Donnelley Financial Solutions (DFIN) financial statements
Donnelley Financial Solutions reported revenue of $767M in fiscal 2025, down 2.7% a year over 9 years.
Net income was $32M and the operating margin 18.4%, against 10.7% in 2016.
Free cash flow was $108M, and the company returned $185M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Donnelley Financial Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $984M | $1.0B | $963M | $875M | $894M | $993M | $834M | $797M | $782M | $767M |
| Cost of revenue | $619M | $621M | $587M | $542M | $496M | $413M | $370M | $333M | $298M | $280M |
| Gross profit | $364M | $384M | $376M | $332M | $398M | $580M | $463M | $464M | $484M | $487M |
| Selling, general and admin | $210M | $236M | $258M | $206M | $265M | $308M | $264M | $282M | $291M | $278M |
| Operating income | $105M | $96M | $121M | $78M | $4M | $219M | $145M | $110M | $137M | $141M |
| Interest expense | $12M | $43M | $37M | $38M | $23M | $27M | $9M | $16M | $13M | $13M |
| Pre-tax income | $94M | $56M | $103M | $52M | -$18M | $198M | $139M | $102M | $125M | $43M |
| Income tax | $35M | $46M | $29M | $14M | $8M | $52M | $37M | $20M | $33M | $11M |
| Net income | $59M | $10M | $74M | $38M | -$26M | $146M | $102M | $82M | $92M | $32M |
| EPS (diluted) | $1.80 | $0.29 | $2.16 | $1.10 | -$0.76 | $4.14 | $3.17 | $2.69 | $3.06 | $1.15 |
| Diluted shares | 33M | 33M | 34M | 34M | 34M | 35M | 32M | 31M | 30M | 28M |
| Gross margin | 37.1% | 38.2% | 39.0% | 38.0% | 44.6% | 58.4% | 55.6% | 58.2% | 61.9% | 63.4% |
| Operating margin | 10.7% | 9.5% | 12.6% | 9.0% | 0.4% | 22.1% | 17.4% | 13.8% | 17.5% | 18.4% |
| Net margin | 6.0% | 1.0% | 7.6% | 4.3% | -2.9% | 14.7% | 12.3% | 10.3% | 11.8% | 4.2% |
Balance sheet
Fiscal years, from Donnelley Financial Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $36M | $52M | $47M | $17M | $74M | $54M | $34M | $23M | $57M | $24M |
| Receivables | $156M | $165M | $173M | $161M | $174M | $199M | $164M | $152M | $138M | $143M |
| Inventory | $24M | $23M | $12M | $11M | $5M | $6M | $8M | $5M | $4M | $6M |
| Total current assets | $330M | $270M | $249M | $211M | $267M | $280M | $228M | $208M | $232M | $211M |
| Property, plant and equipment | $36M | $35M | $32M | $18M | $12M | $19M | $18M | $14M | $9M | $9M |
| Goodwill | $446M | $447M | $450M | $450M | $410M | $410M | $406M | $406M | $405M | $406M |
| Total assets | $979M | $894M | $869M | $887M | $866M | $883M | $828M | $807M | $842M | $800M |
| Total current liabilities | $186M | $187M | $198M | $180M | $238M | $261M | $225M | $202M | $224M | $200M |
| Long-term debt | $587M | $458M | $363M | $296M | $230M | $124M | $169M | $124M | $125M | $166M |
| Total liabilities | $868M | $744M | $643M | $618M | $618M | $506M | $499M | $405M | $406M | $421M |
| Shareholders' equity | $111M | $149M | $226M | $269M | $248M | $377M | $330M | $402M | $436M | $379M |
| Net debt | $551M | $406M | $315M | $279M | $157M | $70M | $135M | $101M | $67M | $147M |
Cash flow
Fiscal years, from Donnelley Financial Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $106M | $91M | $66M | $54M | $154M | $180M | $150M | $124M | $171M | $165M |
| Capital spending | $26M | $28M | $37M | $45M | $31M | $42M | $54M | $62M | $66M | $57M |
| Free cash flow | $80M | $64M | $29M | $10M | $123M | $138M | $96M | $62M | $105M | $108M |
| Stock-based compensation | $2M | $7M | $9M | $9M | $14M | $20M | $19M | $22M | $25M | $31M |
| Share buybacks (net) | $0 | -$900,000 | -$2M | -$2M | -$12M | -$41M | -$165M | -$40M | -$82M | -$185M |
| Net borrowing | $289M | -$130M | -$98M | -$72M | -$64M | -$313M | $0 | $0 | $0 | -$129M |
| Free cash flow margin | 8.1% | 6.3% | 3.0% | 1.1% | 13.8% | 13.9% | 11.5% | 7.8% | 13.5% | 14.1% |
Questions
What was Donnelley Financial Solutions's revenue in 2025?
$767M in fiscal 2025, from its 10-K filing.
How much free cash flow does Donnelley Financial Solutions generate?
$108M in fiscal 2025 (operating cash flow minus capital spending).
From Donnelley Financial Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.