EPAM Systems stock at 146.78 euros as 2026 targets rise

EPAM Systems stock traded at 146.78 euros on Lang & Schwarz at 11:00 p.m. CET on Wednesday, November 11, 2026.

Revenue and margins improve

In its November 5 release, EPAM Systems reported third-quarter revenue of 1.426 billion US dollars for the period ended September 30, up 2.3 percent from a year earlier. Organic revenue growth at constant currency was 2.5 percent.

GAAP income from operations rose 21.4 percent to 175.9 million US dollars, lifting the operating margin to 12.3 percent from 10.4 percent. Non-GAAP operating margin increased to 16.7 percent from 16.0 percent. GAAP diluted EPS reached 2.53 US dollars, while non-GAAP diluted EPS was 3.51 US dollars.

Guidance stays measured

EPAM now expects 2026 revenue growth of 3.5 percent to 3.7 percent, with organic constant-currency growth of 2.5 percent to 2.7 percent. Full-year non-GAAP diluted EPS guidance stands at 13.23 to 13.31 US dollars.

For the fourth quarter, management forecasts revenue of 1.405 billion to 1.420 billion US dollars. The range implies reported year-over-year growth of negative 0.2 percent to positive 0.9 percent, while organic constant-currency growth is expected at 0.5 percent to 1.6 percent.

AI and capital returns

EPAM said it expects at least 650 million US dollars in AI-native revenue in 2026. The company also plans a 500 million US dollar accelerated share repurchase and committed to returning at least 50 percent of free cash flow to shareholders annually from 2027 through 2029.

Business model and market position

EPAM Systems is a US-based provider of AI transformation engineering, integrated consulting, custom software, and product and platform engineering. The company serves large global enterprises and startups through its international delivery network.

EPAM positions its offering around helping clients become AI-native enterprises, combining consulting with software and engineering services. Its reported scale and focus place it among global technology-services providers, with specialization in digital and AI transformation rather than consumer software products.

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