ePlus inc

eplus.com

What Do They Do?

Sells third-party hardware and software, alongside technology services, to businesses, state and local governments, and educational institutions.

How Do They Make Money?

Customers are billed for third-party products at shipment and software at delivery; ePlus provides professional and managed services over time.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	81% FY2023: 87%		Sold outright
Services Recurring	19% FY2023: 13%		Recurring

Who Are Their Customers?

Serves middle-market and large enterprises, state and local governments, and educational institutions. Sales are pursued through sales representatives, e-commerce and vendor relationships.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2024: 19% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$120.7M.

Operating income, FY2026

7% of revenue

▲ +67% vs FY2025 ($99.7M, 5%)

Net income, FY2026

5% of revenue

▲ +27% vs FY2025 ($104.6M, 5%)

Free cash flow, FY2026

−5% of revenue

▼ Now a loss vs FY2025 ($296.9M, 15%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $642.8M in Q1 FY2026
Net income: ▼ −29%; vs $42.6M in Q1 FY2026

Product share of revenue vs 81.9% in Q1 FY2026

Aug 4, 2026 Reiterated fiscal 2027 growth guidance Maintained mid-single-digit growth guidance for net sales, gross profit and adjusted EBITDA.

Growing. Revenue grew 34% in 4 years, from $1.8B in FY2022 to $2.4B in FY2026, about 8% a year.

Domestic financing sale The older report includes customer financing as a segment that financed IT equipment, software and services; the latest report says it sold the domestic financing business while keeping international financing entities.

Revenue over time

Product Services

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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