EPAM at a glance
EPAM Systems (EPAM, SEC CIK 1352010) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as September 3, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), EPAM Systems (EPAM) reported revenue of $5.5 billion (up 15.4% from FY2024) and net income of $377.7 million. Diluted EPS was $6.72.
- As of June 30, 2026, 29 institutional investment managers tracked by SignalX reported holding EPAM Systems (EPAM) shares worth $2.5 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $5.5B
- +15.4% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 29 funds
- $2.5B · −5 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- ~14,100 personnel in Ukraine/Belarus as of Dec 31, 2025; ongoing Russia-Ukraine war threatens operations, facilities, and service delivery
- OFAC sanctions and anti-bribery laws (FCPA equivalent) create compliance exposure across operations in Belarus, Ukraine, Kazakhstan, and other emerging markets
- AI-driven tools enabling clients to self-develop software internally, reducing demand for EPAM's core IT services and pressuring pricing
- Belarus High-Technologies Park tax exemption (full income/VAT exemption until 2049) at risk if Belarus policy changes, threatening cost structure
- Key-person dependency on senior executives with no guarantee of effective succession; non-compete enforceability uncertain across multiple jurisdictions
Management Discussion & Analysis
- Revenue $5.457B, up 15.4% YoY; organic growth ~5%, acquisitions (NEORIS, First Derivative) added 9.2%, FX tailwind +1.3%
- Operating margin 9.5% vs 11.5%; net margin 6.9% vs 9.6%; cost of revenues rose to 71.2% vs 69.3% of revenue
- Best segment: Europe +23.1% revenue to $2.291B; worst: Americas operating margin contracted to 16.5% vs 18.9%, profit down $19.3M
- Operating cash flow $654.9M vs $559.2M; capex $42.2M; share buybacks $660.6M vs $398.0M; no dividends; cash $1.296B
- Key risks: Ukraine war ongoing, effective tax rate rose to 25.3% vs 22.2%, $10.1M humanitarian commitment remaining; management confident liquidity sufficient 12+ months
Business Overview
- Global IT services firm delivering end-to-end digital engineering, cloud, and AI-enabled transformation; increasingly positioning as "AI-native" solutions provider
- EPAM AI/RUN™ platform and DIALX Lab™ initiative highlighted as key AI delivery vehicles; "end-to-end AI-native transformation" cited as primary strategic focus this year
- India surpassed all other locations as largest delivery hub with ~12,200 professionals, adding ~2,150 since Dec 2024; total headcount grew to ~62,850 from ~61,200
- Revenue concentration declining: top 5 clients fell to 13.7% of revenue (vs 15.8% in 2024), top 10 to 21.6% (vs 23.4%), reflecting deliberate client base diversification
- Ukraine delivery workforce essentially flat at ~8,750 vs 8,764 a year prior, notable stability despite ongoing war now entering its fourth year
AI summary of the EPAM 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Six-month revenue $2.815B, up 6.0% from $2.655B YoY
- Operating margin 9.6% vs 8.5% YoY
- Diluted EPS $3.49 vs $2.84 YoY
- Ukraine humanitarian commitment $100M, with $4.6M remaining to expense
- Improving service demand and foreign exchange tailwinds; Ukraine-related expenses expected in subsequent quarters
Risk Factors
- No material changes disclosed; risk factors refer investors to the most recent Form 10-K
- Share-repurchase liquidity risk: $1,000 million authorization with $372.492 million remaining at June 30, 2026
- Market risk: $300 million ASR settlement for 2.24 million shares depended on volume-weighted average price
- Regulatory risk: repurchases above issuances subject to a 1% excise tax
- Equity-price risk: additional unknown or currently immaterial risks could adversely affect common-stock trading price
AI summary of the EPAM 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026
- Press release and infographic issued August 6, 2026
Item EX-99.1: Item EX-99.1
- Q2 revenue $1.415B, up 4.5% YoY; organic constant-currency growth 3.4%, indicating modest underlying demand momentum
- GAAP operating margin expanded to 10.8% from 9.3%; non-GAAP margin reached 16.4% from 15.0%, supporting stronger earnings conversion
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Stockholders gained the right to call special meetings, increasing shareholder ability to influence governance between annual meetings
- Restated Charter effective May 21, 2026, consolidating prior charter amendments and registered-agent changes
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Stockholders approved 4,000,000 additional shares for the 2025 Long Term Incentive Plan, subject to an adjustment
- Expanded equity capacity supports employee retention and recruitment but creates potential shareholder dilution
Item 5.07: Submission of Matters to a Vote of Security Holders
- 52,756,846 shares eligible to vote; all four Class II director nominees elected through 2027
- Charter amendment approved, enabling adoption of shareholder rights to call special meetings
Item 2.02: Results of Operations and Financial Condition
- Q1 results covered quarter ended March 31, 2026
- Press release and infographic issued May 7, 2026
AI summaries of EPAM 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for EPAM
Don't miss the next EPAM filing
- Alerts as it files. A push when EPAM files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut EPAM, by share count.
- Ask anything. An AI agent that reads every EPAM filing and answers with sources.
EPAM alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Fejes Balazs | F | Sep 1, 2026 | 412 | $117.83 |
| Roman Eugene | F | May 22, 2026 | 673 | $103.19 |
| Segert Robert E. | A | May 21, 2026 | 2,132 | - |
| Aguirre DeAnne | A | May 21, 2026 | 2,132 | - |
| Smart Jill | A | May 21, 2026 | 2,132 | - |
| Mayoras Richard Michael | A | May 21, 2026 | 2,132 | - |
| McMahon Chandra | A | May 21, 2026 | 2,132 | - |
| Vargo Ronald P | A | May 21, 2026 | 2,132 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $4.7B | $5.5B |
| Operating Income | $501.2M | $544.6M | $520.0M |
| Net Income | $417.1M | $454.5M | $377.7M |
| Op. Margin | - | 11.5% | 9.5% |
| Net Margin | - | 9.6% | 6.9% |
| Balance Sheet | |||
| Total Assets | - | $4.8B | $4.9B |
| Equity | - | $3.6B | $3.7B |
| ROE | - | 12.5% | 10.3% |
| Per Share | |||
| EPS | - | $7.84 | $6.72 |
| Cash Flow | |||
| Operating CF | $562.6M | $559.2M | $654.9M |
| CapEx | $28.4M | $32.1M | $42.2M |
Source: XBRL data in EPAM Systems (EPAM)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate EPAM share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 29 | $2.52B |
| Q1 2026 | 34 | $3.86B |
| Q4 2025 | 30 | $5.45B |
| Q3 2025 | 32 | $4.27B |
| Q2 2025 | 30 | $4.75B |
| Q1 2025 | 30 | $3.72B |
| Q4 2024 | 26 | $4.57B |
| Q3 2024 | 21 | $2.00B |
- BlackRock+2.55M (+62%)
- Ameriprise Financial+1.68M (+44%)
- Citadel Advisors LLC+1.48M (+1771%)
- Millennium Management+946.3K (+4811%)
- Goldman Sachs Group+587.5K (+368%)
- Invesco Ltd−1.97M (-45%)
- Vanguard Capital Management LLC−1.19M (-34%)
- JPMorgan Chase & Co−1.14M (-89%)
- T. Rowe Price Group−710.9K (-93%)
- AQR Capital Management−467.6K (-80%)
- Blackstone Group+3.8K
- Allstate−5.2K
- Truist Financial−3.5K
- Franklin Resources−2.2K
- NICOLET BANKSHARES INC−2.1K
- M&T Bank−1.6K
Source: 13F-HR filings on SEC EDGAR (aggregated from 232 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
EPAM filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 3, 2026 | - | - | - |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | May 26, 2026 | - | Analysis | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| 4 | May 22, 2026 | - | - | |
| SC 13G | May 15, 2026 | - | - | |
| 8-K | May 7, 2026 | - | Analysis | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| SC 13G | Apr 29, 2026 | - | - | |
| SC 13G | Apr 29, 2026 | - | - | |
| 8-K | Apr 1, 2026 | - | - | - |
Related Information Technology companies
- CTSH · CognizantServices-Computer Programming Services
- RGTI · Rigetti Computing, Inc.Services-Computer Programming Services
- TBRG · TruBridge, Inc.Services-Computer Programming Services
- VRSN · VerisignServices-Computer Programming Services
- ZS · ZscalerServices-Computer Programming Services
- DDD · 3D SYSTEMS CORPServices-Prepackaged Software
- EGHT · 8X8 INC /DE/Services-Computer Processing & Data Preparation
- MASS · 908 Devices Inc.Measuring & Controlling Devices, NEC
EPAM SEC filings: frequently asked questions
Which institutions hold EPAM stock?
As of June 30, 2026, the largest EPAM Systems (EPAM) holders among the 13F filers tracked by SignalX were BlackRock ($526.7 million), Ameriprise Financial ($434.0 million), Vanguard Portfolio Management LLC ($275.1 million), Invesco Ltd ($191.3 million), Vanguard Capital Management LLC ($180.6 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was EPAM's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), EPAM Systems (EPAM) reported revenue of $5.5 billion (up 15.4% from FY2024) and net income of $377.7 million. Diluted EPS was $6.72. The figures come from the XBRL data in the 10-K.
What are the main risks in EPAM's latest 10-K?
In the 10-K filed February 26, 2026, EPAM Systems (EPAM) flagged: ~14,100 personnel in Ukraine/Belarus as of Dec 31, 2025; ongoing Russia-Ukraine war threatens operations, facilities, and service delivery. OFAC sanctions and anti-bribery laws (FCPA equivalent) create compliance exposure across operations in Belarus, Ukraine, Kazakhstan, and other emerging markets. (AI summary of the Risk Factors section.)
What did EPAM report in its latest 8-K?
EPAM Systems (EPAM) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 results for quarter ended June 30, 2026.
What are the latest EPAM SEC filings?
EPAM Systems (EPAM) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on September 3, 2026.
What is EPAM's SEC CIK number?
EPAM Systems (EPAM)'s SEC Central Index Key (CIK) is 1352010. EDGAR lists every EPAM filing under that number.
Ask anything about EPAM
The research agent reads EPAM's filings, financials, insider trades and 13F holders, then answers with sources.