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IT services · Technology · Fiscal year ends Dec 31
Insight Enterprises reported revenue of $8.2B in the fiscal year ended Dec 2025, down 5.2% from the year before. Operating income was $335M, an operating margin of 4.1%, and net income was $157M. Operating cash flow of $304M less capital expenditure of $25M left free cash flow of $279M. Net debt was $1B.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,436 | 10,431 | 9,176 | 8,702 | 8,247 |
| Cost of revenue | 7,989 | 8,795 | 7,506 | 6,936 | 6,486 |
| Gross profit | 1,448 | 1,637 | 1,670 | 1,766 | 1,761 |
| Selling, general & admin | 1,117 | 1,217 | 1,236 | 1,343 | 1,386 |
| Operating income | 332 | 414 | 420 | 389 | 335 |
| Interest expense | 40.5 | 39.5 | 41.1 | 58.0 | 84.8 |
| Pre-tax income | 293 | 374 | 378 | 333 | 226 |
| Income tax | 73.2 | 93.8 | 96.5 | 83.2 | 68.5 |
| Net income | 219 | 281 | 281 | 250 | 157 |
| Diluted EPS | 5.95 | 7.66 | 7.55 | 6.55 | 4.86 |
| Diluted shares | 36.9 | 36.6 | 37.2 | 38.1 | 32.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 104 | 164 | 269 | 259 | 358 |
| Receivables | 2,937 | 3,272 | 3,568 | 4,172 | 5,517 |
| Inventory | 328 | 265 | 185 | 123 | 161 |
| Current assets | 3,568 | 3,901 | 4,331 | 4,845 | 6,362 |
| Net PP&E | 176 | 204 | 210 | 216 | 188 |
| Goodwill | 428 | 493 | 684 | 894 | 1,170 |
| Total assets | 4,689 | 5,113 | 6,286 | 7,449 | 9,087 |
| Payables | 1,780 | 1,785 | 2,255 | 3,060 | 4,264 |
| Deferred revenue | 116 | 102 | 107 | 110 | 153 |
| Current liabilities | 2,515 | 2,866 | 3,373 | 4,122 | 5,104 |
| Long-term debt | 362 | 292 | 593 | 531 | 1,361 |
| Total liabilities | 3,180 | 3,475 | 4,551 | 5,678 | 7,438 |
| Shareholders' equity | 1,509 | 1,638 | 1,736 | 1,771 | 1,649 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 164 | 98.1 | 620 | 633 | 304 |
| Capital expenditure | 52.1 | 70.9 | 39.3 | 46.8 | 24.5 |
| Free cash flow | 112 | 27.2 | 580 | 586 | 279 |
| Depreciation & amortisation | 55.4 | 56.6 | 62.5 | 98.1 | 106 |
| Stock-based compensation | 18.2 | 22.7 | 29.0 | 34.0 | 33.7 |
| Acquisitions | 0.0 | 68.2 | 481 | 270 | 285 |
| Share buybacks | 50.0 | 108 | 217 | 200 | 151 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.5% | −12.0% | −5.2% | −5.2% |
| Operating income growth (YoY) | – | 24.6% | 1.5% | −7.4% | −13.8% |
| EPS growth (YoY) | – | 28.7% | −1.4% | −13.2% | −25.8% |
| Gross margin | 15.3% | 15.7% | 18.2% | 20.3% | 21.4% |
| Operating margin | 3.5% | 4.0% | 4.6% | 4.5% | 4.1% |
| Net margin | 2.3% | 2.7% | 3.1% | 2.9% | 1.9% |
| Return on equityBlank when equity is negative | 14.5% | 17.1% | 16.2% | 14.1% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.3% | 18.4% | 14.4% | 11.7% | 8.4% |
| Free cash flow margin | 1.2% | 0.3% | 6.3% | 6.7% | 3.4% |
| Cash conversion (CFO ÷ net income) | 0.75x | 0.35x | 2.20x | 2.53x | 1.93x |
| Receivable days | 114 | 115 | 142 | 175 | 244 |
| Inventory days | 15 | 11 | 9 | 6 | 9 |
| Payable days | 81 | 74 | 110 | 161 | 240 |
| Interest cover | 8.20x | 10.5x | 10.2x | 6.70x | 3.95x |
| Debt ÷ equity | 0.24x | 0.18x | 0.34x | 0.30x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 258 | 128 | 324 | 272 | 1,003 |
| Current ratio | 1.42x | 1.36x | 1.28x | 1.18x | 1.25x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.