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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
EPAM Systems
EPAM Systems (EPAM) investor relations material
EPAM Systems Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $1.426B, up 2.3% YoY and 2.5% on an organic constant-currency basis, exceeding the high end of outlook.
GAAP operating margin rose to 12.3% from 10.4%; non-GAAP operating margin increased to 16.7% from 16.0%.
AI-native revenue exceeded $185M, ~13% of revenue; the FY26 target increased to at least $650M from $600M.
Three large multiyear strategic deals were signed in Financial Services and Energy, with ramp expected in 2027.
Long-term targets include accelerating revenue growth through 2028, 16%+ non-GAAP operating margin in 2028 and $1.8B+ cumulative free cash flow in 2026-2028.
Financial highlights
Q3 GAAP operating income was $175.9M, up 21.4% YoY; non-GAAP operating income was $238.4M, up 7%.
GAAP diluted EPS was $2.53, up 32.5% YoY; non-GAAP diluted EPS was $3.51, up 14%.
GAAP gross margin was 31.3%, versus 29.5% YoY; non-GAAP gross margin was 32.8%, versus 31.0%.
Q3 net income was $130.3M versus $106.8M; diluted weighted-average shares were 51.5M versus 55.8M.
9M revenue was $4.241B versus $4.050B; GAAP operating income was $444.9M versus $370.7M, and net income was $315.8M versus $268.3M.
Outlook and guidance
FY26 revenue guidance is $5.646B-$5.661B, with reported growth of 3.5%-3.7% and organic constant-currency growth of 2.5%-2.7%.
FY26 GAAP/non-GAAP operating margin guidance is 10.7%-10.9% and 15.9%-16.1%; diluted EPS guidance is $8.41-$8.49 and $13.23-$13.31.
Q4 revenue guidance is $1.405B-$1.420B, with organic constant-currency growth of 0.5%-1.6%; non-GAAP operating margin is expected at 16%-17%.
Q4 GAAP/non-GAAP diluted EPS guidance is $2.43-$2.51 and $3.50-$3.58; free cash flow conversion is forecast above 100%.
2027 non-GAAP operating margin is expected at 15%-16%; double-digit growth is not expected in 2027. Deals should ramp in Q1, contribute more in Q2 and build further in H2.
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Latest events from EPAM Systems
- Q2 2026 revenue up 4.5%, AI-native at 11%, EMEA leads, North America lags, strong capital returns.EPAM
Q2 2026 - All Board proposals passed; shareholder special meeting proposal was rejected.EPAMAGM 2026
- Q1 2026 revenue up 7.6% to $1.4B, with strong EPS and major share repurchases.EPAMQ1 2026
- Proposal 5 adds 4M shares to the equity plan to support talent retention and AI strategy.EPAMProxy filing
- Shareholders will vote on seven key proposals, including governance and compensation changes.EPAMProxy filing
- Accelerating AI-native transformation and targeting double-digit growth with robust margins.EPAMInvestor Day 2026
- Q3 revenue up 19.4% year-over-year; full-year outlook raised and $1B buyback approved.EPAMQ3 2025
- Q1 revenue up 11.7% to $1.302B; outlook raised on digital and AI demand despite margin pressure.EPAMQ1 2025
- Q4 2024 beat expectations; 2025 outlook targets double-digit growth and AI-driven momentum.EPAMQ4 2024
Next EPAM Systems earnings date
Q4 202618 Feb, 2027
EPAM Systems
Next EPAM Systems earnings date
Q4 202618 Feb, 2027
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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.