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EPAM Systems (EPAM) investor relations material
EPAM Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 results exceeded expectations with revenue of $1.394 billion, up 19.4% year-over-year, driven by AI-native demand and foundational data/cloud services.
Five of six verticals grew year-over-year, with notable strength in financial services, software/high-tech, and emerging verticals.
AI initiatives are a key growth driver, with 60-70% of AI-native projects expanding from proof of concept to larger programs.
Strategic investments in AI talent, playbooks, and proprietary tools like AI Run Transform and Agentic QA are enhancing capabilities and client value.
Industry recognition includes leadership positions in IDC Marketscape, top employer rankings, and recognition for digital engineering and experience design services.
Financial highlights
Q3 revenue was $1.394 billion, up 19.4% year-over-year (reported), and 7.1% organic constant currency growth.
GAAP gross margin was 29.5% (down from 34.6% last year); non-GAAP gross margin was 31%.
GAAP income from operations was $145 million (10.4% margin); non-GAAP income from operations was $222.8 million (16% margin).
GAAP diluted EPS was $1.91 (down $0.46 year-over-year); non-GAAP diluted EPS was $3.08 (down $0.04 year-over-year).
Free cash flow reached a record $286 million; cash and equivalents over $1.2 billion.
Outlook and guidance
Full-year 2025 revenue expected at $5.430–$5.445 billion (15% growth at midpoint), with 4.6% organic constant currency growth.
Q4 2025 revenue guidance: $1.380–$1.395 billion (11.1% growth at midpoint), 4.4% organic constant currency growth.
Full-year GAAP income from operations expected at 9.4–9.7%; non-GAAP at 15–15.3%.
Full-year GAAP EPS expected at $6.75–$6.83; non-GAAP EPS at $11.36–$11.44.
Q4 GAAP EPS guidance: $2.00–$2.08; non-GAAP: $3.10–$3.18.
Quantify AI-driven revenue contribution
Impact of cost optimization on Q3 profitability
Cash flow impact of share repurchase plan
AI's impact on long-term headcount needs?
Detail account margin improvement drivers
What is EPAM's competitive advantage in AI delivery?
AI project conversion rate & profitability impact?
What drives client redirection from competitors?
Agentic BPO strategy and market potential?
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Next EPAM Systems earnings date
Q4 202520 Feb, 2026
Next EPAM Systems earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Software Development Services
EPAM Systems is an American company that provides various software engineering and development services. The company offers solutions to clients across various industries including finance, healthcare, retail, and media, and is known for its expertise in complex software engineering, particularly in customizing technology platforms and conducting digital and product design. The company is headquartered in Newton, Pennsylvania, and its shares are listed on the NYSE.
An American and Belorussian Project
The company was founded in Princeton, New Jersey in 1993 by Arkadiy Dobkin and Leo Lozner and had three employees in the USA and Belarus. The company grew rapidly, and in just five years it had already attracted two major customers, Colgate-Palmolive and SAP. The company has undergone rapid growth, both organically as well as through several strategic acquisitions over the years. During the mid 2010s EPAM was listed as one of the fastest-growing public tech companies in the world, and in 2021 it had its first billion-dollar revenue quarter.
Software Engineering
The company primarily focuses on building custom software applications and complex solutions for its clients. This includes full-cycle software development where EPAM's teams are involved in all stages of the development process from initial analysis to deployment and maintenance. The company has expertise in a wide array of technology stacks and platforms, enabling them to create tailored solutions for customers.
Product Development
In addition to software development, EPAM offers product development services, where they assist clients in designing, developing, and evolving their software products. This includes not just coding, but also advising on the best technological practices and trends to ensure the products are relevant to the client’s industry. It also provides digital transformation services, helping businesses modernize their existing systems and processes with the latest digital technologies. This includes integrating new software and technologies into existing IT ecosystems to enhance performance, scalability, and efficiency. The two aforementioned business segments only begin to scratch at the surface of EPAM’s offerings, and other areas of operations include cloud, cybersecurity, and AI.
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