QTWO

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Q2 Holdings, Inc.

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Key Metrics

Previous Close: $64.08
52-Week Range: $40.79 – $85.19
Market Cap: $3.98B
P/E (TTM): 44.94
EPS (TTM): 1.42
Dividend Yield: —

Advanced Metrics

Price/Book: 6.19
PEG Ratio: 8.35
Return on Equity: 14.98%
Return on Assets: 4.53%
Gross Margin: 56.99%
Operating Margin: 13.36%
Profit Margin: 10.87%
Current Ratio: 0.94
Debt/Equity: 0.06
Total Debt: $40.93M
Free Cash Flow: $190.32M
Revenue Growth: 12.60%
Earnings Growth: 156.50%
Enterprise Value: $3.93B

QTWO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$565.67M	$624.62M	$696.46M	$794.81M
Cost of Revenue	$309.33M	$321.97M	$341.98M	$365.13M
Gross Profit	$256.35M	$302.65M	$354.48M	$429.68M
Research & Development	$130.10M	$137.33M	$143.24M	$154.33M
Selling, General & Admin	$198.38M	$219.71M	$228.89M	$231.37M
Operating Expenses	$346.73M	$377.71M	$389.12M	$385.79M
Operating Income	-$90.38M	-$75.06M	-$34.63M	$43.89M
EBITDA	-$37.74M	$15.62M	$42.89M	$113.56M
Pretax Income	-$106.08M	-$61.82M	-$30.86M	$54.73M
Income Tax	$2.91M	$3.56M	$7.68M	$2.72M
Net Income	-$108.98M	-$65.38M	-$38.54M	$52.01M
Diluted EPS	-1.90	-1.12	-0.64	0.80
Diluted Shares	57.30M	58.35M	60.10M	65.12M

QTWO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$199.60M	$229.66M	$358.56M	$367.63M
Receivables	$55.64M	$52.09M	$49.97M	$60.31M
Current Assets	$531.08M	$427.96M	$558.66M	$556.05M
Total Assets	$1.35B	$1.20B	$1.29B	$1.28B
Current Liabilities	$192.04M	$191.56M	$398.90M	$544.09M
Long-Term Debt	$657.79M	$490.46M	$302.12M	—
Total Debt	$733.34M	$548.92M	$542.99M	$346.82M
Total Liabilities	$930.70M	$752.95M	$777.00M	$614.47M
Retained Earnings	-$560.31M	-$625.69M	-$664.23M	-$612.22M
Shareholders' Equity	$419.02M	$448.48M	$517.80M	$661.81M
Working Capital	$339.03M	$236.40M	$159.76M	$11.97M
Net Debt	$469.09M	$260.81M	$133.89M	—

QTWO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$36.56M	$70.29M	$135.75M	$201.46M
Capital Expenditure	-$30.05M	-$30.64M	-$29.03M	-$28.09M
Free Cash Flow	$6.50M	$39.65M	$106.72M	$173.37M
Depreciation & Amortisation	$61.66M	$71.71M	$68.81M	$53.42M
Stock-Based Compensation	$65.16M	$79.19M	$89.22M	$86.95M
Investing Cash Flow	-$165.56M	$113.27M	-$21.08M	-$4.03M
Financing Cash Flow	$5.88M	-$152.01M	$13.32M	-$188.97M
Share Repurchases	—	$0.00	$0.00	-$5.00M
Net Change in Cash	-$123.12M	$31.55M	$127.99M	$8.46M

QTWO Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$195.15M	$201.70M	$208.22M	$216.51M	$219.76M
Cost of Revenue	$90.58M	$92.86M	$92.94M	$88.59M	$89.56M
Gross Profit	$104.56M	$108.84M	$115.28M	$127.91M	$130.20M
Research & Development	$36.91M	$38.93M	$40.63M	$41.88M	$41.12M
Selling, General & Admin	$58.07M	$58.11M	$56.34M	$57.91M	$59.01M
Operating Expenses	$94.98M	$97.04M	$96.98M	$99.79M	$100.13M
Operating Income	$9.58M	$11.81M	$18.31M	$28.13M	$30.07M
EBITDA	$28.40M	$30.10M	$34.56M	$42.70M	$44.80M
Pretax Income	$13.50M	$15.21M	$20.78M	$29.75M	$31.72M
Income Tax	$1.73M	$160.00K	$337.00K	$3.11M	$1.86M
Net Income	$11.76M	$15.05M	$20.44M	$26.64M	$29.86M
Diluted EPS	0.18	0.23	0.31	0.40	0.46
Diluted Shares	69.64M	69.86M	68.39M	67.65M	65.42M

QTWO Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$414.27M	$472.39M	$367.63M	$342.33M	$99.92M
Receivables	$68.36M	$76.11M	$60.31M	$81.55M	$79.22M
Current Assets	$659.75M	$707.27M	$556.05M	$524.57M	$244.47M
Total Assets	$1.39B	$1.43B	$1.28B	$1.25B	$968.42M
Current Liabilities	$732.28M	$731.65M	$544.09M	$562.49M	$258.81M
Total Debt	$539.32M	$539.08M	$346.82M	$343.90M	$40.93M
Total Liabilities	$801.08M	$803.82M	$614.47M	$634.67M	$324.96M
Retained Earnings	-$647.71M	-$632.66M	-$612.22M	-$585.58M	-$555.73M
Shareholders' Equity	$584.34M	$622.88M	$661.81M	$611.68M	$643.45M
Working Capital	-$72.53M	-$24.38M	$11.97M	-$37.91M	-$14.34M
Net Debt	$79.16M	$21.54M	—	—	—

QTWO Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$48.64M	$45.59M	$63.70M	$56.32M	$60.65M
Capital Expenditure	-$6.95M	-$8.34M	-$7.11M	-$12.11M	-$9.67M
Free Cash Flow	$41.70M	$37.25M	$56.59M	$44.21M	$50.98M
Depreciation & Amortisation	$13.55M	$13.61M	$12.54M	$11.74M	$12.06M
Stock-Based Compensation	$22.50M	$23.26M	$20.18M	$20.27M	$20.56M
Investing Cash Flow	-$22.11M	$13.28M	$24.31M	$16.38M	$20.47M
Financing Cash Flow	$3.67M	$0.00	-$193.19M	-$97.15M	-$323.31M
Share Repurchases	$0.00	—	—	-$97.15M	-$22.93M
Net Change in Cash	$30.20M	$58.87M	-$105.18M	-$24.46M	-$242.18M

Market Snapshot

About

Q2 Holdings provides cloud-based digital banking solutions for regional banks, credit unions, and community financial institutions. The platform offers account opening, lending, mobile banking, analytics, and fintech integration capabilities. Q2 enables smaller institutions to compete with large banks on digital experience while maintaining compliance and security standards.