Revenue growth remains muted at 1.2% in 2026Q1, yet the strategic pivot toward specialized services has successfully lifted gross margins to 21.7% from 18.5% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.27B | 8.25B | 8.7B | 9.18B | 10.43B | 9.44B | 8.34B | 7.73B | 7.08B | 6.7B | 5.49B | 5.37B | 5.32B | 5.14B | 5.3B | 5.29B | 4.81B | 4.14B | 4.83B | 4.8B | 3.82B | 3.26B | 3.08B | 2.91B | 2.89B | 2.08B | 2.04B | 1.52B | 1B | 627.7M | 342.8M |
| Revenue Growth % | -1.83% | -5.22% | -5.17% | -12.03% | 10.55% | 13.13% | 7.88% | 9.2% | 5.62% | 22.21% | 2.09% | 1.07% | 3.34% | -2.96% | 0.27% | 9.92% | 16.27% | -14.27% | 0.52% | 25.76% | 17.05% | 5.79% | 5.78% | 0.81% | 38.83% | 2.02% | 34.42% | 51.42% | 59.76% | 83.11% | 39.92% |
| Cost of Goods Sold | 6.45B | 6.49B | 6.94B | 7.51B | 8.79B | 7.99B | 7.04B | 6.59B | 6.09B | 5.79B | 4.74B | 4.66B | 4.6B | 4.45B | 4.58B | 4.58B | 4.16B | 3.57B | 4.16B | 4.14B | 3.34B | 2.87B | 2.71B | 2.57B | 2.56B | 1.84B | 1.79B | 1.33B | 877.6M | 546.1M | 293.2M |
| COGS % of Revenue | - | 78.64% | 79.7% | 81.81% | 84.31% | 84.66% | 84.41% | 85.28% | 85.96% | 86.3% | 86.45% | 86.67% | 86.6% | 86.41% | 86.42% | 86.59% | 86.57% | 86.26% | 86.25% | 86.23% | 87.45% | 87.98% | 87.98% | 88.01% | 88.39% | 88.37% | 87.61% | 87.56% | 87.52% | 87% | 85.53% |
| Gross Profit | 1.82B | 1.76B | 1.77B | 1.67B | 1.64B | 1.45B | 1.3B | 1.14B | 993.72M | 918.57M | 743.1M | 716.33M | 712.4M | 698.89M | 719.68M | 709.16M | 646.1M | 568.61M | 663.58M | 661.09M | 479.06M | 391.91M | 370.43M | 349.34M | 335.61M | 242.17M | 252.92M | 188.9M | 125.2M | 81.6M | 49.6M |
| Gross Margin % | 21.97% | 21.36% | 20.3% | 18.19% | 15.69% | 15.34% | 15.59% | 14.72% | 14.04% | 13.7% | 13.55% | 13.33% | 13.4% | 13.59% | 13.58% | 13.41% | 13.43% | 13.74% | 13.75% | 13.77% | 12.55% | 12.02% | 12.02% | 11.99% | 11.61% | 11.63% | 12.39% | 12.44% | 12.48% | 13% | 14.47% |
| Gross Profit Growth % | - | -0.26% | 5.78% | 2.01% | 13.06% | 11.36% | 14.22% | 14.53% | 8.18% | 23.61% | 3.74% | 0.55% | 1.93% | -2.89% | 1.48% | 9.76% | 13.63% | -14.31% | 0.38% | 38% | 22.24% | 5.8% | 6.04% | 4.09% | 38.58% | -4.25% | 33.89% | 50.88% | 53.43% | 64.52% | 28.17% |
| Operating Expenses | 1.39B | 1.39B | 1.38B | 1.25B | 1.22B | 1.12B | 1.03B | 897.5M | 756.53M | 723.33M | 585.24M | 584.91M | 576.97M | 564.91M | 565.21M | 556.69M | 519.07M | 502.1M | 561.99M | 532.39M | 374.52M | 288.59M | 282.13M | 283.92M | 347.38M | 188.65M | 160.66M | 129.4M | 91.3M | 59.4M | 40M |
| OpEx % of Revenue | - | 16.8% | 15.83% | 13.62% | 11.72% | 11.82% | 12.33% | 11.61% | 10.69% | 10.79% | 10.67% | 10.89% | 10.85% | 10.98% | 10.66% | 10.53% | 10.79% | 12.14% | 11.65% | 11.09% | 9.81% | 8.85% | 9.15% | 9.74% | 12.02% | 9.06% | 7.87% | 8.52% | 9.1% | 9.46% | 11.67% |
| Selling, General & Admin | 1.41B | 1.39B | 1.35B | 1.24B | 1.22B | 1.12B | 1.01B | 880.74M | 756.53M | 723.33M | 585.24M | 584.11M | 572.68M | 564.91M | 565.21M | 556.69M | 519.07M | 502.1M | 561.99M | 532.39M | 374.52M | 289.25M | 285.74M | 286.42M | 254.4M | 167.63M | 146.06M | 121.5M | 87M | 56.9M | 38.9M |
| SG&A % of Revenue | - | 16.8% | 15.53% | 13.47% | 11.66% | 11.84% | 12.15% | 11.39% | 10.69% | 10.79% | 10.67% | 10.87% | 10.77% | 10.98% | 10.66% | 10.53% | 10.79% | 12.14% | 11.65% | 11.09% | 9.81% | 8.87% | 9.27% | 9.83% | 8.8% | 8.05% | 7.16% | 8% | 8.68% | 9.06% | 11.35% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 26.43M | 13.49M | 6.21M | -1.63M | 14.6M | 16.77M | -1.34M | -1.35M | -1.29M | -1.29M | -1.35M | -1.41M | -1.34M | 0 | 0 | 0 | 0 | 0 | 0 | -664K | -3.62M | -2.5M | 92.99M | 21.02M | 14.6M | 7.9M | 4.3M | 2.5M | 1.1M |
| Operating Income | 429.6M | 375.62M | 388.58M | 419.8M | 413.7M | 332.06M | 271.57M | 240.59M | 233.48M | 179.26M | 148.83M | 126.52M | 131M | 121.24M | 148.15M | 147.38M | 124.08M | 52.9M | -304.25M | 126.1M | 103.81M | 90.36M | 85.87M | 61.96M | -13.28M | 53.52M | 92.25M | 59.5M | 33.9M | 22.2M | 9.6M |
| Operating Margin % | 5.19% | 4.55% | 4.47% | 4.58% | 3.97% | 3.52% | 3.26% | 3.11% | 3.3% | 2.67% | 2.71% | 2.35% | 2.46% | 2.36% | 2.79% | 2.79% | 2.58% | 1.28% | -6.3% | 2.63% | 2.72% | 2.77% | 2.79% | 2.13% | -0.46% | 2.57% | 4.52% | 3.92% | 3.38% | 3.54% | 2.8% |
| Operating Income Growth % | - | -3.34% | -7.43% | 1.47% | 24.59% | 22.27% | 12.88% | 3.05% | 30.24% | 20.45% | 17.64% | -3.42% | 8.06% | -18.17% | 0.52% | 18.78% | 134.53% | 117.39% | -341.27% | 21.47% | 14.89% | 5.23% | 38.58% | 566.76% | -124.8% | -41.99% | 55.05% | 75.52% | 52.7% | 131.25% | 57.38% |
| EBITDA | 538.93M | 481.94M | 486.72M | 482.27M | 470.31M | 387.48M | 337.13M | 286.8M | 270.94M | 221.86M | 186.96M | 164.48M | 171.57M | 162.78M | 189.33M | 186.52M | 162.09M | 94.07M | -263.01M | 160.63M | 129.18M | 108.56M | 106.23M | 92.33M | 8.66M | 71.35M | 106.86M | 67.4M | 38.2M | 24.7M | 10.7M |
| EBITDA Margin % | 6.52% | 5.84% | 5.59% | 5.26% | 4.51% | 4.11% | 4.04% | 3.71% | 3.83% | 3.31% | 3.41% | 3.06% | 3.23% | 3.16% | 3.57% | 3.53% | 3.37% | 2.27% | -5.45% | 3.35% | 3.38% | 3.33% | 3.45% | 3.17% | 0.3% | 3.43% | 5.24% | 4.44% | 3.81% | 3.94% | 3.12% |
| EBITDA Growth % | 19.65% | -0.98% | 0.92% | 2.54% | 21.38% | 14.93% | 17.55% | 5.85% | 22.12% | 18.67% | 13.67% | -4.14% | 5.4% | -14.02% | 1.51% | 15.07% | 72.31% | 135.77% | -263.73% | 24.35% | 18.99% | 2.2% | 15.05% | 966.1% | -87.86% | -33.23% | 58.54% | 76.44% | 54.66% | 130.84% | 55.07% |
| D&A (Non-Cash Add-back) | 109.33M | 106.32M | 98.14M | 62.48M | 56.61M | 55.42M | 65.56M | 46.21M | 37.46M | 42.6M | 38.13M | 37.96M | 40.57M | 41.54M | 41.18M | 39.14M | 38.01M | 41.16M | 41.24M | 34.53M | 25.37M | 18.2M | 20.36M | 30.37M | 21.94M | 17.83M | 14.6M | 7.9M | 4.3M | 2.5M | 1.1M |
| EBIT | 380.86M | 310.67M | 415.02M | 418.98M | 419.91M | 330.43M | 270.05M | 240.19M | 233.64M | 177.06M | 155.66M | 132.23M | 139.72M | 133.98M | 150.77M | 148.62M | 122.85M | 52.53M | -312.6M | 128.7M | 101.27M | 81.1M | 86.83M | 62.43M | -13.57M | 53.52M | 92.25M | 59.5M | 33.9M | 22.2M | 12.2M |
| Net Interest Income | -92.85M | -84.85M | -58.04M | -41.12M | -39.5M | -40.52M | -41.59M | -28.48M | -21.74M | -17.96M | -7.56M | -6.44M | -4.96M | -5.11M | -4.63M | -5.24M | -6.96M | -10.37M | -11.09M | 0 | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.07M | 1.21M | 1.07M | 783K | 1.06M | 1.23M | 1.47M | 1.69M | 714K | 424K | 2.39M | 0 | 4.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 92.85M | 84.85M | 58.04M | 41.12M | 39.5M | 40.52M | 41.59M | 28.48M | 22.81M | 19.17M | 8.63M | 7.22M | 6.02M | 6.34M | 6.1M | 6.93M | 7.68M | 10.79M | 13.48M | 5.98M | 67K | 26.14M | 0 | 13.22M | 103.76M | 20.65M | 0 | 5.4M | 1.4M | 100K | 300K |
| Other Income/Expense | -173.29M | -149.8M | -55.67M | -41.94M | -39.27M | -39.5M | -43.12M | -28.88M | -21.58M | -20.17M | -9.37M | -7.34M | -6.63M | -6.71M | -3.48M | -5.69M | -8.9M | -11.16M | -21.83M | -8.93M | -6.21M | 627K | -1.05M | -7.25M | -6.39M | -770K | 1.52M | -2.7M | -700K | -100K | 3M |
| Pretax Income | 256.31M | 225.82M | 332.91M | 377.85M | 374.43M | 292.56M | 228.45M | 211.72M | 211.9M | 159.1M | 139.46M | 119.18M | 124.37M | 114.52M | 144.67M | 141.69M | 115.17M | 41.74M | -326.07M | 117.17M | 101.61M | 90.98M | 84.82M | 57.56M | -17.86M | 52.75M | 93.78M | 56.8M | 33.2M | 22.1M | 9.4M |
| Pretax Margin % | 3.1% | 2.74% | 3.83% | 4.12% | 3.59% | 3.1% | 2.74% | 2.74% | 2.99% | 2.37% | 2.54% | 2.22% | 2.34% | 2.23% | 2.73% | 2.68% | 2.39% | 1.01% | -6.76% | 2.44% | 2.66% | 2.79% | 2.75% | 1.98% | -0.62% | 2.53% | 4.59% | 3.74% | 3.31% | 3.52% | 2.74% |
| Income Tax | 76.47M | 68.47M | 83.22M | 96.55M | 93.83M | 73.21M | 55.81M | 52.31M | 48.23M | 68.42M | 54.77M | 43.33M | 48.69M | 43.5M | 51.91M | 41.45M | 39.69M | 10.97M | -86.35M | 45.16M | 35.9M | 35.64M | 24.73M | 19.81M | 24.98M | 18.86M | 37.1M | 23.2M | 12.7M | 8.9M | 3.7M |
| Effective Tax Rate % | 29.83% | 30.32% | 25% | 25.55% | 25.06% | 25.02% | 24.43% | 24.71% | 22.76% | 43% | 39.27% | 36.35% | 39.15% | 37.99% | 35.88% | 29.26% | 34.46% | 26.28% | 26.48% | 38.54% | 35.33% | 39.17% | 29.16% | 34.41% | -139.84% | 35.76% | 39.57% | 40.85% | 38.25% | 40.27% | 39.36% |
| Net Income | 179.84M | 157.35M | 249.69M | 281.31M | 280.61M | 219.34M | 172.64M | 159.41M | 163.68M | 90.68M | 84.69M | 75.85M | 75.68M | 71.02M | 92.76M | 100.23M | 75.48M | 33.57M | -239.73M | 77.8M | 76.82M | 54.7M | 80.53M | 37.75M | -42.84M | 33.89M | 56.67M | 33.6M | 20.5M | 13.2M | 5.7M |
| Net Margin % | 2.17% | 1.91% | 2.87% | 3.07% | 2.69% | 2.32% | 2.07% | 2.06% | 2.31% | 1.35% | 1.54% | 1.41% | 1.42% | 1.38% | 1.75% | 1.9% | 1.57% | 0.81% | -4.97% | 1.62% | 2.01% | 1.68% | 2.61% | 1.3% | -1.48% | 1.63% | 2.78% | 2.21% | 2.04% | 2.1% | 1.66% |
| Net Income Growth % | -5.43% | -36.98% | -11.24% | 0.25% | 27.93% | 27.05% | 8.3% | -2.61% | 80.49% | 7.08% | 11.65% | 0.22% | 6.57% | -23.44% | -7.45% | 32.79% | 124.83% | 114.01% | -408.15% | 1.27% | 40.45% | -32.08% | 113.3% | 188.13% | -226.42% | -40.2% | 68.67% | 63.9% | 55.3% | 131.58% | 78.13% |
| Net Income (Continuing) | 179.84M | 157.35M | 249.69M | 281.31M | 280.61M | 219.34M | 172.64M | 159.41M | 163.68M | 90.68M | 84.69M | 75.85M | 75.68M | 71.02M | 92.76M | 100.23M | 75.48M | 30.77M | -239.73M | 72.01M | 65.71M | 48.04M | 50.86M | 35.76M | -44.12M | 33.89M | 56.67M | 33.6M | 20.5M | 13.2M | 7.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8M | 0 | 0 | 11.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.83 | 4.86 | 6.55 | 7.55 | 7.66 | 5.95 | 4.87 | 4.43 | 4.55 | 2.50 | 2.32 | 1.98 | 1.83 | 1.64 | 2.07 | 2.18 | 1.61 | 0.73 | -5.15 | 1.56 | 1.58 | 1.10 | 1.63 | 0.75 | -0.96 | 0.80 | 1.35 | 0.83 | 0.54 | 0.37 | 0.21 |
| EPS Growth % | 14.4% | -25.8% | -13.25% | -1.44% | 28.74% | 22.18% | 9.93% | -2.64% | 82% | 7.76% | 17.17% | 8.2% | 11.59% | -20.77% | -5.05% | 35.4% | 120.55% | 114.17% | -430.13% | -1.27% | 43.64% | -32.52% | 117.33% | 178.13% | -220% | -40.74% | 62.65% | 53.7% | 45.95% | 76.19% | 23.53% |
| EPS (Basic) | - | 5.00 | 7.73 | 8.53 | 8.04 | 6.27 | 4.92 | 4.49 | 4.60 | 2.54 | 2.35 | 2.00 | 1.84 | 1.65 | 2.09 | 2.20 | 1.63 | 0.73 | -5.15 | 1.59 | 1.59 | 1.11 | 1.66 | 0.76 | -0.96 | 0.82 | 1.40 | 0.87 | 0.56 | 0.39 | 0.21 |
| Diluted Shares Outstanding | 30.86M | 32.35M | 38.14M | 37.24M | 36.62M | 36.86M | 35.44M | 35.96M | 36.01M | 36.21M | 36.44M | 38.27M | 41.36M | 43.29M | 44.83M | 46.02M | 46.81M | 46.27M | 46.57M | 49.76M | 48.56M | 49.06M | 49.22M | 46.58M | 44.81M | 42.39M | 41.95M | 40.41M | 37.99M | 35.68M | 26.78M |
| Basic Shares Outstanding | 30.79M | 31.49M | 32.29M | 32.99M | 34.9M | 35.01M | 35.12M | 35.54M | 35.59M | 35.74M | 36.1M | 37.98M | 41.06M | 43.01M | 44.41M | 45.47M | 46.22M | 45.84M | 46.57M | 49.05M | 48.37M | 48.55M | 48.39M | 46.31M | 44.81M | 41.46M | 40.46M | 38.68M | 36.35M | 33.85M | 26.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin compression from services
As indicated by the latest quarterly filings, NSIT's revenue growth remains muted at 1.2% in 2026Q1, reflecting a deliberate transition toward net-reported software revenue that obscures underlying volume trends while prioritizing higher-margin service engagements over traditional, lower-margin hardware reselling activities across the North American market.
The headline revenue figures appear to be heavily influenced by the accounting shift toward net-reporting for cloud and software subscriptions. Investors should interpret this stagnation not as a loss of market share, but as a structural evolution of the business model toward higher-value, recurring revenue streams.
Based on the provided financial data, NSIT has successfully expanded its gross margin to 21.7% in 2026Q1, a significant improvement from the 18.5% reported in 2024Q1, which suggests that the company's pivot toward specialized cloud services and software agency fees is yielding tangible pricing power.
This margin expansion is critical for differentiating NSIT from traditional, low-margin hardware distributors. The ability to sustain these levels depends on the company's continued success in securing complex, multi-year digital transformation contracts that command higher premiums than transactional hardware sales.
According to the income statement history, NSIT's operating margin of 4.9% in 2026Q1 highlights a thin buffer, as the company's shift toward a services-led model increases fixed payroll costs, making profitability highly dependent on maintaining high utilization rates for its specialized technical engineering staff.
The data suggests that any volatility in project-based demand could lead to rapid operating margin contraction. Management's ability to scale SG&A efficiently while absorbing the costs of high-end cloud architects remains a primary concern for maintaining consistent bottom-line growth.
As reported in recent financial statements, NSIT's net income remains subject to periodic volatility, with stock-based compensation expenses averaging approximately $9 million per quarter, which warrants further investigation into the true cash-generative capacity of the firm's earnings relative to its GAAP-reported net income figures.
The presence of consistent stock-based compensation suggests that dilution and non-cash expenses are meaningful components of the company's compensation structure. Investors should monitor whether these expenses scale proportionally with the growth in high-margin services or if they represent an increasing drag on shareholder value.
Based on the reported figures, the aggressive pursuit of high-margin services through acquisitions like SADA introduces significant integration risk, as the company's thin 1.91% net margin leaves little room for error if expected synergies fail to materialize in the competitive cloud-native services landscape.
Short-term observers may focus on the potential for impairment charges if the premium paid for specialized assets does not translate into sustained profitability. The reliance on a specialized technical bench also creates a vulnerability to wage inflation, which could erode the gains made in gross margin.
Quick answers to the most common questions about buying NSIT stock.
For fiscal year 2025, Insight Enterprises, Inc. (NSIT) reported total revenue of $8.25B. This represents a 2305.8% increase compared to $342.8M in 1996.
Insight Enterprises, Inc. (NSIT) is profitable, generating $157.3M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Insight Enterprises, Inc. (NSIT) reported an operating income of $375.6M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Insight Enterprises, Inc. (NSIT) generated $1.76B in gross profit for the year, representing a gross profit margin of 21.4%. This demonstrates the company's core pricing power and production efficiency.