Q2 Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Q2 Holdings, 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	150	194	241	315	403	499	566	625	696	795
Cost of revenue	77.4	99.5	122	162	228	274	309	322	342	365
Gross profit	72.8	94.5	119	153	175	225	256	303	354	430
Research and development	32.5	40.3	51.3	76.3	97.4	117	130	137	143	154
Selling and marketing	36.3	41.2	48.1	63.9	72.3	85.6	108	110	106	106
General and administrative	32	37.2	45	56.7	70.9	77.9	90.2	110	123	126
Operating expenses	109	121	151	220	274	303	361	389	397	390
Operating income	-35.7	-26.9	-31.9	-66.7	-99.8	-78	-105	-86.1	-42.3	39.9
Interest expense								4.64	4.74	4.93
Interest income	0.36	0.55	2.81	3.67	1.21	1.48	5.36	10.1
Other non-operating income	-0.21	0.43	-7.35	-16.6	-36.4	-33.1	-1.31	24.2	11.4	14.8
Pre-tax income	-35.9	-26.5	-39.2	-83.4	-136	-111	-106	-61.8	-30.9	54.7
Income tax	0.43	-0.31	-3.8	-12.5	1.42	1.64	2.91	3.56	7.68	2.72
Net income	-36.4	-26.2	-35.4	-70.9	-138	-113	-109	-65.4	-38.5	52
EBITDA	-23.5	-12	-15	-38.3	-48	-23.2	-43.1	-14.4	26.5	93.3
EPS, basic	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.84
EPS, diluted	-0.92	-0.63	-0.83	-1.53	-2.65	-2.00	-1.90	-1.12	-0.64	0.80
Shares, basic (weighted)	39.6	41.2	42.8	46.2	52	56.4	57.3	58.4	60.1	62.2
Shares, diluted (weighted)	39.6	41.2	42.8	46.2	52	56.4	57.3	58.4	60.1	65.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	54.9	58	108	100	408	323	200	230	359	368
Short-term investments	42.2	41.7	69	32.3	131	105	234	94.4	88.1	65.1
Receivables	12.2	13.2	19.7	22.4	36.4	47	46.7	42.9	42.1	51.7
Other current assets	3.22	3.12	3.98	6.35	8.86	10.5	10.8	11.6	23.5	28.2
Total current assets	126	131	218	186	616	522	531	428	559	556
Property, plant and equipment	27.5	34.5	35	39.3	49.6	66.6	56.7	41.2	31.5	27.8
Lease right-of-use assets				35.4	34.7	52.3	39.8	35.5	30.4	27.2
Goodwill	12.9	12.9	108	462	462	513	513	513	513	513
Intangible assets	15.2	12	63.3	224	185	162	146	122	94.6	78.4
Other non-current assets	0.53	1.01	2.23	2.32	2.43	2.31	2.26	2.61	2.7	3.15
Total assets	201	213	464	1,009	1,417	1,385	1,350	1,201	1,295	1,276
Accounts payable	4.23	7.62	9.17	11	7.89	10.6	10.1	19.4	9.35	20.5
Accrued liabilities	8.82	10.6	9.33	16.3	22.4	18.3	20.7	16.5	18.2	24.6
Deferred revenue	30.1	38.4	42.5	57.9	81.9	98.7	117	119	138	155
Total current liabilities	59.2	68.1	73.7	133	146	168	192	192	399	544
Lease liabilities			0.2	36.1	36.7	61.4	53	45.6	38.3	33.8
Other non-current liabilities	0.36	0.44	17.2	3.24	4.1	4.25	6.19	7.98	10.4	9.72
Total liabilities	101	106	305	630	773	815	931	753	777	614
Paid-in capital	226	260	331	623	1,025	1,064	982	1,075	1,184	1,276
Retained earnings	-126	-152	-172	-243	-381	-494	-560	-626	-664	-612
Treasury stock	-0.42	-0.86	0
Other comprehensive income	-0.05	-0.14	-0.04	0.01	-0.03	-0.14	-2.97	-1.11	-1.87	-1.95
Shareholders' equity	100	107	159	379	643	570	419	448	518	662
Total equity	100	107	159	379	643	570	419	448	518	662
Total liabilities and equity	201	213	464	1,009	1,417	1,385	1,350	1,201	1,295	1,276
Shares outstanding	40.4	42	43.5	48.4	55.6	56.9	57.7	59	60.7	62.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-36.4	-26.2	-35.4	-70.9	-138	-113	-109	-65.4	-38.5	52
Depreciation and amortization	12.2	14.9	16.8	28.5	51.8	54.8	61.7	71.7	68.8	53.4
Stock-based compensation	12.6	20.9	29.5	40.5	50.7	55.9	65.2	79.2	89.2	86.9
Deferred income tax	0.28	-0.35	-3.96	-13.5	1.28	0.54	0.68	0.93	2.5	0.93
Change in receivables	-3.25	-0.96	-4.68	0.37	-14.6	-10.1	0.29	4.09	0.91	-9.94
Change in payables	0.43	3.37	-0.26	1.13	-2.3	1.76	-0.55	9.35	-9.79	8.58
Cash from operations	3.39	9.47	4.6	0.57	-2.94	31.1	36.6	70.3	136	201
Capital expenditures	-14.3	-12.3	-13.3	-13.9	-23.7	-19.8	-11.1	-5.67	-6.69	-6.81
Acquisitions	-0.1	-3.82	-131	-506	0	-64.7	-5.04	0	0
Purchases of investments	-40.2	-27.7	-75.7	-27.3	-131	-124	-293	-76.9	-95.8	-94.1
Sales and maturities of investments	41.1	27.9	48.4	64	31.8	149	163	221	104	118
Cash from investing	-16.5	-16.9	-171	-483	-124	-65.1	-166	113	-21.1	-4.03
Stock issued	6	0	0	195	311	0	0	8.4	14.3	7.03
Share buybacks								0	0	-5
Cash from financing	0.94	11.6	217	476	435	-51.2	5.88	-152	13.3	-189
Exchange rate effect					0.05	-0.17	-0.8	0.18	-0.83	0.05
Net change in cash	-12.2	4.09	49.9	-6.59	308	-85.4	-124	31.7	127	8.51
Free cash flow	-11	-2.84	-8.69	-13.3	-26.7	11.3	25.4	64.6	129	195
Interest paid	0.22	0.07	0.81	2.85	4.1	3.1	2.89	2.65	2.68	2.85
Income taxes paid	0.12	0.13	0.25	0.32	0.57	1.03	0.88	2.62	5.88	3.84

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 $56.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.0%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.5%	Pre-tax income / revenue.
Net margin	10.9%	Net income / revenue.
FCF margin	25.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.7%	Cash from operations / revenue.
Effective tax rate	5.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.5%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	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	19.2%	Research and development expense / revenue.
Stock-based pay / revenue	10.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.8%	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	19.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	251.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	48.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	76.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	50.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	97.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	27.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.5%	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	0.6%	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	-1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	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	-2.1%	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	8.3%	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	4.6%	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	0.94x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	33.6%	Total liabilities / total assets.
Working capital	-$14.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	60.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$57.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	30.4x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
FCF conversion	231.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.41	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	$12.93	Revenue / diluted weighted shares.
FCF per share	$3.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.46	Cash from operations / diluted weighted shares.
Book value per share	$10.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.92	Tangible book value / shares outstanding.
Cash per share	$1.71	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.50B	Share price x shares outstanding.
Enterprise value	$3.39B	Market cap + total debt - cash - short-term investments.
P/E	38.0x	Market cap / net income. Only when net income is positive.
P/S	4.14x	Market cap / revenue.
P/B	5.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	61.3x	Market cap / tangible book value, when positive.
P/FCF	16.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.5x	Market cap / cash from operations, when positive.
EV/Sales	4.01x	Enterprise value / revenue.
EV/EBIT	40.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).

What was Q2 Holdings, Inc.'s revenue in fiscal 2025?

Q2 Holdings, Inc. reported revenue of $794.8M for fiscal 2025, 14.1% higher than the year before.

Was Q2 Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $52.0M, a net margin of 6.5%.

How much free cash flow did Q2 Holdings, Inc. generate in fiscal 2025?

Cash from operations of $201.5M minus capital expenditures of $6.8M left free cash flow of $194.7M.

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 Q2 Holdings, Inc.