📈 Price History

Ratio Health

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📊 Sector Averages

About

EPAM Systems, Inc. provides digital platform engineering and software development services worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding EPAM

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	280.8K	$38.0M	0.05%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ↓ Deteriorating 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'ahead of expectations', 'third consecutive quarter of positive organic growth', 'broad-based growth across all verticals' to convey strong performance and differentiation.

Q3 2025

Confident Specific

Management used precise figures (7.1% organic constant currency growth, 19.4% reported revenue growth, 90% AI literacy, 95% engineer AI education) and repeatedly cited broad-based outperformance, strong pipeline, and AI-native demand. The tone was forward-looking but grounded in data.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'pleased to share another quarter of strong results', 'confident', 'bullish', 'optimistic', and provides specific numbers (e.g., $105M AI-native revenue in Q4, $600M target for 2026). They acknowledge challenges (NEORIS client decline, elongated sales cycles) but frame them as manageable and temporary.

Q1 2026 latest

Mixed

Management expressed confidence in AI momentum and solid Q1 results ('pleased with our first quarter results', 'delivered a solid first quarter'), but also acknowledged macro uncertainty and reduced full-year guidance ('more macro uncertainty today compared to 90 days ago', 'lowering our full-year revenue growth outlook'). The tone balanced optimism about long-term strategy with realism about near-term headwinds.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains intact but with tempered near-term expectations. EPAM’s AI-native revenue growth and strategic partnerships (Anthropic) reinforce its differentiation in enterprise AI transformation. However, macro uncertainty is causing client caution and delayed decision-making, leading to a lowered full-year revenue guidance. The large deal pipeline represents a meaningful step-change in deal size and commercial model, but conversion and ramp are uncertain. Margins are improving as expected, and capital allocation includes buybacks and potential M&A. Key watch items: conversion of large H2 deals, further macro impact on North America (especially travel/consumer), and any changes in tokenomics affecting pricing models.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED EPAM Q1 2026 revenue $1.4B, up 7.6% YoY; AI revenues $125M.

Revenue & Profitability

Q1 2026 revenue was $1.4 billion (7.6% YoY, organic constant currency 3.7%). GAAP income from operations was $117 million (8.3% of revenue); non-GAAP was $201 million (14.3%). GAAP diluted EPS $1.52, non-GAAP $2.86. AI native revenues exceeded $125 million, up nearly 20% sequentially. Full-year guidance: revenue growth 4-6.5%, non-GAAP operating margin 15-16%, non-GAAP EPS $12.98-$13.28.

Outlook

Management sees stable client sentiment but heightened macro uncertainty, especially in North America, leading to delayed decisions on some discretionary programs. However, the AI adoption gap is viewed as a long-term growth driver with a strong pipeline of AI programs. The outlook assumes no significant change in the geopolitical environment and includes some caution in Q2.

Growth Drivers

Key growth drivers include AI-native services (over $125M in Q1, up 20% sequentially), large multi-year vendor consolidation deals, and strong EMEA growth (+15.9% YoY). EPAM is also accelerating go-to-market investments in North America and leveraging its Anthropic partnership to drive applied AI adoption.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Margins improved year-over-year: GAAP gross margin 27.7% (up from 26.9%), non-GAAP gross margin 29.4% (up from 28.7%). Non-GAAP operating margin was 14.3% in Q1, with full-year guidance of 15-16%. Improvements are driven by cost optimization, higher utilization, pricing gains, and focus on fixed-fee profitability.

Key Risks

Key risks include increased macro uncertainty leading to slower client decision-making in North America, potential geopolitical impacts (though Ukraine delivery is assumed stable), and the evolving complexity of tokenomics in pricing models. Management also noted a temporary shift in timing for some large programs.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 saw 4.5% revenue growth and strong profitability, with AI native revenues now 11% of total and six straight quarters of double-digit sequential growth. EMEA led regional gains, while North America lagged due to rapid client demand shifts and internal sales gaps. Full-year guidance was lowered, with large AI-led deals expected to contribute in 2027.

Q1 2026 Q1 2026 2026-05-07

Q1 delivered strong revenue and profitability, led by AI-native growth and EMEA performance. Full-year guidance was lowered due to macro uncertainty and client delays, but a robust pipeline of large AI-enabled deals and ongoing cost optimization support confidence in H2 growth.

Q4 2025 Q4 2025 2026-02-19

Q4 and full-year 2025 saw strong revenue growth, robust AI-native service momentum, and industry recognition. 2026 guidance anticipates continued growth, with a -1% headwind from a large client, ongoing investments in AI, and improving gross margins.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 delivered double-digit revenue growth, driven by AI-native services and strong execution across most verticals. Profitability and cash flow reached record levels, with improved guidance for full-year growth and margins. AI initiatives and proprietary IP continue to differentiate offerings.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw double-digit revenue growth, broad-based across all verticals and regions, with strong momentum in AI-native services and continued margin focus. Full-year guidance was raised, and the CEO transition remains on track.

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