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EPAM's Q3 revenue rose 19.4% to $1.394B, driven by AI services and acquisitions, though margins dipped to 10.4% from cost pressures. Strategy emphasizes global AI integration; liquidity strong at $1.2B cash, with buybacks reducing shares. Geopolitical risks persist in Ukraine. --- CONCISE SUMMARY --- EPAM Systems, Inc. reported Q3 2025 revenue of $1.394 billion, up 19.4% year-over-year, fueled by organic growth in financial services (32.7%), acquisitions contributing 10.5%, and favorable FX (1.8%). Nine-month revenue reached $4.050 billion, up 16.4%. Operating margins compressed to 10.4% from 15.2% due to higher costs (70.5% of revenue) from talent investments, reduced Polish R&D incentives ($38.8M drop), and amortization ($31M). Net income fell to $107 million; nine-month EPS $4.75 vs. $6.04, impacted by tax shifts. Strategically, EPAM focuses on AI-enabled digital engineering across verticals (e.g., 24.2% from financial services), leveraging global delivery in 50+ countries. Key acquisitions: NEORIS ($626M, adding 4,800 pros) and First Derivative ($301M) boosted capabilities in Latin America and capital markets, increasing goodwill to $1.209B. Liquidity robust with $1.239B cash; operating cash $372M. $439M in share repurchases reduced shares 4.2%. Risks include Ukraine disruptions ($58M assets), FX losses ($3.6M), and talent/geopolitical pressures, mitigated by hedging and diversification. (178 words)

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