--- schema_version: "secwatch.filing_event.v1" accession: "0001352010-23-000006" form_type: "8-K" ticker: "EPAM" cik: "0001352010" company_name: "EPAM Systems, Inc." filed_at: "2023-02-16T23:59:59+00:00" generated_at: "2026-06-19T09:01:05.730536+00:00" event_type: "earnings" sentiment: "neutral" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # EPAM Q4 revenue $1.23B (+11.2% YoY), non-GAAP EPS $2.93; $500M buyback; FY23 rev at least $5.25B ## Summary - Q4 revenue $1.231B (+11.2% YoY, constant currency +14.4%); GAAP EPS $2.61 (+8.7%), non-GAAP EPS $2.93 (+6.2%). - FY22 revenue $4.825B (+28.4% YoY); GAAP EPS $7.09 (-13%), non-GAAP EPS $10.90 (+20.4%). - Board approved $500M share repurchase program with 24-month term. - FY23 revenue guidance at least $5.25B (>9% growth); Q1 revenue $1.20-1.21B; non-GAAP EPS $11.15-$11.35. - Russian exit negatively impacted Q4 revenue growth by 4.4% (FY: 3.7%); operating cash flow $186M in Q4 vs $285M prior year. ## SEC filing metadata - accession: 0001352010-23-000006 - form_type: 8-K - ticker: EPAM - cik: 0001352010 - company_name: EPAM Systems, Inc. - filed_at: 2023-02-16T23:59:59+00:00 - event_type: earnings - sentiment: neutral - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/0001352010-23-000006-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/epam-20230216.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001352010-23-000006 - JSON: https://secwatch.observer/filing/0001352010-23-000006.json - Plain text: https://secwatch.observer/filing/0001352010-23-000006.txt ## Key facts - Earnings Releases EPAM Systems, Inc. reported Fourth quarter ended December 31, 2022 results: revenue $1.231 billion, EPS GAAP Diluted EPS of $2.61. - Period: Fourth quarter ended December 31, 2022 - Revenue: $1.231 billion - EPS: GAAP Diluted EPS of $2.61 - Result: reported results source text: Fourth Quarter 2022 • Revenues of $1.231 billion, up 11.2% year-over-year • GAAP Income from Operations was 13.8% of revenues and Non-GAAP Income from Operations was 17.8% of revenues • GAAP Diluted EPS of $2.61, an increase of 8.7%, and Non-GAAP Diluted EPS of $2.93, an increase of 6.2% on a year-over-year basis evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/0001352010-23-000006-index.htm - Earnings Releases EPAM Systems, Inc. reported Full year 2023 results: revenue at least $5.250 billion, EPS GAAP diluted EPS will be in the range of $8.64 to $8.84 for the year, and non-GAAP diluted EPS will be in the range of $. - Period: Full year 2023 - Revenue: at least $5.250 billion - EPS: GAAP diluted EPS will be in the range of $8.64 to $8.84 for the year, and non-GAAP diluted EPS will be in the range of $ - Result: guidance update source text: The Company expects revenues will be at least $5.250 billion for 2023 reflecting a year-over-year growth rate of at least 9%. The Company expects foreign currency translation will have a minimal impact on year-over-year reported revenue growth. This guidance reflects negligible contribution from inorganic revenues. Revenue growth will be negatively impacted by approximately 2% as a result of the decision to exit the Russian market; • For the full year, EPAM expects GAAP income from operations to be in the range of 11.5% to 12.5% of revenues and non-GAAP income from operations to be in the range of 15.5% to 16.5% of revenues; • The Company expects its GAAP effective tax rate to be approximately 21% and its non-GAAP effective tax rate to be approximately 23%; and • EPAM expects GAAP diluted EPS will be in the range of $8.64 to $8.84 for the year, and non-GAAP diluted EPS will be in the range of $11.15 to $11.35 for the year. The Company expects weighted average diluted shares outstanding evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/0001352010-23-000006-index.htm - Earnings Releases EPAM Systems, Inc. reported First quarter 2023 results: revenue in the range of $1.200 billion to $1.210 billion. - Period: First quarter 2023 - Revenue: in the range of $1.200 billion to $1.210 billion - Result: guidance update source text: The Company expects revenues will be in the range of $1.200 billion to $1.210 billion for the first quarter reflecting a year-over-year growth rate of approximately 3%, which includes an unfavorable foreign currency translation impact of approximately 2%. Revenue growth on a constant currency basis will be approximately 5%. This guidance reflects negligible contribution from inorganic revenues. Revenue growth will be negatively impacted by approximately 3% as a result of the decision to exit the Russian market; • For the first quarter, EPAM expects GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 14.0% to 15.0% of revenues; • The Company expects its GAAP effective tax rate to be approximately 18% and its non-GAAP effective tax rate to be approximately 23%; and • EPAM expects GAAP evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/0001352010-23-000006-index.htm - Earnings Releases EPAM Systems, Inc. reported Full year ended December 31, 2022 results: revenue $4.825 billion, EPS GAAP Diluted EPS of $7.09. - Period: Full year ended December 31, 2022 - Revenue: $4.825 billion - EPS: GAAP Diluted EPS of $7.09 - Result: reported results source text: Full Year 2022 • Revenues of $4.825 billion, up 28.4% year-over-year • GAAP Income from Operations was 11.9% of revenues and Non-GAAP Income from Operations was 17.0% of revenues • GAAP Diluted EPS of $7.09, a decrease of 13.0%, and Non-GAAP Diluted EPS of $10.90, an increase of 20.4% on a year-over-year basis evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000006/0001352010-23-000006-index.htm This AI-assisted summary is a reading aid. 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