Q2 Holdings, Inc. QTWO
Q2 is a leading provider of digital solutions to financial institutions, financial technology companies, or FinTechs, and alternative finance companies, or Alt-FIs, seeking to incorporate banking into their customer engagement and servicing strategies. Our solutions transform the ways in which financial institutions and other financial services providers engage with account holders and retail and commercial End Users. Digital financial services are highly regulated, subject to extensive and evolving supervisory, consumer protection, privacy and third‑party risk management requirements, and security is paramount, as providers must protect sensitive financial data and funds and defend against continually evolving cyber threats and fraud. Providers must also manage significant technical and operational complexity to deliver consistent, compliant experiences across channels, devices and third‑party integrations while integrating with core systems, legacy infrastructure and multiple third‑party service providers, all while maintaining high availability and resiliency. We deliver these solutions through a unified, cloud-based software platform purpose-built for the complex, regulated financial services industry, enabling scalable and highly configurable digital financial experiences. Our solutions comprise a broad and deep portfolio of digital banking offerings, digital lending and relationship pricing solutions, risk and fraud solutions, Q2 Innovation Studio and Helix.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $794.8M | $696.5M | $624.6M | $565.7M | $498.7M | $402.8M | $315.5M | $241.1M | $194.0M | $150.2M |
| Cost of revenue | $365.1M | $342.0M | $322.0M | $309.3M | $273.7M | $228.2M | $162.5M | $121.9M | $99.5M | $77.4M |
| Gross profit | $429.7M | $354.5M | $302.7M | $256.3M | $225.0M | $174.6M | $153.0M | $119.2M | $94.5M | $72.8M |
| R&D | $154.3M | $143.2M | $137.3M | $130.1M | $117.0M | $97.4M | $76.3M | $51.3M | $40.3M | $32.5M |
| SG&A | $125.5M | $122.9M | $110.2M | $90.2M | $77.9M | $70.9M | $56.7M | $45.0M | $37.2M | $32.0M |
| Total operating expenses | $389.8M | $396.7M | $388.7M | $361.1M | $303.0M | $274.4M | $219.7M | $151.1M | $121.4M | $108.5M |
| Operating income | $39.9M | -$42.3M | -$86.1M | -$104.8M | -$78.0M | -$99.8M | -$66.7M | -$31.9M | -$26.9M | -$35.7M |
| Interest expense | $4.9M | $4.7M | $4.6M | — | — | — | — | — | — | — |
| Pre-tax income | $54.7M | -$30.9M | -$61.8M | -$106.1M | -$111.1M | -$136.2M | -$83.4M | -$39.2M | -$26.5M | -$35.9M |
| Income tax | $2.7M | $7.7M | $3.6M | $2.9M | $1.6M | $1.4M | $12.5M | $3.8M | $314.0K | $427.0K |
| Net income | $52.0M | -$38.5M | -$65.4M | -$109.0M | -$112.7M | -$137.6M | -$70.9M | -$35.4M | -$26.2M | -$36.4M |
| EPS, basic | 0.84 | -0.64 | -1.12 | -1.90 | -2.00 | -2.65 | -1.53 | — | — | — |
| EPS, diluted | 0.80 | -0.64 | -1.12 | -1.90 | -2.00 | -2.65 | -1.53 | -0.83 | -0.63 | -0.92 |
| Shares, diluted (wtd. avg.) | $65.1M | $60.1M | $58.4M | $57.3M | $56.4M | $52.0M | $46.2M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $367.6M | $358.6M | $233.6M | $201.9M | $325.8M | $411.2M | $103.6M | $110.2M | $60.3M | $56.2M |
| Short-term investments | $65.1M | $88.1M | $94.4M | $233.8M | $104.9M | $131.4M | $32.3M | $69.0M | $41.7M | $42.2M |
| Receivables | $51.7M | $42.1M | $42.9M | $46.7M | $47.0M | $36.4M | $22.4M | $19.7M | $13.2M | $12.2M |
| Total current assets | $556.1M | $558.7M | $428.0M | $531.1M | $522.5M | $616.2M | $186.3M | $218.3M | $131.1M | $125.7M |
| Property, plant and equipment | $27.8M | $31.5M | $41.2M | $56.7M | $66.6M | $49.6M | $39.3M | $35.0M | $34.5M | $27.5M |
| Goodwill | $512.9M | $512.9M | $512.9M | $512.9M | $512.9M | $462.3M | $462.0M | $107.9M | $12.9M | $12.9M |
| Other intangibles | $78.4M | $94.6M | $121.6M | $145.7M | $162.5M | $184.9M | $223.9M | $63.3M | $12.0M | $15.2M |
| Total assets | $1.28B | $1.29B | $1.20B | $1.35B | $1.39B | $1.42B | $1.01B | $463.7M | $212.8M | $201.0M |
| Accounts payable | $20.5M | $9.4M | $19.4M | $10.1M | $10.6M | $7.9M | $11.0M | $9.2M | $7.6M | $4.2M |
| Total current liabilities | $544.1M | $398.9M | $191.6M | $192.0M | $168.4M | $145.8M | $133.0M | $73.7M | $68.1M | $59.2M |
| Total liabilities | $614.5M | $777.0M | $752.9M | $930.7M | $814.7M | $773.3M | $630.0M | $304.8M | $106.2M | $100.7M |
| Retained earnings | -$612.2M | -$664.2M | -$625.7M | -$560.3M | -$493.9M | -$381.2M | -$243.3M | -$172.4M | -$152.1M | -$125.8M |
| Total equity | $661.8M | $517.8M | $448.5M | $419.0M | $570.3M | $643.4M | $379.4M | $158.9M | $106.6M | $100.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $201.5M | $135.8M | $70.3M | $36.6M | $31.1M | -$2.9M | $567.0K | $4.6M | $9.5M | $3.4M |
| Depreciation and amortisation | $53.4M | $68.8M | $71.7M | $61.7M | $54.8M | $51.8M | $28.5M | $16.8M | $14.9M | $12.2M |
| Stock-based compensation | $86.9M | $89.2M | $79.2M | $65.2M | $55.9M | $50.7M | $40.5M | $29.5M | $20.9M | $12.6M |
| Capital expenditure | $6.8M | $6.7M | $5.7M | $11.1M | $19.8M | $23.7M | $13.9M | $13.3M | $12.3M | $14.3M |
| Investing cash flow | -$4.0M | -$21.1M | $113.3M | -$165.6M | -$65.1M | -$124.2M | -$483.3M | -$171.3M | -$16.9M | -$16.5M |
| Financing cash flow | -$189.0M | $13.3M | -$152.0M | $5.9M | -$51.2M | $434.7M | $476.1M | $216.6M | $11.6M | $944.0K |
| Buybacks | $5.0M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001410384-26-000029.
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