Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2262.9%
Neutral1234.3%
Bearish12.8%
1 unmapped firm rating excluded from the percentages.
EPAM Systems, Inc. · EPAM · FY2026 Q3 · Calendar Q4 2026
EPAM Raises AI-Native Revenue Target After Q3 Beat; North America Still Flat
The quarter strengthens the case that AI-native services can support growth, but that case remains conditional: North America is flat and revenue from large strategic deals is expected to ramp in 2027.
Why did EPAM rise 20.6% after beating EPS estimates in FY2026 Q3?
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Reported Before market openNYSETechnology
$8.55B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.51
Consensus $3.41
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$1.43B
Consensus $1.42B
Revenue surprise
+0.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+20.6%
Event window
SPY move
-4.4%
Same window
Abnormal move
+25.0%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
EPAMSPY benchmark
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Why did EPAM rise 20.6% after beating EPS estimates in FY2026 Q3?What changed in EPAM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for EPAM after FY2026 Q3 earnings.
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Transcript intelligence
What changed
EPAM said Q3 outperformed its outlook, driven by AI-native revenue and strength in financial services, life sciences and energy. Management raised its 2026 AI-native revenue target and reported three new multi-year strategic deals, with ramp-up expected in 2027.
Guidance delta
Management raised its 2026 AI-native revenue target to $650 million, compared with the prior $600 million target.
Key takeaways
- AI-native revenue reached $185 million in Q3, and management raised its full-year target to $650 million.
- Three multi-year strategic deals were signed; management expects their revenue contribution to ramp in 2027.
- North America growth remained flat as the company continues its go-to-market transformation and expands sales capacity.
Management priorities
- Scale Frontier AI Service and partner-driven opportunities, including AI/Run and AI-native cyber resilience.
- Execute the North American go-to-market transformation while building sales capacity.
- Meet demand through delivery hiring and continue the capital-return framework.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$159.31Current
$85Low
$230.66Average
$750High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 7, 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 |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Nov 4, 2026 |
| Guggenheim | Buy | Buy | Maintain | Nov 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 26, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 26, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Aug 26, 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 |
| 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 $159.31. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Jonathan Lee | $160 | $140.51 | +0.4% | Nov 2, 2026 |
| Guggenheim | Jonathan Lee | $140 | $97.43 | -12.1% | Aug 10, 2026 |
| Mizuho Securities | Analyst unavailable | $130 | $97.43 | -18.4% | Aug 10, 2026 |
| Truist Financial | Arvind Ramnani | $110 | $96.56 | -31.0% | Aug 7, 2026 |
| Needham | Mayank Tandon | $120 | $96.88 | -24.7% | Aug 7, 2026 |
| Morgan Stanley | Analyst unavailable | $97 | $96.59 | -39.1% | Aug 7, 2026 |
| Stifel Nicolaus | David Grossman | $135 | $93.7 | -15.3% | Aug 6, 2026 |
| Morgan Stanley | James Faucette | $100 | $106.12 | -37.2% | Aug 4, 2026 |
| Deutsche Bank | Nate Svensson | $85 | $87.29 | -46.6% | Jul 10, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $87.29 | -21.5% | Jul 10, 2026 |
| Wedbush | Analyst unavailable | $99 | $95.38 | -37.9% | Jun 15, 2026 |
| Jefferies | Surinder Thind | $110 | $101.43 | -31.0% | May 29, 2026 |
| Morgan Stanley | Analyst unavailable | $112 | $99.81 | -29.7% | May 8, 2026 |
| Truist Financial | Analyst unavailable | $112 | $100.03 | -29.7% | May 8, 2026 |
| Goldman Sachs | Analyst unavailable | $110 | $104.24 | -31.0% | May 8, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $110.6 | -7.1% | May 5, 2026 |
| Guggenheim | Analyst unavailable | $200 | $112.33 | +25.5% | May 4, 2026 |
| Susquehanna | James Friedman | $167 | $112.33 | +4.8% | May 4, 2026 |
| Truist Financial | Arvind Ramnani | $146 | $141.14 | -8.4% | Feb 20, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $139.16 | +0.4% | Feb 20, 2026 |
| Goldman Sachs | James Schneider | $235 | $139.16 | +47.5% | Feb 19, 2026 |
| Wells Fargo | Jason Kupferberg | $247 | $211.99 | +55.0% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $220 | $206.61 | +38.1% | Jan 6, 2026 |
| Wells Fargo | Jason Kupferberg | $185 | $155.08 | +16.1% | Oct 21, 2025 |
| Morgan Stanley | James Faucette | $175 | $164.94 | +9.8% | Sep 9, 2025 |
| Barclays | Analyst unavailable | $200 | $159.12 | +25.5% | Apr 25, 2025 |
| Morgan Stanley | James Faucette | $256 | $253.96 | +60.7% | Jan 31, 2025 |
| Mizuho Securities | Dan Dolev | $282 | $193.21 | +77.0% | Nov 13, 2024 |
| Piper Sandler | Arvind Ramnani | $225 | $198.63 | +41.2% | Sep 24, 2024 |
| Mizuho Securities | Dan Dolev | $245 | $203.54 | +53.8% | Sep 5, 2024 |
| Deutsche Bank | Bryan Keane | $204 | $200.85 | +28.1% | Aug 21, 2024 |
| Jefferies | Surinder Thind | $237 | $209.35 | +48.8% | Jul 16, 2024 |
| Piper Sandler | Arvind Ramnani | $230 | $180.05 | +44.4% | Jun 13, 2024 |
| Mizuho Securities | Sean Kennedy | $258 | $190.72 | +61.9% | May 14, 2024 |
| Needham | Mayank Tandon | $210 | $182.04 | +31.8% | May 10, 2024 |
| Jefferies | Surinder Thind | $202 | $181.37 | +26.8% | May 10, 2024 |
| Scotiabank | Sector Perform | $245 | $181.93 | +53.8% | May 10, 2024 |
| Wedbush | Moshe Katri | $230 | $181.93 | +44.4% | May 9, 2024 |
| Barclays | Ramsey El-Assal | $265 | $237.13 | +66.3% | Apr 26, 2024 |
| Morgan Stanley | James Faucette | $225 | $237.13 | +41.2% | Apr 26, 2024 |
| Guggenheim | Jonathan Lee | $350 | $292.7 | +119.7% | Mar 18, 2024 |
| HSBC | Phani Kanumuri | $350 | $297.44 | +119.7% | Jan 8, 2024 |
| Susquehanna | James E Friedman | $300 | $211.33 | +88.3% | Jun 9, 2023 |
| Needham | Mayank Tandon | $275 | $206.77 | +72.6% | Jun 5, 2023 |
| Susquehanna | James Friedman Friedman | $475 | $364.12 | +198.2% | Sep 24, 2022 |
| Stifel Nicolaus | David Grossman | $500 | $403.72 | +213.9% | Aug 4, 2022 |
| Wedbush | Moshe Katri | $400 | $303.49 | +151.1% | Jun 11, 2022 |
| Piper Sandler | Arvind Ramnani | $403 | $331.14 | +153.0% | Jun 8, 2022 |
| Susquehanna | James Friedman | $370 | $319.25 | +132.3% | May 16, 2022 |
| Barclays | Ramsey El-Assal | $410 | $347 | +157.4% | May 9, 2022 |
| Stifel Nicolaus | David Grossman | $411 | $343.52 | +158.0% | May 6, 2022 |
| Morgan Stanley | James Faucette | $465 | $347 | +191.9% | May 6, 2022 |
| Piper Sandler | Arvind Ramnani | $348 | $264.99 | +118.4% | May 2, 2022 |
| Wolfe Research | Darrin Peller | $390 | $307.99 | +144.8% | Apr 13, 2022 |
| Morgan Stanley | James Faucette | $450 | $308.69 | +182.5% | Apr 10, 2022 |
| Piper Sandler | Arvind Ramnani | $359 | $287.04 | +125.3% | Apr 3, 2022 |
| Needham | Mayank Tandon | $285 | $200.14 | +78.9% | Mar 11, 2022 |
| Cowen & Co. | Bryan Bergin | $355 | $198.52 | +122.8% | Mar 4, 2022 |
| Stifel Nicolaus | David Grossman | $385 | $245.17 | +141.7% | Mar 2, 2022 |
| Wolfe Research | Darrin Peller | $550 | $443.23 | +245.2% | Feb 18, 2022 |
| Susquehanna | James Friedman | $490 | $443.23 | +207.6% | Feb 18, 2022 |
| VTB Capital | Vladimir Bespalov | $750 | $602.94 | +370.8% | Nov 23, 2021 |
| Wells Fargo | Timothy Willi | $510 | $458.38 | +220.1% | 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 |
|---|---|---|---|---|
| FROG JFrog Ltd. | FY2026 Q3 · Calendar Q4 2026 | +37.7% | +35.3% | JFrog’s 31% Revenue Growth and Raised Outlook Highlight AI-Linked Demand |
| VRSK Verisk Analytics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +6.9% | Verisk Q3: Subscription Growth Offsets Contractor and Weather Headwinds |
| IONQ IonQ, Inc. | FY2026 Q3 · Calendar Q4 2026 | +17.0% | -10.5% | IonQ reports record Q3 revenue and raises its 2026 outlook |
| ARW Arrow Electronics, Inc. | FY2026 Q3 · Calendar Q4 2026 | +22.9% | -12.6% | Arrow’s record Q3 reflects broad demand, with inventory and mix risks to watch |
Latest beats and misses
Who reports nextBeat on EPS
- AEEFY2026 Q3 · November 5, 2026+5.7% EPS+0.0% move
- SUZFY2026 Q3 · November 5, 2026+94.1% EPS+1.7% move
- DVNFY2026 Q3 · November 5, 2026+6.8% EPS-1.6% move
- RGAFY2026 Q3 · November 5, 2026+21.8% EPS+0.1% move
- REGFY2026 Q3 · November 5, 2026+94.1% EPS-1.4% move
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
Missed on EPS
- REGCOFY2026 Q3 · November 5, 2026-32.6% EPS+2.0% move
- REGCPFY2026 Q3 · November 5, 2026-32.6% EPS+0.6% move
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
Get the EPAM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-05T18:11:55.807666+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T13:40:49.255515+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T13:40:49.252697+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 2026-11-06. For educational purposes only; not investment advice.