Donnelley Financial Solutions, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Donnelley Financial Solutions, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	984	1,005	963	875	895	993	834	797	782	767
Cost of revenue		621	587	542	496	413	370	333	298	280
Gross profit		384	376	332	399	580	463	464	484	487
Selling, general and administrative	210	236	258	206	265	308	264	282	291	278
Operating income	105	95.7	121	78.5	3.6	219	145	110	137	141
Interest expense	11.7	42.9	36.7	38.1	22.8	26.6	9.2	15.8	12.9	12.9
Other non-operating income	1	3.4	18.3	11.7	1.7	5.1	3.5	7.8	1.4	-2.3
Pre-tax income	94.3	56.2	103	52.1	-17.5	198	139	102	125	43.1
Income tax	35.2	46.5	29.1	14.5	8.4	51.9	36.8	19.8	32.7	10.7
Net income	59.1	9.7	73.6	37.6	-25.9	146	103	82.2	92.4	32.4
EBITDA	148	140	167	128	54.5	260	191	167	197	200
EPS, basic	1.81	0.29	2.18	1.10	-0.76	4.36	3.33	2.81	3.16	1.18
EPS, diluted	1.80	0.29	2.16	1.10	-0.76	4.14	3.17	2.69	3.06	1.15
Shares, basic (weighted)	32.6	33.1	33.8	34.1	33.9	33.5	30.8	29.3	29.2	27.5
Shares, diluted (weighted)	32.8	33.3	34	34.3	33.9	35.2	32.3	30.6	30.2	28.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.2	52	47.3	17.2	73.6	54.5	34.2	23.1	57.3	24.5
Receivables	156	165	173	161	174	199	164	152	138	143
Inventory	24.1	23.3	12.1	11.1	4.9	5.6	7.9	4.7	4.4	5.6
Other current assets	17.1	29.6	16.7	15.9	9.7	23.5	28.1	31	37.2	43.9
Total current assets	330	270	249	211	267	280	228	209	233	211
Property, plant and equipment	35.5	34.7	32.2	17.5	12	18.7	17.6	13.5	8.9	8.8
Lease right-of-use assets			0	80.7	52.5	42.6	33.3	16.4	12.3	7.6
Goodwill	446	447	450	450	410	410	406	406	405	406
Intangible assets	54.3	39.9	37.2	21.9	9.8	8.7	7.8	0
Other non-current assets	34.5	38.1	42.8	41.3	29	28.2	26.4	29.3	29.6	30.2
Total assets	979	894	869	887	866	883	828	807	842	800
Accounts payable	85.3	67.8	72.4	58.5	54.2	36.3	49.2	33.9	28.7	23.7
Accrued liabilities	101	119	126	121	165	207	159	154	185	167
Deferred revenue		22.9	16.1	16.7	23.4	36	46.1	46.8	52.6	58.5
Short-term debt	0	0	0	0	0				0	5.8
Total current liabilities	186	187	198	180	239	261	225	202	224	200
Long-term debt	587	458	363	296	231	124	169	125	125	166
Lease liabilities			0	57.9	51	39.4	28.4	12.1	6.4	3.3
Other non-current liabilities	14	23.5	10.8	6.1	26	21.1	19.9	19	14.8	16.1
Total liabilities	868	744	643	618	618	506	499	405	406	421
Total debt	587	458	363	296	231	124	169	125	125	171
Paid-in capital	180	206	217	225	239	261	280	306	333	368
Retained earnings	-0.8	8.9	94.3	132	106	251	354	436	529	561
Treasury stock		-0.9	-2.4	-4.2	-16	-57.1	-222	-262	-344	-530
Other comprehensive income	-68.3	-64.6	-82.7	-84.6	-80.8	-78.3	-83.2	-77.9	-81.9	-19.6
Shareholders' equity	111	149	226	269	248	377	330	402	436	379
Total equity	111	149	226	269	248	377	330	402	436	379
Total liabilities and equity	979	894	869	887	866	883	828	807	842	800
Shares outstanding			34.1	34.2	33.3	33	28.9	29.1	28.7	25.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	59.1	9.7	73.6	37.6	-25.9	146	103	82.2	92.4	32.4
Depreciation and amortization	43.3	44.5	45.8	49.6	50.9	40.3	46.3	56.7	60.2	59.3
Stock-based compensation	2.5	6.8	9.2	8.9	13.6	19.5	19.3	22.5	25.2	31.4
Deferred income tax	-5.9	12.4	10.5	2.5	-26.4	-0.3	-0.5	-14.6	-9.4	-10
Change in receivables	-43.1	18	-25.3	8.7	-14.8	-28.8	24.4	-2.3	-4.4	-15.2
Change in inventory	-1.9	0.8	-1.6	1	6.2	-0.8
Change in payables	42.3	-18.3	10.7	-13.6	-4.4	-19.8	12.1	-15.3	-5.7	-4.4
Cash from operations	106	91.4	66.3	54.5	154	180	150	124	171	165
Capital expenditures	-26.2	-27.8	-37.1	-44.8	-31.1	-42.3	-54.2	-61.8	-65.9	-57.1
Acquisitions	0	0	-12.5	-4.5	0	-3.6	0	0
Purchases of investments	-3.5	-3.4	0	-2.3	-1.2	0	0
Cash from investing	-29.3	-31	30.2	-12.2	-19.8	-45	-50.9	-51.3	-53.3	-57
Debt issued	348	3.1	0
Debt repaid	-50	-133	-97.5	-72.5	-63.8	-313	0	0	0	-129
Stock issued	0	18.8	1.2	0	0	2.3	0.4	3.1	2.4	1.9
Share buybacks	0	-0.9	-1.5	-1.8	-11.8	-40.9	-165	-40.3	-81.6	-185
Cash from financing	-60	-45.7	-99	-74.5	-77.5	-155	-121	-84.6	-82.1	-142
Exchange rate effect	4.4	1.1	-2.2	2.1	-0.5	0.8	1.5	0.8	-1.5	1.1
Net change in cash	21.1	15.8	-4.7	-30.1	56.4	-19.1	-20.3	-11.1	34.2	-32.8
Free cash flow	79.8	63.6	29.2	9.7	123	138	96	62.2	105	108
Interest paid	4.8	40	34.6	31.9	24.5	21.8	7.6	16.6	13.3	11.6
Income taxes paid	5.2	30.5	10.1	25	21.7	65	38.4	38.3	40.8	24.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $48.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.2%	Gross profit / revenue.
Operating margin	18.9%	Operating income / revenue.
EBITDA margin	26.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.4%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	19.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.1%	Cash from operations / revenue.
Effective tax rate	29.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	18.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	36.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	108.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	29.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-64.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-31.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-62.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-28.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.5%	Total debt / total assets.
Liabilities / assets	53.6%	Total liabilities / total assets.
Net debt	$178.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.0x	Operating income / interest expense.
Working capital	$62.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$18.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	110x	Revenue / average property, plant and equipment.
Receivables turnover	4.03x	Revenue / average receivables.
Days sales outstanding	91 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
FCF conversion	432.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.73	Revenue / diluted weighted shares.
FCF per share	$6.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.04	Cash from operations / diluted weighted shares.
Book value per share	$15.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.73	Tangible book value / shares outstanding.
Cash per share	$1.02	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	113.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$1.38B	Market cap + total debt - cash - short-term investments.
P/E	34.2x	Market cap / net income. Only when net income is positive.
P/S	1.55x	Market cap / revenue.
P/B	3.10x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.90x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.92x	Market cap / cash from operations, when positive.
EV/Sales	1.78x	Enterprise value / revenue.
EV/EBIT	9.40x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.67x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.07x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.7%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	14.3%	(Dividends paid + share buybacks) / market cap.

What was Donnelley Financial Solutions, Inc.'s revenue in fiscal 2025?

Donnelley Financial Solutions, Inc. reported revenue of $767.0M for fiscal 2025, 1.9% lower than the year before.

Was Donnelley Financial Solutions, Inc. profitable in fiscal 2025?

Yes. Net income was $32.4M, a net margin of 4.2%.

How much free cash flow did Donnelley Financial Solutions, Inc. generate in fiscal 2025?

Cash from operations of $164.9M minus capital expenditures of $57.1M left free cash flow of $107.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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