Filing Flows › Epam Systems (EPAM) › Q2 2025
Epam Systems (EPAM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Epam Systems (EPAM) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +18% from a year earlier and +4% from the quarter before. Operating margin was 9.3%, net earnings $88.0M (6.5% of revenue).
Epam Systems, Q2 2025: revenue $1.4B (+18% year over year), operating margin 9.3%, net earnings $88.0M, operating cash flow $53.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +4% | +18% |
| Operating profit | $126M | +27% | +5% |
| Net earnings | $88.0M | +20% | -11% |
| Operating cash flow | $53.2M | +120% | -7% |
| Free cash flow | $43.4M | +192% | -17% |
What changed
Revenue was $1.4B in Q2 2025, up 18% year over year and up 4% from the previous quarter. Americas was the largest line at 58% of revenue. Europe added $0.12B year over year (up 26%), 57% of the total change.
Operating profit was $0.13B, a 9.3% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 11% margin then. Total costs grew 20% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+48%). Net earnings were $0.09B, down 11% year over year. The effective tax rate was 28.9%.
Operating cash flow was $0.05B (down 7% year over year), 60% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.01B left free cash flow of $0.04B.
Questions
What was Epam Systems' revenue in the second quarter 2025?
Epam Systems (EPAM) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +18% from a year earlier and +4% from the quarter before.
Was Epam Systems profitable in the second quarter 2025?
Operating profit was $126M (9.3% of revenue) and net earnings $88.0M.
Source: Epam Systems 10-Q on SEC EDGAR.