Deluxe (DLX) FY2025 results: revenue $2.1 billion, up 0.5% on the year
Deluxe Corp. (DLX) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 0.5% on the year before. Net income was $82 million, up 55.5%, and diluted earnings per share $1.80. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
Revenue
$2.1 billion
+0.5% on the year
FY2018FY2025
Operating margin
10.9%
9.1% a year earlier
FY2018FY2025
Net income
$82 million
+55.5% on the year
FY2018FY2025
Diluted EPS
$1.80
+52.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 kept.
Comparable revenue rose 1.1%: Reported full-year revenue rose 0.5% to $2,133.2 million. Comparable adjusted revenue, which removes business exits, rose 1.1% from $2,111.0 million.
Comparable EBITDA margin up 90 basis points: Comparable adjusted EBITDA rose 6.2% to $431.5 million from $406.5 million. The margin was 20.2% against 19.3% in the prior year.
Data Solutions revenue grew the most: Full-year Data Solutions revenue was $307.3 million against $234.0 million, with adjusted EBITDA of $86.4 million against $60.5 million and a 28.1% margin against 25.9%.
Free cash flow reached $175.3 million: Operating cash flow was $270.6 million against $194.3 million. Purchases of capital assets were $95.3 million against $94.3 million, giving free cash flow of $175.3 million against $100.0 million.
Total and net debt both reduced: Total debt was $1,429.4 million against $1,503.1 million, and net debt was $1,392.5 million against $1,468.7 million at December 31, 2025.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
271
194
198
+39.3%
Capital expenditure
95.3
94.3
101
+1.1%
Free cash flow
175
100.0
97.7
+75.3%
Free cash flow margin
8.2%
4.7%
4.5%
Cash from investing
-132
-69.8
-43.3
Cash from financing
-137
-267
-37.7
Depreciation and amortisation
138
166
170
-16.7%
Share-based compensation
24.9
19.9
20.5
+25.1%
Dividends paid
55.2
54.2
53.3
+1.9%
Dividend per share
$1.20
$1.20
$1.20
0.0%
Diluted shares, weighted
46m
45m
44m
+1.7%
Shares outstanding at period end
45m
44m
44m
+1.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
681
621
605
+9.6%
Debt
1,429
1,503
1,593
-4.9%
Operating lease liabilities
39.8
49.0
58.8
-18.7%
Finance lease liabilities
25.8
25.5
26.1
+1.3%
Other liabilities
688
633
798
+8.8%
Total liabilities and equity
2,864
2,831
3,081
+1.2%
Fixed assets
101
112
117
-9.5%
Goodwill
1,423
1,423
1,431
+0.0%
Intangible assets
348
331
392
+5.2%
Investments
26.4
61.0
61.9
-56.7%
Cash and equivalents
36.9
34.4
72.0
+7.3%
Receivables
188
174
191
+7.8%
Inventory
33.5
36.4
42.1
-7.9%
Other assets
707
660
775
+7.2%
Total assets
2,864
2,831
3,081
+1.2%
10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.