Over 3.07 million Paid Subscribers, up 2% over Q3 2025
Q3 2026 revenue of $188.6 million, up 11% compared to Q3 2025
Net income of $27.8 million, up 36% compared to Q3 2025
Recurring semi-annual dividend of $0.10 per share and special dividend of
$0.70 per share to be paid in January 2027
SOUTH JORDAN, Utah, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced financial results for its third quarter ended September 30, 2026.
"We delivered a strong third quarter, with revenue up 11% year-over-year, driven by 17% growth in Products and continued growth in Platform revenue," said Ashish Arora, Chief Executive Officer of Cricut. "Double-digit sell-out growth for the second consecutive quarter, rising active users, and more than 3.07 million paid subscribers reflect the progress we are making to broaden our reach and deepen engagement. The launches of Maker 5 and StickerPix demonstrate how our investments in innovation are expanding the Cricut ecosystem, creating new reasons for consumers to make, and strengthening our long-term growth opportunity."
Third Quarter 2026 Financial Results
-- Revenue was $188.6 million, up 11% from Q3 2025.
-- Platform revenue was $85.9 million, up nearly 4% over Q3 2025.
-- Products revenue was $102.7 million, up 17% from Q3 2025.
-- International revenue increased by 30% from Q3 2025 and was 28% of total
revenue, up from 24% of total revenue in Q3 2025.
-- Gross margin was 57.7%, up from 55.2% in Q3 2025.
-- Operating income was $33.9 million, or 18.0% of revenue, and up 50% from
Q3 2025. Operating income in Q3 2025 was $22.7 million, or 13.3% of
revenue.
-- Net income was $27.8 million, or 14.8% of revenue, and up 36% from Q3
2025. Net income in Q3 2025 was $20.5 million, or 12.0% of revenue.
-- Diluted earnings per share was $0.13, up from $0.10 per share in Q3 2025.
-- Generated $24 million in Cash from Operations in Q3.
-- Used $6.5 million to repurchase 1,294,882 shares of our common stock in
Q3 with $15.1 million remaining on our $50 million authorized stock
repurchase program, which the board replenished in May 2025.
"In the third quarter, we delivered revenue of $188.6 million, up approximately 11% year over year, and net income of $27.8 million, or 14.8% of sales, reflecting strong results in both our Products and Platform businesses. Product revenue grew approximately 17% to $102.7 million, while Platform revenue grew approximately 4% to $85.9 million," said Kimball Shill, Chief Financial Officer. "We generated $23.7 million in cash from operations during the quarter and ended Q3 with $273 million in cash and cash equivalents. Our profitable business model, strong balance sheet, and cash generation give us the flexibility to continue investing in innovation, international expansion, and marketing, while also returning capital to shareholders. Reflecting this balanced approach, the board recently approved three capital allocation items: the approval of our recurring semi-annual dividend of $0.10 per share, a special dividend of $0.70 per share, and the replenishment of our stock repurchase program up to $50 million, which incorporates the unused portion from the prior approvals."**
Recent Business Highlights
-- Paid Subscribers increased to 3.07 million, up 2% year-over-year. -- Platform ARPU increased to $56.70, up 3% year-over-year. -- Active Users grew 2% year-over-year to nearly 6.0 million. -- 90-Day Engaged Users was flat year-over-year at 3.5 million.
** The approved dividend is to the Company's Class A and Class B Common Stockholders. In addition, holders of restricted stock units that are unvested on the record date are credited with a dividend equivalent based on the value of the per share dividend pursuant to the terms of the Company's equity incentive documents. The dividend equivalent entitles such holders to receive additional shares upon vesting of the corresponding restricted stock units. The board of directors views this level of capital allocation, both stock repurchases and dividends, as appropriate given the Company's operating and financial plans and will continue to evaluate capital allocation on a regular basis.
Key Performance Metrics
In addition to the measures presented in our condensed consolidated financial statements, we use the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
As of September 30,
---------------------
2026 2025
---------
Active Users (in thousands) 5,989 5,883
90-Day Engaged Users (in thousands) 3,466 3,451
Paid Subscribers (in thousands) 3,072 3,004
Twelve Months Ended September 30,
2026 2025
Platform ARPU $ 56.70 $ 54.88
Glossary of Terms
Active Users
We define Active Users as registered users of at least one registered connected machine who have utilized their connected machine to create a project in the last 365 days. One user may own multiple registered connected machines but is only counted once if that user registers those connected machines by using the same email address. If possession of a connected machine is transferred to a new owner and registered by that new owner, the new owner is added to the total Active Users and the prior owner is removed from the total Active Users if the prior owner does not own any other registered connected machines. Active Users is a key indicator of the health of our business, because changes in the number of Active Users excludes non-users to better represent opportunities for us to drive additional platform and product revenue.
90-Day Engaged Users
We define 90-Day Engaged Users as registered users of at least one registered connected machine who have utilized their connected machine to create a project in the last 90 days. One user may own multiple registered connected machines but is only counted once if that user registers those connected machines by using the same email address. If possession of a connected machine is transferred to a new owner and registered by that new owner, the new owner is added to the total 90-Day Engaged Users and the prior owner is removed from the total 90-Day Engaged Users if the prior owner does not own any other registered connected machines. 90-Day Engaged Users excludes non-users to better represent opportunities for us to drive additional platform and product revenue.
Paid Subscribers
We define Paid Subscribers as the number of users with a subscription to Cricut Access or Cricut Access Premium, excluding cancelled, unpaid, paused, or free trial subscriptions, as of the end of a period. Paid Subscribers is a key metric to track growth in our Platform revenue and potential leverage in our gross margin.
Platform ARPU
We define Platform ARPU as Platform revenue in a 12-month period divided by Active Users. Platform ARPU allows us to forecast Platform revenue over time and is an indicator of our ability to expand with users and of user engagement with our subscription offerings.
Webcast and Conference Call Information
Cricut management will host a conference call and webcast to discuss the results today, Tuesday, November 3, 2026 at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). Information about Cricut's financial results, including a link to the live and archived webcast of the conference call, will be made available on Cricut's investor relations website at https://investor.cricut.com/.
The live call may also be accessed via telephone. Please pre-register using this link: https://register-conf.media-server.com/register/BI98ef3f88677d416c98006d778bcd5c08. After registering, a confirmation will be sent via email and will include dial-in details and a unique PIN code for entry to the call. To avoid long wait times, we suggest registering at minimum 15 minutes before the start of the call to receive your unique PIN code.
About Cricut, Inc.
Cricut, Inc. is a creative platform company that makes it easy for users to create meaningful personal items. Cricut hardware and software work together as a connected platform for consumers to make beautiful, high-quality projects quickly and easily. These industry-leading products include a flagship line of connected machines -- the Cricut Maker(R) family, the Cricut Explore(R) family, the Cricut Joy(R) family, the Cricut StickerPix(R) family -- accompanied by other unique tools like Cricut EasyPress(R) , the Infusible Ink(TM) system, and a diverse collection of materials. In addition to providing tools and materials, Cricut fosters a thriving community of millions of dedicated users worldwide.
Cricut has used, and intends to continue using, its investor relations website and the Cricut News Blog to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Cricut News Blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Media Contact:
Avani Patel
pr@cricut.com
Investor Relations:
investors@cricut.com
Source: Cricut, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 as amended (the "Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include, but are not limited to, quotations from management, business outlook, strategies, capital allocation plans, the impact of tariffs on our business, the impact of geopolitical conflict or war on our supply chain, market size and growth opportunities. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "anticipates," "believes," "targets," "potential," "estimates," "expects, " "intends," "plans," "projects," "may," "will" or similar terminology. In particular, statements, express or implied, concerning future actions, conditions or events, future results of operations or the ability to generate revenues, income or cash flow are forward-looking statements. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections and our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions, many of which are beyond our control, that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance of Cricut, Inc., will prove to be correct or that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this press release are only made as of the date indicated on the relevant materials and are based on our estimates and opinions at the time the statements are made. We disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances or changes in opinion, except as required by law.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, risks and uncertainties associated with: our ability to attract and engage with our users; competitive risks; supply chain, manufacturing, distribution and fulfillment risks; international risks, including regulation, trade wars, heightened, scheduled, or threatened tariffs or by retaliatory trade measures that have materially increased our costs and the potential for further trade barriers or disruptions; sales and marketing risks, including our dependence on sales to brick-and-mortar and online retail partners and our need to continue to grow online sales; risks relating to the complexity of our business, which includes connected machines, custom tools, hundreds of materials, design apps, e-commerce software, subscriptions, content, international production, direct sales and retail distribution; risks related to product quality, safety and warranty claims and returns; risks related to the fluctuation of our quarterly results of operations and other operating metrics; risks related to intellectual property, cybersecurity and potential data breaches; risks related to our dependence on our Chief Executive Officer; risks related to our status as a "controlled company"; and the impact of economic and geopolitical events, natural disasters and actual or threatened public health emergencies, current recessionary pressures and any resulting economic slowdown from any of these events, or other resulting interruption to our operations. These risks and uncertainties are described in greater detail, or are incorporated by reference, under the heading "Risk Factors" in the most recent form 10-K or 10-Q that we have filed with the Securities and Exchange Commission ("SEC").
In addition, certain risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in these materials are only made as of the date indicated on the relevant materials and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
Cricut, Inc.
Condensed Consolidated Statements of Operations and
Comprehensive Income
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30,
2026 2025
-------------- -------------
Revenue:
Platform $ 85,878 $ 82,783
Products 102,744 87,654
-------------- -------------
Total revenue 188,622 170,437
-------------- -------------
Cost of revenue:
Platform 8,657 8,957
Products 71,087 67,384
-------------- -------------
Total cost of revenue 79,744 76,341
-------------- -------------
Gross profit 108,878 94,096
-------------- -------------
Operating expenses:
Research and development 17,082 16,865
Sales and marketing 41,211 37,467
General and administrative 16,697 17,113
-------------- -------------
Total operating expenses 74,990 71,445
-------------- -------------
Income from operations 33,888 22,651
Other income (expense):
Interest income 2,082 2,342
Interest expense (81) (183)
Other income 483 821
-------------- -------------
Total other income, net 2,484 2,980
-------------- -------------
Income before provision for
income taxes 36,372 25,631
Provision for income taxes 8,530 5,119
-------------- -------------
Net income $ 27,842 $ 20,512
============== =============
Other comprehensive income
(loss):
Change in net unrealized
gains (losses) on marketable
securities, net of tax $ 138 $ (453)
Change in foreign currency
translation adjustment, net
of tax 149 (14)
-------------- -------------
Comprehensive income $ 28,129 $ 20,045
============== =============
Earnings per share, basic $ 0.13 $ 0.10
============== =============
Earnings per share, diluted $ 0.13 $ 0.10
============== =============
Weighted-average common shares
outstanding, basic 208,729,496 212,257,907
============== =============
Weighted-average common shares
outstanding, diluted 212,808,854 215,287,127
============== =============
Cricut, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
As of September 30, As of December 31,
2026 2025
(unaudited)
--------------------- --------------------
Assets
Current assets:
Cash and cash equivalents $ 174,578 $ 256,216
Marketable securities 98,124 19,434
Accounts receivable, net 105,443 92,011
Inventories 146,905 102,664
Prepaid expenses and other
current assets 37,432 29,266
--- ---------------- --- ---------------
Total current assets 562,482 499,591
Property and equipment, net 52,026 40,260
Operating lease right-of-use
assets 9,018 10,880
Deferred tax assets 18,104 13,210
Other assets 8,943 16,865
--- ---------------- --- ---------------
Total assets $ 650,573 $ 580,806
=== ================ === ===============
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ 102,059 $ 71,553
Accrued expenses and other
current liabilities 78,006 71,146
Deferred revenue, current
portion 52,001 50,409
Operating lease liabilities,
current portion 2,758 3,606
Dividends payable, current
portion -- 24,361
--- ---------------- --- ---------------
Total current liabilities 234,824 221,075
Operating lease liabilities,
net of current portion 6,681 8,018
Deferred revenue, net of
current portion 2,733 2,872
Other non-current
liabilities 6,953 5,280
--- ---------------- --- ---------------
Total liabilities 251,191 237,245
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value
$0.001 per share,
100,000,000 shares
authorized, and no shares
issued and outstanding as of
September 30, 2026 and
December 31, 2025. -- --
Common stock, par value
$0.001 per share,
1,250,000,000 shares
authorized as of September
30, 2026, 208,212,099
shares issued and
outstanding as of September
30, 2026; 1,250,000,000
shares authorized as of
December 31, 2025,
211,336,284 shares issued
and outstanding as of
December 31, 2025. 208 211
Additional paid-in capital 325,522 339,224
Retained earnings 73,446 3,960
Accumulated other
comprehensive income 206 166
--- ---------------- --- ---------------
Total stockholders'
equity 399,382 343,561
--- ---------------- --- ---------------
Total liabilities and
stockholders' equity $ 650,573 $ 580,806
=== ================ === ===============
Cricut, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September 30,
---------------------------------------
2026 2025
------------
Cash flows from operating
activities:
Net income $ 87,214 $ 68,914
Adjustments to reconcile net
income to net cash and cash
equivalents provided by
operating activities:
Depreciation and amortization
(including amortization of
debt issuance costs) 18,202 18,136
Bad debt benefit (390) (1,975)
Stock-based compensation 18,175 27,522
Deferred income tax (4,932) (14,220)
Non-cash lease expense 2,493 2,652
Unrealized foreign currency
(gain) loss 744 (727)
Provision for inventory
obsolescence, net (8,622) (15,946)
Other 100 (740)
Changes in operating assets and
liabilities:
Accounts receivable (13,807) 16,009
Inventories (28,554) 2,776
Prepaid expenses and other
current assets (7,991) 16,496
Other assets 1,160 (3,316)
Accounts payable 30,188 14,760
Accrued expenses, other
current liabilities and
other non-current
liabilities 8,262 (12,908)
Operating lease liabilities (2,816) (3,075)
Deferred revenue 1,452 3,440
------------- ------------
Net cash and cash
equivalents provided by
operating activities 100,878 117,798
------------- ------------
Cash flows from investing
activities:
Purchases of marketable
securities (97,859) --
Proceeds from maturities of
marketable securities 19,000 85,074
Purchases of property and
equipment, including
capitalized software
development costs (28,464) (17,183)
------------- ------------
Net cash and cash
equivalents provided by
(used in) investing
activities (107,323) 67,891
Cash flows from financing
activities:
Repurchases of common stock (25,712) (19,094)
Employee tax withholding
payments on stock-based
awards (7,282) (9,315)
Cash dividend (42,088) (202,074)
------------- ------------
Net cash and cash
equivalents used in
financing activities (75,082) (230,483)
------------- ------------
Effect of exchange rate on
changes in cash and cash
equivalents (111) 527
------------- ------------
Net decrease in cash and cash
equivalents (81,638) (44,267)
Cash and cash equivalents at
beginning of period 256,216 232,140
------------- ------------
Cash and cash equivalents at end
of period $ 174,578 $ 187,873
============= ============
Supplemental disclosures of cash
flow information:
===================== ================
Cash paid during the period for
income taxes $ 4,968 $ 15,209
============= ============
Supplemental disclosures of
non-cash investing and financing
activities:
Right-of-use assets obtained in
exchange for new operating lease
liabilities $ 627 $ 371
============= ============
Property and equipment included
in accounts payable, accrued
expenses and other current
liabilities $ 3,509 $ 2,611
============= ============
Tax withholdings on stock-based
awards included in accrued
expenses and other current
liabilities $ 619 $ 1,019
============= ============
Stock-based compensation
capitalized for software
development costs $ 1,207 $ 1,264
============= ============
Share repurchases included in
accounts payable and accrued
expenses $ 617 $ --
============= ============
Dividend declared but unpaid $ -- $ 46
============= ============