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Amdocs vs EPAM Systems: revenue, profit, margins and growth compared

Amdocs brought in $5B of revenue in fiscal 2024, EPAM Systems $5.5B in fiscal 2025. Revenue changed by +2.4% at Amdocs and +15.4% at EPAM Systems on the year before, so EPAM Systems grew faster. Amdocs kept 9.9% of its revenue as net profit, EPAM Systems 6.9%. Free cash flow was $618.9M at Amdocs and $612.7M at EPAM Systems.

Side by side, latest fiscal year

DOXEPAM
Fiscal year endedFY2024 (September 30, 2024)FY2025 (December 31, 2025)
Revenue$5B$5.5B
Revenue growth+2.4%+15.4%
Net income$493.2M$377.7M
Net margin9.9%6.9%
Free cash flow$618.9M$612.7M
Free cash flow margin12.4%11.2%
Earnings per share (diluted)$4.25$6.72
Cash$346.1M$1.3B
Debt$646.3M$25M
Price to earningsn/a16.1
Market value$6.2B$5.6B
Dividend yieldn/an/a
Rank by revenue in sector#91 of 530 · Technology#85 of 530 · Technology

Over the years

Revenue
DOX FY2017: $3.9BDOX FY2018: $4BDOX FY2019: $4.1BDOX FY2020: $4.2BDOX FY2021: $4.3BDOX FY2022: $4.6BDOX FY2023: $4.9BDOX FY2024: $5BEPAM FY2018: $1.8BEPAM FY2019: $2.3BEPAM FY2020: $2.7BEPAM FY2021: $3.8BEPAM FY2022: $4.8BEPAM FY2023: $4.7BEPAM FY2024: $4.7BEPAM FY2025: $5.5BFY17FY18FY19FY20FY21FY22FY23FY24FY25
DOX $5BEPAM $5.5B
Net income
DOX FY2017: $436.8MDOX FY2018: $354.4MDOX FY2019: $479.4MDOX FY2020: $497.8MDOX FY2021: $688.4MDOX FY2022: $549.5MDOX FY2023: $540.7MDOX FY2024: $493.2MEPAM FY2018: $240.3MEPAM FY2019: $261.1MEPAM FY2020: $327.2MEPAM FY2021: $481.7MEPAM FY2022: $419.4MEPAM FY2023: $417.1MEPAM FY2024: $454.5MEPAM FY2025: $377.7MFY17FY18FY19FY20FY21FY22FY23FY24FY25
DOX $493.2MEPAM $377.7M
Net margin
DOX FY2017: 11.3%DOX FY2018: 8.9%DOX FY2019: 11.7%DOX FY2020: 11.9%DOX FY2021: 16.1%DOX FY2022: 12.0%DOX FY2023: 11.1%DOX FY2024: 9.9%EPAM FY2018: 13.0%EPAM FY2019: 11.4%EPAM FY2020: 12.3%EPAM FY2021: 12.8%EPAM FY2022: 8.7%EPAM FY2023: 8.9%EPAM FY2024: 9.6%EPAM FY2025: 6.9%FY17FY18FY19FY20FY21FY22FY23FY24FY25
DOX 9.9%EPAM 6.9%
Revenue growth
DOX FY2018: +2.8%DOX FY2019: +2.8%DOX FY2020: +2.0%DOX FY2021: +2.9%DOX FY2022: +6.7%DOX FY2023: +6.8%DOX FY2024: +2.4%EPAM FY2019: +24.5%EPAM FY2020: +15.9%EPAM FY2021: +41.3%EPAM FY2022: +28.4%EPAM FY2023: -2.8%EPAM FY2024: +0.8%EPAM FY2025: +15.4%FY18FY19FY20FY21FY22FY23FY24FY25
DOX +2.4%EPAM +15.4%
Free cash flow
DOX FY2017: $502.7MDOX FY2018: $326.1MDOX FY2021: $715.4MDOX FY2022: $529.5MDOX FY2023: $698.3MDOX FY2024: $618.9MEPAM FY2018: $254.6MEPAM FY2019: $188.1MEPAM FY2020: $475.6MEPAM FY2021: $460.8MEPAM FY2022: $382.5MEPAM FY2023: $534.2MEPAM FY2024: $527MEPAM FY2025: $612.7MFY17FY18FY19FY20FY21FY22FY23FY24FY25
DOX $618.9MEPAM $612.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Amdocs and EPAM Systems

Which is bigger by revenue, Amdocs or EPAM Systems?

EPAM Systems is bigger by revenue: $5.5B in fiscal 2025, against $5B for Amdocs in fiscal 2024.

Which keeps more of its revenue as profit, Amdocs or EPAM Systems?

Amdocs had a net margin of 9.9% in fiscal 2024; EPAM Systems had 6.9% in fiscal 2025.

Which grew revenue faster, Amdocs or EPAM Systems?

In their latest fiscal years revenue changed by +2.4% at Amdocs and +15.4% at EPAM Systems.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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