What happened with EPAM today?
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EPAM Systems helps global enterprises and start-ups develop software products and modernize their operations with cloud, data and AI technology. Clients hire its consultants, designers and engineers to take projects from business strategy and design through development, deployment and ongoing support.
Almost all revenue comes from professional services. Most work is billed for the time and resources used, while some projects carry a fixed price. Long-standing clients supply most revenue, but those relationships generally do not guarantee future purchases: EPAM must win new engagements as existing projects end.
The business depends on keeping skilled professionals assigned to paying client work. Most revenue comes from North America and Western Europe, while most staff work elsewhere; India is its largest delivery location, and Ukraine remains significant. This cross-border model must comply with privacy laws that can restrict transfers of personal data, and the war in Ukraine has disrupted some client work and required shifts in delivery locations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
GLOBANT S.A. competes with EPAM for enterprise spending on software engineering, design and AI transformation. Watch its subscription-based AI Pods services for how it packages AI work that both companies sell to businesses.
Endava plc competes with EPAM for businesses' digital product design, software engineering and technology modernization projects. Its spending from large clients is worth watching: 133 clients each spent at least £1 million in fiscal 2025.
Grid Dynamics Holdings, Inc. competes with EPAM to build cloud systems, digital products and data platforms and deploy AI for retail, technology and financial clients. Its finance revenue rose from $60.157 million in 2024 to $100.384 million in 2025, making financial-client spending a useful area to watch alongside EPAM.
Cognizant competes with EPAM for enterprise application development, engineering and digital transformation projects across overlapping industries. Its work for financial-services and health-sciences clients offers a closer comparison with EPAM than its broader mix of services.
Accenture competes with EPAM for enterprise projects combining strategy, design, technology and engineering, with both using global service teams. Watch Accenture's consulting work for this overlap; its offering also includes running services for clients.
CI&T Inc competes with EPAM as a digital specialist selling software development and technology consulting to enterprises. Much of its revenue comes from returning clients' development, maintenance and consulting work, so their continued spending is worth watching.
Infosys competes with EPAM for Western enterprises' application engineering, cloud, data, AI and digital experience work. Its North American and European revenue is the relevant comparison, though EPAM reports different geographic groupings based on the client site served.
Wipro competes with EPAM for global enterprises' application development, engineering, cloud, data and AI projects. Watch its Wipro Intelligence offerings for how it helps clients move from AI experimentation to broader use.
CGI Inc. competes with EPAM to advise businesses on technology, put systems in place and modernize them. CGI also takes full or partial responsibility for running clients' IT through managed services, so that substantial business is distinct from the project overlap.
DXC Technology's consulting and engineering business competes with EPAM to sell software engineering, analytics and enterprise application transformation to businesses. Its Consulting & Engineering Services results are the relevant comparison, rather than its infrastructure or insurance-software businesses.
Genpact competes with EPAM for businesses' data and AI transformation work, but focuses more on operational processes. Its banking, capital-markets and insurance clients generated $1.4 billion in 2025 revenue, a customer group that also matters to EPAM.
International Business Machines Corporation competes with EPAM through consulting that helps enterprises modernize applications and adopt hybrid cloud and AI. Watch that consulting work rather than treating IBM's software and infrastructure sales as the same business as EPAM's services.
Grid Dynamics Holdings, Inc. earningsGDYN
Grid Dynamics’ report will show how financial clients are spending on its technology services, offering a demand check for EPAM’s largest industry vertical.
Focus on Grid Dynamics’ finance revenue and what it says about project demand from financial clients. Growth means this competitor is earning more from services to that sector, a supportive signal for demand in EPAM’s financial-services business; a decline may signal weaker demand, but could also mean Grid Dynamics won fewer projects. The conclusion is whether financial-sector technology work appears supported—not that one competitor’s revenue tells us EPAM’s result.
JOLTs Job Openings (Sep)
Job openings track employers’ unfilled positions; for EPAM, stronger hiring demand can intensify competition for skilled project staff and raise pay costs faster than client prices.
Expected7.0MLast release7.079M
If it comes in above expectations
If openings exceed the estimate, tighter hiring competition may push up what EPAM pays skilled professionals; if it cannot raise client prices to match, project margins may narrow.
If it comes in below expectations
If the reading is below the 7.0M estimate, it is below the previous 7.079M. If openings fall below the estimate, looser hiring competition may ease pressure on EPAM’s staffing costs, helping protect margins when client prices do not rise as quickly.
EPAM SYSTEMS, INC. earningsThis company
EPAM earns almost all its revenue from professional services, and this report will show whether enterprise technology projects are growing without delivery costs squeezing profitability.
Read revenue growth alongside operating margin—the share of revenue left after operating costs. Growth with a stable or rising margin means client projects are bringing in enough to cover delivery costs; slower growth or a falling margin points to weaker client spending, rising costs such as employee compensation, or both. If EPAM reports acquisition and currency effects, check how much they contributed; the conclusion is whether demand for EPAM’s services is translating into profitable growth.
Non Farm Payrolls (Oct)
The monthly jobs report counts jobs added or lost; for EPAM, stronger hiring can make skilled project staff harder to recruit and retain, raising pay costs that may outpace what clients pay for its services.
For EPAM, stronger payroll growth suggests more competition to recruit and retain skilled project staff and possible wage pressure on margins; weaker growth suggests less hiring pressure and potential cost relief.
GLOBANT S.A. earningsGLOB
Globant’s report will show whether businesses are buying its AI Pods and software engineering services, work it competes for with EPAM.
Read progress in AI Pods alongside demand for software engineering. If AI services gain traction while engineering work remains in demand, Globant is turning enterprise interest in AI into service work that overlaps with EPAM’s; if AI progress and engineering demand are both weak, its report offers less evidence of strength in that shared market. The report may not show whether customers are increasing budgets or shifting work to Globant, so the conclusion is whether its AI-selling approach is gaining scale and how strong demand is for the work the companies compete for.
