What is EPAM Systems's net debt?

EPAM Systems (EPAM) reported net debt of -$754.67M in Q1 2026.

How has EPAM Systems's net debt changed year-over-year?

EPAM Systems's net debt increased by 26.0% year-over-year, from -$1.02B to -$754.67M.

What is the long-term trend for EPAM Systems's net debt?

Over 5 years (2020 to 2025), EPAM Systems's net debt has grown at a 1.8% compound annual growth rate (CAGR), from -$1.06B to -$1.16B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

EPAM Systems EPAM Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$1.4B+7.6%

Gross profit$388.0M+11.0%

Operating income$116.8M+17.6%

Net income$82.5M+12.3%

EPS (diluted)$1.52+18.8%

Balance sheet

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Cash & equivalents$1.0B-11.5%

Total debt$287.9M+82.1%

Total equity$3.4B-5.8%

Total assets$4.7B-0.4%

Cash flow

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Operating cash flow-$36.4M-250%

CapEx$17.9M+91.4%

Free cash flow-$54.2M-466%

Valuation

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Market cap$4.02B-23.7%

Profitability

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Gross margin29%-1.2pp

Operating margin9.7%-1.3pp

Net margin7%-1.5pp

FCF margin9.8%+1.2pp

Returns & leverage

See full

Return on equity10.9%-0.6pp

Debt / equity0.1×0.0×

Current ratio2.7×-0.4×

Where this comes from

Calculated from EPAM Systems’s reported figures.

$287.9Mtotal debt−$1.0Bcash and equivalents=-$754.67M

The official record: EPAM Systems’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is EPAM Systems's net debt?: EPAM Systems (EPAM) reported net debt of -$754.67M in Q1 2026.
How has EPAM Systems's net debt changed year-over-year?: EPAM Systems's net debt increased by 26.0% year-over-year, from -$1.02B to -$754.67M.
What is the long-term trend for EPAM Systems's net debt?: Over 5 years (2020 to 2025), EPAM Systems's net debt has grown at a 1.8% compound annual growth rate (CAGR), from -$1.06B to -$1.16B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.