Filing Flows › Deluxe (DLX) › Q2 2025
Deluxe (DLX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Deluxe (DLX) reported revenue of $521M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -3% from the quarter before. Operating margin was 11.7%, net earnings $22.4M (4.3% of revenue).
Deluxe, Q2 2025: revenue $521M (-3% year over year), operating margin 11.7%, net earnings $22.4M, operating cash flow $51.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $521M | -3% | -3% |
| Gross profit | $279M | -0.6% | -3% |
| Operating profit | $60.8M | +26% | +3% |
| Net earnings | $22.4M | +60% | +9% |
| Operating cash flow | $51.1M | +2% | +29% |
| Free cash flow | $27.8M | — | +143% |
What changed
Revenue was $521.3M in Q2 2025, down 3% year over year and down 3% from the previous quarter. Checks was the largest line at 33% of revenue. Promotional solutions lost $17.8M year over year (down 25%), 108% of the total change.
Gross margin was 53.6%, down 0.1 points from a year earlier. Operating profit was $60.8M, a 11.7% margin (up 0.6 points year over year). Operating expenses fell 5% while revenue fell 3%. Net earnings were $22.4M, up 9% year over year. The effective tax rate was 29.3%.
Operating cash flow was $51.1M (up 29% year over year), 228% of net earnings. Non-cash charges added back $33.5M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $11.0M. After purchases of capital assets ($23.3M), free cash flow as the company reports it was $27.8M.
Questions
What was Deluxe's revenue in the second quarter 2025?
Deluxe (DLX) reported revenue of $521M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -3% from the quarter before.
Was Deluxe profitable in the second quarter 2025?
Operating profit was $60.8M (11.7% of revenue) and net earnings $22.4M.
Source: Deluxe 10-Q on SEC EDGAR.