EPAM Systems Inc (NYSE: EPAM) is an IT services company that provides software engineering, product development, and digital transformation services to enterprise clients. Revenue is generated through time-and-materials and fixed-price contracts under which EPAM's engineering talent delivers technology solutions directly to clients. The 10-K filed 2026-02-26 notes that client demand, AI technology adoption, and geopolitical developments including the war in Ukraine are material factors affecting the business. EPAM's delivery model has historically relied on engineering talent based in Central and Eastern Europe, a geographic concentration that the filing identifies as a continuing operational and risk factor. The company operates across multiple industry verticals and serves clients who rely on EPAM teams as an extension of their own technology organizations, creating meaningful switching costs tied to embedded project knowledge and long-running engagements.

Revenue model

EPAM earns revenue through professional services contracts, primarily time-and-materials and fixed-price engagements, billing clients for software engineering and technology consulting work performed by EPAM employees and subcontractors.

Products and services

Software engineering services, product development, digital platform implementation, and technology consulting. The filing also references adoption and implementation of artificial intelligence technologies as a service area for clients.

Customers and end markets

Enterprise clients across multiple industry verticals. The filing does not provide specific customer names, customer counts, or revenue concentration percentages in the excerpts provided.

Value-chain role

Outsourced technology delivery partner, embedded engineering teams working within client development organizations.

Geographic exposure

The filing identifies Central and Eastern Europe as a key delivery geography, with the war in Ukraine and regional geopolitical conditions cited as material business risks. Specific country-level or segment revenue splits are not supported by the provided excerpts.

Source: SEC 10-K, filed 2026-02-26

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