QTWO

MKT CAP:$3B

Q2 Holdings, Inc.

Market Cap

$3B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$47.41-$22.03 (-31.72%)

Apr 24, 2026

Company Details

Q2 Holdings, Inc. provides cloud-based digital banking solutions to regional and community financial institutions (RCFIs) in the United States. The company offers Q2 Consumer Banking, a browser-based digital banking solution and comprehensi...

CEO

Matthew Flake

IPO Date

Mar 20, 2014

Website

www.q2.com

Key Metrics TTM

Revenue

$795M

+14.1% YoY

Net Income

$52M

EPS (Diluted)

$0.79

Free Cash Flow

$184M

Revenue / Share

$11.62

Gross Margin

54.1%

Operating Margin

5.2%

Net Margin

6.5%

FCF Margin

23.1%

P/S

3.9x

P/E

58.9x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 11, 2026

$795M+14.1%EPS $0.80

Q4 2025

Feb 11, 2026

$208M+13.8%EPS $0.31

Q3 2025

Nov 5, 2025

$202M+15.2%EPS $0.23

Q2 2025

Jul 30, 2025

$195M+12.9%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$134M	$60M	-$21M
Q2 22	$140M	$63M	-$24M
Q3 22	$145M	$67M	-$27M
Q4 22	$147M	$66M	-$32M
Q1 23	$153M	$73M	-$21M
Q2 23	$155M	$74M	-$24M
Q3 23	$155M	$74M	-$23M
Q4 23	$162M	$81M	-$18M
Q1 24	$166M	$82M	-$14M
Q2 24	$173M	$87M	-$14M
Q3 24	$175M	$89M	-$13M
Q4 24	$183M	$96M	-$2M
Q1 25	$190M	$101M	$2M
Q2 25	$195M	$105M	$10M
Q3 25	$202M	$109M	$11M
Q4 25	$208M	$115M	$18M

Valuation

Quarter	P/S	P/E
Q1 22	6.8x	—
Q2 22	4.4x	—
Q3 22	3.4x	—
Q4 22	3.1x	—
Q1 23	2.4x	—
Q2 23	3.0x	—
Q3 23	3.1x	—
Q4 23	4.0x	—
Q1 24	4.7x	—
Q2 24	5.5x	—
Q3 24	7.1x	—
Q4 24	8.7x	—
Q1 25	6.7x	—
Q2 25	7.7x	1173.2x
Q3 25	6.0x	145.4x
Q4 25	5.8x	89.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$5M	-$13M
Q2 22	-$9M	-$16M
Q3 22	$7M	-$4M
Q4 22	$45M	$43M
Q1 23	$4M	-$3M
Q2 23	$13M	$4M
Q3 23	$17M	$9M
Q4 23	$37M	$30M
Q1 24	$13M	$6M
Q2 24	$36M	$29M
Q3 24	$43M	$35M
Q4 24	$43M	$37M
Q1 25	$44M	$38M
Q2 25	$49M	$52M
Q3 25	$46M	$37M
Q4 25	$64M	$57M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$6M
Q3 22	$10M
Q4 22	$2M
Q1 23	$7M
Q2 23	$9M
Q3 23	$7M
Q4 23	$7M
Q1 24	$7M
Q2 24	$7M
Q3 24	$8M
Q4 24	$6M
Q1 25	$6M
Q2 25	$4M
Q3 25	$8M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+15.1%	+16.0%
Q2 22	+13.5%	+14.3%
Q3 22	+14.2%	+14.8%
Q4 22	+11.1%	+19.8%
Q1 23	+14.1%	+12.1%
Q2 23	+10.1%	+8.6%
Q3 23	+7.1%	+3.7%
Q4 23	+10.6%	+0.6%
Q1 24	+8.2%	+3.1%
Q2 24	+11.9%	+4.7%
Q3 24	+12.9%	+5.4%
Q4 24	+12.9%	+2.5%
Q1 25	+14.6%	+4.4%
Q2 25	+12.9%	-0.7%
Q3 25	+15.2%	+1.5%
Q4 25	+13.8%	+2.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15M	11.1%
Q2 22	$19M	13.2%
Q3 22	$18M	12.3%
Q4 22	$0	0.0%
Q1 23	$18M	11.8%
Q2 23	$21M	13.3%
Q3 23	$21M	13.6%
Q4 23	$19M	11.9%
Q1 24	$21M	12.6%
Q2 24	$24M	14.1%
Q3 24	$24M	13.9%
Q4 24	$20M	10.8%
Q1 25	$21M	11.1%
Q2 25	$23M	11.5%
Q3 25	$23M	11.5%
Q4 25	$20M	9.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$31M	$21M	$25M
Q2 22	$32M	$23M	$26M
Q3 22	$33M	$23M	$28M
Q4 22	$34M	$31M	$29M
Q1 23	$34M	$25M	$28M
Q2 23	$34M	$27M	$29M
Q3 23	$35M	$28M	$26M
Q4 23	$34M	$30M	$27M
Q1 24	$35M	$30M	$25M
Q2 24	$36M	$31M	$28M
Q3 24	$37M	$31M	$26M
Q4 24	$36M	$30M	$27M
Q1 25	$38M	$32M	$27M
Q2 25	$37M	$31M	$27M
Q3 25	$39M	$32M	$26M
Q4 25	$41M	$30M	$26M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	15.1%	-4.2%	10.9
Q2 22	13.5%	-5.8%	7.7
Q3 22	14.2%	-7.2%	7.0
Q4 22	11.1%	-9.3%	1.8
Q1 23	14.1%	12.1%	26.2
Q2 23	10.1%	-2.3%	7.8
Q3 23	7.1%	-1.7%	5.4
Q4 23	10.6%	2.0%	12.7
Q1 24	8.2%	3.9%	12.1
Q2 24	11.9%	4.5%	16.4
Q3 24	12.9%	5.4%	18.4
Q4 24	12.9%	10.4%	23.3
Q1 25	14.6%	10.8%	25.4
Q2 25	12.9%	14.6%	27.4
Q3 25	15.2%	12.2%	27.4
Q4 25	13.8%	11.9%	25.7

Rule of 40

Revenue Segments

Quarter	Product and Service, Other	Subscriptions	Transactional Services
Q1 22	$20M	$97M	$17M
Q2 22	$22M	$101M	$18M
Q3 22	$22M	$107M	$16M
Q4 22	$22M	$108M	$17M
Q1 23	$22M	$115M	$16M
Q2 23	$21M	$116M	$17M
Q3 23	$20M	$119M	$16M
Q4 23	$20M	$126M	$16M
Q1 24	$18M	$130M	$17M
Q2 24	$20M	$136M	$17M
Q3 24	$18M	$141M	$17M
Q4 24	$19M	$147M	$18M
Q1 25	$17M	$154M	$19M
Q2 25	$20M	$158M	$17M
Q3 25	$19M	$165M	$18M
Q4 25	$20M	$171M	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$226M	$188M	$414M
Q2 22	$211M	$188M	$399M
Q3 22	$193M	$203M	$396M
Q4 22	$200M	$234M	$433M
Q1 23	$121M	$150M	$272M
Q2 23	$118M	$162M	$280M
Q3 23	$156M	$135M	$291M
Q4 23	$230M	$94M	$324M
Q1 24	$275M	$64M	$338M
Q2 24	$304M	$68M	$372M
Q3 24	$320M	$88M	$408M
Q4 24	$359M	$88M	$447M
Q1 25	$384M	$102M	$486M
Q2 25	$414M	$118M	$532M
Q3 25	$472M	$96M	$569M
Q4 25	$368M	$0	$368M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	57M	+0.3%	+2.2%
Q2 22	57M	+0.4%	+1.6%
Q3 22	57M	+0.2%	+1.4%
Q4 22	58M	+0.4%	+1.3%
Q1 23	58M	+0.5%	+1.5%
Q2 23	58M	+0.7%	+1.8%
Q3 23	58M	+0.4%	+2.0%
Q4 23	59M	+0.4%	+2.0%
Q1 24	59M	+1.2%	+2.7%
Q2 24	60M	+1.2%	+3.2%
Q3 24	60M	+0.2%	+3.1%
Q4 24	65M	+7.2%	+10.1%
Q1 25	65M	+0.3%	+9.0%
Q2 25	70M	+7.4%	+15.8%
Q3 25	70M	+0.3%	+15.8%
Q4 25	68M	-2.1%	+5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$66.1K	2K
Q2 22	$69.2K	2K
Q3 22	$71.4K	2K
Q4 22	$65.2K	2K
Q1 23	$68.0K	2K
Q2 23	$68.7K	2K
Q3 23	$68.9K	2K
Q4 23	$70.0K	2K
Q1 24	$71.5K	2K
Q2 24	$74.7K	2K
Q3 24	$75.6K	2K
Q4 24	$73.9K	2K
Q1 25	$76.6K	2K
Q2 25	$78.8K	2K
Q3 25	$81.4K	2K
Q4 25	$81.7K	3K

Revenue / Employee