Filing Flows › Epam Systems (EPAM) › Q3 2025
Epam Systems (EPAM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Epam Systems (EPAM) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +19% from a year earlier and +3% from the quarter before. Operating margin was 10.4%, net earnings $107M (7.7% of revenue).
Epam Systems, Q3 2025: revenue $1.4B (+19% year over year), operating margin 10.4%, net earnings $107M, operating cash flow $295M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +3% | +19% |
| Operating profit | $145M | +15% | -18% |
| Net earnings | $107M | +21% | -22% |
| Operating cash flow | $295M | +454% | +22% |
| Free cash flow | $286M | +560% | +21% |
What changed
Revenue was $1.4B in Q3 2025, up 19% year over year and up 3% from the previous quarter. Americas was the largest line at 57% of revenue. Europe added $0.13B year over year (up 28%), 58% of the total change.
Operating profit was $0.14B, a 10.4% margin (down 4.8 points year over year). Operating profit fell $0.03B even though revenue rose $0.23B versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+59%). Net earnings were $0.11B, down 22% year over year. The effective tax rate was 25.6%.
Operating cash flow was $0.29B (up 22% year over year), 276% 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 added $0.11B. Capital expenditures of $0.01B left free cash flow of $0.29B.
Questions
What was Epam Systems' revenue in the third quarter 2025?
Epam Systems (EPAM) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +19% from a year earlier and +3% from the quarter before.
Was Epam Systems profitable in the third quarter 2025?
Operating profit was $145M (10.4% of revenue) and net earnings $107M.
Source: Epam Systems 10-Q on SEC EDGAR.