EPAM Systems Income Statement 2025-2009 | EPAM

Brief overview of income trends at EPAM Systems

The conclusions below are based on five years of reported results. The revenue attributed to EPAM Systems moved from 2.7 billion dollars to 5.5 billion dollars between the two endpoints. Overall revenue changed by +105.2%, equal to an annualized rate of about 15.5%. Top-line growth remained consistently strong over the period.

Gross profit changed from $927 million to $1.6 billion (+69.8%). The cost base moved against the top-line trend and weighed on the gross result. At the margin level, the figure shifted from 34.9% to 28.8%. A lower margin indicates deterioration in the economics of the core business.

The operating result measured by EBITDA moved from $442 million to $645 million, or +45.8%. EBITDA lagged revenue, showing weaker operating momentum. Comparing the endpoints gives EBITDA margins of 16.6% and 11.8%. The business retained less EBITDA from each unit of revenue.

Net profit was $327 million at the start and $378 million at the end. There was no meaningful strengthening in net profitability.

The five-year change in capitalization reached −50.3%: from $19.2 billion to $9.5 billion. The market is not yet fully reflecting the fundamental progress.

Overall conclusion

Signs of deterioration dominate the five-year picture. The constructive conclusion rests on revenue expansion and improving net profitability. Caution is warranted because of a weaker market valuation, a declining EBITDA margin and weaker gross profitability. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.