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EPAM Systems, Inc. provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; cloud services for creating a roadmap to set and refine IT and business goals while identifying new and emerging opportunities leveraging cloud technologies; data, analytics and artificial intelligence; customer experience; marketing; and cybersecurity. It also offers operation solutions comprising integrated engineering practices and smart automation services. In addition, the company offers software product and platform development services, which comprise product research, customer experience design and prototyping, program management, component design and integration, full lifecycle software testing, product deployment and end-user customization, performance tuning, product support and maintenance, managed services, as well as cross-platform migration and modernizing legacy platforms. The company serves the financial services; consumer goods, retail and travel; software and Hi-tech; business information and media, life sciences and healthcare; and emerging verticals industries EPAM Systems, Inc. was founded in 1993 and is headquartered in Newtown, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.5B | $686M | $378M | $613M | 10.3% | 15.4% | -16.9% |
| 2024 | $4.7B | $672M | $455M | $527M | 12.5% | 0.8% | 9.0% |
| 2023 | $4.7B | $660M | $417M | $534M | 12.0% | -2.8% | -0.6% |
| 2022 | $4.8B | $713M | $419M | $382M | 14.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,824.70 | 4,690.54 | 4,727.94 | 5,457.06 |
| Operating Revenue | - | 4,824.70 | 4,690.54 | 4,727.94 | 5,457.06 |
| Cost Of Revenue | - | 3,286.68 | 3,256.51 | 3,277.50 | 3,883.54 |
| Gross Profit | - | 1,538.02 | 1,434.03 | 1,450.44 | 1,573.52 |
| Operating Expense | - | 965.05 | 906.86 | 905.86 | 1,053.52 |
| Selling General And Administration | - | 872.78 | 815.06 | 816.30 | 928.71 |
| Total Expenses | - | 4,251.73 | 4,163.38 | 4,183.36 | 4,937.05 |
| Operating Income | - | 572.97 | 527.16 | 544.58 | 520 |
| Total Operating Income As Reported | - | 572.97 | 501.24 | 544.58 | 520 |
| EBITDA | - | 713.02 | 659.86 | 671.69 | 686.08 |
| Normalized EBITDA | - | 788.75 | 701.56 | 678.74 | 712.01 |
| EBIT | - | 572.97 | 527.16 | 544.58 | 520 |
| Interest Income | - | 10.02 | 51.12 | 46.88 | 11.55 |
| Interest Expense | 1.73 | - | - | - | - |
| Net Interest Income | - | 10.02 | 51.12 | 46.88 | 11.55 |
| Other Income Expense | - | -75.73 | -41.70 | -7.05 | -25.92 |
| Interest Income Non Operating | - | 10.02 | 51.12 | 46.88 | 11.55 |
| Interest Expense Non Operating | 1.73 | - | - | - | - |
| Net Non Operating Interest Income Expense | - | 10.02 | 51.12 | 46.88 | 11.55 |
| Pretax Income | - | 507.26 | 536.58 | 584.41 | 505.62 |
| Tax Provision | - | 87.84 | 119.50 | 129.88 | 127.95 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -13.10 | -9.30 | -1.56 | -6.56 |
| Net Income Continuous Operations | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Net Income From Continuing And Discontinued Operation | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Net Income From Continuing Operation Net Minority Interest | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Net Income | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Net Income Common Stockholders | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Net Income Including Noncontrolling Interests | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Normalized Income | - | 482.05 | 449.48 | 460.02 | 397.04 |
| Diluted NI Availto Com Stockholders | - | 419.42 | 417.08 | 454.53 | 377.68 |
| Basic Average Shares | - | 57.29 | 57.83 | 57.29 | 55.89 |
| Diluted Average Shares | - | 59.17 | 59.08 | 57.98 | 56.23 |
| Reconciled Depreciation | - | 140.05 | 132.70 | 127.10 | 166.08 |
| Reconciled Cost Of Revenue | - | 3,238.91 | 3,215.61 | 3,239.95 | 3,842.26 |
| Total Unusual Items | - | -75.73 | -41.70 | -7.05 | -25.92 |
| Total Unusual Items Excluding Goodwill | - | -75.73 | -41.70 | -7.05 | -25.92 |
| Special Income Charges | - | 0 | -25.92 | 0 | 0 |
| Gain On Sale Of Business | - | 0 | -25.92 | 0 | 0 |
| Gain On Sale Of Security | - | -75.73 | -15.78 | -7.05 | -25.92 |
| Depreciation Amortization Depletion Income Statement | - | 92.27 | 91.80 | 89.56 | 124.81 |
| Depreciation And Amortization In Income Statement | - | 92.27 | 91.80 | 89.56 | 124.81 |
| Total Other Finance Cost | 1.73 | -10.02 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| EPAM Systems, Inc.this co. | EPAM | $5.1B | 13.50↓ discount | 1.39 | 10.3% | 5.75 |
| Kulicke and Soffa Industries, Inc. | KLIC | $5.6B | 26417.05 | 6.85 | 0.0% | 141.24 |
| Lyft, Inc. | LYFT | $5.4B | 1.89 | 1.64 | 86.9% | 53.59 |
| Diodes Incorporated | DIOD | $5.2B | 78.15 | 2.75 | 3.5% | 21.25 |
| Axcelis Technologies, Inc. | ACLS | $5.0B |
| - |
| - |
| - |
| - |
| - |
| 41.37 |
| 4.81 |
| 11.6% |
| 28.80 |
| Power Integrations, Inc. | POWI | $4.8B | 215.13 | 7.06 | 3.3% | 117.83 |
| SolarEdge Technologies, Inc. | SEDG | $4.4B | -10.97 | 10.41 | -94.8% | -12.64 |
| ACI Worldwide, Inc. | ACIW | $4.3B | 19.00 | 2.83 | 14.9% | 10.53 |
| Ultra Clean Holdings, Inc. | UCTT | $4.2B | -23.18 | 5.91 | -25.5% | -144.65 |
| Peer Median | - | 30.19 | 5.36 | 3.4% | 25.02 | |