EPAM Systems, Inc. (NYSE:EPAM) stock gained Thursday after it reported third-quarter 2025 results.

Its sales grew 19.4% year-over-year to $1.394 billion, beating the analyst consensus estimate of $1.376 billion.

On an organic constant currency basis, revenue increased by 7.1% Y/Y.

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Adjusted EPS of $3.08 is down from $3.12 a year ago, but beat the consensus estimate of $3.03.

Adjusted operating income for the quarter reached $222.8 million, down from $222.9 million Y/Y, and the margin stood at 16.0%, down from 19.1% Y/Y.

The company’s operating cash flow for the quarter rose to $294.6 million from $242.0 million a year ago.

Total cash fell 3.6% to $1.244 billion from $1.290 billion at year-end 2024.

Share Repurchases

EPAM repurchased 493,000 shares for $82.1 million in the third quarter of 2025.

As of September 30, 2025, the company exhausted the $500 million available for purchases under the previously authorized share repurchase program.

On October 16, 2025, as previously announced, the Board of Directors approved a new share repurchase program with authorization to purchase up to $1.0 billion.

Workforce Update

Total headcount reached ~62,350, including ~56,100 delivery professionals, up 0.5% since June 30, 2025.

Management Commentary

EPAM CEO Balazs Fejes said the company continues to accelerate its own transformation through investments in AI innovation, talent, and partnerships, reinforcing its core engineering strengths and positioning the company to lead in the emerging era of AI-driven enterprises.

Outlook

EPAM guided fourth-quarter revenue to $1.380 billion–$1.395 billion, slightly above the $1.374 billion consensus, and forecast adjusted EPS of $3.10–$3.18, ahead of the $2.91 estimate.

For 2025, the company raised its revenue growth outlook to 15% at the midpoint (from 14%) and now expects organic constant-currency growth of 4.6% at the midpoint (from 4%).

Full-year revenue is projected at $5.430 billion–$5.445 billion, up from the prior $5.343 billion–$5.437 billion range and above the $5.407 billion consensus.

Adjusted EPS is now expected at $11.36–$11.44 (prior $10.96–$11.12), exceeding the $11.13 Street view.

EPAM expects GAAP operating margin of 9.4%–9.7% (from 9.0%–10.0%) and adjusted operating margin of 15.0%–15.3% (from 14.5%–15.5%).

GAAP EPS is now forecast at $6.75–$6.83, below the prior $6.48–$6.64 range and the $6.73 consensus.

Price Action: EPAM shares were trading higher by 4.41% to $168.00 premarket at last check Thursday.

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