For the year ending 2025-12-31, EPAM had $10,985K increase in cash & cash equivalents over the period. $612,691K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 377,678 | 454,533 | 417,083 | 419,416 |
| Depreciation and amortization expense | 124,811 | 89,559 | 91,800 | 92,272 |
| Operating lease right-of-use assets amortization expense | 41,270 | 37,545 | 40,902 | 47,777 |
| Bad debt expense (recovery) | 1,814 | -4,402 | 4,047 | 12,394 |
| Deferred taxes | -59,297 | -64,195 | -37,194 | -42,164 |
| Stock-based compensation expense | 176,764 | 167,297 | 147,730 | 99,909 |
| Unrealized gain on derivative instruments | 0 | 0 | 7,904 | -7,904 |
| Impairment charges | 175 | 417 | 6,019 | 23,619 |
| Loss on sale of business | 0 | 0 | -25,922 | - |
| Other | -10,858 | -5,727 | 599 | -32,806 |
| Trade receivables and contract assets | 69,129 | -15,588 | -32,356 | 192,712 |
| Prepaid and other assets | 14,844 | 76,959 | -8,409 | 12,140 |
| Accounts payable | -12,683 | -29,084 | 154 | -2,934 |
| Accrued expenses and other liabilities | 144,128 | 10,673 | -84,610 | 26,025 |
| Operating lease liabilities | -46,248 | -39,365 | -48,093 | -51,668 |
| Income taxes payable | -20,363 | -8,166 | -33,388 | 3,600 |
| Net cash provided by operating activities | 654,934 | 559,168 | 562,634 | 464,104 |
| Purchases of property and equipment | 42,243 | 32,146 | 28,415 | 81,629 |
| Purchases of short-term investments | 2,057 | 1,229 | 11,169 | 60,000 |
| Proceeds from short-term investments | 0 | 61,509 | 10,865 | 0 |
| Acquisition of businesses, net of cash acquired (note 3) | 3,432 | 912,158 | 24,817 | 10,644 |
| Cash sold as part of sale of business, net of proceeds | - | - | -2,169 | - |
| Purchases of non-marketable securities | 1,025 | 7,612 | 3,296 | 1,625 |
| Proceeds from sale of non-marketable securities | 3,051 | 4,344 | - | - |
| Other investing activities, net | 3,341 | -2,312 | 7,767 | 29,029 |
| Net cash used in investing activities | -49,047 | -884,980 | -66,768 | -182,927 |
| Proceeds from issuance of stock under employee incentive programs | 54,578 | 53,731 | 51,636 | 50,660 |
| Payments of withholding taxes related to net share settlements of equity awards | 26,802 | 35,190 | 29,102 | 26,556 |
| Proceeds from debt | 5,714 | 8 | 825 | 1,763 |
| Repayment of debt | 8,260 | 1,865 | 2,969 | 15,542 |
| Repurchase of common stock | 662,159 | 398,028 | 164,924 | - |
| Payment of contingent consideration for previously acquired businesses | 6,244 | 6,246 | 10,235 | 6,626 |
| Purchase of subsidiary shares from noncontrolling interest | 1,358 | - | 1,972 | 2,254 |
| Payment of deferred consideration for asset acquisitions | - | - | 4,979 | - |
| Other financing activities, net | -6,669 | -2,817 | -4,053 | -3,466 |
| Net cash used in financing activities | -651,200 | -390,407 | -165,773 | -2,021 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 56,298 | -36,497 | 29,379 | -44,867 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 10,985 | -752,716 | 359,472 | 234,289 |
| Cash, cash equivalents and restricted cash, beginning of period | 1,290,392 | 2,043,108 | 1,683,636 | 1,449,347 |
| Cash, cash equivalents and restricted cash, end of period | 1,301,377 | 1,290,392 | 2,043,108 | 1,683,636 |
EPAM Systems, Inc. (EPAM)
EPAM Systems, Inc. (EPAM)