Insight Enterprises, Inc. · NASDAQ:NSIT
Insight Enterprises — Q3 2025 Earnings Presentation
39 slides from Insight Enterprises's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call and Webcast
Insight Enterprises, Inc. Third Quarter 2025 Earnings Conference Call and Webcast 1 © 2025 Insight. All Rights Reserved.
Slide 2: Disclosures
Disclosures Safe harbor statement This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 related to Insight’s plans and expectations. Statements that are not historical facts, including those related to our expectations abou
Slide 3: Table of Contents
Table of Contents • AI-First Solutions Integrator Strategy • Solutions at Work • Employer Awards • Partner Recognitions • Third Quarter 2025 Highlights and Performance • Debt • 2025 Outlook • Appendix 3 Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2025 Insight. All Rights Reserve
Slide 4: AI-First Solutions Integrator
Our strategy is to become the leading AI-FIRST SOLUTIONS INTEGRATOR Our experts solve our clients’ technology challenges by combining the right hardware, software, and services Secure, Integrated Solutions End-to-end Capabilities Technology Expertise Deep Partner Network We help you implement We arc
Slide 5: GTT: A Strategic Expansion into AI
CLIENT STORY GTT: A Strategic Expansion into AI Challenge Solution Outcomes • GTT is undergoing a • A strategic collaboration with Insight + NVIDIA to • Streamline GTT's internal operations transformation that requires a build and implement a comprehensive AI-powered "paradigm shift" — involving a a
Slide 6: Thompson Machinery: Turning Fleet Data into Strategic Growth
CLIENT STORY Thompson Machinery: Turning Fleet Data into Strategic Growth Challenge Solution Outcomes • Thompson Machinery needed to • Partnered with Inspire11 (now part of Insight) to • Instant, automated analysis replacing manual improve management of its create Rentel, a predictive AI-powered pla
Slide 7: Employer Awards
Employer Awards FORBES 2024 World's Best Employers No. 37 in IT – 2025 America’s Best Employers for Women – 2025 America's Best Employers for Company Culture – 2025 America's Best Employers for Tech Workers – 2025 America's Best Employers by State – 2024 Best Large Employers – 2024 Canada's Best Emp
Slide 8: Top partner and industry recognitions
Top partner and industry recognitions Databricks | Attained top-tier status as an Elite consulting partner in 2025 – 2025 Partner of the Year for Google – 2024 Global Customer Experience – 2024 Surface Reseller Partner of the Google | Achieved five Google Public Sector Workspace Partner of the Year
Slide 9: Q3 2025 Performance
Q3 2025 Performance (Changes against prior year period) NET SALES GROSS PROFIT CLOUD GROSS PROFIT INSIGHT CORE SERVICES XD GROSS PROFIT $2.0B $434M $130M $79M -4% YoY Flat YoY +7% YoY -3% YoY MARGINS EARNINGS EARNINGS FROM OPERATIONS ADJUSTED EARNINGS FROM GROSS MARGIN EFO MARGIN ADJUSTED EFO* MARGI
Slide 10: YTD Q3 2025 Performance
YTD Q3 2025 Performance (Changes against prior year period) NET SALES GROSS PROFIT CLOUD GROSS PROFIT INSIGHT CORE SERVICES XD GROSS PROFIT $6.2B $1.3B $357M $230M -6% YoY -3% YoY -1% YoY -3% YoY MARGINS EARNINGS EARNINGS FROM OPERATIONS ADJUSTED EARNINGS FROM GROSS MARGIN EFO MARGIN ADJUSTED EFO* M
Slide 11: Full Year 2025 Outlook
Full Year 2025 Outlook Assumptions: As of October 31, 2025 Gross profit growth slightly down Gross margin approximately 21% Adjusted diluted EPS* $9.60 - $9.90 Interest and other expenses approximately $85 million Effective tax rate 25% - 26% Capital expenditures approximately $25 million Average sh
Slide 12: Appendix
Appendix 12 © 2025 Insight. All Rights Reserved.
Slide 13: Net Sales and Gross Profit Trailing twelve months
NET SALES Trailing twelve months $2.0B -4% YoY $8.3B* -7% YoY $9.0B $8.9B $8.7B $8.4B $8.4B $8.3B $2.1B $2.1B $2.1B $2.1B $2.0B Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 GROSS PROFIT Trailing twelve months $434M Flat YoY $1.7B* -2% YoY 20.8% 21.7% 20.3% 20.6% 20.6% 20.7% 21.2%
Slide 14: Services Net Sales and Gross Profit Trailing twelve months
SERVICES NET SALES Trailing twelve months $426M +3% YoY $1.7B* Flat YoY $1,635M $1,673M $1,686M $1,666M $1,657M $1,669M $414M $421M $396M $426M $426M Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 SERVICES GROSS PROFIT Trailing twelve months $262M +7% YoY $1.0B* Flat YoY 60% 60% 60
Slide 15: Insight Core Services and Cloud Gross Profit
INSIGHT CORE SERVICES GROSS PROFIT Trailing twelve months $79M -3% YoY $308M* Flat YoY 31.0% 31.4% 31.8% 31.7% 31.6% 31.6% 32.3% 31.7% 31.8% 32.3% 30.6% Gross Margin $297M $307M $315M $312M $310M $308M $81M $78M $73M $78M $79M Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 CLOUD GR
Slide 16: Earnings from Operations Trailing twelve months
EARNINGS FROM OPERATIONS Trailing twelve months $93M Flat YoY $304M* -33% YoY $455M $456M $389M $349M $93M $87M $93M $304M $304M $65M $60M Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 ADJUSTED EARNINGS FROM OPERATIONS** Trailing twelve months $126M +5% YoY $487M* -7% YoY $521M $5
Slide 17: Diluted Earnings Per Share Trailing twelve months
DILUTED EARNINGS PER SHARE Trailing twelve months $1.62 +7% YoY $4.20* -47% YoY $8.05 $7.94 $1.52 $1.62 $6.55 $1.46 $5.11 $0.99 $4.21 $4.20 $0.22 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 ADJUSTED DILUTED EARNINGS PER SHARE** Trailing twelve months $2.43 +11% YoY $9.61* -4% Yo
Slide 18: Q3 2025 YTD Financial Performance
Q3 2025 YTD | Financial Performance Nine Months Ended September 30, US Dollars in $000s, except for per share data 2025 2024 Change Consolidated IEI Net sales $6,198,883 $6,629,033 (6)% Net sales, constant currency* (7)% Product net sales $4,950,862 $5,364,169 (8)% Services net sales $1,248,021 $1,2
Slide 19: Consolidated IEI Financial Metrics
Consolidated IEI Financial Metrics Three Months Ended Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Twelve Months Ended Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 Net Sales YoY (8)% (7)% (12)% (3)% (4)% Net Sales YoY (7)% (6)% (5)% (9)% (8)% (7)% Gross Margin 20.7% 21.2% 19.3% 21.1% 21.7% Gross Margin 19.2% 19.9% 20.3% 20.
Slide 20: Services Financial Metrics
Services Financial Metrics Three Months Ended Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Twelve Months Ended Q2-24 Q3-24 2024 Q1-25 Q2-25 Q3-25 Services Revenue $414M $421M $396M $426M $426M Services Revenue $1,635M $1,673M $1,686M $1,666M $1,657M $1,669M Services Revenue YoY 10% 3% (5%) (2%) 3% Services Revenue
Slide 21: GEO Financial Metrics
GEO Financial Metrics Three Months Ended Nine Months Ended September 30, 2025 September 30, 2025 North America EMEA APAC North America EMEA APAC Net Sales $1.6B $319.8M $58.8M $5.0B $1.0B $177.4M Net Sales YoY** (5%) (3%) 2% (6%) (10%) —% Gross Profit $342.3M $74.2M $17.7M $1.0B $228.6M $51.0M Gross
Slide 22: 2027 KPIs for Success
2027 KPIs for Success KPIs TTM Q3 2025** TTM Q3 2025**** 2027 Cloud GP Growth Flat 15% 16% - 20% 5-year CAGR*** Core services GP Growth Flat 7% 16% - 20% 5-year CAGR*** Adjusted EBITDA Margin* 6.4% 6.5% - 7.0% Adjusted DEPS* Growth (4)% 2% 19% - 22% 5-year CAGR*** Adjusted ROIC* 14.8% >25% Adjusted
Slide 23: Adjusted EBITDA and Debt Covenants
Adjusted EBITDA and Debt Covenants Twelve Months Ended September 30, US Dollars in $000s 2025 2024 Adjusted Consolidated EBITDA: Fixed Charge Coverage Net earnings $ 142,405 $ 303,287 $530,151 Interest expense 84,379 63,270 $550,000 $500,000 Taxes 63,680 99,550 $450,000 Depreciation and amortization
Slide 24: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s 2025 2024 2023 2025 2024 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 93,067 $ 92,851 $ 91,862 $ 239,702 $ 323,910 Amortization of in
Slide 25: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s, except per share data 2025 2024 2023 2025 2024 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 50,947 $ 58,208 $ 60,247 $ 105,
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s, except per share data 2025 2024 2023 2025 2024 Adjusted Diluted Earnings Per Share: GAAP diluted EPS $ 1.62 $ 1.52 $ 1.62 $ 3.22 $ 5.53 Amortizatio
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted North America Earnings from Operations: GAAP EFO from North America segment $ 83,631 $ 80,836 $ 203,143 $ 266,672 Amort
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted APAC Earnings from Operations: GAAP EFO from APAC segment $ 4,949 $ 5,350 $ 15,905 $ 18,376 Amortization of intangible
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted Consolidated EBITDA: GAAP consolidated net earnings $ 50,947 $ 58,208 $ 105,393 $ 212,679 Interest expense 25,387 19,184
Slide 30: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Twelve Months Ended September 30, US Dollars in $000s 2025 2024 Adjusted Return on Invested Capital: GAAP consolidated EFO $ 304,376 $ 455,771 Amortization of intangible assets 74,491 61,972 Change in fair value of earnout liabilities
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Three Months Ended Nine Months Ended September 30, September 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted Consolidated Selling and Administrative Expenses: GAAP selling and administrative expenses $ 332,907 $ 329,996 $ 1,024,3
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Twelve Months Ended September 30, US Dollars in $000s 2025 Adjusted Free Cash Flow: Net cash provided by operating activities $ 365,171 Less: Purchases of property and equipment 31,962 Adjusted non-GAAP free cash flow $ 333,209 Net c
Slide 33: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Three Months Ended Three Months Ended December 31, March 31, June 30, US Dollars in $000s 2024 2023 2025 2024 2025 2024 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 64,674 $ 131,861 $ 60,
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Three Months Ended Three Months Ended December 31, March 31, June 30, US Dollars in $000s, except per share data 2024 2023 2025 2024 2025 2024 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 37
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Three Months Ended Three Months Ended December 31, March 31, June 30, US Dollars in $000s, except per share data 2024 2023 2025 2024 2025 2024 Adjusted Diluted Earnings Per Share: GAAP diluted EPS $ 0.99 $ 2.42 $ 0
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) US Dollars in $000s TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 TTM Q2-25 TTM Q3-25 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 400,367 $ 401,950 $ 419,795 $ 442,320 $ 454,782 $ 4
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) US Dollars in $000s, except per share data TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 TTM Q2-25 TTM Q3-25 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 265,247 $ 268,178 $ 281,309 $ 2
Slide 38: Financial Results by Offering Category
Financial Results by Offering Category US Dollars in $000s Q3-23 Q4-23 FY 2023 Q1-24 Q2-24 Q3-24 Q4-24 FY 2024 Q1-25 Q2-25 Q3-25 Consolidated IEI by Offering Category: Hardware $ 1,301,155 $ 1,148,664 $ 5,088,937 $ 1,134,727 $ 1,172,641 $ 1,137,518 $ 1,130,014 $ 4,574,900 $ 1,141,516 $ 1,191,031 $ 1
Slide 39: Warrants (Illustrative example)
Warrants (Illustrative example) • For the nine months ended September 30, 2025, Insight settled a total of approximately 4,519,000 warrants • As of September 30, 2025, 605,000 Warrants remained outstanding and are expected to be settled in shares of our common stock by the end of the year • DEPS wil