The activist stake (Spruce House, filed Aug 2026) and subsequent insider selling create a watchful backdrop. Monitor the next quarter for progress on FY2028 targets ($200M net income, $600M adjusted EBITDA) and any further activist actions or share repurchases.
Price Chart
Executive Summary
Cimpress reported Q1 FY2027 revenue of $1,042.2M, up 11% YoY, and GAAP net income of $49.5M, down 20% YoY. The company raised its FY2026 guidance for revenue growth to 7%-8% and adjusted EBITDA to at least $460M, but GAAP net income declined and operating cash flow fell. The activist investor Spruce House disclosed a stake in August 2026 and has been selling shares, adding pressure on management to deliver on its FY2028 targets.
Key Financial Metrics
Key Facts
- Q1 FY2027 revenue of $1,042.2M, up 11% YoY (4% organic constant-currency)
- GAAP net income of $49.5M, down 20% YoY from $61.6M
- Adjusted EBITDA of $138.8M, up 5% YoY
- Operating cash flow of $164.7M, down from $176.5M in prior year
- FY2026 guidance raised: revenue growth 7%-8%, adjusted EBITDA at least $460M
- Activist investor Spruce House disclosed 5.2% stake in August 2026 and sold 200,000 shares in mid-August
- Net leverage improved to 2.97x from 3.12x in prior quarter
- Vista segment revenue grew 7% YoY, PrintBrothers grew 26%, National Pen grew 15%
Financial Impact
Revenue grew 11% YoY to $1.04B, but GAAP net income fell 20% to $49.5M. Adjusted EBITDA rose 5% to $138.8M. Operating cash flow declined 7% to $164.7M.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Vista | $532.8M | +7.0% |
| PrintBrothers | $219.9M | +26.0% |
| The Print Group | $115.2M | +16.0% |
| National Pen | $150.9M | +15.0% |
| All Other Businesses | $67.2M | +11.0% |
Risk Factors
- GAAP net income declined 20% YoY despite revenue growth, driven by unrealized currency hedge losses
- Operating cash flow decreased 7% YoY, partly due to working capital changes
- Activist investor Spruce House has been selling shares since filing its stake
- Tariff impacts and hurricane-related costs weighed on profitability
- Gross margin compressed 100bps YoY to 47%
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001262976-26-000041 |
| Document: 0001262976-26-000041-index-headers.html | 0001262976-26-000041 |
| Document: 0001262976-26-000041-index.html | 0001262976-26-000041 |
| Document: 0001262976-26-000041.txt | 0001262976-26-000041 |
| 8-K Data (Synthetic) | 0001262976-26-000041 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $60.32 | awaiting T+20 | awaiting T+20 | $57.02 (−5.47%) |
Oct 27, 2026 2d ago | DEFA14A | $74.79 | awaiting T+20 | awaiting T+20 | $57.02 (−23.76%) |
Oct 27, 2026 2d ago | DEF 14A | $74.79 | awaiting T+20 | awaiting T+20 | $57.02 (−23.76%) |
US Market Status
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