Filing Flows › Deluxe (DLX) › Q2 2026 › vs Q1 2026
Deluxe (DLX) Q2 2026 vs Q1 2026 (quarter over quarter)
Deluxe's revenue fell $38.8M (-7%) from $538M in Q1 2026 to $499M in Q2 2026. The biggest changes: Product −$24.7M (-9%); Service −$14.1M (-5%). Operating margin 11.2% against 13.3% (-2.2 pts).
Deluxe, Q2 2026: revenue $499M (-4% year over year), operating margin 11.2%, net earnings $19.2M, operating cash flow $81.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 11.2% | 13.3% | -2.2 pts |
| Net margin | 3.8% | 6.7% | -2.8 pts |
| Free cash flow margin | 11.7% | 5.1% | +6.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Checks | $166M | $166M | −$400K | -0.2% |
| Merchant services revenue | $108M | $105M | $2.7M | +3% |
| Data-driven marketing | $77.7M | $92.5M | −$14.8M | -16% |
| Treasury management solutions | $57.1M | $57.8M | −$700K | -1% |
| Forms and other business products | $39.4M | $52.4M | −$13.0M | -25% |
| Promotional solutions | $31.0M | $43.9M | −$12.9M | -29% |
| Other payment solutions | $16.4M | $15.7M | $700K | +4% |
| Other web based solutions | $4.6M | $5.0M | −$400K | -8% |
| Service | $262M | $276M | −$14.1M | -5% |
| Product | $237M | $262M | −$24.7M | -9% |
| Revenue | $499M | $538M | −$38.8M | -7% |
| Operating profit | $55.7M | $71.8M | −$16.1M | -22% |
| Costs & expenses | $444M | $466M | −$22.7M | -5% |
| Pre-tax earnings | $30.1M | $46.6M | −$16.5M | -35% |
| Other expense, net | $25.6M | $25.2M | $400K | +2% |
| Net earnings | $19.2M | $35.8M | −$16.6M | -46% |
| Income tax | $10.9M | $10.8M | $100K | +0.9% |
| Depreciation & amortization | $36.2M | $36.7M | −$500K | -1% |
| Share-based compensation | $6.5M | $6.7M | −$200K | -3% |
| Working capital & other | $19.3M | −$26.5M | $45.8M | — |
| Operating cash flow | $81.2M | $52.7M | $28.5M | +54% |
| Free cash flow (OCF − capex) | $58.6M | $27.3M | $31.3M | +115% |
| Capital expenditures | $22.6M | $25.4M | −$2.8M | -11% |
Questions
How much did Deluxe's revenue grow quarter over quarter in Q2 2026?
Deluxe's revenue fell $38.8M (-7%) from $538M in Q1 2026 to $499M in Q2 2026.
What drove Deluxe's revenue change in Q2 2026?
Product −$24.7M (-9%); Service −$14.1M (-5%).