10-K · May 28, 2026
ePlus Inc. reported a strong fiscal year 2026 with revenue reaching $2.44 billion, a 22.1% increase from the prior year, alongside a notable earnings per share (EPS) of $4.71, up from $2.87. The company continues to…
Earnings analysis · 10-Q
PLUS earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
ePlus delivered $649.113 million in revenue for the June 2026 quarter, up $6.338 million year over year, but gross margin fell 60 basis points to 23.3% and operating income declined $4.108 million to $38.832 million.…
Read full summary
ePlus delivered $649.113 million in revenue for the June 2026 quarter, up $6.338 million year over year, but gross margin fell 60 basis points to 23.3% and operating income declined $4.108 million to $38.832 million. Continuing-operations diluted GAAP EPS declined to $1.16 from $1.21, while managed services grew 15.1% to $51.302 million and offset declines in professional services. Cash generation was a major improvement, with $76.477 million of operating cash flow and calculated free cash flow of $75.624 million, although the cash conversion cycle lengthened to 41 days.
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
- $1.16
What stood out
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Revenue edges higher on services growth
Revenue increased $6.338 million year over year to $649.113 million, led by managed services growth of $6.722 million and product growth of $3.248 million.
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Managed services expands 15.1%
Managed services was the clear growth engine: sales rose 15.1% to $51.302 million, driven by enhanced maintenance support and cloud services.
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Cash flow turns sharply positive
Operating cash flow swung to an inflow of $76.477 million from an outflow of $98.967 million a year earlier. Less $0.853 million of property-and-equipment purchases, calculated free cash flow was $75.624 million.
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Capital returns remain substantial
The company repurchased $25.5 million of stock and paid $7.1 million in dividends during the quarter; 885,813 shares remained under the repurchase authorization at June 30, 2026.
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Floor-plan balance declines; revolver unused
Floor-plan borrowings declined $7.2 million sequentially to $112.5 million at June 30, 2026, while the $200.0 million revolving facility had no outstanding balance.
What to watch
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Margins and GAAP EPS declined
Profitability weakened despite revenue growth: gross margin fell 60 basis points to 23.3%, operating margin fell 70 basis points to 6.0%, and continuing-operations diluted EPS declined $0.05 to $1.16 year over year.
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Cash conversion cycle lengthens
Working-capital intensity increased: the cash conversion cycle rose to 41 days from 26 days, with DSO up to 64 days from 58 days and inventory days up to 22 from 14.
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Chip constraints and funding reliance persist
Management expects worldwide memory-chip shortages, extended lead times and price increases to likely persist for at least the next few quarters; floor-plan borrowings were $112.5 million against a $500.0 million facility limit.
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No formal risk-factor update; facility remains key
No material risk-factor changes were reported versus the fiscal 2026 10-K. However, the filing notes that loss of the credit facility could materially affect operations; its revolving component had a $200.0 million maximum limit at June 30, 2026.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management states that cash on hand, operating cash generation and available credit should fund working capital, capex and other requirements for at least the next year, while warning that memory-chip lead times and price increases will likely persist for at least the next few quarters.
Earlier filings 4
10-Q · February 4, 2026
Plus Therapeutics reported strong Q3 results, exceeding revenue and EPS expectations. Revenue increased to $614.8 million, up by 24.6% year-over-year, while diluted EPS rose significantly to $1.45. The operating margin…
10-Q · November 6, 2025
In its Q2 2025 results, PLUS reported substantial growth in revenue and earnings per share (EPS), significantly exceeding expectations. Revenue soared to $608.8 million, a year-over-year increase of $115.4 million,…
10-Q · August 7, 2025
ePlus inc. reported strong improvement in Q1 2026, with revenues of $637.3 million, up 18.7% year-over-year, significantly surpassing estimates. The company also achieved an EPS of $1.43, exceeding expectations by…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.