EPAM Systems, Inc. (EPAM) quarterly cash flow statement — complete operating, investing & financing history
EPAM Systems, Inc. (EPAM) cash flow statement — 17-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 288.84M | -2.42M | -36.36M | 282.89M | 294.68M | 53.2M | 24.16M | 130.26M | 241.96M | 57.03M | 129.92M | 171.37M | 214.88M | 89.05M | 87.33M | 186.07M | 252.37M | 77.52M | -51.85M | 284.61M |
| Operating CF Margin % | 20.25% | -0.17% | -2.6% | 20.1% | 21.13% | 3.93% | 1.86% | 10.43% | 20.72% | 4.97% | 11.15% | 14.81% | 18.65% | 7.61% | 7.21% | 15.11% | 20.57% | 6.49% | -4.43% | 25.7% |
| Operating CF Growth % | -1.98% | -104.56% | -250.48% | 117.18% | 21.79% | -6.71% | -81.4% | -23.99% | 12.6% | -35.96% | 48.76% | -7.9% | -14.85% | 14.88% | 268.44% | -34.62% | 22.48% | 12.61% | -504.21% | 78.52% |
| Net Income | 130.31M | 102.98M | 82.52M | 109.35M | 106.82M | 88.03M | 73.48M | 103.3M | 136.35M | 98.64M | 116.24M | 97.55M | 97.2M | 120.03M | 102.29M | 155.04M | 156.05M | 18.6M | 89.72M | 142.28M |
| Depreciation & Amortization | 43.04M | 42.38M | 41.97M | 41.12M | 31.31M | 41.93M | 41.37M | 36.05M | 29.01M | 30.46M | 31.58M | 33.22M | 33.31M | 33.35M | 32.83M | 33.59M | 33.17M | 34.24M | 39.05M | 38.65M |
| Stock-Based Compensation | 42.48M | 46.4M | 49.92M | 45.15M | 44.6M | 38.56M | 48.46M | 44.7M | 42.12M | 35.68M | 44.79M | 38.19M | 37.85M | 33.11M | 38.58M | 31.62M | 33.29M | 27.89M | 7.11M | 1K |
| Deferred Taxes | -3.72M | -14.43M | 19.07M | -62.5M | 9.3M | -8.48M | 2.39M | -39.31M | -12.88M | -13.88M | 1.87M | -25.43M | -16.36M | 3.78M | 823K | 12.69M | -25.45M | -18.57M | -10.83M | -39.95M |
| Other Non-Cash Items | 907K | 2.95M | -199K | 340.96M | -151.47M | 2.25M | 3.51M | -2.3M | -6.13M | 1.07M | 9.09M | 4.93M | 28.21M | 5.24M | -10.9M | -41.76M | -21.71M | 66.39M | 73.81M | 42.76M |
| Working Capital Changes | 75.82M | -182.7M | -229.65M | -191.19M | 254.13M | -109.09M | -145.04M | -12.18M | 53.48M | -94.96M | -73.65M | 22.9M | 34.67M | -106.47M | -76.28M | -5.1M | 77.01M | -51.04M | -250.7M | 100.88M |
| Change in Receivables | 51.22M | -93.41M | -78.8M | 22.63M | 24.59M | -39.67M | -76.68M | 38.38M | 40.21M | -26.84M | -36.16M | 26.21M | -5.84M | 15.56M | -3.57M | 3.96M | -13.53M | -38.36M | -144.78M | 21.03M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -4.46M | 331K | -12.81M | -7.42M | -5.02M | -745K | 502K | -24.47M | -2.26M | 3.13M | -5.48M | -683K | -947K | 290K | 1.49M | -11.7M | 8.04M | 5.36M | -4.63M | 4.07M |
| Cash from Investing | -23.84M | -16.51M | -15.65M | -16.25M | -9.28M | -18.21M | -5.31M | -845.88M | 34.74M | -22.85M | -50.99M | -20.7M | -10.56M | -17.79M | -17.72M | -31.14M | -28.7M | -88.53M | -34.56M | -210.43M |
| Capital Expenditures | -14.68M | -15.21M | -17.86M | -14.78M | -8.3M | -9.83M | -9.33M | -15.73M | -4.97M | -4.7M | -6.75M | -9.99M | -3.62M | -6.88M | -7.91M | -21.5M | -18.71M | -18.15M | -23.27M | -56.62M |
| CapEx % of Revenue | 1.03% | 1.08% | 1.28% | 1.05% | 0.6% | 0.73% | 0.72% | 1.26% | 0.43% | 0.41% | 0.58% | 0.86% | 0.31% | 0.59% | 0.65% | 1.75% | 1.52% | 1.52% | 1.99% | 5.11% |
| Acquisitions | 0 | 0 | -307K | -88K | 2K | -6.67M | 3.33M | -855.09M | -359K | -12.57M | -44.14M | -10.82M | -16.17M | 0 | 0 | -114K | 91K | -2.41M | -8.21M | -153.99M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.88M | -2.48M | 3.35M | -9.86M | -692K | -1.67M | 134K | 638K | 738K | -69K | 1M | 437K | -261K | -45K | -7.9M | -9.53M | -8.46M | -7.96M | -3.08M | 179K |
| Cash from Financing | -83.19M | -233.15M | -192.2M | -211.98M | -85.65M | -204.06M | -149.51M | 1.26M | -53.51M | -226.08M | -112.08M | -22.36M | -80.59M | -47.51M | -15.32M | 8.04M | 568K | -1.03M | -9.6M | -45.06M |
| Debt Issued (Net) | 0 | -140.03M | 139.84M | -704K | -754K | -404K | -684K | -360K | -373K | -535K | -589K | -301K | -52K | -552K | -1.24M | -6.35M | 101K | -2.62M | -4.91M | 0 |
| Equity Issued (Net) | -79.94M | -71.36M | -323.28M | -203.99M | -81.64M | -196.53M | -160M | -13M | -49.95M | -214.48M | -120.59M | -36.49M | -78.49M | -41.44M | -8.51M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -79.94M | -84.97M | -323.98M | -223.53M | -82.1M | -196.53M | -160M | -13M | -49.95M | -214.48M | -120.59M | -36.49M | -78.49M | -41.44M | -8.51M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.25M | -21.76M | -8.77M | -7.29M | -3.25M | -7.12M | 11.17M | 14.62M | -3.18M | -11.07M | 9.1M | 14.44M | -2.05M | -5.52M | -5.57M | 14.4M | 467K | 1.59M | -4.7M | -45.06M |
| Net Change in Cash | 175.66M | -248.33M | -258.76M | 57.86M | 197.03M | -132.02M | -111.89M | -750.32M | 249.1M | -198.79M | -52.71M | 163.33M | 101M | 26.77M | 68.37M | 193.98M | 194.02M | -12.29M | -141.42M | 23.78M |
| Free Cash Flow | 274.16M | -17.64M | -54.22M | 268.11M | 286.38M | 43.37M | 14.83M | 114.53M | 237M | 52.32M | 123.17M | 161.37M | 211.25M | 82.17M | 79.42M | 164.57M | 233.66M | 59.36M | -75.12M | 228M |
| FCF Margin % | 19.22% | -1.25% | -3.87% | 19.05% | 20.54% | 3.2% | 1.14% | 9.17% | 20.3% | 4.56% | 10.57% | 13.94% | 18.34% | 7.02% | 6.56% | 13.37% | 19.04% | 4.97% | -6.41% | 20.59% |
| FCF Growth % | -4.27% | -140.67% | -465.52% | 134.09% | 20.84% | -17.12% | -87.96% | -29.03% | 12.18% | -36.32% | 55.09% | -1.94% | -9.59% | 38.42% | 205.72% | -27.82% | 26.34% | 28.36% | -4677.82% | 61.76% |
| FCF per Share | 5.33 | -0.34 | -1.00 | 4.84 | 5.13 | 0.76 | 0.26 | 1.99 | 4.13 | 0.90 | 2.09 | 2.74 | 3.58 | 1.39 | 1.34 | 2.77 | 3.94 | 1.01 | -1.27 | 3.85 |
| FCF Conversion (FCF/Net Income) | 2.22x | -0.02x | -0.44x | 2.59x | 2.76x | 0.60x | 0.33x | 1.26x | 1.77x | 0.58x | 1.12x | 1.76x | 2.21x | 0.74x | 0.85x | 1.20x | 1.62x | 4.17x | -0.58x | 2.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |