Filing Flows › Deluxe (DLX) › Q3 2025
Deluxe (DLX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Deluxe (DLX) reported revenue of $540M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +4% from the quarter before. Operating margin was 14.0%, net earnings $33.8M (6.3% of revenue).
Deluxe, Q3 2025: revenue $540M (+2% year over year), operating margin 14.0%, net earnings $33.8M, operating cash flow $67.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $540M | +4% | +2% |
| Gross profit | $291M | +4% | +3% |
| Operating profit | $75.8M | +25% | +82% |
| Net earnings | $33.8M | +51% | +276% |
| Operating cash flow | $67.1M | +31% | -1% |
| Free cash flow | $43.8M | — | -6% |
What changed
Revenue was $540.2M in Q3 2025, up 2% year over year and up 4% from the previous quarter. Checks was the largest line at 32% of revenue. Data-driven marketing added $28.1M year over year (up 50%), 238% of the total change. Promotional solutions declined 15%.
Gross margin was 53.9%, up 0.5 points from a year earlier. Operating profit was $75.8M, a 14.0% margin (up 6.2 points year over year). Of the extra revenue versus a year earlier, 290% reached operating profit, above the 8% margin then. Operating expenses fell 10% while revenue rose 2%. Net earnings were $33.7M, up 278% year over year. The effective tax rate was 28.5%.
Operating cash flow was $67.1M (down 1% year over year), 199% of net earnings. Non-cash charges added back $32.3M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items used $4.9M. After purchases of capital assets ($23.3M), free cash flow as the company reports it was $43.8M.
Questions
What was Deluxe's revenue in the third quarter 2025?
Deluxe (DLX) reported revenue of $540M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +4% from the quarter before.
Was Deluxe profitable in the third quarter 2025?
Operating profit was $75.8M (14.0% of revenue) and net earnings $33.8M.
Source: Deluxe 10-Q on SEC EDGAR.