Insight Enterprises Inc

Latest Results (04.04.2026):

Insight Enterprises Inc — fourth quarter of 2025: Insight reported Q4 2025 net sales of $2.048 billion (down 1% y/y) but delivered record gross profit and margin, with gross profit of $478.4 million (+9% y/y) and gross margin expanding 220 basis points to 23.4%. GAAP net earnings for the quarter were $52.0 million (up 40% y/y) and diluted EPS was $1.67 (up 69% y/y); adjusted results were also stronger with adjusted diluted EPS of $2.96 (+11% y/y) and adjusted EBITDA of $156.2 million (+11% y/y).

Top-line & margin

Q4 net sales were $2.048 billion (‑1% y/y). Services grew 11% in the quarter while product sales declined 4% (software product sales down 18%). Consolidated gross profit rose 9% to $478.4 million and gross margin widened to 23.4% (+220 bps vs Q4 2024), a quarterly record per the company.

GAAP profitability (quarter)

GAAP earnings from operations were $95.2 million (4.6% of sales), GAAP net earnings $52.0 million (2.5% of sales), and diluted EPS $1.67 — all materially higher year over year driven by margin expansion.

Adjusted results (quarter)

Adjusted earnings from operations were $146.2 million (7.1% of sales, +13% y/y), adjusted EBITDA $156.2 million (+11% y/y), and adjusted diluted EPS $2.96 (+11% y/y).

Geographic & segment highlights

North America: Q4 net sales down 3% to $1.644B with product down and services up 5%. EMEA: Q4 net sales up 8% to $343.9M and gross profit up 30% (gross margin 27.5%). APAC: Q4 net sales up 15% to $60.1M and gross profit up 22% (gross margin 34.7%).

Full‑year 2025 snapshot

Full-year net sales were $8.247 billion (‑5% y/y). Gross profit held roughly flat at $1.761 billion while gross margin expanded 110 bps to 21.4%. GAAP net earnings fell 37% to $157.3 million and diluted EPS was $4.86 (‑26%), while adjusted diluted EPS for the year was $9.87 (+2% y/y).

Cash flow & balance sheet

Cash flows provided by operating activities were $153.8 million in Q4 and $303.8 million for the full year. Cash and cash equivalents increased year‑end to $358.0 million and accounts receivable and payables grew significantly (working capital movement affected operating cash conversion).

Drivers & one‑time items

Quarterly strength was driven by Cloud and Core Services execution and improved product mix. FY 2025 GAAP results were impacted by higher interest expense and non‑cash revaluations (earnout and warrant settlement revaluation losses), which weighed on net earnings versus 2024.

Outlook for 2026

Guidance: adjusted diluted EPS for full‑year 2026 expected $10.10–$10.60 (including stock‑based comp) and $11.00–$11.50 (ex‑stock comp). Company expects gross margin around ~21% and low single‑digit gross profit growth, with interest/other expense assumed ≈ $85 million and an effective tax rate of ~25.5–26.5%.