EPAM

EX-99.1

2 exhibit99_q3x2026.htm

EX-99.1

Document

Exhibit 99.1

EPAM Reports Results for Third Quarter 2026

•Third quarter revenues of $1.426 billion, up 2.3% year-over-year and 2.5% on an organic constant currency basis

•Third quarter GAAP income from operations increased to 12.3% of revenues from 10.4%, and non-GAAP income from operations increased to 16.7% of revenues from 16.0%, on a year-over-year basis

•Third quarter GAAP diluted EPS of $2.53, an increase of $0.62, or 32.5%, and non-GAAP diluted EPS of $3.51, an increase of $0.43, or 14.0%, on a year-over-year basis

•Increased share repurchase authorization by $1.5 billion, bringing the total remaining authorization to $1.8 billion, and plans to enter a $500 million accelerated share repurchase next week

•EPAM commits to return at least 50% of free cash flow to shareholders annually from 2027 through 2029

•For the full year, EPAM now expects the year-over-year revenue growth rate to be in the range of 3.5% to 3.7% and now expects the year-over-year revenue growth rate on an organic constant currency basis to be in the range of 2.5% to 2.7%

•For the full year, EPAM now expects its GAAP diluted EPS to be in the range of $8.41 to $8.49, and non-GAAP diluted EPS to be in the range of $13.23 to $13.31

Newtown, PA, USA — November 5, 2026 — EPAM Systems, Inc. (NYSE: EPAM), a leading digital and AI transformation company, today announced results for its third quarter ended September 30, 2026.

“We delivered a strong quarter, with better-than-expected results, continued margin expansion, AI-native momentum and traction in our transformation strategy,” said Balazs Fejes, CEO & President, EPAM. “We continued to scale our strategic partnerships and forward-deployed engineering network, launched our new Frontier AI Services and increased capital return to shareholders.”

Third Quarter 2026 Highlights

•Revenues increased to $1.426 billion, a year-over-year increase of $32.1 million, or 2.3%. On an organic constant currency basis, revenues were up 2.5% compared to the third quarter of 2025;

•GAAP income from operations was $175.9 million, an increase of $31.0 million, or 21.4%, compared to $144.9 million in the third quarter of 2025. As a percentage of revenues, GAAP income from operations increased to 12.3% from 10.4% in the third quarter of 2025;

•Non-GAAP income from operations was $238.4 million, an increase of $15.6 million, or 7.0%, compared to $222.8 million in the third quarter of 2025. As a percentage of revenues, non-GAAP income from operations increased to 16.7% from 16.0% in the third quarter of 2025;

•Diluted earnings per share (“EPS”) on a GAAP basis was $2.53, an increase of $0.62, or 32.5%, compared to $1.91 in the third quarter of 2025; and

•Non-GAAP diluted EPS was $3.51, an increase of $0.43, or 14.0%, compared to $3.08 in the third quarter of 2025.

Cash Flow and Other Metrics

•Cash provided by operating activities was $288.8 million for the three months ended September 30, 2026, compared to cash provided by operating activities of $294.7 million for the three months ended September 30, 2025;

•Cash provided by operating activities was $250.1 million for the first nine months of 2026, compared to cash provided by operating activities of $372.0 million for the first nine months of 2025;

•Cash, cash equivalents and restricted cash totaled $969.9 million as of September 30, 2026, a decrease of $331.4 million, or 25.5%, from $1.301 billion as of December 31, 2025; and

•Total headcount was approximately 63,650 as of September 30, 2026. Included in this number were approximately 57,350 delivery professionals, an increase of 1.2% from June 30, 2026.

Capital Allocation

•EPAM has returned approximately $1.7 billion to shareholders since the initiation of the Company’s repurchase programs in 2023.

•The Company spent approximately $489 million on share repurchases during the first nine months of 2026 under its share repurchase program, which included approximately $80 million during the third quarter.

•During the week of November 9, 2026, EPAM expects to enter into a $500 million accelerated share repurchase (Q4 ASR). The Company intends to fund the share repurchase under the Q4 ASR using cash on hand and borrowings under its existing credit facility.

•The Company is committed to returning at least 50% of its free cash flows to shareholders annually from 2027 through 2029.

•In support of this three-year capital return commitment and the Q4 ASR, the Board of Directors approved up to $1.5 billion1 in incremental repurchase authorization.

1On September 30, 2026, the Board of Directors terminated and replaced the existing repurchase program (including its remaining $293 million authorization) with a new share repurchase program for up to $1.8 billion of the Company’s outstanding common stock through December 31, 2029. The Company may repurchase shares of its common stock on a discretionary basis from time to time th

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EX-99.1

2 exhibit99_q1x2026.htm

EX-99.1

Document

Exhibit 99.1

EPAM Reports Results for First Quarter 2026

•First quarter revenues of $1.400 billion, up 7.6% year-over-year

•GAAP income from operations was 8.3% of revenues and non-GAAP income from operations was 14.3% of revenues for the first quarter

•First quarter GAAP diluted EPS of $1.52, an increase of $0.24, or 18.8%, and non-GAAP diluted EPS of $2.86, an increase of $0.45, or 18.7%, on a year-over-year basis

•Continued to return capital to shareholders, spending $324 million on stock repurchases in the first quarter, which includes the $300 million accelerated share repurchase agreement

•For the full year, EPAM now expects the year-over-year revenue growth rate to be in the range of 4.0% to 6.5% and now expects the year-over-year revenue growth rate on an organic constant currency basis to be in the range of 2.5% to 5.0%.

•For the full year, EPAM now expects its GAAP diluted EPS to be in the range of $8.29 to $8.59, and non-GAAP diluted EPS to now be in the range of $12.98 to $13.28

Newtown, PA, USA — May 7, 2026 — EPAM Systems, Inc. (NYSE: EPAM), a leading digital and AI transformation company, today announced results for its first quarter ended March 31, 2026.

“We are pleased to report a strong first quarter and solid start of the year amidst a rapidly evolving macroeconomic landscape. Our Q1 performance reflects steady execution and continued momentum across our AI-native and AI foundational readiness initiatives,” said Balazs Fejes, CEO & President, EPAM. “We are on a multi-year transformation journey, continuing to position ourselves to fully benefit and capitalize on AI growth opportunities as well as accelerate our own AI client zero transformation.”

First Quarter 2026 Highlights

•Revenues increased to $1.400 billion, a year-over-year increase of $98.4 million, or 7.6%. On an organic constant currency basis, revenues were up 3.7% compared to the first quarter of 2025;

•GAAP income from operations was $116.8 million, an increase of $17.4 million, or 17.6%, compared to $99.3 million in the first quarter of 2025;

•Non-GAAP income from operations was $200.7 million, an increase of $25.0 million, or 14.2%, compared to $175.8 million in the first quarter of 2025;

•Diluted earnings per share (“EPS”) on a GAAP basis was $1.52, an increase of $0.24, or 18.8%, compared to $1.28 in the first quarter of 2025; and

•Non-GAAP diluted EPS was $2.86, an increase of $0.45, or 18.7%, compared to $2.41 in the first quarter of 2025.

Cash Flow and Other Metrics

•Cash used in operating activities was $36.4 million for the first three months of 2026, compared to cash provided by operating activities of $24.2 million for the first three months of 2025;

•Cash, cash equivalents and restricted cash totaled $1.043 billion as of March 31, 2026, a decrease of $258.8 million, or 19.9%, from $1.301 billion as of December 31, 2025;

•The Company spent $324 million on share repurchases during the first quarter of 2026 under its share repurchase program, which included $300 million for the previously announced accelerated share repurchase (“ASR”). The Company received 1.8 million shares during the first quarter with another 0.5 million shares received in April upon settlement of the ASR;

•Total headcount was approximately 62,750 as of March 31, 2026. Included in this number were approximately 56,500 delivery professionals, a decrease of 0.2% from December 31, 2025.

2026 Outlook - Full Year and Second Quarter

Full Year

EPAM expects the following for the full year:

•The Company now expects the year-over-year revenue growth rate to be in the range of 4.0% to 6.5% for 2026 and now expects the year-over-year revenue growth rate on an organic constant currency basis to be in the range of 2.5% to 5.0%;

•For the full year, EPAM continues to expect GAAP income from operations to be in the range of 10% to 11% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenues;

•The Company now expects its GAAP effective tax rate to be approximately 27% and continues to expect its non-GAAP effective tax rate to be approximately 24%; and

•EPAM now expects GAAP diluted EPS to be in the range of $8.29 to $8.59 and non-GAAP diluted EPS to be in the range of $12.98 to $13.28. The Company now expects weighted average diluted shares outstanding for the year to be 52.7 million.

Second Quarter

EPAM expects the following for the second quarter:

•The Company expects revenues will be in the range of $1.400 billion to $1.415 billion for the second quarter, reflecting year-over-year growth of 4.0% at the midpoint of the range. The Company expects the year-over-year revenue growth rate on an organic constant currency basis to be 2.7% at the midpoint of the range;

•For the second quarter, EPAM expects GAAP income from operations to be in the range of 9% to 10% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenue