EPAM Systems, Inc.

EPAMNYSETechnology● Active

$98.38

+$0.34(+0.34%)

Market Cap$5.1B

P/E Ratio—

52W High$222.53

52W Low$89.25

Avg Volume1.8M

Open$97.18

Beta1.40

Free Cash Flow Financials Revenue

EPAM Systems, Inc. (EPAM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

EPAM · free cash flow · updated Jun 8, 2026

Core FCF metrics

EPAM · FCF · TTM · margin & CAGR

Free cash flow was $612.7M for FY2025 (fiscal year ending 2025-12-31), up 16.3% year-over-year The FCF margin was 11.2%. Five-year CAGR stands at +5.2%.

FY2025 Free Cash Flow$612.7M▲ +16.3% YoY

Trailing 12M (TTM)$543.6Mtrailing 4 quarters sum

FCF Margin11.2%$612.7M ÷ revenue

3-Year CAGR+17.0%FY2022 → FY2025

5-Year CAGR+5.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

EPAM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$654.9M(42M)$612.7M▲ +16.3%11.2%

FY2024$559.2M(32M)$527.0M▼ 1.3%11.2%

FY2023$562.6M(28M)$534.2M▲ +39.7%11.4%

FY2022$464.1M(82M)$382.5M▼ 17.0%7.9%

FY2021$572.3M(112M)$460.8M▼ 3.1%12.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

EPAM · P/FCF · FCF yield · FCF per share

EPAM Systems, Inc. (EPAM) trades at a FCF yield of 10.59% and a price-to-free-cash-flow ratio of 10.1x. FCF per share stands at $9.73, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

10.59%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$9.73

TTM FCF ÷ Shares Outstanding

Price / FCF

x10.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x8.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

EPAM · cash flow statement · operating / investing / financing

For FY2025, EPAM Systems, Inc. generated $654.9M in operating cash flow and spent 42M in capital expenditures, yielding $612.7M in free cash flow.

Operating Activities

+$654.9M

Cash from core business operations

2025-12-31

Investing Activities

−$49.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$651.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($654.9M) − |CapEx| (42M) = FCF ($612.7M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

EPAM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

EPAM Systems, Inc.YOU

EPAM

$612.7M+16.3%11.2%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

EPAM Systems, Inc. (EPAM) reported free cash flow of $612.7M for FY2025 (fiscal year ending 2025-12-31), up 16.3% year-over-year. The FCF margin was 11.2%.

Based on available data, EPAM Systems, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $612.7M in FY2025. The 5-year CAGR stands at +5.2%.

EPAM Systems, Inc.'s FCF yield is 10.59% and price-to-FCF ratio is 10.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

EPAM free cash flow · 8 questions

EPAM Systems, Inc. free cash flow was $612.7M for FY2025, up 16.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $543.6M.

EPAM free cash flowEPAM FCFEPAM FCF 2025EPAM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · EPAM Systems, Inc. · EPAM Systems, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026