CMPR

It has been about a month since the last earnings report for Cimpress (CMPR). Shares have lost about 6% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Cimpress due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Cimpress reported fourth-quarter fiscal 2026 (ended June 30, 2026) earnings of 97 cents per share (on a reported basis) against a loss of $1.02 in the year-ago quarter. The company’s adjusted earnings came in at $1.08 per share, which beat the Zacks Consensus Estimate of $1.00 by 8%. Total revenues increased 8.7% year over year to $945 million and topped the Zacks Consensus Estimate of $928 million by 1.86%. Organic constant-currency revenues grew 3%, driven by broad-based growth across businesses, while management highlighted continued momentum in high-value customers and elevated product categories. Favorable currency movements and recent tuck-in acquisitions provided an additional lift to reported growth. VistaPrint, the company's largest business, generated revenues of $486.4 million compared with $466.5 million in the year-ago quarter. Combined Upload & Print revenues increased to $341.8 million from $284.5 million a year ago, reflecting continued customer demand and acquisition contributions.PrintBrothers revenues climbed to $215.5 million from $178.3 million in the prior-year quarter, while The Print Group reported revenues of $126.5 million compared with $106.4 million a year ago. National Pen revenues improved to $95.7 million from $93.8 million, and All Other Businesses revenues increased to $68.7 million from $59 million. Cost of revenues increased 12.8% year over year to $515 million. Gross profit grew 4.1% to $430 million despite higher manufacturing start-up costs associated with the North American production network.Gross margin contracted 100 basis points year over year to 46%. During the quarter, profitability was affected by $7.9 million of higher manufacturing start-up costs, a $4.7 million write-off of Canadian duty draw-back receivables and inventory write-downs, partly offset by $6.9 million of tariff refunds.Operating income slipped 1% year over year to $64.8 million. Adjusted EBITDA declined 1.7% to $120.4 million, while the adjusted EBITDA margin contracted to 12.7% from 14.1% a year ago. VistaPrint's segment EBITDA increased 1% year over year to $106.8 million as strong growth in marketing materials, apparel, gifts, promotional products, packaging and labels offset continued investments in manufacturing capacity.The combined Upload & Print businesses continued to deliver robust profitability. PrintBrothers segment EBITDA increased to $24.5 million from $22.2 million, while The Print Group's EBITDA improved to $24 million from $20 million, supported by revenue growth, operating efficiencies and cross-Cimpress fulfillment initiatives.National Pen segment EBITDA increased to $10.7 million from $9.2 million, aided by tariff refunds. Meanwhile, EBITDA at All Other Businesses declined to $3.5 million from $6.5 million. As of June 30, 2026, Cimpress held cash and cash equivalents of $248.9 million compared with $234 million at the end of fiscal 2025.During fiscal 2026, net cash provided by operating activities totaled $283.7 million compared with $298.1 million in fiscal 2025. Adjusted free cash flow declined to $122.4 million from $148.0 million primarily due to higher manufacturing-related capital expenditures.The company repurchased 702,820 shares for $50.1 million during fiscal 2026, representing roughly 3% of shares outstanding at the beginning of the fiscal year. Net leverage stood at 2.9 times trailing 12-month EBITDA at quarter-end. For fiscal 2027 (ending June 30, 2027), Cimpress expects reported revenue growth of at least 7%, including at least 3% organic constant-currency revenue growth.The company projects net income of a minimum of $125 million and adjusted EBITDA of at least $520 million. It also expects operating cash flow of approximately $370 million and adjusted free cash flow of roughly $200 million.Management also raised its fiscal 2028 (ending June 30, 2028) profitability target and now expects adjusted EBITDA of at least $615 million, up from its previous target, while reiterating expectations for 4-6% annual organic constant-currency revenue growth and approximately 45% adjusted free cash flow conversion. Since the earnings release, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 21.7% due to these changes. At this time, Cimpress has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a score of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Cimpress has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cimpress plc (CMPR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in CEWE Stiftung & Co. KGaA? Here are five stocks we like better. Core photo-finishing remained the main growth engine: Second-quarter segment revenue rose 7.5%, supported by higher volumes and premiumization, while photo-book revenue increased 3%. CEWE reaffirmed its 2026 revenue outlook of EUR 782 million to EUR 810 million and unchanged EBIT guidance. Kodak Moments acquisition would expand CEWE internationally: The proposed deal has an enterprise value of about EUR 88 million and is expected to close within six to 12 months, subject to approvals. It would add roughly EUR 200 million in revenue, 16,000 direct points of sale and operations across the U.S., Mexico, Canada and Australia. Portfolio reshaping is nearing completion: CEWE completed the sale of its commercial online-print business to Cimpress on July 2, allowing greater focus on photo finishing and consumer brands. First-half free cash flow was negative EUR 18.3 million due mainly to working-capital effects, supplier payments and SAP implementation costs. CEWE Stiftung & Co. KGaA (ETR:CWC) reported a stronger second quarter in its core photo-finishing business and reaffirmed its 2026 outlook, while outlining plans to expand internationally through the proposed acquisition of Kodak Moments and completing the sale of its commercial online-print operations. CEO Thomas Mehls said the company delivered “very good figures” for the first half, with a particularly strong second quarter despite a challenging environment for e-commerce in Germany. Excluding the commercial online-print business, group revenue rose 6% year over year in the second quarter, according to CFO Sirka Hintze. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be The company’s reported second-quarter EBIT was negative EUR 7.4 million, reflecting transaction-related expenses. On an operational basis, group EBIT was EUR 3 million, Hintze said. The reported figure included costs associated with the sale of the commercial online-print division and preparatory costs for the planned Kodak Moments transaction. Photo finishing remained the central growth driver. Segment revenue increased 7.5% in the second quarter, while first-half photo-finishing revenue rose 4.5%. CEWE said the results were supported by both higher sales volumes and increased product value. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Sales of photo books, the company’s core product category, increased 1.5% in volume during the second quarter, while photo-book revenue rose 3%. Hintze attributed the development in part to continuing premiumization, including new product features and more attractive higher-value offerings. “What is driving the turnover in photo finishing is not only the number, but also the value,” Hintze said. She added that the company was pleased to see a continued increase in the value of photo books. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Photo-finishing EBIT totaled EUR 1.7 million in the second quarter, including about EUR 2 million in transaction costs related to the planned acquisition. Excluding those expenses, management said the segment’s operating result was comparable with the prior year and consistent with the business’s normal seasonal pattern. CEWE also highlighted product and marketing initiatives, including the launch of its international CEWE Photo Award. The company said it will donate EUR 0.10 to UNICEF for the initiative. In addition, CEWE introduced a Swarovski-developed wall-art product featuring crystals applied to photo surfaces, which is set to be presented in 200 selected Swarovski stores. Mehls devoted much of the call to the planned purchase of Kodak Moments, the retail instant-photo business currently within Kodak Alaris. The transaction was signed in July but has not yet closed. Management expects closing within six to 12 months, subject to regulatory approvals and other closing conditions related to the carve-out of the business. Kodak Moments operates an on-site photo-finishing model similar to CEWE’s photo stations in European retail locations. Mehls said the business generates about EUR 200 million in revenue, serves roughly 16,000 points of sale directly, and has approximately 37,000 connected photo stations. It produces around 1.5 billion prints annually, compared with about 400 million in CEWE’s on-site-finishing operations. The business would add about 500 employees to CEWE and bring a manufacturing site in Windsor, Colorado, along with a main office in Rochester, New York. Kodak Moments has a presence with retailers and venues including CVS and Walmart in the U.S., Farmacias in Mexico, Kmart in Australia and Disneyland Paris, according to Mehls. Enterprise value of approximately EUR 88 million. Expected cash outflow of slightly more than EUR 70 million, depending on the final equity bridge. Approximately 400 patents related to on-site photo finishing. A perpetual, irrevocable license to use the Kodak Moments brand. Management said Kodak Moments is currently profitable at a single-digit level but has not received substantial investment or added new retail partners under its prior ownership. Mehls characterized the purchase as a growth platform rather than the acquisition of a stable business. The strategic rationale includes expanding CEWE beyond Europe into core markets such as the U.S., Canada, Mexico and Australia. The deal would also give CEWE greater vertical integration through Kodak Moments’ thermal-media manufacturing operation in Colorado, reducing the group’s dependence on Asian suppliers for the consumables used in photo stations. “This is a growth case which we acquired,” Mehls said, while noting that the business will formally become part of CEWE only after closing. CEWE completed the sale of its commercial online-print business effective July 2 to Cimpress, allowing the group to focus more fully on photo finishing and consumer brands. The financial impact of the closing will be reflected in third-quarter results because the cash proceeds arrived after the end of the first half. Hintze said the commercial online-print unit’s first-half EBIT was near break-even and its revenue decline was not significant despite difficult market conditions. CEWE will no longer report the business as a continuing segment after the disposal. The company also continued reshaping its retail operations by reducing its exposure to lower-margin hardware such as expensive cameras and placing greater emphasis on higher-margin photo products, including frames and albums. While that decision reduced retail revenue, management said profitability was improving and the segment was moving toward break-even. CEWE’s free cash flow was negative EUR 18.3 million in the first half, largely due to working-capital effects, accelerated supplier payments and inventory preparations tied to the company’s SAP S/4HANA implementation. Hintze said the company went live with the new system across its businesses and countries on the same day and described the implementation as smooth. The company’s equity ratio rose to 71.2%, while return on capital employed stood at 16.5%. Management reaffirmed its 2026 revenue outlook of EUR 782 million to EUR 810 million and said EBIT guidance remained unchanged. Mehls said CEWE’s core business remained on track and that the planned addition of Kodak Moments would accelerate the group’s growth profile once the transaction is completed. CEWE Stiftung & Co KGaA operates as a photo service and online printing provider in Germany and internationally. The company operates through three segments: Photofinishing, Retail, and Commercial Online Printing. It offers photo prints, photo books, wall art, photo calendars, greeting cards, and other photo gifts. The company also provides online printing services under the SAXOPRINT, viaprinto, and LASERLINE brands; and markets photo products under the CEWE, WhiteWall, Cheerz, and DeinDesign brands, as well as business stationery products and printed advertising media services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "CEWE Stiftung & Co. KGaA Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Thursday, July 30, 2026 at 8:00 a.m. ET Vice President of Investor Relations and Sustainability - Meredith Burns Founder, Chairman and Chief Executive Officer - Robert Keane Executive Vice President and Chief Financial Officer - Sean Quinn Operator: Welcome to the Cimpress Q4 Fiscal Year 2026 Earnings Call. I will now introduce Meredith Burns, Vice President of Investor Relations and Sustainability. Meredith Burns: Thank you, Ari, and thank you, everyone, for joining us. With us today are Robert Keane, our Founder, Chairman and Chief Executive Officer; and Sean Quinn, our EVP and Chief Financial Officer. We appreciate the time that you've dedicated to understand our results, the commentary and outlook, particularly at year-end. This live Q&A session will last about 45 minutes or so, and we'll answer both pre-submitted and live questions. You can submit questions via the questions and answers box at the bottom left of the screen. Before we start, I'll note that in this session, we will make statements about the future. Our actual results may differ materially from these statements due to risk factors that are outlined in detail in our SEC filings and the earnings document we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website, and we invite you to read all of those. So now I'll turn things over to Robert. Robert Keane: Hi, everyone. Thank you very much for joining us today, and it's great to be here. Meredith, thank you. I want to start with my perspective on the strong progress that we've made against the strategic and the operational themes that we've been pursuing for a while now. Then Sean is going to take you through our Q4 results and our updated guidance. We made great progress in fiscal 2026, right along the path that we've been describing for the past few years. That's true of our strategic objectives, manufacturing and supply chain excellence, elevated products and design enablement. And it's true of our ways of working, the handful of shared capabilities like our mass customization platform, our velocity and our efficiency. I gave a lot of examples in my annual letter, so I won't go through them again here, but I'd really encourage you to read it. It lays out these themes and where we're investing to grow revenue and take out cost. For those of you who have not yet read the letter, excuse me, there's one thing I want to call out, our new strategic partnership with Canva. Canva is one of the largest design platforms in the world, hundreds of millions of people use it every month. We've launched a first set of Vistaprint-branded products in Canada and the U.S. And by the end of September, we'll have expanded that range significantly, and we'll have gone live in more than 25 additional countries. Canva is a real leader in Artificial Intelligence, and Canva AI will plug directly into Cimpress systems. There's a deep technical integration. So a customer can go from a design prompt to a professionally produced print-ready Vistaprint product without ever leaving Canva. That gives us a meaningful new on-ramp to customers at scale, and it gives Canva a production partner it can trust for its print shop strategy. It's a real growth opportunity for both companies. The strategic partnership is in its early days, and we're excited about where this can go. I'm sure you'll have questions, but I'll tell you upfront, we can't share much more today because of the confidentiality terms of the partnership. One more piece of progress that's worth speaking about today is since our last call, we did close on the acquisition of Saxoprint. The logic here is simple. Saxoprint gives us a high capability focused production hub, exactly the kind of asset our cross-Cimpress fulfillment strategy is built on. It will strengthen PrintBrothers directly in the near term. And over the longer, I'd say, midterm, the value will extend beyond PrintBrothers across our European businesses. It's another deliberate step in building the shared production capabilities and capacity that make the whole of Cimpress network stronger. We're excited to have Saxoprint on our team. So let's step back to the big picture of where Cimpress is overall. First, the momentum we built this past year puts us in a strong position to deliver our profitability and free cash flow commitments through fiscal 2028. And the investments we're making will keep those metrics going well beyond 2028. Second, our competitive advantages are significant. We have thousands of talented, dedicated people, all pulling in the same direction on strategy, on operations, on our financial goals. And every year, we give our customers more value. No competitor matches our scale and none matches our ability or our willingness to keep investing in new product categories and in world-class manufacturing and supply chain. Third, ever since our start-up days, we've harnessed digital technologies and software to create real value for customers while driving down costs. And AI is going to be a very exciting next chapter in that long history. But here's the thing. We've always made our money by producing customized physical products better than anyone else. These are real tangible things. So even as AI speeds up the velocity with which we can create value and take out cost, it does not threaten our core economic engine. That engine is a huge growing range of customized physical products that we produce every day with high quality, low cost and fast turnaround. So to sum it up, Cimpress is executing well against the plans I laid out in my investor letter a year ago and which our executive team walked you through in more detail at our Investor Day last September. And those plans build on years of work and the investment before that. We're building real capabilities and real advantages, ones that let us serve customers better and keep up our multi-decade disruption of a very large, very fragmented market for customized marketing products and branded merchandise. Better profitability will show the intrinsic value that we're building per share. It will deliver it without ever losing sight of the long term. Our path ahead is clear. On the numbers, this progress has let us raise our at least target for 2028 -- fiscal 2028 to $615 million of adjusted EBITDA with free cash flow conversion of around 45%. Now let me be clear about why we share a multiyear EBITDA target. It is not because EBITDA is our top objective. It isn't. Our top objective is and has always been intrinsic value per share. We share EBITDA as a target because it's public, it's measurable. It's a milestone on the path to much higher cash flow per share, and it holds us accountable. And it gives you a concrete way to track our progress. And I want to be direct about this. We would not chase this target through decisions we thought sacrificed intrinsic value per share for the near term. We just wouldn't do that. But we strongly believe that we can see multiple years of EBITDA expansion compatible with our intrinsic value per share objectives. With that, I'll hand it over to Sean to walk through the quarter and our financial outlook for the next 2 years. Sean? Sean Quinn: Great. Thanks, Robert, and thanks, everyone, for joining us today. As Robert said, fiscal year 2026 was a strong year for Cimpress. We're on the right path operationally. And importantly, we have cohesive plans for delivering on what we've laid out for the next 2 years in our fiscal '27 guidance and also our increased fiscal '28 targets. The full year revenue in fiscal 2026 reached $3.74 billion, up 10% on a reported basis and 4% on an organic constant currency basis. Adjusted EBITDA grew 6% for the year and that was getting us to $458.5 million in total. For Q4, consolidated revenue grew 9% on a reported basis and 3% on an organic constant currency basis. We continue to see good progress in our ability to better serve high-value customers. One of the best indications of that is the continued variable gross profit per customer growth in Vistaprint, which we've been reporting throughout this year, and that increased 9% year-over-year, continuing that multiyear trend. For the quarter, adjusted EBITDA was $120.4 million. As noted in yesterday's release, Q4 profitability was impacted by a few items outside of our core operations. We had $7.1 million in higher start-up costs for our North American manufacturing network build-out. We had $4.7 million write-off of Canadian duty drawback receivables that we're actively contesting after a long-standing ruling was revoked and that happened right at the end of the quarter. And we had $1.8 million of inventory write-downs and all that was partially offset by the IEEPA tariff refunds that we had in the quarter of $6.9 million. Relative to guidance, we came in below where we expected. The duty drawback topic, the inventory write-downs and also an adjustment that was necessary for variable long-term incentives all came up at the very end of the quarter. That was about $10 million of negative impact on adjusted EBITDA. We also had 2 other smaller items. The impact of currency was less favorable than we had expected just based on changes in rates from the end of April when we had updated guidance. And then we had transaction costs for the Saxoprint acquisition as well. The 2 of those combined are about $2 million. Candidly, that's a lot of noise there. As demonstrated from our go-forward guidance that I'll review in a moment, these topics don't change our charted profitability and cash flow growth path. Adjusted free cash flow was $70.5 million for Q4, and it was $122.4 million for the year. As we've discussed throughout the year, this reflects our higher manufacturing capital expenditures, all those to drive unit cost reductions and also expand elevated product capacity and capabilities. Net working capital was a significant inflow in Q4 as it normally is. But for the full year, the impact of net working capital was an $11 million use of cash, which we expected to be a small inflow for the year. That's just timing, nothing structural there, but that was the other impact relative to our full year guidance. We ended fiscal 2026 in a strong balance sheet position. Net leverage was 2.9x. Trailing 12 months EBITDA is calculated based on our credit agreement. That was consistent with what we guided to throughout the year, and that's down from 3.1x at the end of fiscal 2025. Our liquidity remains robust. We had $249 million in cash and cash equivalents at the end of the year. We also have our $250 million revolving credit facility. And I should note that we, during the quarter, closed on a new $1.1 billion Term Loan B that's now due 2033 and replaces our prior Term Loan B that was due in 2028. So turning to our outlook now. Our fiscal 2027 guidance reflects strong continued financial momentum and also significant growth in profitability and cash generation. Specifically, we expect reported revenue growth of at least 7% on an organic constant currency basis, that's 3%, net income of at least $125 million, adjusted EBITDA of at least $520 million, that represents over 13% growth year-over-year and then operating cash flow of approximately $370 million and adjusted free cash flow of approximately $200 million. That's also significant growth year-over-year. In the earnings document, we provided some additional commentary that you might find helpful just as the assumptions and context for our fiscal 2027 guidance. I'm not going to go through all that here, but I thought it might be useful to just provide a high-level bridge from where we ended up fiscal 2026 at $458.5 million of adjusted EBITDA to the guidance of at least $520 million for next year. And the first one is, as we noted in our release yesterday, the contribution from M&A. So we had a number of recent tuck-in acquisitions. We expect those to contribute $18 million to $21 million in incremental adjusted EBITDA growth. So that is the growth year-over-year. The revenue attached to those is $165 million to $175 million in fiscal '27. And all that incremental EBITDA is both the full year run rate earnings from the stand-alone businesses, but also the initial synergy realization as well, which we'll be ramping throughout the year. From a currency standpoint, we do expect currency to be favorable in fiscal '27. Based on current exchange rates and also our contracted hedges, currency is expected to provide $5 million to $10 million positive year-over-year impact on profitability, which that is contracted, so we have visibility to that. And then the remaining $31 million to $39 million of adjusted EBITDA growth comes from a combination of the contribution from organic growth, but also all the cost efficiencies that we're executing on as we've been outlining over the last year. And those cost efficiencies include both the structural cost of goods sold reductions that are driven by cross-Cimpress fulfillment and focused production hubs and also the investments that we've been making in -- throughout our production network, but also operating expense savings, including the full year impact of actions that have already been taken in fiscal '26. On the cash flow side, in fiscal ' 27, we expect CapEx and capitalized software will remain at similar levels to fiscal '26, while lower cash taxes and the adjusted EBITDA growth that I just outlined will drive the significant growth in adjusted free cash flow to the $200 million. Just quickly on the topic of tariffs as it relates to fiscal '27. The trade environment remains dynamic. There were 2 new U.S. tariff measures announced last week. The first one is a broad-based Section 301 tariffs of 10% to 12.5%. Those have already taken effect, and those replaced the 10% global tariff rate that had expired that same day that these went into effect. Our outlook had already assumed the 10% continuation of the Section 301 duties previously. And so this one is, in essence, built into our guidance. The second one is the 50% tariff on certain Canadian goods under Section 338, and those were announced to take effect on August 19. Given the implementation uncertainties, we haven't included those Section 338 tariffs in our guidance. But of course, we've been doing plenty of work on this. Our preliminary review shows that these duties would affect a small portion of products fulfilled in Canada for U.S. customers, and we're actively operationalizing supply chain and fulfillment adjustments to mitigate a substantial portion of any prospective cost impact. As hopefully, has been clear over the last 1.5 years, I think our team has done a great job being dynamic and addressing these changes as needed when they come up. Turning to our fiscal '28 targets. We remain confident, as Robert said, in our organic constant currency revenue growth expectation of 4% to 6%. But importantly, in yesterday's release, we raised our fiscal '28 profitability and cash flow targets to net income of at least $192 million, adjusted EBITDA raised to at least $615 million, up from our prior target of at least $600 million and then adjusted free cash flow conversion of approximately 45%, which is consistent with our prior guidance, but on the higher EBITDA base implies roughly $275 million in adjusted free cash flow. The primary driver of this target increase is a higher expected contribution from M&A compared to our prior remarks, and that's based on the transactions that have closed over the last few quarters. Otherwise, I'd say we remain on track for the other components required to deliver against this at least, and that's important at least target, namely the cost savings previously outlined, the runoff of plant start-up costs, which, as noted for fiscal '26 were sizable, the favorable currency impact and then the contribution from organic growth that's required to bridge the remainder. Achieving these targets will drive a meaningful reduction in our debt leverage as well. We continue to expect net leverage to decrease to approximately 2.5x exiting fiscal '27 on the way to be meaningfully below 2.0x by the end of fiscal '28, all subject to capital allocation choices such as share repurchases. With that, Meredith, why don't we open it up for questions? Meredith Burns: Thanks, Sean. As a reminder, you can submit questions during this webcast via the questions and answers box at the bottom left of the screen. We also have pre-submitted questions, and then we'll mix some live questions in as well. We've had some overlapping questions. So let's jump to our first one. Robert, this one is going to be for you. Actually, there's a couple of questions on Canva, unsurprisingly. Robert, can you expand more on the economics and nature of the partnership with Canva? Why was now the time to enter this strategic partnership? And how big could the Canva strategic partnership be? How much does Canva benefit your FY '27 and FY '28 guidance? Robert Keane: Okay. Well, thank you. Let me start with the nature of the partnership. This is a deep technical integration. Both Canva and Cimpress, first and foremost, we worry about the value we bring to customers, empowering our customers to do great things that make them really proud of what they've designed and, in our case, printed. But right underneath that, supporting that commitment is incredibly high-quality software talent at both companies. And a key aspect of this partnership is that we have the technology chops, the technology talent to work as an equal partner with Canva. And our engineers are working together every day. We've actually built a dedicated team in Australia that includes great engineers who've been part of our tech team since we acquired 99designs 5 years ago. And that's really valuable to both parties, given that Sydney is the headquarters of Canva, and we are able to work very closely with them. So our ability to work at high speed and a tech talent equal differentiates us. I'd say that's the overwhelming nature of the partnership that you don't see from the service. Second, the nature of the partnership is this huge breadth of depth and products in markets and geographies across the world, including our brands, Vistaprint in the future, Printi in Brazil in the very near future that customers know and trust. And that's important for Canva, I believe, I can't speak for them in having brands that customers recognize and trust. So in summary, all of the organic investment and the acquisitions as well that we've done over the last 12 years have gotten us to a place where we've been in a very good position to work with Canva, and that includes our technology, our product and our service operations investments. As to why is this a good time now, and I'll say why is it good for both parties. Again, I can't speak for Canva, but I can say some things that are for us certainly and then what they've spoken about publicly. Both companies have in the past 2 years or so evolved how we think about this intersection of design and print. I wrote in the letter last night, we spoke last year at our Investor Day in September about design enablement. And we see the design is being democratized, that customers have a wide choice of design tools. They're certainly our own excellent print-focused tools, but they include third-party tools and increasingly generative AI. And they bring capability or choice to customers to design any way they want, and they can move fluidly. They want to move fluidly between these, and we recognize and embrace that kind of cross tool fluidity. So our aim is customer happiness rather than trying to lock anyone into our own proprietary tools. And hundreds of millions of customers per month design at Canva primarily for digital applications like social media and presentations, but clearly, many of them also want to produce physical manifestations of their designs. And Canva is, therefore, very important for us in our design democratization understanding. And I would add that Canva really is at the leading edge of bringing Artificial Intelligence capabilities into design. So again, sticking to the words you can see Canva say for themselves, they have at Canva Create, their annual launch event, spoken about a launch of Print Shop where they recognize print as an increasingly key aspect of their full suite of the types of products that they want to empower their customers to design on from presentations and social media and many other digital media, but including the physical world. And only Cimpress has the breadth, the depth, the quality, the cost-effective or the cost competitiveness and the geographic coverage of customized printed products. So again, I think from a -- why is a good time for both parties, we both had slight evolutions in our respective strategies at that intersection of print and design. As to economics, I noted in my comments, we can't share more today because of the confidential terms of the partnership and because it's in its early days. Just let me say that we think, and I believe Canva very much thinks this is an opportunity to provide great value to our customers and in doing so, to be very economically attractive to our shareholders. One thing which is obvious, so it's not confidential, but just to be clear, we do gain a major channel to reach customers that we haven't had before, and we think that is economically attractive. So I'll close by saying our past 10 or 12 years, we've been making huge investments in technology modernization in the mass customization platform and new product introductions and production efficiency and competitiveness and geographic expansion and moving towards higher-value customers. And I think that those investments are very healthy for Cimpress overall, but this Canva partnership is a third-party specialist expert evaluation of how valuable those investments have been. And so we think it, in many ways, reinforces our belief that we've been on the right path making these investments over the past years. Meredith Burns: Thank you, Robert. Great. Next question that we had come in. Sean what are the drivers of growth acceleration between FY '27 and '28? Organic constant currency revenue growth of at least 3% in FY '27 and 4% to 6% in FY '28. Also, what accounts for the lowered net income guide for FY '28 to at least $192 million, it had been $200 million before. Sean Quinn: Yes. Okay. On the growth side, I mean, I think, first of all, like when we set our guidance for fiscal '27, we want to set that at a level that we feel very comfortable with. And I think despite some of the noise at the end of Q4 there from an adjusted EBITDA perspective, you see this in terms of how we establish guidance in fiscal '26 and then performed against that. For recall, we started out fiscal '26 with revenue guidance growth of 2% to 3% organic, and we ended up at 4%. So as we enter fiscal '27, we want to take a similar approach. So for the growth rate, at least 3% that is -- that does imply a slight deceleration from what we did for the full year of fiscal '26. It is consistent with what we did for Q4. Again, we want to set that at the appropriate level. As we turn to fiscal '28, and we've been talking about 4% to 6%, what can drive that acceleration. I think there are a number of things. This isn't where I would naturally start, but given Robert was just talking about the relationship with Canva, of course, new channels like that would be one driver. But from an organic perspective, we've been making a lot of investments. It was a big CapEx year in fiscal '26. It will be another big CapEx year in fiscal '27. A lot of that is for efficiency drivers, but there's a big part of it that is also for growth drivers in terms of expanding our elevated products, capabilities and capacity, things like pushing further into packaging, for example, is a great example of a new growth driver. So that is really what drives the organic acceleration. It is the continued push into -- further and further into elevated products. As we do that, we're almost sort of entering into new markets within the context of our total addressable market and then the new channels, like I said, like Canva as an example. On the net income front, to be honest, there's not much to read into that. The net income, even though we've increased our fiscal '28 adjusted EBITDA target, the net income as a starting point went down a little bit. There's a few pieces to that just in terms of our GAAP results. There's a little bit of higher depreciation, but there's amortization from the recent M&A that we've done. There's some small changes to our GAAP tax expense, but that doesn't flow through to changes in our cash taxes. So I really wouldn't read too much into that, just some small tweaks from a GAAP perspective. Meredith Burns: Thank you, Sean. All right. Robert, a couple of questions for you on the topic of mergers and acquisitions. First, what have been the main lessons from past M&A successes and failures? And how does that relate to why the M&A that we did in FY '26 made sense? And how should we think about the shift to more M&A in FY '26 compared to '24 and '25? Is there now an opportunity set that has opened up that didn't exist before? Or was it simply that there were other capital allocation opportunities that were more compelling in FY '24 and '25, for example, share repurchases? Robert Keane: Okay. Let me start with the lessons and start with the lessons of our mistakes, which are -- we don't have time on the call to go through all my mistakes in my life, but let's talk about M&A. I think, one, don't stray into digital or into new geographies where both of those really didn't match what we were excellent at. Let me talk about digital. Over the multiple decades, as you followed us, we've been attracted to Webs, it's websites, ourselves, Depositphotos and Crello, which is now VistaCreate because it was obvious to us from a customer need that customers wanted to design and protect their brand and their image in digital spaces as well as in physical spaces. And we just found in retrospect, the competition there, the focus needed there, we did not have the capabilities to really lead and frankly, the valuations of those markets for acquisitions are very elevated. And so we found that those didn't work. And then I'd say geographically, although today, we're very optimistic about what we're doing in Brazil, in India, especially with the partnerships with people at Canva, the economics there have been very tough for us. And I'd say that we also -- for those again who followed us for multiple decades, our early attempts to go into China and Japan, just really made it -- I think we were not successful. So stick to our knitting of print in geographic markets where we already are there. So where have we been really successful? I think it's been a great way to bring in capabilities of just product and talent that we don't have or to strengthen talent and product ranges we have. Examples of that are certainly getting into Upload & Print, which today is really a critical part of our business and a very important part and growing part of Cimpress overall, getting into packaging, promotional product areas where we've just seen -- although we've talked about National Pen not being the type of ROI we really would have wanted to have. When you actually look at the nonquantifiable benefits of getting into a very strong supply chain for promotional products, it's been very helpful. So I think its capabilities are building the product. And an important lesson is avoid paying anything other than very reasonable multiples of cash flow and EBITDA. And I think that maybe is a lesson that applies to anyone in any M&A world. So how do we think about the shift towards this? I wouldn't call it a shift. I think there are many different opportunities in the spectrum of capital allocation we have ranging from just keeping dry powder for future to share buybacks to organic investment. We do think about those all as fungible. The types of acquisitions we've been doing right now, and I think that very much represent what we'd be doing in the future are tuck-in acquisitions where we're buying relatively small businesses directly related to what we do as a business in the areas I just mentioned. And I think our future acquisitions to the extent we do them, will follow that pattern. Meredith Burns: Thank you, Robert. All right. Moving on to a question for Sean. Sean, can you clarify or expand on expectations for incremental returns on invested capital organically and via M&A, especially as CapEx normalizes working capital as a source of funds in the coming years? Sean Quinn: Sure. And I think the reference to working capital and CapEx normalization is just -- I think that speaks to the kind of access to capital that we'll have beyond fiscal '28. So the -- I think in terms of organic incremental returns, one, we've been very happy with what we've been seeing, including in the fiscal '26 organic investments that we've been making, CapEx and manufacturing and supply chain being probably the main domain where those investments are being made, but it's, of course, not exclusive to that. When you look at the results, our aggregate results get weighed down by things like the start-up costs that are attached to that, that have a near-term impact on earnings. But as we deliver on both the cost reductions that we've outlined, as some of those start-up costs come off, as we make more progress pushing into elevated products, growing with high-value customers, I think those strong returns on the organic investments that we've been making recently will start to shine through a bit more, and that's actually a big part of the fiscal '28 targets that we have, starting to really see that come through and also see that come through in the form of higher EBITDA margins because the incremental returns on organic investment have more impact. And I think at a consolidated level, like I said, that sometimes gets -- that gets blended in also with parts of the business that have less growth. We talked about legacy products in some places declining. And we'll see more impact from the incremental returns on invested capital organically that we've been doing, but also from an M&A perspective. At our last Investor Day, we shared on the CapEx side, which is a big part of those investments, some specific examples of the return on invested capital for those investments. And you can see, if you look back to those, they're generally 20%-plus type returns. Many of them also quite fast paybacks. And so these are pretty obvious investments that we would want to continue to make, and we think we'll have continued opportunities to make well beyond fiscal '28 from a CapEx perspective. On the M&A side of things, we've said that for the recent M&A that we've done, I think we said this for each of the 4 that we've announced over the last 6 to 8 months or so that we expect to generate base case returns on capital that are well in excess of 20%. And I think that for the those types of tuck-in acquisitions, and Robert just talked about some of the learnings that we've had on the M&A front, I think that's a pretty fair benchmark for what we would expect as we think about both the stand-alone businesses, but also the synergies we can bring. And we do plan to go through this in a bit more detail on our September Investor Day, just explaining kind of the economics of these tuck-in acquisitions and giving you some of the kind of archetypes of what we think makes sense, but also going through some of the numbers of recent ones that we've done, so you can see what the returns have been there. And then I think as we get out to fiscal '28 and free cash flow increases, I think this maybe is the point of the question, you combine that with lower net leverage, we'll have ample capital to reinvest, whether it be in organic investments, whether it be in some tuck-in M&A, share repurchases, we can pay down debt and we'll be patient on that, and we'll evaluate all those opportunities on a relative basis. But we think that there's a -- there are -- we kind of like these layers of possible avenues to reinvest capital at high rates after fiscal '28 when we'll have a lot more available capital to do so. Meredith Burns: Thank you, Sean. All right. We've had some questions on our market opportunity and our future opportunity. So I've got a representative one that covers all the bases here for you, Robert. Can you provide some color on the runway and length of time you see beyond FY 2028 in terms of continued growth in cash flow per share as you address the TAM that you've outlined in past Investor Days. Conceptually, is this TAM growing or declining over time? And does it even matter given the degree of white space? Robert Keane: Thank you. We see a long runway for continued cash flow growth well beyond 2028. And we're going to be leveraging our competitive scale across this huge market. I'll come back to the TAM in one moment, but the investments we've made over the past several years over the past decade in modernizing our technology, in repositioning Vistaprint, moving into elevated product categories really position us to sustain growth past our fiscal '28 targets in n terms of EBITDA, but also cash flow. And the direction of cash flow will clearly be up and to the right as far as we believe. And there will probably be annual fluctuations, especially in cash flow, but we definitely also believe that we are going to be able to avoid the major cash flow swings that we've seen in the past 5 to 7 years, which we had as we navigated the pandemic, the subsequent supply chain inflation. And while doing so, said we were going to continue on our commitment to invest in tech migration and the repositioning of Vistaprint during that -- those tough times. So I think looking forward to that continued growth in cash flow per share definitely up to the right with much less volatility than we've seen in the past, although some annual fluctuations in cash flow, I think, are probably part of that. But we're very optimistic. As to our TAM, you're right. It's about what we see. It is what we think it's been for quite some time, roughly $100 billion. But there are underlying product categories that are shifting. So products like promotional products, logo apparel, packaging are pretty much growing with GDP at the market level. We're growing much faster than that, whereas legacy print categories like business cards or flyers are slowly declining. But when you put all that together, the market is steady to slightly growing. And our investments in moving into elevated products are really getting us into a lot of those markets that are not facing the headwinds we see in some of our legacy products. We're also getting into markets that are much less penetrated from an online perspective. So that's why we really believe the wallet share of our existing customers is a big driver of how we can drive into that TAM as well as, of course, getting to new customers, including our own customer acquisition channels and partnerships like we are doing with Canva. So I agree with your question, which said something to the fact that given the size of this white space doesn't really matter. It doesn't really matter. We're a roughly $4 billion company over the coming 12 months and $100 billion market. So what's most critical is continuing our low-cost producer status through manufacturing efficiencies and scale and having incredible customer value across the user experience. Meredith Burns: Thanks, Robert. I'm going to follow up quickly while we're talking about TAM because we've got another question that I think is related. What do you think about the TAM of high-value customers and how much share you currently have with those customers? Robert Keane: So I would respectfully disagree with what I think is the premise of the question. High-value customers are already in our -- most -- we have huge numbers of customers who are not high-value customers for us who are buying a lot of print products elsewhere. And so wallet share is a key part of our growth into this TAM. And so HPCs are part of our TAM of $100 billion. And in the past, because we didn't have the broad product line, because we didn't have the focus on that, especially at Vistaprint and I would say, even at some of the BuildASign properties, we focused more on these lower-value relationships, as you call them in the customers where we are selling $50, $100, $150 a year to customers, and we're shifting to selling customers thousands of dollars per year. But they are part -- they're one and the same or the same TAM. Meredith Burns: Thanks, Robert. Helpful clarification there. All right. Sean, another question for you. How should we think about the level of run rate maintenance CapEx after this growth period is completed as compared to where it is currently? Is there a percentage of growth CapEx that is almost certain to get converted to ongoing maintenance going forward post 2027, 2028? Sean Quinn: Yes. I'll start with the latter part of the question. And I think part of that will, but also as revenue grows. So I think the right way to think about it is that maintenance CapEx should still stay around 1.5% of revenue. And that's been, on average, the case for a bit. I think what we're going through now, we've -- in fiscal -- actually starting in fiscal '25, but certainly in fiscal '26 and again, in fiscal '27, we've had some pretty significant build-out of new facilities. And if you go back into our history, for obvious reasons, you see these kind of elevated levels or spikes in our CapEx when we are building out new facilities for obvious reasons and then that kind of settles back down. The -- and that's what we're going through now. And in fiscal '28, we do, as I said earlier, we do expect our CapEx levels to decrease in absolute dollars from fiscal '26 and '27 levels, but then also as a percentage of revenue, of course, be down even further. I think the other thing that plays into this is M&A, and you can also see this in our historical trends. When we, for example, started to buy into what is now our Upload & Print portfolio because of the capacity that offered and as we started to, in more recent years, get more capacity utilization because of our initiatives with Cimpress -- cross-Cimpress fulfillment, that's enabled maintenance CapEx to come down some because we're getting better capacity utilization. And I expect that will only improve, but also with some of the more recent M&A that we've done and could do in the future in terms of tuck-in acquisitions. That also serves to somewhat lower maintenance CapEx as well. So that's kind of the story. But I think as we get to fiscal '28, we'll see that moderation and then we'll get back to levels that are pretty consistent with where we've been in our recent past. Meredith Burns: Thanks, Sean. And of course, that was all CapEx from a physical CapEx perspective. I'm going to follow up just so that you can hit on capitalized software as well as our investors tend to want to understand what the trends are there, too. So if you could just make a couple of comments on that [indiscernible] perspective. Sean Quinn: Yes. We expect that to be basically flat year-over-year in '27. And I think as we look forward, that's another -- in that kind of walk from our profitability to free cash flow, that's another area I expect us to continue to get leverage. And I think all of our efforts from an AI perspective are part of that as well. But I expect us to be able to get leverage out of that line, either not seeing much growth or maybe even opportunity to actually lower that given all the benefits of AI in terms of how development is done. So that would be the path there. Meredith Burns: Thank you so much, Sean. Robert, we've got one more question in the queue here. I'm just going to ask you if there have been any changes in the competitive landscape recently? Robert Keane: No, it really has not been at all. It's been very consistent. I'd certainly say post-pandemic, we did see -- I'd have to think back when it was a time long ago where we were seeing what we felt was pretty irrational pricing in the European Upload & Print space that has very much dissipated. We live in a very, very competitive world, but I think that's healthy. It makes us better. It keeps us hyper focused on just improving our customer value, but there's no macro change. If I try to quantify or describe that in a little more detail, we live in a world where the vast majority of printers and sign shops and promotional product distributors are less than 10 employees and 90% of them plus or less than 100 employees. And if you look at the big companies in printing and packaging, promotional products, they don't serve small customers well. They don't even really want to serve them even what we consider high-value customers, against someone who might order several thousand dollars a year from us on average, those are tiny customers for what the big print and packaging and promotional product companies target where they're going after enterprises. So I would say that there's no change to that broad description of the competitive landscape, and we're still very optimistic about our opportunity to continue to take market share. Meredith Burns: Great. And just as a point of clarification, that more intense competitive irrational behavior in the European market was pre-pandemic in around 2019 time frame, and the pandemic actually helped to quiet that down quite a bit. Robert Keane: Thank you for that. Yes. Correction on that date. Meredith Burns: All right. Robert, I'm going to turn it back over to you for closing remarks. Robert Keane: Thank you, Meredith. And let me leave you all with the few things that I think matter the most. First, the strategy we're winning with is the same one we've been pursuing for years and describing to you all along, higher-value customers, elevated products, manufacturing excellence and design enablement. We're now changing course. It's working. Second, in fiscal '26, we kept strengthening the value we deliver to customers, driving up efficiency and picking up the velocity with which we make improvements. Third, our path is clear. We're building leading capabilities and real competitive advantages, the kind that let us serve customers better and keep our multi-decade disruption of a very large, very fragmented market for customized marketing products and branded merchandise. Fourth, the investments we've made over the past in technology modernization and in product expansion and in many other areas are paying off on more than one front. They've positioned us to win organically. They've created clear synergy opportunities for tuck-in M&A. And now they've attracted a major strategic partner in Canva, a company that is better than anyone in the world to evaluate just how unique Cimpress is given our combination of our technology our product range, our manufacturing capabilities, our geographic reach and very importantly, our culture and capability to combine entrepreneurial speed with massive scale. And fifth, on the financials, we're confident we'll hit our newly raised fiscal '28 at least profitability target, along with the cash flow conversion and leverage reduction we've laid out for you before. One housekeeping item that I want to touch on before I close. Please do save the date on your calendar for our Annual Investor Day, that's September 30, 2026, from 8:00 a.m. to 11:00 a.m. Eastern. And with that, thank you for joining our call, and thank you for continuing to entrust your capital with us. Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Before you buy stock in Cimpress Plc, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cimpress Plc wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Cimpress (CMPR) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Cimpress plc? Here are five stocks we like better. Cimpress delivered fiscal 2026 revenue of $3.74 billion, up 10% reported and 4% organically, while adjusted EBITDA rose 6% to $458.5 million. Fourth-quarter results were pressured by startup costs, duty-drawback and inventory charges, though tariff refunds provided a partial offset. Management forecast fiscal 2027 revenue growth of at least 7%, adjusted EBITDA of at least $520 million, and adjusted free cash flow of approximately $200 million. Recent acquisitions, organic growth and cost efficiencies are expected to drive the improvement. Cimpress raised its fiscal 2028 adjusted EBITDA target to at least $615 million and expects stronger cash generation and lower leverage. Its Canva partnership and Saxoprint acquisition expand customer reach, product distribution and manufacturing capacity, although the Canva deal’s financial impact remains undisclosed. 3 Industrials Stocks Standing Out for Growth and Analyst Optimism Cimpress (NASDAQ:CMPR) reported fiscal 2026 revenue of $3.74 billion, up 10% on a reported basis and 4% on an organic constant-currency basis, as the company continued investments in higher-value customers, elevated product categories, manufacturing and supply-chain capabilities, and design tools. Adjusted EBITDA for the full year rose 6% to $458.5 million. Fourth-quarter revenue increased 9% on a reported basis and 3% on an organic constant-currency basis, while adjusted EBITDA totaled $120.4 million. The company also raised its fiscal 2028 adjusted EBITDA target to at least $615 million, from a prior target of at least $600 million. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Sean Quinn, Cimpress’ executive vice president and chief financial officer, said fourth-quarter profitability was affected by several items outside core operations. These included $7.1 million in higher startup costs tied to the company’s North American manufacturing-network buildout, a $4.7 million write-off of Canadian duty-drawback receivables that Cimpress is contesting, and $1.8 million in inventory write-downs. Those costs were partially offset by $6.9 million in IEEPA tariff refunds during the quarter. Quinn said the company also experienced a roughly $10 million negative impact from the duty drawback issue, inventory write-downs and adjustments to variable long-term incentives that emerged late in the quarter. Less favorable currency movements and transaction costs related to the Saxoprint acquisition added about $2 million of combined impact, he said. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Adjusted free cash flow was $70.5 million in the fourth quarter and $122.4 million for fiscal 2026. Quinn attributed the annual cash flow level in part to higher manufacturing capital expenditures intended to reduce unit costs and expand capacity for higher-end products. Net working capital represented an $11 million use of cash for the year, compared with an expectation for a small inflow, which Quinn characterized as a timing issue rather than a structural change. The company ended the year with net leverage of 2.9 times trailing-12-month EBITDA under its credit agreement, down from 3.1 times at the end of fiscal 2025. Cimpress had $249 million in cash and cash equivalents, in addition to a $250 million revolving credit facility. During the quarter, it completed a new $1.1 billion term loan due in 2033, replacing a prior term loan due in 2028. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? For fiscal 2027, Cimpress forecast reported revenue growth of at least 7%, including organic constant-currency growth of at least 3%. The company expects net income of at least $125 million, adjusted EBITDA of at least $520 million, operating cash flow of approximately $370 million and adjusted free cash flow of approximately $200 million. Quinn said recent tuck-in acquisitions are expected to contribute $18 million to $21 million of year-over-year adjusted EBITDA growth in fiscal 2027, with $165 million to $175 million of associated revenue. Currency is expected to add another $5 million to $10 million to profitability based on current exchange rates and contracted hedges. The remaining expected adjusted EBITDA growth of $31 million to $39 million is expected to come from organic growth and cost efficiencies, including structural cost-of-goods-sold reductions from Cross-Cimpress Fulfillment, focused production hubs, manufacturing investments and operating-expense savings. Capital expenditures and capitalized software are expected to remain at levels similar to fiscal 2026 in fiscal 2027. Quinn said maintenance capital expenditures should remain around 1.5% of revenue over time, while overall spending is expected to moderate in fiscal 2028 as recent facility buildouts are completed. He also said capitalized software is expected to be roughly flat in fiscal 2027, with artificial intelligence potentially creating future efficiency opportunities in software development. Founder, Chairman and Chief Executive Officer Robert Keane highlighted Cimpress’ new strategic partnership with Canva, which has launched an initial lineup of Vistaprint-branded products in the U.S. and Canada. Cimpress expects to significantly expand the product range and enter more than 25 additional countries by the end of September. Keane described the agreement as a deep technical integration that enables customers to move from a design prompt to a print-ready Vistaprint product without leaving Canva. He said Canva AI will connect directly to Cimpress systems. However, he declined to provide specific economic details or quantify the partnership’s expected contribution to fiscal 2027 or fiscal 2028 results, citing confidentiality provisions and the early stage of the arrangement. “We do gain a major channel to reach customers that we haven’t had before,” Keane said, adding that Cimpress believes the opportunity can be economically attractive. The company also closed its acquisition of Saxoprint, which Keane said will provide a production hub supporting its Cross-Cimpress Fulfillment strategy. He said the acquisition will strengthen the PrintBrothers business in the near term and could provide broader benefits across Cimpress’ European operations over time. Cimpress maintained its fiscal 2028 organic constant-currency revenue growth expectation of 4% to 6%, while raising its adjusted EBITDA target to at least $615 million. It now expects net income of at least $192 million and adjusted free cash flow conversion of about 45%, implying roughly $275 million in adjusted free cash flow on the higher EBITDA base. Quinn said the increase in the 2028 target primarily reflects a higher anticipated contribution from acquisitions completed in recent quarters. The company expects net leverage to decline to about 2.5 times by the end of fiscal 2027 and to fall meaningfully below 2.0 times by the end of fiscal 2028, subject to capital allocation decisions such as share repurchases. Keane said the company remains focused on customized physical marketing products and branded merchandise, rather than pursuing a major strategic shift. He cited higher-value customers, expanded product offerings, manufacturing efficiency and design enablement as the core elements of Cimpress’ strategy. He also said Cimpress sees a long runway in a customized-printing and branded-merchandise market it estimates at roughly $100 billion. While certain legacy print products are declining gradually, Keane said categories such as promotional products, logo apparel and packaging are growing around the rate of gross domestic product and provide opportunities for the company to gain customer wallet share and market share. Cimpress NV is a global leader in mass customization and web-to-print services, offering businesses and consumers an online platform to design, order and personalize printed marketing materials and promotional products. As the parent company of Vistaprint and a portfolio of regional print service providers, Cimpress leverages proprietary technology to connect millions of small- and medium-sized customers with a network of manufacturing facilities around the world. Its product range spans business cards, brochures, signage, labels, apparel, packaging and a variety of bespoke merchandise. The company traces its roots to Vistaprint, founded in 1995 by Robert W. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Cimpress Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Cimpress plc CMPR reported fourth-quarter fiscal 2026 (ended June 30, 2026) earnings of 97 cents per share (on a reported basis) against a loss of $1.02 in the year-ago quarter. The company’s adjusted earnings came in at $1.08 per share, which beat the Zacks Consensus Estimate of $1.00 by 8%. Total revenues increased 8.7% year over year to $945 million and topped the Zacks Consensus Estimate of $928 million by 1.8%. Organic constant-currency revenues grew 3%, driven by broad-based growth across businesses, while management highlighted continued momentum in high-value customers and elevated product categories. Favorable currency movements and recent tuck-in acquisitions provided an additional lift to reported growth. VistaPrint, the company's largest business, generated revenues of $486.4 million compared with $466.5 million in the year-ago quarter. Combined Upload & Print revenues increased to $341.8 million from $284.5 million a year ago, reflecting continued customer demand and acquisition contributions.PrintBrothers revenues climbed to $215.5 million from $178.3 million in the prior-year quarter, while The Print Group reported revenues of $126.5 million compared with $106.4 million a year ago. National Pen revenues improved to $95.7 million from $93.8 million, and All Other Businesses revenues increased to $68.7 million from $59 million. Cimpress plc price-consensus-eps-surprise-chart | Cimpress plc Quote Cost of revenues increased 12.8% year over year to $515 million. Gross profit grew 4.1% to $430 million despite higher manufacturing start-up costs associated with the North American production network.Gross margin contracted 100 basis points year over year to 46%. During the quarter, profitability was affected by $7.9 million of higher manufacturing start-up costs, a $4.7 million write-off of Canadian duty draw-back receivables and inventory write-downs, partly offset by $6.9 million of tariff refunds.Operating income slipped 1% year over year to $64.8 million. Adjusted EBITDA declined 1.7% to $120.4 million, while the adjusted EBITDA margin contracted to 12.7% from 14.1% a year ago. VistaPrint's segment EBITDA increased 1% year over year to $106.8 million as strong growth in marketing materials, apparel, gifts, promotional products, packaging and labels offset continued investments in manufacturing capacity.The combined Upload & Print businesses continued to deliver robust profitability. PrintBrothers segment EBITDA increased to $24.5 million from $22.2 million, while The Print Group's EBITDA improved to $24 million from $20 million, supported by revenue growth, operating efficiencies and cross-Cimpress fulfillment initiatives.National Pen segment EBITDA increased to $10.7 million from $9.2 million, aided by tariff refunds. Meanwhile, EBITDA at All Other Businesses declined to $3.5 million from $6.5 million. As of June 30, 2026, Cimpress held cash and cash equivalents of $248.9 million compared with $234 million at the end of fiscal 2025.During fiscal 2026, net cash provided by operating activities totaled $283.7 million compared with $298.1 million in fiscal 2025. Adjusted free cash flow declined to $122.4 million from $148.0 million primarily due to higher manufacturing-related capital expenditures.The company repurchased 702,820 shares for $50.1 million during fiscal 2026, representing roughly 3% of shares outstanding at the beginning of the fiscal year. Net leverage stood at 2.9 times trailing 12-month EBITDA at quarter-end. For fiscal 2027 (ending June 30, 2027), Cimpress expects reported revenue growth of at least 7%, including at least 3% organic constant-currency revenue growth.The company projects net income of a minimum of $125 million and adjusted EBITDA of at least $520 million. It also expects operating cash flow of approximately $370 million and adjusted free cash flow of roughly $200 million.Management also raised its fiscal 2028 (ending June 30, 2028) profitability target and now expects adjusted EBITDA of at least $615 million, up from its previous target, while reiterating expectations for 4-6% annual organic constant-currency revenue growth and approximately 45% adjusted free cash flow conversion. Cimpress currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the same space are discussed below:Applied Industrial Technologies AIT carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Applied Industrial’s earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 4.0%.  In the past 60 days, the Zacks Consensus Estimate for Applied Industrial’s fiscal 2026 bottom line has inched up 0.1%.RBC Bearings Incorporated RBC presently carries a Zacks Rank of 2. RBC Bearings’ earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 6.2%. In the past 60 days, the Zacks Consensus Estimate for RBC’s fiscal 2027 earnings has increased 0.8%.Generac Holdings GNRC currently carries a Zacks Rank of 2. Generac Holdings’ earnings topped the consensus estimate twice and missed on the other two occasions in the trailing four quarters. The average earnings surprise was 7.4%. In the past 60 days, the Zacks Consensus Estimate for GNRC’s 2026 earnings has been stable. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cimpress plc (CMPR) : Free Stock Analysis Report RBC Bearings Incorporated (RBC) : Free Stock Analysis Report Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report Generac Holdings Inc. (GNRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance in fiscal 2026 was driven by manufacturing and supply chain excellence, alongside a strategic shift toward elevated products and design enablement. The new partnership with Canva provides a meaningful on-ramp to customers at scale, integrating Canva's AI design tools directly with Cimpress's production systems. Management attributes Vistaprint's success to a 9% year-over-year increase in variable gross profit per customer, reflecting a successful focus on high-value customers. The acquisition of Saxoprint serves as a strategic production hub to strengthen the European fulfillment network and cross-Cimpress fulfillment strategy. Management emphasizes that while AI will accelerate value creation and cost reduction, the core economic engine remains the production of physical customized products. Operational noise in Q4, including a $4.7 million write-off of Canadian duty drawback receivables and $7.1 million in start-up costs, impacted near-term results but not long-term trajectory. Raised fiscal 2028 adjusted EBITDA target to at least $615 million, primarily driven by higher expected contributions from recent tuck-in M&A. Fiscal 2027 guidance assumes organic constant currency revenue growth of at least 3%, intentionally set at a level management feels very comfortable achieving. Anticipated adjusted free cash flow of approximately $200 million in fiscal 2027 is supported by lower cash taxes and adjusted EBITDA growth. Management expects net leverage to decrease to approximately 2.5x by the end of fiscal 2027 and move meaningfully below 2.0x by the end of fiscal 2028. Supply chain mitigation strategies are being operationalized to offset potential impacts from new Section 338 tariffs on Canadian goods announced for August 2026. The $4.7 million Canadian duty drawback write-off resulted from a long-standing ruling being revoked at the end of Q4; the company is actively contesting this. North American manufacturing network build-out incurred $7.1 million in higher-than-expected start-up costs during the fourth quarter. A new $1.1 billion Term Loan B due 2033 was closed during the quarter, replacing the prior facility due in 2028 to strengthen the long-term capital structure. Management noted that while legacy print categories like business cards are slowly declining, the overall $100 billion TAM remains steady to slightly growing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The partnership is a deep technical integration where Cimpress acts as a production partner for Canva's new 'Print Shop' strategy. Management declined to share specific economic terms due to confidentiality but highlighted it as a major new channel to reach hundreds of millions of monthly users. The integration allows customers to move from a design prompt to a print-ready Vistaprint product without leaving the Canva platform. Acceleration from 3% to 4-6% organic growth is expected to come from new channels like Canva and continued expansion into elevated products like packaging. Management noted that FY27 guidance was set conservatively, similar to the approach taken at the start of FY26. Management will focus on tuck-in acquisitions in core print markets at reasonable multiples, avoiding high-valuation digital-only plays or unfamiliar geographies. Recent acquisitions are expected to generate base-case returns on capital well in excess of 20% through stand-alone earnings and synergy realization. Maintenance CapEx is expected to remain around 1.5% of revenue, with total CapEx absolute dollars decreasing in fiscal 2028 as major facility build-outs conclude. Capitalized software levels are expected to remain flat in FY27, with potential for future leverage as AI improves development efficiency.

Cimpress (CMPR) came out with quarterly earnings of $1.08 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to a loss of $1.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.00%. A quarter ago, it was expected that this marketing materials maker would post earnings of $0.15 per share when it actually produced earnings of $0.55, delivering a surprise of +266.67%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Cimpress, which belongs to the Zacks Consumer Services - Miscellaneous industry, posted revenues of $944.96 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.86%. This compares to year-ago revenues of $869.48 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Cimpress shares have added about 50.4% since the beginning of the year versus the S&P 500's gain of 8.5%. While Cimpress has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Cimpress was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.53 on $861.58 million in revenues for the coming quarter and $4.52 on $3.84 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consumer Services - Miscellaneous is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, H&R Block (HRB), is yet to report results for the quarter ended June 2026. This tax preparer is expected to post quarterly earnings of $2.23 per share in its upcoming report, which represents a year-over-year change of -1.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. H&R Block's revenues are expected to be $1.12 billion, up 0.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cimpress plc (CMPR) : Free Stock Analysis Report H&R Block, Inc. (HRB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Cimpress stock has roughly doubled over the past year, yet its valuation checks lean expensive, creating a clear tension between recent share price strength and what the numbers say about value. Over the last 12 months, Cimpress has returned about 101.8%, which puts extra focus on whether the current price leaves enough room for future execution missteps. The company’s ability to convert revenue into consistent cash flows may support the current share price. However, any pressure on margins or heavier investment needs could quickly weigh on what investors are willing to pay. With a low overall value score, where Cimpress screens attractively on just 2 of 6 valuation checks, the stock currently looks more like a potential premium than a clear bargain. The issue now is whether Cimpress’s recent share price gains are justified by its fundamentals or have pushed the stock beyond what its financial profile supports. Cimpress delivered 101.8% returns over the last year. See how this stacks up to the rest of the Commercial Services industry. The P/E ratio is a useful way to check whether Cimpress stock is pricing its earnings on the expensive or cheaper side compared with similar companies. Cimpress currently trades on a P/E of about 52.1x, which stands well above the Commercial Services industry average of 20.0x and the peer average of 15.3x. The fair P/E ratio estimated for Cimpress, based on factors such as its business profile and risks, sits at 24.7x. That is less than half of where the stock trades today, which suggests investors are paying a steep premium for each dollar of current earnings compared with what this framework implies as reasonable. For anyone considering Cimpress, it raises the bar on the level of execution and stability needed to justify such a high earnings multiple. On the P/E measure, Cimpress stock currently screens as clearly overvalued relative to what this model suggests would be a fair earnings multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Cimpress go beyond a single P/E figure and clarify which potential paths for Cimpress' growth, margins and earnings would need to occur for the stock to justify a much higher or lower price than today. Where a ratio or model provides one output, these scenarios describe the future assumptions it depends on so you can see whether reality continues to align with that view over time. If you have a number driven view on where Cimpress' growth, margins and execution go from here, consider sharing a Narrative to put your case on record and see how it tracks as new results arrive. It is a chance to add your voice to the Simply Wall St community and set out what you think really needs to go right or wrong from today's valuation. Do you think there's more to the story for Cimpress? Head over to our Community to see what others are saying! For now, Cimpress looks overvalued on earnings based multiples, with the current P/E implying investors are already paying up for a strong and steady delivery from here. The broader valuation checks also lean cautious, which means there is less margin for error if margins tighten or investment needs rise. The key question that separates bulls and bears is whether Cimpress can sustain the level of profitability and execution implied by this premium, or whether the market eventually reins in the multiple if that does not materialize. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CMPR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]