ePlus inc. (PLUS) Cash Flow Statement
Where PLUS’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$116.2M −138.5% vs FY2025
- Capital expenditures
- $4.4M 0.2% of revenue
- Free cash flow
- −$120.7M −4.9% margin
- Returned to shareholders
- $50.3M
- Change in cash
- $21.4M cash at year-end $410.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PLUS operating cash flow, capex and free cash flow
PLUS cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $33.0MFY2017 | −$116.2MFY2026 | — | |
| Capital expenditures | $9.6MFY2017 | $4.4MFY2026 | −8.2%/yr | |
| Free cash flow | $23.5MFY2017 | −$120.7MFY2026 | — | |
| Free cash flow margin | 1.8%FY2017 | −4.9%FY2026 | −6.7 pts | |
| Operating cash flow / net income | 0.65FY2017 | −0.94FY2026 | −1.59 | |
| Stock-based compensation | $6.0MFY2017 | $12.1MFY2026 | +8.1%/yr | |
| Dividends paid | $0FY2017 | $19.7MFY2026 | — | |
| Share buybacks (net) | $30.5MFY2017 | $30.6MFY2026 | +0.0%/yr | |
| Capex / revenue | 0.7%FY2017 | 0.2%FY2026 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PLUS cash flow by activity
PLUS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PLUS cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $124.1M | $108.0M | $115.8M | $119.4M | $105.6M | $74.4M | $69.1M | $63.2M | $55.1M | $50.6M |
| Depreciation & amortization | $27.6M | $29.6M | $25.9M | $18.6M | $24.3M | $20.0M | $19.2M | $18.6M | $15.8M | $11.7M |
| Stock-based compensation | $12.1M | $10.0M | $9.7M | $7.8M | $7.1M | $7.2M | $8.0M | $7.2M | $6.5M | $6.0M |
| Change in working capital | −$282.8M | $149.7M | $99.0M | −$160.5M | −$149.7M | $33.5M | −$168.3M | −$41.9M | $21.9M | −$21.4M |
| Other non-cash items | $2.7M | $4.9M | −$1.9M | −$730,000 | −$7.9M | −$5.5M | −$2.1M | −$7.8M | −$16.6M | −$13.9M |
| Cash from operating activities | −$116.2M | $302.1M | $248.4M | −$15.4M | −$20.6M | $129.5M | −$74.2M | $39.4M | $82.8M | $33.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$4.4M | −$6.6M | −$8.5M | −$9.4M | −$23.2M | −$11.5M | −$7.0M | −$11.6M | −$7.6M | −$9.6M |
| Investments (net) | — | −$128.9M | −$62.0M | −$18.9M | −$1.3M | −$35.8M | −$20.3M | −$96.2M | −$20.4M | −$5.1M |
| Acquisitions & other investing | $164.2M | $6.6M | $8.5M | $9.4M | $23.2M | $11.5M | $7.0M | $11.6M | −$29.7M | −$11.7M |
| Cash from investing activities | $159.8M | −$128.9M | −$62.0M | −$18.9M | −$1.3M | −$35.8M | −$20.3M | −$96.2M | −$57.7M | −$26.3M |
| Financing activities | ||||||||||
| Dividends paid | −$19.7M | $0 | $0 | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$30.6M | −$46.9M | −$9.9M | −$7.2M | −$13.6M | −$6.9M | −$14.4M | −$18.8M | −$35.2M | −$30.5M |
| Net borrowing (repayment) | $30.2M | $8.0M | −$29.8M | −$3.0M | $14.1M | −$42.3M | $120.8M | $44.8M | $41.1M | $33.3M |
| Shares issued | $3.6M | $3.6M | $3.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$6.4M | −$2.3M | $0 | −$10.7M | $46.7M | −$556,000 | −$5.8M | −$7.6M | −$22.6M | $5.0M |
| Cash from financing activities | −$22.9M | −$37.6M | −$36.6M | −$20.9M | $47.2M | −$49.8M | $100.6M | $18.5M | −$16.8M | $7.8M |
| Summary | ||||||||||
| Net change in cash | $21.4M | $136.4M | $149.9M | −$52.3M | $25.8M | $43.3M | $6.4M | −$38.4M | $8.4M | $15.0M |
| Cash at end of period | $410.8M | $389.4M | $253.0M | $103.1M | $155.4M | $129.6M | $86.2M | $79.8M | $118.2M | $109.8M |
| Free cash flow | −$120.7M | $295.5M | $239.9M | −$24.8M | −$43.8M | $118.0M | −$81.2M | $27.8M | $75.2M | $23.5M |
| Free cash flow margin | −4.9% | 14.3% | 10.8% | −1.2% | −2.4% | 7.5% | −5.1% | 2.0% | 5.3% | 1.8% |
| Capex / revenue | 0.2% | 0.3% | 0.4% | 0.5% | 1.3% | 0.7% | 0.4% | 0.8% | 0.5% | 0.7% |
| Operating cash flow / net income | −0.94 | 2.80 | 2.15 | −0.13 | −0.19 | 1.74 | −1.07 | 0.62 | 1.50 | 0.65 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $30.3M | $25.4M | $33.4M | $33.3M | $32.0M | $25.2M | $24.1M | $31.3M | $27.3M | $22.0M | $27.3M | $32.7M |
| Depreciation & amortization | $6.2M | $6.4M | $6.7M | $7.1M | $7.4M | $8.7M | $8.4M | $6.1M | $5.2M | $6.4M | $7.3M | $6.5M |
| Stock-based compensation | $3.1M | $2.2M | $3.4M | $3.8M | $2.7M | $1.6M | $2.9M | $2.6M | $2.9M | $2.6M | $2.5M | $2.4M |
| Change in working capital | $36.6M | $71.9M | −$130.0M | −$76.0M | −$148.7M | $121.5M | $30.5M | −$60.9M | $60.9M | $76.6M | $96.2M | −$10.8M |
| Other non-cash items | $341,000 | −$987,000 | −$953,000 | −$3.0M | $7.7M | $4.0M | −$214,000 | −$794,000 | $864,000 | −$2.6M | −$175,000 | $468,000 |
| Cash from operating activities | $76.5M | $105.0M | −$87.4M | −$34.8M | −$99.0M | $160.9M | $65.7M | −$21.6M | $97.1M | $105.0M | $133.2M | $31.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$853,000 | −$1.2M | −$1.4M | −$994,000 | −$835,000 | −$1.9M | −$1.5M | −$1.3M | −$2.0M | −$799,000 | −$2.1M | −$1.9M |
| Investments (net) | — | — | — | −$989,000 | $155.9M | −$1.6M | $432,000 | −$125.8M | −$1.9M | −$6.1M | −$2.0M | $9.3M |
| Acquisitions & other investing | $0 | $7.5M | $34,000 | $994,000 | $835,000 | $1.9M | $1.5M | $1.3M | $2.0M | $799,000 | $2.1M | $1.9M |
| Cash from investing activities | −$853,000 | $6.3M | −$1.4M | −$989,000 | $155.9M | −$1.6M | $432,000 | −$125.8M | −$1.9M | −$6.1M | −$2.0M | $9.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$7.1M | −$6.5M | −$6.5M | −$6.6M | $0 | — | $0 | — | — | — | — | — |
| Share repurchases & issuance (net) | −$25.5M | −$6.3M | −$17.0M | −$4.0M | −$3.3M | −$13.5M | −$9.9M | −$12.0M | −$11.6M | −$37,000 | −$1.5M | −$887,000 |
| Net borrowing (repayment) | −$7.1M | −$13.5M | $34.6M | −$30.9M | $39.9M | −$10.7M | $8.1M | −$3.9M | — | — | — | — |
| Shares issued | $1.8M | $0 | $1.8M | $0 | $1.8M | $0 | $1.8M | $0 | $1.8M | $0 | $1.6M | $0 |
| Other financing | $0 | $0 | $0 | $0 | −$6.4M | $0 | $780,000 | −$50,000 | $11.4M | $12.1M | −$71.4M | −$59.1M |
| Cash from financing activities | −$37.8M | −$26.3M | $13.0M | −$41.5M | $31.9M | −$24.1M | $845,000 | −$15.9M | $1.6M | $12.0M | −$71.3M | −$60.0M |
| Summary | ||||||||||||
| Net change in cash | $38.1M | $84.5M | −$75.9M | −$78.0M | $90.8M | $136.3M | $65.5M | −$162.4M | $96.9M | $110.9M | $59.7M | −$19.1M |
| Cash at end of period | $448.9M | $410.8M | $326.3M | $402.2M | $480.2M | $389.4M | $253.1M | $187.5M | $349.9M | $253.0M | $142.2M | $82.5M |
| Free cash flow | $75.6M | $103.8M | −$88.9M | −$35.8M | −$99.8M | $159.1M | $64.2M | −$22.9M | $95.2M | $104.2M | $131.1M | $29.3M |
| Free cash flow margin | 11.7% | 17.8% | −14.5% | −5.9% | −15.7% | 31.9% | 12.6% | −4.6% | 17.8% | 18.8% | 25.7% | 5.0% |
| Capex / revenue | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.4% | 0.3% | 0.3% | 0.4% | 0.1% | 0.4% | 0.3% |
| Operating cash flow / net income | 2.53 | 4.13 | −2.62 | −1.05 | −3.09 | 6.39 | 2.72 | −0.69 | 3.55 | 4.77 | 4.88 | 0.96 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PLUS cash generation
In fiscal 2026 (ended March 31, 2026), ePlus inc. generated -$116.2 million of cash from operations (down 138.5%) and spent $4.4 million on capital expenditures, leaving free cash flow of -$120.7 million, −4.9% of revenue. It returned $50.3 million to shareholders through dividends ($19.7 million) and net share buybacks ($30.6 million). Cash and equivalents rose by $21.4 million over the year.
Related: PLUS income statement, PLUS balance sheet, PLUS dividend history. See the PLUS stock overview for the latest quote and news.
PLUS cash flow FAQ
What is ePlus inc.'s free cash flow?
ePlus inc.'s free cash flow was -$120.7 million in fiscal 2026: -$116.2 million of operating cash flow minus $4.4 million of capital expenditures It was $295.5 million a year earlier..
How much cash does ePlus inc. generate from operations?
ePlus inc. generated -$116.2 million of cash from operating activities in fiscal 2026, −0.94 times its net income of $124.1 million.
How much does ePlus inc. spend on capital expenditures?
ePlus inc. spent $4.4 million on capital expenditures in fiscal 2026, 0.2% of revenue, compared with $6.6 million the year before.
How much stock does ePlus inc. buy back?
ePlus inc. spent $30.6 million on net share repurchases in fiscal 2026.
How much does ePlus inc. pay in dividends?
ePlus inc. paid $19.7 million in dividends in fiscal 2026.