What is the primary revenue source for EPAM Systems (EPAM)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze EPAM's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out EPAM Systems's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How EPAM Systems Makes Money: EPAM Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 56.4% of revenue, indicating concentration.

Operating margin improved by 1.05 percentage points year over year.

Revenue: USD 2.81B
Largest revenue segment share (Americas): 56.40%
Cost of revenue: USD 2.00B
Selling, general and administrative: USD 484.95M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of revenues (exclusive of depreciation and amortization) · CostOfRevenue
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Americas)Americas · segment_value / revenue * 100
Operating marginIncome from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Goodwill: USD 1.20B
Cash and cash equivalents: USD 789.40M
Property, plant and equipment: USD 204.97M
Total liabilities: USD 1.05B
Shareholder equity: USD 3.52B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentLong-lived assets · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Watch

Net income is positive while operating cash flow is negative, so reported profit has not become cash.

Free cash flow is negative after capital expenditure.

Net income: USD 185.50M
Operating cash flow: USD −38.78M
Cash conversion: -20.91%
Free cash flow: USD −71.86M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Share repurchases: USD 408.95M
Stock issuance proceeds: USD 14.32M
Net shareholder return: USD 394.64M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from issuance of stock under the employee incentive programs · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?