Revenue in 3Q:F26 grew 24.7% year over year to $614.8 million, coming in well above our $562.2 million forecast. EPS (including stock comp) also beat our estimate, more than doubling to $1.35, versus our $1.16 forecast. Strong product sales drove the beat, with product revenue rising 32% year over year. Demand was broad based, and AI is becoming a tailwind for demand. On top of the robust revenue growth, PLUS continues to deliver strong operating leverage and margin gains that is driving the company's outsized earnings growth. Based on the third-quarter performance, management raised its revenue and EBITDA guidance for the year, which also implies stronger revenue and margin growth in the fourth quarter than we previously projected. ePlus ended 2Q:F26 with no debt and cash of $326 million ($12.41 per share). Higher inventory due to an increase in projects in progress will negatively affect cash flow in F2026, but we expect cash flow to rebound as working capital needs steady. We raise our estimates and price target to $126 (from $108), based on 18x (previously 20x) our new F2028 EPS estimate of $6.98 (previously based on our prior F2027 EPS estimate of $5.38). Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.