Adjusted EBITDA Milestone
Adjusted EBITDA reached $100.5 million in Q3, surpassing $100M for the first time in the Q3 period and increasing 11% year-over-year, demonstrating improved profitability.
Raised Fiscal 2026 Guidance
Company raised FY '26 revenue and profit guidance: now expects reported revenue growth of 9%–10% (4%–5% organic constant currency), net income of at least $87M, and adjusted EBITDA of at least $465M.
Consolidated Revenue and Gross Profit Growth
Consolidated Q3 revenue grew 12% on a reported basis and 4% on an organic constant currency basis; consolidated gross profit grew 10% year-over-year.
Vistaprint Unit Economics Improvement
Vistaprint's variable gross profit per customer grew 13% year-over-year in Q3 — marking the 13th consecutive quarter of improvement in this metric — while Vistaprint revenue grew 7% reported and 3% organic.
Upload & Print Momentum
Upload & Print combined organic constant currency revenue grew 8% in Q3 (reported growth 26% aided by currency tailwinds and a tuck-in acquisition that contributed ~$15M to revenue).
Operational Efficiency and Cost Savings
Investments in manufacturing (Cimpress MCP), cross-Cimpress fulfillment and AI are reducing COGS and operating expenses; implemented OpEx reductions expected to generate $11M in annualized savings between Vistaprint and National Pen.
Tuck-in M&A Executed and Accretive
Completed several tuck-in acquisitions (including 85% of Truyol and 50% of Mixim); three tuck-ins this year expected to contribute ~ $125M of revenue and ~$13M of adjusted EBITDA in fiscal 2027, with base-case returns above 20% and acquisitions reportedly acquired at attractive multiples.
Clear Path to Fiscal '28 Targets
Management reaffirmed the path to fiscal 2028 targets: 4%–6% organic revenue growth, at least $200M net income, adjusted EBITDA ≥ $600M, ~45% adjusted EBITDA-to-free cash flow conversion (implying ≥ $270M FCF), and materially lower net leverage (targeting ~2.5x exit FY27 and below 2.0x exit FY28).
Capital Allocation Activity
Repurchased ~288,000 shares in Q3 at an average price of $76 and Board authorized a new $200M buyback program; management continues to balance buybacks vs. M&A, CapEx and deleveraging.
Forward Profitability Momentum
Management expects adjusted EBITDA growth >10% in fiscal 2027 and meaningful adjusted free cash flow growth next year as capex stabilizes, cash taxes decline, and working capital becomes more favorable.