EPAM Systems, Inc. income statement
In fiscal 2025, EPAM Systems, Inc. reported revenue of $5.46bn, up 15.4% on the year before, operating income of $520m (a 9.5% margin) and net income of $378m, or $6.72 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Cost of revenue | 133 | 205 | 270 | 348 | 457 | 567 | 737 | 921 | 1,187 | 1,488 | 1,733 | 2,484 | 3,287 | 3,257 | 3,277 | 3,884 | 3,965 |
| 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 |
| Selling, general and administrative | 48 | 65 | 86 | 116 | 164 | 223 | 266 | 328 | 374 | 457 | 485 | 649 | 873 | 815 | 816 | 929 | 963 |
| Operating income | 33 | 55 | 66 | 76 | 86 | 106 | 134 | 173 | 246 | 303 | 379 | 542 | 573 | 501 | 545 | 520 | 563 |
| Income before tax | 31 | 53 | 66 | 77 | 87 | 106 | 126 | 174 | 250 | 300 | 378 | 533 | 507 | 537 | 584 | 506 | 549 |
| Income tax | 3 | 8 | 11 | 15 | 17 | 22 | 27 | 102 | 10 | 38 | 51 | 52 | 88 | 120 | 130 | 128 | 147 |
| 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 |
| Diluted shares (average) | — | — | 44m | 48m | 50m | 52m | 53m | 55m | 57m | 58m | 58m | 59m | 59m | 59m | 58m | 56m | 54m |
| EBITDA | 39 | 63 | 77 | 92 | 104 | 123 | 157 | 202 | 282 | 348 | 442 | 626 | 665 | 593 | 634 | 645 | 689 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,168 | 1,248 | 1,302 | 1,353 | 1,394 | 1,408 | 1,400 | 1,415 |
| Cost of revenue | 764 | 868 | 952 | 964 | 983 | 984 | 1,012 | 985 |
| Gross profit | 404 | 380 | 350 | 389 | 411 | 423 | 388 | 430 |
| Selling, general and administrative | 207 | 217 | 219 | 232 | 235 | 243 | 240 | 245 |
| Operating income | 177 | 137 | 99 | 126 | 145 | 149 | 117 | 152 |
| Income before tax | 190 | 137 | 94 | 124 | 144 | 144 | 121 | 141 |
| Income tax | 53 | 34 | 21 | 36 | 37 | 34 | 38 | 38 |
| Net income | 136 | 103 | 73 | 88 | 107 | 109 | 83 | 103 |
| Diluted EPS | $2.37 | $1.80 | $1.28 | $1.56 | $1.91 | $1.97 | $1.52 | $1.97 |
| EBITDA | 197 | 163 | 131 | 158 | 176 | 180 | 148 | 184 |
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