What EPAM Systems, Inc. told the SEC could break it.

EPAM has significant delivery operations and assets in active/at-risk geographies — $59.4M of net PP&E in Ukraine (including a $52.3M Kyiv building) amid the ongoing war, owned buildings in Belarus — and exited Russia in 2023 (a former major delivery and revenue center), creating continuity and geopolitical concentration risk.

“As of December 31, 2025, the Company had $ 59.4 million of property and equipment, net in Ukraine consisting of a building classified as construction-in-progress located in Kyiv with a net book value of $ 52.3 million, laptops with a net book value of $ 5.2 million, most of which are in the possession of employees, and various office furniture, equipment and supplies with a net book value of $ 1.9 million.”

EPAM has a structural currency mismatch — ~39.5% of 2025 consolidated revenues but ~63.2% of operating expenses were denominated in non-USD currencies — so US-dollar strength/volatility against its delivery-country currencies can materially affect results, partly offset by hedging.

“During the year ended December 31, 2025, approximately 39.5% of consolidated revenues and 63.2% of operating expenses were denominated in currencies other than the U.S. dollar.”

In response to the Ukraine war, EPAM discontinued Russia operations and is sustaining business continuity by diversifying hiring and delivery across India, Central/Western Asia, Latin America and Central/Eastern Europe — an ongoing operational shift on which its talent-dependent services model relies.

“In response to the war in Ukraine, we shifted the way we operate in our delivery locations by discontinuing our operations in Russia and continuing to execute our business continuity plans and sustaining our hiring efforts across multiple locations in India, Central and Western Asia, Latin America, and Central and Eastern Europe.”