year 2017Operating cash flow192.8Capital expenditure−29.8Free cash flow163.0 +18.2%Fiscal year 2018Operating cash flow292.2Capital expenditure−37.6Free cash flow254.6 +56.2%Fiscal year 2019Operating cash flow287.5Capital expenditure−99.3Free cash flow188.1 −26.1%Fiscal year 2020Operating cash flow544.4Capital expenditure−68.8Free cash flow475.6 +152.8%Fiscal year 2021Operating cash flow572.3Capital expenditure−111.5Free cash flow460.8 −3.1%Buybacks0.0Fiscal year 2022Operating cash flow464.1Capital expenditure−81.6Free cash flow382.5 −17.0%Buybacks0.0Fiscal year 2023Operating cash flow562.6Capital expenditure−28.4Free cash flow534.2 +39.7%Buybacks−164.9Fiscal year 2024Operating cash flow559.2Capital expenditure−32.1Free cash flow527.0 −1.3%Buybacks−398.0Fiscal year 2025Operating cash flow654.9Capital expenditure−42.2Free cash flow612.7 +16.3%Buybacks−662.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 167.2 192.8 292.2 287.5 544.4 572.3 464.1 562.6 559.2 654.9
Capital expenditure −29.3 −29.8 −37.6 −99.3 −68.8 −111.5 −81.6 −28.4 −32.1 −42.2
Free cash flow 137.9 163.0 254.6 188.1 475.6 460.8 382.5 534.2 527.0 612.7
Growth +18.2% +56.2% −26.1% +152.8% −3.1% −17.0% +39.7% −1.3% +16.3%
Buybacks n/a n/a n/a n/a n/a 0.0 0.0 −164.9 −398.0 −662.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash362.0Shareholders’ equity781.4Fiscal year 2017Cash582.6Shareholders’ equity974.9Fiscal year 2018Cash770.6Shareholders’ equity1,262.6Fiscal year 2019Cash936.6Total debt25.1Net cash (debt)911.5Shareholders’ equity1,596.1Debt to equity0.02Fiscal year 2020Cash1,322.1Total debt25.0Net cash (debt)1,297.1Shareholders’ equity1,983.0Debt to equity0.01Fiscal year 2021Cash1,446.6Total debt30.2Net cash (debt)1,416.4Shareholders’ equity2,487.1Debt to equity0.01Fiscal year 2022Cash1,681.3Total debt27.7Net cash (debt)1,653.7Shareholders’ equity3,001.5Debt to equity0.01Fiscal year 2023Cash2,036.2Total debt26.1Net cash (debt)2,010.1Shareholders’ equity3,470.9Debt to equity0.01Fiscal year 2024Cash1,286.3Total debt25.2Net cash (debt)1,261.1Shareholders’ equity3,629.2Debt to equity0.01Fiscal year 2025Cash1,296.1Total debt25.0Net cash (debt)1,271.0Shareholders’ equity3,677.2Debt to equity0.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 362.0 582.6 770.6 936.6 1,322.1 1,446.6 1,681.3 2,036.2 1,286.3 1,296.1
Total debt n/a n/a n/a 25.1 25.0 30.2 27.7 26.1 25.2 25.0
Net cash (debt) n/a n/a n/a 911.5 1,297.1 1,416.4 1,653.7 2,010.1 1,261.1 1,271.0
Shareholders’ equity 781.4 974.9 1,262.6 1,596.1 1,983.0 2,487.1 3,001.5 3,470.9 3,629.2 3,677.2
Debt to equity n/a n/a n/a 0.02 0.01 0.01 0.01 0.01 0.01 0.01

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,160.1 1,450.4 1,842.9 2,293.8 2,659.5 3,758.1 4,824.7 4,690.5 4,727.9 5,457.1
Growth +25.0% +27.1% +24.5% +15.9% +41.3% +28.4% −2.8% +0.8% +15.4%
737.2 921.4 1,186.9 1,488.2 1,732.5 2,483.7 3,286.7 3,256.5 3,277.5 3,883.5
265.9 327.6 373.6 457.4 484.8 648.7 872.8 815.1 816.3 928.7
133.7 172.9 245.8 302.9 379.3 542.3 573.0 501.2 544.6 520.0
Growth +29.4% +42.1% +23.2% +25.3% +43.0% +5.7% −12.5% +8.6% −4.5%
126.5 174.3 249.8 299.5 378.5 533.4 507.3 536.6 584.4 505.6
27.2 101.5 9.5 38.5 51.3 51.7 87.8 119.5 129.9 127.9
99.3 72.8 240.3 261.1 327.2 481.7 419.4 417.1 454.5 377.7
Growth −26.7% +230.2% +8.7% +25.3% +47.2% −12.9% −0.6% +9.0% −16.9%
Per share
1.97 1.40 4.48 4.77 5.87 8.52 7.32 7.21 7.93 6.76
1.87 1.32 4.24 4.53 5.60 8.15 7.09 7.06 7.84 6.72
Growth −29.4% +221.2% +6.8% +23.6% +45.5% −13.0% −0.4% +11.0% −14.3%
50.3 52.1 53.6 54.7 55.7 56.5 57.3 57.8 57.3 55.9
53.2 55.0 56.7 57.7 58.4 59.1 59.2 59.1 58.0 56.2
Growth +3.3% +3.1% +1.8% +1.3% +1.1% +0.2% −0.1% −1.9% −3.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 15.5% a year over five years, and earnings per share grew 3.7% a year.
  • The diluted share count fell 3.8% in five years, so buybacks did some of the work per share.
  • Operating margin is down 4.7 points on five years ago, at 9.5%.
  • Profitable in every one of the 10 years on file.