Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>EPAM reported its second quarter 2026 financial results with mixed outcomes.</li><li>Revenue reached $1.415 billion, representing a 4.5% year-over-year increase on a reported basis and 3.4% organic constant currency growth.</li><li>Four of six verticals grew year-over-year, led by Financial Services and Life Sciences & Healthcare, while Software & Hi-Tech and Business Information & Media experienced declines primarily due to project completions and ramp downs.</li></ul>

EPAM reported its second quarter 2026 financial results with mixed outcomes.Revenue reached $1.415 billion, representing a 4.5% year-over-year increase on a reported basis and 3.4% organic constant currency growth.Four of six verticals grew year-over-year, led by Financial Services and Life Sciences & Healthcare, while Software & Hi-Tech and Business Information & Media experienced declines primarily due to project completions and ramp downs.

EPAM’s $160 Million AI Engine — Can It Rescue North American Growth?

<ul><li>EPAM Systems reported first-quarter 2026 results reflecting steady but moderated growth amidst evolving macroeconomic conditions.</li><li>The company generated $1.4 billion in revenue, growing 7.6% year-over-year and reaching the high end of its guidance range.</li><li>On a constant currency organic basis, revenue increased by 3.7%.</li></ul>

EPAM Systems reported first-quarter 2026 results reflecting steady but moderated growth amidst evolving macroeconomic conditions.The company generated $1.4 billion in revenue, growing 7.6% year-over-year and reaching the high end of its guidance range.On a constant currency organic basis, revenue increased by 3.7%.

EPAM Systems’ Anthropic Partnership Sparks Buzz As AI-Native Revenue Scales!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>EPAM is strategically pivoting to high-growth AI-native services, targeting over $600 million in AI-native revenue for 2026, which could reshape its growth profile.</li>
  <li>The company demonstrated strong top-line momentum with a 12.8% year-over-year revenue increase in Q4 2025, indicating robust demand across most of its key industry verticals.</li>
  <li>Despite a positive outlook on AI, the company faces significant risks, including intense competition, macroeconomic pressures impacting client spending, regional weakness in APAC, and geopolitical uncertainties.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  EPAM is strategically pivoting to high-growth AI-native services, targeting over $600 million in AI-native revenue for 2026, which could reshape its growth profile.
  The company demonstrated strong top-line momentum with a 12.8% year-over-year revenue increase in Q4 2025, indicating robust demand across most of its key industry verticals.
  Despite a positive outlook on AI, the company faces significant risks, including intense competition, macroeconomic pressures impacting client spending, regional weakness in APAC, and geopolitical uncertainties.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Epam Systems (EPAM US) - May 2026

<ul><li>EPAM Systems reported fourth quarter and full-year 2025 results characterized by continued revenue growth, with total Q4 revenues exceeding $1.4 billion, representing a 12.8% year-over-year increase on a reported basis and 5.6% growth on an organic constant currency basis.</li><li>The company highlighted strong demand across five of its six industry verticals, notably Financial Services, Software & Hi-Tech, Consumer Goods, Retail and Travel, as well as Emerging verticals, supported by solid performances in key geographic regions such as EMEA and the Americas.</li><li>However, the APAC region showed only marginal growth and a slight organic decline.</li></ul>

EPAM Systems reported fourth quarter and full-year 2025 results characterized by continued revenue growth, with total Q4 revenues exceeding $1.4 billion, representing a 12.8% year-over-year increase on a reported basis and 5.6% growth on an organic constant currency basis.The company highlighted strong demand across five of its six industry verticals, notably Financial Services, Software & Hi-Tech, Consumer Goods, Retail and Travel, as well as Emerging verticals, supported by solid performances in key geographic regions such as EMEA and the Americas.However, the APAC region showed only marginal growth and a slight organic decline.

EPAM Systems' AI Revenue Ramp Toward $600 Million Is Reshaping Growth Expectations!

<ul><li>EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced in the third quarter of 2025.</li><li>The company has reported strong financial results that exceeded its expectations, driven largely by a surge in demand for AI-native services and digital transformation initiatives.</li><li>This demand is underpinned by the company's strategic emphasis on modern cloud architecture and data platforms, essential components for AI deployment.</li></ul>

EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced in the third quarter of 2025.The company has reported strong financial results that exceeded its expectations, driven largely by a surge in demand for AI-native services and digital transformation initiatives.This demand is underpinned by the company's strategic emphasis on modern cloud architecture and data platforms, essential components for AI deployment.

EPAM Emerges as a Major AI Transformation Leader With Cloud

United States

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

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Epam Systems (EPAM US)

EPAM’s $160 Million AI Engine — Can It Rescue North American Growth?

EPAM reported its second quarter 2026 financial results with mixed outcomes. Revenue reached $1.415 billion, representing a 4.5% year-over-year...

Baptista Research

EPAM Systems’ Anthropic Partnership Sparks Buzz As AI-Native Revenue Scales!

EPAM Systems reported first-quarter 2026 results reflecting steady but moderated growth amidst evolving macroeconomic conditions. The company...

Baptista Research

Primer: Epam Systems (EPAM US) - May 2026

EPAM is strategically pivoting to high-growth AI-native services, targeting over $600 million in AI-native revenue for 2026, which could reshape...

αSK Primers

EPAM Systems' AI Revenue Ramp Toward $600 Million Is Reshaping Growth Expectations!

EPAM Systems reported fourth quarter and full-year 2025 results characterized by continued revenue growth, with total Q4 revenues exceeding $1.4...

Baptista Research

EPAM Emerges as a Major AI Transformation Leader With Cloud

EPAM Systems, Inc.'s recent earnings call provides a comprehensive overview of its performance, highlighting both positives and challenges faced...

Baptista Research

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