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Investor Relations14 Oct 2025
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EPAM Systems (EPAM) investor relations material
EPAM Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue reached $1.353 billion, up 18% year-over-year, with organic constant currency growth of 5.3%.
All six verticals and three regions posted year-over-year and sequential growth, reflecting broad-based momentum.
AI-native services, digital engineering, and core engineering strengths are driving differentiation and client demand, supported by significant investments.
CEO transition plan is on track, with the new CEO to take over by September 2025; outgoing CEO to become executive chairman.
Revenues for H1 2025 reached $2.655 billion, up 14.8% year-over-year, driven by demand, acquisitions, and FX tailwinds.
Financial highlights
Q2 2025 revenue was $1.353 billion, up 18% year-over-year; U.S. revenues rose 7.2% to $710 million.
GAAP gross margin was 28.8% (down from 29.3% last year); non-GAAP gross margin was 30.1%.
GAAP income from operations was $126 million (9.3% of revenue); non-GAAP income from operations was $203 million (15%).
GAAP diluted EPS was $1.56 (down $0.14 year-over-year); non-GAAP diluted EPS was $2.77 (up $0.32 year-over-year).
Free cash flow was $43 million, down from $52 million in Q2 2024; cash and equivalents exceeded $1 billion.
Outlook and guidance
Full-year 2025 revenue growth expected at 13–15%, with inorganic contribution of 9%.
Organic constant currency revenue growth now guided to 3–5% for the year.
Q3 2025 revenue expected between $1.365–$1.38 billion, with 17.6% year-over-year growth at midpoint.
Full-year GAAP diluted EPS expected at $6.48–$6.64; non-GAAP diluted EPS at $10.96–$11.12.
Q4 revenue expected to be flat or modestly down sequentially due to seasonality.
Why did cash from operations decrease H1 2025?
Explain EPAM's Al and GenAl strategy.
Detail the components of the raised revenue outlook.
How is EPAM balancing talent additions vs bench?
What's driving EPAM's new discretionary programs?
How is EPAM measuring AI upskilling progress?
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Next EPAM Systems earnings date
Q3 20256 Nov, 2025
Next EPAM Systems earnings date
Q3 20256 Nov, 2025
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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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