EPAM Systems, Inc.

EPAM 10-Q · Q2 2025

EPAM Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 1,353,443 1,146,597 +18.0%
Show Business Segments breakouts
Americas 787,400 698,629 +12.7%
Americas · Americas 751,194 665,178 +12.9%
Americas · Asia Pacific 300 734 -59.1%
Americas · Business Information & Media 118,844 110,789 +7.3%
Americas · Consumer Goods, Retail & Travel 118,742 113,999 +4.2%
Americas · EMEA 35,906 32,717 +9.7%
Americas · Emerging Verticals 132,015 101,604 +29.9%
Americas · Financial Services Sector 148,552 123,369 +20.4%
Americas · Fixed Price Contract 126,928 102,328 +24.0%
Americas · Healthcare Sector 124,937 120,607 +3.6%
Americas · Licensing and other revenues 6,443 4,256 +51.4%
Americas · Software & Hi-Tech 144,310 128,261 +12.5%
Americas · Time And Materials Contract 654,029 592,045 +10.5%
Americas · Transferred At Point In Time 4,733 2,776 +70.5%
Americas · Transferred Over Time 782,667 695,853 +12.5%
Europe 566,043 447,968 +26.4%
Europe · Americas 50,239 26,021 +93.1%
Europe · Asia Pacific 26,901 23,343 +15.2%
Europe · Business Information & Media 51,549 54,973 -6.2%
Europe · Consumer Goods, Retail & Travel 149,308 138,328 +7.9%
Europe · EMEA 488,903 398,604 +22.7%
Europe · Emerging Verticals 93,496 73,629 +27.0%
Europe · Financial Services Sector 179,761 121,000 +48.6%
Europe · Fixed Price Contract 131,071 93,323 +40.4%
Europe · Healthcare Sector 31,568 19,477 +62.1%
Europe · Licensing and other revenues 1,607 3,069 -47.6%
Europe · Software & Hi-Tech 60,361 40,561 +48.8%
Europe · Time And Materials Contract 433,365 351,576 +23.3%
Europe · Transferred At Point In Time 316 2,391 -86.8%
Europe · Transferred Over Time 565,727 445,577 +27.0%
Show Geography breakouts
Americas 801,433 691,199 +15.9%
Americas · Operating Segments 787,400 698,629 +12.7%
Asia Pacific 27,201 24,077 +13.0%
CH 110,071 101,310 +8.6%
DE 56,406 49,561 +13.8%
EMEA 524,809 431,321 +21.7%
Europe · Operating Segments 566,043 447,968 +26.4%
GB 149,584 127,822 +17.0%
NL 57,061 45,091 +26.5%
Other 270,335 160,246 +68.7%
US 709,986 662,567 +7.2%
Show Consolidation Items breakouts
Operating Segments 1,353,443 1,146,597 +18.0%
Show Contract With Customer Basis Of Pricing breakouts
Fixed Price Contract 257,999 195,651 +31.9%
Licensing and other revenues 8,050 7,325 +9.9%
Time And Materials Contract 1,087,394 943,621 +15.2%
Show Equity Securities By Industry breakouts
Business Information & Media 170,393 165,762 +2.8%
Consumer Goods, Retail & Travel 268,050 252,327 +6.2%
Emerging Verticals 225,511 175,233 +28.7%
Financial Services Sector 328,313 244,369 +34.4%
Healthcare Sector 156,505 140,084 +11.7%
Software & Hi-Tech 204,671 168,822 +21.2%
Show Timing Of Transfer Of Good Or Service breakouts
Transferred At Point In Time 5,049 5,167 -2.3%
Transferred Over Time 1,348,394 1,141,430 +18.1%
Cost of Revenue 964,012 810,857 +18.9%
Show Geography breakouts
Americas · Operating Segments 544,768 476,917 +14.2%
Europe · Operating Segments 403,455 323,376 +24.8%
Show Consolidation Items breakouts
Operating Segments 948,223 800,293 +18.5%
Show Other Commitments breakouts
Humanitarian Commitment 0.6 0.6 0.0%
Selling, General & Administrative 231,681 194,058 +19.4%
Show Geography breakouts
Americas · Operating Segments 103,999 89,592 +16.1%
Europe · Operating Segments 77,528 65,891 +17.7%
Show Consolidation Items breakouts
Operating Segments 181,527 155,483 +16.8%
Show Other Commitments breakouts
Humanitarian Commitment 3.3 2.1 +57.1%
Depreciation And Amortization 31,274 21,121 +48.1%
Show Geography breakouts
Americas · Operating Segments 9,143 10,051 -9.0%
Europe · Operating Segments 4,294 5,249 -18.2%
Show Consolidation Items breakouts
Operating Segments 13,437 15,300 -12.2%
Operating Income 126,476 120,561 +4.9%
Show Consolidation Items breakouts
Corporate Non Segment 126,476 120,561 +4.9%
Nonoperating Gains Losses 3,519 12,036 -70.8%
Foreign Currency Transaction Gain Loss Before Tax -6,227 1,213 -613.4%
Income Before Taxes 123,768 133,810 -7.5%
Income Tax Expense (Benefit) 35,742 35,165 +1.6%
Net Income 88,026 98,645 -10.8%
Show Equity Components breakouts
Retained Earnings 88,026 98,645 -10.8%
EPS (Basic) 1.56 1.71 -8.8%
EPS (Diluted) 1.56 1.7 -8.2%
Wtd Avg Shares (Basic) 56,319 57,594 -2.2%
Wtd Avg Shares (Diluted) 56,536 58,149 -2.8%
Non-Operating Income (Expense) (Q) — — —
Show Other Commitments breakouts
Humanitarian Commitment 3.9 2.7 +44.4%
Comprehensive Income 171,193 90,574 +89.0%
Other Comprehensive Income 83,167 -8,071 +1130.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 357 136 +162.5%
Accumulated Gain Loss Net Cash Flow Hedge Parent 10,909 -2,558 +526.5%
Accumulated Translation Adjustment 71,901 -5,649 +1372.8%
Net Income Loss Available To Common Stockholders Basic 88,026 98,645 -10.8%
Other Expenses (Q) — — —
Show Consolidation Items breakouts
Corporate Non Segment -27,087 -12,982 -108.7%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,041,344 — —
Show Geography breakouts
BY 37.2 — —
UA 39.1 — —
Trade Receivables And Contract Assets After Allowance For Credit Loss Current 1,158,956 — —
Prepaid Expenses & Other Current Assets 170,175 — —
Total Current Assets 2,370,475 — —
Non-Current Assets
Property, Plant & Equipment 201,619 — —
Show Geography breakouts
BY 44,594 — —
GB 4,638 — —
HU 4,471 — —
IN 14,521 — —
Other 31,649 — —
PL 11,412 — —
UA 58,352 — —
UA · Building 58.4 — —
UA · Computer Equipment 3.6 — —
UA · Construction In Progress 52.3 — —
UA · Furniture And Fixtures 2.2 — —
UA · Leasehold Improvements 0.3 — —
US 31,982 — —
Operating Lease Right-of-Use Assets 129,332 — —
Show Geography breakouts
UA 2.6 — —
Goodwill 1,209,463 — —
Show Business Segments breakouts
Americas 651,933 — —
Europe 557,530 — —
Deferred Tax Assets 240,852 — —
Other Non-Current Assets 123,064 — —
Total Assets 4,710,696 — —
Other Assets
Intangible Assets Net Excluding Goodwill 435,891 — —
Current Liabilities
Accounts Payable 45,278 — —
Employee Related Liabilities Current 458,612 — —
Accrued Liabilities And Other Liabilities 184,643 — —
Accrued Income Taxes Current 18,461 — —
Operating Lease Liability Current 40,433 — —
Total Current Liabilities 747,427 — —
Non-Current Liabilities
Long-Term Debt 25,038 — —
Operating Lease Liabilities 97,220 — —
Deferred Tax Liabilities 98,063 — —
Other Non-Current Liabilities 74,586 — —
Total Liabilities 1,042,334 — —
Stockholders' Equity
Common Stock 56 — —
Additional Paid-In Capital 1,286,067 — —
Retained Earnings Unappropriated 2,360,343 — —
Accumulated Other Comprehensive Income 21,314 — —
Total Stockholders' Equity 3,667,780 — —
Minority Interest 582 — —
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,668,362 3,397,959 +8.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,082 -2,940 +63.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent 13,600 1,479 +819.5%
Accumulated Other Comprehensive Income 21,314 -69,423 +130.7%
Accumulated Translation Adjustment 8,796 -67,962 +112.9%
Additional Paid In Capital 1,286,067 1,087,411 +18.3%
Common Stock 56 57 -1.8%
Noncontrolling Interest 582 582 0.0%
Retained Earnings 2,360,343 2,379,332 -0.8%
Total Liabilities & Equity 4,710,696 — —

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Other Depreciation And Amortization 62,711 43,267 +44.9%
Operating Lease Right Of Use Asset Amortization Expense 20,581 18,773 +9.6%
Provision For Doubtful Accounts 169 -2,397 +107.1%
Deferred Income Taxes -6,090 -12,011 +49.3%
Stock-Based Compensation 87,014 80,475 +8.1%
Other Non-Cash Items 5,596 12,563 -55.5%
Increase Decreasein Trade Receivablesand Contract Assets -116,352 -63,001 -84.7%
Change in Prepaid & Other Assets 4,210 -3,659 +215.1%
Change in Accounts Payable -243 -2,354 +89.7%
Increase Decrease In Accrued Liabilities And Other Operating Liabilities -60,706 -44,703 -35.8%
Increase Decreasein Operating Lease Liabilities -21,573 -19,380 -11.3%
Increase Decrease In Accrued Taxes Payable -59,465 -35,514 -67.4%
Net Cash from Operations 77,360 186,947 -58.6%
Investing Activities
Capital Expenditures -19,160 -11,453 -67.3%
Payments To Acquire Short Term Investments -2,038 -1,213 -68.0%
Payments To Acquire Businesses Net Of Cash Acquired -3,346 -56,706 +94.1%
Payments To Acquire Interest In Subsidiaries And Affiliates -360 -6,909 +94.8%
Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates 2,913 — —
Other Investing Activities -1,531 936 -263.6%
Net Cash from Investing -23,522 -73,836 +68.1%
Financing Activities
Proceeds From Stock Options Exercised 34,579 32,476 +6.5%
Tax Withholding for Share Compensation -23,338 -30,600 +23.7%
Repayments Of Debt And Capital Lease Obligations -1,088 -1,124 +3.2%
Share Repurchases -356,531 -335,070 -6.4%
Payment For Contingent Consideration Liability Financing Activities -4,746 -4,750 +0.1%
Payments To Minority Shareholders -1,358 — —
Proceeds From Payments For Other Financing Activities -1,087 907 -219.8%
Net Cash from Financing -353,569 -338,161 -4.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 55,820 -26,447 +311.1%
Net Change in Cash -243,911 -251,497 +3.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,046,481 1,791,611 -41.6%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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