EPAM Posts 11.7% Revenue Growth in Q1 2025, CEO Dobkin Transitions to Executive Chairman

EPAM Systems has reported an 11.7% year-over-year increase in revenue for the first quarter of 2025, reaching $1.302 billion, and a 8.3% increase from the last quarter. 

The company raised its full-year revenue growth guidance to a range of 11.5% to 14.5%. 

EPAM attributed the upward revision to strong organic constant currency revenue performance in the first half of the year and revised foreign exchange assumptions.

Alongside the earnings announcement, EPAM revealed a major leadership transition. Principal Founder and long-serving CEO Arkadiy Dobkin will step down from his role as CEO and President on September 1, 2025, to become Executive Chairman. 

Balazs Fejes, currently President of Global Business and Chief Revenue Officer, will succeed Dobkin as CEO and President. 

“We reported strong first quarter results amidst a dynamic macroeconomic landscape, which highlights our unique differentiation in supporting our clients through their transformation journeys,” Dobkin said about the recent earnings. 

“By staying anchored in engineering excellence, disciplined execution and AI-native innovation, we’ve continued to build sequential momentum and deliver year-over-year organic growth.”

In his new role, Dobkin will continue shaping EPAM’s strategic direction and global brand while maintaining key relationships with clients, partners, and investors. 

Fejes, who joined EPAM over two decades ago and served in roles including CTO and head of European and APAC markets, said, “I am honored to serve as EPAM’s next CEO as we continue advancing the global growth strategy shaped under Arkadiy’s leadership.”

GAAP income from operations was $99.3 million, accounting for 7.6% of revenue, while non-GAAP income from operations came in at $175.8 million or 13.5% of revenue.

The company ended the quarter with $1.179 billion in cash, cash equivalents, and restricted cash—an 8.7% drop from December 31, 2024. 

Headcount at the end of Q1 stood at approximately 61,700, including around 55,600 delivery professionals—a 0.9% increase since the previous quarter.

In April, EPAM celebrated a decade in India with a total of 10,000 plus employees.

For the second quarter of 2025, EPAM expects revenues between $1.325 billion and $1.340 billion, reflecting 16.2% year-over-year growth at the midpoint. GAAP diluted EPS is projected to be between $1.67 and $1.75, while non-GAAP EPS is expected to range from $2.56 to $2.64.