Filing Flows › Epam Systems (EPAM) › Q3 2026 › vs Q2 2026
Epam Systems (EPAM) Q3 2026 vs Q2 2026 (quarter over quarter)
Epam Systems's revenue rose $11.7M (+0.8%) from $1.4B in Q2 2026 to $1.4B in Q3 2026. The biggest changes: Europe +$7.1M (+1%); Americas +$4.6M (+0.6%). Operating margin 12.3% against 10.8% (+1.6 pts).
Epam Systems, Q3 2026: revenue $1.4B (+2% year over year), operating margin 12.3%, net earnings $130M, operating cash flow $289M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 12.3% | 10.8% | +1.6 pts |
| Net margin | 9.1% | 7.3% | +1.9 pts |
| Free cash flow margin | 19.2% | -1.2% | +20.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Americas | $797M | $792M | $4.6M | +0.6% |
| Europe | $630M | $623M | $7.1M | +1% |
| Revenue | $1.4B | $1.4B | $11.7M | +0.8% |
| Operating profit | $176M | $152M | $23.7M | +16% |
| Costs & expenses | $1.3B | $1.3B | −$12.0M | -1% |
| Pre-tax earnings | $176M | $141M | $35.8M | +25% |
| Cost of revenue | $980M | $985M | −$4.7M | -0.5% |
| SG&A | $237M | $245M | −$7.9M | -3% |
| Other operating costs | $32.6M | $32.1M | $519K | +2% |
| Net earnings | $130M | $103M | $27.3M | +27% |
| Income tax | $46.0M | $37.6M | $8.5M | +22% |
| Depreciation & amortization | $32.6M | $32.1M | $519K | +2% |
| Share-based compensation | $42.5M | $46.4M | −$3.9M | -8% |
| Working capital & other | $83.4M | −$184M | $267M | — |
| Operating cash flow | $289M | −$2.4M | $291M | — |
| Free cash flow (OCF − capex) | $274M | −$17.6M | $292M | — |
| Capital expenditures | $14.7M | $15.2M | −$536K | -4% |
Questions
How much did Epam Systems's revenue grow quarter over quarter in Q3 2026?
Epam Systems's revenue rose $11.7M (+0.8%) from $1.4B in Q2 2026 to $1.4B in Q3 2026.
What drove Epam Systems's revenue change in Q3 2026?
Europe +$7.1M (+1%); Americas +$4.6M (+0.6%).