DELUXE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DELUXE CORP 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	1,849	1,966	1,998	2,009	1,791	2,022	2,238	2,192	2,122	2,133
Cost of revenue	668	743	792	813	731	884	1,032	1,030	995	1,003
Gross profit	1,181	1,223	1,206	1,196	1,060	1,138	1,206	1,163	1,126	1,131
Selling, general and administrative	807	830	854	892	840	941	993	956	909	873
Operating income	367	329	231	-188	40.7	142	169	161	192	232
Interest expense	22.3	21.4	27.1	34.7	23.1	55.6	94.5	126	123	122
Other non-operating income	3.66	5.01	8.52	7.19	9.21	7.2	9.39	4.6	7.6	8.7
Pre-tax income	340	313	213	-216	26.8	93.8	84.4	39.8	76.5	119
Income tax	111	82.7	63	8.04	21.5	31	18.8	13.6	23.6	36.9
Net income to minority interests			0	0	0.09	0.14	0.14	0.1	0.1	0.1
Net income	229	230	150	-224	5.24	62.6	65.4	26.1	52.8	82.1
EBITDA	458	452	362	-62.2	152	291	342	331	358	370
EPS, basic	5.23	5.31	3.56	-5.20	0.12	1.48	1.52	0.60	1.20	1.83
EPS, diluted	5.20	5.28	3.53	-5.20	0.11	1.45	1.50	0.59	1.18	1.80
Shares, basic (weighted)	43.4	43	41.9	43	41.9	42.4	43	43.5	44.1	44.8
Shares, diluted (weighted)	43.8	43.3	42	43	42.1	42.8	43.3	43.8	44.7	45.5
Dividend per share	1.34	1.34	1.34	1.20	1.20	1.20	1.20	1.20	1.20	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	76.6	59.2	59.7	73.6	123	41.2	40.4	72	34.4	36.9
Receivables	153	150	174	163	162	198	207	191	174	188
Inventory	40.2	42.2	46.4	39.9	40.1	34.9	52.3	42.1	36.4	33.5
Other current assets	41	39.1	38.6	44.8	16.8	23.5	27	16.6	35.4	70.1
Total current assets	398	393	450	472	507	620	704	761	612	666
Property, plant and equipment	86.9	84.6	90.3	96.5	88.7	126	125	117	112	101
Lease right-of-use assets			0	44.4	35.9	58.2	47.1	59	49.4	43
Goodwill	1,106	1,131	1,161	774	703	1,430	1,431	1,431	1,423	1,423
Intangible assets	410	384	360	276	247	511	459	392	331	348
Long-term investments	42.2	42.6	43.8	45	45.9	47.2	47.8	61.9	61	26.4
Other non-current assets	125	160	196	201	209	279	260	251	237	254
Total assets	2,184	2,209	2,305	1,943	1,842	3,074	3,077	3,081	2,831	2,864
Accounts payable	107	104	107	112	117	153	157	155	165	161
Accrued liabilities	273	277	184	179	177	217	218	191	150	191
Deferred revenue	48	47	54.3	46.1	42.1	52.6	47	35.3	31.6	36.2
Short-term debt	35.8	44	0.79	0	0	57.2	71.7	86.2	37.1	16.3
Total current liabilities	416	426	392	408	412	683	752	819	626	643
Long-term debt	723	665	911	884	840	1,626	1,573	1,507	1,466	1,413
Lease liabilities			0	33.6	28.3	56.4	48.9	58.8	49	39.8
Other non-current liabilities	30.5	30.6	39.9	32.5	43.2	59.1	53	68.8	67.5	34
Total liabilities	1,303	1,194	1,390	1,396	1,329	2,500	2,472	2,476	2,210	2,183
Total debt	759	707	910	884	840	1,683	1,644	1,593	1,503	1,429
Paid-in capital			0	4.09	17.6	57.4	79.2	99.1	117	138
Retained earnings	883	1,005	927	573	495	506	519	491	489	516
Other comprehensive income	-50.4	-37.6	-56.6	-47.9	-41.4	-31.5	-37.3	-30	-29.9	-18.5
Shareholders' equity	881	1,015	915	571
Minority interests				0	0.14	0.28	0.42	0.52	0.2	0.3
Total equity	881	1,015	915	547	513	575	604	605	621	681
Total liabilities and equity	2,184	2,209	2,305	1,943	1,842	3,074	3,077	3,081	2,831	2,864
Shares outstanding	43.4	42.9	39.9	42.1	42	42.7	43.2	43.7	44.3	45

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	229	230	150	-224	5.34	62.8	65.5	26.2	52.9	82.2
Depreciation and amortization	91.6	123	131	126	111	149	173	170	166	138
Stock-based compensation	12.5	15.1	13.4	19.7	21.8	29.5	23.7	20.5	19.9	24.9
Deferred income tax	1.89	-39.2	-11.4	-41.2	-5.46	17.8	-28.5	-31.9	-20.4	26.5
Change in receivables	-23.4	5.28	-16.8	5.61	-2.71	-8.86	-13.7	7.4	3.5	-19.9
Change in inventory	2.24	-0.64	-3.64	4.84	-11.3	-1.84	-19.1	6.3	2.5	2.7
Change in payables	15.9	-7.8	4.37	5.13	-9.52	22.8	6.02	4.9	10.5	-3.9
Cash from operations	319	338	339	287	218	211	192	198	194	271
Capital expenditures	-46.6	-47.5	-62.2	-66.6				-101	-94.3	-95.3
Acquisitions	-240	-139	-192	-8.25	0	-959	0	0
Purchases of investments	-7.87	-7.74	-7.81	-7.64	-3.92	-0.09	-0.12
Sales and maturities of investments	9.5	11.2	7.81	7.64	7.76	0.09	4.08	8	0	0
Cash from investing	-280	-181	-253	-72.4	-56.1	-1,067	-80.3	-43.3	-69.8	-132
Debt issued	559	403	1,280	242	309	1,885	640	584	1,808	441
Debt repaid	-442	-454	-1,079	-268	-353	-1,030	-681	-639	-1,890	-519
Share buybacks	-55.2	-65	-200	-119	-14	0	0
Dividends paid	-58.7	-58.1	-56.7	-51.7	-50.7	-51.7	-52.6	-53.3	-54.2	-55.2
Cash from financing	6	-183	-62.2	-190	-111	913	-48.6	-37.7	-267	-137
Exchange rate effect	2.36	5.37	-7.64	5.44	3.69	-1.1	-10.7	3.2	-6.1	1.7
Net change in cash	48.2	-20	16.4	29.6	54.6	56.1	51.9	121	-149	3.8
Free cash flow	273	291	277	220				97.7	100	175
Interest paid	21	19.5	25.9	33.2	22.9	46.6	87.1	116	118	112
Income taxes paid	97.3	125	88.3	60.8	24.7	18.8	38.6	46.5	46.4	30.9

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 $24.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.5%	Gross profit / revenue.
Operating margin	11.9%	Operating income / revenue.
EBITDA margin	18.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
FCF margin	9.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Effective tax rate	30.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.9%	Net income / average total assets.
SG&A / revenue	40.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	6.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.1%	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	1.3%	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	20.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.1%	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	41.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	55.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	73.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	52.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	74.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.2%	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	4.5%	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	75.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.4%	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	9.2%	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	1.8%	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	1.7%	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	1.5%	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	1.20x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / assets	52.8%	Total debt / total assets.
Liabilities / assets	72.4%	Total liabilities / total assets.
Net debt	$1.32B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.17x	Operating income / interest expense.
Working capital	$61.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	68.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	14.9x	Revenue / average property, plant and equipment.
Inventory turnover	28.3x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Receivables turnover	12.5x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-12 days	Days inventory + days sales outstanding - days payables.
FCF conversion	207.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.17	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	$45.53	Revenue / diluted weighted shares.
FCF per share	$4.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.53	Cash from operations / diluted weighted shares.
Cash per share	$0.76	(Cash + short-term investments) / shares outstanding.
Payout ratio	56.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.12B	Share price x shares outstanding.
Enterprise value	$2.43B	Market cap + total debt - cash - short-term investments.
P/E	11.1x	Market cap / net income. Only when net income is positive.
P/S	0.53x	Market cap / revenue.
P/FCF	5.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.68x	Market cap / cash from operations, when positive.
EV/Sales	1.15x	Enterprise value / revenue.
EV/EBIT	9.69x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.19x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.7%	Free cash flow / market cap.
Earnings yield	9.0%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.77x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DELUXE CORP's revenue in fiscal 2025?

DELUXE CORP reported revenue of $2.13B for fiscal 2025, 0.5% higher than the year before.

Was DELUXE CORP profitable in fiscal 2025?

Yes. Net income was $82.1M, a net margin of 3.8%.

How much free cash flow did DELUXE CORP generate in fiscal 2025?

Cash from operations of $270.6M minus capital expenditures of $95.3M left free cash flow of $175.3M.

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.

Open interactive statements, quarterly figures and charts

Back to DELUXE CORP