EPAM Systems, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $377.7M | $454.5M | $417.1M | $419.4M | $481.7M | $327.2M | $261.1M | $240.3M |
| Depreciation & Amortization | $124.8M | $89.6M | $91.8M | $92.3M | $83.4M | $62.9M | $45.3M | $36.6M |
| Depreciation | $53.1M | $59.4M | $68.2M | $69.0M | $65.5M | $50.5M | $35.4M | $28.5M |
| Amortization | $71.4M | $29.5M | $22.7M | $22.2M | $17.6M | $12.3M | $9.9M | $8.5M |
| Stock-Based Compensation | $176.8M | $167.3M | $147.7M | $99.9M | $111.7M | $75.2M | $72.0M | $59.2M |
| Net Cash from Operating Activities | $654.9M | $559.2M | $562.6M | $464.1M | $572.3M | $544.4M | $287.5M | $292.2M |
| Investing Activities | ||||||||
| Capital Expenditures | $42.2M | $32.1M | $28.4M | $81.6M | $111.5M | $68.8M | $99.3M | $37.6M |
| Business Acquisitions | $3.4M | $912.2M | $24.8M | $10.6M | $315.0M | $18.9M | $39.3M | $74.3M |
| Net Cash from Investing Activities | $-49.0M | $-885.0M | $-66.8M | $-182.9M | $-368.9M | $-167.2M | $-145.4M | $-112.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $662.2M | $398.0M | $164.9M | $0 | $0 | — | — | — |
| Net Cash from Financing Activities | $-651.2M | $-390.4M | $-165.8M | $-2.0M | $-59.6M | $-765.0K | $20.4M | $23.0M |
| Net Change in Cash | $11.0M | $-752.7M | $359.5M | $234.3M | $125.8M | $385.8M | $166.0M | $188.9M |
| Free Cash Flow | $612.7M | $527.0M | $534.2M | $382.5M | $460.8M | $475.6M | $188.1M | $254.6M |