EPAM Systems, Inc. (EPAM) financial statements: income statement, balance sheet and cash flow

EPAM Systems, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), EPAM Systems, Inc. reported revenue of $5.5B (+15.4% year on year) and net income of $377.7M (-16.9% year on year).

Income statement

EPAM Systems, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$5.5B	$4.7B	$4.7B	$4.8B
Cost of revenues (exclusive of depreciation and amortization)	$3.9B	$3.3B	$3.3B	$3.3B
Selling, general and administrative expenses	$928.7M	$816.3M	$815.1M	$872.8M
Depreciation and amortization expense	$124.8M	$89.6M	$91.8M	$92.3M
Loss on sale of business	$0	$0	$25.9M	—
Income from operations	$520.0M	$544.6M	$501.2M	$573.0M
Interest and other income, net	$11.5M	$46.9M	$51.1M	$10.0M
Foreign exchange loss	($25.9M)	($7.0M)	($15.8M)	($75.7M)
Income before provision for income taxes	$505.6M	$584.4M	$536.6M	$507.3M
Provision for income taxes	$127.9M	$129.9M	$119.5M	$87.8M
Net income	$377.7M	$454.5M	$417.1M	$419.4M
Basic (in dollars per share)	$6.76	$7.93	$7.21	$7.32
Diluted (in dollars per share)	$6.72	$7.84	$7.06	$7.09
Basic (in shares)	55.9M	57.3M	57.8M	57.3M
Diluted (in shares)	56.2M	58.0M	59.1M	59.2M

EPAM Systems, Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues	$1.4B	$1.4B	$1.4B	$1.4B
Cost of revenues (exclusive of depreciation and amortization)	$985.2M	$1.0B	$983.2M	$964.0M
Selling, general and administrative expenses	$245.2M	$239.7M	$234.9M	$231.7M
Depreciation and amortization expense	$32.1M	$31.5M	$31.3M	$31.3M
Income from operations	$152.2M	$116.8M	$144.9M	$126.5M
Interest and other income (loss), net	($1.8M)	$1.6M	$2.3M	$3.5M
Foreign exchange loss	($9.8M)	$2.3M	($3.6M)	($6.2M)
Income before provision for income taxes	$140.6M	$120.6M	$143.6M	$123.8M
Provision for income taxes	$37.6M	$38.1M	$36.8M	$35.7M
Net income	$103.0M	$82.5M	$106.8M	$88.0M
Basic (in usd per share)	$1.97	$1.53	$1.92	$1.56
Diluted (in usd per share)	$1.97	$1.52	$1.91	$1.56
Basic (in shares)	52.2M	53.8M	55.6M	56.3M
Diluted (in shares)	52.3M	54.2M	55.8M	56.5M

Balance sheet

EPAM Systems, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.3B	$1.3B	$2.0B	$1.7B
Trade receivables and contract assets, net of allowance of $6,350 and $5,612, respectively	$1.1B	$1.0B	—	—
Prepaid and other current assets	$129.6M	$136.1M	$97.4M	$85.3M
Total current assets	$2.5B	$2.4B	$3.1B	$2.8B
Property and equipment, net	$202.4M	$207.7M	$235.1M	$273.3M
Operating lease right-of-use assets, net	$114.9M	$128.2M	$134.9M	$148.8M
Intangible assets, net	$406.6M	$436.4M	$71.1M	$77.7M
Goodwill	$1.2B	$1.2B	$562.5M	$529.1M
Deferred tax assets	$295.1M	$269.8M	$197.9M	$172.8M
Other noncurrent assets	$138.7M	$100.5M	$59.6M	$47.9M
Total assets	$4.9B	$4.8B	$4.4B	$4.0B
Accounts payable	$55.3M	$44.7M	$32.0M	$30.9M
Accrued compensation and benefits expenses	$608.2M	$485.0M	$412.7M	$475.9M
Accrued expenses and other current liabilities	$250.7M	$201.4M	$124.8M	$151.5M
Income taxes payable, current	$25.5M	$50.4M	$38.8M	$46.1M
Operating lease liabilities, current	$37.2M	$39.6M	$36.6M	$40.4M
Total current liabilities	$976.9M	$821.0M	$644.9M	$747.5M
Long-term debt	$25.0M	$25.2M	$26.1M	$27.7M
Operating lease liabilities, noncurrent	$81.5M	$98.4M	$109.3M	$122.3M
Deferred tax liabilities, noncurrent	$77.0M	$92.4M	—	—
Other noncurrent liabilities	$63.9M	$82.3M	$100.6M	$108.6M
Total liabilities	$1.2B	$1.1B	$880.9M	$1.0B
Common stock, $0.001 par value; 160,000 authorized; 54,274 shares issued and outstanding at December 31, 2025, and 56,869 shares issued and outstanding at December 31, 2024	54.0K	57.0K	58.0K	58.0K
Additional paid-in capital	$1.4B	$1.2B	$1.0B	$848.0M
Retained earnings	$2.3B	$2.6B	$2.5B	$2.2B
Accumulated other comprehensive income (loss)	$18.5M	($116.9M)	($39.0M)	($95.3M)
Total EPAM Systems, Inc. stockholders’ equity	$3.7B	$3.6B	$3.5B	$3.0B
Noncontrolling interest in consolidated subsidiaries	$582.0K	$1.9M	$579.0K	$1.5M
Total equity	$3.7B	$3.6B	$3.5B	$3.0B
Total liabilities and equity	$4.9B	$4.8B	$4.4B	$4.0B

EPAM Systems, Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$789.4M	$1.0B	$1.2B	$1.0B
Trade receivables and contract assets, net of allowance of $3,939 and $6,350, respectively	$1.3B	$1.2B	$1.1B	$1.2B
Prepaid and other current assets	$158.6M	$145.8M	$154.4M	$170.2M
Total current assets	$2.2B	$2.4B	$2.5B	$2.4B
Property and equipment, net	$205.0M	$202.8M	$198.8M	$201.6M
Operating lease right-of-use assets, net	$125.0M	$118.4M	$123.4M	$129.3M
Intangible assets, net	$373.0M	$385.7M	$419.8M	$435.9M
Goodwill	$1.2B	$1.2B	$1.2B	$1.2B
Deferred tax assets	$295.9M	$283.0M	$235.3M	$240.9M
Other noncurrent assets	$156.2M	$151.4M	$133.0M	$123.1M
Total assets	$4.6B	$4.7B	$4.8B	$4.7B
Accounts payable	$41.6M	$40.1M	$43.0M	$45.3M
Accrued compensation and benefits expenses	$496.0M	$567.7M	$543.7M	$458.6M
Accrued expenses and other current liabilities	$208.5M	$224.2M	$188.6M	$184.6M
Income taxes payable, current	$19.1M	$15.6M	$19.5M	$18.5M
Operating lease liabilities, current	$39.3M	$36.8M	$40.5M	$40.4M
Total current liabilities	$804.4M	$884.3M	$835.3M	$747.4M
Long-term debt	$25.0M	$165.0M	$25.0M	$25.0M
Operating lease liabilities, noncurrent	$87.9M	$86.2M	$89.7M	$97.2M
Deferred tax liabilities, noncurrent	$74.5M	$73.8M	$97.0M	$98.1M
Other noncurrent liabilities	$62.9M	$62.4M	$69.5M	$74.6M
Total liabilities	$1.1B	$1.3B	$1.1B	$1.0B
Common stock, $0.001 par value; 160,000 shares authorized; 51,585 shares issued and outstanding at June 30, 2026, and 54,274 shares issued and outstanding at December 31, 2025	52.0K	53.0K	55.0K	56.0K
Additional paid-in capital	$1.5B	$1.4B	$1.3B	$1.3B
Retained earnings	$2.0B	$2.1B	$2.4B	$2.4B
Accumulated other comprehensive income (loss)	($5.0M)	($13.8M)	$12.4M	$21.3M
Total EPAM Systems, Inc. stockholders’ equity	$3.5B	$3.4B	$3.7B	$3.7B
Noncontrolling interest in consolidated subsidiaries	$582.0K	$582.0K	$582.0K	$582.0K
Total equity	$3.5B	$3.4B	$3.7B	$3.7B
Total liabilities and equity	$4.6B	$4.7B	$4.8B	$4.7B

Cash flow statement

EPAM Systems, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$377.7M	$454.5M	$417.1M	$419.4M
Depreciation and amortization expense	$124.8M	$89.6M	$91.8M	$92.3M
Operating lease right-of-use assets amortization expense	$41.3M	$37.5M	$40.9M	$47.8M
Bad debt expense (recovery)	$1.8M	($4.4M)	$4.0M	$12.4M
Deferred taxes	($59.3M)	($64.2M)	($37.2M)	($42.2M)
Stock-based compensation expense	$176.8M	$167.3M	$147.7M	$99.9M
Unrealized gain on derivative instruments	$0	$0	($7.9M)	$7.9M
Impairment charges	$175.0K	$417.0K	$6.0M	$23.6M
Loss on sale of business	$0	$0	$25.9M	—
Other	$10.9M	$5.7M	($599.0K)	$32.8M
Trade receivables and contract assets	($69.1M)	$15.6M	$32.4M	($192.7M)
Prepaid and other assets	($14.8M)	($77.0M)	$8.4M	($12.1M)
Accounts payable	($12.7M)	($29.1M)	$154.0K	($2.9M)
Accrued expenses and other liabilities	$144.1M	$10.7M	($84.6M)	$26.0M
Operating lease liabilities	($46.2M)	($39.4M)	($48.1M)	($51.7M)
Income taxes payable	($20.4M)	($8.2M)	($33.4M)	$3.6M
Net cash provided by operating activities	$654.9M	$559.2M	$562.6M	$464.1M
Purchases of property and equipment	($42.2M)	($32.1M)	($28.4M)	($81.6M)
Purchases of short-term investments	($2.1M)	($1.2M)	($11.2M)	($60.0M)
Proceeds from short-term investments	$0	$61.5M	$10.9M	$0
Acquisition of businesses, net of cash acquired (Note 3)	($3.4M)	($912.2M)	($24.8M)	($10.6M)
Purchases of non-marketable securities	($1.0M)	($7.6M)	($3.3M)	($1.6M)
Proceeds from sale of non-marketable securities	$3.1M	$4.3M	—	—
Other investing activities, net	($3.3M)	$2.3M	($7.8M)	($29.0M)
Net cash used in investing activities	($49.0M)	($885.0M)	($66.8M)	($182.9M)
Proceeds from issuance of stock under employee incentive programs	$54.6M	$53.7M	$51.6M	$50.7M
Payments of withholding taxes related to net share settlements of equity awards	($26.8M)	($35.2M)	($29.1M)	($26.6M)
Proceeds from debt	$5.7M	$8.0K	$825.0K	$1.8M
Repayment of debt	($8.3M)	($1.9M)	($3.0M)	($15.5M)
Repurchase of common stock	($662.2M)	($398.0M)	($164.9M)	—
Payment of contingent consideration for previously acquired businesses	($6.2M)	($6.2M)	($10.2M)	($6.6M)
Purchase of subsidiary shares from noncontrolling interest	-1.4M	—	-2.0M	-2.3M
Other financing activities, net	($6.7M)	($2.8M)	($4.1M)	($3.5M)
Net cash used in financing activities	($651.2M)	($390.4M)	($165.8M)	($2.0M)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$56.3M	($36.5M)	$29.4M	($44.9M)
Net increase (decrease) in cash, cash equivalents and restricted cash	$11.0M	($752.7M)	$359.5M	$234.3M
Cash, cash equivalents and restricted cash, beginning of period	$1.3B	$2.0B	$1.7B	$1.4B
Cash, cash equivalents and restricted cash, end of period	$1.3B	$1.3B	$2.0B	$1.7B
Interest	$1.4M	$3.7M	$4.7M	$1.7M
Acquisition-date fair value of contingent consideration issued for acquisition of businesses	$935.0K	$9.8M	$14.8M	$2.6M
Capital expenditures incurred but not yet paid	$4.8M	$4.2M	$24.0M	$57.1M

EPAM Systems, Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$185.5M	$82.5M	$268.3M	$161.5M
Depreciation and amortization of property and equipment	$63.6M	—	—	—
Operating lease right-of-use assets amortization expense	$20.7M	$10.4M	$30.9M	$20.6M
Bad debt expense (recovery)	($934.0K)	($593.0K)	($31.0K)	$169.0K
Deferred taxes	$4.6M	$19.1M	$3.2M	($6.1M)
Stock-based compensation expense	$96.3M	$49.9M	$131.6M	$87.0M
Other	$3.7M	$394.0K	$8.4M	$5.6M
Trade receivables and contract assets	($172.2M)	($78.8M)	($91.8M)	($116.4M)
Prepaid and other assets	($10.3M)	($16.1M)	$5.4M	$4.2M
Accounts payable	($12.5M)	($12.8M)	($5.3M)	($243.0K)
Accrued expenses and other liabilities	($153.6M)	($85.9M)	$21.9M	($60.7M)
Operating lease liabilities	($19.9M)	($9.6M)	($32.9M)	($21.6M)
Income taxes payable	($43.9M)	($26.5M)	($61.8M)	($59.5M)
Net cash provided by (used in) operating activities	($38.8M)	($36.4M)	$372.0M	$77.4M
Purchases of property and equipment	($33.1M)	($17.9M)	($27.5M)	($19.2M)
Purchases of short-term investments	($1.7M)	($835.0K)	($2.0M)	($2.0M)
Proceeds from short-term investments	$2.3M	$2.2M	$0	$0
Acquisition of business, net of cash acquired	($307.0K)	($307.0K)	($3.3M)	($3.3M)
Purchases of non-marketable securities	($240.0K)	$0	($720.0K)	($360.0K)
Proceeds from non-marketable securities	$0	$0	$2.9M	$2.9M
Other investing activities, net	$872.0K	$1.1M	($2.2M)	($1.5M)
Net cash used in investing activities	($32.2M)	($15.6M)	($32.8M)	($23.5M)
Proceeds from issuance of stock under the employee incentive programs	$14.3M	$704.0K	$35.0M	$34.6M
Payments of withholding taxes related to net share settlements of equity awards	($22.9M)	($3.2M)	($24.4M)	($23.3M)
Proceeds from debt	$180.0M	$140.0M	—	—
Repayment of debt	($180.2M)	($155.0K)	($1.8M)	($1.1M)
Repurchase of common stock	($409.0M)	($324.0M)	($438.6M)	($356.5M)
Payment of contingent consideration for previously acquired businesses	($7.2M)	($5.7M)	($6.2M)	($4.7M)
Purchase of subsidiary shares from noncontrolling interest	0	0	-1.4M	-1.4M
Other financing activities, net	($516.0K)	$92.0K	($1.8M)	($1.1M)
Net cash used in financing activities	($425.3M)	($192.2M)	($439.2M)	($353.6M)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	($10.8M)	($14.6M)	$53.1M	$55.8M
Net decrease in cash, cash equivalents and restricted cash	($507.1M)	($258.8M)	($46.9M)	($243.9M)
Cash, cash equivalents and restricted cash, beginning of period	$1.3B	$1.3B	$1.3B	$1.3B
Cash, cash equivalents and restricted cash, end of period	$794.3M	$1.0B	$1.2B	$1.0B

EPAM Systems, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.