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Epam Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$274M in Q3 2026 · $470M over twelve months

Operating cash flow$289M
Capital spending−$14.7M
Free cash flow+$274M
Cash / net income2.2×

Analysis

In Q3 2026, Epam Systems generated $289M of operating cash flow and spent $14.7M on capital projects, leaving free cash flow of $274M. That is $12.2M less than in Q3 2025 ($286M).

Over the twelve months to Sep 30, 2026, operating cash flow was $533M; the largest uses were buybacks ($712M), capital spending ($62.5M), taxes on employees’ shares ($25.6M); besides operations, cash came from shares issued ($33.9M); the cash balance fell by $274M.

Operating cash flow was $289M against net income of $130M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$51.7M, stock-based pay +$42.5M, depreciation & amortization +$32.6M.

Free cash flow

Epam Systems: free cash flow by quarterEpam Systems: free cash flow by quarter$115MQ4 2024$14.8MQ1 2025$43.4MQ2 2025$286MQ3 2025$268MQ4 2025−$54.2MQ1 2026−$17.6MQ2 2026$274MQ3 2026
Operating cash flow less capital spending.
Epam Systems: operating cash flow against capital spendingEpam Systems: operating cash flow against capital spendingOperating cash flowCapital spending$130M$15.7MQ4 2024$24.2M$9.3MQ1 2025$53.2M$9.8MQ2 2025$295M$8.3MQ3 2025$283M$14.8MQ4 2025−$36.4M$17.9MQ1 2026−$2.4M$15.2MQ2 2026$289M$14.7MQ3 2026
Latest (Q3 2026): Operating cash flow $289M, Capital spending $14.7M.

Capital allocation, year by year

Epam Systems: where the cash came from (up) and went (down), by fiscal yearEpam Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $572MFY2021: Net borrowing $55KFY2021: Shares issued $26.3MFY2021: Capital spending −$112MFY2021: Acquisitions −$315M$599MFY2021FY2022: Operating cash flow $464MFY2022: Net borrowing −$13.8MFY2022: Shares issued $50.7MFY2022: Capital spending −$81.6MFY2022: Acquisitions −$10.6M$515MFY2022FY2023: Operating cash flow $563MFY2023: Net borrowing −$2.1MFY2023: Shares issued $51.6MFY2023: Asset sales −$2.2MFY2023: Capital spending −$28.4MFY2023: Acquisitions −$24.8MFY2023: Buybacks −$165M$614MFY2023FY2024: Operating cash flow $559MFY2024: Net borrowing −$1.9MFY2024: Shares issued $53.7MFY2024: Capital spending −$32.1MFY2024: Acquisitions −$912MFY2024: Buybacks −$398M$613MFY2024FY2025: Operating cash flow $655MFY2025: Net borrowing −$8.3MFY2025: Shares issued $54.6MFY2025: Capital spending −$42.2MFY2025: Acquisitions −$3.4MFY2025: Buybacks −$662M$710MFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were acquisitions ($1.3B) and buybacks ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$965M
Debt$25.0M
Net cash$940M

Epam Systems funds itself: free cash flow was $470M over the last twelve months, and $965M of cash and investments stands against $25.0M of debt.

Where the cash came from and went

Epam Systems: sources (+) and uses (−) of cash, Q3 2026Epam Systems: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$289MCash drawn (+) / kept (−)−$176MBuybacks−$79.9MCapital spending−$14.7MOther investing−$9.2MExchange rates−$6.1MOther financing−$2.9MTaxes on employees’ shares−$346K
Epam Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Epam Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$712MOperating cash flow$533MCash drawn (+) / kept (−)$274MCapital spending−$62.5MShares issued$33.9MTaxes on employees’ shares−$25.6MOther financing−$15.5MExchange rates−$13.8MOther investing−$9.3MNet borrowing (+) / repaid (−)−$890KAcquisitions−$395K

From profit to cash

Epam Systems: net income to operating cash flow, Q3 2026Epam Systems: net income to operating cash flow, Q3 2026Net income$130MDepreciation & amortization$32.6MStock-based pay$42.5MDeferred taxes−$3.7MOther non-cash$1.0MPayables−$4.5MAccrued liabilities$51.7MPrepaid and other assets−$8.7MIncome taxes payable−$3.5MOperating cash flow$289M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$289M−$14.7M—−$79.9M——−$176M$274M
Q2 2026−$2.4M−$15.2M—−$85.0M−$140M$13.6M$248M−$17.6M
Q1 2026−$36.4M−$17.9M−$307K−$324M$140M$704K$259M−$54.2M
Q4 2025$283M−$14.8M−$88K−$224M−$704K$19.5M−$57.9M$268M
Q3 2025$295M−$8.3M$2K−$82.1M−$754K$458K−$197M$286M
Q2 2025$53.2M−$9.8M−$6.7M−$196M−$404K$15.1M$132M$43.4M
Q1 2025$24.2M−$9.3M$3.3M−$160M−$684K$19.5M$112M$14.8M
Q4 2024$130M−$15.7M−$855M−$13.0M−$360K$19.9M$750M$115M

Epam Systems: income statement and cash flow

Epam Systems, Q3 2026: revenue $1.4B (+2% year over year), operating margin 12.3%. The chart follows the revenue to costs, profit and cash.

Epam Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.