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Visible Alpha broker models via S&P Xpressfeed · 16 brokers · 383 line items · freshest revision 2026-07-21.

EPAM's broker models describe an IT-services business climbing out of a growth trough: organic constant-currency growth bottoms near 3% in FY-2026 before reaccelerating toward 6% by FY-2028, lifting revenue from about $5.4bn to $6.5bn. Consensus on the headline P&L is unusually tight, with 15-16 brokers clustered within a point on operating income, so the modeled debate lives in the mix: which verticals and geographies lead, and how fast the fixed-price contract shift plays out. The differentiated operating detail here (billed rates, utilization, headcount) is real but thin, resting on one to two brokers.

Financial services anchors the mix; Emerging and Software & Hi-tech grow fastest

Line FY-2025A FY-2026E FY-2027E FY-2028E YoY Brokers
Vertical — — — — — —
Total revenues $5.44bn $5.72bn $6.05bn $6.46bn +5.2% 16
Total revenue - Financial services $1.28bn $1.40bn $1.45bn $1.64bn +9.3% 8
Total revenue - Travel & consumer $1.07bn $1.09bn $1.19bn $1.23bn +2.1% 8
Total revenue - Emerging $932.42m $973.35m $1.04bn $1.14bn +4.4% 8
Total revenue - Software & Hi-tech $814.43m $913.84m $950.76m $969.53m +12.2% 8
Total revenue - Business information & Media $684.31m $675.62m $706.72m $743.74m -1.3% 8
Total revenue - Life sciences & healthcare $639.46m $664.09m $698.15m $739.86m +3.9% 8

Europe is out-growing North America across the forecast

Line FY-2025A FY-2026E FY-2027E FY-2028E YoY Brokers
Geography — — — — — —
Total revenue - North America $3.23bn $3.28bn $3.47bn $3.72bn +1.5% 8
Total revenue - Europe $2.14bn $2.33bn $2.45bn $2.61bn +8.8% 8
Total revenue - APAC $110.60m $100.62m $106.67m $117.92m -9.0% 8

The modeled growth trough is FY-2026, with reacceleration after

Organic constant-currency growth is modeled at ~4% in FY-2025 and ~3% in FY-2026, then reaccelerates to ~5% and ~6% in FY-2027 and FY-2028; reported constant-currency and total growth trace the same V. It rests on only four to five brokers, so read it as direction, not precision.

Modeled growth is priced, not staffed: billed rates rise while utilization holds

Billed rate per hour climbs from about $61 to $68 while utilization holds near 77% and net IT-professional additions slow from ~3,080 in FY-2025 toward ~1,200 a year. These labor lines are one- to two-broker views.

Line FY-2025A FY-2026E FY-2027E FY-2028E YoY Brokers
Unit economics — — — — — —
IT professionals(#) 58,179 Number 58,380 Number 59,580 Number 60,830 Number +0.3% 2
Billed rate/Hour - IT professionals($) $61.02 $63.19 $65.25 $68.05 +3.6% 2
Utilization rate(%) 77.2% 76.7% 77.3% 77.3% -0.5pt 2
Headcount - Net Additions - IT professionals(#) 3,079 Number 1,780 Number 1,200 Number 1,250 Number -42.2% 2

Brokers split on the pace of the fixed-price contract mix shift

The shift from time-and-materials toward fixed-price, outcome-based delivery is economically material for margins, and the models disagree sharply on its FY-2027 pace - far wider than the tight consensus on any single vertical.

Line Period Median Q1–Q3 Min–max Brokers
Total revenue - Fixed price FY-2027E $1.06bn $804.21m–$1.34bn $788.44m–$1.44bn 4

The differentiated lines rest on thin, slightly older coverage

The headline P&L carries 15-16 brokers refreshed within the last day, but the operating KPIs, contract mix, and client-concentration lines that make this feed distinctive rest on one to four brokers, several of them single-analyst and last revised in May-June 2026. Treat those lines as directional.

Headline P&L consensus, momentum and beat/miss live in the CapIQ tab.