Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2262.9%
Neutral1234.3%
Bearish12.8%
1 unmapped firm rating excluded from the percentages.
EPAM Systems, Inc. · EPAM · FY2024 Q4 · Calendar Q1 2025
EPAM’s AI momentum improves growth outlook, while margins remain a key test
The supplied analysis supports a cautiously constructive view of EPAM’s growth trajectory: renewed organic growth, expanding AI demand and recent acquisitions improve the opportunity set, but the thesis depends on translating AI engagement into durable revenue while restoring margins.
Reported Before market openNYSETechnology
$6.30B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.75
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.21B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-12.8%
Event window
SPY move
-0.4%
Same window
Abnormal move
-12.4%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
-23.5%
Up to 20 sessions
EPAMSPY benchmark
Ask FN2 about EPAM FY2024 Q4
Transcript, numbers and history already loaded
What drove EPAM's -12.8% move after FY2024 Q4 earnings?What changed in EPAM's guidance and outlook in FY2024 Q4?Give me the bull and bear case for EPAM after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the supplied current analysis points to a clearer return to organic growth, stronger reported AI-native revenue and a broader acquisition footprint. The focus has shifted from a flat near-term outlook to executing a higher-growth 2025 plan while managing integration and cost pressure.
Guidance delta
Maintained; management supplied 2025 revenue-growth guidance of 10%–14% and expects GAAP operating-income growth of 9%–10%.
Key takeaways
- Q4 revenue growth returned to 7.9% year over year, with organic growth resuming.
- Management said 75% of top clients were engaged in GenAI initiatives and AI-native revenue reached about $50 million in Q4.
- NEORIS and First Derivative expanded delivery capacity and geographic reach, but integration adds execution and profitability risk.
- The 2025 outlook calls for 10%–14% revenue growth, with profitability improvement expected in the second half.
Management priorities
- Scale AI-native platforms, AI factories and agentic AI services.
- Improve utilization, delivery mix and fixed-fee execution to support profitability.
- Continue expanding delivery capacity in India, Latin America and Ukraine.
- Pursue strategic acquisitions that deepen industry expertise.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$122.19Current
$85Low
$230.03Average
$750High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Overweight | Downgrade | Aug 26, 2026 |
| Guggenheim | Buy | Buy | Maintain | Aug 10, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 7, 2026 |
| Susquehanna | Positive | Positive | Maintain | Aug 7, 2026 |
| William Blair | Market Perform | Outperform | Downgrade | Aug 6, 2026 |
| Needham | Buy | Buy | Maintain | Aug 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 10, 2026 |
| Jefferies | Hold | Buy | Downgrade | May 29, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | May 8, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Mar 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 12, 2025 |
| Piper Sandler | Neutral | Neutral | Maintain | May 9, 2025 |
| Stifel | Buy | Buy | Maintain | May 2, 2025 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 29, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | May 17, 2024 |
| Wedbush | Outperform | Outperform | Maintain | Apr 10, 2024 |
| HSBC | Buy | Buy | Maintain | Apr 3, 2024 |
| Keybanc | Overweight | Downgrade | Jun 6, 2023 | |
| B of A Securities | Underperform | Buy | Downgrade | Jun 5, 2023 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Feb 17, 2023 |
| VTB Capital | Buy | Hold | Upgrade | Nov 23, 2021 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 7, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Sep 4, 2018 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 19, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 20, 2018 |
| UBS | Neutral | Buy | Downgrade | Nov 29, 2017 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 7, 2017 |
| Monness, Crespi, Hardt | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Monness Crespi Hardt | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Jul 12, 2016 |
| Berenberg | Buy | Buy | Maintain | Apr 15, 2016 |
| Sterne Agee CRT | Buy | Buy | Maintain | Dec 17, 2015 |
| Renaissance Capital | Buy | Hold | Upgrade | Nov 19, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $122.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Jonathan Lee | $140 | $97.43 | +14.6% | Aug 10, 2026 |
| Mizuho Securities | Analyst unavailable | $130 | $97.43 | +6.4% | Aug 10, 2026 |
| Truist Financial | Arvind Ramnani | $110 | $96.56 | -10.0% | Aug 7, 2026 |
| Needham | Mayank Tandon | $120 | $96.88 | -1.8% | Aug 7, 2026 |
| Morgan Stanley | Analyst unavailable | $97 | $96.59 | -20.6% | Aug 7, 2026 |
| Stifel Nicolaus | David Grossman | $135 | $93.7 | +10.5% | Aug 6, 2026 |
| Morgan Stanley | James Faucette | $100 | $106.12 | -18.2% | Aug 4, 2026 |
| Deutsche Bank | Nate Svensson | $85 | $87.29 | -30.4% | Jul 10, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $87.29 | +2.3% | Jul 10, 2026 |
| Wedbush | Analyst unavailable | $99 | $95.38 | -19.0% | Jun 15, 2026 |
| Jefferies | Surinder Thind | $110 | $101.43 | -10.0% | May 29, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $99.81 | -8.3% | May 8, 2026 |
| Truist Financial | Analyst unavailable | $112 | $100.03 | -8.3% | May 8, 2026 |
| Goldman Sachs | Analyst unavailable | $110 | $104.24 | -10.0% | May 8, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $110.6 | +21.1% | May 5, 2026 |
| Guggenheim | Analyst unavailable | $200 | $112.33 | +63.7% | May 4, 2026 |
| Susquehanna | James Friedman | $167 | $112.33 | +36.7% | May 4, 2026 |
| Truist Financial | Arvind Ramnani | $146 | $141.14 | +19.5% | Feb 20, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $139.16 | +30.9% | Feb 20, 2026 |
| Goldman Sachs | James Schneider | $235 | $139.16 | +92.3% | Feb 19, 2026 |
| Wells Fargo | Jason Kupferberg | $247 | $211.99 | +102.1% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $220 | $206.61 | +80.0% | Jan 6, 2026 |
| Wells Fargo | Jason Kupferberg | $185 | $155.08 | +51.4% | Oct 21, 2025 |
| Morgan Stanley | James Faucette | $175 | $164.94 | +43.2% | Sep 9, 2025 |
| Barclays | Analyst unavailable | $200 | $159.12 | +63.7% | Apr 25, 2025 |
| Morgan Stanley | James Faucette | $256 | $253.96 | +109.5% | Jan 31, 2025 |
| Mizuho Securities | Dan Dolev | $282 | $193.21 | +130.8% | Nov 13, 2024 |
| Piper Sandler | Arvind Ramnani | $225 | $198.63 | +84.1% | Sep 24, 2024 |
| Mizuho Securities | Dan Dolev | $245 | $203.54 | +100.5% | Sep 5, 2024 |
| Deutsche Bank | Bryan Keane | $204 | $200.85 | +67.0% | Aug 21, 2024 |
| Jefferies | Surinder Thind | $237 | $209.35 | +94.0% | Jul 16, 2024 |
| Piper Sandler | Arvind Ramnani | $230 | $180.05 | +88.2% | Jun 13, 2024 |
| Mizuho Securities | Sean Kennedy | $258 | $190.72 | +111.1% | May 14, 2024 |
| Needham | Mayank Tandon | $210 | $182.04 | +71.9% | May 10, 2024 |
| Jefferies | Surinder Thind | $202 | $181.37 | +65.3% | May 10, 2024 |
| Scotiabank | Sector Perform | $245 | $181.93 | +100.5% | May 10, 2024 |
| Wedbush | Moshe Katri | $230 | $181.93 | +88.2% | May 9, 2024 |
| Barclays | Ramsey El-Assal | $265 | $237.13 | +116.9% | Apr 26, 2024 |
| Morgan Stanley | James Faucette | $225 | $237.13 | +84.1% | Apr 26, 2024 |
| Guggenheim | Jonathan Lee | $350 | $292.7 | +186.4% | Mar 18, 2024 |
| HSBC | Phani Kanumuri | $350 | $297.44 | +186.4% | Jan 8, 2024 |
| Susquehanna | James E Friedman | $300 | $211.33 | +145.5% | Jun 9, 2023 |
| Needham | Mayank Tandon | $275 | $206.77 | +125.1% | Jun 5, 2023 |
| Susquehanna | James Friedman Friedman | $475 | $364.12 | +288.7% | Sep 24, 2022 |
| Stifel Nicolaus | David Grossman | $500 | $403.72 | +309.2% | Aug 4, 2022 |
| Wedbush | Moshe Katri | $400 | $303.49 | +227.4% | Jun 11, 2022 |
| Piper Sandler | Arvind Ramnani | $403 | $331.14 | +229.8% | Jun 8, 2022 |
| Susquehanna | James Friedman | $370 | $319.25 | +202.8% | May 16, 2022 |
| Barclays | Ramsey El-Assal | $410 | $347 | +235.5% | May 9, 2022 |
| Stifel Nicolaus | David Grossman | $411 | $343.52 | +236.4% | May 6, 2022 |
| Morgan Stanley | James Faucette | $465 | $347 | +280.6% | May 6, 2022 |
| Piper Sandler | Arvind Ramnani | $348 | $264.99 | +184.8% | May 2, 2022 |
| Wolfe Research | Darrin Peller | $390 | $307.99 | +219.2% | Apr 13, 2022 |
| Morgan Stanley | James Faucette | $450 | $308.69 | +268.3% | Apr 10, 2022 |
| Piper Sandler | Arvind Ramnani | $359 | $287.04 | +193.8% | Apr 3, 2022 |
| Needham | Mayank Tandon | $285 | $200.14 | +133.2% | Mar 11, 2022 |
| Cowen & Co. | Bryan Bergin | $355 | $198.52 | +190.5% | Mar 4, 2022 |
| Stifel Nicolaus | David Grossman | $385 | $245.17 | +215.1% | Mar 2, 2022 |
| Wolfe Research | Darrin Peller | $550 | $443.23 | +350.1% | Feb 18, 2022 |
| Susquehanna | James Friedman | $490 | $443.23 | +301.0% | Feb 18, 2022 |
| VTB Capital | Vladimir Bespalov | $750 | $602.94 | +513.8% | Nov 23, 2021 |
| Wells Fargo | Timothy Willi | $510 | $458.38 | +317.4% | May 6, 2021 |
Track every rating change on EPAM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEPAM Systems, Inc. is a leading global provider of comprehensive digital platform engineering and software development solutions. The company's extensive service portfolio includes: Engineering Services: From initial requirements analysis and strategic platform selection to tailored customization, seamless cross-platform migration, and robust implementation and integration of new systems. Infrastructure Management: Covering the full lifecycle of software development, rigorous testing, and ongoing maintenance across private, public, and mobile infrastructures. This includes overseeing operations for applications, databases, networks, servers, storage, and broader systems management, alongside proactive monitoring, incident notification, and rapid resolution. Maintenance and Support: Ensuring the sustained performance and reliability of client systems. Operational Enhancement: Delivering solutions that streamline processes through integrated engineering practices and intelligent automation.…
Historical context
All EPAM earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
Latest beats and misses
Who reports nextBeat on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-06T00:01:56.136176+00:00
- Polygon adjusted daily market bars · 2026-10-18T23:40:44.580938+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T23:40:44.578265+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.