Cricut, Inc. (CRCT) · Nov 3, 2026 · Earnings
Beat — Diluted EPS $0.13 vs ~$0.05 consensus; revenue $188.6M vs ~$172.0M
Cricut’s Q3 earnings beat low expectations, with product revenue accelerating and new dividends and buybacks reshaping capital allocation.
Cricut is trying to revive a platform business after Q2 revenue fell 9% year over year, using new machines, subscriptions, and international expansion to re-engage its nearly 6 million-user base. Q3 shows a much stronger recovery than the market was expecting: published estimates centered around roughly $172 million of revenue and $0.05 of EPS, versus $188.6 million and $0.13 reported.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Statements) | $188.6M (+10.7%) | $170.4M | ~$172.0M |
| Diluted EPS (Financial Statements) | $0.13 (+30.0%) | $0.10 | ~$0.05 |
| Net income (Financial Statements) | $27.8M (+35.7%) | $20.5M | |
| Nine-month operating cash flow (Cash Flow statement) | $100.9M (-14.3%) | $117.8M |
The core business snapped back materially. Revenue beat consensus by roughly 10%, while operating income rose to $33.9 million from $22.7 million as gross profit expanded faster than operating expenses (Income Statement). The important mix shift was Products revenue, up 17% to $102.7 million, while Platform revenue grew only 4% to $85.9 million (Financial Highlights).
This is a product-led recovery, not yet a broad subscription acceleration. The new Maker 5 and StickerPix launches appear to have helped hardware and consumables demand, and management cited more than 3.07 million paid subscribers, but Platform growth remains modest. That matters because Cricut’s longer-term thesis depends on turning a larger installed machine base into recurring subscription and content revenue. 〔0〕
Cash generation is healthy, but the balance sheet is being actively redistributed. Nine-month operating cash flow declined to $100.9 million from $117.8 million, while inventory absorbed $28.6 million and capital spending rose to $28.5 million (Cash Flow statement). At the same time, Cricut used cash for $25.7 million of share repurchases and announced both a recurring $0.10 dividend and a $0.70 special dividend (Cash Flow statement; capital allocation disclosure).
The liquidity disclosure needs careful reading. The release says Q3 ended with $273 million of cash and cash equivalents, while the balance sheet reports $174.6 million of cash plus $98.1 million of marketable securities—roughly the same total, but not the same accounting classification (Balance Sheet). That supports a solid liquidity position, though the company is no longer holding as much in immediately available cash as it did at year-end.
Bottom line: This was a clear earnings beat and a meaningful reversal from Q2’s contraction, driven chiefly by products and launches rather than a major acceleration in the platform. It strengthens Cricut’s near-term execution story, but the recurring-revenue thesis still needs more evidence.
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