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Q2 (QTWO) Financials

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$62.81 0.00 (0.00%)
Closing price 08/7/2026 03:59 PM Eastern
Extended Trading
$62.81 +0.00 (+0.00%)
As of 08/7/2026 07:34 PM Eastern
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Annual Income Statements for Q2

Annual Income Statements for Q2

This table shows Q2's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -25 -36 -26 -35 -71 -138 -113 -109 -65 -39 52
Consolidated Net Income / (Loss)		 -25 -36 -26 -35 -71 -138 -113 -109 -65 -39 52
Net Income / (Loss) Continuing Operations		 -25 -36 -26 -35 -71 -138 -113 -109 -65 -39 52
Total Pre-Tax Income 		-25 -36 -26 -39 -83 -136 -111 -106 -62 -31 55
Total Operating Income		 -25 -36 -27 -32 -67 -100 -78 -105 -86 -42 40
Total Gross Profit		 50 73 94 119 153 175 225 256 303 354 430
Total Revenue		 109 150 194 241 315 403 499 566 625 696 795
Operating Revenue		 109 150 194 241 315 403 499 566 625 696 795
Total Cost of Revenue		 59 77 99 122 162 228 274 309 322 342 365
Operating Cost of Revenue		 59 77 99 122 162 228 274 309 322 342 365
Total Operating Expenses		 75 109 121 151 220 274 303 361 389 397 390
Selling, General & Admin Expense		 23 32 37 45 57 71 78 90 110 123 126
Marketing Expense		 27 36 41 48 64 72 86 108 110 106 106
Research & Development Expense		 22 32 40 51 76 97 117 130 137 143 154
Amortization Expense		 0.58 1.47 1.48 1.84 6.34 18 18 18 21 17 0.09
Restructuring Charge		 - - - - - 2.18 4.70 14 11 7.63 3.99
Total Other Income / (Expense), net		 -0.00 -0.21 0.43 -7.35 -17 -36 -33 -1.31 24 11 15
Interest Expense		 - - - 0.00 0.00 8.93 1.51 0.00 -20 0.00 0.00
Interest & Investment Income		 0.28 0.36 0.55 2.81 3.67 1.21 1.48 5.36 10 16 20
Other Income / (Expense), net		 -0.28 -0.57 -0.12 -10 -20 -29 -33 -6.68 -5.73 -4.94 -5.41
Income Tax Expense		 0.22 0.43 -0.31 -3.80 -12 1.42 1.64 2.91 3.56 7.68 2.72
Basic Earnings per Share		 ($0.67) ($0.92) ($0.63) ($0.83) ($1.53) ($2.65) ($2.00) ($1.90) ($1.12) ($0.64) $0.84
Weighted Average Basic Shares Outstanding		 37.28M 39.65M 41.22M 42.80M 46.20M 52.02M 56.39M 57.30M 58.35M 60.11M 62.16M
Diluted Earnings per Share		 ($0.67) ($0.92) ($0.63) ($0.83) ($1.53) ($2.65) ($2.00) ($1.90) ($1.12) ($0.64) $0.80
Weighted Average Diluted Shares Outstanding		 37.28M 39.65M 41.22M 42.80M 46.20M 52.02M 56.39M 57.30M 58.35M 60.11M 65.12M
Weighted Average Basic & Diluted Shares Outstanding		 37.28M 39.65M 41.22M 42.80M 46.20M 52.02M 56.93M 57.74M 59.07M 60.73M 62.40M

Quarterly Income Statements for Q2

This table shows Q2's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -18 -14 -13 -12 0.16 4.75 12 15 20 27 30
Consolidated Net Income / (Loss)		 -18 -14 -13 -12 0.16 4.75 12 15 20 27 30
Net Income / (Loss) Continuing Operations		 -18 -14 -13 -12 0.16 4.75 12 15 20 27 30
Total Pre-Tax Income 		-16 -12 -11 -9.54 1.94 5.24 13 15 21 30 32
Total Operating Income		 -18 -14 -14 -13 -1.58 2.19 9.84 11 17 28 29
Total Gross Profit		 81 82 87 89 96 101 105 109 115 128 130
Total Revenue		 162 166 173 175 183 190 195 202 208 217 220
Operating Revenue		 162 166 173 175 183 190 195 202 208 217 220
Total Cost of Revenue		 81 83 86 86 87 89 91 93 93 89 90
Operating Cost of Revenue		 81 83 86 86 87 89 91 93 93 89 90
Total Operating Expenses		 99 96 101 102 98 99 95 98 98 100 101
Selling, General & Admin Expense		 30 30 31 31 30 32 31 32 30 32 33
Marketing Expense		 27 25 28 26 27 27 27 26 26 26 26
Research & Development Expense		 34 35 36 37 36 38 37 39 41 42 41
Amortization Expense		 4.90 4.83 4.79 4.78 2.59 0.09 0.00 0.00 - 0.00 0.00
Restructuring Charge		 3.40 1.13 0.97 3.13 2.41 2.01 -0.26 0.80 1.44 0.44 0.73
Total Other Income / (Expense), net		 2.00 1.90 2.73 3.26 3.51 3.05 3.66 4.20 3.92 2.06 2.38
Interest & Investment Income		 3.39 3.19 3.85 4.62 4.68 4.59 5.00 5.49 5.16 3.27 3.41
Other Income / (Expense), net		 -1.39 -1.29 -1.12 -1.35 -1.17 -1.54 -1.35 -1.28 -1.25 -1.21 -1.03
Income Tax Expense		 2.06 1.56 2.09 2.26 1.77 0.49 1.73 0.16 0.34 3.11 1.86
Basic Earnings per Share		 ($0.30) ($0.23) ($0.22) ($0.20) $0.01 $0.08 $0.19 $0.24 $0.33 $0.43 $0.48
Weighted Average Basic Shares Outstanding		 58.35M 59.45M 60.16M 60.31M 60.11M 61.22M 62.35M 62.46M 62.16M 62.34M 62.49M
Diluted Earnings per Share		 ($0.30) ($0.23) ($0.22) ($0.20) $0.01 $0.07 $0.18 $0.23 $0.32 $0.40 $0.46
Weighted Average Diluted Shares Outstanding		 58.35M 59.45M 60.16M 60.31M 60.11M 64.82M 69.64M 69.86M 65.12M 67.65M 65.42M
Weighted Average Basic & Diluted Shares Outstanding		 59.07M 60.10M 60.28M 60.40M 60.73M 62.30M 62.44M 62.53M 62.40M 62.60M 62.35M

Annual Cash Flow Statements for Q2

This table details how cash moves in and out of Q2's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.93 -12 4.09 50 -6.59 308 -85 -124 32 127 8.51
Net Cash From Operating Activities		 5.40 3.39 9.47 4.60 0.57 -2.94 31 37 70 136 201
Net Cash From Continuing Operating Activities		 5.40 3.39 9.47 4.60 0.57 -2.94 31 37 70 136 201
Net Income / (Loss) Continuing Operations		 -25 -36 -26 -35 -71 -138 -113 -109 -65 -39 52
Consolidated Net Income / (Loss)		 -25 -36 -26 -35 -71 -138 -113 -109 -65 -39 52
Depreciation Expense		 6.85 12 15 17 28 52 55 62 72 69 53
Amortization Expense		 5.42 7.30 7.80 17 30 47 53 26 25 28 31
Non-Cash Adjustments To Reconcile Net Income		 7.40 13 21 24 36 59 56 76 68 94 82
Changes in Operating Assets and Liabilities, net		 11 7.36 -8.08 -18 -24 -22 -20 -18 -29 -17 -17
Net Cash From Investing Activities		 -58 -17 -17 -171 -483 -124 -65 -166 113 -21 -4.03
Net Cash From Continuing Investing Activities		 -58 -17 -17 -171 -483 -124 -65 -166 113 -21 -4.03
Purchase of Property, Plant & Equipment		 -7.13 -15 -12 -13 -14 -24 -26 -30 -31 -29 -28
Purchase of Investments		 -44 -40 -28 -76 -27 -131 -124 -293 -77 -96 -94
Sale and/or Maturity of Investments		 21 41 28 48 64 32 149 163 221 104 118
Net Cash From Financing Activities		 52 0.94 12 217 476 435 -51 5.88 -152 13 -189
Net Cash From Continuing Financing Activities		 52 0.94 12 217 476 434 -51 5.88 -152 13 -189
Repayment of Debt		 -4.66 -5.05 - - 0.00 0.00 -64 0.00 -161 -0.94 -191
Repurchase of Common Equity		 - -0.01 - 0.00 0.00 -138 -20 - 0.00 0.00 -5.00
Other Financing Activities, net		 4.17 6.00 12 -29 -26 127 32 5.88 8.54 14 7.03
Effect of Exchange Rate Changes		 - - - - - 0.05 -0.17 -0.80 0.18 -0.83 0.05
Cash Interest Paid		 0.21 0.22 0.07 0.81 2.85 4.10 3.10 2.89 2.65 2.68 2.85

Quarterly Cash Flow Statements for Q2

This table details how cash moves in and out of Q2's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 76 45 28 16 39 25 31 59 -105 -25 -242
Net Cash From Operating Activities		 37 13 36 43 43 44 49 46 64 56 61
Net Cash From Continuing Operating Activities		 37 13 36 43 43 44 49 46 64 56 61
Net Income / (Loss) Continuing Operations		 -18 -14 -13 -12 0.16 4.75 12 15 20 27 30
Consolidated Net Income / (Loss)		 -18 -14 -13 -12 0.16 4.75 12 15 20 27 30
Depreciation Expense		 18 18 18 18 16 14 14 14 13 12 12
Amortization Expense		 6.76 6.54 7.13 6.85 7.31 7.20 7.61 7.86 8.42 8.07 7.73
Non-Cash Adjustments To Reconcile Net Income		 20 22 25 28 20 20 22 24 16 21 17
Changes in Operating Assets and Liabilities, net		 10 -19 -0.37 2.77 -0.06 -2.16 -5.98 -15 6.20 -11 -6.35
Net Cash From Investing Activities		 35 23 -11 -27 -6.45 -20 -22 13 24 16 20
Net Cash From Continuing Investing Activities		 35 23 -11 -27 -6.45 -20 -22 13 24 16 20
Purchase of Property, Plant & Equipment		 -6.75 -7.42 -7.28 -8.15 -6.19 -5.70 -6.95 -8.34 -7.11 -12 -9.67
Purchase of Investments		 -0.05 -0.08 -33 -34 -28 -34 -32 -25 -2.60 0.00 -0.11
Sale and/or Maturity of Investments		 41 31 29 15 28 20 17 47 34 28 30
Net Cash From Financing Activities		 4.08 8.40 3.04 -0.94 2.81 0.55 3.67 - -193 -97 -323
Net Cash From Continuing Financing Activities		 4.08 8.40 3.04 -0.94 2.81 0.55 3.67 - -193 -97 -323
Repurchase of Common Equity		 - - - - - 0.00 - - - -97 -23
Other Financing Activities, net		 4.08 8.40 3.04 - 2.81 0.55 3.67 - 2.81 0.00 3.62
Effect of Exchange Rate Changes		 0.32 -0.19 -0.07 0.19 -0.76 0.11 0.34 -0.36 -0.05 -0.46 -0.08

Annual Balance Sheets for Q2

This table presents Q2's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 204 201 213 464 1,009 1,417 1,385 1,350 1,201 1,295 1,276
Total Current Assets		 133 126 131 218 186 616 522 531 428 559 556
Cash & Equivalents		 67 55 58 108 100 408 323 200 230 359 368
Restricted Cash		 2.12 1.32 2.32 1.82 3.47 3.48 2.97 2.30 3.98 2.23 1.67
Short-Term Investments		 44 42 42 69 32 131 105 234 94 88 65
Accounts Receivable		 9.01 12 13 20 22 36 47 47 43 42 52
Prepaid Expenses		 3.06 3.22 3.12 3.98 6.35 8.86 11 11 12 24 28
Other Current Assets		 8.41 12 13 16 22 28 34 38 45 44 42
Plant, Property, & Equipment, net		 24 27 35 35 39 50 67 57 41 32 28
Total Noncurrent Assets		 47 48 47 210 784 751 796 762 732 705 692
Goodwill		 13 13 13 108 462 462 513 513 513 513 513
Intangible Assets		 17 15 12 63 224 185 162 146 122 95 78
Other Noncurrent Operating Assets		 17 20 22 39 98 104 121 103 98 97 101
Total Liabilities & Shareholders' Equity		 204 201 213 464 1,009 1,417 1,385 1,350 1,201 1,295 1,276
Total Liabilities		 86 101 106 305 630 773 815 931 753 777 614
Total Current Liabilities		 46 59 68 74 133 146 168 192 192 399 544
Short-Term Debt		 0.16 - - - - - 0.00 11 0.00 190 303
Accounts Payable		 3.45 4.23 7.62 9.17 11 7.89 11 10 19 9.35 20
Accrued Expenses		 11 8.82 11 9.33 16 22 18 21 16 18 25
Current Deferred Revenue		 23 30 38 43 58 82 99 117 119 138 155
Current Employee Benefit Liabilities		 7.71 16 12 13 39 27 32 23 27 33 32
Other Current Liabilities		 - - - 0.00 9.14 6.84 9.00 9.41 10 10 8.92
Total Noncurrent Liabilities		 41 42 38 231 497 628 646 739 561 378 70
Noncurrent Deferred Revenue		 37 41 38 31 33 29 29 22 17 27 27
Other Noncurrent Operating Liabilities		 4.25 0.36 0.44 17 39 41 66 59 54 49 44
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 118 100 107 159 379 643 570 419 448 518 662
Total Preferred & Common Equity		 118 100 107 159 379 643 570 419 448 518 662
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 118 100 107 159 379 643 570 419 448 518 662
Common Stock		 208 226 260 331 623 1,025 1,064 982 1,075 1,184 1,276
Retained Earnings		 -89 -126 -152 -172 -243 -381 -494 -560 -626 -664 -612
Accumulated Other Comprehensive Income / (Loss)		 -0.10 -0.05 -0.14 -0.04 0.01 -0.03 -0.14 -2.97 -1.11 -1.87 -1.95

Quarterly Balance Sheets for Q2

This table presents Q2's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,184 1,173 1,179 1,228 1,249 1,273 1,350 1,385 1,427 1,246 968
Total Current Assets		 375 379 397 458 491 526 619 660 707 525 244
Cash & Equivalents		 121 118 156 275 304 320 384 414 472 342 100
Restricted Cash		 2.27 2.30 2.07 4.26 2.52 1.85 1.58 1.74 2.14 2.06 2.22
Short-Term Investments		 150 162 135 64 68 88 102 118 96 37 6.51
Accounts Receivable		 40 39 44 54 59 58 63 60 70 74 71
Prepaid Expenses		 15 12 15 16 13 18 22 20 20 22 20
Other Current Assets		 46 46 45 46 45 41 47 45 46 47 45
Plant, Property, & Equipment, net		 53 48 45 38 35 34 28 27 25 28 28
Total Noncurrent Assets		 756 745 738 732 722 712 703 699 695 694 696
Goodwill		 513 513 513 513 513 513 513 513 513 513 513
Intangible Assets		 140 135 128 115 108 101 91 87 82 76 73
Other Noncurrent Operating Assets		 103 97 97 104 101 98 100 99 100 105 110
Total Liabilities & Shareholders' Equity		 1,184 1,173 1,179 1,228 1,249 1,273 1,350 1,385 1,427 1,246 968
Total Liabilities		 745 731 738 763 768 778 804 801 804 635 325
Total Current Liabilities		 177 169 176 193 201 211 432 732 732 562 259
Short-Term Debt		 0.00 0.00 0.00 - - - 191 493 494 304 0.00
Accounts Payable		 14 14 15 13 14 13 15 6.14 8.13 10 16
Accrued Expenses		 20 16 18 23 20 20 24 20 27 26 23
Current Deferred Revenue		 122 111 116 132 134 141 174 179 170 197 187
Current Employee Benefit Liabilities		 12 18 19 14 21 26 19 24 23 18 24
Other Current Liabilities		 9.23 9.21 9.07 11 11 11 10 9.36 9.09 8.63 8.69
Total Noncurrent Liabilities		 568 562 562 571 567 567 372 69 72 72 66
Noncurrent Deferred Revenue		 23 20 18 27 24 25 27 25 29 31 24
Other Noncurrent Operating Liabilities		 56 53 54 53 51 50 43 44 44 42 42
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 439 441 441 465 481 495 545 584 623 612 643
Total Preferred & Common Equity		 439 441 441 465 481 495 545 584 623 612 643
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 439 441 441 465 481 495 545 584 623 612 643
Common Stock		 1,002 1,028 1,051 1,106 1,134 1,160 1,207 1,233 1,257 1,200 1,202
Retained Earnings		 -561 -584 -608 -640 -653 -664 -659 -648 -633 -586 -556
Accumulated Other Comprehensive Income / (Loss)		 -1.95 -1.95 -1.99 -1.31 -1.21 -0.59 -1.72 -1.44 -1.86 -2.64 -2.68

Annual Metrics And Ratios for Q2

This table displays calculated financial ratios and metrics derived from Q2's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 37.58% 37.99% 29.13% 24.29% 30.85% 27.66% 23.83% 13.43% 10.42% 11.50% 14.12%
EBITDA Growth		 -16.89% -30.62% 74.49% -93.53% -238.98% -6.92% 90.82% -773.50% 119.42% 956.67% 140.76%
EBIT Growth		 -28.00% -44.43% 25.50% -55.42% -107.17% -47.62% 13.55% -0.33% 17.63% 48.58% 173.06%
NOPAT Growth		 -30.25% -43.79% 24.67% -18.37% -109.56% -49.57% 21.87% -34.32% 17.85% 50.89% 228.16%
Net Income Growth		 -27.65% -45.05% 28.03% -35.29% -100.23% -94.17% 18.07% 3.34% 40.01% 41.06% 234.96%
EPS Growth		 0.00% -37.31% 31.52% -31.75% -84.34% -73.20% 24.53% 5.00% 41.05% 42.86% 225.00%
Operating Cash Flow Growth		 202.14% -37.14% 179.08% -51.49% -87.66% -618.17% 1,158.27% 17.57% 92.29% 93.12% 48.40%
Free Cash Flow Firm Growth		 -285.01% 35.18% -1.35% -730.14% -206.76% 89.16% -46.15% 60.91% 44.04% 204.46% 242.59%
Invested Capital Growth		 152.61% -66.65% 159.23% 3,386.12% 311.30% -1.50% 5.00% -5.66% -6.30% -8.11% -5.45%
Revenue Q/Q Growth		 8.21% 8.48% 5.18% 6.86% 6.65% 5.82% 4.81% 2.66% 2.56% 3.10% 3.27%
EBITDA Q/Q Growth		 -18.92% 12.17% 29.61% -177.97% -9.75% 22.27% 49.58% -155.17% 138.26% 44.64% 15.56%
EBIT Q/Q Growth		 -16.85% 2.38% 4.10% -29.27% -17.04% 0.21% 2.35% -8.30% 13.83% 26.09% 113.93%
NOPAT Q/Q Growth		 -17.32% 2.67% 3.63% -24.98% -15.91% 1.37% 3.60% -16.61% 14.39% 28.01% 99.82%
Net Income Q/Q Growth		 -17.10% 2.43% 7.07% -21.83% -5.67% -19.19% 9.94% -6.90% 17.98% 32.13% 63.91%
EPS Q/Q Growth		 -48.89% 4.17% 7.35% -22.06% -2.00% -16.74% 10.71% -6.74% 19.42% 32.63% 63.27%
Operating Cash Flow Q/Q Growth		 930.62% -6.55% 54.62% 7.64% -92.04% 85.37% 191.81% 13.63% -9.39% 4.99% 11.43%
Free Cash Flow Firm Q/Q Growth		 -25.00% 31.53% 3.14% -285.25% -239.63% 89.82% 17.68% -0.75% -123.17% 1.53% 35.91%
Invested Capital Q/Q Growth		 121.89% -77.55% -57.10% 308.46% 312.12% -3.08% -5.17% -6.84% -4.26% -2.77% -2.77%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 45.69% 48.46% 48.71% 49.46% 48.50% 43.35% 45.12% 45.32% 48.45% 50.90% 54.06%
EBITDA Margin		 -11.81% -11.18% -2.21% -3.44% -8.91% -7.46% -0.55% -4.26% 0.75% 7.10% 14.97%
Operating Margin		 -22.82% -23.78% -13.87% -13.21% -21.16% -24.79% -15.64% -18.52% -13.78% -6.07% 5.02%
EBIT Margin		 -23.08% -24.15% -13.94% -17.42% -27.59% -31.90% -22.27% -19.70% -14.70% -6.78% 4.34%
Profit (Net Income) Margin		 -23.02% -24.20% -13.49% -14.68% -22.47% -34.17% -22.61% -19.27% -10.47% -5.53% 6.54%
Tax Burden Percent		 100.89% 101.19% 98.81% 90.30% 85.02% 101.04% 101.48% 102.74% 105.76% 124.87% 95.04%
Interest Burden Percent		 98.89% 99.01% 97.95% 93.31% 95.78% 106.01% 100.03% 95.19% 67.35% 65.38% 158.68%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.96%
Return on Invested Capital (ROIC)		 0.00% -695.48% -583.21% -26.68% -11.25% -10.54% -8.09% -10.92% -9.54% -5.05% 6.94%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -684.72% -575.90% -0.04% -27.76% -55.12% -93.71% -31.06% -12.14% -13.74% -25.30%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 662.16% 557.92% 0.01% -15.09% -16.38% -10.49% -11.11% -5.54% -2.93% 1.87%
Return on Equity (ROE)		 -25.46% -33.32% -25.30% -26.66% -26.33% -26.91% -18.58% -22.03% -15.07% -7.98% 8.82%
Cash Return on Invested Capital (CROIC)		 -612.56% -595.51% -671.87% -215.52% -133.02% -9.03% -12.97% -5.09% -3.03% 3.41% 12.54%
Operating Return on Assets (OROA)		 -14.72% -17.90% -13.06% -12.42% -11.82% -10.59% -7.93% -8.15% -7.20% -3.78% 2.68%
Return on Assets (ROA)		 -14.69% -17.93% -12.65% -10.46% -9.62% -11.34% -8.05% -7.97% -5.13% -3.09% 4.05%
Return on Common Equity (ROCE)		 -25.46% -33.32% -25.30% -26.66% -26.33% -26.91% -18.58% -22.03% -15.07% -7.98% 8.82%
Return on Equity Simple (ROE_SIMPLE)		 -21.24% -36.27% -24.54% -22.28% -18.68% -21.39% -19.77% -26.01% -14.58% -7.44% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -25 -19 -22 -47 -70 -55 -73 -60 -30 38
NOPAT Margin		 -15.97% -16.64% -9.71% -9.25% -14.81% -17.35% -10.95% -12.96% -9.64% -4.25% 4.77%
Net Nonoperating Expense Percent (NNEP)		 -7.61% -10.76% -7.31% -26.64% 16.52% 44.59% 85.62% 20.15% 2.60% 8.69% 32.24%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -6.74% -6.42% -2.93% 3.93%
Cost of Revenue to Revenue		 54.31% 51.54% 51.29% 50.54% 51.50% 56.65% 54.88% 54.68% 51.55% 49.10% 45.94%
SG&A Expenses to Revenue		 21.11% 21.27% 19.17% 18.66% 17.98% 17.61% 15.62% 15.94% 17.64% 17.65% 15.79%
R&D to Revenue		 19.78% 21.61% 20.80% 21.29% 24.18% 24.18% 23.45% 23.00% 21.99% 20.57% 19.42%
Operating Expenses to Revenue		 68.50% 72.23% 62.58% 62.67% 69.65% 68.14% 60.76% 63.84% 62.23% 56.97% 49.04%
Earnings before Interest and Taxes (EBIT)		 -25 -36 -27 -42 -87 -128 -111 -111 -92 -47 34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -17 -4.28 -8.29 -28 -30 -2.76 -24 4.68 49 119
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.65 11.55 14.40 13.53 10.29 10.60 7.91 3.69 5.68 11.74 6.82
Price to Tangible Book Value (P/TBV)		 11.61 16.05 18.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 63.94
Price to Revenue (P/Rev)		 9.38 7.71 7.92 8.91 12.38 16.93 9.05 2.73 4.08 8.73 5.68
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 86.76
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.15%
Enterprise Value to Invested Capital (EV/IC)		 168.46 589.30 307.59 13.25 6.27 10.38 6.71 2.73 4.43 10.91 8.25
Enterprise Value to Revenue (EV/Rev)		 8.34 7.05 7.39 8.93 13.29 16.97 9.29 3.14 4.34 8.79 5.51
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 578.84 123.87 36.81
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 127.03
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 115.55
Enterprise Value to Operating Cash Flow (EV/OCF)		 168.24 312.19 151.36 468.51 7,395.70 0.00 149.06 48.65 38.52 45.10 21.75
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 306.29 63.97
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 1.15 1.12 0.87 0.97 1.60 1.09 0.95 0.46
Long-Term Debt to Equity		 0.00 0.00 0.00 1.15 1.12 0.87 0.97 1.57 1.09 0.58 0.00
Financial Leverage		 -1.02 -0.97 -0.97 -0.37 0.54 0.30 0.11 0.36 0.46 0.21 -0.07
Leverage Ratio		 1.73 1.86 2.00 2.55 2.74 2.37 2.31 2.76 2.94 2.58 2.18
Compound Leverage Factor		 1.71 1.84 1.96 2.38 2.62 2.51 2.31 2.63 1.98 1.69 3.46
Debt to Total Capital		 0.14% 0.00% 0.00% 53.49% 52.82% 46.42% 49.17% 61.48% 52.24% 48.75% 31.43%
Short-Term Debt to Total Capital		 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.00% 0.00% 18.84% 31.43%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 53.49% 52.82% 46.42% 49.17% 60.47% 52.24% 29.91% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.86% 100.00% 100.00% 46.51% 47.18% 53.58% 50.83% 38.52% 47.76% 51.25% 68.57%
Debt to EBITDA		 -0.01 0.00 0.00 -22.04 -15.12 -18.56 -200.00 -27.76 104.84 9.96 2.55
Net Debt to EBITDA		 8.76 0.00 0.00 -0.43 -10.28 -0.50 -43.84 -9.67 34.73 0.88 -1.10
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -22.04 -15.12 -18.56 -200.00 -27.30 104.84 6.11 0.00
Debt to NOPAT		 -0.01 0.00 0.00 -8.20 -9.09 -7.98 -10.10 -9.12 -8.14 -16.65 8.00
Net Debt to NOPAT		 6.47 0.00 0.00 -0.16 -6.18 -0.21 -2.21 -3.18 -2.70 -1.47 -3.46
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -8.20 -9.09 -7.98 -10.10 -8.97 -8.14 -10.21 0.00
Altman Z-Score		 7.11 6.57 8.52 4.31 3.47 5.30 3.23 0.86 1.80 4.54 4.46
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.92 2.12 1.93 2.96 1.40 4.23 3.10 2.77 2.23 1.40 1.02
Quick Ratio		 2.62 1.85 1.66 2.67 1.16 3.95 2.82 2.50 1.92 1.23 0.89
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -33 -21 -22 -180 -553 -60 -87 -34 -19 20 68
Operating Cash Flow to CapEx		 75.74% 23.13% 76.91% 34.47% 4.01% -12.39% 121.36% 121.64% 229.39% 467.61% 717.12%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -6.70 -57.83 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -0.33 20.55 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -2.98 3.62 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.64 0.74 0.94 0.71 0.43 0.33 0.36 0.41 0.49 0.56 0.62
Accounts Receivable Turnover		 15.53 14.14 15.25 14.67 14.98 13.68 11.96 12.07 13.94 16.39 16.95
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 5.07 5.79 6.25 6.93 8.50 9.07 8.59 9.18 12.76 19.16 26.80
Accounts Payable Turnover		 21.75 20.16 16.79 14.52 16.14 24.20 29.61 29.96 21.90 23.83 24.48
Days Sales Outstanding (DSO)		 23.50 25.81 23.94 24.88 24.36 26.68 30.52 30.23 26.19 22.27 21.54
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 16.78 18.10 21.74 25.15 22.62 15.08 12.33 12.18 16.67 15.32 14.91
Cash Conversion Cycle (CCC)		 6.72 7.71 2.20 -0.26 1.74 11.60 18.20 18.05 9.52 6.95 6.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5.39 1.80 4.66 162 668 658 691 652 611 561 531
Invested Capital Turnover		 -44.83 41.79 60.06 2.88 0.76 0.61 0.74 0.84 0.99 1.19 1.46
Increase / (Decrease) in Invested Capital		 16 -3.59 2.86 158 506 -10 33 -39 -41 -50 -31
Enterprise Value (EV)		 908 1,060 1,434 2,153 4,193 6,833 4,634 1,779 2,708 6,123 4,381
Market Capitalization		 1,021 1,158 1,536 2,149 3,904 6,818 4,514 1,545 2,545 6,079 4,512
Book Value per Share		 $3.05 $2.50 $2.56 $3.66 $7.88 $11.94 $10.04 $7.29 $7.65 $8.57 $10.58
Tangible Book Value per Share		 $2.27 $1.80 $1.96 ($0.28) ($6.36) ($0.07) ($1.85) ($4.16) ($3.17) ($1.49) $1.13
Total Capital		 118 100 107 342 804 1,201 1,122 1,088 939 1,010 965
Total Debt		 0.16 0.00 0.00 183 425 557 552 669 490 492 303
Total Long-Term Debt		 0.00 0.00 0.00 183 425 557 552 658 490 302 0.00
Net Debt		 -113 -98 -102 3.59 289 15 121 233 162 44 -131
Capital Expenditures (CapEx)		 7.13 15 12 13 14 24 26 30 31 29 28
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -25 -32 -39 -35 -83 -72 -77 -86 -92 -99 -119
Debt-free Net Working Capital (DFNWC)		 88 66 63 145 53 470 354 350 236 350 315
Net Working Capital (NWC)		 88 66 63 145 53 470 354 339 236 160 12
Net Nonoperating Expense (NNE)		 7.68 11 7.33 13 24 68 58 36 5.14 8.95 -14
Net Nonoperating Obligations (NNO)		 -113 -98 -102 3.59 289 15 121 233 162 44 -131
Total Depreciation and Amortization (D&A)		 12 19 23 34 59 98 108 87 96 97 85
Debt-free, Cash-free Net Working Capital to Revenue		 -23.02% -21.29% -20.08% -14.31% -26.16% -17.91% -15.36% -15.15% -14.66% -14.18% -14.98%
Debt-free Net Working Capital to Revenue		 80.54% 44.24% 32.49% 59.99% 16.92% 116.79% 71.00% 61.86% 37.85% 50.27% 39.67%
Net Working Capital to Revenue		 80.40% 44.24% 32.49% 59.99% 16.92% 116.79% 71.00% 59.93% 37.85% 22.94% 1.51%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($2.00) ($1.90) ($1.12) ($0.64) $0.84
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 56.39M 57.30M 58.35M 60.11M 62.16M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($2.00) ($1.90) ($1.12) ($0.64) $0.80
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 56.39M 57.30M 58.35M 60.11M 65.12M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 56.93M 57.74M 59.07M 60.73M 62.40M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -25 -19 -22 -47 -59 -51 -63 -53 -24 42
Normalized NOPAT Margin		 -15.97% -16.64% -9.71% -9.25% -14.81% -14.67% -10.29% -11.18% -8.41% -3.48% 5.25%
Pre Tax Income Margin		 -22.82% -23.92% -13.65% -16.26% -26.42% -33.82% -22.28% -18.75% -9.90% -4.43% 6.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -14.38 -73.41 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -7.82 -36.08 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -17.04 -90.34 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -10.48 -53.02 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.02% 0.00% 0.00% 0.00% -99.94% -17.43% 0.00% 0.00% 0.00% 9.61%

Quarterly Metrics And Ratios for Q2

This table displays calculated financial ratios and metrics derived from Q2's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 62,404,372.00 62,600,423.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 62,404,372.00 62,600,423.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.43 0.48
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.63% 8.17% 11.88% 12.94% 12.91% 14.64% 12.87% 15.25% 13.75% 14.11% 12.61%
EBITDA Growth		 145.60% 1,651.43% 983.57% 54,373.68% 288.10% 151.42% 198.15% 201.39% 77.99% 114.55% 62.14%
EBIT Growth		 43.15% 31.65% 41.30% 42.20% 85.84% 104.23% 157.30% 168.68% 668.38% 3,949.54% 233.32%
NOPAT Growth		 44.54% 33.09% 42.11% 44.76% 98.94% 120.00% 189.41% 221.52% 12,534.85% 1,148.57% 222.06%
Net Income Growth		 44.22% -2,582.75% 44.71% 49.08% 100.91% 134.34% 190.08% 227.56% 12,365.24% 460.47% 153.81%
EPS Growth		 47.37% -2,200.00% 46.34% 50.00% 103.33% 130.43% 181.82% 215.00% 3,100.00% 471.43% 155.56%
Operating Cash Flow Growth		 -16.61% 245.04% 175.71% 158.16% 17.66% 223.99% 35.00% 5.42% 48.01% 29.38% 24.70%
Free Cash Flow Firm Growth		 73.80% 13.40% 1.49% 13.71% 73.53% 108.29% 50.06% -18.37% -4.61% -36.11% -40.86%
Invested Capital Growth		 -6.30% -6.25% -7.87% -9.53% -8.11% -10.18% -8.97% -5.44% -5.45% -2.97% -1.68%
Revenue Q/Q Growth		 4.61% 2.09% 4.46% 1.23% 4.58% 3.65% 2.85% 3.36% 3.23% 3.98% 1.51%
EBITDA Q/Q Growth		 27,768.42% 62.08% 15.93% 4.03% 98.55% 5.00% 37.48% 5.16% 17.26% 26.56% 3.90%
EBIT Q/Q Growth		 20.75% 20.25% 4.23% 4.51% 80.59% 123.80% 1,198.78% 14.45% 60.67% 69.56% 6.90%
NOPAT Q/Q Growth		 22.25% 21.27% 3.40% 6.59% 98.51% 1,588.21% 331.95% 26.95% 52.37% 49.43% 11.42%
Net Income Q/Q Growth		 21.96% 23.43% 5.66% 9.67% 101.39% 2,798.17% 147.51% 27.92% 35.85% 30.31% 12.08%
EPS Q/Q Growth		 25.00% 23.33% 4.35% 9.09% 105.00% 600.00% 157.14% 27.78% 39.13% 25.00% 15.00%
Operating Cash Flow Q/Q Growth		 118.33% -63.27% 168.16% 20.04% -0.50% 1.15% 11.74% -6.27% 39.71% -11.58% 7.69%
Free Cash Flow Firm Q/Q Growth		 -37.48% 8.56% 33.95% 25.09% -4.60% 30.30% -3.49% -31.95% 11.48% -12.73% -10.66%
Invested Capital Q/Q Growth		 -4.26% 0.37% -2.55% -3.38% -2.77% -1.89% -1.24% 0.37% -2.77% 0.68% 0.08%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 50.21% 49.70% 50.22% 50.88% 52.63% 53.23% 53.58% 53.96% 55.37% 59.08% 59.25%
EBITDA Margin		 3.27% 5.19% 5.75% 5.91% 11.23% 11.37% 15.20% 15.47% 17.57% 21.38% 21.89%
Operating Margin		 -11.11% -8.57% -7.93% -7.31% -0.86% 1.15% 5.04% 5.46% 8.10% 12.79% 13.35%
EBIT Margin		 -11.97% -9.35% -8.57% -8.09% -1.50% 0.34% 4.35% 4.82% 7.50% 12.23% 12.88%
Profit (Net Income) Margin		 -11.15% -8.36% -7.55% -6.74% 0.09% 2.51% 6.03% 7.46% 9.82% 12.30% 13.59%
Tax Burden Percent		 112.85% 112.65% 119.04% 123.70% 8.47% 90.71% 87.16% 98.95% 98.38% 89.53% 94.14%
Interest Burden Percent		 82.55% 79.40% 74.01% 67.38% -70.45% 801.22% 158.90% 156.44% 133.04% 112.34% 112.03%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 91.53% 9.29% 12.84% 1.05% 1.62% 10.47% 5.86%
Return on Invested Capital (ROIC)		 -7.69% -6.03% -5.84% -5.69% -0.09% 1.30% 5.72% 7.40% 11.60% 17.34% 19.72%
ROIC Less NNEP Spread (ROIC-NNEP)		 -10.46% -8.19% -7.98% -7.72% 0.20% 4.90% 14.05% 164.22% 2.78% 12.20% 16.72%
Return on Net Nonoperating Assets (RNNOA)		 -4.77% -3.29% -2.80% -2.30% 0.04% 0.74% 1.01% 0.78% -0.21% -0.76% -2.03%
Return on Equity (ROE)		 -12.46% -9.32% -8.64% -7.99% -0.04% 2.04% 6.73% 8.18% 11.39% 16.58% 17.69%
Cash Return on Invested Capital (CROIC)		 -3.03% -2.28% 0.43% 3.24% 3.41% 7.61% 9.21% 8.97% 12.54% 14.26% 16.55%
Operating Return on Assets (OROA)		 -5.86% -4.94% -4.64% -4.46% -0.84% 0.19% 2.46% 2.75% 4.64% 7.74% 9.26%
Return on Assets (ROA)		 -5.46% -4.42% -4.09% -3.71% 0.05% 1.40% 3.40% 4.25% 6.07% 7.79% 9.77%
Return on Common Equity (ROCE)		 -12.46% -9.32% -8.64% -7.99% -0.04% 2.04% 6.73% 8.18% 11.39% 16.58% 17.69%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -16.93% -14.18% -11.47% 0.00% -3.66% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -9.93 -9.59 -8.96 -0.13 1.99 8.58 11 17 25 28
NOPAT Margin		 -7.78% -6.00% -5.55% -5.12% -0.07% 1.05% 4.39% 5.40% 7.97% 11.45% 12.57%
Net Nonoperating Expense Percent (NNEP)		 2.76% 2.15% 2.14% 2.03% -0.29% -3.60% -8.33% -156.82% 8.81% 5.14% 3.00%
Return On Investment Capital (ROIC_SIMPLE)		 -1.34% - - - -0.01% 0.19% 0.80% 0.97% 1.72% 2.71% 4.29%
Cost of Revenue to Revenue		 49.79% 50.30% 49.78% 49.12% 47.37% 46.77% 46.42% 46.04% 44.63% 40.92% 40.75%
SG&A Expenses to Revenue		 18.68% 18.23% 18.09% 18.00% 16.38% 17.04% 15.90% 15.72% 14.62% 14.87% 15.05%
R&D to Revenue		 21.14% 21.06% 20.68% 21.08% 19.52% 19.95% 18.92% 19.30% 19.51% 19.34% 18.71%
Operating Expenses to Revenue		 61.32% 58.27% 58.15% 58.20% 53.49% 52.07% 48.54% 48.51% 47.27% 46.29% 45.89%
Earnings before Interest and Taxes (EBIT)		 -19 -15 -15 -14 -2.75 0.65 8.49 9.72 16 26 28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5.30 8.58 9.95 10 21 22 30 31 37 46 48
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.68 6.63 7.54 9.71 11.74 8.91 9.98 7.26 6.82 4.83 4.68
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 163.19 63.94 128.19 52.70
Price to Revenue (P/Rev)		 4.08 4.84 5.53 7.12 8.73 6.74 7.85 5.87 5.68 3.59 3.56
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 1,193.90 142.46 86.76 39.95 32.73
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.08% 0.70% 1.15% 2.50% 3.06%
Enterprise Value to Invested Capital (EV/IC)		 4.43 5.27 6.26 8.47 10.91 8.83 10.65 8.14 8.25 5.38 5.43
Enterprise Value to Revenue (EV/Rev)		 4.34 5.07 5.71 7.24 8.79 6.75 7.79 5.77 5.51 3.50 3.43
Enterprise Value to EBITDA (EV/EBITDA)		 578.84 252.94 156.96 143.11 123.87 77.92 70.50 43.15 36.81 20.00 17.90
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 275.62 127.03 47.66 36.22
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 234.16 115.55 47.13 36.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 38.52 40.46 36.41 37.83 45.10 29.33 32.45 24.58 21.75 13.42 12.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 1,402.76 248.41 306.29 109.77 110.16 88.17 63.97 37.16 32.51
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.09 1.06 1.02 0.99 0.95 0.90 0.84 0.79 0.46 0.50 0.00
Long-Term Debt to Equity		 1.09 1.06 1.02 0.99 0.58 0.55 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.46 0.40 0.35 0.30 0.21 0.15 0.07 0.00 -0.07 -0.06 -0.12
Leverage Ratio		 2.94 2.67 2.63 2.62 2.58 2.55 2.47 2.41 2.18 2.24 1.92
Compound Leverage Factor		 2.43 2.12 1.94 1.76 -1.82 20.44 3.93 3.78 2.90 2.52 2.15
Debt to Total Capital		 52.24% 51.36% 50.56% 49.84% 48.75% 47.47% 45.78% 44.23% 31.43% 33.18% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 18.84% 18.35% 45.78% 44.23% 31.43% 33.18% 0.00%
Long-Term Debt to Total Capital		 52.24% 51.36% 50.56% 49.84% 29.91% 29.12% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 47.76% 48.64% 49.45% 50.16% 51.25% 52.53% 54.22% 55.77% 68.57% 66.82% 100.00%
Debt to EBITDA		 104.84 38.45 20.61 14.39 9.96 7.90 6.01 4.80 2.55 2.11 0.00
Net Debt to EBITDA		 34.73 11.61 4.90 2.41 0.88 0.09 -0.49 -0.75 -1.10 -0.54 0.00
Long-Term Debt to EBITDA		 104.84 38.45 20.61 14.39 6.11 4.84 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -8.14 -8.87 -10.16 -11.97 -16.65 -27.20 -479.58 26.03 8.00 4.98 0.00
Net Debt to NOPAT		 -2.70 -2.68 -2.42 -2.00 -1.47 -0.29 39.24 -4.05 -3.46 -1.27 0.00
Long-Term Debt to NOPAT		 -8.14 -8.87 -10.16 -11.97 -10.21 -16.69 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.00 2.43 2.86 3.77 4.66 3.64 4.21 3.29 4.41 2.83 5.71
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.23 2.38 2.44 2.50 1.40 1.43 0.90 0.97 1.02 0.93 0.94
Quick Ratio		 1.92 2.04 2.14 2.21 1.23 1.27 0.81 0.87 0.89 0.81 0.68
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 28 31 41 52 49 64 62 42 47 41 37
Operating Cash Flow to CapEx		 541.64% 181.20% 495.19% 530.61% 695.35% 763.84% 700.37% 546.48% 896.37% 465.04% 627.30%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.49 0.53 0.54 0.55 0.56 0.56 0.56 0.57 0.62 0.63 0.72
Accounts Receivable Turnover		 13.94 13.54 13.36 13.20 16.39 12.33 12.41 12.04 16.95 12.01 12.94
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 12.76 14.02 15.62 17.09 19.16 21.87 23.75 26.17 26.80 29.36 30.82
Accounts Payable Turnover		 21.90 24.56 23.31 23.71 23.83 25.57 34.53 33.60 24.48 29.36 32.37
Days Sales Outstanding (DSO)		 26.19 26.96 27.31 27.66 22.27 29.60 29.42 30.31 21.54 30.39 28.22
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 16.67 14.86 15.66 15.39 15.32 14.28 10.57 10.86 14.91 12.43 11.28
Cash Conversion Cycle (CCC)		 9.52 12.10 11.66 12.26 6.95 15.32 18.85 19.44 6.63 17.96 16.94
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 611 613 598 577 561 551 544 546 531 534 535
Invested Capital Turnover		 0.99 1.01 1.05 1.11 1.19 1.24 1.30 1.37 1.46 1.51 1.57
Increase / (Decrease) in Invested Capital		 -41 -41 -51 -61 -50 -62 -54 -31 -31 -16 -9.15
Enterprise Value (EV)		 2,708 3,230 3,743 4,891 6,123 4,864 5,791 4,443 4,381 2,874 2,902
Market Capitalization		 2,545 3,082 3,626 4,809 6,079 4,859 5,831 4,520 4,512 2,952 3,011
Book Value per Share		 $7.65 $7.82 $8.00 $8.21 $8.57 $8.98 $9.38 $9.98 $10.58 $9.80 $10.28
Tangible Book Value per Share		 ($3.17) ($2.74) ($2.34) ($1.97) ($1.49) ($0.95) ($0.25) $0.44 $1.13 $0.37 $0.91
Total Capital		 939 956 972 987 1,010 1,038 1,078 1,117 965 915 643
Total Debt		 490 491 491 492 492 493 493 494 303 304 0.00
Total Long-Term Debt		 490 491 491 492 302 302 0.00 0.00 0.00 0.00 0.00
Net Debt		 162 148 117 82 44 5.32 -40 -77 -131 -77 -109
Capital Expenditures (CapEx)		 6.75 7.42 7.28 8.15 6.19 5.70 6.95 8.34 7.11 12 9.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -92 -77 -84 -94 -99 -110 -113 -101 -119 -115 -123
Debt-free Net Working Capital (DFNWC)		 236 266 290 316 350 377 421 470 315 266 -14
Net Working Capital (NWC)		 236 266 290 316 160 187 -73 -24 12 -38 -14
Net Nonoperating Expense (NNE)		 5.47 3.91 3.47 2.84 -0.30 -2.77 -3.19 -4.16 -3.85 -1.85 -2.24
Net Nonoperating Obligations (NNO)		 162 148 117 82 44 5.32 -40 -77 -131 -77 -109
Total Depreciation and Amortization (D&A)		 25 24 25 25 23 21 21 21 21 20 20
Debt-free, Cash-free Net Working Capital to Revenue		 -14.66% -12.07% -12.87% -13.94% -14.18% -15.33% -15.20% -13.17% -14.98% -14.02% -14.53%
Debt-free Net Working Capital to Revenue		 37.85% 41.73% 44.27% 46.71% 50.27% 52.33% 56.65% 61.01% 39.67% 32.35% -1.69%
Net Working Capital to Revenue		 37.85% 41.73% 44.27% 46.71% 22.94% 25.89% -9.76% -3.17% 1.51% -4.61% -1.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.30) ($0.23) ($0.22) ($0.20) $0.01 $0.08 $0.19 $0.24 $0.33 $0.43 $0.48
Adjusted Weighted Average Basic Shares Outstanding		 58.35M 59.45M 60.16M 60.31M 60.11M 61.22M 62.35M 62.46M 62.16M 62.34M 62.49M
Adjusted Diluted Earnings per Share		 ($0.30) ($0.23) ($0.22) ($0.20) $0.01 $0.07 $0.18 $0.23 $0.32 $0.40 $0.46
Adjusted Weighted Average Diluted Shares Outstanding		 58.35M 59.45M 60.16M 60.31M 60.11M 64.82M 69.64M 69.86M 65.12M 67.65M 65.42M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 59.07M 60.10M 60.28M 60.40M 60.73M 62.30M 62.44M 62.53M 62.40M 62.60M 62.35M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 -9.14 -8.92 -6.77 0.58 3.81 8.35 12 18 25 28
Normalized NOPAT Margin		 -6.31% -5.52% -5.16% -3.87% 0.32% 2.01% 4.28% 5.79% 8.65% 11.63% 12.88%
Pre Tax Income Margin		 -9.88% -7.42% -6.35% -5.45% 1.06% 2.76% 6.92% 7.54% 9.98% 13.74% 14.43%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.61% 138.24% 135.98%

Financials Breakdown Chart

Key Financial Trends

Q2 Holdings (NYSE: QTWO) is showing solid revenue growth and improving profitability, but the balance sheet still reflects a meaningful debt burden and a liquidity profile that has become tighter over the last year. Over the past four years, the company has moved from recurring losses toward consistent quarterly profits and strong operating cash flow. However, that progress has been accompanied by a big increase in short-term debt and a sharp drop in cash from the recent peak.

What stands out most in the latest quarter (Q1 2026): revenue rose to $216.5 million from $208.2 million in Q4 2025 and $189.7 million in Q1 2025, while net income improved to $26.6 million from $20.4 million a year earlier. Operating cash flow was also healthy at $56.3 million. That said, cash and investments fell sharply from the prior quarter, and total liabilities remained above equity.

  • Revenue has continued to trend higher, reaching $216.5 million in Q1 2026 versus $195.1 million in Q2 2025 and $165.5 million in Q1 2024.
  • Profitability has improved materially over the last year, with Q1 2026 net income of $26.6 million compared with $4.8 million in Q1 2025 and losses in early 2024.
  • Operating margin has strengthened: Q1 2026 operating income was $27.7 million, up from $2.2 million in Q1 2025 and a loss in Q1 2024.
  • Operating cash flow remains strong, with $56.3 million generated in Q1 2026 and $63.7 million in Q4 2025.
  • The company continues to carry a large deferred revenue balance, which helps support near-term revenue visibility.
  • Gross profit remains healthy, with Q1 2026 gross profit of $127.9 million and gross margin around 59%.
  • Management is still spending heavily on R&D and marketing, which supports growth but also limits operating leverage.
  • The company has a sizable goodwill and intangible asset base, so a meaningful part of the balance sheet is tied to acquisition-related assets.
  • Cash and equivalents fell to $342.3 million in Q1 2026 from $472.4 million in Q3 2025, and short-term investments also declined sharply.
  • Short-term debt increased to $303.7 million in Q1 2026 from $190.5 million in Q1 2025, leaving the company with a more leveraged near-term capital structure.

Looking at the broader trend, QTWO has come a long way from 2023 and early 2024, when quarterly operating losses were common and net income was often negative. Since mid-2025, the business has been much more consistently profitable, and quarterly operating cash flow has generally remained positive. That is an encouraging sign for a software company that invests heavily in growth.

Still, investors should not ignore the balance sheet. Total liabilities were $634.7 million in Q1 2026 versus total equity of $611.7 million, so liabilities remain slightly higher than equity. More importantly, the recent reduction in cash and short-term investments suggests less flexibility if growth slows or if the company chooses to continue share repurchases.

Bottom line: QTWO appears to be in a much stronger earnings and cash generation phase than it was a year or two ago, but the stock still carries balance-sheet risk from debt and declining liquidity. For retail investors, the key question is whether this improving profitability can continue fast enough to offset the leverage and keep the company on a durable growth path.

08/10/26 03:54 AM ETAI Generated. May Contain Errors.

Q2 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Q2's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 10 years, Q2's net income changed from -$25.06 million in 2015 to $52.01 million in 2025, a change of -307.5%. Check out Q2's forecast to explore projected trends and price targets.

Q2's total operating income in 2025 was $39.90 million, based on the following breakdown:
  • Total Gross Profit: $429.68 million
  • Total Operating Expenses: $389.79 million

Over the last 10 years, Q2's total revenue changed from $108.87 million in 2015 to $794.81 million in 2025, a change of 630.1%.

Q2's total liabilities were at $614.47 million at the end of 2025, a 20.9% decrease from 2024, and a 610.4% increase since 2015.

In the past 10 years, Q2's cash and equivalents has ranged from $54.87 million in 2016 to $407.70 million in 2020, and is currently $367.63 million as of their latest financial filing in 2025.

Over the last 10 years, Q2's book value per share changed from 3.05 in 2015 to 10.58 in 2025, a change of 247.3%.


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Financial statements for NYSE:QTWO last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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