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Mar 31, 2025
EPAM Q1 2025 Earnings Report
EPAM reported its Q1 2025 earnings with solid revenue growth and raised full-year guidance.
Key Takeaways
EPAM delivered $1.302 billion in revenue and $2.41 non-GAAP EPS in Q1 2025, with strong organic growth leading to an upward revision of full-year revenue expectations.
Revenue rose to $1.302 billion, an 11.7% increase year-over-year.
GAAP operating income was $99.3 million; non-GAAP operating income reached $175.8 million.
GAAP EPS dropped to $1.28, while non-GAAP EPS was $2.41.
Full-year revenue growth outlook raised to 11.5%–14.5%.
Forward Guidance
EPAM raised its full-year 2025 revenue growth forecast, citing stronger-than-expected organic constant currency performance.
Positive Outlook
- Full-year revenue growth outlook increased to 11.5%–14.5%.
- Organic constant currency revenue growth now expected at 2.0%–5.0%.
- Full-year non-GAAP EPS expected in the range of $10.70 to $10.95.
- GAAP income from operations projected at 9.0%–10.0% of revenue.
- Second-quarter revenue projected between $1.325B–$1.340B.
Challenges Ahead
- GAAP EPS expected to decline year-over-year.
- GAAP income from operations margin down from last year.
- Cash flow from operations significantly declined YoY.
- Stock-based compensation and other adjustments continue to weigh on GAAP metrics.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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