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EPAM Systems, Inc. (EPAM) stock

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NYSE: EPAM NYSE IT Consulting & Other Services Next results ~November 5, 2026

B Fundamentals grade

EPAM Systems is a global technology services firm that provides digital engineering, cloud and artificial-intelligence transformation work, alongside strategy, experience and technology consulting delivered through its EPAM Continuum practice. Its offerings span custom software development and product engineering, cloud migration, data and analytics, customer-experience design, cybersecurity and marketing, the last run under the Empathy Lab agency brand. AI tools such as the AI/RUN platform and the DIALX Lab initiative are woven into these services.

The company works for large enterprises and start-ups, earning its money by supplying skilled delivery teams that build and maintain software; clients typically own the intellectual property created for them. New accounts arrive through referrals and a dedicated sales team, and many client relationships are long-standing.

Clients sit within five main verticals: financial services; consumer goods, retail and travel; software and hi-tech; business information and media; and life sciences and healthcare. EPAM has more than 30 years of engineering history and, at the end of 2025, employed roughly 62,850 people, about 56,600 of them delivery professionals, with India its largest delivery location at around 12,200.

Based on EPAM Systems, Inc.'s 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$160

Cash-flow model

Base case. Range ~$120–$210 across our lower- and higher-growth cases (2.9%–12.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 9% below our base value.

Price used: $143.80, November 2, 2026

EPAM Systems, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter EPAM Systems files

Where Epam Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.62bn, up 10.8% on a year earlier, slower than 14.2% a quarter earlier. Free-cash-flow margin held at 8.6%. The diluted share count is down 4.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $166 a share, against a share price of $130. At that price, our model says the market is pricing in about 3.3% a year of cash-flow growth for five years, slower than the 8.4% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

EPAM Systems, Inc.'s trailing-twelve-month revenue grew 10.8% year on year, with a free-cash-flow margin of 8.6%. Where it stands out: change in share count of -4.8% ranks 7 of 39 it consulting & other services companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$120–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.8% while net income grew 0.1%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.8% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 0.3 against the S&P 500.
  • Growth easing. The growth rate is 3.4 points lower than a quarter earlier.
  • Heavily shorted. 17.6% of the shares available to trade are sold short (6.5 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$3.38 against an average estimate of $3.14: beat by 7.6%
Revenue
$1.41bn, up 4.5% on a year earlier
Share reaction
-11.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
year-over-year revenue growth rate growth 3.2% to 4.2% (2026); year-over-year revenue growth rate on an organic constant currency basis growth 2% to 3% (2026)
Next report
November 5, 2026; average EPS estimate $3.40

EPAM Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+4.5%
  • 1 month+32.8%
  • This year-29.8%
  • 1 year-12.1%
  • 5 years-78.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.6B
Operating margin
10.0%
Net margin
7.2%
EPS (TTM, diluted)
$7.38

Growth

Revenue growth
+10.8%
Change in growth rate
−3.4 pts
Share count change
−4.8%

Cash

Free cash flow (TTM)
$483M
FCF margin
8.6%
Stock pay % of revenue
3.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance
  6. Partnership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

EPAM Systems, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 3.7% a year of cash-flow growth for five years.That is close to the 8.4% a year revenue growth EPAM Systems has delivered.

  • Priced in3.7%
  • Last 12 months10.8%
  • 3 years a year5.1%
  • 5 years a year8.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($135.01, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$160
Price used
$135.01close November 3, 2026
Implied change
▲ +17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of EPAM Systems, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($339M, FY2026 Q2 TTM), growing 3.9% and 6.4% in the next two years (forecasts, guidance and its record), then back to 7.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of EPAM Systems, Inc.'s free cash flow after stock-based pay ( $339M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value EPAM Systems, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$120–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$120–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$95–$130 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$110–$160 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare EPAM Systems, Inc. with IT Consulting & Other Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $110$144$189$248$325$425
8.5% $87$112$144$187$242$313
10% $74$93$118$150$192$246

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$78.62$64.31$107.43$116.01$212.16$358.35$668.45$327.74$297.34$233.82$204.88$143.80
Market value$4.1bn$3.4bn$5.9bn$6.6bn$12.2bn$20.9bn$39.5bn$19.4bn$17.6bn$13.6bn$11.5bn$7.8bn
+ Net debt (− = net cash)−$164m−$337m−$558m−$746m−$911m−$1.3bn−$1.4bn−$1.7bn−$2.0bn−$1.3bn−$1.3bn−$764m
Enterprise value$3.9bn$3.1bn$5.3bn$5.8bn$11.3bn$19.6bn$38.1bn$17.7bn$15.6bn$12.3bn$10.2bn$7.1bn
Multiples
Price / sales 4.5x2.9x4.1x3.6x5.3x7.9x10.5x4.0x3.7x2.9x2.1x1.4x
Price / earnings 48.4x34.5x81.2x27.4x46.9x64.0x82.0x46.2x42.1x29.8x30.5x19.5x
Price / free cash flow 64.8x24.8x36.2x25.8x65.0x44.0x85.7x50.7x32.9x25.7x18.8x16.2x
EV / EBITDA 31.8x19.6x26.5x20.6x32.5x44.4x60.9x26.7x26.2x19.4x15.9x10.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

63 /100

Moderate moat

How hard EPAM Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.5% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 33.5%, moving by 2.5 percentage points (standard deviation) across 10 years.

  • Durability 13 / 20

    Operating margin has been a median 12.2%; its worst year was 10.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 3.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (78 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $1.4bn and EPS of $3.40 (range $3.27 to $3.44) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.15 +14% $5.7bn +4%
Next $14.02 +7% $5.9bn +4%

Next year's EPS estimate has moved −0.8% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 1 analyst raised EPAM Systems, Inc.'s forecast and 0 cut it.

Consensus EPS forecast EPAM Systems, Inc., last 90 days
$13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.05 Current fiscal year, 60 days ago: $13.15 Current fiscal year, 30 days ago: $13.15 Current fiscal year, 7 days ago: $13.15 Current fiscal year, Now: $13.15 $13.15 Next fiscal year, 90 days ago: $14.13 Next fiscal year, 60 days ago: $14.06 Next fiscal year, 30 days ago: $14.06 Next fiscal year, 7 days ago: $14.02 Next fiscal year, Now: $14.02 $14.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.05$14.13
60 days ago $13.15$14.06
30 days ago $13.15$14.06
7 days ago $13.15$14.02
Now $13.15$14.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.14 $3.38 +7.6%
Mar 2026 $2.75 $2.86 +3.8%
Dec 2025 $3.16 $3.26 +3.2%
Sept 2025 $3.03 $3.08 +1.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • year-over-year revenue growth rate 2026 3.2% growth to 4.2% growth
    “The Company now expects the year-over-year revenue growth rate to be in the range of 3.2% to 4.2% for 2026 and now expects the year-over-year revenue growth rate on an organic constant currency basis to be in the range of 2.0% to 3.0%;” source
  • year-over-year revenue growth rate on an organic constant currency basis 2026 2% growth to 3% growth Non-GAAP
    “The Company now expects the year-over-year revenue growth rate to be in the range of 3.2% to 4.2% for 2026 and now expects the year-over-year revenue growth rate on an organic constant currency basis to be in the range of 2.0% to 3.0%;” source
  • revenues the third quarter $1.41bn to $1.425bn
    “The Company expects revenues will be in the range of $1.410 billion to $1.425 billion for the third quarter, reflecting year-over-year growth of 1.7% at the midpoint of the range.” source
  • year-over-year growth the third quarter about 1.7% growth
    “The Company expects revenues will be in the range of $1.410 billion to $1.425 billion for the third quarter, reflecting year-over-year growth of 1.7% at the midpoint of the range.” source
  • year-over-year revenue growth rate on an organic constant currency basis the third quarter about 1.8% growth Non-GAAP
    “The Company expects the year-over-year revenue growth rate on an organic constant currency basis to be 1.8% at the midpoint of the range;” source
  • GAAP diluted EPS the full year $8.22 to $8.38 GAAP
    “EPAM now expects GAAP diluted EPS to be in the range of $8.22 to $8.38 and non-GAAP diluted EPS to be in the range of $13.08 to $13.24.” source
Show 13 more items
  • non-GAAP diluted EPS the full year $13.08 to $13.24 Non-GAAP
    “EPAM now expects GAAP diluted EPS to be in the range of $8.22 to $8.38 and non-GAAP diluted EPS to be in the range of $13.08 to $13.24.” source
  • GAAP diluted EPS the quarter $2.33 to $2.41 GAAP
    “EPAM expects GAAP diluted EPS will be in the range of $2.33 to $2.41 for the quarter, and non-GAAP diluted EPS will be in the range of $3.38 to $3.46 for the quarter.” source
  • non-GAAP diluted EPS the quarter $3.38 to $3.46 Non-GAAP
    “EPAM expects GAAP diluted EPS will be in the range of $2.33 to $2.41 for the quarter, and non-GAAP diluted EPS will be in the range of $3.38 to $3.46 for the quarter.” source
  • GAAP income from operations the full year 10.5% to 11% GAAP
    “For the full year, EPAM now expects GAAP income from operations to be in the range of 10.5% to 11.0% of revenues and non-GAAP income from operations to be in the range of 15.5% to 16.0% of revenues;” source
  • non-GAAP income from operations the full year 15.5% to 16% Non-GAAP
    “For the full year, EPAM now expects GAAP income from operations to be in the range of 10.5% to 11.0% of revenues and non-GAAP income from operations to be in the range of 15.5% to 16.0% of revenues;” source
  • GAAP income from operations the third quarter 11% to 12% GAAP
    “For the third quarter, EPAM expects GAAP income from operations to be in the range of 11.0% to 12.0% of revenues and non-GAAP income from operations to be in the range of 15.5% to 16.5% of revenues;” source
  • non-GAAP income from operations the third quarter 15.5% to 16.5% Non-GAAP
    “For the third quarter, EPAM expects GAAP income from operations to be in the range of 11.0% to 12.0% of revenues and non-GAAP income from operations to be in the range of 15.5% to 16.5% of revenues;” source
  • GAAP effective tax rate the full year about 27% GAAP Maintained
    “The Company continues to expect its GAAP effective tax rate to be approximately 27% and its non-GAAP effective tax rate to be approximately 24%; and” source
  • non-GAAP effective tax rate the full year about 24% Non-GAAP Maintained
    “The Company continues to expect its GAAP effective tax rate to be approximately 27% and its non-GAAP effective tax rate to be approximately 24%; and” source
  • weighted average diluted shares outstanding the year about 52.2m
    “The Company now expects weighted average diluted shares outstanding for the year to be 52.2 million.” source
  • GAAP effective tax rate the third quarter about 25% GAAP
    “The Company expects its GAAP effective tax rate to be approximately 25% and its non-GAAP effective tax rate to be approximately 24%; and” source
  • non-GAAP effective tax rate the third quarter about 24% Non-GAAP
    “The Company expects its GAAP effective tax rate to be approximately 25% and its non-GAAP effective tax rate to be approximately 24%; and” source
  • weighted average diluted shares outstanding the quarter about 51.4m
    “The Company expects weighted average diluted shares outstanding for the quarter to be 51.4 million.” source

How earlier guidance turned out

  • GAAP diluted EPS, Second Quarter 2026 guided $1.79 to $1.87 Above range: $1.97
  • GAAP income from operations as a percentage of revenues, Second Quarter 2026 guided 9% to 10% Above range: 10.75951%
  • revenues, Second Quarter 2026 guided $1.4bn to $1.415bn Within range: $1.414767bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows EPAM Systems, Inc.'s revenue by +3.9% next year and +6.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.6%, weight 56%) , management guidance (+2.6%, weight 19%) and the company's own record (+7.9%, weight 25%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy842%
Hold1158%
Sell00%

Monthly trend

  1. Oct 202671119
  2. Sep 2026271019
  3. Aug 2026271019
  4. Jul 202638819

Counts of recommendations published by analysts covering EPAM Systems, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.6%
of tradable shares
Days to cover
6.51
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.3%
of shares
Employees
62,850
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −12.1%

$163.54 on October 31, 2025 to $143.80

ThenNowEffect
Revenue (last 12 months) $5.1bn $5.6bn +10.8%
Net margin 7.9% 7.2% −9.6%
P/E multiple 23.3x 19.5x −16.4%
Share count 57m 54m +5.1%

Biggest factor: p/e multiple.

Last 3 years −40.3%

$240.70 on November 3, 2023 to $143.80

ThenNowEffect
Revenue (last 12 months) $4.8bn $5.6bn +16.1%
Net margin 11.0% 7.2% −35.1%
P/E multiple 26.8x 19.5x −27.2%
Share count 59m 54m +9.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EPAM+87%−51%−9%−21%−12%−30%
Industry peers (median)+9%−35%+8%+24%−23%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EPAM75%42%42%33%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EPAM−20%−74%−46%−46%−47%−66%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from November 8, 2021 to June 22, 2026. Getting back needed a 844% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$76.04 – $221.40
From 52-week high
−35.0%
vs 50-day average
+21.1%
vs 200-day average
+18.3%
Volatility (1 year)
52%
Beta vs S&P 500
0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.6%
After a week
6 up, 6 down
typical move ±13.4%
After a month
7 up, 5 down
typical move ±15.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −11.3% +0.5% −7.6% +6.5%
May 7, 2026 −7.2% +0.5% −16.2% −9.6%
February 19, 2026 −17.2% +0.5% −17.3% −18.0%
November 6, 2025 +8.9% −1.0% +12.2% +26.6%
August 7, 2025 +4.4% +0.7% +5.3% +8.7%
May 8, 2025 +11.2% +0.6% +16.0% +11.0%
February 20, 2025 −19.1% −2.1% −19.3% −32.1%
November 7, 2024 +15.2% +1.2% +20.8% +22.0%
August 8, 2024 −7.2% +2.8% −3.9% −1.0%
May 9, 2024 −26.4% +0.7% −24.1% −29.0%
February 15, 2024 +12.2% +0.2% +8.5% +5.2%
November 2, 2023 +11.1% +2.8% +9.4% +20.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How EPAM Systems, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.51× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

EPAM Systems, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) EPAM Systems, Inc.
$4.5B $5B $5.5B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.8B Revenue (TTM), FY23 Q4: $4.7B Revenue (TTM), FY24 Q1: $4.6B Revenue (TTM), FY24 Q2: $4.6B Revenue (TTM), FY24 Q3: $4.6B Revenue (TTM), FY24 Q4: $4.7B Revenue (TTM), FY25 Q1: $4.9B Revenue (TTM), FY25 Q2: $5.1B Revenue (TTM), FY25 Q3: $5.3B Revenue (TTM), FY25 Q4: $5.5B Revenue (TTM), FY26 Q1: $5.6B Revenue (TTM), FY26 Q2: $5.6B $5.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.8B
FY23 Q4 $4.7B
FY24 Q1 $4.6B
FY24 Q2 $4.6B
FY24 Q3 $4.6B
FY24 Q4 $4.7B
FY25 Q1 $4.9B
FY25 Q2 $5.1B
FY25 Q3 $5.3B
FY25 Q4 $5.5B
FY26 Q1 $5.6B
FY26 Q2 $5.6B
Revenue growth, TTM YoY EPAM Systems, Inc.
-5% 0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.4% Revenue growth, TTM YoY, FY23 Q4: -2.8% Revenue growth, TTM YoY, FY24 Q1: -4.5% Revenue growth, TTM YoY, FY24 Q2: -4.5% Revenue growth, TTM YoY, FY24 Q3: -2.7% Revenue growth, TTM YoY, FY24 Q4: 0.8% Revenue growth, TTM YoY, FY25 Q1: 4.7% Revenue growth, TTM YoY, FY25 Q2: 9.7% Revenue growth, TTM YoY, FY25 Q3: 14.3% Revenue growth, TTM YoY, FY25 Q4: 15.4% Revenue growth, TTM YoY, FY26 Q1: 14.2% Revenue growth, TTM YoY, FY26 Q2: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.4%
FY23 Q4 -2.8%
FY24 Q1 -4.5%
FY24 Q2 -4.5%
FY24 Q3 -2.7%
FY24 Q4 0.8%
FY25 Q1 4.7%
FY25 Q2 9.7%
FY25 Q3 14.3%
FY25 Q4 15.4%
FY26 Q1 14.2%
FY26 Q2 10.8%
Operating margin (TTM) EPAM Systems, Inc.
9.5% 10% 10.5% 11% 11.5% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.5% Operating margin (TTM), FY23 Q4: 10.7% Operating margin (TTM), FY24 Q1: 10.6% Operating margin (TTM), FY24 Q2: 10.1% Operating margin (TTM), FY24 Q3: 11.4% Operating margin (TTM), FY24 Q4: 11.5% Operating margin (TTM), FY25 Q1: 11.0% Operating margin (TTM), FY25 Q2: 10.6% Operating margin (TTM), FY25 Q3: 9.6% Operating margin (TTM), FY25 Q4: 9.5% Operating margin (TTM), FY26 Q1: 9.7% Operating margin (TTM), FY26 Q2: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.5%
FY23 Q4 10.7%
FY24 Q1 10.6%
FY24 Q2 10.1%
FY24 Q3 11.4%
FY24 Q4 11.5%
FY25 Q1 11.0%
FY25 Q2 10.6%
FY25 Q3 9.6%
FY25 Q4 9.5%
FY26 Q1 9.7%
FY26 Q2 10.0%
FCF margin (TTM) EPAM Systems, Inc.
8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.3% FCF margin (TTM), FY23 Q4: 11.4% FCF margin (TTM), FY24 Q1: 12.4% FCF margin (TTM), FY24 Q2: 11.9% FCF margin (TTM), FY24 Q3: 12.4% FCF margin (TTM), FY24 Q4: 11.1% FCF margin (TTM), FY25 Q1: 8.6% FCF margin (TTM), FY25 Q2: 8.1% FCF margin (TTM), FY25 Q3: 8.7% FCF margin (TTM), FY25 Q4: 11.2% FCF margin (TTM), FY26 Q1: 9.8% FCF margin (TTM), FY26 Q2: 8.6% 8.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.3%
FY23 Q4 11.4%
FY24 Q1 12.4%
FY24 Q2 11.9%
FY24 Q3 12.4%
FY24 Q4 11.1%
FY25 Q1 8.6%
FY25 Q2 8.1%
FY25 Q3 8.7%
FY25 Q4 11.2%
FY26 Q1 9.8%
FY26 Q2 8.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar EPAM Systems took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $5.5B
  2. Cost of revenue $3.9B · 71.2%
  3. Gross profit $1.6B · 28.8%
  4. Selling, general and admin $929M · 17.0%
  5. Other operating costs $125M · 2.3%
  6. Operating income $520M · 9.5%
  7. Income tax $128M · 2.3%
  8. Net income $378M · 6.9%

Shares of revenue. Source: EPAM Systems's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 222 335 434 555 730 914 1,160 1,450 1,843 2,294 2,659 3,758 4,825 4,691 4,728 5,457 5,617
Gross profit 89 129 163 207 273 347 423 529 656 806 927 1,274 1,538 1,434 1,450 1,574 1,652
EBITDA 39 63 77 92 104 123 157 202 282 348 442 626 665 593 634 645 689
Operating income 33 55 66 76 86 106 134 173 246 303 379 542 573 501 545 520 563
Net income 28 44 54 62 70 84 99 73 240 261 327 482 419 417 455 378 402
Diluted EPS — — $1.17 $1.28 $1.40 $1.62 $1.87 $1.32 $4.24 $4.53 $5.60 $8.15 $7.09 $7.06 $7.84 $6.72 $7.38
Growth (year on year)
Revenue — +50.8% +29.7% +28.0% +31.5% +25.2% +26.9% +25.0% +27.1% +24.5% +15.9% +41.3% +28.4% −2.8% +0.8% +15.4% +10.8%
EBITDA — +60.2% +22.9% +19.2% +13.2% +19.0% +27.3% +28.3% +40.1% +23.3% +27.0% +41.5% +6.3% −10.9% +6.9% +1.7% +6.3%
Operating income — +67.8% +20.0% +15.9% +12.7% +23.0% +26.2% +29.4% +42.1% +23.2% +25.3% +43.0% +5.7% −12.5% +8.6% −4.5% +4.4%
Net income — +56.7% +22.8% +13.8% +12.3% +21.3% +17.5% −26.7% +230.2% +8.7% +25.3% +47.2% −12.9% −0.6% +9.0% −16.9% +0.1%
Diluted EPS — — — +9.4% +9.4% +15.7% +15.4% −29.4% +221.2% +6.8% +23.6% +45.5% −13.0% −0.4% +11.0% −14.3% +5.2%
Margins
Gross margin 40.3% 38.6% 37.7% 37.4% 37.5% 38.0% 36.5% 36.5% 35.6% 35.1% 34.9% 33.9% 31.9% 30.6% 30.7% 28.8% 29.4%
EBITDA margin 17.6% 18.7% 17.7% 16.5% 14.2% 13.5% 13.5% 13.9% 15.3% 15.2% 16.6% 16.6% 13.8% 12.6% 13.4% 11.8% 12.3%
Operating margin 14.8% 16.4% 15.2% 13.8% 11.8% 11.6% 11.5% 11.9% 13.3% 13.2% 14.3% 14.4% 11.9% 10.7% 11.5% 9.5% 10.0%
Net margin 12.8% 13.3% 12.6% 11.2% 9.5% 9.2% 8.6% 5.0% 13.0% 11.4% 12.3% 12.8% 8.7% 8.9% 9.6% 6.9% 7.2%
Free-cash-flow margin 5.5% 11.6% 8.1% 8.1% 12.7% 6.9% 11.9% 11.2% 13.8% 8.2% 17.9% 12.3% 7.9% 11.4% 11.1% 11.2% 8.6%
Cash flow
Cash from operations 20 55 48 58 105 76 167 193 292 287 544 572 464 563 559 655 539
Capital spending 8 16 13 13 12 13 29 30 38 99 69 112 82 28 32 42 56
Free cash flow 12 39 35 45 93 63 138 163 255 188 476 461 382 534 527 613 483
Stock-based pay 3 3 7 13 25 46 49 52 59 72 75 112 100 148 167 177 186
Free cash flow after stock pay 9 36 28 32 68 17 89 111 195 116 400 349 283 386 360 436 297
Balance sheet
Cash 54 89 118 169 221 199 362 583 771 937 1,322 1,447 1,681 2,036 1,286 1,296 789
Total debt 0 0 0 0 0 35 25 25 25 25 25 46 31 26 25 25 25
Net debt (negative = net cash) −54 −89 −118 −169 −221 −164 −337 −558 −746 −911 −1,297 −1,400 −1,651 −2,010 −1,261 −1,271 −764
Diluted shares — — 44m 48m 50m 52m 53m 55m 57m 58m 58m 59m 59m 59m 58m 56m 54m
Returned to shareholders
Buybacks — — — — — — — — — — — 0 0 165 398 662 715
Total returned — — — — — — — — — — — 0 0 165 398 662 715

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $4.6bn
Short-term assets $2.2bnLonger-term assets $2.4bn
What it owes, and who funded it · $4.6bn
Short-term liabilities $804mLonger-term liabilities $250mShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $804m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.2bn short-term assets against $250m of longer-dated liabilities.
  • More cash than debt $789m of cash against $25m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 1% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $539m of operating cash flow against $25m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From EPAM Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$715M
Returned to shareholders
148%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−4.8%
year over year
Total shareholder yield
9.6%
dividends 0.0% + buybacks 9.6% of market value
Sales & admin spending
17.1%
of revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated EPAM G IT SAIC CACI BAH Median
Revenue, last 12 months $5.6bn $5.3bn $6.5bn $7.4bn $9.8bn $11.0bn $383m
Revenue growth, last 12 months 10.8% 6.5% 0.7% −0.8% 10.1% −6.2% 5.7%
Revenue growth, 3-year average 5.1% 6.0% 4.0% −1.3% 12.0% 3.1% 4.3%
Revenue growth, latest quarter 4.5% 7.1% −0.6% 6.3% 8.2% −3.9% 4.7%
Gross margin 29.4% 36.5% 70.1% 12.6% 28.0% 52.5% 28.0%
Operating margin 10.0% 14.8% 17.3% 8.0% 9.8% 9.3% 5.9%
Operating margin, 3-year average 10.3% 14.7% 18.1% 7.4% 9.2% 10.1% 7.5%
Net margin 7.2% 11.1% 12.0% 5.1% 5.5% 7.1% 2.2%
Cash from operations / revenue 9.6% 12.3% 21.4% 8.9% 9.0% 9.8% 6.7%
Free-cash-flow margin 8.6% 10.5% 19.9% 8.4% 8.0% 9.0% 5.0%
Free-cash-flow margin, 3-year average 9.5% 10.6% 20.0% 6.5% 6.7% 8.0% 6.7%
Stock pay / revenue 3.3% 1.8% 2.3% 0.9% 0.9% 0.7% 2.2%
Change in share count −4.8% −2.8% −8.8% −7.8% −0.4% −4.0% 0.9%

Median of all 40 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 it consulting & other services companies
Measure Company Peer median Rank
Revenue growth Growth 10.8% 6.5% 13 of 40
Change in growth rate Growth -3.4pp -0.8pp 29 of 40
Gross margin Profitability 29.4% 28.2% 16 of 34
Operating margin Profitability 10.0% 5.9% 10 of 36
Net margin Profitability 7.2% 2.5% 13 of 40
Free-cash-flow margin Cash generation 8.6% 5.1% 13 of 38
Stock pay as % of revenue Cash generation 3.3% 2.3% 26 of 36
Long-term debt as % of assets Balance sheet 0.5% 11.8% 6 of 27
Change in share count Balance sheet -4.8% 0.9% 7 of 39

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Americas $3.2B 58.0% ▲ 10.5%
Europe $2.3B 42.0% ▲ 23.1%
Geography
Region Revenue YoY
Americas $3.2B ▲ 12.9%
United States $2.8B ▲ 5.8%
EMEA $2.1B ▲ 19.7%
Other Countries $1.1B ▲ 55.6%
United Kingdom $597M ▲ 14.1%
Switzerland $438M ▲ 7.5%
Germany $233M ▲ 13.2%
Netherlands $230M ▲ 21.9%
Asia Pacific $109M ▲ 8.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From EPAM Systems, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.5B
Institutions reporting
436
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
69 / 157

Top buyers and sellers, Q2 2026: 223 institutions bought and 318 sold ; the biggest buyer was Blackrock, Inc (+2.5M shares) and the biggest seller Boston Partners (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $527M 6.6M 11.6% ▲ 62.3%
Ameriprise Financial Inc $434M 5.5M 9.6% ▲ 44.3%
Capital World Investors $383M 4.8M 8.4% ▼ 29.5%
Vanguard Portfolio Management LLC $275M 3.5M 6.1% ▲ 17.2%
Invesco Ltd. $191M 2.4M 4.2% ▼ 44.9%
Vanguard Capital Management LLC $181M 2.3M 4.0% ▼ 34.3%
State Street Corp $155M 2.0M 3.4% ▼ 12.4%
Dimensional Fund Advisors LP $131M 1.6M 2.9% ▲ 54.2%
Citadel Advisors LLC $124M 1.6M 2.7% ▲ 1770.5%
Aikya Investment Management Ltd $108M 1.4M 2.4% ▲ 50.0%
Morgan Stanley $99.1M 1.2M 2.2% ▲ 11.7%
Brandes Investment Partners, LP $93.1M 1.2M 2.1% ▼ 11.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not EPAM Systems, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $45,000 6 trades by 6 insiders, last 12 months Insider sales History → $1.6M 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Dvorkin Viktar Chief Deliv Off, EVP, Americas April 30, 2026 Buy 78 $96.71 $7,500
Solomon Lawrence F SVP/Chief People Officer April 30, 2026 Buy 78 $96.71 $7,500
Peterson Jason D. Chief Financial Officer April 30, 2026 Buy 78 $96.71 $7,500
Abrahams Gary C VP, Corporate Controller, PAO April 30, 2026 Buy 78 $96.71 $7,500
Rockwell Edward SVP/Chief Legal Officer April 30, 2026 Buy 78 $96.71 $7,500
Fejes Balazs CEO, President, Director April 30, 2026 Buy 78 $96.71 $7,500
Shnayder Boris SVP/Co-Head of Global Business December 10, 2025 Sell 5,000 $207.00 $1M
Abrahams Gary C VP, Corporate Controller, PAO November 17, 2025 Sell 600 $179.29 $107,574
Dvorkin Viktar SVP/Head of Global Delivery November 13, 2025 Sell 2,465 $181.80 $448,137
Dvorkin Viktar SVP/Head of Global Delivery November 13, 2025 Sell 35 $181.72 $6,360

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of EPAM Systems, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on EPAM Systems, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

EPAM Systems, Inc. in brief

What does EPAM Systems, Inc. do?
EPAM Systems, Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is EPAM Systems, Inc.'s stock ticker?
EPAM Systems, Inc. trades under the ticker EPAM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is EPAM Systems, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, EPAM Systems, Inc. reported revenue of $5.6B, 10.8% higher than a year earlier, according to its SEC filings.
What is EPAM Systems, Inc.'s free cash flow?
EPAM Systems, Inc.'s free-cash-flow margin is 8.6% of revenue over the trailing twelve months, ranking 13 of the 38 it consulting & other services companies we cover.
What is EPAM Systems, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of EPAM Systems, Inc.'s free cash flow after stock-based pay gives ~$160 per share in the base case, and ~$120–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are EPAM Systems, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Ameriprise Financial Inc and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is EPAM Systems, Inc. buying back stock, and does it pay a dividend?
EPAM Systems, Inc. spent $715M on share repurchases over the trailing twelve months, and its diluted share count fell 4.8% over the year.
What is EPAM Systems, Inc.'s market cap?
On November 2, 2026, EPAM Systems, Inc.'s market capitalisation was about $7.8B, with a price-to-earnings ratio of 19.5 and net debt of -$764M. Market figures come from third-party market data and may be delayed.
How much debt does EPAM Systems, Inc. have?
EPAM Systems, Inc.'s debt-to-equity ratio is 0.7%, from its latest balance sheet (1.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are EPAM Systems, Inc.'s competitors?
In our IT Consulting & Other Services peer group, the companies closest to EPAM Systems, Inc. are Genpact LTD, Gartner, Science Applications International Corp, CACI International Inc and Booz Allen Hamilton Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against EPAM Systems, Inc.'s.
Are insiders buying or selling EPAM Systems, Inc. stock?
Over the last 12 months, EPAM Systems, Inc.'s directors and officers reported 6 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is EPAM Systems, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — EPAM Systems, Inc. announces its own schedule.