EPAM Systems (EPAM) Company Report

EPAM generated $1.394 billion in Q3 revenue, up 19.4% year-over-year, with organic constant currency growth of 7.1% driven by AI and cloud engagements.
GAAP gross margin was 29.5% and non-GAAP gross margin was 31%, reflecting higher variable compensation and recent acquisition impacts.
The company repurchased 493,000 shares for $82 million in Q3 and announced a new $1 billion share buyback program.
Full-year 2025 revenue guidance was raised to $5.430 billion–$5.445 billion (organic constant currency growth of 4.6% at midpoint), with Q4 revenue expected at $1.380 billion–$1.395 billion.

Nov 6, 2025, 1:00 PM

Transcript

EPAM Systems reports Q3 2025 results and raises full-year guidance

EPAM

Earnings

Guidance Update

Share Buyback

EPAM delivered Q3 revenue of $1.394 billion, up 19.4% year-over-year, with organic constant currency growth of 7.1%.
GAAP diluted EPS was $1.91, down $0.46 YoY, while non-GAAP diluted EPS was $3.08, down $0.04 YoY.
The company repurchased $82.1 million of stock in Q3 and launched a new $1 billion share buyback program.
EPAM raised its 2025 revenue guidance to $5.430 billion–$5.445 billion (15.0% growth midpoint) , and lifted GAAP EPS outlook to $6.75–$6.83 and non-GAAP EPS to $11.36–$11.44.

Nov 6, 2025, 11:00 AM

Press Release

EPAM reports Q3 2025 results and raises full-year outlook

EPAM

Earnings

Guidance Update

Share Buyback

Revenues of $1.394 billion, up 19.4% year-over-year; GAAP diluted EPS of $1.91 and non-GAAP diluted EPS of $3.08 for Q3 2025.
Full-year guidance raised: revenue growth now 14.8%–15.2% (15.0% midpoint), GAAP EPS to $6.75–$6.83, non-GAAP EPS to $11.36–$11.44.
Returned capital with $82.1 million in Q3 share repurchases and authorized a new $1 billion buyback program.

Nov 6, 2025, 12:51 AM

8-K

EPAM Systems announces $1B share repurchase program

EPAM

Share Buyback

EPAM’s Board approved a 24-month repurchase program authorizing the buyback of up to $1 billion of common stock, with no obligation to repurchase any specific amount.
Repurchases may occur in the open market, through privately negotiated transactions, or via Rule 10b5-1 trading plans, and can be suspended or discontinued at any time.
Management cited three quarters of improving year-over-year organic constant currency revenue growth, efficient free cash flow, and a strong balance sheet as the basis for returning capital while continuing investments in the business and AI agenda.

Oct 21, 2025, 10:44 AM

8-K

EPAM Systems authorizes $1 B share repurchase program

EPAM

Share Buyback

Board authorizes a new stock repurchase program of up to $1 billion over 24 months.
Program allows open-market and privately negotiated purchases, including Rule 10b5-1 trading plans, and may be suspended or discontinued at any time.
CFO notes three quarters of improving YoY organic constant-currency revenue growth and strong free cash flow underpinning the share buyback.

Oct 21, 2025, 10:00 AM

Press Release

EPAM expands Oracle collaboration to accelerate AI-powered cloud adoption

EPAM

New Projects/Investments

EPAM Systems, Inc. announced an expanded collaboration with Oracle to integrate Oracle Cloud Infrastructure (OCI) and AI services into enterprise cloud strategies across healthcare, life sciences, financial services, and insurance.
The partnership leverages EPAM’s 1,100+ global Oracle certifications, including OCI Data Management, Integration, Migration, Security, and Oracle Database to Cloud, to support multi-cloud transformation.
EPAM will deploy its AI-native engineering expertise and platforms such as EPAM AI/RUN™ and DIALX Lab to drive the adoption of generative AI solutions within Oracle Cloud environments.
The collaboration aims to speed clients’ time-to-market and enhance business value from digital investments by combining EPAM’s engineering execution with Oracle’s cloud and AI capabilities.

Oct 7, 2025, 2:02 PM

Press Release

EPAM Systems amends and restates credit agreement

EPAM

Debt Issuance

On October 3, 2025, EPAM entered into a five-year $700 million amended and restated revolving credit facility, with an option to increase commitments up to $1.2 billion, underwritten by PNC Bank as administrative agent, swingline lender and issuing lender.
Borrowings can be unsecured and denominated in USD or, up to $250 million, in GBP, CAD, EUR or CHF, at SOFR-based interest rates plus a leverage-ratio margin.
The facility includes customary covenants, including a maximum consolidated leverage ratio of 3.50:1.00 (extendable to 4.00:1.00 under certain conditions), restrictions on additional indebtedness and limitations on dividends, liens, investments and acquisitions.
This credit agreement replaces EPAM’s prior 2021 facility effective October 3, 2025.

Oct 6, 2025, 8:14 PM

8-K

EPAM Systems names Balazs Fejes as CEO and expands board size

EPAM

Management Change

Executive Compensation

Board Change

Effective September 1, 2025, Arkadiy Dobkin was appointed Executive Chairman and Balazs Fejes was named Chief Executive Officer and President, joining the Board of Directors.
Mr. Fejes’s employment agreement provides a base salary of $850,000 (in Swiss francs) and a restricted stock unit grant valued at $670,000, vesting in four equal annual installments.
The Board amended and restated the bylaws to increase the maximum number of directors from 10 to 11, effective September 1, 2025.
Filed exhibits include the amended bylaws (Exhibit 3.2), Fejes’s employment agreement (Exhibit 10.1), and the form of RSU award agreement (Exhibit 10.2).

Sep 2, 2025, 8:02 PM

8-K

EPAM Systems delivers Q2 2025 results

EPAM

Earnings

Guidance Update

CEO Change

Delivered $1.353 B in Q2 revenue, up 18% YoY; organic constant currency growth of 5.3%, marking the third consecutive quarter of positive organic growth.
All six industry verticals grew YoY, led by Financial Services (+34.4% reported, +6.5% organic) and Emerging Verticals (+28.7% reported, +3.3% organic); Americas (+15.9%), EMEA (+21.7%) and APAC (+13%) all saw YoY increases.
GAAP operating margin of 9.3% and non-GAAP operating margin of 15.0%; non-GAAP EPS of $2.77, up from $2.45 a year ago.
Raised full-year guidance: reported revenue growth of 13–15% (including ~9% inorganic, +0.9% FX), and organic constant currency growth to 3–5%; Q3 revenue expected at $1.365–1.380 B (6.2% organic CCC at midpoint).
CEO transition plan on track: Arkadiy Dobkin will step down as CEO on September 4, 2025 to become Executive Chairman.

Aug 7, 2025, 11:50 PM

EPAM Announces Leadership Succession

EPAM

CEO Change

Management Change

Arkadiy Dobkin will transition from CEO to Executive Chairman effective September 1, 2025, continuing to drive strategic initiatives and long-term vision.
Balazs Fejes has been appointed as the new CEO and President, leveraging his extensive experience as President of Global Business & Chief Revenue Officer to guide the company’s next growth phase.

May 8, 2025, 10:01 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for EPAM Systems.

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