Filing Flows › Deluxe (DLX) › Q1 2025
Deluxe (DLX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Deluxe (DLX) reported revenue of $536M for the first quarter 2025 (Q1 2025), +0.3% from a year earlier and +3% from the quarter before. Operating margin was 9.0%, net earnings $14.0M (2.6% of revenue).
Deluxe, Q1 2025: revenue $536M (+0.3% year over year), operating margin 9.0%, net earnings $14.0M, operating cash flow $50.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $536M | +3% | +0.3% |
| Gross profit | $281M | +3% | -0.9% |
| Operating profit | $48.1M | +2% | +9% |
| Net earnings | $14.0M | +11% | +29% |
| Operating cash flow | $50.3M | -16% | +89% |
| Free cash flow | $24.3M | — | +293% |
What changed
Revenue was $536.5M in Q1 2025, roughly flat year over year and up 3% from the previous quarter. Checks was the largest line at 33% of revenue. Data-driven marketing added $17.7M year over year (up 33%), 1144% of the total change. Other declined 100%.
Gross margin was 52.4%, down 0.6 points from a year earlier. Operating profit was $48.1M, a 9.0% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 251% reached operating profit, above the 8% margin then. Operating expenses fell 3% while revenue was flat. The fastest-growing cost line was Other operating costs (+48%). Net earnings were $14.0M, up 30% year over year. The effective tax rate was 27.5%.
Operating cash flow was $50.3M (up 89% year over year), 359% of net earnings. Non-cash charges added back $35.3M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $4.4M. After purchases of capital assets ($26.0M), free cash flow as the company reports it was $24.3M.
Questions
What was Deluxe's revenue in the first quarter 2025?
Deluxe (DLX) reported revenue of $536M for the first quarter 2025 (Q1 2025), +0.3% from a year earlier and +3% from the quarter before.
Was Deluxe profitable in the first quarter 2025?
Operating profit was $48.1M (9.0% of revenue) and net earnings $14.0M.
Source: Deluxe 10-Q on SEC EDGAR.