Eplus (PLUS) FY2026 results: revenue $2.4 billion, up 22.1% on the year
Eplus Inc. (PLUS) reported revenue of $2.4 billion for fiscal 2026, the year ended 31 March 2026, up 22.1% on the year before. Net income was $133 million, up 26.8%, and diluted earnings per share $5.03. The figures are the company's own, from the 10-K it filed with the SEC on 28 May 2026.
Revenue
$2.4 billion
+22.1% on the year
FY2019FY2026
Operating margin
6.8%
5.0% a year earlier
FY2019FY2026
Net income
$133 million
+26.8% on the year
FY2019FY2026
Diluted EPS
$5.03
+28.0% on the year
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Net sales and billings grew double digits: Fourth-quarter net sales rose 20.6% to $576.2 million and gross billings rose 11.7% to $881.0 million. For fiscal 2026, net sales rose 22.1% to $2,442.5 million and gross billings rose 17.0% to $3,838.5 million.
Adjusted EBITDA and EPS increased: Fiscal 2026 adjusted EBITDA rose 49.5% to $204.8 million. Fourth-quarter diluted EPS from continuing operations rose 52.9% to $0.78.
Product sales drove growth, margin lower: Product segment sales rose 25.0% in the quarter, but product gross margin fell to 22.2% from 24.7%, due to product mix and a lower share of net-basis sales.
Inventory and receivables rose: Inventory rose 66.8% to $200.9 million, tied to projects in process. Trade receivables rose 31.4% to $667.8 million.
Quarterly dividend raised to $0.27: The Board declared a $0.27 quarterly dividend, up 8% from $0.25 in the prior quarter. Management said it is committed to enhancing shareholder returns over time.
$ 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
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
-116
302
248
Capital expenditure
4.4
5.3
7.7
-16.0%
Free cash flow
-121
297
241
Free cash flow margin
-4.9%
14.8%
11.1%
Cash from investing
160
-129
-62.0
Cash from financing
-22.9
-37.6
-36.6
Depreciation and amortisation
27.6
27.2
22.5
+1.6%
Share-based compensation
12.1
10.5
9.5
+15.5%
Buybacks
30.6
46.9
9.9
-34.7%
Dividends paid
19.7
0.0
0.0
Dividend per share
$0.75
n/a
n/a
Diluted shares, weighted
26m
27m
27m
-1.1%
Shares outstanding at period end
26m
27m
27m
-0.9%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
1,069
971
897
+10.1%
Debt
0.0
38.8
36.2
Operating lease liabilities
10.8
13.5
12.7
-20.0%
Other liabilities
721
856
707
-15.8%
Total liabilities and equity
1,801
1,879
1,653
-4.2%
Fixed assets
12.8
15.6
12.9
-17.7%
Goodwill
203
203
162
+0.0%
Intangible assets
61.3
82.0
44.1
-25.2%
Cash and equivalents
411
389
253
+5.5%
Receivables
668
508
645
+31.4%
Inventory
201
120
140
+66.8%
Other assets
244
561
398
-56.4%
Total assets
1,801
1,879
1,653
-4.2%
10-K for the year ended 31 March 2026, filed 28 May 2026: the filing.