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EPAM Systems
EPAM Systems (EPAM) investor relations material
EPAM Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved strong Q4 and full-year 2025 results, with double-digit revenue growth and outperformance versus guidance, driven by AI-native and AI foundational services momentum.
AI-native revenues exceeded $105 million in Q4, with expectations to surpass $600 million in 2026, reflecting rapid scaling and robust demand.
Recognized as a leader in generative AI consulting and implementation by Gartner, and received multiple industry awards for innovation and service quality.
Full year GAAP diluted EPS was $6.72 (down 14.3% YoY); non-GAAP diluted EPS was $11.50 (up 5.9% YoY).
Strong growth in AI-native revenues and continued investment in AI innovation and talent.
Financial highlights
Q4 2025 revenue was $1.408 billion, up 12.8% year-over-year; full-year 2025 revenue reached $5.457 billion, up 15.4% year-over-year.
Q4 GAAP income from operations was $149.3 million (10.6% margin); non-GAAP was $230 million (16.3% margin).
Full year GAAP income from operations was $520 million (9.5% margin); non-GAAP was $831.5 million (15.2% margin).
Q4 GAAP EPS was $1.98; non-GAAP EPS was $3.26, up 14.8% year-over-year.
Free cash flow in Q4 was $268 million, and $613 million for the full year, with a 94.7% adjusted net income conversion.
Outlook and guidance
2026 revenue growth expected at 4.5%-7.5% reported, with 3%-6% organic constant currency growth.
GAAP operating margin guidance: 10%-11%; non-GAAP: 15%-16%.
2026 GAAP EPS expected at $7.95-$8.25; non-GAAP EPS at $12.60-$12.90, up 10.9% YoY.
Q1 2026 revenue guidance: $1.385-$1.4 billion, with 3% organic constant currency growth at midpoint; non-GAAP EPS $2.70–$2.78, up 13.7% YoY.
Guidance reflects a -1% headwind from a large NEORIS client and assumes stable productivity in Ukraine.
What drives AI-native revenue acceleration?
Explain flat Business Info & Media revenue.
When will cost optimization charges conclude?
AI-native revenue growth drivers for 2026
NEORIS client revenue decline mitigation
Key levers for 2026 gross margin improvement
Partial view of Summaries dataset, powered by Quartr API
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Next EPAM Systems earnings date
Investor Day 202612 Mar, 2026
EPAM Systems
Next EPAM Systems earnings date
Investor Day 202612 Mar, 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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