Q2 Holdings (QTWO) financial statements
Q2 Holdings reported revenue of $795M in fiscal 2025, up 20.3% a year over 9 years.
Net income was $52M and the operating margin 5.0%, against -23.8% in 2016.
Free cash flow was $173M, and the company returned $5M in net buybacks.
The diluted share count rose 64% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Q2 Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $150M | $194M | $241M | $315M | $403M | $499M | $566M | $625M | $696M | $795M |
| Cost of revenue | $77M | $99M | $122M | $162M | $228M | $274M | $309M | $322M | $342M | $365M |
| Gross profit | $73M | $94M | $119M | $153M | $175M | $225M | $256M | $303M | $354M | $430M |
| Research and development | $32M | $40M | $51M | $76M | $97M | $117M | $130M | $137M | $143M | $154M |
| Selling, general and admin | $68M | $78M | $93M | $121M | $143M | $163M | $198M | $220M | $229M | $231M |
| Operating income | -$36M | -$27M | -$32M | -$67M | -$100M | -$78M | -$105M | -$86M | -$42M | $40M |
| Interest expense | — | — | — | — | — | — | — | $5M | $5M | $5M |
| Pre-tax income | -$36M | -$26M | -$39M | -$83M | -$136M | -$111M | -$106M | -$62M | -$31M | $55M |
| Income tax | $427,000 | -$314,000 | -$4M | -$12M | $1M | $2M | $3M | $4M | $8M | $3M |
| Net income | -$36M | -$26M | -$35M | -$71M | -$138M | -$113M | -$109M | -$65M | -$39M | $52M |
| EPS (diluted) | -$0.92 | -$0.63 | -$0.83 | -$1.53 | -$2.65 | -$2.00 | -$1.90 | -$1.12 | -$0.64 | $0.80 |
| Diluted shares | 40M | 41M | 43M | 46M | 52M | 56M | 57M | 58M | 60M | 65M |
| Gross margin | 48.5% | 48.7% | 49.5% | 48.5% | 43.4% | 45.1% | 45.3% | 48.5% | 50.9% | 54.1% |
| Operating margin | -23.8% | -13.9% | -13.2% | -21.2% | -24.8% | -15.6% | -18.5% | -13.8% | -6.1% | 5.0% |
| Net margin | -24.2% | -13.5% | -14.7% | -22.5% | -34.2% | -22.6% | -19.3% | -10.5% | -5.5% | 6.5% |
Balance sheet
Fiscal years, from Q2 Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $97M | $100M | $177M | $132M | $539M | $428M | $433M | $324M | $447M | $433M |
| Receivables | $12M | $13M | $20M | $22M | $36M | $47M | $47M | $43M | $42M | $52M |
| Total current assets | $126M | $131M | $218M | $186M | $616M | $522M | $531M | $428M | $559M | $556M |
| Property, plant and equipment | $27M | $35M | $35M | $39M | $50M | $67M | $57M | $41M | $32M | $28M |
| Goodwill | $13M | $13M | $108M | $462M | $462M | $513M | $513M | $513M | $513M | $513M |
| Total assets | $201M | $213M | $464M | $1.0B | $1.4B | $1.4B | $1.3B | $1.2B | $1.3B | $1.3B |
| Total current liabilities | $59M | $68M | $74M | $133M | $146M | $168M | $192M | $192M | $399M | $544M |
| Total liabilities | $101M | $106M | $305M | $630M | $773M | $815M | $931M | $753M | $777M | $614M |
| Shareholders' equity | $100M | $107M | $159M | $379M | $643M | $570M | $419M | $448M | $518M | $662M |
| Net debt | -$55M | -$58M | -$108M | -$100M | -$408M | -$323M | -$200M | -$230M | -$359M | -$368M |
Cash flow
Fiscal years, from Q2 Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3M | $9M | $5M | $567,000 | -$3M | $31M | $37M | $70M | $136M | $201M |
| Capital spending | $14M | $12M | $13M | $14M | $24M | $26M | $30M | $31M | $29M | $28M |
| Free cash flow | -$11M | -$3M | -$9M | -$13M | -$27M | $5M | $7M | $40M | $107M | $173M |
| Stock-based compensation | $13M | $21M | $30M | $41M | $51M | $56M | $65M | $79M | $89M | $87M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$5M |
| Free cash flow margin | -7.3% | -1.5% | -3.6% | -4.2% | -6.6% | 1.1% | 1.1% | 6.3% | 15.3% | 21.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for QTWO.
Open QTWO in InvestinglyQuestions
What was Q2 Holdings's revenue in 2025?
$795M in fiscal 2025, from its 10-K filing.
How much free cash flow does Q2 Holdings generate?
$173M in fiscal 2025 (operating cash flow minus capital spending).
From Q2 Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.