---
schema_version: "secwatch.filing_event.v1"
accession: "0001352010-23-000047"
form_type: "8-K"
ticker: "EPAM"
cik: "0001352010"
company_name: "EPAM Systems, Inc."
filed_at: "2023-11-02T23:59:59+00:00"
generated_at: "2026-06-08T23:39:28.747128+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# EPAM Q3 revenue $1.152B (-6.1% YoY); GAAP EPS $1.65, initiates cost optimization program

## Summary
- GAAP diluted EPS $1.65 (down $0.98 YoY); Non-GAAP diluted EPS $2.73 (down $0.37 YoY).
- Revenue $1.152B, down 6.1% YoY; organic constant currency decline 7.8% excluding Russia exit.
- Cost Optimization Program initiated, targeting >$100M annual savings; incurred $7.1M in Q3.
- Full-year guidance narrowed: rev $4.663-4.673B; GAAP EPS $7.07-7.15; Non-GAAP EPS raised to $10.31-10.39.
- Q4 outlook: revenue $1.130-1.140B; GAAP EPS $1.67-1.75; Non-GAAP EPS $2.47-2.55.

## SEC filing metadata
- accession: 0001352010-23-000047
- form_type: 8-K
- ticker: EPAM
- cik: 0001352010
- company_name: EPAM Systems, Inc.
- filed_at: 2023-11-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1352010/000135201023000047/0001352010-23-000047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000047/epam-20231102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001352010-23-000047
- JSON: https://secwatch.observer/filing/0001352010-23-000047.json
- Plain text: https://secwatch.observer/filing/0001352010-23-000047.txt

## Key facts
- Earnings Releases
  EPAM Systems, Inc. updated its the full year guidance (reaffirmed).
  - Period: the full year
  - Guidance: reaffirmed
  - Result: guidance update
  source text: For the full year, EPAM narrows expected revenues to be in the range of $4.663 billion to $4.673 billion, narrows expected GAAP Diluted EPS to be in the range of $7.07 to $7.15 and increases expected Non-GAAP Diluted EPS to now be in the range of $10.31 to $10.39
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000047/0001352010-23-000047-index.htm
- Earnings Releases
  EPAM Systems, Inc. updated its the fourth quarter guidance (reaffirmed).
  - Period: the fourth quarter
  - Guidance: reaffirmed
  - Result: guidance update
  source text: For the fourth quarter, EPAM expects revenues to be in the range of $1.130 billion to $1.140 billion, GAAP Diluted EPS to be in the range of $1.67 to $1.75 and Non-GAAP Diluted EPS to be in the range of $2.47 to $2.55
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000047/0001352010-23-000047-index.htm
- Earnings Releases
  EPAM Systems, Inc. reported the third quarter ended September 30, 2023 results: revenue $1.152 billion, EPS $1.65. Guidance reaffirmed.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $1.152 billion
  - EPS: $1.65
  - Guidance: reaffirmed
  - Result: reported results
  source text: stated by specific reference in such a filing. --- EX-99.1 (EX-99.1) --- EPAM Reports Results for Third Quarter 2023 and Updates Full Year Outlook • Third quarter revenues of $1.152 billion, down 6.1% year-over-year • GAAP Income from Operations was 9.9% of revenues and Non-GAAP Income from Operations was 17.0% of revenues for the third quarter • Third quarter GAAP
  evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201023000047/0001352010-23-000047-index.htm

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