EPAM Systems (EPAM) financial statements
EPAM Systems reported revenue of $5.5B in fiscal 2025, up 18.8% a year over 9 years.
Net income was $378M and the operating margin 9.5%, against 11.5% in 2016.
Free cash flow was $613M, and the company returned $662M in net buybacks.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from EPAM Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $1.8B | $2.3B | $2.7B | $3.8B | $4.8B | $4.7B | $4.7B | $5.5B |
| Cost of revenue | $737M | $921M | $1.2B | $1.5B | $1.7B | $2.5B | $3.3B | $3.3B | $3.3B | $3.9B |
| Gross profit | $423M | $529M | $656M | $806M | $927M | $1.3B | $1.5B | $1.4B | $1.5B | $1.6B |
| Selling, general and admin | $266M | $328M | $374M | $457M | $485M | $649M | $873M | $815M | $816M | $929M |
| Operating income | $134M | $173M | $246M | $303M | $379M | $542M | $573M | $501M | $545M | $520M |
| Pre-tax income | $126M | $174M | $250M | $300M | $378M | $533M | $507M | $537M | $584M | $506M |
| Income tax | $27M | $102M | $10M | $38M | $51M | $52M | $88M | $120M | $130M | $128M |
| Net income | $99M | $73M | $240M | $261M | $327M | $482M | $419M | $417M | $455M | $378M |
| EPS (diluted) | $1.87 | $1.32 | $4.24 | $4.53 | $5.60 | $8.15 | $7.09 | $7.06 | $7.84 | $6.72 |
| Diluted shares | 53M | 55M | 57M | 58M | 58M | 59M | 59M | 59M | 58M | 56M |
| Gross margin | 36.5% | 36.5% | 35.6% | 35.1% | 34.9% | 33.9% | 31.9% | 30.6% | 30.7% | 28.8% |
| 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% |
Balance sheet
Fiscal years, from EPAM Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $362M | $583M | $771M | $937M | $1.3B | $1.4B | $1.7B | $2.1B | $1.3B | $1.3B |
| Receivables | $200M | $266M | $298M | — | — | — | — | — | — | — |
| Total current assets | $647M | $960M | $1.2B | $1.5B | $1.9B | $2.3B | $2.8B | $3.1B | $2.4B | $2.5B |
| Property, plant and equipment | $74M | $86M | $103M | $165M | $170M | $236M | $273M | $235M | $208M | $202M |
| Goodwill | $109M | $120M | $167M | $195M | $212M | $531M | $529M | $562M | $1.2B | $1.2B |
| Total assets | $926M | $1.3B | $1.6B | $2.2B | $2.7B | $3.5B | $4.0B | $4.4B | $4.8B | $4.9B |
| Total current liabilities | $116M | $181M | $263M | $387M | $466M | $763M | $747M | $645M | $821M | $977M |
| Long-term debt | $25M | $25M | $25M | $25M | $25M | $30M | $28M | $26M | $25M | $25M |
| Total liabilities | $144M | $275M | $349M | $648M | $738M | $1.0B | $1.0B | $881M | $1.1B | $1.2B |
| Shareholders' equity | $781M | $975M | $1.3B | $1.6B | $2.0B | $2.5B | $3.0B | $3.5B | $3.6B | $3.7B |
| Net debt | -$337M | -$558M | -$746M | -$911M | -$1.3B | -$1.4B | -$1.7B | -$2.0B | -$1.3B | -$1.3B |
Cash flow
Fiscal years, from EPAM Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $167M | $193M | $292M | $287M | $544M | $572M | $464M | $563M | $559M | $655M |
| Capital spending | $29M | $30M | $38M | $99M | $69M | $112M | $82M | $28M | $32M | $42M |
| Free cash flow | $138M | $163M | $255M | $188M | $476M | $461M | $382M | $534M | $527M | $613M |
| Stock-based compensation | $49M | $52M | $59M | $72M | $75M | $112M | $100M | $148M | $167M | $177M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$165M | -$398M | -$662M |
| Net borrowing | — | — | — | $0 | $0 | $31M | $2M | $825,000 | $8,000 | $6M |
| Free cash flow margin | 11.9% | 11.2% | 13.8% | 8.2% | 17.9% | 12.3% | 7.9% | 11.4% | 11.1% | 11.2% |
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Open EPAM in InvestinglyQuestions
What was EPAM Systems's revenue in 2025?
$5.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does EPAM Systems generate?
$613M in fiscal 2025 (operating cash flow minus capital spending).
From EPAM Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.