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Q2 Holdings, Inc.

QTWO Technology Software Application

Q2 Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $794.8 million, up 14.1% from fiscal 2024.

Revenue
+11.9%
EPS
+122.7%
Free cash flow
+47.6%
Total debt
−38.4%

Quarter to September 2026, against a year earlier

75.56 1.09 +1.46%
Market cap
$4.7B
P/E
42.6×
Fwd P/E
37.0×
Dividend yield
—
F-score
7/9
Altman Z
4.45
Beneish M
−2.77
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 30.31
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 1 15 — 1 2 — 2 1 — —
Insider Ownership 3.79%

Capital & Financial Ratios $m

Size
Market Cap 4,670.00
Revenue ttm 870.26
Net income ttm 110.16
Free cash flow ttm 206.76
Net debt Q (124.74)
Valuation
P/E 42.58 (above 35: high)
Forward P/E 37.00 (above 35: high)
Price / sales 5.40
Forward P/S Powerpack
Price / FCF 22.75
Price / book 7.14 (above 6: high)
Financial health
Current ratio Q 1.01
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 62.42
Growth
Revenue growth Q +11.93% (above 0%: growing)
Operating income growth Q +208.60% (above 0%: growing)
EPS, this year +9.62%
EPS, next year A +23.84% (at or above 15%: strong)
Revenue, next year A +12.05% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +16.75% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.9×, against a ten-year median of 7.8×; over the ten years it ranged from 2.8× in 2023 to 16.6× in 2021.
P/S against its own 10 years 26.37%
10-year low 10-year high
P/B against its own 10 years 32.64%
10-year low 10-year high
EV/Sales against its own 10 years 28.42%
10-year low 10-year high
EV/FCF against its own 10 years 16.52%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 328 449 434 125
Receivables 43 42 52 94
Inventory — — — —
Other 9 8 9 9
428 559 556 283
2023 2024 2025 Q'26
Payables 19 9 20 21
ST’ Debt — 190 303 —
Other — — — —
192 399 544 279

Compound Annual Growth %

10y 5y 3y
Sales 21.99% 14.56% 12.00%
Cash Flow 43.61% 0.00% 76.64%
Earnings 0.00% 0.00% 0.00%
Book Value 18.82% 0.57% 16.46%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.71 Actual 0.74

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.59 0.61 Beat by 0.02
Q1 FY26 0.71 0.63 Miss by 0.08
Q2 FY26 0.67 0.70 Beat by 0.03
Q3 FY26 0.71 0.74 Beat by 0.03
Q4 FY26 0.76 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.40 0.46 0.52 — —
’25 0.07 0.18 0.23 0.31 0.80
’24 (0.23) (0.22) (0.20) 0.00 (0.64)
’23 (0.01) (0.41) (0.40) (0.31) (1.12)
’22 (0.41) (0.44) (0.48) (0.56) (1.90)
’21 (0.46) (0.53) (0.56) (0.45) (2.00)
’20 (0.70) (0.76) (0.50) (0.69) (2.65)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 217 220 226 — —
’25 190 195 202 208 795
’24 166 173 175 183 696
’23 153 155 155 162 625
’22 134 140 145 147 566
’21 117 124 127 132 499
’20 92 98 104 109 403
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 56 61 65 — —
’25 44 49 46 64 201
’24 13 36 43 43 136
’23 4 13 17 37 70
’22 (5) (9) 7 44 37
’21 (5) 11 (14) 39 31
’20 (16) (11) 5 19 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 44 51 55 — —
’25 38 42 37 57 173
’24 6 29 35 37 107
’23 (3) 4 9 30 40
’22 (13) (16) (3) 38 7
’21 (12) 2 (18) 34 5
’20 (21) (22) 3 12 (28)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 150 194 241 315 403 499 566 625 696 795 870 +20.3% 891 980 1,080 +10.8%
Gross margin, % 48.46 48.71 49.46 48.50 43.35 45.12 45.32 48.45 50.90 54.06 58.40 +5.6 pt
EBT (36) (26) (39) (83) (136) (111) (106) (62) (31) 55 117 n/m
EBT margin, % (23.92) (13.65) (16.26) (26.42) (33.82) (22.28) (18.75) (9.90) (4.43) 6.89 13.40 +30.8 pt
Net income (36) (26) (35) (71) (138) (113) (109) (65) (39) 52 110 n/m
Per share, $
Per share, $ Revenue 3.79 4.71 5.63 6.83 7.74 8.84 9.87 10.70 11.59 12.79 14.00 +14.5%
Earnings (0.92) (0.63) (0.83) (1.53) (2.65) (2.00) (1.90) (1.12) (0.64) 0.84 1.77 n/m
Cash flow 0.09 0.23 0.11 0.01 (0.06) 0.55 0.64 1.20 2.26 3.24 3.95 +49.7%
Capex (0.44) (0.32) (0.31) (0.31) (0.47) (0.45) (0.52) (0.53) (0.48) (0.45) (0.62) +0.4%
Free cash flow (0.35) (0.09) (0.20) (0.30) (0.53) 0.10 0.11 0.68 1.78 2.79 3.33 n/m
Book value 2.53 2.59 3.71 8.21 12.37 10.11 7.31 7.69 8.61 10.65 10.58 +17.3%
Shares, m 40 41 43 46 52 56 57 58 60 62 62 +5.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 85.90 42.58 8.6
P/S 7.54 8.12 8.80 11.87 16.34 8.98 2.75 3.95 8.69 5.64 5.40 8.3
P/B 11.29 14.77 13.35 9.87 10.23 7.86 3.72 5.50 11.68 6.78 7.14 9.5
EV/Sales 6.88 7.59 8.81 12.82 16.40 9.24 3.17 4.22 8.75 5.86 5.95 8.4
EV/FCF (73.98) (356.04) (238.11) (293.91) (236.76) 889.07 288.04 67.01 57.25 26.90 25.08 12.9
Cash, $m
Cash, $m Operating cash flow 3 9 5 1 (3) 31 37 70 136 201 245 +57.4%
Capex (17) (13) (13) (14) (25) (26) (30) (31) (29) (28) (39) +5.5%
Free cash flow (14) (4) (9) (14) (28) 5 7 40 107 173 207 n/m
Balance, $m
Balance, $m Working capital 66 63 145 53 470 354 339 236 160 12 4 (17.3%)
Net debt (98) (102) 4 298 22 130 233 162 44 (131) (125) +3.2%
Shareholders’ equity 100 107 159 379 643 570 419 448 518 662 658 +23.3%
Returns, %
Returns, % ROA (17.93) (12.65) (10.46) (9.62) (11.34) (8.05) (7.97) (5.13) (3.09) 4.05 9.06 +22.0 pt
ROIC (1,241.59) (360.80) (12.25) (6.16) (9.38) (6.96) (10.04) (8.80) (4.71) 4.70 12.65 +1,246.3 pt
ROE (33.32) (25.30) (26.66) (26.33) (26.91) (18.58) (22.03) (15.07) (7.98) 8.82 17.20 +42.1 pt
People
People Employees 742 844 1,190 1,574 1,751 2,028 2,249 2,315 2,477 2,549 — +14.7%
Revenue/emp, $m 0.20 0.23 0.20 0.20 0.23 0.25 0.25 0.27 0.28 0.31 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Q2 Holdings, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BRZE Braze, Inc. $5.2B — (loss-making) — (loss-making) +26.16% (above 0%: growing) n/m +515.45% (above 0%: growing) 66.83% (7.98%) Compare
WK Workiva Inc. $4.6B 75.7× 68.3× +17.31% (above 0%: growing) +600.00% (above 0%: growing) +49.24% (above 0%: growing) 81.10% 6.78% Compare
QTWO Q2 Holdings, Inc. $4.6B 42.6× 37.0× +11.93% (above 0%: growing) +122.71% (above 0%: growing) +47.59% (above 0%: growing) 59.73% 15.04%
CCC CCC Intelligent Solutions Holdings Inc. $4.6B 57.9× 45.4× +10.10% (above 0%: growing) n/m +4.87% (above 0%: growing) 74.13% 19.51% Compare
SRAD Sportradar Group AG $4.5B 112× 46.8× +22.23% (above 0%: growing) +29.75% (above 0%: growing) +10.16% (above 0%: growing) 85.13% 17.79% Compare
BILL BILL Holdings, Inc. $4.5B — (loss-making) 24.0× +13.78% (above 0%: growing) n/m +40.99% (above 0%: growing) 81.66% (7.85%) Compare
DAVE Dave Inc. $4.3B 18.8× 22.9× +31.17% (above 0%: growing) −26.90% (below 0%: shrinking) −2.59% (below 0%: shrinking) 100.00% 24.29% Compare
MNDY monday.com Ltd. $4.1B 39.3× 65.0× +21.94% (above 0%: growing) +166.67% (above 0%: growing) −15.94% (below 0%: shrinking) 88.30% (0.42%) Compare
LIF Life360, Inc. $3.9B 25.0× 30.7× +37.77% (above 0%: growing) −33.33% (below 0%: shrinking) +115.99% (above 0%: growing) 79.83% (0.04%) Compare
Median of peers $4.5B 48.6× 45.4× +22.09% +29.75% +25.58% 81.38% 3.37%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.49m (10.36m) 57.00
2024 12.10m 65.61m 80.00
2023 11.35m 18.09m 34.00
2022 8.12m (2.08m) 21.00
2021 7.88m (5.73m) 63.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Q2 Holdings, Inc. (QTWO) Latest News

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QTWO metrics, ten years each

stockrow.com/QTWO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com