Deluxe (DLX) financial statements
Deluxe reported revenue of $2.1B in fiscal 2025, up 1.6% a year over 9 years.
Net income was $82M and the operating margin 10.9%, against 19.8% in 2016.
Free cash flow was $175M, and the company returned $55M in dividends.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Deluxe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $2.0B | $2.0B | $1.8B | $2.0B | $2.2B | $2.2B | $2.1B | $2.1B |
| Cost of revenue | $668M | $743M | $792M | $813M | $731M | $884M | $1.0B | $1.0B | $995M | $1.0B |
| Gross profit | $1.2B | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B | $1.1B | $1.1B |
| Selling, general and admin | $807M | $830M | $854M | $892M | $840M | $941M | $993M | $956M | $909M | $873M |
| Operating income | $367M | $329M | $231M | -$188M | $41M | $142M | $169M | $161M | $192M | $232M |
| Interest expense | $22M | $21M | $27M | $35M | $23M | $56M | $94M | $126M | $123M | $122M |
| Pre-tax income | $340M | $313M | $213M | -$216M | $27M | $94M | $84M | $40M | $76M | $119M |
| Income tax | $111M | $83M | $63M | $8M | $21M | $31M | $19M | $14M | $24M | $37M |
| Net income | $229M | $230M | $150M | -$224M | $5M | $63M | $65M | $26M | $53M | $82M |
| EPS (diluted) | $4.65 | $4.72 | $3.16 | -$5.20 | $0.11 | $1.45 | $1.50 | $0.59 | $1.18 | $1.80 |
| Diluted shares | 49M | 48M | 47M | 43M | 42M | 43M | 43M | 44M | 45M | 46M |
| Gross margin | 63.9% | 62.2% | 60.4% | 59.5% | 59.2% | 56.3% | 53.9% | 53.0% | 53.1% | 53.0% |
| Operating margin | 19.8% | 16.7% | 11.6% | -9.4% | 2.3% | 7.0% | 7.6% | 7.3% | 9.1% | 10.9% |
| Net margin | 12.4% | 11.7% | 7.5% | -11.1% | 0.3% | 3.1% | 2.9% | 1.2% | 2.5% | 3.8% |
Balance sheet
Fiscal years, from Deluxe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $77M | $59M | $60M | $74M | $123M | $41M | $40M | $72M | $34M | $37M |
| Receivables | $153M | $150M | $174M | $163M | $162M | $198M | $207M | $191M | $174M | $188M |
| Inventory | $40M | $42M | $46M | $40M | $40M | $35M | $52M | $42M | $36M | $34M |
| Total current assets | $398M | $393M | $450M | $472M | $507M | $620M | $704M | $761M | $612M | $666M |
| Property, plant and equipment | $87M | $85M | $90M | $96M | $89M | $126M | $125M | $117M | $112M | $101M |
| Goodwill | $1.1B | $1.1B | $1.2B | $774M | $703M | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
| Total assets | $2.2B | $2.2B | $2.3B | $1.9B | $1.8B | $3.1B | $3.1B | $3.1B | $2.8B | $2.9B |
| Total current liabilities | $416M | $426M | $392M | $408M | $412M | $683M | $752M | $819M | $626M | $643M |
| Long-term debt | $723M | $665M | $911M | $884M | $840M | $1.6B | $1.6B | $1.5B | $1.5B | $1.4B |
| Total liabilities | $1.3B | $1.2B | $1.4B | $1.4B | $1.3B | $2.5B | $2.5B | $2.5B | $2.2B | $2.2B |
| Shareholders' equity | $881M | $1.0B | $915M | $571M | $513M | $575M | $604M | $605M | $621M | $681M |
| Net debt | $646M | $606M | $851M | $810M | $717M | $1.6B | $1.6B | $1.5B | $1.5B | $1.4B |
Cash flow
Fiscal years, from Deluxe's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $319M | $338M | $339M | $287M | $218M | $211M | $192M | $198M | $194M | $271M |
| Capital spending | $47M | $47M | $62M | $67M | $63M | $109M | $105M | $101M | $94M | $95M |
| Free cash flow | $273M | $291M | $277M | $220M | $155M | $102M | $87M | $98M | $100M | $175M |
| Stock-based compensation | $12M | $15M | $13M | $20M | $22M | $29M | $24M | $20M | $20M | $25M |
| Dividends paid | $59M | $58M | $57M | $52M | $51M | $52M | $53M | $53M | $54M | $55M |
| Share buybacks (net) | -$55M | -$65M | -$200M | -$119M | -$14M | $0 | $0 | — | — | — |
| Net borrowing | $117M | -$51M | $201M | -$26M | -$44M | $855M | -$41M | -$55M | -$82M | -$78M |
| Free cash flow margin | 14.7% | 14.8% | 13.9% | 11.0% | 8.7% | 5.0% | 3.9% | 4.5% | 4.7% | 8.2% |
| Dividends per share | $1.20 | $1.20 | $1.21 | $1.20 | $1.20 | $1.21 | $1.22 | $1.22 | $1.21 | $1.21 |
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Open DLX in InvestinglyQuestions
What was Deluxe's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Deluxe generate?
$175M in fiscal 2025 (operating cash flow minus capital spending).
From Deluxe's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.