Technology
EPAM Systems reported a 4.5% revenue increase and margin expansion in Q2 FY2026, driven by improving demand and cost optimization, though operating cash flow fell negative amid working capital pressures.
Key risk: Geopolitical Risk from Russia-Ukraine War
EPAM has a significant delivery center in Ukraine, and the ongoing war has caused operational disruptions and materially increased expenses. Despite business continuity plans, the conflict continues to pose risks to employee safety and service delivery.