The earnings call reflects a strong overall performance by EPAM, with significant revenue growth, particularly in AI-driven offerings and geographical as well as vertical expansion. However, challenges in gross margin and cash flow, along with expected seasonal pressures, were noted. The highlights suggest a positive trajectory, but lowlights indicate areas for improvement.

Company Guidance -

Q3 2025

During the second quarter of 2025, EPAM Systems reported strong financial performance, delivering revenue of $1.353 billion, which marked an 18% year-over-year increase on a reported basis and a 5.3% rise in organic constant currency terms. The company achieved double-digit growth across all six verticals, with financial services and software and hi-tech leading the charge. Geographically, all regions posted strong year-over-year growth, with the Americas constituting 59% of Q2 revenues. EPAM's GAAP gross margin stood at 28.8%, while its non-GAAP gross margin was 30.1%. The company reported GAAP income from operations at 9.3% of revenue and non-GAAP income from operations at 15%. The GAAP effective tax rate was 28.9%, while the non-GAAP rate was 24%. In terms of workforce, EPAM ended the quarter with over 62,000 employees, including more than 55,800 consultants and engineers, reflecting 18.7% total headcount growth. The company anticipates further revenue growth, projecting a Q3 revenue range between $1.365 billion to $1.380 billion, with an expected organic constant currency growth rate of 6.2% at the midpoint, and continues to focus on improving utilization and gross margin.

Strong Revenue Growth

EPAM reported a revenue of $1.353 billion for Q2 2025, a year-over-year increase of 18%, surpassing the upper end of the Q2 revenue outlook.

Organic Growth Acceleration

EPAM's organic growth accelerated from low single digits to mid-single digits, marking the third consecutive quarter of positive organic growth.

AI-Driven Growth

EPAM's AI native revenue is growing double digits sequentially, with major clients actively engaged in AI initiatives.

Geographical and Vertical Expansion

All three regions delivered strong year-over-year growth, and all six verticals grew year-over-year, with financial services, emerging verticals, and software and hi-tech being notable standouts.

Strong Financial Performance

Non-GAAP diluted EPS increased to $2.77 compared to $2.45 in Q2 2024, reflecting a $0.32 increase year-over-year.

Epam Systems (EPAM) Earnings, Revenues Date & History

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EPAM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	3.02 / -	3.12	―	―	―
Aug 07, 2025	2025 (Q2)	2.61 / 2.77	2.45	13.06% (+0.32)	―
May 08, 2025	2025 (Q1)	2.27 / 2.41	2.46	-2.03% (-0.05)
Feb 20, 2025	2024 (Q4)	2.75 / 2.84	2.75	3.27% (+0.09)
Nov 07, 2024	2024 (Q3)	2.70 / 3.12	2.73	14.29% (+0.39)
Aug 08, 2024	2024 (Q2)	2.26 / 2.45	2.64	-7.20% (-0.19)
May 09, 2024	2024 (Q1)	2.31 / 2.46	2.47	-0.40% (-0.01)
Feb 15, 2024	2023 (Q4)	2.51 / 2.75	2.93	-6.14% (-0.18)
Nov 02, 2023	2023 (Q3)	2.56 / 2.73	3.1	-11.94% (-0.37)
Aug 03, 2023	2023 (Q2)	2.34 / 2.64	2.38	10.92% (+0.26)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

EPAM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$151.31	$157.74	+4.25%
May 08, 2025	$159.21	$179.71	+12.88%
Feb 20, 2025	$258.11	$225.07	-12.80%
Nov 07, 2024	$202.69	$232.92	+14.91%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.