Counselor Top 40 distributor Cimpress (asi/162149), parent company of VistaPrint and National Pen (asi/281040), reported annual revenue of $3.74 billion for FY2026 and Q4 revenue of $945 million, according to an earnings report released this week. Those figures mark a rough increase of 9% year over year for the quarter and a 10% increase for the fiscal year compared to FY2025.

Looking ahead, Cimpress forecasts 7% revenue growth, $125 million net income, $520 million adjusted EBITDA and approximately $200 million in adjusted free cash flow in FY2027. The firm also raised its FY2028 outlook and now expects at least $615 million in adjusted EBITDA and $192 million in net income.

“Our meaningful progress in FY2026 underpins FY2027 guidance that demonstrates strong continued financial momentum; we have also raised the profitability and cash flow targets that we had previously shared for the following year, FY2028,” said Cimpress founder, Chairman and CEO Robert S. Keane in a letter to investors. “For Q4 FY2026, a few items outside our core operations negatively impacted profitability, but these do not change our view on the profitability and cash flow growth ahead of us.”

VistaPrint’s Q4 revenue grew 4%, an increase supported by the company’s promotional products, apparel, gifts, packaging and labels business. VistaPrint’s EBITDA grew 1% year over year to $106.8 million, up $0.8 million compared to the same period a year prior.

Higher expenses for VistaPrint were caused by a $4.7 million Canadian duty adjustment based on a new tariff rate and $6.1 million of increased start-up costs for a new North American manufacturing facility. “We expect this investment to provide significant recurring COGS improvements in future years,” said Cimpress, adding that these higher expenses were partially offset by $3.8 million of tariff refunds.

During Q4, Cimpress received $6.9 million in tariff refunds, which were offset by $1.8 million of inventory write-downs and an unexpected $4.7 million write-off of Canadian duty drawback receivables.

PrintBrothers and the Print Group, the company’s combined upload and print business, grew Q4 revenue by 21% and 19% on a reported basis, respectively. PrintBrothers’ organic growth saw continued customer and order growth, but with lower order quantities, which Cimpress noted aligned with recent industry trends. The Print Group’s growth, meanwhile, was largely due to continued strength in cross-Cimpress fulfillment.

National Pen’s quarterly growth was also supported by the sharing of resources across the firm, growing 2% year over year on a reported basis and 1% on an organic constant-currency basis.

The results come several months after National Pen appointed Bryan Kranik of BuildASign as CEO, part of a larger announcement that Cimpress would combine the capabilities of both National Pen and BuildASign with VistaPrint. The companies “will actively share capabilities like product development, sourcing, performance marketing, telesales, direct mail and manufacturing while maintaining Vista, National Pen and BuildASign as separate businesses with focused brands,” the distributor said earlier this year.

Cimpress added that it has filed for roughly $10 million in Phase 2 IEEPA tariff refunds. It will recognize these funds if they are received, but has not included that benefit in its FY2027 guidance. Given the volatile trade environment, as Cimpress refers to it, the firm hasn’t included new Canadian tariffs under Section 338 in its guidance. “Our preliminary review shows these would affect a small portion of products fulfilled in Canada for U.S. customers, and we are actively operationalizing supply chain and fulfillment adjustments to mitigate a substantial portion of any prospective cost impact,” the company said.

Based on estimated 2025 North American promotional products revenue of $350.9 million, Cimpress ranks 10th on Counselor’s most recent list of largest distributors in the industry.