---
schema_version: "secwatch.filing_event.v1"
accession: "0001352010-23-000022"
form_type: "8-K"
ticker: "EPAM"
cik: "0001352010"
company_name: "EPAM Systems, Inc."
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T16:11:30.450278+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# EPAM reports Q1 revenue $1.211B (+3.4% YoY); updates FY2023 outlook with revenue $4.95-5.0B

## Summary
- Q1 revenue $1.211B, up 3.4% YoY; organic constant currency growth +7.0% excluding Russia exit.
- GAAP diluted EPS $1.73 (+13.8% YoY); Non-GAAP diluted EPS $2.47 (-0.8% YoY).
- Full-year revenue guidance lowered to $4.95B-$5.0B (midpoint ~3% growth); GAAP EPS $8.11-$8.31; Non-GAAP EPS $10.60-$10.80.
- Q2 revenue guidance $1.195B-$1.205B (<1% YoY); GAAP EPS $1.82-$1.90; Non-GAAP EPS $2.38-$2.46.
- Q1 operating cash flow $87.3M vs -$51.8M prior year; cash balance $1.752B.

## SEC filing metadata
- accession: 0001352010-23-000022
- form_type: 8-K
- ticker: EPAM
- cik: 0001352010
- company_name: EPAM Systems, Inc.
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000022/0001352010-23-000022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000022/epam-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001352010-23-000022
- JSON: https://secwatch.observer/filing/0001352010-23-000022.json
- Plain text: https://secwatch.observer/filing/0001352010-23-000022.txt

## Key facts
- Earnings Releases
  EPAM Systems, Inc. reported first quarter ended March 31, 2023 results: revenue $1.211 billion, EPS $1.73.
  - Period: first quarter ended March 31, 2023
  - Revenue: $1.211 billion
  - EPS: $1.73
  - Result: reported results
  source text: EPAM Reports Results for First Quarter 2023 and Updates Full Year Outlook • First quarter revenues of $1.211 billion, up 3.4% year-over-year • GAAP Income from Operations was 9.9% of revenues and Non-GAAP Income from Operations was 14.7% of revenues for the first quarter • First quarter GAAP Diluted EPS of $1.73, an increase of 13.8%, and Non-GAAP Diluted EPS of $2.47, a decrease of 0.8% on a year-over-year basis
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000022/0001352010-23-000022-index.htm
- Earnings Releases
  EPAM Systems, Inc. reported Full Year 2023 results: revenue $4.950 billion to $5.000 billion, EPS $8.11 to $8.31.
  - Period: Full Year 2023
  - Revenue: $4.950 billion to $5.000 billion
  - EPS: $8.11 to $8.31
  - Result: guidance update
  source text: For the full year, EPAM now expects revenues to be in the range of $4.950 billion to $5.000 billion, GAAP Diluted EPS to be in the range of $8.11 to $8.31 and Non-GAAP Diluted EPS to be in the range of $10.60 to $10.80
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000022/0001352010-23-000022-index.htm
- Earnings Releases
  EPAM Systems, Inc. reported Second Quarter 2023 results: revenue $1.195 billion to $1.205 billion, EPS $1.82 to $1.90.
  - Period: Second Quarter 2023
  - Revenue: $1.195 billion to $1.205 billion
  - EPS: $1.82 to $1.90
  - Result: guidance update
  source text: For the second quarter, EPAM expects revenues to be in the range of $1.195 billion to $1.205 billion, GAAP Diluted EPS to be in the range of $1.82 to $1.90 and Non-GAAP Diluted EPS to be in the range of $2.38 to $2.46
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000022/0001352010-23-000022-index.htm

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