EPAM Systems, Inc. is a leading digital transformation services and product engineering company that provides digital platform engineering and software development services to clients across six continents. The company focuses on building long-term partnerships with clients in various industries by delivering innovative and scalable software solutions, integrated strategy, experience, and technology consulting, along with a continually evolving mix of advanced capabilities . EPAM derives its revenues primarily from time-and-materials and fixed-price contracts, with the majority coming from time-and-material contracts billed using hourly, daily, or monthly rates . The company's service offerings have evolved to provide more customized and integrated solutions, combining software engineering with customer experience design, business consulting, and technology innovation services .
- Professional Services - Delivers customized and integrated solutions that combine software engineering with customer experience design, business consulting, and technology innovation services.
- Licensing and Other Revenues - Generates income from licensing agreements and other miscellaneous sources, contributing a small portion to the overall revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Arkadiy Dobkin ExecutiveBoard | Chairman of the Board, President, and CEO | None | Co-founded EPAM in 1993. Leads the company as Chairman, President, and CEO, driving its growth into a global leader in digital transformation services. | View Report → |
Balazs Fejes Executive | President of Global Business and Chief Revenue Officer | None | Joined EPAM in 2004. Oversees global business operations and revenue generation. Previously served as CTO and SVP of Banking and Financial Services. | |
Boris Shnayder Executive | Senior Vice President, Co-Head of Global Business | None | Joined EPAM in 2015. Oversees business in the Americas and strategy for emerging verticals. | |
Edward Rockwell Executive | Senior Vice President, General Counsel, and Corporate Secretary | Board member of the Greater Philadelphia Chapter of the Association of Corporate Counsel | Joined EPAM in 2018. Oversees legal activities and provides strategic counsel. Previously worked at Red Hat and Hewlett-Packard. | |
Elaina Shekhter Executive | Senior Vice President, Chief Marketing and Strategy Officer | Advisory board member for the MACH Alliance | Joined EPAM in 2001. Leads marketing and strategy, integrating functions that influence EPAM's strategy and messaging. | |
Jason Peterson Executive | Senior Vice President, CFO, and Treasurer | None | Joined EPAM in 2017. Oversees Global Finance, Corporate Development, and Procurement. Has over 25 years of finance experience. | |
Larry Solomon Executive | Senior Vice President, Chief People Officer | None | Joined EPAM in 2016. Oversees talent management and HR functions globally. Previously held leadership roles at Accenture. | |
Sergey Yezhkov Executive | Senior Vice President, Co-Head of Global Business | None | Joined EPAM in 2006. Focuses on North American business and oversees Life Science & Healthcare portfolio. | |
Viktar Dvorkin Executive | Senior Vice President, Head of Global Delivery | None | Joined EPAM in 1997. Leads the strategy and operation of EPAM's Delivery Organization. | |
Chandra McMahon Board | Independent Director | Senior Vice President and Chief Information Security Officer at CVS Health; Member of the Aspen Institute Cyber Strategy Group | Appointed as an Independent Director in 2023. Former SVP and CISO at Verizon. | |
DeAnne Aguirre Board | Independent Director | Board member of Hercules Capital, Inc. and Cisive | Appointed as an Independent Director in 2023. Former Managing Partner at PwC and held leadership roles at Booz Allen & Hamilton. | |
Eugene Roman Board | Independent Director | Principal at Design AI Ltd.; Executive in Residence at Schulich Business School; Board of Governors at York University | Serving as an Independent Director since 2020. Former CIO at Metrolinx and EVP at Canadian Tire Corporation. | |
Helen Shan Board | Independent Director | Member of the Johnson Advisory Council at Cornell University | Serving as an Independent Director since 2018. EVP and Chief Revenue Officer at FactSet Research Systems Inc. | |
Jill Smart Board | Independent Director | Director at AlixPartners, World Kinect Corporation, and HireRight Holdings Corporation; Advisory board member for Cerity Partners, Certree, SucceedSmart, University of Illinois Chicago Athletic Advisory Board, and Gies College of Business Dean’s Business Council | Serving as an Independent Director since 2016. Former CHRO at Accenture and President of the National Academy of Human Resources. | |
Karl Robb Board | Independent Director | Director at Ajax Systems and Visiquate, Inc. | Serving as a Director since 2004. Former EVP and President of EU Operations at EPAM. | |
Richard Michael Mayoras Board | Independent Director | Executive Chairman at OnSolve, LLC; Director at Softeon Inc. and Truecommerce, Inc. | Serving as an Independent Director since 2013. Former President and CEO of RedPrairie Corporation. | |
Robert E. Segert Board | Independent Director | Chairman and CEO of athenahealth, Inc. | Serving as an Independent Director since 2012. Former Chair of the Nominating and Corporate Governance Committee. | |
Ronald Vargo Board | Independent Director | Board member of EnerSys | Serving as an Independent Director since 2012. Former EVP and CFO at ICF International and Electronic Data Systems. |
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Your guidance indicates that operating margins in 2025 will be slightly below 16% even after factoring in the recurring Polish R&D incentives; can you explain the underlying factors causing this margin pressure and how you plan to address them?
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While you expect to return to organic revenue growth in 2025, you mentioned uncertainty about whether it will be "meaningful"; what challenges are limiting stronger growth, and what strategies are in place to accelerate it?
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With the acquisition of Nedis being significant for your expansion, how will you ensure its successful integration without impacting your core operations, and what are the anticipated effects on your revenue and profitability?
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You noted ongoing wage inflation and a lack of improvement in the pricing environment; how are these trends impacting your competitiveness, and what measures are you taking to manage costs while sustaining profitability?
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As you continue to diversify your global delivery hubs, particularly in higher-cost regions like Central Europe, how are you balancing talent acquisition with the impact on your cost structure and margins?
Research analysts who have asked questions during EPAM Systems earnings calls.
Bryan Bergin
TD Cowen
4 questions for EPAM
David Grossman
Stifel
4 questions for EPAM
Jonathan Lee
Arias Resource Capital
4 questions for EPAM
Darrin Peller
Wolfe Research, LLC
3 questions for EPAM
Jason Kupferberg
Bank of America
3 questions for EPAM
Margaret Nolan
William Blair & Company
3 questions for EPAM
Puneet Jain
JPMorgan Chase & Co.
3 questions for EPAM
James Friedman
Susquehanna Financial Group, LLLP
2 questions for EPAM
Ramsey El-Assal
Barclays
2 questions for EPAM
Surinder Thind
Jefferies Financial Group
2 questions for EPAM
Bryan Keane
Deutsche Bank
1 question for EPAM
James Schneider
Goldman Sachs
1 question for EPAM
Maggie Nolan
William Blair & Company, L.L.C.
1 question for EPAM
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company faces competition from this global technology services provider in the rapidly changing markets where it operates. | |
This competitor is one of the technology services providers that the company competes with in delivering software engineering solutions. | |
Capgemini | The company identifies this entity as a competitor in the technology services market. |
This competitor is mentioned as one of the technology services providers competing with the company in its markets. | |
Deloitte Digital | The company competes with this entity in providing technology and consulting services. |
This competitor is listed among the technology services providers that the company faces in its competitive landscape. | |
This entity is one of the specialized consulting firms competing with the company in its markets. | |
The company identifies this competitor as one of the technology services providers in its competitive environment. | |
GlobalLogic | This competitor is mentioned as one of the technology services providers competing with the company. |
The company faces competition from this boutique digital company in its markets. | |
Grid Dynamics | This entity is listed as one of the competitors in the technology services market. |
HCL Technologies | The company competes with this technology services provider in delivering software engineering solutions. |
This competitor is one of the outsourcing companies based in geographies with lower-cost labor that the company faces in its markets. | |
Tata Consultancy Services | The company identifies this entity as a competitor in the technology services market. |
This competitor is mentioned as one of the outsourcing companies competing with the company in its markets. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
NEORIS | 2024 | EPAM Systems acquired 99.7% of NEORIS for approximately $630 million in cash, subject to adjustments for cash, debt, and related expenses. The acquisition, completed on November 1, 2024, strategically enhances EPAM’s global delivery capabilities—especially in Latin America and Europe—by expanding its digital engagement and transformation services, with final accounting adjustments expected in Q4 2024. |
First Derivative | 2024 | EPAM Systems acquired First Derivative for approximately $307.6 million in cash as part of its strategy to bolster its financial services offerings across North America, Europe, and APAC. Completed on December 3, 2024, the deal leverages First Derivative's strong expertise in capital markets and consulting, combining it with EPAM’s digital, AI, cloud, and engineering capabilities to drive innovation in financial services. |
Recent press releases and 8-K filings for EPAM.
- 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.
- 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.
- 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.
- 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.
- 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).
- 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.
- 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.
- Q1 2025 Performance: EPAM reported revenues of $1.302 billion, marking an 11.7% year-over-year increase, with GAAP diluted EPS at $1.28 and non-GAAP diluted EPS at $2.41.
- Operating Results: GAAP income from operations declined to $99.3 million, while non-GAAP income from operations slightly increased, reflecting adjustments in operating margins.
- Updated Outlook: The company raised its full-year revenue growth guidance to 11.5% to 14.5% and provided detailed Q2 forecasts, including specific EPS and revenue targets.
- Arkadiy Dobkin transitions to Executive Chairman as Balazs Fejes assumes the role of CEO & President on September 1, 2025 .
- EPAM generated $1.3 billion in Q1 2025 revenue, reflecting an 11.7% YoY increase and 1.4% organic constant currency growth .
- Posted GAAP diluted EPS of $1.28 (down 35% YoY) and non-GAAP diluted EPS of $2.41 (down 2% YoY) , with GAAP income from operations at $99 million (7.6% of revenue) and non-GAAP income at $176 million (13.5% of revenue) .
- Achieved operating cash flow of $24.2 million and repurchased 796K shares for $160 million during the quarter .
- Raised full-year revenue guidance to 11.5%-14.5%, with expectations for further organic improvements and robust AI-related service growth in Q2 .
- Advancing its GenAl initiatives through expanded collaborations with AWS and Google Cloud to boost digital transformation .