Epam Systems (EPAM) FY2025 results: revenue $5.5 billion, up 15.4% on the year
Epam Systems, Inc. (EPAM) reported revenue of $5.5 billion for fiscal 2025, the year ended 31 December 2025, up 15.4% on the year before. Net income was $378 million, down 16.9%, and diluted earnings per share $6.72. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$5.5 billion
+15.4% on the year
FY2018FY2025
Operating margin
9.5%
11.5% a year earlier
FY2018FY2025
Net income
$378 million
-16.9% on the year
FY2018FY2025
Diluted EPS
$6.72
-14.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 18 new.
Fourth-quarter revenue rose 12.8%: Revenues were $1.408 billion, up $159.2 million. Organic constant currency growth was 5.6%, after removing inorganic revenue of 4.6 points and currency effects of 2.6 points.
Full-year growth included acquisitions: Full-year revenue was $5.457 billion, up 15.4%. Inorganic revenue added 9.2 points and currency 1.3 points, leaving organic constant currency growth of 4.9%.
Full-year GAAP EPS fell 14.3%: GAAP diluted EPS was $6.72, down from $7.84. Non-GAAP diluted EPS was $11.50, up from $10.86. GAAP operating income was $520.0 million, down 4.5%.
Full-year GAAP margin fell to 9.5%: GAAP operating margin was 9.5% for 2025 against 11.5% in 2024; non-GAAP was 15.2% against 16.5%. Fourth-quarter margins were 10.6% GAAP and 16.3% non-GAAP, against 10.9% and 16.7% a year earlier.
AI-native revenue scaling cited: The company said it scaled and accelerated AI-native revenues in 2025. The documents give no dollar amount or share of revenue for AI-native work.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
655
559
563
+17.1%
Capital expenditure
42.2
32.1
28.4
+31.4%
Free cash flow
613
527
534
+16.3%
Free cash flow margin
11.2%
11.1%
11.4%
Cash from investing
-49.0
-885
-66.8
Cash from financing
-651
-390
-166
Depreciation and amortisation
125
89.6
91.8
+39.4%
Share-based compensation
177
167
148
+5.7%
Buybacks
662
398
165
+66.4%
Diluted shares, weighted
56m
58m
59m
-3.0%
Shares outstanding at period end
54m
57m
58m
-4.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,677
3,629
3,471
+1.3%
Non-controlling interest
0.6
1.9
0.6
-70.0%
Debt
25.0
25.2
26.1
-0.6%
Operating lease liabilities
81.5
98.4
109
-17.2%
Other liabilities
1,118
996
746
+12.3%
Total liabilities and equity
4,902
4,750
4,352
+3.2%
Fixed assets
202
208
235
-2.5%
Goodwill
1,211
1,182
562
+2.5%
Intangible assets
407
436
71.1
-6.8%
Investments
n/a
1.7
60.7
Cash and equivalents
1,296
1,286
2,036
+0.8%
Other assets
1,787
1,637
1,387
+9.1%
Total assets
4,902
4,750
4,352
+3.2%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.