EPAM Systems, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $103.0M | $82.5M | $109.4M | $106.8M | $88.0M | $73.5M | $103.3M | $136.3M |
| Depreciation & Amortization | $32.1M | $31.5M | $30.8M | $31.3M | $31.3M | $31.4M | $26.6M | $19.7M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $46.4M | $49.9M | $45.1M | $44.6M | $38.6M | $48.5M | $44.7M | $42.1M |
| Net Cash from Operating Activities | $-2.4M | $-36.4M | $282.9M | $294.7M | $53.2M | $24.2M | $130.3M | $242.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $15.2M | $17.9M | $14.8M | $8.3M | $9.8M | $9.3M | $15.7M | $5.0M |
| Business Acquisitions | $0 | $307.0K | $88.0K | $-2.0K | $6.7M | $-3.3M | $855.1M | $359.0K |
| Net Cash from Investing Activities | $-16.5M | $-15.6M | $-16.2M | $-9.3M | $-18.2M | $-5.3M | $-845.9M | $34.7M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $85.0M | $324.0M | $223.5M | $82.1M | $196.5M | $160.0M | $13.0M | $50.0M |
| Net Cash from Financing Activities | $-233.2M | $-192.2M | $-212.0M | $-85.7M | $-204.1M | $-149.5M | $1.3M | $-53.5M |
| Net Change in Cash | $-248.3M | $-258.8M | $57.9M | $197.0M | $-132.0M | $-111.9M | $-750.3M | $249.1M |
| Free Cash Flow | $-17.6M | $-54.2M | $268.1M | $286.4M | $43.4M | $14.8M | $114.5M | $237.0M |