Eplus (PLUS) FY2025 results: revenue $2.0 billion, down 8.2% on the year

Eplus Inc. (PLUS) reported revenue of $2.0 billion for fiscal 2025, the year ended 31 March 2025, down 8.2% on the year before. Net income was $105 million, down 11.4%, and diluted earnings per share $3.93. The figures are the company's own, from the 10-K it filed with the SEC on 22 May 2025.

Revenue

$2.0 billion

-8.2% on the year

FY2018FY2025

Operating margin

5.0%

6.1% a year earlier

FY2018FY2025

Net income

$105 million

-11.4% on the year

FY2018FY2025

Diluted EPS

$3.93

-10.9% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	2,000	2,178	2,016	-8.2%
Cost of revenue	1,488	1,667	1,541	-10.7%
Gross profit	512	512	475	+0.1%
Gross margin	25.6%	23.5%	23.6%
Selling, general and administrative	387	356	320	+8.8%
Operating income	99.7	134	139	-25.5%
Operating margin	5.0%	6.1%	6.9%
Interest expense	n/a	3.8	4.1
Pre-tax income	106	135	133	-21.5%
Income tax	29.7	37.9	35.7	-21.7%
Effective tax rate	28.0%	28.0%	26.8%
Net income	105	118	119	-11.4%
Net margin	5.2%	5.4%	5.9%
Diluted EPS	$3.93	$4.41	$4.48	-10.9%

$ million except per share.

Free 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
Operating cash flow	302	248	-15.4	+21.6%
Capital expenditure	5.3	7.7	8.1	-31.2%
Free cash flow	297	241	-23.5	+23.3%
Free cash flow margin	14.8%	11.1%	-1.2%
Cash from investing	-129	-62.0	-18.9
Cash from financing	-37.6	-36.6	-20.9
Depreciation and amortisation	27.2	22.5	15.3	+20.8%
Share-based compensation	10.5	9.5	7.6	+10.9%
Buybacks	46.9	9.9	7.2	+376.4%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	27m	27m	27m	-0.2%
Shares outstanding at period end	27m	27m	27m	-1.6%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	971	897	776	+8.2%
Debt	38.8	36.2	40.3	+7.1%
Operating lease liabilities	13.5	12.7	12.0	+6.3%
Other liabilities	856	707	587	+21.1%
Total liabilities and equity	1,879	1,653	1,415	+13.6%
Fixed assets	15.6	12.9	11.9	+20.2%
Goodwill	203	162	136	+25.6%
Intangible assets	82.0	44.1	25.0	+86.0%
Cash and equivalents	389	253	103	+53.9%
Receivables	508	645	504	-21.2%
Inventory	120	140	243	-13.8%
Other assets	561	398	391	+41.0%
Total assets	1,879	1,653	1,415	+13.6%

10-K for the year ended 31 March 2025, filed 22 May 2025: the filing.