Q2 Holdings, Inc.

Listed Company

QTWOCIK 0001410384NYSELarge AcceleratedServices-Prepackaged SoftwareFY ends Dec 31

Period

FY 2025

Revenue

$794.81M

Net Income

$52.01M

Total Assets

$1.28B

Equity

$661.81M

Shares Out

62.60M

Op. Cash Flow

$201.46M

Business

Q2 Holdings, Inc. provides cloud-based digital banking and embedded finance solutions that enable financial institutions, FinTechs and alternative finance companies to incorporate banking into customer engagement and servicing. Its core offerings include an end-to-end digital banking platform, digital lending and relationship pricing solutions, Q2 Innovation Studio (open API/SDK ecosystem), Helix (cloud-native core and BaaS), plus risk and fraud, account switching, analytics and implementation services. Key business segments are digital banking, digital lending/relationship pricing, Q2 Innovation Studio and Helix with professional services and support. Q2 sells primarily through a direct sales organization, partner marketplace and API integrations on a SaaS delivery model to retail, SMB and commercial customers and financial services providers across domestic and international markets.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	795	696	625	566	499
Cost of revenues	365	342	322	—	—
Gross profit	430	354	303	256	225
Sales and marketing	106	106	110	108	86
Research and development	154	143	137	130	117
General and administrative	126	123	110	90	78
Transaction-related costs	166,000	0	24,000	1	3
Amortization of acquired intangibles	93,000	17	21	18	18
Lease and other restructuring charges	4	8	11	13	2
Total operating expenses	390	397	389	361	303
Income (loss) from operations	40	−42	−86	−105	−78
Interest and other income	20	16	10	5	—
Interest and other expense	−5	−5	−6	−7	−33
Gain on extinguishment of debt	0	0	20	0	−2
Total other income, net	15	11	24	−1	−33
Income (loss) before income taxes	55	−31	−62	−106	−111
Provision for income taxes	−3	−8	−4	−3	−2
Net income (loss)	52	−39	−65	−109	−113
Unrealized gain (loss) on available-for-sale investments	−36,000	392,000	2	−2	−213,000
Foreign currency translation adjustment	−44,000	−1	61,000	−964,000	110,000
Comprehensive income (loss)	52	−39	−64	−112	−113
Basic (in usd per share)	0.84	−0.64	−1.12	−1.9	−2
Diluted (in usd per share)	0.8	−0.64	−1.12	−1.9	−2
Basic (in shares)	62	60	58	57	56
Diluted (in shares)	65	60	58	57	56

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	368	359	230	200	323
Restricted cash	2	2	4	2	3
Investments	65	88	94	234	105
Accounts receivable, net	52	42	43	47	47
Contract assets, current portion, net	9	8	9	9	2
Prepaid expenses and other current assets	28	24	12	11	11
Deferred solution and other costs, current portion	23	27	—	—	—
Deferred implementation costs, current portion	11	10	9	8	7
Total current assets	556	559	428	531	522
Property and equipment, net	28	32	41	57	67
Right of use assets	27	30	35	40	52
Deferred solution and other costs, net of current portion	28	28	—	—	—
Deferred implementation costs, net of current portion	29	26	21	19	17
Intangible assets, net	78	95	122	146	162
Goodwill	513	513	513	513	513
Contract assets, net of current portion and allowance	14	9	12	16	22
Other long-term assets	3	3	3	2	2
Total assets	1,276	1,295	1,201	1,350	1,385
Accounts payable	20	9	19	10	11
Accrued liabilities	25	18	16	21	18
Accrued compensation	32	33	27	23	32
Convertible notes, current portion	303	190	0	11	0
Deferred revenues, current portion	155	138	119	117	99
Lease liabilities, current portion	9	10	10	9	9
Total current liabilities	544	399	192	192	168
Convertible notes, net of current portion	0	302	490	658	552
Deferred revenues, net of current portion	27	27	17	22	29
Lease liabilities, net of current portion	34	38	46	53	61
Other long-term liabilities	10	10	8	6	4
Total liabilities	614	777	753	931	815
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock: $0.0001 par value; 5,000 shares authorized, no shares issued or outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock: $0.0001 par value; 150,000 shares authorized, 62,741 shares issued and outstanding as of December 31, 2025, and 60,728 shares issued and outstanding as of December 31, 2024	6,000	6,000	6,000	6,000	6,000
Additional paid-in capital	1,276	1,184	1,075	982	1,064
Accumulated other comprehensive loss	−2	−2	−1	−3	−135,000
Accumulated deficit	−612	−664	−626	−560	−494
Total stockholders' equity	662	518	448	419	570
Total liabilities and stockholders' equity	1,276	1,295	1,201	1,350	1,385

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred implementation, solution and other costs	30	27	26	23	24
Depreciation and amortization	53	69	72	62	55
Amortization of debt issuance costs	2	2	2	3	2
Amortization of premiums and discounts on investments	−1	−1	−3	−302,000	1
Stock-based compensation expense	87	89	79	65	56
Deferred income taxes	1	2	636,000	2	180,000
Gain on extinguishment of debt	0	0	−19	0	2
Lease impairments	−43,000	2	4	—	—
Other non-cash items	696,000	−490,000	311,000	250,000	—
Accounts receivable, net	−10	906,000	4	286,000	−10
Prepaid expenses and other current assets	−3	−12	−787,000	494,000	532,000
Deferred solution and other costs	−10	−14	−17	−8	−13
Deferred implementation costs	−18	−18	−15	−12	−13
Contract assets, net	−5	4	4	−1	−4
Other long-term assets	5	7	6	7	8
Accounts payable	9	−10	9	−548,000	2
Accrued liabilities	2	6	−492,000	−10	104,000
Deferred revenues	17	29	−3	10	16
Deferred rent and other long-term liabilities	−10	−8	−12	−7	−11
Net cash provided by operating activities	201	136	70	37	31
Purchases of investments	−94	−96	−77	−293	−124
Maturities of investments	118	104	221	163	149
Purchases of property and equipment	−7	−7	−6	−11	−20
Capitalized software development costs	−21	−22	−25	−19	−6
Net cash provided by (used in) investing activities	−4	−21	113	−166	−65
Repurchases of common shares	−5	0	0	—	—
Payment for maturity of convertible notes	−191	0	−11	0	0
Payment for repurchases of convertible notes	0	0	−150	0	−64
Proceeds from capped calls related to convertible notes	0	0	139,000	0	0
Debt issuance costs related to revolving credit agreement	0	−942,000	0	0	—
Proceeds from exercise of stock options and ESPP	7	14	8	6	6
Net cash provided by (used in) financing activities	−189	13	−152	6	−51
Effect of exchange rate changes on cash, cash equivalents and restricted cash	49,000	−827,000	182,000	−802,000	−167,000
Net increase in cash, cash equivalents and restricted cash	9	127	32	−124	−85
Cash paid for interest	3	3	3	3	3
Stock-based compensation for capitalized software development	2	3	3	2	0
Property and equipment acquired and included in accounts payable and accrued liabilities	5	341,000	478,000	353,000	3
Property and equipment acquired through tenant improvement allowance	0	615,000	0	0	10

Filings

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