EPAM financial statements

The full income statement, balance sheet, and cash-flow statement for EPAM Systems (EPAM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.46B YoY+15.4%	4.73B YoY+0.8%	4.69B YoY-2.8%	4.82B YoY+28.4%	3.76B YoY+41.3%
Cost of revenue	3.88B YoY+18.5%	3.28B YoY+0.6%	3.26B YoY-0.9%	3.29B YoY+32.3%	2.48B YoY+43.4%
Selling, general & administrative	929M YoY+13.8%	816M YoY+0.2%	815M YoY-6.6%	873M YoY+34.5%	649M YoY+33.8%
Restructuring	47.9M YoY+53.2%	31.3M YoY+7.9%	29.0M	—	—
Amortization of intangibles	71.4M YoY+142.1%	29.5M YoY+29.7%	22.7M YoY+2.2%	22.2M YoY+25.9%	17.6M YoY+43.0%
Provision for credit losses	1.81M YoY+141.2%	-4.40M YoY-208.8%	4.05M YoY-67.3%	12.4M YoY+398.2%	2.49M YoY+10.4%
Operating income	520M YoY-4.5%	545M YoY+8.6%	501M YoY-12.5%	573M YoY+5.7%	542M YoY+43.0%
Pre-tax income	506M YoY-13.5%	584M YoY+8.9%	537M YoY+5.8%	507M YoY-4.9%	533M YoY+40.9%
Income tax	128M YoY-1.5%	130M YoY+8.7%	120M YoY+36.0%	87.8M YoY+69.8%	51.7M YoY+0.8%
	378M YoY-16.9%	455M YoY+9.0%	417M YoY-0.6%	419M YoY-12.9%	482M YoY+47.2%
Net income to common	378M YoY-16.9%	455M YoY+9.0%	417M YoY-0.6%	419M YoY-12.9%	482M YoY+47.2%
	$6.72 YoY-14.3%	$7.84 YoY+11.0%	$7.06 YoY-0.4%	$7.09 YoY-13.0%	$8.15 YoY+45.5%
EPS (basic)	$6.76 YoY-14.8%	$7.93 YoY+10.0%	$7.21 YoY-1.5%	$7.32 YoY-14.1%	$8.52 YoY+45.1%
	55.9M YoY-2.4%	57.3M YoY-0.9%	57.8M YoY+0.9%	57.3M YoY+1.4%	56.5M YoY+1.4%
	56.2M YoY-3.0%	58.0M YoY-1.9%	59.1M YoY-0.1%	59.2M YoY+0.2%	59.1M YoY+1.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.53B YoY+4.4%	2.43B YoY-21.5%	3.09B YoY+12.0%	2.76B YoY+21.6%	2.27B YoY+18.6%
Cash & equivalents	1.30B YoY+0.8%	1.29B YoY-36.8%	2.04B YoY+21.1%	1.68B YoY+16.2%	1.45B YoY+9.4%
Short-term investments	—	1.69M YoY-97.2%	60.7M YoY+0.7%	60.3M	0.00
Prepaid expenses	130M YoY-5.9%	138M YoY+41.5%	97.4M YoY+14.1%	85.3M YoY+58.2%	53.9M YoY+82.4%
	4.90B YoY+3.2%	4.75B YoY+9.1%	4.35B YoY+8.6%	4.01B YoY+13.8%	3.52B YoY+29.5%
Property, plant & equipment	202M YoY-2.5%	208M YoY-11.7%	235M YoY-14.0%	273M YoY+15.7%	236M YoY+39.3%
Operating lease right-of-use	115M YoY-10.4%	128M YoY-4.9%	135M YoY-9.3%	149M YoY-19.5%	185M YoY-19.2%
Goodwill	1.21B YoY+2.5%	1.18B YoY+110.1%	562M YoY+6.3%	529M YoY-0.3%	531M YoY+150.4%
Intangible assets	407M YoY-6.8%	436M YoY+513.7%	71.1M YoY-8.4%	77.7M YoY-23.2%	101M YoY+94.6%
Deferred tax assets	295M YoY+9.4%	270M YoY+36.3%	198M YoY+14.5%	173M YoY+20.1%	144M YoY+55.7%
Other non-current assets	139M YoY+38.0%	101M YoY+68.7%	59.6M YoY+24.4%	47.9M YoY-15.9%	56.9M YoY+5.4%
	977M YoY+19.0%	821M YoY+27.3%	645M YoY-13.7%	747M YoY-2.1%	763M YoY+63.8%
Accounts payable	55.3M YoY+23.8%	44.7M YoY+39.7%	32.0M YoY+3.7%	30.9M YoY+24.2%	24.8M YoY+143.9%
Deferred revenue	104M YoY+75.7%	59.3M	—	—	—
Short-term & current debt	—	—	—	2.86M YoY-82.1%	16.0M
Current lease liability	37.2M YoY-6.2%	39.6M YoY+8.4%	36.6M YoY-9.4%	40.4M YoY-19.5%	50.1M YoY-17.5%
	1.22B YoY+9.4%	1.12B YoY+27.1%	881M YoY-12.4%	1.01B YoY-2.1%	1.03B YoY+39.2%
Long-term debt	25.0M YoY-0.6%	25.2M YoY-3.6%	26.1M YoY-5.7%	27.7M YoY-8.4%	30.2M YoY+20.8%
Deferred revenue (non-current)	674K YoY-9.0%	741K	—	—	—
Non-current lease liability	81.5M YoY-17.2%	98.4M YoY-9.9%	109M YoY-10.7%	122M YoY-14.3%	143M YoY-20.9%
Deferred tax liabilities	77.0M YoY-16.7%	92.4M YoY+956.3%	8.74M	—	—
Other non-current liabilities	63.9M YoY-22.4%	82.3M YoY-10.4%	91.8M YoY-15.5%	109M YoY+19.5%	90.9M YoY+290.7%
	3.68B YoY+1.3%	3.63B YoY+4.6%	3.47B YoY+15.6%	3.00B YoY+20.7%	2.49B YoY+25.4%
Common stock	54.0K YoY-5.3%	57.0K YoY-1.7%	58.0K YoY+0.0%	58.0K YoY+1.8%	57.0K YoY+1.8%
Additional paid-in capital	1.39B YoY+16.8%	1.19B YoY+18.0%	1.01B YoY+19.0%	848M YoY+19.1%	712M YoY+7.7%
Treasury stock	—	—	0.00 YoY-100.0%	118K YoY-33.3%	177K YoY+0.0%
Accumulated other comprehensive income	18.5M YoY+115.9%	-117M YoY-199.3%	-39.0M YoY+59.0%	-95.3M YoY-75.8%	-54.2M YoY-112.5%
Non-controlling interest	582K YoY-70.0%	1.94M YoY+235.1%	579K YoY-60.8%	1.48M YoY-83.1%	8.72M
Total equity incl. non-controlling	3.68B YoY+1.3%	3.63B YoY+4.6%	3.47B YoY+15.6%	3.00B YoY+20.3%	2.50B YoY+25.9%
Total liabilities & equity	4.90B YoY+3.2%	4.75B YoY+9.1%	4.35B YoY+8.6%	4.01B YoY+13.8%	3.52B YoY+29.5%
	54.3M YoY-4.6%	56.9M YoY-1.6%	57.8M YoY+0.2%	57.7M YoY+1.4%	56.9M YoY+1.3%
	54.3M YoY-4.6%	56.9M YoY-1.6%	57.8M YoY+0.2%	57.7M YoY+1.4%	56.8M YoY+1.3%
	54.1M YoY-4.8%	56.9M YoY-1.6%	57.8M YoY+0.3%	57.7M YoY+1.4%	56.9M YoY+1.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	655M YoY+17.1%	559M YoY-0.6%	563M YoY+21.2%	464M YoY-18.9%	572M YoY+5.1%
Depreciation & amortization	125M YoY+39.4%	89.6M YoY-2.4%	91.8M YoY-0.5%	92.3M YoY+10.6%	83.4M YoY+32.6%
Share-based compensation	177M YoY+5.7%	167M YoY+13.2%	148M YoY+47.9%	99.9M YoY-10.5%	112M YoY+48.4%
Deferred income taxes	-59.3M YoY+7.6%	-64.2M YoY-72.6%	-37.2M YoY+11.8%	-42.2M YoY+10.1%	-46.9M YoY-134.6%
Change in payables	-12.7M YoY+56.4%	-29.1M YoY-18985.7%	154K YoY+105.2%	-2.93M YoY-22.1%	-2.40M YoY-199.0%
	-49.0M YoY+94.5%	-885M YoY-1225.5%	-66.8M YoY+63.5%	-183M YoY+50.4%	-369M YoY-120.7%
Capital expenditure	42.2M YoY+31.4%	32.1M YoY+13.1%	28.4M YoY-65.2%	81.6M YoY-26.8%	112M YoY+62.1%
Free cash flow	613M YoY+16.3%	527M YoY-1.3%	534M YoY+39.7%	382M YoY-17.0%	461M YoY-3.1%
Acquisitions	3.43M YoY-99.6%	912M YoY+3575.5%	24.8M YoY+133.2%	10.6M YoY-96.6%	315M YoY+1567.5%
Other investing activities	3.34M YoY+244.5%	-2.31M YoY-123.3%	9.94M YoY-65.8%	29.0M YoY+36845.6%	-79.0K YoY+92.2%
	-651M YoY-66.8%	-390M YoY-135.5%	-166M YoY-8102.5%	-2.02M YoY+96.6%	-59.6M YoY-7685.2%
Long-term debt issued	5.71M YoY+71325.0%	8.00K YoY-99.0%	825K YoY-53.2%	1.76M YoY-94.3%	31.1M
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	662M YoY+66.4%	398M YoY+141.3%	165M	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	-6.67M YoY-136.7%	-2.82M YoY+74.4%	-11.0M YoY-92.4%	-5.72M YoY-146.1%	-2.32M YoY-10966.7%
FX effect on cash	56.3M YoY+254.3%	-36.5M YoY-224.2%	29.4M YoY+165.5%	-44.9M YoY-148.8%	-18.0M YoY-292.7%
Net change in cash	11.0M YoY+101.5%	-753M YoY-309.4%	359M YoY+53.4%	234M YoY+86.2%	126M YoY-67.4%
Interest paid	1.40M YoY-62.6%	3.74M YoY-20.4%	4.70M YoY+183.2%	1.66M YoY+301.7%	413K YoY-2.8%
Income taxes paid	184M YoY-6.1%	196M YoY+10.7%	177M YoY+56.7%	113M YoY+29.6%	87.3M YoY+60.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.1B YoY-16.6%	13.3B YoY-22.5%	17.2B YoY-9.0%	18.8B YoY-50.4%	38.0B YoY+88.9%
P/E	29.4× YoY+0.4%	29.3× YoY-19.1%	36.2× YoY-22.0%	46.4× YoY-41.3%	78.9× YoY+28.3%
P/S	2.0× YoY-27.8%	2.8× YoY-21.9%	3.6× YoY-10.2%	4.0× YoY-60.4%	10.1× YoY+33.6%
P/B	3.0× YoY-17.7%	3.7× YoY-29.5%	5.2× YoY-23.9%	6.8× YoY-55.3%	15.3× YoY+50.6%
P/FCF	18.1× YoY-28.3%	25.2× YoY-20.9%	31.9× YoY-24.5%	42.3× YoY-48.8%	82.5× YoY+94.9%
	3.4% YoY-0.4%	3.4% YoY+23.5%	2.8% YoY+28.2%	2.2% YoY+70.3%	1.3% YoY-22.0%
	5.5% YoY+39.4%	4.0% YoY+26.5%	3.1% YoY+32.4%	2.4% YoY+95.2%	1.2% YoY-48.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: EPAM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all EPAM filings on SEC EDGAR → Not investment advice.