Diploma earnings: guidance and next results
Diploma's next results are due November 17, 2026. Diploma's cash conversion is the one thing to watch.
What has Diploma guided for FY2026?
Management has moved from expecting a good year to demanding an exceptional one. At November 2025 results, Diploma expected 6% organic growth for FY2026. By May, it expected 12%. In July, the target reached 14.0% organic growth and a 26.5% operating margin for FY2026. Acquisitions were expected to add 6.0% to reported growth, implying operating profit growth of about 42.0%.
Diploma’s medium-term model is more measured. It assumes slower organic and total revenue growth, a 20.0% adjusted margin, prudent leverage and a progressive dividend. It is a guide to a sustainable business, not a promise that the exceptional FY2026 pace will continue.
| Period | Low | High | Date given | |
|---|---|---|---|---|
| Organic revenue growth (FY2026) | FY2026 (constant currency) | 14.0% | 14.0% | 16 July 2026 |
| Acquisitions announced to date add to reported growth | FY2026 (constant currency) | 6.0% | 6.0% | 16 July 2026 |
| Operating margin | FY2026 (constant currency) | 26.5% | 26.5% | 16 July 2026 |
| Operating profit growth | FY2026 (constant currency) | 42.0% | 42.0% | 16 July 2026 |
| Organic revenue growth (medium-term) | Medium-term financial model | 5.0% | 5.0% | 18 November 2025 |
| Total revenue growth | Medium-term financial model (constant currency) | 10.0% | 10.0% | 18 November 2025 |
What this means. The company’s 20% adjusted operating margin target is a minimum, so actual margins are meant to be 20% or higher.
What has Diploma said about promises kept?
There is encouraging evidence: Diploma said its FY2025 results were ahead of expectations, and the July update described another upgrade. But those examples do not establish a complete record of beating forecasts. The next result must show both that trading held through the year-end and that acquired businesses contributed as planned.
What has Diploma's revenue and profit done in the last eight reported periods?
For the six months to March 2026, revenue and the company’s earnings measure grew faster than net income. Diluted EPS rose only modestly. This means the businesses performed strongly, but acquisition amortisation, financing effects and other adjustments continued to absorb part of the improvement before it reached shareholders.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 851.1 | 796.0 | 728.5 | 725.1 | 638.3 | 617.5 | 582.8 | 564.3 |
| Adjusted earnings | 146.6 | 128.5 | 107.5 | 108.2 | 87.2 | 89.9 | 74.1 | 75.4 |
| Net income | 100.3 | 89.1 | 95.8 | 71.6 | 57.7 | 58.4 | 59.3 | 59.1 |
| EPS, diluted | 0.74 | 0.66 | 0.71 | 0.53 | 0.43 | 0.43 | 0.47 | 0.47 |
What this means. The September six-month figures are calculated by subtracting the March six-month result from the full-year result, rather than being reported separately.
What should readers watch in Diploma's next results?
The full-year results due on 17 November 2026 will show whether Diploma converted its upgraded outlook into both profit and cash. A strong result must be more than a high operating margin: it must explain where growth came from and what it required financially.