Revenue has been broadly flat while operating margin fell to 9.5% in the latest quarter from 14.6% a year earlier, with SG&A of $226.2M absorbing a larger share of gross profit despite a steady 51.9% gross margin.
Deluxe Corporation (DLX) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 2.13B | 2.13B | 2.12B | 2.19B | 2.24B | 2.02B | 1.79B | 2.01B | 2B | 1.97B | 1.85B | 1.77B | 1.67B | 1.58B | 1.51B | 1.42B | 1.4B | 1.34B | 1.47B | 1.61B | 1.64B | 1.72B | 1.57B | 1.24B | 1.28B | 1.28B | 1.26B | 1.65B | 1.93B | 1.92B | 1.9B |
| Revenue Growth % | 0.38% | 0.54% | -3.22% | -2.04% | 10.67% | 12.92% | -10.85% | 0.54% | 1.65% | 6.3% | 4.3% | 5.9% | 5.63% | 4.61% | 6.86% | 1.1% | 4.32% | -8.48% | -8.57% | -2.03% | -4.47% | 9.53% | 26.15% | -3.26% | 0.44% | 1.24% | -23.5% | -14.56% | 0.65% | 1.25% | 2.03% |
| Cost of Goods Sold | 1.02B | 1B | 995.31M | 1.03B | 1.03B | 884.27M | 730.77M | 812.93M | 791.7M | 742.1M | 667.3M | 639.2M | 606.3M | 561.1M | 524.4M | 493.4M | 488.42M | 504.8M | 551.7M | 586.56M | 613.28M | 608.36M | 535.95M | 425.96M | 435.79M | 453.82M | 382.69M | 657.3M | 827M | 785.9M | 789.2M |
| COGS % of Revenue | - | 46.94% | 46.91% | 46.96% | 46.12% | 43.73% | 40.81% | 40.47% | 39.62% | 37.75% | 36.09% | 36.06% | 36.22% | 35.41% | 34.62% | 34.81% | 34.83% | 37.55% | 37.56% | 36.51% | 37.4% | 35.45% | 34.2% | 34.29% | 33.94% | 35.5% | 30.31% | 39.82% | 42.81% | 40.95% | 41.63% |
| Gross Profit | 1.11B | 1.13B | 1.13B | 1.16B | 1.21B | 1.14B | 1.06B | 1.2B | 1.21B | 1.22B | 1.18B | 1.13B | 1.07B | 1.02B | 990.5M | 924.2M | 913.82M | 839.4M | 917M | 1.02B | 1.03B | 1.11B | 1.03B | 816.18M | 848.19M | 824.56M | 880.02M | 993.2M | 1.1B | 1.13B | 1.11B |
| Gross Margin % | 52.03% | 53.06% | 53.09% | 53.04% | 53.88% | 56.27% | 59.19% | 59.53% | 60.38% | 62.25% | 63.91% | 63.94% | 63.78% | 64.59% | 65.38% | 65.19% | 65.17% | 62.45% | 62.44% | 63.49% | 62.6% | 64.55% | 65.8% | 65.71% | 66.06% | 64.5% | 69.69% | 60.18% | 57.19% | 59.05% | 58.37% |
| Gross Profit Growth % | - | 0.48% | -3.12% | -3.58% | 5.97% | 7.35% | -11.35% | -0.87% | -1.41% | 3.53% | 4.25% | 6.16% | 4.31% | 3.35% | 7.17% | 1.14% | 8.87% | -8.46% | -10.08% | -0.64% | -7.36% | 7.46% | 26.33% | -3.77% | 2.87% | -6.3% | -11.39% | -10.1% | -2.53% | 2.44% | 0.5% |
| Operating Expenses | 869.4M | 873.3M | 934.27M | 1B | 1.04B | 995.77M | 1.02B | 1.38B | 845.6M | 828.8M | 806M | 774.9M | 719.2M | 691.4M | 680.2M | 640.2M | 624.3M | 616.5M | 692.9M | 752.26M | 828.08M | 803.09M | 683.15M | 497.25M | 503.26M | 522.62M | 602.72M | 691.1M | 858.2M | 894.9M | 907.4M |
| OpEx % of Revenue | - | 40.94% | 44.03% | 45.7% | 46.31% | 49.24% | 56.92% | 68.9% | 42.32% | 42.17% | 43.59% | 43.71% | 42.96% | 43.63% | 44.9% | 45.16% | 44.52% | 45.86% | 47.18% | 46.83% | 50.5% | 46.79% | 43.6% | 40.03% | 39.2% | 40.88% | 47.73% | 41.87% | 44.42% | 46.62% | 47.87% |
| Selling, General & Admin | 858.9M | 873.3M | 909.17M | 956.07M | 993.25M | 941.02M | 839.81M | 891.69M | 845.6M | 828.8M | 806M | 774.9M | 719.2M | 691.4M | 680.2M | 640.2M | 624.3M | 616.5M | 671M | 756.03M | 787.96M | 803.09M | 683.18M | 492.51M | 502.96M | 514.37M | 534.14M | 602.2M | 772.4M | 797.6M | 800.7M |
| SG&A % of Revenue | - | 40.94% | 42.85% | 43.61% | 44.38% | 46.53% | 46.9% | 44.39% | 42.32% | 42.17% | 43.59% | 43.71% | 42.96% | 43.63% | 44.9% | 45.16% | 44.52% | 45.86% | 45.69% | 47.06% | 48.06% | 46.79% | 43.6% | 39.65% | 39.17% | 40.24% | 42.3% | 36.49% | 39.98% | 41.55% | 42.24% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.3% | - | - | - |
| Other Operating Expenses | 2M | 0 | 25.11M | 45.82M | 43.2M | 54.75M | 179.47M | 492.34M | 0 | 3M | 1.9M | 2.8M | 1.1M | 1.5M | 900K | 0 | 0 | 0 | -1.42M | -3.77M | 40.12M | 0 | -30K | 4.74M | 297K | 8.25M | 68.57M | 83.9M | 85.8M | 97.3M | 106.7M |
| Operating Income | 237.03M | 258.6M | 192.18M | 160.79M | 169.45M | 142.15M | 40.73M | -188.25M | 239.7M | 331.2M | 368.7M | 354.3M | 332.6M | 317.9M | 302M | 271.1M | 281.54M | 190.6M | 209.2M | 267.55M | 198.3M | 304.84M | 347.91M | 318.92M | 344.93M | 301.94M | 277.31M | 302.1M | 246.6M | 238.6M | 199.1M |
| Operating Margin % | 11.15% | 12.12% | 9.06% | 7.33% | 7.57% | 7.03% | 2.27% | -9.37% | 12% | 16.85% | 19.94% | 19.99% | 19.87% | 20.06% | 19.94% | 19.12% | 20.08% | 14.18% | 14.24% | 16.66% | 12.09% | 17.76% | 22.2% | 25.68% | 26.86% | 23.62% | 21.96% | 18.3% | 12.77% | 12.43% | 10.5% |
| Operating Income Growth % | - | 34.56% | 19.52% | -5.11% | 19.2% | 249.02% | 121.64% | -178.54% | -27.63% | -10.17% | 4.06% | 6.52% | 4.62% | 5.26% | 11.4% | -3.71% | 47.71% | -8.89% | -21.81% | 34.92% | -34.95% | -12.38% | 9.09% | -7.54% | 14.24% | 8.88% | -8.21% | 22.51% | 3.35% | 19.84% | 8.32% |
| EBITDA | 392.23M | 396.5M | 357.72M | 330.49M | 342M | 290.92M | 151.52M | -62.22M | 370.8M | 453.85M | 460.28M | 431M | 398.4M | 382.4M | 367.7M | 344.4M | 355.46M | 258.4M | 273.2M | 363.63M | 319.75M | 447.92M | 476.3M | 404.59M | 403.14M | 375.92M | 345.88M | 386M | 332.4M | 335.9M | 305.8M |
| EBITDA Margin % | 18.44% | 18.59% | 16.86% | 15.08% | 15.28% | 14.39% | 8.46% | -3.1% | 18.56% | 23.09% | 24.89% | 24.31% | 23.8% | 24.13% | 24.27% | 24.29% | 25.35% | 19.22% | 18.6% | 22.64% | 19.5% | 26.1% | 30.4% | 32.57% | 31.4% | 29.41% | 27.39% | 23.39% | 17.21% | 17.5% | 16.13% |
| EBITDA Growth % | 1.56% | 10.84% | 8.24% | -3.36% | 17.56% | 92% | 343.54% | -116.78% | -18.3% | -1.4% | 6.79% | 8.18% | 4.18% | 4% | 6.77% | -3.11% | 37.56% | -5.42% | -24.87% | 13.72% | -28.62% | -5.96% | 17.72% | 0.36% | 7.24% | 8.69% | -10.39% | 16.13% | -1.04% | 9.84% | 6.51% |
| D&A (Non-Cash Add-back) | 155.19M | 137.9M | 165.54M | 169.7M | 172.55M | 148.77M | 110.79M | 126.04M | 131.1M | 122.65M | 91.58M | 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 |
| EBIT | 232.5M | 241.1M | 199.78M | 165.44M | 178.83M | 149.36M | 49.94M | -181.06M | 239.74M | 334.19M | 362.69M | 348.25M | 333.71M | 319.36M | 297.6M | 263.88M | 280.11M | 201.3M | 210.6M | 267.55M | 198.3M | 307.34M | 347.91M | 318.92M | 344.93M | 301.94M | 277.31M | 298.23M | 257.89M | 238.6M | 199M |
| Net Interest Income | -120M | -122M | -123.28M | -125.64M | -94.45M | -55.55M | -23.14M | -34.68M | -27.11M | -21.36M | -22.3M | -20.3M | -36.53M | -38.3M | -46.85M | -47.8M | -44.16M | -46.28M | -50.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 120M | 122M | 123.28M | 125.64M | 94.45M | 55.55M | 23.14M | 34.68M | 27.1M | 21.4M | 22.3M | 20.3M | 36.5M | 38.3M | 46.8M | 47.8M | 44.16M | 46.3M | 50.4M | 0 | 0 | 0 | 0 | 16.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -119.73M | -139.5M | -115.68M | -120.99M | -85.07M | -48.35M | -13.93M | -27.49M | -18.59M | -16.35M | -26.5M | -26.38M | -35.45M | -36.85M | -62.14M | -54.97M | -45.59M | -35.57M | 10.78M | -49.89M | -55.76M | -54.1M | -31.04M | -19.54M | -4.21M | -4.4M | -3.88M | 20.48M | 9.71M | -123.4M | -80.2M |
| Pretax Income | 117.3M | 119.1M | 76.5M | 39.8M | 84.38M | 93.8M | 26.8M | -215.74M | 221.2M | 312.8M | 340.4M | 327.9M | 297.2M | 281.1M | 250.8M | 216.1M | 235.95M | 155M | 160.2M | 217.65M | 142.54M | 250.73M | 316.87M | 299.38M | 340.72M | 297.53M | 273.43M | 324.6M | 246.5M | 115.2M | 118.8M |
| Pretax Margin % | 5.52% | 5.58% | 3.61% | 1.82% | 3.77% | 4.64% | 1.5% | -10.74% | 11.07% | 15.91% | 18.41% | 18.5% | 17.75% | 17.74% | 16.56% | 15.24% | 16.83% | 11.53% | 10.91% | 13.55% | 8.69% | 14.61% | 20.22% | 24.1% | 26.54% | 23.27% | 21.65% | 19.67% | 12.76% | 6% | 6.27% |
| Income Tax | 37.3M | 36.9M | 23.55M | 13.57M | 18.85M | 31.03M | 21.47M | 8.04M | 65.3M | 82.6M | 111M | 109.3M | 97.4M | 94.4M | 80.3M | 71.5M | 82.55M | 55.6M | 54.3M | 74.14M | 41.98M | 92.77M | 118.22M | 106.91M | 126.45M | 111.63M | 103.96M | 121.6M | 101.1M | 70.5M | 53.3M |
| Effective Tax Rate % | 31.8% | 30.98% | 30.79% | 34.1% | 22.34% | 33.08% | 80.1% | -3.73% | 29.52% | 26.41% | 32.61% | 33.33% | 32.77% | 33.58% | 32.02% | 33.09% | 34.99% | 35.87% | 33.9% | 34.06% | 29.45% | 37% | 37.31% | 35.71% | 37.11% | 37.52% | 38.02% | 37.46% | 41.01% | 61.2% | 44.87% |
| Net Income | 79.9M | 82.1M | 52.8M | 26.12M | 65.39M | 62.63M | 5.24M | -223.78M | 155.9M | 230.2M | 229.4M | 218.6M | 199.8M | 186.7M | 170.5M | 144.6M | 152.62M | 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 |
| Net Margin % | 3.76% | 3.85% | 2.49% | 1.19% | 2.92% | 3.1% | 0.29% | -11.14% | 7.8% | 11.71% | 12.41% | 12.33% | 11.93% | 11.78% | 11.25% | 10.2% | 10.88% | 7.39% | 6.92% | 8.93% | 6.16% | 9.18% | 12.63% | 15.5% | 16.69% | 14.54% | 12.82% | 12.3% | 7.53% | 2.33% | 3.46% |
| Net Income Growth % | -3.43% | 55.49% | 102.15% | -60.06% | 4.41% | 1094.37% | 102.34% | -243.54% | -32.28% | 0.35% | 4.94% | 9.41% | 7.02% | 9.5% | 17.91% | -5.26% | 53.55% | -2.17% | -29.21% | 42.16% | -35.91% | -20.44% | 2.87% | -10.17% | 15.26% | 14.8% | -20.23% | 39.61% | 225.28% | -31.76% | -24.71% |
| Net Income (Continuing) | 80M | 82.2M | 52.95M | 26.23M | 65.53M | 62.77M | 5.33M | -223.78M | 149.63M | 230.16M | 229.38M | 218.63M | 199.79M | 186.65M | 170.49M | 144.59M | 153.4M | 99.36M | 105.87M | 145.12M | 100.56M | 157.96M | 198.65M | 192.47M | 214.27M | 185.9M | 169.47M | 204.32M | 153.57M | 44.7M | 65.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 400K | 300K | 166K | 522K | 415K | 280K | 141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.72 | 1.80 | 1.18 | 0.59 | 1.50 | 1.45 | 0.21 | -4.65 | 3.32 | 4.72 | 4.65 | 1.20 | 3.96 | 3.65 | 3.32 | 2.80 | 2.96 | 1.94 | 1.97 | 2.76 | 1.96 | 3.09 | 3.92 | 3.49 | 3.36 | 2.69 | 2.24 | 2.64 | 1.77 | 0.55 | 0.79 |
| EPS Growth % | -6.01% | 52.54% | 100% | -60.67% | 3.45% | 590.48% | 104.52% | -240.06% | -29.66% | 1.51% | 287.5% | -69.7% | 8.49% | 9.94% | 18.57% | -5.41% | 52.58% | -1.52% | -28.62% | 40.82% | -36.57% | -21.17% | 12.32% | 3.87% | 24.91% | 20.09% | -15.15% | 49.15% | 221.82% | -30.38% | -25.47% |
| EPS (Basic) | - | 1.87 | 1.20 | 0.60 | 1.52 | 1.48 | 0.21 | -4.65 | 3.33 | 4.80 | 4.73 | 4.46 | 4.02 | 3.71 | 3.37 | 2.85 | 2.97 | 1.94 | 1.99 | 2.79 | 1.98 | 3.11 | 3.95 | 3.53 | 3.41 | 2.72 | 2.24 | 2.65 | 1.77 | 0.55 | 0.80 |
| Diluted Shares Outstanding | 46.5M | 45.5M | 44.73M | 43.84M | 43.31M | 42.83M | 42.14M | 43.03M | 46.99M | 48.4M | 49M | 49.8M | 50.3M | 51M | 51.1M | 51.4M | 51.33M | 50.9M | 51.4M | 52M | 51.23M | 50.94M | 50.55M | 55.15M | 63.77M | 69.11M | 72.29M | 77.01M | 80.86M | 81.27M | 82.91M |
| Basic Shares Outstanding | 46.5M | 45.5M | 44.15M | 43.55M | 43.02M | 42.38M | 41.93M | 43.03M | 46.84M | 47.95M | 48.55M | 49.02M | 49.74M | 50.34M | 50.61M | 50.83M | 51.12M | 50.81M | 50.97M | 51.44M | 51M | 50.57M | 50.13M | 54.53M | 62.84M | 68.35M | 72.29M | 76.71M | 80.65M | 81.27M | 81.88M |
| Dividend Payout Ratio | - | 67.24% | 102.65% | 204.15% | 80.51% | 82.47% | 967.7% | - | 36.35% | 25.24% | 25.6% | 27.34% | 28.83% | 27.16% | 29.86% | 35.36% | 33.7% | 51.59% | 50.61% | 36.27% | 66.34% | 51.59% | 37.53% | 41.8% | 43.37% | 54.75% | 66.2% | 55.91% | 82.31% | 271.36% | 186.26% |
Quick answers to the most common questions about buying DLX stock.
For fiscal year 2025, Deluxe Corporation (DLX) reported total revenue of $2.13B. This represents a 12.5% increase compared to $1.90B in 1996.
Deluxe Corporation (DLX) is profitable, generating $82.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.8%.
Deluxe Corporation (DLX) reported an operating income of $258.6M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Deluxe Corporation (DLX) generated $1.13B in gross profit for the year, representing a gross profit margin of 53.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings miss and leverage
Metrics are mathematically derived from official filings.
Flat Top Line Masks Mix Shift
Based on DLX's reported quarterly figures, revenue grew just 0.5% year over year in the latest period, with $553.9M in quarterly revenue suggesting the Payments and Data growth narrative has not yet offset softness in legacy businesses at the consolidated level.
Revenue has oscillated between roughly $499M and $554M over the ten quarters shown, indicating a plateau rather than a trajectory. The reported growth figures suggest that gains in higher-growth segments are being absorbed by declines elsewhere, which may indicate that the transition is not yet large enough to move the consolidated line. Investors should monitor whether segment-level growth can translate into sustained top-line expansion.
Gross Margin Holds Near 52 Percent
Reported gross margin of 51.9% in the latest quarter, down from 53.9% a year earlier, suggests modest pressure on unit economics that the data alone cannot attribute to a specific segment or cost input.
Gross margin has stayed in a fairly narrow band around 52% for most of the period, with a peak near 53.9% in the third quarter of 2025. The drift lower implies that cost inflation or mix effects are weighing on pricing power, though the source of the compression is not isolated in the supplied data. Persistent sub-52% readings would warrant closer scrutiny of physical goods exposure.
Operating Margin Compresses Sharply
Operating margin fell to 9.5% in the latest quarter from 14.6% a year earlier, as SG&A of $226.2M consumed a larger share of gross profit, suggesting weak operating leverage despite stable revenue.
SG&A has tracked between roughly $202M and $234M across the period, absorbing most of the gross profit gained. This pattern indicates that overhead is not scaling down with volume, which may reflect the cost of maintaining bank relationships and a multi-segment structure. Without further breakdown, the data suggests operating leverage is currently negative.
EPS Miss Raises Reconciliation Questions
Reported EPS of $0.28 against a $0.91 consensus estimate, alongside net margin of 2.3%, suggests the earnings base is considerably more fragile than the revenue line implies.
Net income has been volatile, ranging from roughly $12M to $36M per quarter, with EPS swinging between $0.28 and $0.77 over recent periods. The size of the miss may point to one-off items, amortization of acquired intangibles, or restructuring charges, though the supplied data does not confirm any of these. Investors should review the reconciliation between adjusted and GAAP results before relying on the reported earnings run rate.
Leverage Amplifies Earnings Fragility
With a reported debt-to-equity ratio of 2.26 and net margin near 2.3% in the latest quarter, DLX has limited cushion, and the data suggests a further earnings shortfall could strain its ability to absorb interest and integration costs.
Thin net margins combined with elevated leverage imply that modest deterioration in operating income could disproportionately affect equity holders. The bear case would center on whether the flat top line and compressing operating margin are structural rather than timing-related. Investors should verify total debt levels, as the debt-to-equity figure alone does not fully describe the capital structure.