Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2468.6%
Neutral1028.6%
Bearish12.8%
1 unmapped firm rating excluded from the percentages.
EPAM Systems, Inc. · EPAM · FY2026 Q1 · Calendar Q2 2026
EPAM Beats Q1 on AI Strength but Lowers Full-Year Revenue Guidance
EPAM delivered a Q1 FY2026 beat with EPS of $2.86 vs. $2.75 estimate and revenue of $1.40B vs. $1.39B estimate, driven by accelerating AI-native services growth and a $125M AI revenue run-rate. Despite the beat, management lowered full-year revenue growth guidance from 4.5-7.5% to 4-6.5%, citing macroeconomic uncertainty, higher energy prices, and weaker North America demand. The stock sold off 2.6% on the report with a further 5.9% drift over subsequent sessions, as investors weighed the guidance cut against the expanding AI partnership ecosystem (Anthropic, Ontic, AWS) and a large but still-unsecured pipeline of AI-enabled vendor consolidation deals for H2.
Reported Before market openNYSETechnology
$5.42B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.86
Consensus $3
EPS surprise
+4.0%
Reported versus consensus
Reported revenue
$1.40B
Consensus $1.39B
Revenue surprise
+0.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$105.56Current
$85Low
$258.77Average
$750High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 1, 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 |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 10, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 9, 2026 |
| Jefferies | Hold | Buy | Downgrade | May 29, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 8, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 8, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | May 8, 2026 |
| Needham | Buy | Buy | Maintain | May 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 5, 2026 |
| Susquehanna | Positive | Positive | Maintain | May 4, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Mar 16, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 20, 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 |
| William Blair | Outperform | Outperform | Maintain | May 19, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $105.56. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Nate Svensson | $85 | $87.29 | -19.5% | Jul 10, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $87.29 | +18.4% | Jul 10, 2026 |
| Wedbush | Analyst unavailable | $99 | $95.38 | -6.2% | Jun 15, 2026 |
| Jefferies | Surinder Thind | $110 | $101.43 | +4.2% | May 29, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $99.81 | +6.1% | May 8, 2026 |
| Truist Financial | Analyst unavailable | $112 | $100.03 | +6.1% | May 8, 2026 |
| Goldman Sachs | Analyst unavailable | $110 | $104.24 | +4.2% | May 8, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $110.6 | +40.2% | May 5, 2026 |
| Guggenheim | Analyst unavailable | $200 | $112.33 | +89.5% | May 4, 2026 |
| Susquehanna | James Friedman | $167 | $112.33 | +58.2% | May 4, 2026 |
| Truist Financial | Arvind Ramnani | $146 | $141.14 | +38.3% | Feb 20, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $139.16 | +51.6% | Feb 20, 2026 |
| Goldman Sachs | James Schneider | $235 | $139.16 | +122.6% | Feb 19, 2026 |
| Wells Fargo | Jason Kupferberg | $247 | $211.99 | +134.0% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $220 | $206.61 | +108.4% | Jan 6, 2026 |
| Wells Fargo | Jason Kupferberg | $185 | $155.08 | +75.3% | Oct 21, 2025 |
| Morgan Stanley | James Faucette | $175 | $164.94 | +65.8% | Sep 9, 2025 |
| Barclays | Analyst unavailable | $200 | $159.12 | +89.5% | Apr 25, 2025 |
| Morgan Stanley | James Faucette | $256 | $253.96 | +142.5% | Jan 31, 2025 |
| Mizuho Securities | Dan Dolev | $282 | $193.21 | +167.1% | Nov 13, 2024 |
| Piper Sandler | Arvind Ramnani | $225 | $198.63 | +113.1% | Sep 24, 2024 |
| Mizuho Securities | Dan Dolev | $245 | $203.54 | +132.1% | Sep 5, 2024 |
| Deutsche Bank | Bryan Keane | $204 | $200.85 | +93.3% | Aug 21, 2024 |
| Jefferies | Surinder Thind | $237 | $209.35 | +124.5% | Jul 16, 2024 |
| Piper Sandler | Arvind Ramnani | $230 | $180.05 | +117.9% | Jun 13, 2024 |
| Mizuho Securities | Sean Kennedy | $258 | $190.72 | +144.4% | May 14, 2024 |
| Needham | Mayank Tandon | $210 | $182.04 | +98.9% | May 10, 2024 |
| Jefferies | Surinder Thind | $202 | $181.37 | +91.4% | May 10, 2024 |
| Scotiabank | Sector Perform | $245 | $181.93 | +132.1% | May 10, 2024 |
| Wedbush | Moshe Katri | $230 | $181.93 | +117.9% | May 9, 2024 |
| Barclays | Ramsey El-Assal | $265 | $237.13 | +151.0% | Apr 26, 2024 |
| Morgan Stanley | James Faucette | $225 | $237.13 | +113.1% | Apr 26, 2024 |
| Guggenheim | Jonathan Lee | $350 | $292.7 | +231.6% | Mar 18, 2024 |
| HSBC | Phani Kanumuri | $350 | $297.44 | +231.6% | Jan 8, 2024 |
| Susquehanna | James E Friedman | $300 | $211.33 | +184.2% | Jun 9, 2023 |
| Needham | Mayank Tandon | $275 | $206.77 | +160.5% | Jun 5, 2023 |
| Susquehanna | James Friedman Friedman | $475 | $364.12 | +350.0% | Sep 24, 2022 |
| Stifel Nicolaus | David Grossman | $500 | $403.72 | +373.7% | Aug 4, 2022 |
| Wedbush | Moshe Katri | $400 | $303.49 | +278.9% | Jun 11, 2022 |
| Piper Sandler | Arvind Ramnani | $403 | $331.14 | +281.8% | Jun 8, 2022 |
| Susquehanna | James Friedman | $370 | $319.25 | +250.5% | May 16, 2022 |
| Barclays | Ramsey El-Assal | $410 | $347 | +288.4% | May 9, 2022 |
| Stifel Nicolaus | David Grossman | $411 | $343.52 | +289.4% | May 6, 2022 |
| Morgan Stanley | James Faucette | $465 | $347 | +340.5% | May 6, 2022 |
| Piper Sandler | Arvind Ramnani | $348 | $264.99 | +229.7% | May 2, 2022 |
| Wolfe Research | Darrin Peller | $390 | $307.99 | +269.5% | Apr 13, 2022 |
| Morgan Stanley | James Faucette | $450 | $308.69 | +326.3% | Apr 10, 2022 |
| Piper Sandler | Arvind Ramnani | $359 | $287.04 | +240.1% | Apr 3, 2022 |
| Needham | Mayank Tandon | $285 | $200.14 | +170.0% | Mar 11, 2022 |
| Cowen & Co. | Bryan Bergin | $355 | $198.52 | +236.3% | Mar 4, 2022 |
| Stifel Nicolaus | David Grossman | $385 | $245.17 | +264.7% | Mar 2, 2022 |
| Wolfe Research | Darrin Peller | $550 | $443.23 | +421.0% | Feb 18, 2022 |
| Susquehanna | James Friedman | $490 | $443.23 | +364.2% | Feb 18, 2022 |
| VTB Capital | Vladimir Bespalov | $750 | $602.94 | +610.5% | Nov 23, 2021 |
| Wells Fargo | Timothy Willi | $510 | $458.38 | +383.1% | May 6, 2021 |
Track every rating change on EPAM the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-2.6%
Event window
SPY move
-0.3%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-5.9%
Up to 20 sessions
EPAMSPY benchmark
Follow EPAM with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Q1 revenue of $1.40B beat consensus by 0.4% (7.6% YoY growth). EPS of $2.86 beat the $2.75 estimate by 4.0%. Full-year revenue growth guidance lowered from 4.5-7.5% to 4-6.5%. AI-native revenue run-rate reached $125M, up from $105M in Q4 2025. New strategic AI partnerships announced with Anthropic and Ontic. Certified cloud architect program targeting 10,000 by year-end, up from over 1,400 today. Bullish sentiment score declined from 78 to 65.
Guidance delta
Prior 2026 outlook: 4.5-7.5% revenue growth (organic 3-6%), sentiment maintained. Updated 2026 outlook: 4-6.5% revenue growth, sentiment lowered. Midpoint reduced from ~6.0% to ~5.3%, citing macro uncertainty, higher energy prices, and weaker North America demand. Despite the cut, management emphasized a strong pipeline of large AI-enabled vendor consolidation deals for H2.
Key takeaways
- Q1 revenue of $1.40B grew 7.6% YoY, with EPS of $2.86 beating estimates by 4.0%
- AI-native services reached a $125M run-rate, up from $105M in Q4 2025, tracking toward a >$600M annual target
- Full-year revenue growth guidance lowered to 4-6.5% from 4.5-7.5% on macro and North America weakness
- New strategic AI partnerships with Anthropic and Ontic expand EPAM's enterprise AI delivery ecosystem
- Cloud architect certifications scaling rapidly from 1,400 toward a 10,000 year-end target
- Share repurchases continue; selective M&A under evaluation for later in the year
Management priorities
- Scale AI-native services and AI/Run Transform platform as the primary growth engine
- Expand strategic AI partnerships across Anthropic, Ontic, AWS, Google Cloud, and NVIDIA
- Accelerate North America go-to-market investments modeled on EMEA playbook success
- Ramp certified cloud architect program to 10,000 by year-end
- Continue share repurchases while evaluating selective M&A in data assets and APAC
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T22:02:23.778964+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T22:02:23.776297+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 . For educational purposes only; not investment advice.