EPAM Systems (EPAM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and EPAM Systems published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. EPAM Systems reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• EPAM reports its income statement in thousands of dollars; the figures here are the same numbers in millions. EPAM's segments are based on where its clients are managed: Americas and Europe.

Source: EPAM Systems Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How EPAM Systems splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• EPAM Systems's Americas revenue was $797 million in Q3 2026, flat on $800 million in Q3 2025, 56% of total revenue.
• EPAM Systems's Europe revenue was $630 million in Q3 2026, up 6% from $595 million in Q3 2025, 44% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, EPAM Systems said:

“The Company expects revenues will be in the range of $1.405 billion to $1.420 billion for the fourth quarter, reflecting a year-over-year change of (0.2)% to 0.9%.”

“EPAM expects GAAP diluted EPS will be in the range of $2.43 to $2.51 for the quarter, and non-GAAP diluted EPS will be in the range of $3.50 to $3.58 for the quarter.”

“The Company now expects the year-over-year revenue growth rate to be in the range of 3.5% to 3.7% 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 2.7%”

“EPAM now expects 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.”

Source: EPAM Q3 2026 earnings release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EPAM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for EPAM Systems's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

EPAM Systems sells software engineering, consulting and AI transformation services, and reported Q3 2026 revenues of $1.426 billion, up 2.3% from a year earlier and up 2.5% on an organic constant currency basis. Most of it is billed by the hour: time-and-materials contracts brought in $1,106.1 million of the $1,426.4 million total, fixed-price contracts $315.8 million. (EPAM Q3 2026 earnings release, Nov 5, 2026; EPAM Form 10-Q, Q3 2026, Nov 5, 2026)

EPAM's Americas segment revenue fell 0.4% and made up 55.9% of the total, down from 57.4% a year earlier. Within it, Financial Services grew 19.8%, which the 10-Q puts down to increased spend at a large wealth management client and growth in insurance, asset management and payment processing clients, while Software & Hi-Tech fell 11.7% on lower spend from certain technology clients. (EPAM Form 10-Q, Q3 2026, Nov 5, 2026)

EPAM's Europe segment revenue grew 5.9%, or 6.9% in constant currency, and reached 44.1% of the total. Life Sciences & Healthcare in Europe rose 48.6% on growth from pharmaceutical clients, and Financial Services rose 8.7%. The largest client locations in EMEA were the United Kingdom ($153.8 million), Switzerland ($118.6 million) and the Netherlands ($65.1 million). (EPAM Form 10-Q, Q3 2026, Nov 5, 2026)

Across both segments, Financial Services was EPAM's largest industry vertical at $384.0 million, against $337.8 million a year earlier. The United States remained the largest client location, with revenue down 0.2% to $714.4 million. (EPAM Form 10-Q, Q3 2026, Nov 5, 2026)

EPAM's GAAP diluted EPS rose 32.5% to $2.53 and non-GAAP diluted EPS rose 14.0% to $3.51. Non-GAAP results exclude stock-based compensation, amortization of acquired intangible assets, the humanitarian support EPAM pays to professionals in Ukraine, Cost Optimization charges, and foreign exchange gains and losses. Total adjustments to net income were $50.6 million in the quarter, against $65.0 million a year earlier, when EPAM also booked $11.0 million of Cost Optimization charges. (EPAM Q3 2026 earnings release, Nov 5, 2026)

Buybacks cut EPAM's diluted share count to 51,469 thousand from 55,817 thousand a year earlier. EPAM spent approximately $489 million on repurchases in the first nine months of 2026, raised its repurchase authorization to $1.8 billion, and said it expects to enter a $500 million accelerated share repurchase during the week of November 9, 2026, funded with cash on hand and borrowings under its credit facility. (EPAM Q3 2026 earnings release, Nov 5, 2026)

EPAM's effective tax rate was 26.1% in the quarter, against 25.6% a year earlier. (EPAM Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

EPAM Systems gives both a quarterly and a full-year outlook in its release. For Q4 2026 it expects revenues of $1.405 billion to $1.420 billion, a year-over-year change of (0.2)% to 0.9%, with GAAP diluted EPS of $2.43 to $2.51 and non-GAAP diluted EPS of $3.50 to $3.58. It expects weighted average diluted shares of 49.9 million for the quarter. (EPAM Q3 2026 earnings release, Nov 5, 2026)

For full year 2026, EPAM now expects revenue growth of 3.5% to 3.7%, or 2.5% to 2.7% on an organic constant currency basis, GAAP diluted EPS of $8.41 to $8.49 and non-GAAP diluted EPS of $13.23 to $13.31. It also committed to return at least 50% of its free cash flow to shareholders annually from 2027 through 2029. (EPAM Q3 2026 earnings release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover EPAM Systems, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones EPAM Systems's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EPAM is on is EPAM a buy or a sell?, what analysts expect next is on the EPAM forecast, and what the company does is on the EPAM Systems (EPAM) stock page.

Every number on this page can be traced to a document EPAM Systems published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.