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Analyst
Jonathan Lee
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 23on tracked calls
- Challenge rate
- 17%4 of 23 questions
- Companies
- 3questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 23 of 23 questions from 3 companies
EPAMEPAM Systems13 questions · 7 reporting periods · 4 of 13 challenging
Calendar 2026 Q2
to what extent is the growth gap in North America a function of clients gravitating toward more diversified peers
Show response
Fejes pushed back that demand has not migrated to competitors; some spend shifted to tokens and GPUs bought directly, which the large-deal motion aims to convert into reinvested growth.
what gives you the confidence that a similar dynamic doesn't play out in August or September
Show response
Peterson defended the guide as de-risked, noting the midpoint only requires flat Q3-to-Q4 execution alongside continued EMEA, financial services and life sciences growth.
Calendar 2026 Q1
where do we stand on the large network client? Did revenue stabilize in Q1 as expected?
Show response
CFO confirmed NEORIS largest client stabilized as expected with very modest sequential decline over next quarter or two. Iberian Peninsula and South American business growing solidly. Slowness limited to Mexico and that large customer.
What gives you confidence in your ability to close and execute on those agents do you have the sales muscle, governance frameworks and delivery infrastructure
Show response
CEO acknowledged these are outside EPAM's historical norm. Has experience running large programs but historically built bid-by-bid, not won as one big opportunity. Risk-adjusting pipeline, not fully including large deals in guide. AI native portfolio running at higher profitability than EPAM average.
Calendar 2025 Q4
can you help us -- can you help us walk through what's contemplated across the low end and the high end? How much [ Go get ] is still needed?
Show response
CEO stated high end does not require macro improvement, just deal wins and client acceleration in later quarters. Strong demand expected in financial services, energy, and software/hi-tech. Life sciences expected to gain momentum in later quarters.
can you help us reconcile that commentary to the 2026 outlook that at the midpoint on an organic constant currency basis is slower than what you delivered in '25?
Show response
CFO explained NEORIS largest customer decline accounts for 100bps headwind to 2026 organic CC growth, making ex-NEORIS midpoint 5.5% vs 4.9% in 2025. Guidance set conservatively to visible demand without assuming improvement.
Calendar 2025 Q3
Can you help size that contribution and unpack your competitive advantage here versus your peers
Show response
CEO could not quantify redirected work but confirmed seeing major programs where competitors failed to deliver. Attributed advantage to deep engineering skills, tooling, and customer-zero approach to AI adoption.
Calendar 2025 Q2
what's contemplated at the high end and the low end of the range particularly from a macro perspective
Show response
CFO provided detailed midpoint/low/high end framework. Midpoint requires no heroics. Low end assumes significant demand deterioration. High end requires sequential Q3-to-Q4 growth. Q4 exit rate 3-4% at midpoint, 5%+ at high end.
can you provide incremental color on the net new discretionary transformation program that you're seeing
Show response
CEO explained EPAM's portfolio configuration is different from peers. AI-driven automation creating pressure on traditional services which is generating new build demand for EPAM.
Calendar 2025 Q1
How are you thinking about the level of reinvestment needed to continue to drive that AI related volume, particularly as it relates to the 90 basis point headwind
Show response
CFO confirmed AI investment level unchanged from prior quarter guidance. Expects spend as % of revenue to decline in 2026.
Can you talk through how much of the growth you're expecting in this year is driven by GCC related work
Show response
CFO downplayed GCC as a major growth driver. CEO noted contract terms are standard with simple termination clauses. Profitability in line with India average.
Calendar 2024 Q4
Can you help us understand what's contemplated across your outlook range from a vertical perspective? Any verticals expected to accelerate
Show response
CEO highlighted life sciences and financial services as growth leaders, uncertainty in retail. CFO added tech acceleration expected.
what in your view would catalyze a potential return to a better pricing environment
Show response
CEO noted early pricing improvement in change programs but acknowledged it needs to broaden. Qualitative rather than specific.
CTSHCognizant6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q3
how you're balancing the needs of clients while managing margins, particularly as you move into higher-value AI-related work
Show response
Jatin noted fresher hiring more than doubled YoY, complementary to AI strategy. Ravi added freshers now being hired in principal markets including U.S., doubling down on broader pyramid with shorter path to expertise.
can you help bridge the gap between the 3.5% at the high end of your 4Q outlook today and the 4% exit rate you pointed to last quarter
Show response
Jatin noted 2.5-3.5% Q4 guide reflects current visibility. Continued large deal momentum and Q3 execution will determine 2026 trajectory. Guiding above original full-year range despite dynamic environment.
Calendar 2025 Q2
can you help unpack which verticals and geographies you'd expect to maybe decelerate versus accelerate
Show response
Ravi optimistic across all segments: FS unlocking innovation, healthcare opportunity for productivity, CMT turned positive, P&R improving. All 3 geographies growing organically.
can you help frame how we should think about that as it relates to your 4Q exit rate
Show response
Jatin provided Q4 exit rate range: negative at low end, ~1% at midpoint, just under 4% at high end. Noted wide range given current uncertainty.
Calendar 2024 Q4
can you unpack what drove that, especially with softer utilization and perhaps some [indiscernible] benefit?
Show response
Jatin noted utilization underrepresented operational improvement. NextGen savings and strong gross margin execution were key contributors.
can you talk through how you're thinking about pace of hiring and perhaps geographic mix of talent base given Belcan as a new dynamic
Show response
Jatin indicated headcount additions resuming from Q1 2025, well-positioned across geographies from both bench and hiring capacity perspectives.
ACNAccenture4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
How do you respond to concerns that AI tools are compressing project time lines, relative rate cards and reducing the TAM for systems integration work?
Show response
Julie said faster technical delivery is net positive. Technical piece is small compared to process change and change management. SAP deals are multiyear. Faster tech removes gating items enabling more investment.
Can you help us understand what's driving the step-up in deployment and whether this reflects a shift in acquisition strategy
Show response
Julie explained strategy targets higher-growth areas to fuel organic growth. Now acquiring product businesses (Faculty decision intelligence), new commercial models (Ookla subscription/licensing), and AI enablers. Angie confirmed paying higher multiples for higher-growth, higher-margin assets.
Calendar 2025 Q1
Your original outlook contemplated status quo at the high end of the outlook, is that still the case?
Show response
Angie confirmed the guidance framework is unchanged: top end requires no discretionary improvement, bottom allows for further deterioration.
How do we think through the timing in which it takes stable pricing to flow through the P&L
Show response
Angie acknowledged pricing takes time to layer in and depends on deal mix. No specific timeline given.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EPAM EPAM Systems | 13 | 31%4 of 13 questions |
| CTSH Cognizant | 6 | 0%none of 6 questions |
| ACN Accenture | 4 | 0%none of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q2 | 2 | 100%2 of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q22 questions · challenge rate 100% (2 of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand12
- Revenue Growth8
- Guidance Reliability6
- Competitive Dynamics4
- Cloud & AI3
- Pricing3
- Margin3
- Labor Market2
- M&A1
- Innovation & R&D1
Show all 13 topics
- Trade Tariffs1
- Cost Pressure1
- Capex Investment1