Insight Enterprises (NSIT) FY2025 results: revenue $8.2 billion, down 5.2% on the year
Insight Enterprises Inc. (NSIT) reported revenue of $8.2 billion for fiscal 2025, the year ended 31 December 2025, down 5.2% on the year before. Net income was $157 million, down 37.0%, and diluted earnings per share $4.86. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$8.2 billion
-5.2% on the year
FY2018FY2025
Operating margin
4.1%
4.5% a year earlier
FY2018FY2025
Net income
$157 million
-37.0% on the year
FY2018FY2025
Diluted EPS
$4.86
-25.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new, 2 kept.
Fourth-quarter sales slipped, gross profit rose: Fourth-quarter net sales fell 1% to $2.0 billion. Gross profit rose 9% to $478.4 million, and gross margin rose 220 basis points to 23.4%.
Full-year gross profit flat, margin up: Full-year net sales fell 5% to $8.2 billion. Gross profit was flat at $1.8 billion, and gross margin rose 110 basis points to 21.4%.
Adjusted EPS up in quarter, 2% for year: Adjusted diluted EPS was $2.96 for the fourth quarter, up 11%, and $9.87 for the full year, up 2%. GAAP diluted EPS was $1.67 for the quarter and $4.86 for the full year.
Software sales fell 18% in quarter: Software product net sales fell 18% in the fourth quarter, while hardware product net sales rose 2%. Software was 21% of quarterly net sales, against 25% a year earlier.
Adjusted EFO margin 7.1% in quarter: Fourth-quarter adjusted earnings from operations were $146.2 million, or 7.1% of net sales, up 13%. GAAP earnings from operations were $95.2 million, or 4.6% of net sales.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
304
633
620
-52.0%
Capital expenditure
24.5
46.8
39.3
-47.6%
Free cash flow
279
586
580
-52.3%
Free cash flow margin
3.4%
6.7%
6.3%
Cash from investing
-310
-303
-505
Cash from financing
82.3
-321
-16.7
Depreciation and amortisation
106
98.1
62.5
+8.3%
Share-based compensation
33.7
34.0
29.0
-0.7%
Buybacks
151
200
217
-24.4%
Diluted shares, weighted
32m
38m
37m
-15.2%
Shares outstanding at period end
31m
32m
33m
-2.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,649
1,771
1,736
-6.9%
Debt
1,361
864
941
+57.5%
Operating lease liabilities
60.4
65.9
71.0
-8.3%
Other liabilities
6,017
4,748
3,539
+26.7%
Total liabilities and equity
9,087
7,449
6,286
+22.0%
Fixed assets
188
216
210
-12.6%
Goodwill
1,170
894
684
+30.9%
Intangible assets
426
426
370
-0.1%
Cash and equivalents
358
259
269
+38.1%
Receivables
5,517
4,172
3,568
+32.2%
Inventory
161
123
185
+31.1%
Other assets
1,267
1,359
1,001
-6.7%
Total assets
9,087
7,449
6,286
+22.0%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.