Free cash flow remains highly erratic, swinging from a low of $6.1 million in 2024Q1 to a peak of $79.3 million in 2025Q4, often impacted by significant working capital outflows like the $57.5 million drain observed in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 273.03M | 270.6M | 194.28M | 198.37M | 191.5M | 210.82M | 217.6M | 286.65M | 339.3M | 338.4M | 319.3M | 307.9M | 280.4M | 261.5M | 244M | 235.4M | 212.62M | 206.4M | 198.5M | 244.72M | 239.36M | 174.13M | 312.24M | 181.47M | 257.14M | 270.62M | 253.57M | 220.9M | 294.8M | 295.8M | 290.7M |
| Operating CF Margin % | - | 12.69% | 9.16% | 9.05% | 8.56% | 10.43% | 12.15% | 14.27% | 16.98% | 17.22% | 17.27% | 17.37% | 16.75% | 16.5% | 16.11% | 16.61% | 15.16% | 15.35% | 13.52% | 15.23% | 14.6% | 10.15% | 19.93% | 14.61% | 20.03% | 21.17% | 20.08% | 13.38% | 15.26% | 15.41% | 15.33% |
| Operating CF Growth % | 102.32% | 39.28% | -2.06% | 3.59% | -9.16% | -3.12% | -24.09% | -15.52% | 0.27% | 5.98% | 3.7% | 9.81% | 7.23% | 7.17% | 3.65% | 10.72% | 3.01% | 3.98% | -18.89% | 2.24% | 37.47% | -44.23% | 72.07% | -29.43% | -4.98% | 6.72% | 14.79% | -25.07% | -0.34% | 1.75% | 38.89% |
| Net Income | 107.01M | 85.3M | 52.78M | 26.23M | 65.5M | 62.77M | 8.9M | -223.78M | 155.9M | 230.2M | 229.4M | 218.6M | 199.8M | 186.7M | 170.5M | 144.59M | 771K | 99.4M | 101.6M | 143.51M | 100.95M | 157.52M | 197.99M | 192.47M | 214.27M | 185.9M | 161.94M | 203M | 145.4M | 44.7M | 65.5M |
| Depreciation & Amortization | 139.34M | 133.8M | 165.54M | 169.7M | 172.6M | 148.77M | 110.8M | 126.04M | 131.1M | 122.7M | 91.6M | 76.7M | 65.8M | 64.5M | 65.7M | 73.3M | 73.92M | 67.8M | 64M | 96.08M | 121.45M | 143.08M | 128.38M | 85.67M | 58.2M | 73.98M | 68.57M | 83.9M | 85.8M | 97.3M | 106.7M |
| Stock-Based Compensation | 13.27M | 0 | 0 | 20.52M | 23.68M | 29.48M | 21.82M | 19.7M | 13.38M | 15.11M | 12.46M | 11.89M | 9.78M | 7.56M | 7.29M | 5.73M | 6.15M | 6.66M | 9.68M | 13.53M | 6.19M | 7M | 12.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 53.66M | 0 | -20.39M | -31.88M | -28.53M | 17.76M | -5.24M | -41.18M | -11.36M | -39.18M | 1.89M | -3.26M | -7.41M | -2.24M | 6.27M | 9.35M | 20.36M | 12.04M | -790K | 5.28M | -37.38M | -11.92M | -2.65M | -7.49M | 11.1M | -3.44M | 9.49M | 63.9M | 13.4M | -25.7M | -20.7M |
| Other Non-Cash Items | 90.87M | 142.6M | 102.28M | 33.53M | 17.65M | -16M | 140.25M | 451.96M | 86.55M | 36.67M | 35.26M | 30.11M | 35.78M | 32.86M | -8.26M | 35.54M | 185.17M | 54.62M | 62.72M | 15.1M | 48.34M | 8.96M | 18.03M | 15.42M | 25.63M | 15.92M | 19.05M | -100K | -100K | 84.8M | -200K |
| Working Capital Changes | -128.1M | -91.1M | -105.94M | -19.74M | -59.39M | -31.95M | -58.93M | -46.09M | -36.27M | -27.1M | -51.31M | -26.15M | -23.34M | -27.88M | 2.5M | -33.12M | -73.75M | -34.12M | -38.71M | -28.79M | -195K | -130.51M | -41.75M | -104.6M | -52.07M | -1.74M | -5.47M | -115.3M | 39.5M | 4.2M | 56.9M |
| Change in Receivables | -11.13M | -19.9M | 3.49M | 7.36M | -13.67M | -8.86M | -2.71M | 5.61M | -16.8M | 5.28M | -23.41M | -4.53M | -21.09M | -14.75M | -2.92M | -6.65M | -3.96M | -1.48M | 10.58M | 6.56M | -2.15M | -2.59M | -15.29M | -2.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.53M | 2.7M | 2.5M | 6.35M | -19.06M | -1.84M | -11.28M | 4.84M | -3.64M | -644K | 2.24M | -339K | -4.35M | -1.59M | -1.63M | -398K | -470K | 2.79M | 321K | -779K | -505K | -2.03M | 3.98M | 1.48M | 1.98M | 117K | 2.08M | 400K | 3.6M | 300K | 13.4M |
| Change in Payables | -14.92M | -3.9M | 10.51M | 4.93M | 6.01M | 22.79M | -9.52M | 5.13M | 4.37M | -7.8M | 15.89M | -4.53M | 12.22M | 886K | 228K | 3.46M | -5.19M | 1.87M | -9.77M | 189K | -7.85M | -5.04M | 1.34M | -10.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -96.03M | -131.7M | -69.84M | -43.3M | -80.3M | -1.07B | -56.1M | -72.4M | -275.4M | -180.9M | -310.7M | -251.1M | -136M | -101M | -68.5M | -131.8M | -136.17M | -81.8M | -135.8M | -10.97M | -30.2M | -40.14M | -670.84M | -24.88M | -44.15M | -13.5M | -96.14M | -300K | -36.9M | -89.4M | 23.5M |
| Capital Expenditures | -71.44M | 0 | 0 | -100.75M | -104.6M | -109.14M | -62.6M | -66.59M | -62.2M | -47.5M | -46.6M | -43.3M | -41.1M | -37.4M | -35.2M | -35.5M | -44.2M | -44.3M | -31.9M | -32.33M | -41.32M | -55.65M | -43.82M | -22.03M | -40.71M | -28.77M | -48.48M | -150.7M | -121.3M | -117.5M | -92M |
| CapEx % of Revenue | 3.35% | 4.47% | 4.45% | 4.6% | 4.67% | 5.4% | 3.5% | 3.32% | 3.11% | 2.42% | 2.52% | 2.44% | 2.46% | 2.36% | 2.32% | 2.5% | 3.15% | 3.3% | 2.17% | 2.01% | 2.52% | 3.24% | 2.8% | 1.77% | 3.17% | 2.25% | 3.84% | 9.13% | 6.28% | 6.12% | 4.85% |
| Acquisitions | -1.27M | 0 | 0 | 53.63M | 25.2M | -955.87M | 5.85M | -8.25M | -214.3M | -139.2M | -270.9M | -213M | -105M | -69.7M | -34.2M | -85.6M | -98.62M | -30.8M | -104.9M | -2.32M | -16.52M | -2.89M | -624.86M | 0 | 0 | 1.47M | -95.99M | 166.4M | 117.9M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -23.32M | -131.7M | -69.84M | -4.2M | -4.85M | -1.59M | -3.2M | 2.45M | 1.1M | 5.8M | 6.8M | 5.2M | 10.1M | 6.1M | 900K | -10.7M | 4.69M | -3.91M | 1M | 23.67M | 27.64M | 18.4M | -2.16M | -2.85M | -3.44M | -4.8M | 40.71M | -30.9M | -300K | 38.7M | 111.3M |
| Cash from Financing | -182.34M | -136.8M | -267.25M | -37.68M | -48.6M | 912.96M | -110.6M | -190.15M | -60.1M | -177M | 4.3M | -46.7M | -199.4M | -82.3M | -159.5M | -91.7M | -72.54M | -128.5M | -67.7M | -224.89M | -204.59M | -142.82M | 369.96M | -278.47M | -97.71M | -328.29M | -159.93M | -348.6M | -160.4M | -177.5M | -185.3M |
| Debt Issued (Net) | -99.29M | -78.1M | -82.27M | -55.19M | -40.61M | 854.97M | -43.5M | -26.5M | 201.15M | -51.16M | 116.81M | 65.94M | -94.4M | -1.55M | -96.04M | -25.68M | -19.69M | -77.99M | 2.67M | -178.72M | -147.76M | -72.79M | 475.54M | 285.24M | 141.19M | 50.16M | -60.79M | 54.21M | -4.53M | -23.6M | -43.3M |
| Equity Issued (Net) | 0 | 0 | 0 | 2.71M | 3.11M | 16.84M | -10.25M | -115.35M | -192.48M | -65M | -60.81M | -61.65M | -50.97M | -48.8M | -14.84M | -23.62M | 268K | 653K | -19.05M | 4.63M | 8.94M | 11.25M | -7.71M | -483.26M | -141.93M | -276.68M | 8.06M | -284.28M | -33.47M | -32.6M | -20M |
| Dividends Paid | -56.03M | -55.2M | -54.16M | -53.33M | -52.65M | -51.65M | -50.75M | -51.74M | -56.7M | -58.1M | -58.7M | -59.8M | -57.6M | -50.7M | -50.9M | -51.1M | -51.44M | -51.3M | -51.4M | -52.05M | -66.97M | -81.27M | -74.3M | -80.45M | -92.94M | -101.77M | -107.19M | -113.5M | -119.7M | -121.3M | -122M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -14M | -118.55M | -200M | -65M | -55.22M | -59.95M | -60.12M | -48.8M | -27.16M | -23.62M | -3M | -1.32M | -21.85M | -11.29M | 0 | 0 | -26.64M | -507.13M | -172.8M | -345.4M | 0 | -313.49M | -59.7M | -56.3M | -48.1M |
| Other Financing | -27.02M | -3.5M | -130.83M | 68.12M | 41.55M | 92.8M | -6.1M | 3.44M | -14.18M | -8.69M | 8.72M | 7.08M | -1.07M | 18.77M | 2.29M | 8.72M | -1.68M | 68K | 112K | 1.24M | 1.21M | 0 | -23.56M | 0 | -4.03M | 0 | 0 | -35K | -2.72M | 0 | 0 |
| Net Change in Cash | -4.58M | 3.8M | -148.88M | 120.62M | 51.9M | 56.08M | 54.6M | 29.55M | 500K | -17.4M | 14.2M | 900K | -59.6M | 75.7M | 16.7M | 11.3M | 4.59M | -2.8M | -6M | 10.02M | 4.73M | -8.63M | 12.52M | -121.89M | 115.28M | -71.16M | -2.49M | -127.9M | 97.5M | -177.5M | -185.3M |
| Free Cash Flow | 178.29M | 175.3M | 99.89M | 97.62M | 86.9M | 101.68M | 155M | 220.06M | 277.1M | 290.9M | 272.7M | 264.6M | 239.3M | 224.1M | 208.8M | 199.9M | 168.42M | 162.1M | 166.6M | 212.39M | 198.04M | 118.47M | 268.43M | 159.43M | 216.43M | 241.85M | 205.09M | 70.2M | 173.5M | 178.3M | 198.7M |
| FCF Margin % | 8.35% | 8.22% | 4.71% | 4.45% | 3.88% | 5.03% | 8.66% | 10.96% | 13.87% | 14.8% | 14.75% | 14.93% | 14.29% | 14.14% | 13.78% | 14.1% | 12.01% | 12.06% | 11.34% | 13.22% | 12.08% | 6.9% | 17.13% | 12.84% | 16.86% | 18.92% | 16.24% | 4.25% | 8.98% | 9.29% | 10.48% |
| FCF Growth % | 51.02% | 75.49% | 2.33% | 12.34% | -14.54% | -34.4% | -29.56% | -20.59% | -4.74% | 6.67% | 3.06% | 10.57% | 6.78% | 7.33% | 4.45% | 18.69% | 3.9% | -2.7% | -21.56% | 7.25% | 67.16% | -55.86% | 68.36% | -26.34% | -10.51% | 17.92% | 192.15% | -59.54% | -2.69% | -10.27% | 15.52% |
| FCF per Share | 3.85 | 3.85 | 2.23 | 2.23 | 2.01 | 2.37 | 3.68 | 5.11 | 5.90 | 6.01 | 5.57 | 5.31 | 4.76 | 4.39 | 4.09 | 3.89 | 3.28 | 3.18 | 3.24 | 4.08 | 3.87 | 2.33 | 5.31 | 2.89 | 3.39 | 3.50 | 2.84 | 0.91 | 2.15 | 2.19 | 2.40 |
| FCF Conversion (FCF/Net Income) | 1.67x | 3.18x | 3.68x | 7.59x | 2.93x | 3.37x | 41.50x | -1.28x | 2.18x | 1.47x | 1.39x | 1.41x | 1.40x | 1.40x | 1.43x | 1.63x | 1.39x | 2.08x | 1.95x | 1.71x | 2.37x | 1.11x | 1.58x | 0.94x | 1.20x | 1.46x | 1.57x | 1.09x | 2.03x | 6.62x | 4.44x |
| Interest Paid | 0 | 0 | 117.83M | 115.56M | 87.11M | 46.62M | 22.85M | 0 | 25.91M | 19.46M | 20.98M | 24.29M | 39.95M | 38.68M | 46.51M | 42.54M | 44.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 49.89M | 47.95M | 38.63M | 18.76M | 24.7M | 0 | 88.25M | 124.88M | 97.31M | 111M | 100.64M | 90.32M | 83.88M | 60.86M | 70.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Secular check volume decline
As reported in financial statements, DLX consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching as high as 6.76 in 2025Q4, suggesting that non-cash charges and accounting accruals play a dominant role in the company's reported bottom-line profitability metrics.
The persistent gap between net income and operating cash flow indicates that GAAP earnings may be a poor proxy for the company's actual cash-generative capacity. Investors should monitor whether this divergence is driven primarily by high depreciation from legacy manufacturing assets or if it reflects aggressive capitalization of costs that may eventually pressure future cash flows.
Based on quarterly data, Deluxe's free cash flow trajectory remains highly erratic, swinging from a low of $6.1 million in 2024Q1 to a peak of $79.3 million in 2025Q4, which highlights the difficulty in maintaining consistent cash generation during the ongoing transition toward digital payment services.
The instability in free cash flow margins suggests that the company's pivot is not yet self-funding in a predictable manner. This volatility complicates capital allocation, as management must balance the need for debt reduction against the requirement to fund growth initiatives in the competitive payments and cloud segments.
According to recent SEC filings, Deluxe experiences frequent and significant working capital outflows, including a $57.5 million drain in 2026Q1, which suggests that the company's operational cycle is currently inefficient and prone to periodic liquidity pressures that disrupt the conversion of revenue into realized cash.
These recurring working capital deficits appear to be a structural drag on cash flow, potentially indicating challenges in managing inventory levels or collecting receivables from financial institution partners. The inability to maintain a neutral working capital cycle may force the company to rely more heavily on external financing to bridge operational gaps.
Data from financial statements indicates that Deluxe maintains a consistent capital intensity, with CapEx/Revenue ratios hovering between 3.7% and 5.2% over the last ten quarters, reflecting the ongoing necessity of maintaining legacy manufacturing infrastructure while simultaneously investing in new digital payment and cloud-based software platforms.
The sustained level of capital expenditure suggests that the company is not yet in a position to harvest cash from its legacy business without significant reinvestment. This dual-track spending requirement may continue to limit the amount of free cash flow available for debt service or shareholder returns in the near term.
Quick answers to the most common questions about buying DLX stock.
Deluxe Corporation (DLX) generated $270.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Deluxe Corporation (DLX) generated $175.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Deluxe Corporation (DLX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Deluxe Corporation (DLX) returned $55.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.