EPAM : First Quarter 2026 Fact Sheet

Published: 2026-05-07 06:24:31 ET EPAM

Published on 05/07/2026 at 06:24 am EDT

Revenues

Total Revenues

Year-Over-Year Growth Rate

Sequential Quarter Growth Rate

Year-Over-Year Growth Rate in Organic Constant Currency (2)

Verticals

Financial Services

As % of Total Revenues

Year-Over-Year Growth Rate

Consumer Goods, Retail & Travel

As % of Total Revenues

Year-Over-Year Growth Rate

Software & Hi-Tech

As % of Total Revenues

Year-Over-Year Growth Rate

Business Information & Media

As % of Total Revenues

Year-Over-Year Growth Rate

Life Sciences & Healthcare

As % of Total Revenues

Year-Over-Year Growth Rate

Emerging Verticals

As % of Total Revenues

Year-Over-Year Growth Rate

Geographies

Americas

As % of Total Revenues

Year-Over-Year Growth Rate

EMEA

As % of Total Revenues

Year-Over-Year Growth Rate

APAC

As % of Total Revenues

Year-Over-Year Growth Rate

Client Concentration, as % of Total Revenues

Top 5 Clients

Top 10 Clients

Top 20 Clients

Outside of Top 20 Clients

2025

Full Year

$1,301.7

$1,353.4

$1,394.4

$1,407.5

$5,457.1

11.7%

18.0%

19.4%

12.8%

15.4%

4.3%

4.0%

3.0%

0.9%

n/a

1.4%

5.3%

7.1%

5.6%

4.9%

$314.0

$328.3

$337.8

$336.4

$1,316.5

24.1%

24.3%

24.2%

23.9%

24.1%

29.3%

34.4%

32.7%

19.8%

28.7%

$255.5

$268.0

$276.0

$277.9

$1,077.5

19.6%

19.8%

19.7%

(1.4%)

6.2%

9.9%

10.9%

6.4%

$190.1

$204.7

$212.2

$214.9

$821.8

14.6%

15.1%

15.2%

15.3%

15.1%

9.6%

21.2%

19.1%

18.1%

17.0%

$166.5

$170.4

$167.6

$171.1

$675.7

12.8%

12.6%

12.0%

12.2%

12.4%

(2.2%)

2.8%

0.1%

0.2%

$155.0

$156.5

$159.2

$155.0

$625.6

11.9%

11.6%

11.4%

11.0%

11.5%

10.5%

11.7%

11.8%

2.0%

8.9%

$220.6

$225.5

$241.6

$252.2

$940.0

17.0%

16.6%

17.4%

17.9%

17.2%

22.8%

28.7%

38.9%

19.1%

26.9%

$780.3

$801.4

$808.6

$810.6

$3,201.0

59.9%

59.2%

58.0%

57.6%

58.7%

12.6%

15.9%

16.0%

7.6%

12.9%

$497.1

$524.8

$555.8

$569.6

$2,147.3

38.2%

38.8%

39.9%

40.5%

39.3%

10.7%

21.7%

24.9%

21.8%

19.7%

$24.3

$27.2

$30.0

$27.3

$108.8

1.9%

2.0%

2.1%

1.9%

2.0%

4.3%

13.0%

17.7%

0.6%

8.8%

14.3%

13.7%

13.1%

13.7%

22.3%

21.7%

21.6%

21.0%

21.6%

32.8%

32.1%

32.3%

31.9%

67.2%

67.9%

67.7%

68.1%

2026

$1,400.1

7.6%

(0.5%)

3.7%

$350.2

25.0%

11.5%

$273.9

19.6%

7.2%

$210.7

15.1%

10.9%

$165.4

11.8%

(0.7%)

$164.1

11.7%

5.9%

$235.8

16.8%

6.8%

$799.5

57.1%

2.5%

$576.0

41.1%

15.9%

$24.6

1.8%

1.2%

13.2%

21.2%

31.8%

68.2%

Number of Accounts with Revenues:

Over $20 Million

$10 - $20 Million

$5 - $10 Million

$1 - $5 Million

$0.5 - $1 Million

Contract Types

Time-and-Materials

As % of Total Revenues

Fixed-Price

As % of Total Revenues

Licensing and other revenues

As % of Total Revenues

2025

Full Year

375

226

$1,041.7

$1,087.4

$1,119.1

$1,116.2

$4,364.4

80.0%

80.3%

79.3%

80.0%

$252.2

$258.0

$268.1

$284.9

$1,063.2

19.4%

19.1%

19.2%

20.2%

19.5%

$7.8

$8.0

$7.2

$6.4

$29.5

0.6%

0.5%

2026

$1,089.0

77.8%

$303.7

21.7%

$7.4

0.5%

Profitability

GAAP

Gross Margin

As % of Total Revenues

Selling, General and Administrative Expenses

As % of Total Revenues

Income from Operations

As % of Total Revenues

Net Income

As % of Total Revenues

Diluted Earnings Per Share

Year-Over-Year Growth Rate

Effective Tax Rate

Weighted Average Diluted Shares Outstanding, thousands

Non-GAAP

Gross Margin

As % of Total Revenues

Selling, General and Administrative Expenses

As % of Total Revenues

Income from Operations

As % of Total Revenues

Net Income

As % of Total Revenues

Diluted Earnings Per Share

Year-Over-Year Growth Rate

Effective Tax Rate

Weighted Average Diluted Shares Outstanding, thousands

$349.7

$389.4

$411.2

$423.2

$1,573.5

26.9%

28.8%

29.5%

30.1%

28.8%

$218.9

$231.7

$234.9

$243.2

$928.7

16.8%

17.1%

16.8%

17.3%

17.0%

$99.3

$126.5

$144.9

$149.3

$520.0

7.6%

9.3%

10.4%

10.6%

9.5%

$73.5

$88.0

$106.8

$109.4

$377.7

5.6%

6.5%

7.7%

7.8%

6.9%

$1.28

$1.56

$1.91

$1.98

$6.72

(35.0%)

(8.2%)

(19.4%)

10.0%

(14.3%)

22.2%

28.9%

25.6%

24.0%

25.3%

57,262

56,536

55,817

55,341

56,233

$374.2

$407.7

$432.9

$446.8

$1,661.6

28.7%

30.1%

31.0%

31.7%

30.4%

$184.7

$191.3

$197.0

$203.6

$776.6

14.2%

14.1%

14.5%

14.2%

$175.8

$202.9

$222.8

$230.0

$831.5

13.5%

15.0%

16.0%

16.3%

15.2%

$138.0

$156.8

$171.8

$180.2

$646.8

10.6%

11.6%

12.3%

12.8%

11.9%

$2.41

$2.77

$3.08

$3.26

$11.50

(2.0%)

13.1%

(1.3%)

14.8%

5.9%

23.1%

24.0%

24.1%

22.9%

23.5%

57,262

56,536

55,817

55,341

56,233

$388.0

27.7%

$239.7

17.1%

$116.8

8.3%

$82.5

5.9%

$1.52

18.8%

31.6%

54,183

$411.4

29.4%

$196.9

14.1%

$200.7

14.3%

$155.2

11.1%

$2.86

18.7%

23.6%

54,183

Balance Sheet

Cash and Cash Equivalents

Trade Receivables and Contract Assets, net

Days Sales Outstanding(3)

Working Capital

2025

Full Year

$1,173.6

$1,041.3

$1,239.1

$1,296.1

$1,090.1

$1,159.0

$1,130.5

$1,108.2

$1,626.6

$1,623.0

$1,688.8

$1,556.9

2026

$1,037.0

$1,174.7

$1,473.1

Cash Flows

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

Effect of Exchange Rates on Cash

Net Cash Flows

CapEx (included in Cash Flows from Investing Activities)

(4)

Free Cash Flows

Adjusted Net Income Conversion(5)

$24.2

$53.2

$294.7

$282.9

$654.9

($5.3)

($18.2)

($9.3)

($16.2)

($49.0)

($149.5)

($204.1)

($85.7)

($212.0)

($651.2)

$18.8

$37.1

($2.7)

$3.2

$56.3

($111.9)

($132.0)

$197.0

$57.9

$11.0

($9.3)

($9.8)

($8.3)

($14.8)

($42.2)

$14.8

$43.4

$286.4

$268.1

$612.7

10.7%

27.7%

166.7%

148.8%

94.7%

($36.4)

($15.6)

($192.2)

($14.6)

($258.8)

($17.9)

($54.2)

(34.9%)

Currencies(6)

Revenues by Currency, as % of Total Revenues

U.S. Dollar - USD

Euro - EUR

British Pound - GBP

Swiss Franc - CHF

Other

61.6%

60.3%

60.1%

60.2%

60.5%

15.6%

16.8%

17.7%

18.3%

17.1%

8.3%

8.7%

8.0%

7.7%

8.2%

4.2%

4.1%

3.8%

4.1%

10.3%

10.0%

10.1%

10.0%

10.1%

60.0%

18.3%

8.1%

3.4%

10.2%

People

Total Professionals, End of Period

Year-Over-Year Net Change in Total Professionals

Delivery Professionals, End of Period

Year-Over-Year Net Change in Delivery Professionals

Utilization

Delivery Professionals by Location

Europe

India

Americas

Central Asia, Western Asia and Rest of World

Total Delivery Professionals, End of Period

2025

Full Year

61,700

62,050

62,350

62,850

16.9%

17.9%

17.1%

2.7%

55,600

55,800

56,100

56,600

18.2%

18.7%

17.5%

2.7%

77.5%

78.1%

76.5%

75.4%

76.8%

27,650

12,200

9,550

7,200

56,600

2026

62,750

1.7%

56,500

1.6%

77.0%

During EPAM Systems, Inc.'s earnings calls, in our earnings releases and investor decks, management supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM's business and uses the measures to establish budgets and operational goals, communicate internally and externally, for managing EPAM's business and evaluating its performance. Management also believes these measures help investors compare EPAM's operating performance with its results in prior periods. EPAM anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, employee separation costs incurred in connection with restructuring programs, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits and tax shortfalls related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments. Management also compares revenues on an "organic constant currency basis," which is a non-GAAP financial measure. This measure excludes the effect of acquisitions by removing revenues from an acquired company in the twelve months after completing an acquisition and foreign currency exchange rate fluctuations by translating current period revenues into U.S. dollars at the weighted average exchange rates of the prior period of comparison. Because EPAM's reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within EPAM's industry. Consequently, EPAM's non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in EPAM's consolidated financial statements, which are prepared in accordance with GAAP. EPAM's earnings releases, available on our website and furnished to the SEC, include reconciliations of results between non-GAAP measures and the comparable GAAP measures.

We report organic revenue growth on a constant currency basis which excludes the effect of acquisitions by removing revenues from an acquired company in the twelve months after completing an acquisition and the effect of foreign currency exchange rate fluctuations by translating current period revenues into U.S. dollars at the weighted average exchange rates of the prior period of comparison.

Days Sales Outstanding is calculated by dividing the amount of trade receivables and contract assets, net as of the end of the period by total revenues during the last three months in the period, and multiplying the result by the number of calendar days in the last three months in the period.

Free cash flows is calculated as cash flows from operating activities as presented in the statement of cash flows under GAAP, less capital expenditures.

Adjusted net income conversion is calculated by dividing free cash flows by non-GAAP net income.

Previous versions of this Fact Sheet included expenses by currency as a % of total non-GAAP OPEX. Starting in Q1 2026, the Company is no longer reporting this metric.

Disclaimer

EPAM Systems Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 10:21 UTC.