Revenue growth remains range-bound between a 3.1% contraction and a 2.8% expansion, while operating margins remain compressed in the low double digits despite a 51.9% gross margin 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 |
|---|
| 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 % | 0.55% | 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 | 1.01B | 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 | - | 46.99% | 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 | 1.13B | 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 % | 52.9% | 53.01% | 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 % | - | 0.4% | -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 | 870.77M | 869.4M | 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 | - | 40.76% | 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 | 851.61M | 869.4M | 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 | - | 40.76% | 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 | 3M | 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 | 260.23M | 261.5M | 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 % | 12.19% | 12.26% | 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 % | - | 36.07% | 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 | 395.45M | 395.3M | 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 % | 18.52% | 18.53% | 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 % | 11.36% | 10.51% | 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) | 135.23M | 133.8M | 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 | 194.65M | 245.2M | 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 | -63.07M | -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 | 63.03M | 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 | -109.75M | -138.3M | -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 | 150.48M | 123.2M | 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 % | 7.05% | 5.78% | 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 | 21.79M | 37.9M | 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 % | 14.48% | 30.76% | 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 | 107.01M | 85.2M | 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 % | 5.01% | 3.99% | 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 % | 64.18% | 61.36% | 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) | 107.09M | 85.3M | 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 | 0 | 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) | 2.31 | 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 % | 61.38% | 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 | 46.3M | 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 | 46.3M | 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 | - | 64.79% | 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% |
Secular check volume decline
According to the provided quarterly income statements, Deluxe Corporation's revenue growth has remained largely range-bound, fluctuating between a 3.1% contraction and a 2.8% expansion over the last ten quarters, suggesting that the company is struggling to offset the secular decline in its legacy check printing business.
The lack of consistent top-line momentum indicates that the newer Payments and Cloud segments have yet to reach a scale sufficient to drive meaningful organic growth. Investors should monitor whether the recent shift toward a unified operating model can accelerate cross-selling efforts or if the revenue base will continue to drift sideways.
As reported in financial statements, Deluxe maintains a gross margin hovering near 53%, yet operating margins remain compressed in the low double digits, reflecting the high overhead costs required to maintain the company's extensive network of financial institution partnerships and legacy manufacturing infrastructure.
The disparity between gross and operating margins suggests that the company's pivot toward digital services is being hampered by the persistent cost burden of its physical business units. Unless management can successfully transition to a more variable-cost model, margin expansion may remain elusive despite the high-value nature of its payment services.
Based on the reported figures, Deluxe's operating income has shown significant volatility, with quarterly margins ranging from 7.9% to 14.0%, indicating that the company has not yet achieved the operating leverage necessary to translate incremental revenue gains into consistent bottom-line growth for shareholders.
The high SG&A intensity relative to gross profit suggests that the company is still heavily reliant on a specialized sales force to defend its market position. This lack of scalability implies that the current cost structure may be too rigid to support a rapid transition to a high-margin fintech model.
Data from recent filings reveals that Deluxe's net income is frequently impacted by stock-based compensation, which reached $7.3 million in 2025Q4, potentially masking the underlying cash-generative capacity of the business and complicating the assessment of true operational performance for long-term investors.
The variability in net income, often exacerbated by non-operating items and restructuring costs, warrants further investigation into the company's core profitability. Analysts should adjust for these non-cash charges to determine if the business is generating sufficient cash flow to support its debt obligations and ongoing transformation initiatives.
A critical review of the income statement suggests that the company's 3.99% net margin provides a dangerously thin cushion against macro volatility, leaving the firm vulnerable to any unexpected spikes in input costs or a further acceleration in the decline of its core check printing revenue.
Short-sellers may focus on the potential for margin compression if the Payments segment fails to scale as expected or if the legacy business experiences a sharper-than-anticipated volume drop. The reliance on a few key financial institution partners creates a concentration risk that could materially impact future earnings stability.
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 $85.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Deluxe Corporation (DLX) reported an operating income of $261.5M, resulting in an operating profit margin of 12.3%. 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 53.0%. This demonstrates the company's core pricing power and production efficiency.