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

EPAM Systems brought in $5.5B of revenue in fiscal 2025, Zscaler $3.4B in fiscal 2026. Revenue changed by +15.4% at EPAM Systems and +25.4% at Zscaler on the year before, so Zscaler grew faster. EPAM Systems kept 6.9% of its revenue as net profit, Zscaler -1.9%. Free cash flow was $612.7M at EPAM Systems and $852.4M at Zscaler.

Side by side, latest fiscal year

EPAMZS
Fiscal year endedFY2025 (December 31, 2025)FY2026 (July 31, 2026)
Revenue$5.5B$3.4B
Revenue growth+15.4%+25.4%
Net income$377.7M-$63.2M
Net margin6.9%-1.9%
Free cash flow$612.7M$852.4M
Free cash flow margin11.2%25.4%
Earnings per share (diluted)$6.72-$0.39
Cash$1.3B$928.4M
Debt$25Mn/a
Price to earnings16.1n/a
Market value$5.6B$31.2B
Dividend yieldn/an/a
Rank by revenue in sector#85 of 530 · Technology#113 of 530 · Technology

Over the years

Revenue
EPAM FY2018: $1.8BEPAM FY2019: $2.3BEPAM FY2020: $2.7BEPAM FY2021: $3.8BEPAM FY2022: $4.8BEPAM FY2023: $4.7BEPAM FY2024: $4.7BEPAM FY2025: $5.5BZS FY2019: $302.8MZS FY2020: $431.3MZS FY2021: $673.1MZS FY2022: $1.1BZS FY2023: $1.6BZS FY2024: $2.2BZS FY2025: $2.7BZS FY2026: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25FY26
EPAM $5.5BZS $3.4B
Net income
EPAM FY2018: $240.3MEPAM FY2019: $261.1MEPAM FY2020: $327.2MEPAM FY2021: $481.7MEPAM FY2022: $419.4MEPAM FY2023: $417.1MEPAM FY2024: $454.5MEPAM FY2025: $377.7MZS FY2019: -$28.7MZS FY2020: -$115.1MZS FY2021: -$262MZS FY2022: -$390.3MZS FY2023: -$202.3MZS FY2024: -$57.7MZS FY2025: -$41.5MZS FY2026: -$63.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EPAM $377.7MZS -$63.2M
Net margin
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%ZS FY2019: -9.5%ZS FY2020: -26.7%ZS FY2021: -38.9%ZS FY2022: -35.8%ZS FY2023: -12.5%ZS FY2024: -2.7%ZS FY2025: -1.6%ZS FY2026: -1.9%FY18FY19FY20FY21FY22FY23FY24FY25FY26
EPAM 6.9%ZS -1.9%
Revenue growth
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%ZS FY2020: +42.4%ZS FY2021: +56.1%ZS FY2022: +62.1%ZS FY2023: +48.2%ZS FY2024: +34.1%ZS FY2025: +23.3%ZS FY2026: +25.4%FY19FY20FY21FY22FY23FY24FY25FY26
EPAM +15.4%ZS +25.4%
Free cash flow
EPAM FY2018: $254.6MEPAM FY2019: $188.1MEPAM FY2020: $475.6MEPAM FY2021: $460.8MEPAM FY2022: $382.5MEPAM FY2023: $534.2MEPAM FY2024: $527MEPAM FY2025: $612.7MZS FY2019: $32.5MZS FY2020: $36.2MZS FY2021: $153.9MZS FY2022: $252.6MZS FY2023: $365.1MZS FY2024: $635.3MZS FY2025: $808.2MZS FY2026: $852.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EPAM $612.7MZS $852.4M

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

Questions about EPAM Systems and Zscaler

Which is bigger by revenue, EPAM Systems or Zscaler?

EPAM Systems is bigger by revenue: $5.5B in fiscal 2025, against $3.4B for Zscaler in fiscal 2026.

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

EPAM Systems had a net margin of 6.9% in fiscal 2025; Zscaler had -1.9% in fiscal 2026.

Which grew revenue faster, EPAM Systems or Zscaler?

In their latest fiscal years revenue changed by +15.4% at EPAM Systems and +25.4% at Zscaler.

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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