Revenue growth remains volatile, fluctuating from a 23.4% peak in 2026Q2 to 16.8% in 2026Q4, while operating margins have oscillated between 5.2% and 8.0% due to project-based recognition patterns.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 2.44B | 2.07B | 2.23B | 2.07B | 1.82B | 1.57B | 1.59B | 1.37B | 1.42B | 1.33B | 1.2B | 1.14B | 1.06B | 983.11M | 825.58M | 863.02M | 684.25M | 698.03M | 849.3M | 791.61M | 647.32M | 575.8M | 330.56M | 299.65M | 204.99M | 306.59M | 264.73M | 194M | 118.4M | 86.2M |
| Revenue Growth % | 18.07% | -7.03% | 7.62% | 13.55% | 16.11% | -1.26% | 15.72% | -3.25% | 6.73% | 10.4% | 5.33% | 8.11% | 7.57% | 19.08% | -4.34% | 26.13% | -1.97% | -17.81% | 7.29% | 22.29% | 12.42% | 74.19% | 10.32% | 46.18% | -33.14% | 15.81% | 36.46% | 63.85% | 37.35% | 101.4% |
| Cost of Goods Sold | 1.85B | 1.52B | 1.69B | 1.55B | 1.36B | 1.17B | 1.21B | 1.04B | 1.09B | 1.03B | 942.14M | 898.74M | 840.62M | 778.34M | 654.07M | 705.58M | 555.2M | 566.63M | 689.1M | 626.86M | 526.66M | 444.28M | 246.84M | 213.45M | 120.64M | 204.55M | 195.3M | 149.9M | 87.9M | 36.6M |
| COGS % of Revenue | 75.86% | 73.39% | 76% | 74.97% | 74.66% | 74.91% | 76.47% | 75.93% | 76.65% | 77.45% | 78.24% | 78.61% | 79.49% | 79.17% | 79.22% | 81.76% | 81.14% | 81.18% | 81.14% | 79.19% | 81.36% | 77.16% | 74.67% | 71.23% | 58.85% | 66.72% | 73.77% | 77.27% | 74.24% | 42.46% |
| Gross Profit | 589.54M | 550.5M | 534.18M | 517.52M | 461.49M | 393.55M | 373.71M | 330.39M | 323.48M | 299.76M | 262.06M | 244.55M | 216.91M | 204.77M | 171.51M | 157.44M | 129.06M | 131.4M | 160.21M | 164.75M | 120.66M | 131.52M | 83.71M | 86.2M | 84.34M | 102.03M | 69.43M | 44.1M | 30.5M | 19.5M |
| Gross Margin % | 24.14% | 26.61% | 24% | 25.03% | 25.34% | 25.09% | 23.53% | 24.07% | 22.8% | 22.55% | 21.76% | 21.39% | 20.51% | 20.83% | 20.78% | 18.24% | 18.86% | 18.82% | 18.86% | 20.81% | 18.64% | 22.84% | 25.32% | 28.77% | 41.15% | 33.28% | 26.23% | 22.73% | 25.76% | 22.62% |
| Gross Profit Growth % | 7.09% | 3.06% | 3.22% | 12.14% | 17.26% | 5.31% | 13.11% | 2.13% | 7.91% | 14.39% | 7.16% | 12.74% | 5.93% | 19.39% | 8.94% | 22% | -1.78% | -17.98% | -2.76% | 36.54% | -8.25% | 57.1% | -2.88% | 2.2% | -17.34% | 46.96% | 57.44% | 44.59% | 56.41% | 80.56% |
| Operating Expenses | 423.39M | 409.09M | 375.92M | 351.36M | 314.17M | 287.22M | 278.43M | 250.85M | 238.05M | 212.48M | 184.53M | 171.46M | 154.87M | 146.03M | 130.51M | 114.31M | 99.81M | 98.9M | 122.14M | 124.52M | 104.3M | 82.53M | 59.66M | 61.42M | 57.61M | 72.52M | 43.79M | 29.2M | 19.8M | 14.1M |
| OpEx % of Revenue | 17.33% | 19.77% | 16.89% | 16.99% | 17.25% | 18.31% | 17.53% | 18.27% | 16.78% | 15.98% | 15.32% | 15% | 14.64% | 14.85% | 15.81% | 13.25% | 14.59% | 14.17% | 14.38% | 15.73% | 16.11% | 14.33% | 18.05% | 20.5% | 28.11% | 23.66% | 16.54% | 15.05% | 16.72% | 16.36% |
| Selling, General & Admin | 423.39M | 0 | 0 | 333.52M | 0 | 0 | 0 | 237.08M | 228.13M | 205.23M | 178.98M | 171.46M | 154.87M | 144.16M | 130.51M | 114.31M | 99.81M | 98.9M | 122.14M | 124.52M | 104.3M | 82.53M | 59.66M | 61.42M | 57.61M | 61.28M | 36.43M | 24.5M | 15.2M | 10.6M |
| SG&A % of Revenue | 17.33% | - | - | 16.13% | - | - | - | 17.27% | 16.08% | 15.44% | 14.86% | 15% | 14.64% | 14.66% | 15.81% | 13.25% | 14.59% | 14.17% | 14.38% | 15.73% | 16.11% | 14.33% | 18.05% | 20.5% | 28.11% | 19.99% | 13.76% | 12.63% | 12.84% | 12.3% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 409.09M | 375.92M | 17.84M | 314.17M | 287.22M | 278.43M | 13.77M | 9.92M | 7.25M | 5.55M | 0 | -305K | 1.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.25M | 7.36M | 4.7M | 4.6M | 3.5M |
| Operating Income | 166.15M | 141.41M | 158.26M | 166.16M | 147.32M | 106.33M | 95.28M | 79.53M | 84.24M | 85.73M | 75.75M | 70.71M | 60.1M | 58.74M | 39.57M | 40.57M | 25.11M | 26.69M | 38.06M | 40.23M | 16.36M | 48.99M | 24.06M | 24.78M | 26.73M | 29.51M | 25.64M | 14.9M | 10.7M | 5.4M |
| Operating Margin % | 6.8% | 6.84% | 7.11% | 8.04% | 8.09% | 6.78% | 6% | 5.79% | 5.94% | 6.45% | 6.29% | 6.18% | 5.68% | 5.98% | 4.79% | 4.7% | 3.67% | 3.82% | 4.48% | 5.08% | 2.53% | 8.51% | 7.28% | 8.27% | 13.04% | 9.62% | 9.69% | 7.68% | 9.04% | 6.26% |
| Operating Income Growth % | 17.49% | -10.64% | -4.76% | 12.79% | 38.54% | 11.6% | 19.8% | -5.59% | -1.74% | 13.18% | 7.13% | 17.66% | 2.3% | 48.44% | -2.45% | 61.55% | -5.92% | -29.88% | -5.38% | 145.92% | -66.6% | 103.63% | -2.92% | -7.3% | -9.41% | 15.08% | 72.08% | 39.25% | 98.15% | 35% |
| EBITDA | 193.76M | 171.01M | 184.19M | 184.75M | 171.62M | 126.33M | 114.44M | 92.13M | 94.74M | 93.13M | 81.35M | 86.28M | 74.85M | 70.91M | 41.04M | 50.54M | 36.5M | 41.87M | 59.92M | 62.07M | 33.52M | 61.77M | 34.54M | 29.29M | 32.38M | 40.76M | 33M | 19.6M | 15.3M | 9.1M |
| EBITDA Margin % | 7.93% | 8.27% | 8.28% | 8.94% | 9.42% | 8.05% | 7.2% | 6.71% | 6.68% | 7.01% | 6.76% | 7.55% | 7.08% | 7.21% | 4.97% | 5.86% | 5.33% | 6% | 7.05% | 7.84% | 5.18% | 10.73% | 10.45% | 9.78% | 15.79% | 13.29% | 12.47% | 10.1% | 12.92% | 10.56% |
| EBITDA Growth % | 13.3% | -7.15% | -0.31% | 7.65% | 35.86% | 10.39% | 24.2% | -2.75% | 1.73% | 14.48% | -5.72% | 15.27% | 5.56% | 72.79% | -18.8% | 38.45% | -12.82% | -30.11% | -3.47% | 85.16% | -45.73% | 78.82% | 17.93% | -9.53% | -20.56% | 23.51% | 68.36% | 28.1% | 68.13% | 49.18% |
| D&A (Non-Cash Add-back) | 27.61M | 29.6M | 25.93M | 18.59M | 24.3M | 19.99M | 19.16M | 12.6M | 10.5M | 7.4M | 5.6M | 15.57M | 14.76M | 12.17M | 1.47M | 9.97M | 11.39M | 15.18M | 21.85M | 21.84M | 17.16M | 12.78M | 10.49M | 4.51M | 5.64M | 11.25M | 7.36M | 4.7M | 4.6M | 3.7M |
| EBIT | 166.15M | 142.09M | 159.94M | 167.11M | 147.93M | 108.84M | 95.87M | 88.18M | 85.09M | 87.66M | 77.53M | 80.69M | 62.05M | 60.61M | 41M | 43.13M | 25.22M | 27.86M | 38.06M | 40.23M | 16.36M | 48.99M | 24.06M | 24.78M | 26.73M | 29.51M | 25.64M | 14.9M | 10.7M | 6.5M |
| Net Interest Income | 0 | -2.21M | -3.78M | -4.13M | -1.9M | -2M | -2.57M | -1.95M | -1.2M | -1.54M | -1.78M | -2.38M | -1.95M | -1.87M | -1.43M | -2.56M | -4.13M | -5.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 0 | 2.21M | 3.78M | 4.13M | 1.9M | 2M | 2.57M | 1.95M | 1.2M | 1.54M | 1.78M | 2.38M | 1.95M | 1.87M | 1.43M | 2.56M | 4.13M | 5.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.29M | 7.43M | 2.84M | -3.19M | -432K | 571K | 680K | 6.7M | -348K | 380K | 0 | 7.6M | 0 | 0 | -1.43M | -2.56M | -8.16M | -10.45M | -8.12M | -10.13M | -17.43M | -5.98M | -6.85M | -8.31M | -11.81M | -15.52M | -11.39M | -3.6M | -2M | -1.6M |
| Pretax Income | 173.44M | 148.84M | 161.09M | 162.97M | 146.88M | 106.91M | 95.96M | 86.23M | 83.89M | 86.11M | 75.75M | 78.31M | 60.1M | 58.74M | 39.57M | 40.57M | 21.08M | 22.05M | 29.94M | 30.11M | -1.07M | 43.01M | 17.21M | 16.47M | 14.92M | 13.98M | 14.25M | 11.3M | 8.7M | 3.9M |
| Pretax Margin % | 7.1% | 7.19% | 7.24% | 7.88% | 8.07% | 6.82% | 6.04% | 6.28% | 5.91% | 6.48% | 6.29% | 6.85% | 5.68% | 5.98% | 4.79% | 4.7% | 3.08% | 3.16% | 3.53% | 3.8% | -0.16% | 7.47% | 5.21% | 5.5% | 7.28% | 4.56% | 5.38% | 5.82% | 7.35% | 4.52% |
| Income Tax | 49.32M | 40.86M | 45.32M | 43.62M | 41.28M | 32.51M | 26.88M | 23.04M | 28.77M | 35.56M | 31M | 32.47M | 24.82M | 23.91M | 16.21M | 16.84M | 8.34M | 9.22M | 13.58M | 12.73M | -545.05K | 17.72M | 7.06M | 6.76M | 6.01M | 5.67M | 5.88M | 4.6M | 2.7M | 1.4M |
| Effective Tax Rate % | 28.44% | 27.45% | 28.13% | 26.76% | 28.11% | 30.41% | 28.01% | 26.72% | 34.29% | 41.29% | 40.93% | 41.47% | 41.31% | 40.71% | 40.95% | 41.51% | 39.55% | 41.81% | 45.36% | 42.28% | 51.11% | 41.2% | 41% | 41.04% | 40.28% | 40.52% | 41.23% | 40.71% | 31.03% | 35.9% |
| Net Income | 128.82M | 107.98M | 115.78M | 119.36M | 105.6M | 74.4M | 69.08M | 63.19M | 55.12M | 50.56M | 44.75M | 45.84M | 35.27M | 34.83M | 23.37M | 23.73M | 12.74M | 12.83M | 16.36M | 17.38M | -521.44K | 25.29M | 10.15M | 9.71M | 8.91M | 8.32M | 8.38M | 6.7M | 6M | 2.5M |
| Net Margin % | 5.27% | 5.22% | 5.2% | 5.77% | 5.8% | 4.74% | 4.35% | 4.6% | 3.89% | 3.8% | 3.72% | 4.01% | 3.34% | 3.54% | 2.83% | 2.75% | 1.86% | 1.84% | 1.93% | 2.2% | -0.08% | 4.39% | 3.07% | 3.24% | 4.35% | 2.71% | 3.16% | 3.45% | 5.07% | 2.9% |
| Net Income Growth % | 19.3% | -6.74% | -3% | 13.03% | 41.94% | 7.69% | 9.32% | 14.64% | 9.03% | 12.98% | -2.38% | 29.96% | 1.27% | 49.06% | -1.52% | 86.17% | -0.65% | -21.58% | -5.85% | 3432.52% | -102.06% | 149.05% | 4.54% | 8.99% | 7.14% | -0.68% | 25.01% | 11.67% | 140% | 56.25% |
| Net Income (Continuing) | 124.12M | 107.98M | 115.78M | 119.36M | 105.6M | 74.4M | 69.08M | 63.19M | 55.12M | 50.56M | 44.75M | 45.84M | 35.27M | 34.83M | 23.37M | 23.73M | 12.74M | 12.83M | 16.36M | 17.38M | -521K | 25.29M | 10.15M | 9.71M | 8.91M | 8.32M | 8.38M | 6.7M | 6M | 3.5M |
| Discontinued Operations | 4.7M | 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 |
| 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 |
| EPS (Diluted) | 5.03 | 4.06 | 4.33 | 4.48 | 3.93 | 2.77 | 2.57 | 2.33 | 1.97 | 1.80 | 1.52 | 1.55 | 1.09 | 1.08 | 0.71 | 0.70 | 0.38 | 0.38 | 0.49 | 0.51 | -0.02 | 0.67 | 0.24 | 0.24 | 0.21 | 0.20 | 0.23 | 0.25 | 0.25 | 0.17 |
| EPS Growth % | 23.89% | -6.24% | -3.35% | 13.99% | 41.88% | 7.78% | 10.3% | 18.27% | 9.44% | 18.42% | -1.94% | 42.2% | 0.93% | 52.11% | 1.43% | 84.21% | 0% | -22.45% | -3.92% | 3369.23% | -102.33% | 179.17% | 0% | 14.29% | 5% | -13.04% | -8% | 0% | 47.06% | 77.08% |
| EPS (Basic) | 5.05 | 4.08 | 4.35 | 4.49 | 3.96 | 2.79 | 2.59 | 2.35 | 2.00 | 1.83 | 1.54 | 1.57 | 1.10 | 1.09 | 0.73 | 0.71 | 0.39 | 0.39 | 0.50 | 0.53 | -0.02 | 0.71 | 0.26 | 0.24 | 0.22 | 0.22 | 0.27 | 0.25 | 0.25 | 0.17 |
| Diluted Shares Outstanding | 26.37M | 26.62M | 26.72M | 26.65M | 26.87M | 26.83M | 26.83M | 27.16M | 27.93M | 28.06M | 29.38M | 29.57M | 32M | 31.61M | 32.86M | 33.41M | 33.88M | 33.81M | 33.51M | 34.14M | 33.39M | 37.73M | 39.91M | 40.44M | 41.83M | 41.53M | 36.62M | 27.3M | 24.57M | 21.21M |
| Basic Shares Outstanding | 26.23M | 26.5M | 26.61M | 26.57M | 26.64M | 26.67M | 26.65M | 26.9M | 27.58M | 27.73M | 29.02M | 29.27M | 31.71M | 31.24M | 32.01M | 32.8M | 33.07M | 32.88M | 32.93M | 32.9M | 33.39M | 35.59M | 37.33M | 40.24M | 40.94M | 38.5M | 30.79M | 27.08M | 24.12M | 20.9M |
| Dividend Payout Ratio | 15.26% | - | - | - | - | - | - | - | - | - | 0.18% | 0.2% | 0.31% | 57.71% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18.33% | 36% |
OEM direct-to-consumer shift
As reported in recent financial filings, ePlus experienced significant top-line fluctuations, with revenue growth reaching 23.4% in 2026Q2 before decelerating to 16.8% by 2026Q4, suggesting that the company's reliance on large-scale project-based hardware deployments creates inherent lumpiness in quarterly performance that investors must carefully monitor.
The revenue trajectory appears heavily influenced by the timing of large-scale IT infrastructure projects, which can cause significant quarter-over-quarter variance. While the double-digit growth in recent periods is encouraging, the lack of consistent sequential acceleration warrants caution regarding the sustainability of current demand levels.
Based on the provided income statement data, ePlus maintains a gross margin profile consistently above 23%, which, according to industry benchmarks, reflects a superior value-added service component compared to lower-margin pure-play distributors that typically struggle to maintain margins in the high single digits.
The ability to sustain gross margins near 24% suggests that the company's integrated financing and services model provides a meaningful buffer against the commoditization of hardware. However, investors should monitor whether increasing competition from OEM direct-to-consumer models forces a compression in these margins over the coming fiscal years.
According to the company's historical income statements, operating margins have fluctuated between 5.2% and 8.0%, indicating that while ePlus demonstrates some capacity for operating leverage, the efficiency of its SG&A spend remains sensitive to the cyclical nature of its project-based revenue recognition patterns.
The inconsistency in operating margins suggests that management's ability to scale overhead is constrained by the need to maintain specialized technical staff for complex client architectures. Future margin expansion will likely depend on the company's success in shifting the revenue mix toward higher-margin managed services.
As highlighted in recent SEC filings, the disproportionate contribution of the Financing segment to operating income poses a potential risk, as any shift in interest rate environments or residual value assumptions could materially impact the company's bottom line in ways not currently reflected in headline growth.
Short-term observers may focus on the risk that the Financing segment's profitability is overly reliant on favorable accounting assumptions regarding equipment residual values. If these assumptions prove overly optimistic, the company could face future write-downs that would significantly impair the quality of reported earnings.
Quick answers to the most common questions about buying PLUS stock.
For fiscal year 2026, ePlus inc. (PLUS) reported total revenue of $2.44B. This represents a 2733.6% increase compared to $86.2M in 1997.
ePlus inc. (PLUS) is profitable, generating $128.8M in net income for the fiscal year ending 2026 with a net profit margin of 5.3%.
ePlus inc. (PLUS) reported an operating income of $166.1M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ePlus inc. (PLUS) generated $589.5M in gross profit for the year, representing a gross profit margin of 24.1%. This demonstrates the company's core pricing power and production efficiency.