Revenue declined 5.2% year-over-year in the latest quarter, but gross profit rose 14.7% and gross margin expanded 320 basis points to 21.7%, indicating a shift toward higher-margin services, though operating margin remains thin at 5.5%.
Insight Enterprises, Inc. (NSIT) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 8.58B | 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 % | 2.68% | -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 | 6.68B | 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 | 1.9B | 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 % | 22.1% | 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 | 1.44B | 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 | 1.46B | 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 | 0 | 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 | 454.1M | 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 % | 5.29% | 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 | 537.25M | 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 % | 6.26% | 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 % | 25.77% | -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) | 83.4M | 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 | 393.37M | 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 | -94.91M | -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 | 94.91M | 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 | -155.65M | -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 | 298.45M | 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 % | 3.48% | 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 | 87.97M | 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 % | 29.48% | 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 | 210.48M | 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 % | 2.45% | 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 % | 40.63% | -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) | 210.48M | 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) | 6.98 | 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 % | 63.01% | -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 | 30.17M | 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 | 30.03M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue decline and margin pressure
Metrics are mathematically derived from official filings.
Revenue Decline Masks Mix Shift
Reported revenue fell 5.2% year-over-year in the latest quarter, but gross profit rose 14.7%, suggesting a strategic shift toward higher-margin net-reported software and services. According to recent SEC filings, this divergence indicates improving revenue quality.
The 14.7% revenue growth in 2026Q2 is a sharp reversal from the prior quarters' declines, but this appears driven by a mix shift toward net-reported cloud and software revenue rather than organic volume expansion. The persistent negative growth in 2024 and 2025, with revenue contracting between 1% and 12% year-over-year, suggests the company is intentionally shedding low-margin hardware volume. Investors should monitor whether gross profit growth can sustain this pace, as it is the true indicator of demand for Insight's higher-value services.
Gross Margin Expansion Signals Services Mix
Gross margin improved from 18.5% in 2024Q1 to 21.7% in 2026Q2, a 320 basis point expansion, according to reported financials. This suggests a growing contribution from high-margin software and professional services, though operating margin remains thin at 5.5%.
The gross margin trajectory is clearly upward, with 2026Q2 at 21.7% versus 18.5% two years prior, indicating a structural shift toward services and net-reported software. However, operating margin has not expanded proportionally, hovering around 5% in recent quarters, which implies that SG&A costs are absorbing the gross profit gains. This may reflect investments in technical talent and sales capacity to support the services pivot, but it also highlights the risk that margin expansion could stall if utilization rates do not improve.
Operating Leverage Remains Elusive
Despite a 14.7% revenue surge in 2026Q2, operating income grew only 23% sequentially, while SG&A rose 0.2% year-over-year, as per the latest income statement. This suggests limited operating leverage, with costs scaling nearly in line with gross profit.
In 2026Q2, gross profit increased 14.7% year-over-year, but operating income grew at a slower pace, indicating that SG&A expenses are not being leveraged effectively. The SG&A-to-gross-profit ratio has remained elevated, around 74% in 2026Q2, compared to 76% in 2025Q2, showing only marginal improvement. This suggests that the company is still in an investment phase, spending heavily on its specialized sales force and technical bench, which may limit near-term margin expansion.
Earnings Volatility Raises Quality Concerns
Net income swung from $7.5 million in 2025Q1 to $77.6 million in 2026Q2, with EPS growth of 76% year-over-year, based on reported figures. This volatility, coupled with stock-based compensation of $19.3 million, suggests earnings quality may be affected by non-operating items.
The wide fluctuation in net income, from a low of $7.5 million to a high of $87.4 million over the past ten quarters, indicates that reported earnings are not stable, possibly due to one-time items or tax effects. Stock-based compensation has increased to $19.3 million in 2026Q2, up from $8.0 million in 2024Q1, which dilutes shareholders and reduces the quality of reported EPS. Investors should adjust for SBC and scrutinize the sustainability of the recent earnings rebound.
SG&A Discipline Key to Margin Recovery
SG&A expenses have grown from $337 million in 2024Q1 to $385 million in 2026Q2, a 14% increase, while gross profit rose 18% over the same period, as per financial statements. This suggests modest cost discipline, but SG&A remains the primary drag on operating margins.
The cost structure is dominated by SG&A, which represents roughly 74% of gross profit, leaving little room for operating leverage. While SG&A growth has been moderate, it has outpaced revenue growth in some quarters, indicating that the company is investing heavily in its sales force and technical talent. The recent uptick in SG&A in 2026Q2, despite a revenue surge, suggests that management is prioritizing growth over margin expansion, which may be necessary to compete in the services market but could pressure profitability if revenue growth slows.
Revenue Decline Could Signal Structural Weakness
Despite the gross margin improvement, revenue has declined year-over-year in seven of the last ten quarters, with the latest quarter's growth possibly a one-off. Short-sellers may argue that the top-line contraction reflects lost market share, not a strategic mix shift, as per reported data.
The persistent revenue declines from 2024 through 2025, with contractions as deep as -11.6%, could indicate that Insight is losing hardware volume to competitors like CDW, which grew 6.8% in the same period. The recent 14.7% growth in 2026Q2 may be an anomaly, possibly due to a large cloud deal or acquisition contribution, and may not be sustainable. If the underlying demand for hardware remains weak, the company's ability to grow gross profit could be limited, and the margin expansion may not compensate for the lost scale.