Key Highlights

  • EPAM shares rose 20.63% on November 5, 2026, according to a published closing tally, a session in which that same tally showed the S&P 500 falling 4.36%.
  • The board added USD 1.5 billion of repurchase capacity, bringing the total to as much as USD 1.8 billion through December 31, 2029. An older program had USD 293 million still left.
  • A USD 500 million accelerated share repurchase is expected during the week of November 9, 2026, paid for with cash on hand plus borrowings under the Credit facility.
  • Third-quarter Revenue hit USD 1.426 billion, up 2.3%, while GAAP Earnings of USD 2.53 a share gained 32.5% and non-GAAP earnings of USD 3.51 gained 14.0%.

Buyback Capacity Expands Alongside Quarterly Results

EPAM Systems (NYSE:EPAM) disclosed the larger repurchase authority together with its third-quarter report on November 5, 2026. Up to USD 1.8 billion of common stock may be bought back through December 31, 2029, a total that roughly equals the fresh USD 1.5 billion plus the USD 293 million still available under the previous plan (calculated). The company also intends to begin a USD 500 million accelerated share repurchase in the week of November 9, 2026. Under that structure, a bank collects payment at the outset, delivers most of the shares right away, and the final settlement reflects the average share price across the agreement.

Revenue Growth Slows While Profitability Metrics Improve

EPAM, a digital engineering and IT services firm, posted revenue of USD 1.426 billion, a 2.3% increase, or 2.5% on an organic constant-currency basis. Operating Margin under GAAP climbed to 12.3% from 10.4%, and the non-GAAP margin moved up to 16.7% from 16.0%. Guidance for 2026 points to revenue growth of 3.5% to 3.7%, with organic constant-currency growth of 2.5% to 2.7%, alongside GAAP diluted earnings of USD 8.41 to 8.49, while the adjusted per-share projection sits at USD 13.23 to 13.31. The release expresses revenue as growth rates rather than a dollar range, and no raise from an earlier outlook was confirmed, so none is assumed.

Lower Cash Balance Shapes the Funding Approach

Cash, cash equivalents and restricted cash totaled USD 969.9 million on September 30, 2026, which is USD 331.4 million, or 25.5%, below the USD 1.301 billion held at the end of 2025. Repurchases amounted to about USD 80 million in the quarter and roughly USD 489 million across nine months. The upcoming USD 500 million accelerated repurchase equals roughly 52% of the September 30 cash balance (calculated), so borrowing under the credit Facility becomes part of the funding mix. Risks include higher interest expense, weaker technology budgets among clients and the chance that a one-day rally fades. A market Capitalization figure was not verified for this article.

Where Things Stand

Yes, but partly through borrowing. EPAM Systems (NYSE:EPAM) intends to pay for its USD 500 million accelerated repurchase with cash and credit facility borrowings, and its shares gained 20.63% according to a published closing tally on a day the broader market slid. Revenue rose just 2.3% and the cash balance is lower, so part of the buyback leans on debt. Watch the accelerated deal starting in the week of November 9, the final settlement terms, interest costs on any borrowing and fourth-quarter results, since the shares can reverse sharply.