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How Deluxe (DLX) makes money

Deluxe (DLX) made $554M of revenue in the third quarter 2026 (Q3 2026), +3% from a year earlier. Service brought in $314M (57%); Product brought in $239M (43%). Of every dollar of revenue, 10¢ was left as operating profit, 2¢ was left as net earnings.

Drawing the Sankey…

Deluxe revenue by segment, Q3 2026Deluxe revenue by segment, Q3 2026Service$314MProduct$239M
Deluxe: revenue by line, Q3 2025 to Q3 2026Deluxe: revenue by line, Q3 2025 to Q3 2026ServiceProductService: $314M latest$314MProduct: $239M latest$239MQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Product went from 52% of revenue in Q3 2025 to 43% in Q3 2026, the largest shift in the mix.
Deluxe revenue by quarterDeluxe revenue by quarter$536MQ1 2025$521MQ2 2025$540MQ3 2025$535MQ4 2025$538MQ1 2026$499MQ2 2026$554MQ3 2026
Deluxe: where each dollar of revenue goesDeluxe: where each dollar of revenue goesOperating profit10¢Income tax1¢Net earnings2¢Operating cash flow15¢Free cash flow9¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Service$314M56.8%—+9%
  ↳ Checks$163M29.4%—-6%
  ↳ Merchant services solutions$135M24.4%—+38%
  ↳ Other payment solutions$16.4M3.0%—-4%
Product$239M43.2%—-5%
  ↳ Data-driven marketing$98.5M17.8%—+16%
  ↳ Treasury management solutions$60.9M11.0%—+9%
  ↳ Forms and other business products$41.6M7.5%—-24%
  ↳ Promotional solutions$34.0M6.1%—-35%
  ↳ Other web based solutions$4.4M0.8%—-4%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$554M100.0%
Operating profit$52.7M9.5%
Income tax$6.7M1.2%
Net earnings$13.0M2.3%
Operating cash flow$82.0M14.8%
Free cash flow$49.0M8.8%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$554M+2%
Q2 2026$499M-4%
Q1 2026$538M+0.3%
Q4 2025$535M+3%
Q3 2025$540M+2%
Q2 2025$521M-3%
Q1 2025$536M+0.3%

From Deluxe's 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Deluxe make money?

Deluxe (DLX) made $554M of revenue in the third quarter 2026 (Q3 2026), +3% from a year earlier. Service brought in $314M (57%); Product brought in $239M (43%). Of every dollar of revenue, 10¢ was left as operating profit, 2¢ was left as net earnings.

What is Deluxe's biggest business?

Service: $314M in the third quarter 2026, 57% of revenue, +9% from a year earlier.

What is Deluxe's profit margin?

Net earnings were $13.0M, 2.3% of revenue, in the third quarter 2026; the operating margin was 9.5%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.