Filing Flows › Deluxe (DLX) › Q2 2026 › vs Q2 2025
Deluxe (DLX) Q2 2026 vs Q2 2025 (year over year)
Deluxe's revenue fell $22.0M (-4%) from $521M in Q2 2025 to $499M in Q2 2026. The biggest changes: Service −$20.4M (-7%); Product −$1.6M (-0.7%). Operating margin 11.2% against 11.7% (-0.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.2% | 11.7% | -0.5 pts |
| Net margin | 3.8% | 4.3% | -0.5 pts |
| Free cash flow margin | 11.7% | 5.3% | +6.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Checks | $166M | $174M | −$8.2M | -5% |
| Merchant services revenue | $108M | $101M | $6.2M | +6% |
| Data-driven marketing | $77.7M | $63.0M | $14.7M | +23% |
| Treasury management solutions | $57.1M | $54.5M | $2.6M | +5% |
| Forms and other business products | $39.4M | $54.2M | −$14.8M | -27% |
| Promotional solutions | $31.0M | $53.2M | −$22.2M | -42% |
| Other payment solutions | $16.4M | $16.5M | −$100K | -0.6% |
| Other web based solutions | $4.6M | $4.8M | −$200K | -4% |
| Service | $262M | $282M | −$20.4M | -7% |
| Product | $237M | $239M | −$1.6M | -0.7% |
| Revenue | $499M | $521M | −$22.0M | -4% |
| Operating profit | $55.7M | $60.8M | −$5.1M | -8% |
| Pre-tax earnings | $30.1M | $31.7M | −$1.6M | -5% |
| Other expense, net | $25.6M | $29.1M | −$3.5M | -12% |
| SG&A | $202M | $214M | −$12.4M | -6% |
| Other operating costs | $1.8M | $4.0M | −$2.2M | -55% |
| Net earnings | $19.2M | $22.4M | −$3.2M | -14% |
| Income tax | $10.9M | $9.3M | $1.6M | +17% |
| Depreciation & amortization | $36.2M | $33.5M | $2.7M | +8% |
| Share-based compensation | $6.5M | $6.2M | $300K | +5% |
| Working capital & other | $19.3M | −$11.0M | $30.3M | — |
| Operating cash flow | $81.2M | $51.1M | $30.1M | +59% |
| Free cash flow (OCF − capex) | $58.6M | $27.8M | $30.8M | +111% |
| Capital expenditures | $22.6M | $23.3M | −$700K | -3% |
Questions
How much did Deluxe's revenue grow year over year in Q2 2026?
Deluxe's revenue fell $22.0M (-4%) from $521M in Q2 2025 to $499M in Q2 2026.
What drove Deluxe's revenue change in Q2 2026?
Service −$20.4M (-7%); Product −$1.6M (-0.7%).