PLUS EPLUS INC

Overview and Growth

In fiscal 2026, EPLUS INC recorded $2.44B of revenue, net income of $132.64M, and an operating cash outflow of $116.23M. At $2.44B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 22.1% from $2.00B in fiscal 2025, increasing the company’s operating scale. On a per-share basis, diluted EPS was $5.03, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 28.0% increase from fiscal 2025 diluted EPS of $3.93. At period end, total assets were $1.80B, framing the scale of the company’s operating and financing commitments. Asset turnover was 1.36x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $616.08M as gross profit before recognizing operating expenses and other items. Gross profit represented 25.2% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $166.15M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 6.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $132.64M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 5.4% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $173.44M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 7.1% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $49.32M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 28.4% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 12.4%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 7.4%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

The company held $1.80B of assets against $731.98M of liabilities and $1.07B of equity, revealing how the asset base was financed. At period end, current assets of $1.43B compared with current liabilities of $638.14M, defining the company’s short-term resource position. The current ratio was 2.24x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $410.77M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 64.4%, excluding receivables and other current assets. The liabilities-to-assets relationship was 40.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 22.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $1.88B in fiscal 2025, the current asset base moved 4.4% and finished lower. Against $977.62M of equity in fiscal 2025, the current book-equity balance moved 9.3% and ended higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $116.23M, rather than cash generation from operations. Capital spending of $4.43M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $120.66M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 4.9% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 6.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.