News August 05, 2025
Cimpress Revenue Grows in Fiscal Year 2025 but Bottom-Line Gains Slow
The Counselor Top 40 distributor, parent company to Vistaprint and National Pen, posted a 3% revenue increase, but its net income fell significantly year over year.
Key Takeaways
• Cimpress (asi/162149) achieved a 3% revenue increase in FY2025, reaching $3.4 billion, with strong contributions from Vistaprint and National Pen. However, net income dropped 93% year over year due to higher tax expenses and currency hedge losses.
• Vistaprint surpassed $1.8 billion in revenue, National Pen posted 12% Q4 growth and the Print Brothers/The Print Group units collectively exceeded $1 billion in annual revenue for the first time – highlighting solid brand momentum despite rising costs.
Counselor Top 40 distributor Cimpress (asi/162149) – the parent firm of several print and promo related companies, including Vistaprint, National Pen and Counselor Top 40 supplier Goldstar (asi/73295) – increased revenue 3% during its 2025 fiscal year to about $3.4 billion across all segments.
The Dundalk, Ireland-headquartered company’s bottom line, however, took a tumble, tallying up to $12.85 million, or about $0.60 per basic share ($0.58 per diluted share). That figure is a 93% year-over-year decline from net income in the 2024 fiscal year, though still an improvement from the firm’s $186 million loss in FY2023.
“While our financial performance in FY2025 was below our aspirations, we finished the year in a strong position to extend our long history of market leadership and profitable growth,” Cimpress CEO Robert Keane said. “We demonstrated our resilience and ability to act quickly to mitigate risk during an uncertain tariff and trade environment, and we have continued to invest in capabilities that we expect to drive strong profits and cash flows in the coming years.”
In a full-year financial report released in August, the company said the drop was likely attributable to significantly increased income tax expenses, as well as unrealized losses on currency hedges. Gross profit was also affected by nearly $3 million in tariff costs in Q4, mostly through National Pen where price increases didn’t completely offset higher costs.
Cimpress’ flagship Vistaprint brand continues to make up more than 50% of its income, with full-year revenue growing 3% year over year to $1.82 billion and the company noting particular growth in the promotional products, apparel and gifts; packaging; and signage categories. Earnings before interest, taxes, depreciation and amortization (EBITDA) were essentially flat year over year at about $347.7 million.
“While our financial performance in FY2025 was below our aspirations, we finished the year in a strong position to extend our long history of market leadership and profitable growth.”Robert Keane, Cimpress (asi/162149)
National Pen had a particularly strong fourth quarter with 12% reported sales growth for the three-month period between April and June. Full-year revenue increased 5% to a total of $406.8 million, with EBITDA growing $1.7 million to $31.4 million.
For Print Brothers and The Print Group – the company’s combined upload and print businesses – FY2025 revenue grew by about 5% combined to exceed a collective $1 billion for the first time. Combined EBITDA declined $3.6 million to $154.3 million, driven by increased advertising spend, start-up costs for a U.S. launch and increased operating expenses.
Based on an estimated calendar year 2024 North American promotional products revenue of $326.4 million, Cimpress ranked 11th on Counselor’s most recent list of the largest distributors in the industry.