10-Q · April 30, 2026
Cimpress reported a strong performance in Q3 2026, achieving an EPS of $0.55, significantly surpassing the consensus estimate of $0.17. Revenue increased to $886.21 million, reflecting a 12% rise compared to Q3 2025 and…
Earnings analysis · 10-K
CMPR earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Cimpress delivered strong fiscal 2026 revenue and earnings growth, with revenue up 10% to $3.74 billion, operating income up to $251.0 million and diluted EPS recovering to $3.79. Growth was broad-based and supported by…
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Cimpress delivered strong fiscal 2026 revenue and earnings growth, with revenue up 10% to $3.74 billion, operating income up to $251.0 million and diluted EPS recovering to $3.79. Growth was broad-based and supported by VistaPrint, elevated products, acquisitions and increased cross-company fulfillment, while the company continues investing in its mass-customization platform and North American production network. However, adjusted free cash flow declined to $122.4 million from $148.0 million in fiscal 2025 and $261.1 million in fiscal 2024, while tariffs, AI-driven changes in customer acquisition and $1.64 billion of debt constrain the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.79
What stood out
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Scale-Based Mass Customization Moat
Cimpress describes itself as the global leader in web-to-print mass customization. Its competitive moat includes the Mass Customization Platform, centralized procurement, approximately 3 million square feet of production space and more than 16,000 employees.
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Revenue Growth Reaccelerated
Fiscal 2026 revenue increased 10% to $3,736.6 million from $3,403.1 million in fiscal 2025 and $3,291.9 million in fiscal 2024. Organic constant-currency growth was 4%, with VistaPrint the largest contributor.
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Profitability and EPS Rebounded
Operating income increased to $251.0 million from $226.3 million in fiscal 2025, while diluted EPS rose to $3.79 from $0.58. Net income increased by $84.3 million to $97.1 million, helped by lower interest and tax expense and higher hedging gains.
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Broad Segment Growth
Growth was broad-based: PrintBrothers revenue rose 23% to $823.2 million, The Print Group rose 17% to $445.6 million, National Pen rose 10% to $446.8 million, and All Other Businesses rose 13% to $258.1 million.
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Elevated Products Drive Roadmap
The product roadmap is focused on elevated products such as packaging, promotional products, signage and design services, supported by AI-assisted design and further MCP integration. VistaPrint's elevated products grew strongly, although business card and stationery revenue declined 2% year over year.
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Buybacks and Capacity Investment
Cimpress repurchased and retired 702,820 ordinary shares for $50.1 million during fiscal 2026 and authorized an additional $200 million program on March 25, 2026. It also invested $100.2 million in property and equipment and capitalized $67.0 million of software and website development costs.
What to watch
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Escalating Tariff Exposure
The tariff environment became materially more uncertain: Section 301 tariffs of 10% to 12.5% replaced the expired 10% global Section 122 rate on July 24, 2026, while a 50% tariff on certain Canadian goods was announced for August 19, 2026. Cimpress recognized $6.9 million of Phase 1 tariff refunds but has not recognized the approximately $10 million of Phase 2 claims.
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AI Search Could Disrupt Acquisition
The filing identifies generative and agentic AI search as a new customer-acquisition risk: lower visibility in AI-generated summaries, reduced referral traffic and weaker conversion could increase acquisition costs. Cimpress does not quantify the portion of traffic exposed, but states that traditional search and direct website visits have historically driven significant customer traffic and conversion activity.
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High Leverage and Rate Sensitivity
Leverage remains substantial after the June 2026 refinancing: total debt was $1,636.4 million versus $248.9 million of cash, including $1,097.3 million of variable-rate debt. A hypothetical 100-basis-point rate increase would raise interest expense by approximately $7.4 million over the next 12 months.
Management's outlook
The 10-K does not provide formal numeric revenue or EPS guidance. Management discusses continued investment in mass customization, elevated products, production capacity and technology, but annual outlook guidance is deferred to the earnings press release or call.
Earlier filings 4
10-Q · October 30, 2025
Cimpress reported revenue of $863.3M (up 7% YoY from $804.97M) and diluted EPS of $0.30 for the quarter ended September 30, 2025, driven by broad-based segment growth (Vista and PrintBrothers largest contributors).…
10-Q · October 31, 2024
Cimpress reported revenue of $804,969,000, up 6% year-over-year, driven by growth across all reportable segments (Vista +8%). Despite higher operating income of $39,339,000 (up $5,239,000 versus prior year), the company…
10-K · August 9, 2024
Cimpress frames its strategy around scaling print mass customization across a diversified set of businesses while keeping a largely decentralized operating model and a small set of shared capabilities (MCP, India…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.