Digital engineering services company EPAM Systems (NYSE: EPAM) will be announcing earnings results this Thursday before market hours. Here’s what to look for.
EPAM beat analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $1.30 billion, up 11.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EPS guidance for next quarter estimates and an impressive beat of analysts’ constant currency revenue estimates.
Is EPAM a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting EPAM’s revenue to grow 16.3% year on year to $1.33 billion, a reversal from the 2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.61 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 4 downward revisions over the last 30 days (we track 13 analysts). EPAM has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.2% on average.
Looking at EPAM’s peers in the it services & consulting segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Gartner delivered year-on-year revenue growth of 5.7%, meeting analysts’ expectations, and Grid Dynamics reported revenues up 21.7%, topping estimates by 0.5%. Grid Dynamics traded down 16.4% following the results.
Read our full analysis of Gartner’s results here and Grid Dynamics’s results here.
The euphoria surrounding Trump’s November win lit a fire under major indices, but potential tariffs have caused the market to do a 180 in 2025. While some of the it services & consulting stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3% on average over the last month. EPAM is down 16.9% during the same time and is heading into earnings with an average analyst price target of $215.47 (compared to the current share price of $149.55).
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