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IT services · Technology · Fiscal year ends Dec 31
EPAM Systems reported revenue of $5.5B in the fiscal year ended Dec 2025, up 15.4% from the year before. Operating income was $520M, an operating margin of 9.5%, and net income was $378M. Operating cash flow of $655M less capital expenditure of $42M left free cash flow of $613M. It held more cash than debt (net cash $1.3B).
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,758 | 4,825 | 4,691 | 4,728 | 5,457 |
| Cost of revenue | 2,484 | 3,287 | 3,257 | 3,277 | 3,884 |
| Gross profit | 1,274 | 1,538 | 1,434 | 1,450 | 1,574 |
| Selling, general & admin | 649 | 873 | 815 | 816 | 929 |
| Operating income | 542 | 573 | 501 | 545 | 520 |
| Pre-tax income | 533 | 507 | 537 | 584 | 506 |
| Income tax | 51.7 | 87.8 | 120 | 130 | 128 |
| Net income | 482 | 419 | 417 | 455 | 378 |
| Diluted EPS | 8.15 | 7.09 | 7.06 | 7.84 | 6.72 |
| Diluted shares | 59.1 | 59.2 | 59.1 | 58.0 | 56.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,447 | 1,681 | 2,036 | 1,286 | 1,296 |
| Current assets | 2,269 | 2,760 | 3,091 | 2,426 | 2,534 |
| Net PP&E | 236 | 273 | 235 | 208 | 202 |
| Goodwill | 531 | 529 | 562 | 1,182 | 1,211 |
| Total assets | 3,523 | 4,009 | 4,352 | 4,750 | 4,902 |
| Payables | 24.8 | 30.9 | 32.0 | 44.7 | 55.3 |
| Deferred revenue | 39.8 | 36.0 | 28.0 | 59.3 | 104 |
| Current liabilities | 763 | 747 | 645 | 821 | 977 |
| Short-term debt | 16.0 | 2.9 | – | – | – |
| Long-term debt | 30.2 | 27.7 | 26.1 | 25.2 | 25.0 |
| Total liabilities | 1,027 | 1,006 | 881 | 1,119 | 1,224 |
| Shareholders' equity | 2,487 | 3,002 | 3,471 | 3,629 | 3,677 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 572 | 464 | 563 | 559 | 655 |
| Capital expenditure | 112 | 81.6 | 28.4 | 32.1 | 42.2 |
| Free cash flow | 461 | 382 | 534 | 527 | 613 |
| Depreciation & amortisation | 83.4 | 92.3 | 91.8 | 89.6 | 125 |
| Stock-based compensation | 112 | 99.9 | 148 | 167 | 177 |
| Acquisitions | 315 | 10.6 | 24.8 | 912 | 3.4 |
| Share buybacks | 0.0 | 0.0 | 165 | 398 | 662 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.4% | −2.8% | 0.8% | 15.4% |
| Operating income growth (YoY) | – | 5.7% | −12.5% | 8.6% | −4.5% |
| EPS growth (YoY) | – | −13.0% | −0.4% | 11.0% | −14.3% |
| Gross margin | 33.9% | 31.9% | 30.6% | 30.7% | 28.8% |
| Operating margin | 14.4% | 11.9% | 10.7% | 11.5% | 9.5% |
| Net margin | 12.8% | 8.7% | 8.9% | 9.6% | 6.9% |
| Return on equityBlank when equity is negative | 19.4% | 14.0% | 12.0% | 12.5% | 10.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.7% | 17.6% | 13.5% | 13.9% | 13.2% |
| Free cash flow margin | 12.3% | 7.9% | 11.4% | 11.1% | 11.2% |
| Cash conversion (CFO ÷ net income) | 1.19x | 1.11x | 1.35x | 1.23x | 1.73x |
| Payable days | 4 | 3 | 4 | 5 | 5 |
| Debt ÷ equity | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,400 | −1,651 | −2,010 | −1,261 | −1,271 |
| Current ratio | 2.97x | 3.69x | 4.79x | 2.96x | 2.59x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.