1. Accenture, focused on digital product engineering.

2. Like IBM's tech services, but specializing in building modern software and digital platforms.

• Digital Platform & Software Engineering: Provides services including requirements analysis, platform implementation, integration, custom software development, and maintenance.
• Infrastructure Management Services: Offers management for application, database, network, server, storage, and systems operations across various infrastructures.
• Quality Assurance & Testing Services: Delivers software application testing, test management, automation, and security testing to enhance quality and protect systems.
• IT Consulting Services: Provides advisory expertise across business, experience, technology, data, and technical domains.
• Digital & Product Design Solutions: Encompasses strategy, design, creative services, and physical product development utilizing advanced technologies.

• Google (GOOGL)
• SAP (SAP)
• UBS (UBS)
• Expedia Group (EXPE)

Balazs Fejes, Chief Executive Officer & President

Balazs Fejes was appointed Chief Executive Officer and President of EPAM Systems in September 2025. Before assuming the CEO role, he served as President of EU and APAC Markets.

Jason Peterson, Chief Financial Officer, SVP & Treasurer

Jason Peterson joined EPAM Systems in 2017 and leads Global Finance, Corporate Development, and Procurement. He has over 25 years of finance experience in the technology industry. Prior to EPAM, he held multiple leadership roles at Cognizant Technology Solutions, including financial planning and analysis, merger and acquisition diligence and integration, and financial process transformation. He also served as Chief Financial Officer for E&C Medical Intelligence, a venture-backed software and services company. His career also includes various accounting and finance roles at ATI Technologies, Philips Semiconductors, Silicon Graphics, and Hewlett-Packard.

Arkadiy Dobkin, Executive Chairman

Arkadiy Dobkin is the principal co-founder of EPAM Systems, establishing the company in 1993. He served as CEO and President from the company's inception until September 2025, when he transitioned to the role of Executive Chairman. Before co-founding EPAM, Mr. Dobkin held technical and product leadership positions at companies such as SAP, Prudential Insurance, and Colgate-Palmolive.

Elaina Shekhter, Chief Strategy & Transformation Officer, SVP

Elaina Shekhter serves as the Chief Strategy & Transformation Officer and Senior Vice President at EPAM Systems. She has held various leadership roles within EPAM, including Global Head of Business Development.

Larry Solomon, Chief People Officer, SVP

Larry Solomon is the Chief People Officer and Senior Vice President at EPAM Systems.

1. Geopolitical Tensions and Macroeconomic Volatility: EPAM Systems faces significant exposure to global economic uncertainties, trade tensions, and potential recessions, which can lead to reduced enterprise technology spending and slower decision-making for new projects. The company's operations are particularly vulnerable to geopolitical tensions, such as the war in Ukraine, which has led to operational risks, geographic repositioning of employees, and resulting financial costs and margin pressures.
2. Technological Disruption and AI Integration: The intense competition within the artificial intelligence (AI) and cloud sectors requires continuous adaptation and substantial investment from EPAM. There is a risk that generative AI, while creating new demand, could also reduce the amount of billable work by increasing productivity in software engineering, potentially leading to stagnating or declining revenues if not strategically managed. EPAM's future prospects depend on its success in generating demand and achieving better pricing for AI-related projects.
3. Talent Acquisition, Retention, and Rising Operational Costs: Attracting and retaining highly skilled talent, particularly in specialized areas like Generative AI and cloud architecture, is crucial for EPAM to deliver complex digital engineering solutions and maintain its capacity to innovate. The competition for such talent is intense and comes at a premium, contributing to higher operating expenses and ongoing margin pressures for the company.

EPAM Systems (EPAM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of AI-Native and Generative AI Services: EPAM is heavily focused on leveraging Artificial Intelligence, particularly in AI-native enterprise transformation and Generative AI integration. The company anticipates substantial growth in revenues from its AI-native services, projecting to scale these beyond $600 million in 2026, a significant increase from $105 million in Q4 2025. This focus positions EPAM to benefit from the accelerating deployment of AI by large organizations.
2. Continued Digital Transformation and Legacy Modernization: The company expects a rebound in demand for services related to digital transformation and legacy system modernization. This ongoing need among clients for advanced customer-centric solutions and updating existing IT infrastructure will continue to be a core driver, capitalizing on EPAM's established engineering expertise.
3. Optimization and Diversification of Global Delivery Model: EPAM's strategy includes optimizing its global delivery capabilities, which involves expanding into new geographic regions such as India and Mexico. This diversification enhances the company's ability to serve a broader client base and deliver services efficiently.
4. Strategic Partnerships and Targeted Acquisitions: EPAM plans to engage in disciplined M&A activities and continue leveraging strategic partnerships to expand its offerings and market reach. For example, the acquisition of NEORIS contributed to revenue growth in 2025. The company also highlights partnerships with major technology providers like Microsoft, AWS, and Google Cloud to integrate advanced AI technologies and deliver transformative solutions.

Share Repurchases

• In March 2026, EPAM Systems initiated a $300 million accelerated share repurchase (ASR) agreement, part of an existing $1.0 billion authorization, leaving $452.5 million remaining under the authorization.
• EPAM repurchased $662.159 million in shares in 2025.
• The company executed share buybacks totaling $398.028 million in 2024 and $164.9 million in 2023.

Share Issuance

• Cash provided by financing activities primarily includes proceeds from shares purchased under the Employee Stock Purchase Plan (ESPP).
• As of December 31, 2023, 607 thousand shares of common stock were available for issuance under the ESPP.

Outbound Investments

• In late 2024, EPAM acquired First Derivative for $290 million and NEORIS for $630 million. The First Derivative acquisition strengthened financial services consulting, while NEORIS expanded capabilities in Latin America and Europe.
• In 2022, EPAM completed two acquisitions with a total purchase price of $13.6 million to expand its commerce platform capabilities and geographic reach.
• During 2021, the company made seven acquisitions, which contributed 4.3% to its revenue growth for the year.

Capital Expenditures

• Capital expenditures were $28.42 million in 2023, $81.63 million in 2022, and $111.5 million in 2021.
• Anticipated capital expenditures are $32.15 million for 2024 and $42.24 million for 2025.
• A primary focus of capital allocation includes significant investments in training and development programs for its engineering talent, including targeted training, innovation labs, and internal production projects. The company is also making investments in AI capabilities to drive growth in AI-native and foundational services.