EPAM Systems Launches $500 Million Accelerated Share Buyback With UBS

Published November 10, 2026 at 6:11 AM EST

EPAM Systems is putting $500 million to work on its own stock at once, signing an accelerated share repurchase deal with UBS on Monday, according to an 8-K filed that evening.

Under the agreement, EPAM will pay UBS $500 million up front. In return, EPAM expects to receive an initial delivery of 2,550,695 shares by Nov. 10, worth $400 million based on Monday's closing price, the filing said.

The final share count will be set when the transaction is complete. It will generally be based on the volume-weighted average price of EPAM's stock over the term of the agreement, less a discount, and subject to adjustments. Final settlement is expected in the first quarter of 2027, with the exact date chosen by UBS within an agreed range.

At settlement, UBS may have to deliver more shares to EPAM. Under certain circumstances, EPAM could instead owe shares to UBS, or, at its election, a cash payment, according to the 8-K.

Funding and authorization

The buyback is being carried out under the $1.8 billion share repurchase authorization that EPAM's board approved on Sept. 30, 2026. That means this single transaction uses $500 million, or 27.8%, of the program.

EPAM said it is paying for the repurchase with cash on hand and borrowings under its existing credit facility.

An accelerated share repurchase lets a company retire a large block of shares quickly. The bank borrows shares to deliver up front, then buys stock in the market over the following months to cover its position, and the two sides settle the difference at the end.

By the numbers

Repurchase amount: $500 million
Initial share delivery: 2,550,695 shares
Value of initial delivery: $400 million at the Nov. 9 close
Board authorization: $1.8 billion, approved Sept. 30, 2026
Expected final settlement: first quarter of 2027

Sources

Form 8-K with Exhibit 10.1, EPAM Systems, Inc., filed Nov. 9, 2026, accession 0001352010-26-000057

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