EPAM Systems

EPAM Systems builds software for large companies. It designs, builds and runs digital platforms, data systems and AI tools for its clients, and it also gives consulting services. Its largest client groups are in financial services, software and technology, consumer goods and retail, business information and media, and life sciences and healthcare.

Most clients are in North America and Europe. Revenue was $5.46 billion in 2025. EPAM had about 63,650 employees at September 30, 2026, and about 57,350 of them were delivery professionals.

India is its largest delivery location. At December 31, 2025, about 14,100 of its employees were in Ukraine and Belarus. Balazs Fejes became Chief Executive Officer in September 2025, and the founder, Arkadiy Dobkin, is Executive Chairman.

The market prices EPAM for the risk that AI tools reduce the number of engineering hours that clients pay for. EPAM sells most of its work by time and effort, so fewer hours can mean less revenue. EPAM cut its 2026 organic constant currency growth outlook three times: from 3% to 6% in February, to 2.5% to 5.0% in May and to 2.0% to 3.0% in August 2026. In November 2026, it narrowed the outlook to 2.5% to 2.7%, but it expects organic growth of only 0.5% to 1.6% in Q4 2026.

EPAM now returns more cash: it plans a $500 million accelerated buyback in November 2026 and commits to return at least 50% of free cash flow each year from 2027 to 2029. For the gap to close, three things must be true. Revenue growth must stop slowing and move up again in 2027, which shows that AI work replaces the hours that clients cut. The non-GAAP operating margin must stay in the 15.9% to 16.1% range of the 2026 outlook or rise.

Operating cash flow must stay positive, as in Q3 2026, to fund the buybacks. The full-year report and the 2027 outlook, expected in February 2027, are the main test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is that AI lowers the demand for paid engineering hours faster than EPAM can sell new AI work.

1. Nov 5, 2026Passed

   Q3 2026 results: growth and cash flowRevenue at or above the $1.410 billion to $1.425 billion outlook, a non-GAAP operating margin of 15.5% or more and positive operating cash flow pass; a lower outlook or more negative cash flow fails.Outcome: Revenue was $1.426 billion, the non-GAAP operating margin was 16.7% and operating cash flow was $288.8 million.
2. Feb 5, 2027 · est.Pending

   2027 outlook: does growth move up againA 2027 organic constant currency growth outlook above the 2.0% to 3.0% of 2026 passes; an outlook for slower growth fails.

Every passed and failed checkpoint across all picks

• November 9, 2026EPAM signed a $500 million accelerated share repurchase agreement with UBS under its $1.8 billion buyback program. It expected an initial delivery of 2,550,695 shares by November 10, 2026, and final settlement in Q1 2027. EPAM pays with cash on hand and borrowings under its credit facility.
• November 5, 2026EPAM reported Q3 2026 results. Revenue rose 2.3% to $1.426 billion, and organic constant currency growth was 2.5%. The non-GAAP operating margin rose to 16.7% from 16.0%, and non-GAAP EPS rose 14.0% to $3.51. Operating cash flow was $288.8 million. EPAM narrowed its 2026 organic constant currency growth outlook to 2.5% to 2.7% and raised its non-GAAP EPS outlook to $13.23 to $13.31. The board approved a new buyback program of up to $1.8 billion through 2029. EPAM plans a $500 million accelerated buyback in the week of November 9, 2026, and it commits to return at least 50% of free cash flow to shareholders each year from 2027 to 2029.
• August 31, 2026The activist fund Engine Capital made public a letter to the EPAM board. Reuters reported that the fund owns about 1.5% of EPAM. The letter asks EPAM to use its cash, future free cash flow and debt for much larger buybacks. If the board does not do this, the fund wants a formal strategic review, which can include a sale of the company. It also asks for new independent directors and a capital allocation committee.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 8-KNew material agreementFiled November 10, 2026 · epam-20261109
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · epam-20260930
• 8-KEarnings release and Other company newsFiled November 5, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · epam-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Change to shareholder rights or bylawsFiled May 26, 2026 · epam-20260521
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · epam-20260331
• 8-KEarnings releaseFiled May 7, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled April 1, 2026 · epam-20260331
• 8-KInvestor disclosureFiled March 12, 2026 · epam-20260312

Every filing on SEC EDGAR (CIK 1352010)

• AI coding and testing tools can do part of the work that clients now pay EPAM to do by the hour. If clients cut hours faster than EPAM sells new AI projects, revenue can fall. EPAM cut its 2026 growth outlook three times in 2026.
• About 14,100 employees were in Ukraine and Belarus at December 31, 2025. The war in Ukraine can disrupt delivery, and clients can move work away from the region.
• Operating cash flow was only $250.1 million in the first nine months of 2026, against $372.0 million a year earlier, and cash fell by $331 million in nine months after buybacks. EPAM borrows on its credit facility for part of the $500 million accelerated buyback that it signed on November 9, 2026. If collections weaken again, it has less cash for buybacks and acquisitions.
• Most clients are in North America and Europe and in sectors such as financial services and consumer goods. A weaker economy can make clients delay new projects.

EPAM has net cash. At September 30, 2026, it had cash and cash equivalents of $965.2 million and short-term investments of $4.6 million. Read more

EPAM Systems does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.