ePlus Q2 sales rise 9.7% as FY2027 outlook increases
ePlus raised fiscal 2027 growth guidance to upper-single-digit net sales and gross profit growth and low-double-digit adjusted EBITDA growth.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
ePlus inc. (PLUS) reported second-quarter fiscal 2027 net sales of $667.9 million, up 9.7% year over year, and gross billings of $1,066.8 million, up 4.3%. Gross profit rose 11.2% to $180.3 million, net earnings from continuing operations rose 5.8% to $40.4 million, and Adjusted EBITDA rose 14.3% to $67.1 million; diluted continuing-operations earnings per share were $1.56, up 7.6%. Professional services revenue fell 11.3% to $67.8 million, with the company citing delays from retail customers.
For the first half, net sales rose 5.2% to $1,317.0 million; continuing-operations earnings rose 0.7% to $70.7 million, and Adjusted EBITDA rose 3.2% to $114.9 million. ePlus raised fiscal 2027 guidance to upper-single-digit growth in net sales and gross profit and low-double-digit growth in Adjusted EBITDA. During the quarter, it purchased certain assets and liabilities of Daymark Solutions.
The board declared a $0.27 quarterly cash dividend, payable December 16, 2026, to shareholders of record at the close of business November 24. General Counsel and Chief Compliance Officer Erica Stoecker will serve through November 27, then as Special Counsel until her retirement on or about June 30, 2027. Deputy General Counsel Amanda Dupree succeeds her effective November 27.
4 points · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Fiscal 2027 guidance was raised: upper-single-digit sales and gross profit growth; low-double-digit Adjusted EBITDA growth.
- Moderate pointQuarterly net sales rose 9.7% to $667.9 million.
- Moderate pointContinuing-operations earnings rose 5.8% to $40.4 million.
- Moderate pointAdjusted EBITDA rose 14.3% to $67.1 million.
Negative
- Moderate pointProfessional-services revenue fell 11.3% to $67.8 million amid retail-project delays.
Filing Explained
ePlus says the reported results were revised to correct misstatements in previously issued financial statements that it determined were not material individually or in the aggregate; it points readers to Note 2 of its Form 10-Q for the quarter ended
8-K Event Classification
4 items: 2.02, 5.02, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net sales: $667.9 million; up 9.7%
Gross billings: $1,066.8 million; up 4.3%
Gross profit: $180.3 million; up 11.2%
+4 more
7 metrics
Net sales
$667.9 million; up 9.7%
Three months ended September 30, 2026, compared with September 30, 2025
Gross billings
$1,066.8 million; up 4.3%
Three months ended September 30, 2026, compared with September 30, 2025
Gross profit
$180.3 million; up 11.2%
Three months ended September 30, 2026, compared with September 30, 2025
Net earnings from continuing operations
$40.4 million; up 5.8%
Three months ended September 30, 2026, compared with September 30, 2025
Adjusted EBITDA
$67.1 million; up 14.3%
Three months ended September 30, 2026, compared with September 30, 2025
Diluted continuing-operations earnings per common share
$1.56; up 7.6%
Three months ended September 30, 2026, compared with September 30, 2025
Quarterly cash dividend
$0.27 per common share
Payable December 16, 2026
Key Terms
Gross billings, Adjusted EBITDA, Gross margin, Non-GAAP financial measures
4 terms
Gross billings financial
"Gross billings increased 4.3% to $1,066.8 million."
Gross Billings is the total amount of money a company earns from selling its products or services before any expenses or discounts are taken out. It shows how much business the company is doing overall and helps investors understand its growth or size. Think of it as the total sales receipt before deducting costs or returns.
Adjusted EBITDA financial
"Adjusted EBITDA increased 14.3% to $67.1 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Gross margin financial
"Gross margin was 27.0%, compared to 26.6%"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
Non-GAAP financial measures financial
"reconciliation of GAAP results and non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Net sales: $667.9 million · Guidance included
Second quarter of fiscal 2027 ended September 30, 2026
Net sales
$667.9 million
Up 9.7% year over year
Gross billings
$1,066.8 million
Up 4.3% year over year
Gross profit
$180.3 million
Up 11.2% year over year
Net earnings from continuing operations
$40.4 million
Up 5.8% year over year
Adjusted EBITDA
$67.1 million
Up 14.3% year over year
Diluted continuing-operations earnings per common share
$1.56
Up 7.6% year over year
Guidance
ePlus raised fiscal 2027 year-over-year growth guidance to the upper single digits for net sales and gross profit and the low double digits for Adjusted EBITDA.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did ePlus (PLUS) perform in the second quarter of fiscal 2027?
Net sales were $667.9 million, up 9.7% year over year. Net earnings from continuing operations were $40.4 million, up 5.8%, and Adjusted EBITDA was $67.1 million, up 14.3%.
What is ePlus's fiscal 2027 growth guidance?
ePlus raised year-over-year growth guidance to the upper single digits for net sales and gross profit and the low double digits for Adjusted EBITDA. The guidance does not factor in recessionary conditions or other unexpected developments.
When is the ePlus (PLUS) quarterly dividend payable?
The $0.27-per-common-share quarterly cash dividend is payable December 16, 2026, to shareholders of record at the close of business on November 24, 2026. Future dividends remain subject to the board's sole discretion.
What hours will Erica Stoecker work during her ePlus transition?
Stoecker is to work 30 hours a week from November 28, 2026, through February 5, 2027, then 20 hours a week after February 5 through the end of her services. The company stated she will receive corresponding compensation reductions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices, including zip code)
(703 ) 984-8400
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On November 5, 2026, ePlus inc. (the “Company”) announced by press release its results of operations for its three and six months ended September 30,
2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. A reconciliation of GAAP results and non-GAAP financial measures is available in the press release that is attached hereto as Exhibit
99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration
statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 5, 2026, Erica Stoecker, the General Counsel and Chief Compliance Officer of the Company, provided
notice of her decision to retire from the Company. Ms. Stoecker will continue in her role through November 27, 2026, (the “Transition Date”), after which she will serve as Special Counsel to the Company to assist with the transition of the role
and special initiatives until her retirement from the Company on or about June 30, 2027.
Amanda Dupree, the Company’s Deputy General Counsel, will succeed Ms. Stoecker as Chief Legal Officer and Chief
Compliance Officer, effective as of the Transition Date. Ms. Dupree has been with the Company since August 2017, previously in an Associate General Counsel role. Prior to joining the Company, she was an associate at Morgan, Lewis & Bockius
LLP, and served for one year as a Fellow in the Office of the General Counsel at National Public Radio.
In connection with Ms. Stoecker’s transition, the Company and Ms. Stoecker entered into Amendment #1 (the “Amendment”) to her Amended and Restated
Employment Agreement, dated November 24, 2025. Pursuant to the Amendment, during the transition period, Ms. Stoecker will work on a reduced work schedule of 30 hours a week beginning November 28, 2026, through February 5, 2027, and then 20 hours
a week after February 5, 2027, through the end of her services; she will receive corresponding reductions in compensation in connection with her transition services. The foregoing description of the Amendment is qualified in its entirety by the
terms of such agreement, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2026.
Item 8.01 Other Events
On November 5, 2026, the Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.27 per common share to be paid on
December 16, 2026, to all shareholders of record as of the close of business on November 24, 2026.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed as part of this report:
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Exhibit No.
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Description
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99.1
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Press release dated November 5, 2026, announcing second quarter and first half financial results, and dividend declaration
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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ePlus inc.
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By: /s/ Elaine D. Marion
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Elaine D. Marion
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Chief Financial Officer
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Date: November 5, 2026
Exhibit 99.1
ePlus Reports Second Quarter and First Half Financial Results
Fiscal Year 2027
~ Strong Second Quarter Performance Across Key Metrics ~
~ Record Quarterly Gross Billings Exceeded $1 Billion ~
~ Increasing Fiscal 2027 Guidance ~
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Second Quarter Fiscal Year 2027
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Net sales increased 9.7% to $667.9 million; services revenues decreased 2.4% to $120.8 million.
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Gross billings increased 4.3% to $1,066.8 million.
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Gross profit increased 11.2% to $180.3 million.
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Gross margin was 27.0%, compared to 26.6% for last fiscal year’s second quarter.
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Net earnings from continuing operations increased 5.8% to $40.4 million.
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Adjusted EBITDA increased 14.3% to $67.1 million.
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Net earnings from continuing operations per common share-diluted increased 7.6% to $1.56. Non-GAAP: net earnings from continuing operations per common share-diluted increased 19.0%
to $1.82.
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First Half Fiscal Year 2027
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Net sales increased 5.2% to $1,317.0 million; services revenues remained consistent at $240.2 million.
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Gross billings increased 2.5% to $2,023.9 million.
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Gross profit increased 5.0% to $331.6 million.
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Gross margin remained consistent to last year’s first half of 25.2%.
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Net earnings from continuing operations increased 0.7% to $70.7 million.
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Adjusted EBITDA increased 3.2% to $114.9 million.
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Net earnings from continuing operations per common share-diluted increased 2.3% to $2.72. Non-GAAP: net earnings from continuing operations per common share-diluted increased 5.1%
to $3.11.
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HERNDON, VA – November 5, 2026 – ePlus inc.
(NASDAQ: PLUS), a leading provider of technology solutions, today announced financial results for the three months and six months ended September 30, 2026, or the second quarter of its 2027 fiscal year.
Management Comment
“We delivered robust top line growth, improved profitability, and experienced growth against key metrics in the second quarter. Record gross billings surpassed the
prior year’s record showing strong momentum reflecting our customer-first approach as we provide the products and services our clients require, particularly for Artificial Intelligence (AI) and Cybersecurity,” commented Mark Marron, President and
CEO. “Overall, our solid performance in the second quarter and year to date reflect consistent execution and the strength and breadth of our diversified business model.
1
“Our strong balance sheet represents a competitive advantage, with our cash position at $381 million at quarter end. During the second quarter we advanced our
acquisition strategy with the purchase of certain assets and liabilities of Daymark Solutions, a provider of critical IT solutions and professional services focused on implementing and supporting complex
hybrid cloud, cybersecurity, compliance, and data centers. We remain disciplined in our approach to capital allocation, balancing acquisitions with other growth investments and returning capital to shareholders via share repurchases and
dividend payments.”
Second Quarter Fiscal Year 2027 Results
For the second quarter ended September 30, 2026, as compared to the second quarter ended September 30, 2025:
Net sales increased 9.7% to $667.9 million, from $608.8 million due to higher product sales, partially offset by lower service revenue. Gross billings increased 4.3% to
$1,066.8 million from $1,022.7 million.
Product segment sales increased 12.8% to $547.1 million from $485.0 million due to increases in revenue from cloud, security, collaboration and other products, partially
offset by a decrease in networking products. Product segment gross margin was 25.8%, up from 24.5% last year due to a shift in product mix, and an increase in sales of third-party maintenance, subscriptions and services that are recognized on a net
basis.
Professional services segment revenues decreased 11.3% year over year to $67.8 million from $76.3 million, and gross margin declined to 35.4% from 38.2% during the same
period last year due to decreases in revenue and gross profit from project-related services due to delays from retail customers.
Managed services segment revenue increased 11.9% to $53.1 million primarily due to additional revenue from cloud managed services. Gross profit from managed services
increased 9.4% year over year due to the increase in revenue, offset by a decrease in gross margin to 28.8% from 29.4% in the prior year quarter.
Gross profit increased 11.2% to $180.3 million, from $162.1 million, due to an increase in gross profit from the product segment and managed services segment, offset by
a decrease in the professional services segment. Gross margin was 27.0%, compared with 26.6% in the prior year quarter, due to higher gross margin in the product segment, offset by lower gross margin in the managed services segment and professional
services segment.
Operating expenses were $123.8 million, up 9.2% from $113.3 million last year, primarily due to increases in variable compensation commensurate with the increase in
gross profit, as well as additional salaries and benefits, general and administrative costs, and expenses related to the acquisition of assets of Daymark Solutions, Inc. (“Daymark”).
Operating income increased 15.8% to $56.5 million. Other income (expense), net was $(0.5) million compared to $5.2 million in the prior year due to a reduction of $3.5
million in the fair value of the contingent consideration receivable recorded as a result of the sale of our domestic financing business, lower interest income and foreign currency transaction losses being recognized in the current year quarter
compared to foreign exchange gains in the prior year quarter. Earnings from continuing operations before taxes increased 3.7% to $56.0 million.
The effective tax rate for the current quarter was 27.9%, which was lower than the prior year quarter of 29.3% primarily due to lower state and local income taxes and
lower non-deductible expenses.
2
Net earnings from continuing operations increased 5.8% to $40.4 million from $38.2 million in the prior year quarter. Adjusted EBITDA increased 14.3% to $67.1 million
from $58.7 million in the prior year quarter. Net earnings from continuing operations per common share-diluted was $1.56, up from $1.45 in the prior year quarter. Non-GAAP net earnings from continuing operations per common share diluted was $1.82,
compared with $1.53 in the prior year quarter. Total shares outstanding were 26.0 million and 26.3 million on September 30, 2026, and March 31, 2026, respectively.
Net earnings were $40.4 million as compared to $34.9 million in the prior year quarter. Last year, earnings from discontinued operations, net of taxes, for the
three months ended September 30, 2025, was a loss of $3.3 million and net (loss) from discontinued operations per common share diluted for the three months ended September 30, 2025, was $(0.13). There were no transactions for discontinued operations
for the three months ended September 30, 2026.
First Half Fiscal Year 2027 Results
For the six months ended September 30, 2026, as compared to the six months ended September 30, 2025:
Net sales increased 5.2% to $1,317.0 million, from $1,251.6 million due to higher product sales. Gross billings increased 2.5% to $2,023.9 million from $1,975.4 million.
Product segment sales increased 6.5% to $1,076.7 million from $1,011.4 million due to increases in revenue from cloud, security, and collaboration products, offset by a
decrease in networking products. Product segment gross margin was 23.4%, up from 22.8% last year due to a shift in product mix, and an increase in sales of third-party maintenance and subscriptions.
Professional services segment revenues decreased 8.3% year over year to $135.8 million from $148.1 million, and gross margin declined to 36.2% from 38.7% during the same
period last year, both primarily due to decreases in revenue from project services, and staff augmentation.
Managed services segment revenue increased 13.4% to $104.4 million primarily due to additional sales of cloud services. Gross profit from managed services segment
increased 10.3% year on year due to the increase in revenue, offset by a decline in gross margin to 29.1% from 29.9%, mainly driven by increased third-party costs.
Gross profit increased 5.0% to $331.6 million, from $315.8 million due to an increase in gross profit from the product segment and managed services segment, offset by a
decrease in the professional services segment. Gross margin remained consistent at 25.2%, compared to the six-month period in the prior year.
Operating expenses were $236.3 million, up 5.5% from $224.0 million last year, primarily due to increases in variable compensation commensurate with the increase in
gross profit, as well as additional salaries and benefits, general and administrative costs, and expenses related to the acquisition of assets of Daymark.
3
Operating income increased 3.9% to $95.4 million. Other income (expense), net was $2.6 million compared to $5.8 million last year, due to the reduction of contingent
consideration receivable of $3.5 million, offset by decreased foreign exchange losses and increased interest income during the current six-month period. Earnings from continuing operations before taxes increased 0.4% to $98.0 million.
The effective tax rate for the six months ended September 30, 2026, was 27.9%, which was lower than the same six-month period in the prior year of 28.1% primarily due to
state and local taxes and lower non-deductible expenses.
Net earnings from continuing operations increased 0.7% to $70.7 million from $70.2 million in the prior year. Adjusted EBITDA increased 3.2% to $114.9 million from
$111.4 million in the prior year six-month period. Net earnings from continuing operations per common share-diluted was $2.72, compared with $2.66 in the prior year. Non-GAAP: Net earnings from continuing operations per common share-diluted was
$3.11, compared with $2.96 in the prior year.
Net earnings were $70.7 million as compared to $77.4 million in the prior year. Earnings from discontinued operations, net of taxes, for the six months ended September
30, 2025, was $7.3 million. Net earnings from discontinued operations per common share - diluted for the six months ended September 30, 2025, was $0.28. There were no transactions for discontinued operations for the six months ended September 30,
2026.
Balance Sheet Highlights
As of September 30, 2026, cash and cash equivalents were $380.9 million, down from $410.8 million as of March 31, 2026. Inventory increased 35.1% to $271.4 million as of
September 30, 2026, compared with $200.9 million as of March 31, 2026, due to several ongoing projects. Accounts receivable—trade, net increased 14.9% to $746.9 million as of September 30, 2026 from $650.0 million as of March 31, 2026. Total
stockholders’ equity was $1,096.4 million as of September 30, 2026, compared with $1,069.0 million as of March 31, 2026.
Fiscal Year Guidance
ePlus is increasing its fiscal year 2027 guidance of year over year growth to the upper single digits for net sales and gross profit, and the low double digits for
adjusted EBITDA.
This guidance does not factor in recessionary conditions, or other unexpected developments. ePlus cannot predict with reasonable certainty and without unreasonable
effort, the ultimate outcome of unusual gains and losses, the occurrence of matters creating GAAP tax impacts, fluctuations in interest expense or interest income and share-based compensation, and acquisition- or disposition-related expenses. These
items are uncertain, depend on various factors, and could be material to ePlus’ results computed in accordance with GAAP. Accordingly, ePlus is unable to provide a reconciliation of GAAP net earnings from continuing operations to Adjusted EBITDA for
the full fiscal year 2027 forecast.
4
ePlus Announces Quarterly Dividend
ePlus announced today that its Board of Directors has declared a quarterly cash dividend of $0.27 per common share which will be paid on December 16, 2026, to
shareholders of record as of the close of business on November 24, 2026.
Summary and Outlook
“The accelerating adoption of AI, increasing demand for advanced data center infrastructure and growing emphasis on cybersecurity and digital transformation continue to
reshape the technology landscape, creating significant opportunities for long-term growth for ePlus. As organizations accelerate investments in modernizing their IT networks and strengthening cybersecurity, our deep customer relationships and broad
portfolio of products and services position us well to meet demand and support our customers’ growth. These factors, combined with our strong performance year to date, support our confidence in the sustainability of our business trends and our
increased full year fiscal 2027 guidance,” concluded Mr. Marron.
Recent Corporate Developments/Recognitions
In the second quarter of its 2027 fiscal year, ePlus:
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Acquired certain assets and liabilities of Daymark Solutions
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Achieved Exclusive Ambassador Partner Status with Everpure
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Named NetApp North America Flash Partner of the Year
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Conference Call Information
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Date:
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November 5, 2026
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Time:
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4:30 p.m. ET
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Audio Webcast (live/archive):
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https://events.q4inc.com/attendee/420015883 |
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Online Pre-Registration:
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https://events.q4inc.com/analyst/420015883?pwd=SlTLm6iZ
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Operator Assisted Registration:
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https://events.q4inc.com/attendee/420015883
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Live Call:
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(833) 461-5787 (toll-free/domestic)
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(585) 542-9983 (international)
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Archived Call:
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(833) 309-1852 (toll-free/domestic)
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(929) 828-5978 (international)
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Conference ID:
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420015883# (live call and replay)
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A replay of the call will be available approximately two hours after the call through November 12, 2026.
5
About ePlus inc.
ePlus is a customer-first, services-led, and results-driven industry leader offering transformative technology solutions and services to provide the best customer
outcomes. Offering a full portfolio of solutions, including artificial intelligence, security, cloud and data center, networking and collaboration, as well as managed, consultative and professional services, ePlus works closely with organizations
across many industries to successfully navigate business challenges. With a long list of industry-leading partners and more than 2,170 employees, our expertise has been honed over more than three decades, giving us specialized yet broad levels of
experience and knowledge. ePlus is headquartered in Virginia, with locations in the United States, United Kingdom, Europe, and Asia‐Pacific. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com. Connect with ePlus on LinkedIn,
Facebook, and Instagram.
ePlus, Where Technology Means More®.
ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.
Forward-looking statements
Statements in this press release that are not historical facts may be deemed to be “forward-looking statements,” including, among other things, statements regarding the
future financial performance of ePlus. Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation,
financial losses resulting from national and international political instability fostering uncertainty and volatility in the global economy including changes in interest rates, tariffs, inflation, export requirements applicable to products we sell,
sanctions and exposure to foreign currency rate changes; supply chain issues, including a shortage of information technology (“IT”) component parts and products, and our vendors’ corresponding rapid and unpredictable price fluctuations, or a
customer’s or vendor’s cancellation of orders such as for, but not limited to, memory chips, which may increase our and our customer’s costs, decrease gross profit, cause a delay in fulfilling or inability to fulfill customer orders, increase our
need for working capital, delay the completion of professional services, or require the purchase of IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results;
significant adverse changes in our relationship with one or more of our larger customer accounts or vendors, including decreased account profitability, reductions in contracted services, or a loss of such relationships; risks relating to artificial
intelligence (“AI”), including the use or capabilities of AI and emerging laws, rules and regulations related to AI; our ability to manage a diverse product set of solutions, including AI products and services, in highly competitive markets with a
number of key vendors; changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service (“IaaS”), software as a service (“SaaS”), platform as a service (“PaaS”), and AI which
may affect our financial results; our ability to remain secure during a cybersecurity attack or other IT outage, including disruptions in our, our vendors or a third party’s IT systems and data and audio communication networks; a material decrease in
the credit quality of our customer base, or a material increase in our credit losses; increases in our costs including wages and our ability to increase our prices to our customers as a result, or negative financial impacts due to the pricing
arrangements we have with our customers; reliance on third parties to perform some of our service obligations to our customers, and the reliance on a small number of key vendors in our supply chain with whom we do not have long-term supply
agreements, guaranteed price agreements, or assurance of stock availability; the possibility of a reduction of vendor consideration provided to us; our inability to identify merger and acquisition candidates, perform sufficient due diligence prior to
completing mergers and acquisitions, successfully complete merger and acquisition transactions (including on favorable terms), successfully integrate a completed merger and/or acquisition, identify an opportunity for, or successfully complete a
business disposition, or achieve the operational and financial results we anticipate after a disposition; our ability to secure our own and our customers’ electronic and other confidential information, while maintaining compliance with evolving data
privacy and cybersecurity laws and regulations and appropriately providing required notice and disclosure of cybersecurity incidents when and if necessary; our dependence on key personnel to maintain certain customer relationships, and our ability to
hire, train, and retain sufficient qualified personnel by recruiting and retaining highly skilled, competent personnel with needed vendor certifications; inadequate design or maintenance of our IT platforms for internal use or solutions we offer to
our customers or our inability to effectively and timely capitalize on the opportunities made available by the adoption of AI and not having adequate or competent IT personnel to support our business; cybersecurity attacks that may occur while
employees work remotely and our ability to adequately train our personnel to prevent a cyber event; our ability to raise capital, maintain or increase, as needed, our lines of credit with vendors or our floor plan facility, or the related effect of
those matters on our common stock price; our ability to predictably meet expectations of the investor and analyst community, including relative to our financial performance guidance that we provide, including based on the continuation of our regular
dividend issuance and share repurchases; our ability to create and implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies following mergers and
acquisitions; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission.
6
The declaration and payment of future dividends are subject to the sole discretion of our Board of Directors.
All information set forth in this press release is current as of the date of this release and ePlus
undertakes no duty or obligation to update this information either as a result of new information, future events or otherwise, except as required by applicable U.S. securities law.
Contact:
Kley Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
703-984-8150
7
ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
|
|
September 30, 2026
|
March 31, 2026
|
||||||
|
ASSETS
|
||||||||
|
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
380,891
|
$
|
410,769
|
||||
|
Accounts receivable—trade, net
|
746,906
|
650,021
|
||||||
|
Accounts receivable—other, net
|
45,515
|
38,896
|
||||||
|
Inventories
|
271,353
|
200,888
|
||||||
|
Deferred costs
|
78,296
|
77,748
|
||||||
|
Other current assets
|
86,216
|
49,412
|
||||||
|
Total current assets
|
1,609,177
|
1,427,734
|
||||||
|
|
||||||||
|
Deferred tax asset
|
8,952
|
8,955
|
||||||
|
Property, equipment and other assets—net
|
105,334
|
100,039
|
||||||
|
Goodwill
|
212,093
|
202,880
|
||||||
|
Other intangible assets—net
|
59,830
|
61,344
|
||||||
|
TOTAL ASSETS
|
$
|
1,995,386
|
$
|
1,800,952
|
||||
|
|
||||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
|
||||||||
|
LIABILITIES
|
||||||||
|
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
383,412
|
$
|
264,605
|
||||
|
Accounts payable—floor plan
|
139,227
|
119,693
|
||||||
|
Salaries and commissions payable
|
51,896
|
48,590
|
||||||
|
Contract liabilities
|
180,794
|
157,074
|
||||||
|
Other current liabilities
|
52,992
|
48,181
|
||||||
|
Total current liabilities
|
808,321
|
638,143
|
||||||
|
|
||||||||
|
Contract liabilities—long-term
|
77,344
|
83,010
|
||||||
|
Other liabilities
|
13,303
|
10,829
|
||||||
|
TOTAL LIABILITIES
|
898,968
|
731,982
|
||||||
|
|
||||||||
|
COMMITMENTS AND CONTINGENCIES
|
||||||||
|
|
||||||||
|
STOCKHOLDERS’ EQUITY
|
||||||||
|
Preferred stock, $0.01 per share par value; 2,000 shares authorized; none outstanding
|
-
|
-
|
||||||
|
Common stock, $0.01 per share par value; 75,000 shares authorized; 27,919 shares issued and 26,000 outstanding at September 30, 2026, and 27,765 shares issued and 26,299 outstanding at March 31, 2026
|
279
|
278
|
||||||
|
Additional paid-in capital
|
219,330
|
210,274
|
||||||
|
Treasury stock, at cost, 1,919 shares at September 30, 2026, and 1,466 shares at March 31, 2026
|
(140,226
|
)
|
(101,944
|
)
|
||||
|
Retained earnings
|
1,012,561
|
956,000
|
||||||
|
Accumulated other comprehensive income—foreign currency translation adjustment
|
4,474
|
4,362
|
||||||
|
Total Stockholders’ Equity
|
1,096,418
|
1,068,970
|
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,995,386
|
$
|
1,800,952
|
||||
8
ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
|
Three months ended
September 30,
|
Six months ended
September 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Net sales
|
||||||||||||||||
|
Product
|
$
|
547,117
|
$
|
485,065
|
$
|
1,076,847
|
$
|
1,011,531
|
||||||||
|
Services
|
120,807
|
123,761
|
240,190
|
240,070
|
||||||||||||
|
Total
|
667,924
|
608,826
|
1,317,037
|
1,251,601
|
||||||||||||
|
Cost of sales
|
||||||||||||||||
|
Product
|
406,112
|
366,066
|
824,722
|
780,543
|
||||||||||||
|
Services
|
81,527
|
80,636
|
160,701
|
155,258
|
||||||||||||
|
Total
|
487,639
|
446,702
|
985,423
|
935,801
|
||||||||||||
|
Gross profit
|
180,285
|
162,124
|
331,614
|
315,800
|
||||||||||||
|
Selling, general, and administrative
|
118,032
|
106,479
|
224,653
|
210,146
|
||||||||||||
|
Depreciation and amortization
|
5,726
|
6,810
|
11,602
|
13,879
|
||||||||||||
|
Operating expenses
|
123,758
|
113,289
|
236,255
|
224,025
|
||||||||||||
|
Operating income
|
56,527
|
48,835
|
95,359
|
91,775
|
||||||||||||
|
Other income (expense), net
|
(527
|
)
|
5,163
|
2,603
|
5,775
|
|||||||||||
|
Earnings from continuing operations before tax
|
56,000
|
53,998
|
97,962
|
97,550
|
||||||||||||
|
Provision for income taxes
|
15,617
|
15,838
|
27,300
|
27,376
|
||||||||||||
|
Net earnings from continuing operations
|
40,383
|
38,160
|
70,662
|
70,174
|
||||||||||||
|
Earnings (loss) from discontinued operations, net of tax
|
-
|
(3,305
|
)
|
-
|
7,264
|
|||||||||||
|
Net earnings
|
$
|
40,383
|
$
|
34,855
|
$
|
70,662
|
$
|
77,438
|
||||||||
|
Earnings per common share—basic
|
||||||||||||||||
|
Continuing operations
|
$
|
1.56
|
$
|
1.45
|
$
|
2.73
|
$
|
2.67
|
||||||||
|
Discontinued operations
|
-
|
(0.13
|
)
|
-
|
0.28
|
|||||||||||
|
Earnings per common share—basic
|
$
|
1.56
|
$
|
1.32
|
$
|
2.73
|
$
|
2.95
|
||||||||
|
Earnings per common share—diluted
|
||||||||||||||||
|
Continuing operations
|
$
|
1.56
|
$
|
1.45
|
$
|
2.72
|
$
|
2.66
|
||||||||
|
Discontinued operations
|
-
|
(0.13
|
)
|
-
|
0.28
|
|||||||||||
|
Earnings per common share—diluted
|
$
|
1.56
|
$
|
1.32
|
$
|
2.72
|
$
|
2.94
|
||||||||
|
Weighted average common shares outstanding—basic
|
25,835
|
26,362
|
25,887
|
26,316
|
||||||||||||
|
Weighted average common shares outstanding—diluted
|
25,911
|
26,406
|
25,997
|
26,407
|
||||||||||||
9
Segment results
|
Three months ended
September 30, |
Six months ended
September 30, |
|||||||||||||||||||||||
|
2026
|
2025
|
Change
|
2026
|
2025
|
Change
|
|||||||||||||||||||
|
Net sales
|
||||||||||||||||||||||||
|
Product segment
|
$
|
547,117
|
$
|
485,014
|
12.8
|
%
|
$
|
1,076,720
|
$
|
1,011,369
|
6.5
|
%
|
||||||||||||
|
Professional services segment
|
67,752
|
76,344
|
(11.3
|
%)
|
135,833
|
148,073
|
(8.3
|
%)
|
||||||||||||||||
|
Managed services segment
|
53,055
|
47,417
|
11.9
|
%
|
104,357
|
91,997
|
13.4
|
%
|
||||||||||||||||
|
Total reportable segments
|
667,924
|
608,775
|
9.7
|
%
|
1,316,910
|
1,251,439
|
5.2
|
%
|
||||||||||||||||
|
Other
|
-
|
51
|
(100.0
|
%)
|
127
|
162
|
(21.6
|
%)
|
||||||||||||||||
|
Total
|
$
|
667,924
|
$
|
608,826
|
9.7
|
%
|
$
|
1,317,037
|
$
|
1,251,601
|
5.2
|
%
|
||||||||||||
|
Gross profit
|
||||||||||||||||||||||||
|
Product segment
|
$
|
141,005
|
$
|
119,013
|
18.5
|
%
|
$
|
252,072
|
$
|
230,955
|
9.1
|
%
|
||||||||||||
|
Professional services segment
|
24,014
|
29,172
|
(17.7
|
%)
|
49,158
|
57,325
|
(14.2
|
%)
|
||||||||||||||||
|
Managed services segment
|
15,266
|
13,953
|
9.4
|
%
|
30,331
|
27,487
|
10.3
|
%
|
||||||||||||||||
|
Total reportable segments
|
180,285
|
162,138
|
11.2
|
%
|
331,561
|
315,767
|
5.0
|
%
|
||||||||||||||||
|
Other
|
-
|
(14
|
)
|
(100.0
|
%)
|
53
|
33
|
60.6
|
%
|
|||||||||||||||
|
Total
|
$
|
180,285
|
$
|
162,124
|
11.2
|
%
|
$
|
331,614
|
$
|
315,800
|
5.0
|
%
|
||||||||||||
|
Gross Billings by Type
|
||||||||||||||||||||||||
|
Networking
|
$
|
286,256
|
$
|
315,189
|
(9.2
|
%)
|
$
|
544,984
|
$
|
583,921
|
(6.7
|
%)
|
||||||||||||
|
Security
|
272,182
|
255,158
|
6.7
|
%
|
491,949
|
445,203
|
10.5
|
%
|
||||||||||||||||
|
Cloud
|
270,003
|
202,828
|
33.1
|
%
|
558,845
|
514,845
|
8.5
|
%
|
||||||||||||||||
|
Collaboration
|
43,519
|
41,286
|
5.4
|
%
|
69,236
|
64,063
|
8.1
|
%
|
||||||||||||||||
|
Other
|
75,710
|
76,917
|
(1.6
|
%)
|
123,567
|
128,363
|
(3.7
|
%)
|
||||||||||||||||
|
Product segment
|
947,670
|
891,378
|
6.3
|
%
|
1,788,581
|
1,736,395
|
3.0
|
%
|
||||||||||||||||
|
Services
|
119,141
|
131,277
|
(9.2
|
%)
|
235,365
|
239,025
|
(1.5
|
%)
|
||||||||||||||||
|
Total
|
$
|
1,066,811
|
$
|
1,022,655
|
4.3
|
%
|
$
|
2,023,946
|
$
|
1,975,420
|
2.5
|
%
|
||||||||||||
|
Net Sales by Type
|
||||||||||||||||||||||||
|
Product segment
|
||||||||||||||||||||||||
|
Networking
|
$
|
234,382
|
$
|
258,156
|
(9.2
|
%)
|
$
|
458,103
|
$
|
476,358
|
(3.8
|
%)
|
||||||||||||
|
Cloud
|
178,599
|
128,270
|
39.2
|
%
|
359,347
|
335,266
|
7.2
|
%
|
||||||||||||||||
|
Security
|
72,693
|
65,889
|
10.3
|
%
|
150,958
|
126,996
|
18.9
|
%
|
||||||||||||||||
|
Collaboration
|
18,422
|
16,558
|
11.3
|
%
|
33,914
|
28,315
|
19.8
|
%
|
||||||||||||||||
|
Other
|
43,021
|
16,141
|
166.5
|
%
|
74,398
|
44,434
|
67.4
|
%
|
||||||||||||||||
|
Total products segment
|
547,117
|
485,014
|
12.8
|
%
|
1,076,720
|
1,011,369
|
6.5
|
%
|
||||||||||||||||
|
Professional services segment
|
67,752
|
76,344
|
(11.3
|
%)
|
135,833
|
148,073
|
(8.3
|
%)
|
||||||||||||||||
|
Managed services segment
|
53,055
|
47,417
|
11.9
|
%
|
104,357
|
91,997
|
13.4
|
%
|
||||||||||||||||
|
Total reportable segments
|
$
|
667,924
|
$
|
608,775
|
9.7
|
%
|
$
|
1,316,910
|
$
|
1,251,439
|
5.2
|
%
|
||||||||||||
|
Net Sales by Customer End Market
|
||||||||||||||||||||||||
|
Telecom, media & entertainment
|
$
|
153,884
|
$
|
176,772
|
(12.9
|
%)
|
$
|
292,581
|
$
|
361,751
|
(19.1
|
%)
|
||||||||||||
|
Healthcare
|
100,413
|
82,285
|
22.0
|
%
|
179,610
|
156,576
|
14.7
|
%
|
||||||||||||||||
|
Financial services
|
93,521
|
63,079
|
48.3
|
%
|
166,907
|
110,579
|
50.9
|
%
|
||||||||||||||||
|
SLED
|
91,902
|
87,246
|
5.3
|
%
|
171,758
|
177,808
|
(3.4
|
%)
|
||||||||||||||||
|
Technology
|
69,434
|
69,549
|
(0.2
|
%)
|
187,433
|
152,296
|
23.1
|
%
|
||||||||||||||||
|
Retail
|
34,962
|
40,062
|
(12.7
|
%)
|
69,885
|
72,033
|
(3.0
|
%)
|
||||||||||||||||
|
All others
|
123,808
|
89,782
|
37.9
|
%
|
248,736
|
220,396
|
12.9
|
%
|
||||||||||||||||
|
Total reportable segments
|
$
|
667,924
|
$
|
608,775
|
9.7
|
%
|
$
|
1,316,910
|
$
|
1,251,439
|
5.2
|
%
|
||||||||||||
10
Amounts presented for the three and six months ended September 30, 2026, have been revised to reflect the correction of certain misstatements in previously issued financial
statements, which we determined are not material either individually or in the aggregate. See our Form 10-Q for the quarter ended September 30, 2026, including Note 2 to the Consolidated Financial Statements, for more information.
ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION
We included reconciliations below for the following non-GAAP financial measures: (i) Adjusted EBITDA, (ii) Non-GAAP: Net earnings from continuing operations and (iii)
Non-GAAP Net earnings from continuing operations per common share diluted.
We define Adjusted EBITDA as net earnings from continuing operations calculated in accordance with US GAAP, adjusted for the following: depreciation and amortization,
share-based compensation, acquisition related expenses, provision for income taxes, and other (income) expense, net.
Non-GAAP: Net earnings from continuing operations and Non-GAAP Net earnings from continuing operations per common share diluted are based on net earnings from continuing
operations calculated in accordance with US GAAP, adjusted to exclude other (income) expense, net, share-based compensation, acquisition related expense, acquisition related amortization expense, and the related tax effects.
We use the above non-GAAP financial measures as supplemental measures of our performance to gain insight into our operating performance and performance trends. We
believe that these financial measures provide management and investors with a useful measure for period-to-period comparisons of our business and operating results by excluding items that management believes are not reflective of our underlying
operating performance. Accordingly, we believe that such non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results.
Our use of non-GAAP information as analytical tools has limitations, and should not be considered in isolation or as substitutes for analysis of our financial results as
reported under US GAAP. In addition, other companies, including companies in our industry, might calculate Adjusted EBITDA, Non-GAAP: Net earnings from continuing operations and Non-GAAP: Net earnings from continuing operations per common
share-diluted, or similarly titled measures differently, which may reduce their usefulness as comparative measures.
11
The amounts in the tables below are results from our continuing operations (in thousands):
(i) Reconciliation of Adjusted EBITDA
|
Three months ended
September 30,
|
Six months ended
September 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
GAAP: Net earnings from continuing operations
|
$
|
40,383
|
$
|
38,160
|
$
|
70,662
|
$
|
70,174
|
||||||||
|
Provision for income taxes
|
15,617
|
15,838
|
27,300
|
27,376
|
||||||||||||
|
Share-based compensation
|
4,102
|
3,058
|
7,223
|
5,721
|
||||||||||||
|
Acquisition related expenses
|
746
|
-
|
746
|
-
|
||||||||||||
|
Depreciation and amortization [1]
|
5,726
|
6,810
|
11,602
|
13,879
|
||||||||||||
|
Other (income) expense, net [2]
|
527
|
(5,163
|
)
|
(2,603
|
)
|
(5,775
|
)
|
|||||||||
|
Non-GAAP: Adjusted EBITDA
|
$
|
67,101
|
$
|
58,703
|
$
|
114,930
|
$
|
111,375
|
||||||||
(ii) Reconciliation of Non-GAAP: Net earnings from continuing operations
|
Three months ended
September 30,
|
Six months ended
September 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
GAAP: Net earnings from continuing operations before tax
|
$
|
56,000
|
$
|
53,998
|
$
|
97,962
|
$
|
97,550
|
||||||||
|
Share-based compensation
|
4,102
|
3,058
|
7,223
|
5,721
|
||||||||||||
|
Acquisition related expenses
|
746
|
-
|
746
|
-
|
||||||||||||
|
Acquisition related amortization expense [3]
|
4,449
|
5,313
|
9,014
|
10,861
|
||||||||||||
|
Other (income) expense, net [2]
|
527
|
(5,163
|
)
|
(2,603
|
)
|
(5,775
|
)
|
|||||||||
|
Non-GAAP: Earnings from continuing operations before provision for income taxes
|
65,824
|
57,206
|
112,342
|
108,357
|
||||||||||||
|
|
||||||||||||||||
|
GAAP: Provision for income taxes
|
15,617
|
15,838
|
27,300
|
27,376
|
||||||||||||
|
Share-based compensation
|
1,149
|
896
|
2,034
|
1,608
|
||||||||||||
|
Acquisition related expenses
|
209
|
-
|
209
|
-
|
||||||||||||
|
Acquisition related amortization expense [3]
|
1,246
|
1,552
|
2,541
|
3,025
|
||||||||||||
|
Other (income) expense, net [2]
|
148
|
(1,512
|
)
|
(740
|
)
|
(1,675
|
)
|
|||||||||
|
Tax benefit (expense) on restricted stock
|
61
|
(25
|
)
|
279
|
89
|
|||||||||||
|
Non-GAAP: Provision for income taxes
|
18,430
|
16,749
|
31,623
|
30,423
|
||||||||||||
|
|
||||||||||||||||
|
Non-GAAP: Net earnings from continuing operations
|
$
|
47,394
|
$
|
40,457
|
$
|
80,719
|
$
|
77,934
|
||||||||
(iii) Reconciliation of Non-GAAP: Net earnings from continuing operations per common share - diluted
|
Three months ended
September 30,
|
Six months ended
September 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
GAAP: Net earnings from continuing operations per common share - diluted
|
$
|
1.56
|
$
|
1.45
|
$
|
2.72
|
$
|
2.66
|
||||||||
|
|
||||||||||||||||
|
Share-based compensation
|
0.11
|
0.08
|
0.20
|
0.16
|
||||||||||||
|
Acquisition related expenses
|
0.02
|
-
|
0.02
|
-
|
||||||||||||
|
Acquisition related amortization expense [3]
|
0.12
|
0.14
|
0.25
|
0.30
|
||||||||||||
|
Other (income) expense, net [2]
|
0.01
|
(0.14
|
)
|
(0.07
|
)
|
(0.16
|
)
|
|||||||||
|
Tax benefit (expense) on restricted stock
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||
|
Total non-GAAP adjustments - net of tax
|
0.26
|
0.08
|
0.39
|
0.30
|
||||||||||||
|
|
||||||||||||||||
|
Non-GAAP: Net earnings from continuing operations per common share - diluted
|
$
|
1.82
|
$
|
1.53
|
$
|
3.11
|
$
|
2.96
|
||||||||
|
[1]
|
Amount consists of depreciation and amortization for assets used internally.
|
|
[2]
|
Interest income and foreign currency transaction gains and losses, and adjustments to the fair value of contingent consideration.
|
|
[3]
|
Amount consists of amortization of intangible assets from acquired businesses.
|
12