Deluxe Corp Financials
This page shows Deluxe Corp (DLX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Flat revenue and widening operating margins show Deluxe is improving economics through cost control rather than volume growth.
From FY2023 to FY2025, revenue stayed near$2.1B while gross margin held around53% . Even so, operating margin rose from7.3% to10.9% as SG&A moved lower, showing the earnings rebound came mainly from tighter overhead and operating mix rather than materially higher sales.
Cash conversion strengthened materially. Operating cash flow rose from
Leverage is easing, but the balance-sheet cushion is still thinner than total assets suggest. Long-term debt fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Deluxe Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Deluxe Corp has an operating margin of 10.9%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is up from 9.1% the prior year.
Deluxe Corp's revenue grew a modest 0.5% year-over-year to $2.1B. This slow but positive growth earns a score of 28/100.
Deluxe Corp has elevated debt relative to equity (D/E of 2.08), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 16/100, reflecting increased financial risk.
Deluxe Corp's current ratio of 1.04 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Deluxe Corp has a free cash flow margin of 8.2%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Deluxe Corp earns a strong 12.1% return on equity (ROE), meaning it generates $12 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 70/100. This is up from 8.5% the prior year.
Deluxe Corp scores 1.58, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Deluxe Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Deluxe Corp generates $3.30 in operating cash flow ($270.6M OCF vs $82.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Deluxe Corp earns $1.9 in operating income for every $1 of interest expense ($232.4M vs $122.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Deluxe Corp generated $2.1B in revenue in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Deluxe Corp's EBITDA was $370.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.5% from the prior year.
Deluxe Corp reported $82.1M in net income in fiscal year 2025. This represents an increase of 55.5% from the prior year.
Deluxe Corp earned $1.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 52.5% from the prior year.
Cash & Balance Sheet
Deluxe Corp generated $175.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.3% from the prior year.
Deluxe Corp held $36.9M in cash against $1.4B in long-term debt as of fiscal year 2025.
Deluxe Corp paid $1.20 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Deluxe Corp had 45M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Margins & Returns
Deluxe Corp's gross margin was 53.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Deluxe Corp's operating margin was 10.9% in fiscal year 2025, reflecting core business profitability. This is up 1.8 percentage points from the prior year.
Deluxe Corp's net profit margin was 3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.
Deluxe Corp's ROE was 12.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.6 percentage points from the prior year.
Capital Allocation
Deluxe Corp invested $95.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.1% from the prior year.
DLX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $538.1M+0.5% | $535.2M-0.9% | $540.2M+3.6% | $521.3M-2.8% | $536.5M+3.1% | $520.6M-1.5% | $528.4M-1.7% | $537.8M |
| Cost of Revenue | $258.7M+1.1% | $255.9M+2.7% | $249.1M+3.0% | $242.0M-5.3% | $255.5M+2.9% | $248.3M+0.7% | $246.6M-1.0% | $249.0M |
| Gross Profit | $279.4M0.0% | $279.3M-4.1% | $291.1M+4.2% | $279.3M-0.6% | $281.0M+3.2% | $272.3M-3.4% | $281.9M-2.4% | $288.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $209.3M-5.4% | $221.3M+4.2% | $212.4M-1.0% | $214.4M-4.8% | $225.2M+5.5% | $213.5M-6.3% | $227.8M-2.6% | $233.8M |
| Operating Income | $71.8M+50.6% | $47.7M-37.1% | $75.8M+24.7% | $60.8M+26.4% | $48.1M+2.1% | $47.1M+13.3% | $41.6M-29.9% | $59.3M |
| Interest Expense | $27.7M-5.2% | $29.2M-4.3% | $30.5M-1.3% | $30.9M-1.1% | $31.3M-3.4% | $32.4M+8.3% | $29.9M-1.0% | $30.2M |
| Income Tax | $10.8M+21.3% | $8.9M-33.8% | $13.4M+45.4% | $9.2M+74.5% | $5.3M+69.0% | $3.1M-30.9% | $4.5M-56.4% | $10.4M |
| Net Income | $35.8M+198.7% | $12.0M-64.5% | $33.7M+50.7% | $22.4M+59.9% | $14.0M+11.0% | $12.6M+41.2% | $8.9M-56.3% | $20.5M |
| EPS (Diluted) | $0.77 | N/A | $0.74+48.0% | $0.50+61.3% | $0.31 | N/A | $0.20-56.5% | $0.46 |
DLX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B-10.7% | $2.9B+10.7% | $2.6B+2.1% | $2.5B-1.5% | $2.6B-9.1% | $2.8B+7.9% | $2.6B-1.6% | $2.7B |
| Current Assets | $392.6M-41.0% | $665.8M+66.8% | $399.2M+15.5% | $345.7M-6.0% | $367.6M-39.9% | $611.6M+55.8% | $392.6M+0.3% | $391.4M |
| Cash & Equivalents | $27.2M-26.3% | $36.9M+43.0% | $25.8M-0.8% | $26.0M-14.2% | $30.3M-11.9% | $34.4M-16.7% | $41.3M+79.0% | $23.1M |
| Inventory | $35.0M+4.5% | $33.5M-1.2% | $33.9M+0.5% | $33.7M-2.2% | $34.5M-5.2% | $36.4M-8.1% | $39.6M+4.1% | $38.0M |
| Accounts Receivable | $178.1M-5.1% | $187.6M-1.2% | $189.9M+7.3% | $176.9M+1.9% | $173.7M-0.2% | $174.1M+1.1% | $172.3M-1.7% | $175.2M |
| Goodwill | $1.4B0.0% | $1.4B0.0% | $1.4B0.0% | $1.4B0.0% | $1.4B0.0% | $1.4B-0.1% | $1.4B-0.5% | $1.4B |
| Total Liabilities | $1.9B-14.8% | $2.2B+13.5% | $1.9B+1.4% | $1.9B-2.8% | $2.0B-11.7% | $2.2B+9.9% | $2.0B-1.7% | $2.0B |
| Current Liabilities | $342.1M-46.8% | $643.2M+59.8% | $402.4M+9.7% | $366.9M-7.5% | $396.7M-36.6% | $625.5M+46.2% | $427.8M+5.8% | $404.4M |
| Long-Term Debt | $1.4B-2.3% | $1.4B0.0% | $1.4B-1.5% | $1.4B-1.5% | $1.5B-0.7% | $1.5B+0.4% | $1.5B-3.6% | $1.5B |
| Total Equity | $696.8M+2.4% | $680.7M+2.5% | $664.1M+4.0% | $638.7M+2.6% | $622.4M+0.2% | $620.9M+1.3% | $612.7M-1.3% | $620.5M |
| Retained Earnings | $537.7M+4.2% | $515.9M-0.4% | $517.8M+4.0% | $498.1M+1.7% | $489.7M+0.1% | $489.2M-0.3% | $490.5M-0.9% | $495.1M |
DLX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $52.7M-48.4% | $102.1M+52.0% | $67.1M+31.5% | $51.1M+1.5% | $50.3M-16.4% | $60.2M-11.4% | $67.9M+71.3% | $39.6M |
| Capital Expenditures | $25.4M+11.7% | $22.7M-2.4% | $23.3M+0.2% | $23.3M-10.5% | $26.0M+6.0% | $24.5M+15.9% | $21.2M-25.0% | $28.2M |
| Free Cash Flow | $27.3M-65.6% | $79.3M+80.9% | $43.9M+57.7% | $27.8M+14.5% | $24.3M-31.8% | $35.7M-23.7% | $46.7M+308.4% | $11.4M |
| Investing Cash Flow | $11.1M+119.9% | -$55.7M-75.4% | -$31.7M-61.4% | -$19.7M+20.0% | -$24.6M-33.1% | -$18.5M-150.2% | -$7.4M+68.4% | -$23.4M |
| Financing Cash Flow | -$314.1M-255.1% | $202.5M+1657.2% | -$13.0M+77.5% | -$57.7M+78.5% | -$268.6M-245.3% | $184.9M+445.8% | -$53.5M+25.8% | -$72.0M |
| Dividends Paid | $15.3M+12.8% | $13.6M0.0% | $13.6M0.0% | $13.6M-6.4% | $14.5M+8.4% | $13.4M+0.1% | $13.4M-1.2% | $13.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DLX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.9%-0.3pp | 52.2%-1.7pp | 53.9%+0.3pp | 53.6%+1.2pp | 52.4%+0.1pp | 52.3%-1.0pp | 53.3%-0.4pp | 53.7% |
| Operating Margin | 13.3%+4.4pp | 8.9%-5.1pp | 14.0%+2.4pp | 11.7%+2.7pp | 9.0%-0.1pp | 9.0%+1.2pp | 7.9%-3.2pp | 11.0% |
| Net Margin | 6.7%+4.4pp | 2.2%-4.0pp | 6.2%+1.9pp | 4.3%+1.7pp | 2.6%+0.2pp | 2.4%+0.7pp | 1.7%-2.1pp | 3.8% |
| Return on Equity | 5.1%+3.4pp | 1.8%-3.3pp | 5.1%+1.6pp | 3.5%+1.3pp | 2.3%+0.2pp | 2.0%+0.6pp | 1.5%-1.8pp | 3.3% |
| Return on Assets | 1.4%+1.0pp | 0.4%-0.9pp | 1.3%+0.4pp | 0.9%+0.3pp | 0.5%+0.1pp | 0.4%+0.1pp | 0.3%-0.4pp | 0.8% |
| Current Ratio | 1.15+0.1 | 1.04+0.0 | 0.99+0.0 | 0.94+0.0 | 0.93-0.1 | 0.98+0.1 | 0.92-0.0 | 0.97 |
| Debt-to-Equity | 1.98-0.1 | 2.08-0.1 | 2.13-0.1 | 2.24-0.1 | 2.34-0.0 | 2.36-0.0 | 2.38-0.1 | 2.44 |
| FCF Margin | 5.1%-9.8pp | 14.8%+6.7pp | 8.1%+2.8pp | 5.3%+0.8pp | 4.5%-2.3pp | 6.9%-2.0pp | 8.8%+6.7pp | 2.1% |
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Frequently Asked Questions
What is Deluxe Corp's annual revenue?
Deluxe Corp (DLX) reported $2.1B in total revenue for fiscal year 2025. This represents a 0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Deluxe Corp's revenue growing?
Deluxe Corp (DLX) revenue grew by 0.5% year-over-year, from $2.1B to $2.1B in fiscal year 2025.
Is Deluxe Corp profitable?
Yes, Deluxe Corp (DLX) reported a net income of $82.1M in fiscal year 2025, with a net profit margin of 3.9%.
What is Deluxe Corp's EBITDA?
Deluxe Corp (DLX) had EBITDA of $370.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Deluxe Corp have?
As of fiscal year 2025, Deluxe Corp (DLX) had $36.9M in cash and equivalents against $1.4B in long-term debt.
What is Deluxe Corp's gross margin?
Deluxe Corp (DLX) had a gross margin of 53.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Deluxe Corp's operating margin?
Deluxe Corp (DLX) had an operating margin of 10.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Deluxe Corp's net profit margin?
Deluxe Corp (DLX) had a net profit margin of 3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Deluxe Corp pay dividends?
Yes, Deluxe Corp (DLX) paid $1.20 per share in dividends during fiscal year 2025.
What is Deluxe Corp's return on equity (ROE)?
Deluxe Corp (DLX) has a return on equity of 12.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Deluxe Corp's free cash flow?
Deluxe Corp (DLX) generated $175.3M in free cash flow during fiscal year 2025. This represents a 75.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Deluxe Corp's operating cash flow?
Deluxe Corp (DLX) generated $270.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Deluxe Corp's total assets?
Deluxe Corp (DLX) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Deluxe Corp's capital expenditures?
Deluxe Corp (DLX) invested $95.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Deluxe Corp's current ratio?
Deluxe Corp (DLX) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Deluxe Corp's debt-to-equity ratio?
Deluxe Corp (DLX) had a debt-to-equity ratio of 2.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Deluxe Corp's return on assets (ROA)?
Deluxe Corp (DLX) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Deluxe Corp's Altman Z-Score?
Deluxe Corp (DLX) has an Altman Z-Score of 1.58, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Deluxe Corp's Piotroski F-Score?
Deluxe Corp (DLX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Deluxe Corp's earnings high quality?
Deluxe Corp (DLX) has an earnings quality ratio of 3.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Deluxe Corp cover its interest payments?
Deluxe Corp (DLX) has an interest coverage ratio of 1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Deluxe Corp?
Deluxe Corp (DLX) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.