QUINSTREET, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QUINSTREET, 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2026	FY2026
Revenue	300	404	455	490	578	582	581	614	1,094	1,294
Cost of revenue	269	346	394	438	508	528	532	567	983	1,148
Gross profit	30.4	58.4	61.6	52.5	70.5	53.7	48.5	46.2	111	146
Research and development	13.5	13.8	12.3	14.2	19.3	21.9	28.9	30	33.9	37.3
Selling and marketing	9.19	10.4	8.76	8.88	11	11	12.5	13.6	18.3	27.3
General and administrative	15.9	18.6	29.8	23.2	26.3	25.5	27.9	30.7	52.5	45.8
Operating income	-10.7	15.6	10.7	6.21	13.9	-4.72	-20.8	-28.1	6.19	35.4
Interest expense	0.35	0	0.37	0.7	1.3	1.08	0.79	0.68	0.4	4.39
Interest income	0.14	0.18	0.29	0.23	0.04	0.01	0.3	0.41	0.02	0.1
Other non-operating income	-2.42	0.69	0.07	12.9	16.7	0.02	-0.05	-2.06	-0.18	0.08
Pre-tax income	-13.3	16.5	10.7	18.7	29.3	-5.76	-21.4	-30.4	5.63	31.2
Income tax	-1.08	0.57	-51.8	0.58	5.77	-0.51	47.5	0.94	0.93	-50
Net income	-12.2	15.9	62.5	18.1	23.6	-5.25	-68.9	-31.3	4.71	81.2
EBITDA	0.71	23.4	19.7	17.7	30.1	12.2	-1.66	-4.11	30.7	60.6
EPS, basic	-0.27	0.34	1.26	0.35	0.44	-0.10	-1.28	-0.57	0.08	1.42
EPS, diluted	-0.27	0.32	1.18	0.34	0.43	-0.10	-1.28	-0.57	0.08	1.40
Shares, basic (weighted)	45.6	46.4	49.6	51.5	53.2	54.3	53.8	54.9	56.5	57.2
Shares, diluted (weighted)	45.6	49.9	52.8	53.4	55.1	54.3	53.8	54.9	58.3	58.2

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2026	FY2026
Cash and equivalents	49.6	64.7	62.5	108	110	96.4	73.7	50.5	101	128
Receivables	44.1	68.5	75.6	64.5	87.9	81.4	67.7	112	136	181
Other current assets	0.41	0.49	0.68	0.79	0.55	0.6	1.42	0.53	0.8	0.64
Total current assets	99.9	138	143	186	206	183	151	169	246	317
Property, plant and equipment	5.61	4.21	5.41	5.66	6.85	9.31	16.7	19.9	16.8	16.7
Lease right-of-use assets			0	9.12	11	6.8	3.54	10.4	9.62	7.05
Goodwill	56.1	62.3	82.5	80.7	118	121	121	125	125	261
Intangible assets	4.11	8.57	35.1	28.2	59.2	49.7	38.7	38	28.5	66.3
Other non-current assets	8.62	7.55	6.01	0.54	5.16	5.95	5.83	6.1	5.61	5.96
Total assets	174	220	325	358	450	420	337	369	431	721
Accounts payable	25.2	32.5	37.1	36.8	45.2	42.4	37.9	48.2	62.2	109
Accrued liabilities	26.2	34.8	36.9	42.3	57.7	54.5	44	68.8	87.2	125
Deferred revenue	1.13	0.72	0.76	0.07	0.03	0.34	0.01	0	0	0.11
Total current liabilities	52.6	68	83.7	85.8	116	110	89.8	126	163	260
Long-term debt									0	70
Lease liabilities			0	8.69	8.55	3.86	1.26	7.88	7.38	4.91
Other non-current liabilities	3.67	3.94	18.1	7.93	30.2	20.5	16.3	17.4	6.47	8.68
Total liabilities	56.2	72	102	102	154	134	107	152	187	398
Total debt									0	70
Paid-in capital	264	278	290	305	320	316	329	347	370	368
Retained earnings	-145	-129	-66.6	-48.5	-25	-30.2	-99.1	-130	-126	-44.5
Other comprehensive income	-0.46	-0.38	-0.37	-0.24	-0.26	-0.26	-0.27	-0.27	-0.27	-0.27
Shareholders' equity	118	148	223	256	295	286	230	217	244	323
Total equity	118	148	223	256	295	286	230	217	244	323
Total liabilities and equity	174	220	325	358	450	420	337	369	431	721
Shares outstanding	45.4	48.1	50.5	52.2	53.8	53.4	54.2	55.5	57.2	56.5

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2026	FY2026
Net income	-12.2	15.9	62.5	18.1	23.6	-5.25	-68.9	-31.3	4.71	81.2
Depreciation and amortization	11.4	7.77	8.98	11.5	16.2	17	19.2	24	24.5	25.2
Stock-based compensation	8.9	10.2	14.1	16.7	19.6	18.5	18.8	23.7	31.8	37.4
Deferred income tax	0.02	-0.11	-52.2	3.48	5.34	-0.89	47.1	0.51	0.29	-50.8
Change in receivables	2.87	-25	-8.32	11.4	-20.1	5.54	10.9	-44.9	-26.2	-41.7
Change in payables	5.39	7.35	4.53	0.1	6.56	-2.89	-4.77	10.5	13.8	45.4
Cash from operations	18.5	27	38	47.6	50.6	28.7	11.8	12	85	131
Capital expenditures	-1.16	-0.61	-1.97	-1.96	-1.97	-2.84	-3.06	-5.35	-2.07	-3.4
Acquisitions	0	-14.2	-32.7
Cash from investing	-3.37	-15.8	-37	8.87	-36.5	-9.23	-15.1	-22.7	-11.4	-119
Stock issued	0	11	7.79	4.09	4.36	1.85
Share buybacks	-2.49	-0.65	0	0	0	-15.3	-5.65	-2.29	0	-31.4
Cash from financing	-18.5	3.89	-4.05	-11.6	-11.3	-33.3	-19.5	-12.5	-23	14.5
Exchange rate effect	-0.03	0.11
Net change in cash	-3.37	15.1	-3.05	45	2.81	-13.9	-22.8	-23.2	50.6	27.2
Free cash flow	17.4	26.4	36	45.6	48.6	25.8	8.78	6.69	82.9	128
Interest paid	0.3	0	0
Income taxes paid	0.39	0.25	0.33	0.37	0.29	0.4	0.37	0.47	0.58	2.08

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.65 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.1%	Gross profit / revenue.
Operating margin	3.8%	Operating income / revenue.
EBITDA margin	5.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.3%	Pre-tax income / revenue.
Net margin	6.6%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.5%	Cash from operations / revenue.
Effective tax rate	-96.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.4%	Net income / average total assets.
Return on invested capital (ROIC)	15.6%	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%.
R&D / revenue	2.8%	Research and development expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	31.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	44.3%	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	15.6%	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	472.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	20.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	97.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	15.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,626.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	28.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,650.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	26.6%	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	54.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	123.0%	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	21.0%	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	54.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	144.3%	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	21.3%	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	32.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.0%	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	1.8%	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	67.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	28.9%	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	9.9%	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	-0.2%	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	2.6%	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	1.1%	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	1.32x	Current assets / current liabilities.
Quick ratio	1.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.3%	Total debt / total assets.
Liabilities / assets	54.4%	Total liabilities / total assets.
Net debt	-$71.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.27x	Operating income / interest expense.
Working capital	$86.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	42.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$20.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.89x	Revenue / average total assets.
Fixed asset turnover	87.4x	Revenue / average property, plant and equipment.
Receivables turnover	6.87x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
FCF conversion	141.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.59	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	$24.21	Revenue / diluted weighted shares.
FCF per share	$2.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.29	Cash from operations / diluted weighted shares.
Book value per share	$6.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.37	Tangible book value / shares outstanding.
Cash per share	$2.47	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	18.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.07B	Share price x shares outstanding.
Enterprise value	$999.8M	Market cap + total debt - cash - short-term investments.
P/E	11.4x	Market cap / net income. Only when net income is positive.
P/S	0.75x	Market cap / revenue.
P/B	3.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	51.2x	Market cap / tangible book value, when positive.
P/FCF	8.08x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.94x	Market cap / cash from operations, when positive.
EV/Sales	0.70x	Enterprise value / revenue.
EV/EBIT	18.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.54x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.4%	Free cash flow / market cap.
Earnings yield	8.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was QUINSTREET, INC's revenue in fiscal 2026?

QUINSTREET, INC reported revenue of $1.29B for fiscal 2026, 18.3% higher than the year before.

Was QUINSTREET, INC profitable in fiscal 2026?

Yes. Net income was $81.2M, a net margin of 6.3%.

How much free cash flow did QUINSTREET, INC generate in fiscal 2026?

Cash from operations of $131.3M minus capital expenditures of $3.4M left free cash flow of $127.9M.

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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