---
schema_version: "secwatch.filing_event.v1"
accession: "0001352010-22-000032"
form_type: "8-K"
ticker: "EPAM"
cik: "0001352010"
company_name: "EPAM Systems, Inc."
filed_at: "2022-05-05T23:59:59+00:00"
generated_at: "2026-06-25T23:28:30.966405+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# EPAM Q1 revenue up 50% to $1.17B but GAAP EPS down 18%; Q2 guidance well below Q1

## Summary
- Revenue $1.172B, +50.1% YoY (organic +40.1%, acquisitions +9.9%). GAAP income from ops 11% of revenue.
- GAAP diluted EPS $1.52 (-18.3% YoY); Non-GAAP diluted EPS $2.49 (+37.6% YoY).
- Q2 outlook: revenue at least $1.140B (+29% reported), GAAP EPS at least $0.73, Non-GAAP EPS at least $1.70.
- Cash used by ops -$51.8M vs +$12.8M a year ago; total headcount ~61,600, delivery +41.8% YoY.
- CEO cites Russian invasion of Ukraine as major disruption; accelerating global delivery diversification.

## SEC filing metadata
- accession: 0001352010-22-000032
- form_type: 8-K
- ticker: EPAM
- cik: 0001352010
- company_name: EPAM Systems, Inc.
- filed_at: 2022-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1352010/000135201022000032/0001352010-22-000032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1352010/000135201022000032/epam-20220505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001352010-22-000032
- JSON: https://secwatch.observer/filing/0001352010-22-000032.json
- Plain text: https://secwatch.observer/filing/0001352010-22-000032.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.