Annual Reports
EPAM Systems, Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
EPAM Systems, Inc. — FY2025 Annual Report (Form 10-K) — FY2025
Latest 10-K: management's fullest account of a people-and-delivery business now reshaped by AI, Ukraine and 2024 acquisitions. · Open the full document →
Item 1. Business — p. 5 · Read the full section →
What EPAM sells and where it delivers — the software-engineering core, AI pivot, and a globally dispersed delivery base.
How management frames the business: engineering heritage now sold as AI-native transformation.
EPAM has used its software engineering expertise to become a leading global provider of digital engineering, cloud and artificial intelligence-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious start-ups. […] Through platforms like EPAM AI/RUN™ and initiatives like DIALX Lab™, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation.
p. 5 · Read in context →
The delivery footprint that is the business: India now largest, Ukraine still ~8,750 professionals.
In 2025, India remained our largest delivery location, measured by the number of delivery professionals, and as of December 31, 2025, we had approximately 12,200 delivery professionals in this location. […] Ukraine continues to be a significant delivery location for us and we had approximately 8,750 delivery professionals there as of December 31, 2025, compared with 8,764 delivery professionals as of December 31, 2024.
p. 9 · Read in context →
Human Capital — p. 11 · Read the full section →
For an IT-services firm, headcount and utilization are the cost model — the numbers that convert people into revenue.
~62,850 employees, ~56,600 delivery professionals, ~76.8% utilization — the operating engine, quantified.
As of December 31, 2025, 2024 and 2023, we had approximately 62,850, 61,200, and 53,150 employees, respectively, of which approximately 56,600, 55,100, and 47,350 were delivery professionals, respectively. […] For the years ended December 31, 2025, 2024 and 2023, the utilization rates of our delivery professionals were approximately 76.8%, 76.7%, and 74.3%, respectively.
p. 11 · Read in context →
Item 1A. Risk Factors — Risks Related to Geopolitical Events — p. 14 · Read the full section →
Company-specific, not boilerplate: ~14,100 delivery staff sit in Ukraine and Belarus, directly in the war's path.
Concentration of personnel in Ukraine and Belarus and what escalation would force.
In particular, as of December 31, 2025, approximately 14,100 of our global delivery, administrative and support personnel were based in Ukraine and Belarus, both of which are involved in or affected by Russia’s invasion of Ukraine. […] Any escalation of the conflict that includes Belarus or its military could jeopardize our personnel, facilities, and operations in Belarus.
p. 15 · Read in context →
Item 1A. Risk Factors — Risks Related to Artificial Intelligence — p. 16 · Read the full section →
New in FY2025 and existential: management concedes AI tools could let clients replace the very services EPAM sells.
Management's own words on AI as substitution risk — and that it has already weighed on the stock.
AI, large language model, and machine learning technologies enable clients and potential clients to develop, customize, and maintain software solutions internally and could reduce reliance on third-party service providers such as EPAM and our clients that are software product vendors. […] If a significant number of our existing or future clients employ AI-driven tools as a replacement for our services or the software we build, our revenues, anticipated growth and prospects, our financial condition, and our results of operations could be materially adversely affected.
p. 16 · Read in context →
Item 7. Management's Discussion and Analysis — p. 41 · Read the full section →
Where management explains what actually drove results — and how much of 2025's growth was bought, not organic.
Revenues up 15.4% to $5.457bn — but 9.2 pts came from acquisitions and 1.3 pts from FX.
During the year ended December 31, 2025, our total revenues increased 15.4% from the previous year to $5.457 billion. Revenues from the first twelve months following each acquisition that was made in the fourth quarter of 2024, increased our revenues by 9.2% and fluctuations in foreign currency increased our revenues by 1.3% during the year ended December 31, 2025 as compared to the previous year.
p. 45 · Read in context →
Results by Business Segment — p. 49 · Read the full section →
The reportable segments and a telling redefinition: North America renamed Americas as Latin America becomes material.
The segment rename — a naming change that signals the geographic shift into Latin America.
Starting in 2025, we renamed our North America segment to Americas. The new name reflects the evolving geographic footprint and growth of operations within the segment, particularly in Latin America. This constitutes a naming change only and no changes were made to amounts reported.
p. 49 · Read in context →
EPAM Systems, Inc. — FY2024 Annual Report (Form 10-K) — FY2024
Included to show the before-picture of the segment redefinition: in FY2024 the same unit was still reported as 'North America.' · Open the full document →
Results by Business Segment — North America Segment — p. 45 · Read the full section →
The prior name and structure, before the 2025 rename to Americas — the redefinition made visible.
More annual reports
EPAM Systems, Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 114 pages · The trough year: growth stalled on weak client demand — useful baseline for the AI-era risk narrative. · Open →
EPAM Systems, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 102 pages · First 10-K after Russia's invasion of Ukraine — where the war-disruption and Russia-exit disclosures begin. · Open →
EPAM Systems, Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 116 pages · The pre-war peak-growth edition — a picture of the business before Ukraine reshaped its delivery map. · Open →