EPAM 10-Q report for 2026-03-31

EPAM 10-Q report for 2026-03-31 epam-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to________ Commission file number: 001-35418 EPAM SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 22-3536104 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 41 University Drive Suite 202 18940 Newtown Pennsylvania (Address of principal executive offices) (Zip code) 267 - 759-9000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on which Registered Common Stock, par value $0.001 per share EPAM New York Stock Exchange I ndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No  ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No  ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐     No   ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Title of Each Class Outstanding as of April 30, 2026 Common Stock, par value $0.001 per share 52,244,451 shares EPAM SYSTEMS, INC. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 3 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 7 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Table of contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except par value) As of March 31, 2026 As of December 31, 2025 Assets Current assets Cash and cash equivalents $ 1,036,959 $ 1,296,077 Trade receivables and contract assets, net of allowance of $ 5,060 and $ 6,350 , respectively 1,174,660 1,108,201 Prepaid and other current assets 145,806 129,610 Total current assets 2,357,425 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Table of contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except par value) As of March 31, 2026 As of December 31, 2025 Assets Current assets Cash and cash equivalents $ 1,036,959 $ 1,296,077 Trade receivables and contract assets, net of allowance of $ 5,060 and $ 6,350 , respectively 1,174,660 1,108,201 Prepaid and other current assets 145,806 129,610 Total current assets 2,357,425 2,533,888 Property and equipment, net 202,826 202,387 Operating lease right-of-use assets, net 118,431 114,875 Intangible assets, net 385,728 406,586 Goodwill 1,204,577 1,210,564 Deferred tax assets 283,027 295,115 Other noncurrent assets 151,437 138,721 Total assets $ 4,703,451 $ 4,902,136 Liabilities Current liabilities Accounts payable $ 40,113 $ 55,329 Accrued compensation and benefits expenses 567,656 608,232 Accrued expenses and other current liabilities 224,171 250,688 Income taxes payable, current 15,639 25,520 Operating lease liabilities, current 36,750 37,173 Total current liabilities 884,329 976,942 Long-term debt 165,000 25,034 Operating lease liabilities, noncurrent 86,193 81,497 Deferred tax liabilities, noncurrent 73,795 76,969 Other noncurrent liabilities 62,422 63,886 Total liabilities 1,271,739 1,224,328 Commitments and contingencies (Note 13) Equity Stockholders’ equity Common stock, $ 0.001 par value; 160,000 shares authorized; 52,757 shares issued and outstanding at March 31, 2026, and 54,274 shares issued and outstanding at December 31, 2025 53 54 Additional paid-in capital 1,360,302 1,390,423 Retained earnings 2,084,540 2,268,204 Accumulated other comprehensive income (loss) ( 13,765 ) 18,545 Total EPAM Systems, Inc. stockholders’ equity 3,431,130 3,677,226 Noncontrolling interest in consolidated subsidiaries 582 582 Total equity 3,431,712 3,677,808 Total liabilities and equity $ 4,703,451 $ 4,902,136 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 3 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2026 2025 Revenues $ 1,400,061 $ 1,301,692 Operating expenses: Cost of revenues (exclusive of depreciation and amortization) 1,012,052 952,008 Selling, general and administrative expenses 239,702 218,917 Depreciation and amortization expense 31,539 31,437 Income from operations 116,768 99,330 Interest and other income, net 1,582 5,814 Foreign exchange gain (loss) 2,298 ( 10,727 ) Income before provision for income taxes 120,648 94,417 Provision for income taxes 38,127 20,935 Net income $ 82,521 $ 73,482 Net income per share: Basic $ 1.53 $ 1.29 Diluted $ 1.52 $ 1.28 Shares used in calculation of net income per share: Basic 53,793 56,780 Diluted 54,183 57,262 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands) Three Months Ended March 31, 2026 2025 Net income $ 82,521 $ 73,482 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 25,542 ) 40,870 Unrealized gain (loss) on hedging instruments ( 7,170 ) 13,956 Defined benefit plans 402 185 Other comprehensive income (loss) ( 32,310 ) 55,011 Comprehensive income $ 50,211 $ 128,493 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 5 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (In thousands)  Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Consolidated Subsidiaries Total Equity Shares Amount Balance, January 1, 2026 54,274 $ 54 $ 1,390,423 $ 2,268,204 $ 18,545 $ 582 $ 3,677,808 Restricted stock units vested 436 —  —  —  —  —  —  Equity withheld for employee taxes ( 149 ) —  ( 20,438 ) —  —  —  ( 20,438 ) Stock-based compensation expense —  —  49,613 —  —  —  49,613 Exercise of stock options 31 —  704 —  —  —  704 Repurchase of common stock, including excise tax ( 1,835 ) ( 1 ) ( 60,000 ) ( 266,185 ) —  —  ( 326,186 ) Other comprehensive loss —  —  —  —  ( 32,310 ) —  ( 32,310 ) Net income —  —  —  82,521 —  —  82,521 Balance, March 31, 2026 52,757 $ 53 $ 1,360,302 $ 2,084,540 $ ( 13,765 ) $ 582 $ 3,431,712 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Consolidated Subsidiaries Total Equity Shares Amount Balance, January 1, 2025 56,869 $ 57 $ 1,190,222 $ 2,555,796 $ ( 116,864 ) $ 1,940 $ 3,631,151 Restricted stock units vested 315 —  —  —  —  —  —  Equity withheld for employee taxes ( 117 ) —  ( 21,455 ) —  —  —  ( 21,455 ) Stock issued in connection with 2021 acquisition 2 —  375 —  —  —  375 Stock-based compensation expense —  —  46,885 —  —  —  46,885 Exercise of stock options 353 —  19,448 —  —  —  19,448 Repurchase of common stock, including excise tax ( 796 ) —  —  ( 160,323 ) —  —  ( 160,323 ) Purchase of subsidiary shares from noncontrolling interest —  —  —  —  —  ( 1,358 ) ( 1,358 ) Other comprehensive income —  —  —  —  55,011 —  55,011 Net income —  —  —  73,482 —  —  73,482 Balance, March 31, 2025 56,626 $ 57 $ 1,235,475 $ 2,468,955 $ ( 61,853 ) $ 582 $ 3,643,216 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 6 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 82,521 $ 73,482 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 31,539 31,437 Operating lease right-of-use assets amortization expense 10,435 9,929 Bad debt recovery ( 593 ) ( 218 ) Deferred taxes 19,070 2,386 Stock-based compensation expense 49,919 48,456 Other 394 3,729 Changes in assets and liabilities: Trade receivables and contract assets ( 78,801 ) ( 76,680 ) Prepaid and other assets ( 16,057 ) ( 9,163 ) Accounts payable ( 12,806 ) 502 Accrued expenses and other liabilities ( 85,881 ) ( 27,248 ) Operating lease liabilities ( 9,642 ) ( 10,975 ) Income taxes payable ( 26,458 ) ( 21,475 ) Net cash provided by (used in) operating activities ( 36,360 ) 24,162 Cash flows from investing activities: Purchases of property and equipment ( 17,857 ) ( 9,329 ) Purchases of short-term investments ( 835 ) ( 1,991 ) Proceeds from short-term investments 2,213 — Acquisition of business, net of cash acquired ( 307 ) 3,325 Purchases of non-marketable securities — ( 360 ) Proceeds from non-marketable securities — 2,913 Other investing activities, net 1,140 134 Net cash used in investing activities ( 15,646 ) ( 5,308 ) Cash flows from financing activities: Proceeds from issuance of stock under the employee incentive programs 704 19,480 Payments of withholding taxes related to net share settlements of restricted stock units ( 3,152 ) ( 1,293 ) Proceeds from debt 140,000 — Repayment of debt ( 155 ) ( 684 ) Repurchase of common stock ( 323,980 ) ( 159,998 ) Payment of contingent consideration for previously acquired businesses ( 5,708 ) ( 4,746 ) Purchase of subsidiary shares from noncontrolling interest — ( 1,358 ) Other financing activities, net 92 ( 915 ) Net cash used in financing activities ( 192,199 ) ( 149,514 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 14,555 ) 18,770 Net decrease in cash, cash equivalents and restricted cash ( 258,760 ) ( 111,890 ) Cash, cash equivalents and restricted cash, beginning of period 1,301,377 1,290,392 Cash, cash equivalents and restricted cash, end of period $ 1,042,617 $ 1,178,502 7 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) (Continued) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets: As of March 31, 2026 As of December 31, 2025 Balance sheet classification Cash and cash equivalents $ 1,036,959 $ 1,296,077 Restricted cash in Prepaid and other current assets 1,542 1,337 Restricted cash in Other noncurrent assets 4,116 3,963 Total restricted cash 5,658 5,300 Total cash, cash equivalents and restricted cash $ 1,042,617 $ 1,301,377 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 8 Table of contents NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (In thousands, except per share data and as otherwise disclosed) 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES EPAM Systems, Inc. (the “Company” or “EPAM”) is a global provider of digital engineering, cloud and AI-enabled transformation services, as well as a leading business and experience consulting partner for global enterprises and ambitious startups. EPAM leverages AI to deliver transformative solutions that accelerate its clients' digital innovation and enhance their competitive edge. In a business landscape that is constantly challenged by the pressures of digitization, EPAM focuses on building long-term partnerships with clients in various industries through innovative and scalable software solutions, integrated strategy, experience and technology consulting, and a continually evolving mix of advanced capabilities. The Company is incorporated in Delaware with headquarters in Newtown, Pennsylvania. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of EPAM have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP” or “U.S. GAAP”) and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The unaudited condensed consolidated financial statements include the financial statements of EPAM Systems, Inc. and its subsidiaries with all intercompany balances and transactions eliminated. These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in its Annual Report on Form 10-K. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position as of March 31, 2026 and the results of its operations and its cash flows for the periods presented. Risks and Uncertainties — As a result of its global operations, the Company may be subject to certain inherent risks. Concentration of Credit — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. The Company maintains cash, cash equivalents and short-term investments with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties. The Company has cash in several countries, including Ukraine and Belarus, where the banking sector remains subject to periodic instability; banking and other financial systems generally do not meet the banking standards of more developed markets; and bank deposits made by corporate entities are not insured. The Company regularly monitors cash held in these countries and, to the extent the cash held exceeds the amounts required to support its operations in these countries, the Company distributes the excess funds into markets with more developed banking sectors to the extent it is possible to do so. As of March 31, 2026, the Company had $ 63.5 million of cash and cash equivalents in banks in Ukraine and $ 50.0 million of cash and cash equivalents in banks in Belarus. In April 2024, Belarus instituted restrictions on distributing dividends from Belarus to shareholders in certain countries, including the U.S. The restrictions are scheduled to remain in place until the end of 2026 and may prevent EPAM from distributing excess funds, if any, out of Belarus. The Company does not expect these restrictions to have a material impact on its ability to meet its worldwide cash obligations during this period. The Company places its cas Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 39 Item 6. Exhibits 39 SIGNATURES 40 Table of contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except par value) As of March 31, 2026 As of December 31, 2025 Assets Current assets Cash and cash equivalents $ 1,036,959 $ 1,296,077 Trade receivables and contract assets, net of allowance of $ 5,060 and $ 6,350 , respectively 1,174,660 1,108,201 Prepaid and other current assets 145,806 129,610 Total current assets 2,357,425 2,533,888 Property and equipment, net 202,826 202,387 Operating lease right-of-use assets, net 118,431 114,875 Intangible assets, net 385,728 406,586 Goodwill 1,204,577 1,210,564 Deferred tax assets 283,027 295,115 Other noncurrent assets 151,437 138,721 Total assets $ 4,703,451 $ 4,902,136 Liabilities Current liabilities Accounts payable $ 40,113 $ 55,329 Accrued compensation and benefits expenses 567,656 608,232 Accrued expenses and other current liabilities 224,171 250,688 Income taxes payable, current 15,639 25,520 Operating lease liabilities, current 36,750 37,173 Total current liabilities 884,329 976,942 Long-term debt 165,000 25,034 Operating lease liabilities, noncurrent 86,193 81,497 Deferred tax liabilities, noncurrent 73,795 76,969 Other noncurrent liabilities 62,422 63,886 Total liabilities 1,271,739 1,224,328 Commitments and contingencies (Note 13) Equity Stockholders’ equity Common stock, $ 0.001 par value; 160,000 shares authorized; 52,757 shares issued and outstanding at March 31, 2026, and 54,274 shares issued and outstanding at December 31, 2025 53 54 Additional paid-in capital 1,360,302 1,390,423 Retained earnings 2,084,540 2,268,204 Accumulated other comprehensive income (loss) ( 13,765 ) 18,545 Total EPAM Systems, Inc. stockholders’ equity 3,431,130 3,677,226 Noncontrolling interest in consolidated subsidiaries 582 582 Total equity 3,431,712 3,677,808 Total liabilities and equity $ 4,703,451 $ 4,902,136 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 3 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2026 2025 Revenues $ 1,400,061 $ 1,301,692 Operating expenses: Cost of revenues (exclusive of depreciation and amortization) 1,012,052 952,008 Selling, general and administrative expenses 239,702 218,917 Depreciation and amortization expense 31,539 31,437 Income from operations 116,768 99,330 Interest and other income, net 1,582 5,814 Foreign exchange gain (loss) 2,298 ( 10,727 ) Income before provision for income taxes 120,648 94,417 Provision for income taxes 38,127 20,935 Net income $ 82,521 $ 73,482 Net income per share: Basic $ 1.53 $ 1.29 Diluted $ 1.52 $ 1.28 Shares used in calculation of net income per share: Basic 53,793 56,780 Diluted 54,183 57,262 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands) Three Months Ended March 31, 2026 2025 Net income $ 82,521 $ 73,482 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 25,542 ) 40,870 Unrealized gain (loss) on hedging instruments ( 7,170 ) 13,956 Defined benefit plans 402 185 Other comprehensive income (loss) ( 32,310 ) 55,011 Comprehensive income $ 50,211 $ 128,493 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 5 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (In thousands)  Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Consolidated Subsidiaries Total Equity Shares Amount Balance, January 1, 2026 54,274 $ 54 $ 1,390,423 $ 2,268,204 $ 18,545 $ 582 $ 3,677,808 Restricted stock units vested 436 —  —  —  —  —  —  Equity withheld for employee taxes ( 149 ) —  ( 20,438 ) —  —  —  ( 20,438 ) Stock-based compensation expense —  —  49,613 —  —  —  49,613 Exercise of stock options 31 —  704 —  —  —  704 Repurchase of common stock, including excise tax ( 1,835 ) ( 1 ) ( 60,000 ) ( 266,185 ) —  —  ( 326,186 ) Other comprehensive loss —  —  —  —  ( 32,310 ) —  ( 32,310 ) Net income —  —  —  82,521 —  —  82,521 Balance, March 31, 2026 52,757 $ 53 $ 1,360,302 $ 2,084,540 $ ( 13,765 ) $ 582 $ 3,431,712 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Consolidated Subsidiaries Total Equity Shares Amount Balance, January 1, 2025 56,869 $ 57 $ 1,190,222 $ 2,555,796 $ ( 116,864 ) $ 1,940 $ 3,631,151 Restricted stock units vested 315 —  —  —  —  —  —  Equity withheld for employee taxes ( 117 ) —  ( 21,455 ) —  —  —  ( 21,455 ) Stock issued in connection with 2021 acquisition 2 —  375 —  —  —  375 Stock-based compensation expense —  —  46,885 —  —  —  46,885 Exercise of stock options 353 —  19,448 —  —  —  19,448 Repurchase of common stock, including excise tax ( 796 ) —  —  ( 160,323 ) —  —  ( 160,323 ) Purchase of subsidiary shares from noncontrolling interest —  —  —  —  —  ( 1,358 ) ( 1,358 ) Other comprehensive income —  —  —  —  55,011 —  55,011 Net income —  —  —  73,482 —  —  73,482 Balance, March 31, 2025 56,626 $ 57 $ 1,235,475 $ 2,468,955 $ ( 61,853 ) $ 582 $ 3,643,216 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 6 Table of contents EPAM SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 82,521 $ 73,482 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 31,539 31,437 Operating lease right-of-use assets amortization expense 10,435 9,929 Bad debt recovery ( 593 ) ( 218 ) Deferred taxes 19,070 2,386 Stock-based compensation expense 49,919 48,456 Other 394 3,729 Changes in assets and liabilities: Trade receivables and contract assets ( 78,801 ) ( 76,680 ) Prepaid and other assets ( 16,057 ) ( 9,163 ) Accounts payable ( 12,806 ) 502 Accrued expenses and other liabilities ( 85,881 ) ( 27,248 ) Operating lease liabilities ( 9,642 ) ( 10,975 ) Income taxes payable ( 26,458 ) ( 21,475 ) Net cash provided by (used in) operating activities ( 36,360 ) 24,162 Cash flows from investing activities: Purchases of property and equipment ( 17,857 ) ( 9,329 ) Purchases of short-term investments ( 835 ) ( 1,991 ) Proceeds from short-term investments 2,213 — Acquisition of business, net of cash acquired ( 307 ) 3,325 Purchases of non-marketable securities — ( 360 ) Proceeds from non-marketable securities — 2,913 Other investing activities, net 1,140 134 Net cash used in investing activities ( 15,646 ) ( 5,308 ) Cash flows from financing activities: Proceeds from issuance of stock under the employee incentive programs 704 19,480 Payments of withholding taxes related to net share settlements of restricted stock units ( 3,152 ) ( 1,293 ) Proceeds from debt 140,000 — Repayment of debt ( 155 ) ( 684 ) Repurchase of common stock ( 323,980 ) ( 159,998 ) Payment of contingent consideration for previously acquired businesses ( 5,708 ) ( 4,746 ) Purchase of subsidiary shares from noncontrolling interes Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our estimates and forward-looking statements are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets, global trade and the broader economy, the adoption and implementation of artificial intelligence technologies by EPAM and its clients and prospective clients, and the effect that these events may have on client demand, our revenues, operations, access to capital and profitability. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks, uncertainties and assumptions as to future events that may not prove to be accurate and are made in light of information currently available to us. Important factors, in addition to the factors described in this quarterly report and in our Annual Report, may materially and adversely affect our results. You should read this quarterly report, our Annual Report and the documents that we have filed as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect. 35 Table of contents The words “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “might,” “would,” “continue” or the negative of these terms or other comparable terminology and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking statements speak only as of the date they were made and, except to the extent required by law, we undertake no obligation to update, to correct, to revise or to review any estimate and/or forward-looking statement because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. As a result of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this quarterly report and our Annual Report on Form 10-K for the year ended December 31, 2025 might not occur and our future results, level of activity, performance or achievements may differ materially from those expressed in these forward-looking statements due to, including, but not limited to, the factors mentioned above, and the differences may be material and adverse. Because of these uncertainties, you should not place undue reliance on these forward-looking statements. Item 3. Quantitative and Qualitative Disclosures About Market Risk We are exposed to certain market risks in the ordinary course of our business. These risks primarily result from changes in concentration of credit risks, foreign currency exchange rates and interest rates. In addition, our global operations are subject to risks related to differing economic conditions, global trade, civil unrest, political instability or uncertainty, military activities, broad-based sanctions, differing tax structures, and other changing regulations and restrictions. Concentration of Credit and Other Credit Risks Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, short-term investments and trade receivables. We maintain our cash, cash equivalents and short-term investments with financial institutions. We believe that our credit policies reflect normal industry terms and business risk. We do not anticipate non-performance by the counterparties. We have cash in several countries, including Ukraine and Belarus, where the banking sector remains subject to periodic instability; banking and other financial systems in these countries generally do not meet the banking standards of more developed markets, and bank deposits made by corporate entities are not insured. As of March 31, 2026, we had $63.5 million of cash and cash equivalents in banks in Ukraine and $50.0 million of cash and cash equivalents in banks in Belarus. We regularly monitor cash held in these countries and, to the extent the cash held exceeds amounts required to support our operations in these countries, we distribute the excess funds into markets with more developed banking sectors to the extent it is possible to do so. In April 2024, Belarus instituted restrictions on distributing dividends from Belarus to shareholders in certain countries, including the U.S. The restrictions are scheduled to remain in place until the end of 2026 and may prevent EPAM from distributin

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The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.