EPAM Systems, Inc. (NYSE:EPAM) stock tumbled Thursday despite a fourth-quarter earnings and revenue beat, as a cautious 2026 outlook weighed on investor sentiment.

Its sales grew 12.8% year-over-year (Y/Y) to $1.41 billion, beating the analyst consensus estimate of $1.39 billion.

On an organic, constant-currency basis, revenues grew 5.6% compared with the fourth quarter of 2024.

Adjusted EPS rose to $3.26 from $2.84 a year earlier, surpassing the consensus estimate of $3.16.

Adjusted operating income for the quarter reached $230.0 million, up from $208.2 million Y/Y, and the margin stood at 16.3%, down from 16.7% Y/Y.

The company's operating cash flow for the quarter rose to $282.9 million from $130.3 million a year ago.

Cash, cash equivalents, and restricted cash rose 0.9% year over year to $1.301 billion as of December 31, 2025.

Share Repurchases

EPAM repurchased 1.16 million shares for $223.5 million in the fourth ...