Q2 (QTWO) Financials

$46.85 +1.69 (+3.75%)

Closing price 05/18/2026 03:59 PM Eastern

Extended Trading

$47.50 +0.65 (+1.38%)

As of 04:45 AM Eastern

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-23	-18	-14	-13	-12	0.16	4.75	12	15	20	27
Consolidated Net Income / (Loss)	-23	-18	-14	-13	-12	0.16	4.75	12	15	20	27
Net Income / (Loss) Continuing Operations	-23	-18	-14	-13	-12	0.16	4.75	12	15	20	27
Total Pre-Tax Income	-22	-16	-12	-11	-9.54	1.94	5.24	13	15	21	30
Total Operating Income	-23	-18	-14	-14	-13	-1.58	2.19	9.84	11	17	28
Total Gross Profit	74	81	82	87	89	96	101	105	109	115	128
Total Revenue	155	162	166	173	175	183	190	195	202	208	217
Operating Revenue	155	162	166	173	175	183	190	195	202	208	217
Total Cost of Revenue	81	81	83	86	86	87	89	91	93	93	89
Operating Cost of Revenue	81	81	83	86	86	87	89	91	93	93	89
Total Operating Expenses	97	99	96	101	102	98	99	95	98	98	100
Selling, General & Admin Expense	28	30	30	31	31	30	32	31	32	30	32
Marketing Expense	26	27	25	28	26	27	27	27	26	26	26
Research & Development Expense	35	34	35	36	37	36	38	37	39	41	42
Amortization Expense	5.25	4.90	4.83	4.79	4.78	2.59	0.09	0.00	0.00	-	0.00
Restructuring Charge	3.31	3.40	1.13	0.97	3.13	2.41	2.01	-0.26	0.80	1.44	0.44
Total Other Income / (Expense), net	1.01	2.00	1.90	2.73	3.26	3.51	3.05	3.66	4.20	3.92	2.06
Interest & Investment Income	2.33	3.39	3.19	3.85	4.62	4.68	4.59	5.00	5.49	5.16	3.27
Other Income / (Expense), net	-1.32	-1.39	-1.29	-1.12	-1.35	-1.17	-1.54	-1.35	-1.28	-1.25	-1.21
Income Tax Expense	1.01	2.06	1.56	2.09	2.26	1.77	0.49	1.73	0.16	0.34	3.11
Basic Earnings per Share	($0.40)	($0.30)	($0.23)	($0.22)	($0.20)	$0.01	$0.08	$0.19	$0.24	$0.33	$0.43
Weighted Average Basic Shares Outstanding	58.49M	58.35M	59.45M	60.16M	60.31M	60.11M	61.22M	62.35M	62.46M	62.16M	62.34M
Diluted Earnings per Share	($0.40)	($0.30)	($0.23)	($0.22)	($0.20)	$0.01	$0.07	$0.18	$0.23	$0.32	$0.40
Weighted Average Diluted Shares Outstanding	58.49M	58.35M	59.45M	60.16M	60.31M	60.11M	64.82M	69.64M	69.86M	65.12M	67.65M
Weighted Average Basic & Diluted Shares Outstanding	58.64M	59.07M	60.10M	60.28M	60.40M	60.73M	62.30M	62.44M	62.53M	62.40M	62.60M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	38	76	45	28	16	39	25	31	59	-105	-25
Net Cash From Operating Activities	17	37	13	36	43	43	44	49	46	64	56
Net Cash From Continuing Operating Activities	17	37	13	36	43	43	44	49	46	64	56
Net Income / (Loss) Continuing Operations	-23	-18	-14	-13	-12	0.16	4.75	12	15	20	27
Consolidated Net Income / (Loss)	-23	-18	-14	-13	-12	0.16	4.75	12	15	20	27
Depreciation Expense	18	18	18	18	18	16	14	14	14	13	12
Amortization Expense	6.22	6.76	6.54	7.13	6.85	7.31	7.20	7.61	7.86	8.42	8.07
Non-Cash Adjustments To Reconcile Net Income	25	20	22	25	28	20	20	22	24	16	21
Changes in Operating Assets and Liabilities, net	-9.10	10	-19	-0.37	2.77	-0.06	-2.16	-5.98	-15	6.20	-11
Net Cash From Investing Activities	21	35	23	-11	-27	-6.45	-20	-22	13	24	16
Net Cash From Continuing Investing Activities	21	35	23	-11	-27	-6.45	-20	-22	13	24	16
Purchase of Property, Plant & Equipment	-7.47	-6.75	-7.42	-7.28	-8.15	-6.19	-5.70	-6.95	-8.34	-7.11	-12
Purchase of Investments	-7.44	-0.05	-0.08	-33	-34	-28	-34	-32	-25	-2.60	0.00
Sale and/or Maturity of Investments	36	41	31	29	15	28	20	17	47	34	28
Net Cash From Financing Activities	0.39	4.08	8.40	3.04	-0.94	2.81	0.55	3.67	-	-193	-97
Net Cash From Continuing Financing Activities	0.39	4.08	8.40	3.04	-0.94	2.81	0.55	3.67	-	-193	-97
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-97
Other Financing Activities, net	0.39	4.08	8.40	3.04	-	2.81	0.55	3.67	-	2.81	0.00
Effect of Exchange Rate Changes	-0.41	0.32	-0.19	-0.07	0.19	-0.76	0.11	0.34	-0.36	-0.05	-0.46

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	1,333	1,184	1,173	1,179	1,228	1,249	1,273	1,350	1,385	1,427	1,246
Total Current Assets	499	375	379	397	458	491	526	619	660	707	525
Cash & Equivalents	193	121	118	156	275	304	320	384	414	472	342
Restricted Cash	2.73	2.27	2.30	2.07	4.26	2.52	1.85	1.58	1.74	2.14	2.06
Short-Term Investments	203	150	162	135	64	68	88	102	118	96	37
Accounts Receivable	53	40	39	44	54	59	58	63	60	70	74
Prepaid Expenses	14	15	12	15	16	13	18	22	20	20	22
Other Current Assets	35	46	46	45	46	45	41	47	45	46	47
Plant, Property, & Equipment, net	59	53	48	45	38	35	34	28	27	25	28
Total Noncurrent Assets	775	756	745	738	732	722	712	703	699	695	694
Goodwill	513	513	513	513	513	513	513	513	513	513	513
Intangible Assets	146	140	135	128	115	108	101	91	87	82	76
Other Noncurrent Operating Assets	116	103	97	97	104	101	98	100	99	100	105
Total Liabilities & Shareholders' Equity	1,333	1,184	1,173	1,179	1,228	1,249	1,273	1,350	1,385	1,427	1,246
Total Liabilities	903	745	731	738	763	768	778	804	801	804	635
Total Current Liabilities	166	177	169	176	193	201	211	432	732	732	562
Short-Term Debt	11	0.00	0.00	0.00	-	-	-	191	493	494	304
Accounts Payable	12	14	14	15	13	14	13	15	6.14	8.13	10
Accrued Expenses	15	20	16	18	23	20	20	24	20	27	26
Current Deferred Revenue	101	122	111	116	132	134	141	174	179	170	197
Current Employee Benefit Liabilities	18	12	18	19	14	21	26	19	24	23	18
Other Current Liabilities	9.44	9.23	9.21	9.07	11	11	11	10	9.36	9.09	8.63
Total Noncurrent Liabilities	737	568	562	562	571	567	567	372	69	72	72
Noncurrent Deferred Revenue	21	23	20	18	27	24	25	27	25	29	31
Other Noncurrent Operating Liabilities	59	56	53	54	53	51	50	43	44	44	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	430	439	441	441	465	481	495	545	584	623	612
Total Preferred & Common Equity	430	439	441	441	465	481	495	545	584	623	612
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	430	439	441	441	465	481	495	545	584	623	612
Common Stock	962	1,002	1,028	1,051	1,106	1,134	1,160	1,207	1,233	1,257	1,200
Retained Earnings	-528	-561	-584	-608	-640	-653	-664	-659	-648	-633	-586
Accumulated Other Comprehensive Income / (Loss)	-3.60	-1.95	-1.95	-1.99	-1.31	-1.21	-0.59	-1.72	-1.44	-1.86	-2.64

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,404,372.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,404,372.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.06%	10.63%	8.17%	11.88%	12.94%	12.91%	14.64%	12.87%	15.25%	13.75%	14.11%
EBITDA Growth	100.28%	145.60%	1,651.43%	983.57%	54,373.68%	288.10%	151.42%	198.15%	201.39%	77.99%	114.55%
EBIT Growth	14.80%	43.15%	31.65%	41.30%	42.20%	85.84%	104.23%	157.30%	168.68%	668.38%	3,949.54%
NOPAT Growth	14.47%	44.54%	33.09%	42.11%	44.76%	98.94%	120.00%	189.41%	221.52%	12,534.85%	1,148.57%
Net Income Growth	16.64%	44.22%	-2,582.75%	44.71%	49.08%	100.91%	134.34%	190.08%	227.56%	12,365.24%	460.47%
EPS Growth	16.67%	47.37%	-2,200.00%	46.34%	50.00%	103.33%	130.43%	181.82%	215.00%	3,100.00%	471.43%
Operating Cash Flow Growth	157.22%	-16.61%	245.04%	175.71%	158.16%	17.66%	223.99%	35.00%	5.42%	48.01%	29.38%
Free Cash Flow Firm Growth	356.59%	73.80%	13.40%	1.49%	13.71%	73.53%	108.29%	50.06%	-18.37%	-4.61%	-36.11%
Invested Capital Growth	-8.83%	-6.30%	-6.25%	-7.87%	-9.53%	-8.11%	-10.18%	-8.97%	-5.44%	-5.45%	-2.97%
Revenue Q/Q Growth	0.28%	4.61%	2.09%	4.46%	1.23%	4.58%	3.65%	2.85%	3.36%	3.23%	3.98%
EBITDA Q/Q Growth	101.69%	27,768.42%	62.08%	15.93%	4.03%	98.55%	5.00%	37.48%	5.16%	17.26%	26.56%
EBIT Q/Q Growth	3.01%	20.75%	20.25%	4.23%	4.51%	80.59%	123.80%	1,198.78%	14.45%	60.67%	69.56%
NOPAT Q/Q Growth	2.10%	22.25%	21.27%	3.40%	6.59%	98.51%	1,588.21%	331.95%	26.95%	52.37%	49.43%
Net Income Q/Q Growth	1.93%	21.96%	23.43%	5.66%	9.67%	101.39%	2,798.17%	147.51%	27.92%	35.85%	30.31%
EPS Q/Q Growth	2.44%	25.00%	23.33%	4.35%	9.09%	105.00%	600.00%	157.14%	27.78%	39.13%	25.00%
Operating Cash Flow Q/Q Growth	28.20%	118.33%	-63.27%	168.16%	20.04%	-0.50%	1.15%	11.74%	-6.27%	39.71%	-11.58%
Free Cash Flow Firm Q/Q Growth	11.64%	-37.48%	8.56%	33.95%	25.09%	-4.60%	30.30%	-3.49%	-31.95%	11.48%	-12.73%
Invested Capital Q/Q Growth	-1.61%	-4.26%	0.37%	-2.55%	-3.38%	-2.77%	-1.89%	-1.24%	0.37%	-2.77%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.84%	50.21%	49.70%	50.22%	50.88%	52.63%	53.23%	53.58%	53.96%	55.37%	59.08%
EBITDA Margin	0.01%	3.27%	5.19%	5.75%	5.91%	11.23%	11.37%	15.20%	15.47%	17.57%	21.38%
Operating Margin	-14.95%	-11.11%	-8.57%	-7.93%	-7.31%	-0.86%	1.15%	5.04%	5.46%	8.10%	12.79%
EBIT Margin	-15.80%	-11.97%	-9.35%	-8.57%	-8.09%	-1.50%	0.34%	4.35%	4.82%	7.50%	12.23%
Profit (Net Income) Margin	-14.95%	-11.15%	-8.36%	-7.55%	-6.74%	0.09%	2.51%	6.03%	7.46%	9.82%	12.30%
Tax Burden Percent	104.54%	112.85%	112.65%	119.04%	123.70%	8.47%	90.71%	87.16%	98.95%	98.38%	89.53%
Interest Burden Percent	90.49%	82.55%	79.40%	74.01%	67.38%	-70.45%	801.22%	158.90%	156.44%	133.04%	112.34%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	91.53%	9.29%	12.84%	1.05%	1.62%	10.47%
Return on Invested Capital (ROIC)	-9.53%	-7.69%	-6.03%	-5.84%	-5.69%	-0.09%	1.30%	5.72%	7.40%	11.60%	17.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.51%	-10.46%	-8.19%	-7.98%	-7.72%	0.20%	4.90%	14.05%	164.22%	2.78%	12.20%
Return on Net Nonoperating Assets (RNNOA)	-6.70%	-4.77%	-3.29%	-2.80%	-2.30%	0.04%	0.74%	1.01%	0.78%	-0.21%	-0.76%
Return on Equity (ROE)	-16.23%	-12.46%	-9.32%	-8.64%	-7.99%	-0.04%	2.04%	6.73%	8.18%	11.39%	16.58%
Cash Return on Invested Capital (CROIC)	-1.28%	-3.03%	-2.28%	0.43%	3.24%	3.41%	7.61%	9.21%	8.97%	12.54%	14.26%
Operating Return on Assets (OROA)	-7.66%	-5.86%	-4.94%	-4.64%	-4.46%	-0.84%	0.19%	2.46%	2.75%	4.64%	7.74%
Return on Assets (ROA)	-7.25%	-5.46%	-4.42%	-4.09%	-3.71%	0.05%	1.40%	3.40%	4.25%	6.07%	7.79%
Return on Common Equity (ROCE)	-16.23%	-12.46%	-9.32%	-8.64%	-7.99%	-0.04%	2.04%	6.73%	8.18%	11.39%	16.58%
Return on Equity Simple (ROE_SIMPLE)	-18.08%	0.00%	-16.93%	-14.18%	-11.47%	0.00%	-3.66%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-13	-9.93	-9.59	-8.96	-0.13	1.99	8.58	11	17	25
NOPAT Margin	-10.47%	-7.78%	-6.00%	-5.55%	-5.12%	-0.07%	1.05%	4.39%	5.40%	7.97%	11.45%
Net Nonoperating Expense Percent (NNEP)	2.98%	2.76%	2.15%	2.14%	2.03%	-0.29%	-3.60%	-8.33%	-156.82%	8.81%	5.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.34%	-	-	-	-0.01%	0.19%	0.80%	0.97%	1.72%	2.71%
Cost of Revenue to Revenue	52.16%	49.79%	50.30%	49.78%	49.12%	47.37%	46.77%	46.42%	46.04%	44.63%	40.92%
SG&A Expenses to Revenue	18.12%	18.68%	18.23%	18.09%	18.00%	16.38%	17.04%	15.90%	15.72%	14.62%	14.87%
R&D to Revenue	22.29%	21.14%	21.06%	20.68%	21.08%	19.52%	19.95%	18.92%	19.30%	19.51%	19.34%
Operating Expenses to Revenue	62.79%	61.32%	58.27%	58.15%	58.20%	53.49%	52.07%	48.54%	48.51%	47.27%	46.29%
Earnings before Interest and Taxes (EBIT)	-24	-19	-15	-15	-14	-2.75	0.65	8.49	9.72	16	26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.02	5.30	8.58	9.95	10	21	22	30	31	37	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.28	5.68	6.63	7.54	9.71	11.74	8.91	9.98	7.26	6.82	4.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	163.19	63.94	128.19
Price to Revenue (P/Rev)	3.10	4.08	4.84	5.53	7.12	8.73	6.74	7.85	5.87	5.68	3.59
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,193.90	142.46	86.76	39.95
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%	0.08%	0.70%	1.15%	2.50%
Enterprise Value to Invested Capital (EV/IC)	3.26	4.43	5.27	6.26	8.47	10.91	8.83	10.65	8.14	8.25	5.38
Enterprise Value to Revenue (EV/Rev)	3.42	4.34	5.07	5.71	7.24	8.79	6.75	7.79	5.77	5.51	3.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	578.84	252.94	156.96	143.11	123.87	77.92	70.50	43.15	36.81	20.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	275.62	127.03	47.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	234.16	115.55	47.13
Enterprise Value to Operating Cash Flow (EV/OCF)	26.85	38.52	40.46	36.41	37.83	45.10	29.33	32.45	24.58	21.75	13.42
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	1,402.76	248.41	306.29	109.77	110.16	88.17	63.97	37.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.09	1.06	1.02	0.99	0.95	0.90	0.84	0.79	0.46	0.50
Long-Term Debt to Equity	1.11	1.09	1.06	1.02	0.99	0.58	0.55	0.00	0.00	0.00	0.00
Financial Leverage	0.54	0.46	0.40	0.35	0.30	0.21	0.15	0.07	0.00	-0.07	-0.06
Leverage Ratio	2.88	2.94	2.67	2.63	2.62	2.58	2.55	2.47	2.41	2.18	2.24
Compound Leverage Factor	2.61	2.43	2.12	1.94	1.76	-1.82	20.44	3.93	3.78	2.90	2.52
Debt to Total Capital	52.63%	52.24%	51.36%	50.56%	49.84%	48.75%	47.47%	45.78%	44.23%	31.43%	33.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	18.84%	18.35%	45.78%	44.23%	31.43%	33.18%
Long-Term Debt to Total Capital	52.63%	52.24%	51.36%	50.56%	49.84%	29.91%	29.12%	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	47.37%	47.76%	48.64%	49.45%	50.16%	51.25%	52.53%	54.22%	55.77%	68.57%	66.82%
Debt to EBITDA	-40.07	104.84	38.45	20.61	14.39	9.96	7.90	6.01	4.80	2.55	2.11
Net Debt to EBITDA	-16.12	34.73	11.61	4.90	2.41	0.88	0.09	-0.49	-0.75	-1.10	-0.54
Long-Term Debt to EBITDA	-40.07	104.84	38.45	20.61	14.39	6.11	4.84	0.00	0.00	0.00	0.00
Debt to NOPAT	-6.96	-8.14	-8.87	-10.16	-11.97	-16.65	-27.20	-479.58	26.03	8.00	4.98
Net Debt to NOPAT	-2.80	-2.70	-2.68	-2.42	-2.00	-1.47	-0.29	39.24	-4.05	-3.46	-1.27
Long-Term Debt to NOPAT	-6.96	-8.14	-8.87	-10.16	-11.97	-10.21	-16.69	0.00	0.00	0.00	0.00
Altman Z-Score	1.48	2.00	2.43	2.86	3.77	4.66	3.64	4.21	3.29	4.41	2.83
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	2.25	2.23	2.38	2.44	2.50	1.40	1.43	0.90	0.97	1.02	0.93
Quick Ratio	1.90	1.92	2.04	2.14	2.21	1.23	1.27	0.81	0.87	0.89	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	46	28	31	41	52	49	64	62	42	47	41
Operating Cash Flow to CapEx	224.30%	541.64%	181.20%	495.19%	530.61%	695.35%	763.84%	700.37%	546.48%	896.37%	465.04%
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	0.48	0.49	0.53	0.54	0.55	0.56	0.56	0.56	0.57	0.62	0.63
Accounts Receivable Turnover	12.55	13.94	13.54	13.36	13.20	16.39	12.33	12.41	12.04	16.95	12.01
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	11.72	12.76	14.02	15.62	17.09	19.16	21.87	23.75	26.17	26.80	29.36
Accounts Payable Turnover	24.02	21.90	24.56	23.31	23.71	23.83	25.57	34.53	33.60	24.48	29.36
Days Sales Outstanding (DSO)	29.08	26.19	26.96	27.31	27.66	22.27	29.60	29.42	30.31	21.54	30.39
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)	15.19	16.67	14.86	15.66	15.39	15.32	14.28	10.57	10.86	14.91	12.43
Cash Conversion Cycle (CCC)	13.89	9.52	12.10	11.66	12.26	6.95	15.32	18.85	19.44	6.63	17.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	638	611	613	598	577	561	551	544	546	531	534
Invested Capital Turnover	0.91	0.99	1.01	1.05	1.11	1.19	1.24	1.30	1.37	1.46	1.51
Increase / (Decrease) in Invested Capital	-62	-41	-41	-51	-61	-50	-62	-54	-31	-31	-16
Enterprise Value (EV)	2,083	2,708	3,230	3,743	4,891	6,123	4,864	5,791	4,443	4,381	2,874
Market Capitalization	1,886	2,545	3,082	3,626	4,809	6,079	4,859	5,831	4,520	4,512	2,952
Book Value per Share	$7.55	$7.65	$7.82	$8.00	$8.21	$8.57	$8.98	$9.38	$9.98	$10.58	$9.80
Tangible Book Value per Share	($3.43)	($3.17)	($2.74)	($2.34)	($1.97)	($1.49)	($0.95)	($0.25)	$0.44	$1.13	$0.37
Total Capital	931	939	956	972	987	1,010	1,038	1,078	1,117	965	915
Total Debt	490	490	491	491	492	492	493	493	494	303	304
Total Long-Term Debt	490	490	491	491	492	302	302	0.00	0.00	0.00	0.00
Net Debt	197	162	148	117	82	44	5.32	-40	-77	-131	-77
Capital Expenditures (CapEx)	7.47	6.75	7.42	7.28	8.15	6.19	5.70	6.95	8.34	7.11	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-72	-92	-77	-84	-94	-99	-110	-113	-101	-119	-115
Debt-free Net Working Capital (DFNWC)	221	236	266	290	316	350	377	421	470	315	266
Net Working Capital (NWC)	221	236	266	290	316	160	187	-73	-24	12	-38
Net Nonoperating Expense (NNE)	6.95	5.47	3.91	3.47	2.84	-0.30	-2.77	-3.19	-4.16	-3.85	-1.85
Net Nonoperating Obligations (NNO)	197	162	148	117	82	44	5.32	-40	-77	-131	-77
Total Depreciation and Amortization (D&A)	25	25	24	25	25	23	21	21	21	21	20
Debt-free, Cash-free Net Working Capital to Revenue	-11.86%	-14.66%	-12.07%	-12.87%	-13.94%	-14.18%	-15.33%	-15.20%	-13.17%	-14.98%	-14.02%
Debt-free Net Working Capital to Revenue	36.22%	37.85%	41.73%	44.27%	46.71%	50.27%	52.33%	56.65%	61.01%	39.67%	32.35%
Net Working Capital to Revenue	36.22%	37.85%	41.73%	44.27%	46.71%	22.94%	25.89%	-9.76%	-3.17%	1.51%	-4.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	($0.30)	($0.23)	($0.22)	($0.20)	$0.01	$0.08	$0.19	$0.24	$0.33	$0.43
Adjusted Weighted Average Basic Shares Outstanding	58.49M	58.35M	59.45M	60.16M	60.31M	60.11M	61.22M	62.35M	62.46M	62.16M	62.34M
Adjusted Diluted Earnings per Share	($0.40)	($0.30)	($0.23)	($0.22)	($0.20)	$0.01	$0.07	$0.18	$0.23	$0.32	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	58.49M	58.35M	59.45M	60.16M	60.31M	60.11M	64.82M	69.64M	69.86M	65.12M	67.65M
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	58.64M	59.07M	60.10M	60.28M	60.40M	60.73M	62.30M	62.44M	62.53M	62.40M	62.60M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-10	-9.14	-8.92	-6.77	0.58	3.81	8.35	12	18	25
Normalized NOPAT Margin	-8.97%	-6.31%	-5.52%	-5.16%	-3.87%	0.32%	2.01%	4.28%	5.79%	8.65%	11.63%
Pre Tax Income Margin	-14.30%	-9.88%	-7.42%	-6.35%	-5.45%	1.06%	2.76%	6.92%	7.54%	9.98%	13.74%
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%	0.00%	9.61%	138.24%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Q2 2025 for Q2 Holdings, Inc. (QTWO), based on the latest quarterly report and recent year-over-year trends. The notes focus on what may matter to retail investors looking for growth, profitability, and liquidity signals.

Revenue growth year over year: Operating revenue rose to $195.1 million in Q2 2025 from $172.9 million in Q2 2024, a gain of about 12.6% year over year.
Gross margin expansion: Gross margin improved to approximately 53.6% in Q2 2025 (gross profit of $104.6 million on $195.1 million revenue) vs about 50.1% in Q2 2024.
Solid bottom-line swing to profitability: Net income attributable to common shareholders turned positive at roughly $11.8 million in Q2 2025, versus a net loss in Q2 2024. Basic EPS about $0.19 and diluted EPS about $0.18.
Healthy operating cash flow: Net cash from continuing operating activities was about $48.6 million in Q2 2025, higher than roughly $36.0 million in Q2 2024, signaling stronger cash-generation from core operations.
No long-term debt: Long-term debt is reported as zero on the Q2 2025 balance sheet, which reduces interest burden and financing risk (neutral impact to guidance).
Recurring revenue signal: Current deferred revenue sits around $179.4 million, indicating a sizable base of future recognized revenue (neutral in terms of immediate earnings impact).
Working capital pressures: Total current assets about $659.7 million vs. total current liabilities about $732.3 million, resulting in negative working capital of roughly $72.5 million and potential liquidity headwinds.
Debt repayment activity weighing on cash: Large debt repayments appear in the cash flow (significant financing outflows), which can pressure near-term liquidity despite operating strength.
Equity base and retained earnings: Retained earnings are still negative (negative accumulated earnings), contributing to a weaker-looking retained earnings position despite current profitability.

05/19/26 04:57 AM ETAI Generated. May Contain Errors.

Q2 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Q2's financial year ends in December. Their financial 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%. See Q2's forecast for analyst expectations on what's next for the company.

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%.

Related Companies

Financial statements for NYSE:QTWO last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Q2 (QTWO) Financials

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Q2 (QTWO) Financials

Annual Income Statements for Q2

Quarterly Income Statements for Q2

Annual Cash Flow Statements for Q2

Quarterly Cash Flow Statements for Q2

Annual Balance Sheets for Q2

Quarterly Balance Sheets for Q2

Annual Metrics And Ratios for Q2

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Financials Breakdown Chart

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When does Q2's fiscal year end?

How has Q2's net income changed over the last 10 years?

What is Q2's operating income?

How has Q2's revenue changed over the last 10 years?

How much debt does Q2 have?

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How has Q2's book value per share changed over the last 10 years?

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