For the quarter ending 2026-03-31, EPAM had -$258,760K decrease in cash & cash equivalents over the period. -$54,217K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 82,521 | 109,354 | 106,816 | 88,026 |
| Depreciation and amortization expense | 31,539 | 30,787 | 31,313 | 31,274 |
| Operating lease right-of-use assets amortization expense | 10,435 | 10,331 | 10,358 | 10,652 |
| Bad debt recovery | -593 | 1,845 | -200 | 387 |
| Deferred taxes | 19,070 | -62,503 | 9,296 | -8,476 |
| Stock-based compensation expense | 49,919 | 45,146 | 44,604 | 38,558 |
| Unrealized gain on derivative instruments | - | 0 | - | - |
| Impairment charges | - | 175 | - | - |
| Loss on sale of business | - | 0 | - | - |
| Other | -394 | -2,499 | -2,763 | -1,867 |
| Trade receivables and contract assets | 78,801 | -22,629 | -24,594 | 116,352 |
| Prepaid and other assets | 16,057 | 20,226 | -1,172 | -13,373 |
| Accounts payable | -12,806 | -7,421 | -5,019 | -745 |
| Accrued expenses and other liabilities | -85,881 | 122,266 | 82,568 | -33,458 |
| Operating lease liabilities | -9,642 | -13,392 | -11,283 | -21,573 |
| Income taxes payable | -26,458 | 41,400 | -2,298 | -37,990 |
| Net cash provided by (used in) operating activities | -36,360 | 282,890 | 294,684 | 53,198 |
| Purchases of property and equipment | 17,857 | 14,781 | 8,302 | 9,831 |
| Purchases of short-term investments | 835 | 91 | -72 | 47 |
| Proceeds from short-term investments | 2,213 | 0 | 0 | 0 |
| Acquisition of business, net of cash acquired | 307 | 88 | -2 | 6,671 |
| Purchases of non-marketable securities | 0 | 305 | 360 | 0 |
| Proceeds from non-marketable securities | 0 | 138 | 0 | 0 |
| Other investing activities, net | -1,140 | 1,118 | 692 | 1,665 |
| Net cash used in investing activities | -15,646 | -16,245 | -9,280 | -18,214 |
| Proceeds from issuance of stock under the employee incentive programs | 704 | 19,541 | 458 | 15,099 |
| Payments of withholding taxesrelated tonet share settlements of restricted stock units | 3,152 | 2,381 | 1,083 | 22,045 |
| Proceeds from debt | 140,000 | 5,714 | - | - |
| Repayment of debt | 155 | 6,418 | 754 | 404 |
| Repurchase of common stock | 323,980 | 223,526 | 82,102 | 196,533 |
| Payment of contingent consideration for previously acquired businesses | 5,708 | 6 | 1,492 | 0 |
| Purchase of subsidiary shares from noncontrolling interest | 0 | 0 | 0 | 0 |
| Other financing activities, net | 92 | -4,905 | -677 | -172 |
| Net cash used in financing activities | -192,199 | -211,981 | -85,650 | -204,055 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -14,555 | 3,198 | -2,720 | 37,050 |
| Net decrease in cash, cash equivalents and restricted cash | -258,760 | 57,862 | 197,034 | -132,021 |
| Cash, cash equivalents and restricted cash, beginning of period | 1,301,377 | 1,243,515 | 1,046,481 | 1,178,502 |
| Cash, cash equivalents and restricted cash, end of period | 1,042,617 | 1,301,377 | 1,243,515 | 1,046,481 |
EPAM Systems, Inc. (EPAM)
EPAM Systems, Inc. (EPAM)