Filing Flows › Epam Systems (EPAM) › Q4 2025
Epam Systems (EPAM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Epam Systems (EPAM) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +0.9% from the quarter before. Operating margin was 10.6%, net earnings $109M (7.8% of revenue).
Epam Systems, Q4 2025: revenue $1.4B (+13% year over year), operating margin 10.6%, net earnings $109M, operating cash flow $283M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +0.9% | +13% |
| Operating profit | $149M | +3% | +9% |
| Net earnings | $109M | +2% | +6% |
| Operating cash flow | $283M | -4% | +117% |
| Free cash flow | $268M | -6% | +134% |
What changed
Revenue was $1.4B in Q4 2025, up 13% year over year and up 1% from the previous quarter. Americas was the largest line at 57% of revenue.
Operating profit was $0.15B, a 10.6% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 11% margin then. Total costs grew 13% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $0.11B, up 6% year over year. The effective tax rate was 24.0%.
Operating cash flow was $0.28B (up 117% year over year), 259% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.10B. Capital expenditures of $0.01B left free cash flow of $0.27B.
Questions
What was Epam Systems' revenue in the fourth quarter 2025?
Epam Systems (EPAM) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +0.9% from the quarter before.
Was Epam Systems profitable in the fourth quarter 2025?
Operating profit was $149M (10.6% of revenue) and net earnings $109M.
Source: Epam Systems 10-K on SEC EDGAR.