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Q2 Holdings, Inc. provides digital solutions to financial institutions, financial technology companies, FinTechs, and alternative finance companies (Alt-FIs) in the United States. The company offers Digital Banking Platform, an end-to-end digital banking platform that supports its financial institution customers in their delivery of retail, SMB, and commercial functionalities across digital channels; and risk and fraud solutions that are designed to support financial institutions' efforts to protect end users, comply with regulatory requirements and manage fraud risk efficiently. It also provides Q2 Innovation Studio, an application program interface and software development kit based open technology platform that allows financial institution customers, FinTechs, and other partners to deploy customized experiences and financial services to end users; and Helix, a cloud-native, real-time core processing platform that combines the services and functionality for companies and financial institutions. In addition, the company offers digital lending and relationship pricing solutions that support financial institutions, FinTechs and Alt-FIs in managing lending workflows, pricing strategies and customer relationships across commercial and consumer use cases, as well as offers loans, deposits and fee-based products. The company was formerly known as CBG Holdings, Inc. and changed its name to Q2 Holdings, Inc. in March 2013. Q2 Holdings, Inc. was founded in 2004 and is headquartered in Austin, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $795M | $114M | $52M | $173M | 7.9% | 14.1% | -235.0% |
| 2024 | $696M | $43M | $-39M | $107M | -7.4% | 11.5% | -41.1% |
| 2023 | $625M | $16M | $-65M | $40M | -14.6% | 10.4% | -40.0% |
| 2022 | $566M | $-38M | $-109M | $7M | -26.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 565.67 | 624.62 | 696.46 | 794.81 |
| Operating Revenue | - | 565.67 | 624.62 | 696.46 | 794.81 |
| Cost Of Revenue | - | 309.33 | 321.97 | 341.98 | 365.13 |
| Gross Profit | - | 256.35 | 302.65 | 354.48 | 429.68 |
| Operating Expense | - | 346.73 | 377.71 | 389.12 | 385.79 |
| Research And Development | - | 130.10 | 137.33 | 143.24 | 154.33 |
| Selling General And Administration | - | 198.38 | 219.71 | 228.89 | 231.37 |
| Total Expenses | - | 656.06 | 699.68 | 731.10 | 750.92 |
| Operating Income | - | -90.38 | -75.06 | -34.64 | 43.89 |
| Total Operating Income As Reported | - | -104.76 | -86.06 | -42.26 | 39.90 |
| EBITDA | - | -37.74 | 15.62 | 42.89 | 113.56 |
| Normalized EBITDA | - | -23.36 | 6.75 | 50.52 | 117.55 |
| EBIT | - | -99.40 | -56.09 | -25.92 | 60.13 |
| Interest Income | - | 5.36 | 10.10 | 16.34 | 20.24 |
| Interest Expense | - | 6.68 | 5.73 | 4.94 | 5.41 |
| Net Interest Income | - | -1.31 | 4.37 | 11.40 | 14.83 |
| Other Income Expense | - | -14.38 | 8.87 | -7.63 | -3.99 |
| Interest Income Non Operating | - | 5.36 | 10.10 | 16.34 | 20.24 |
| Interest Expense Non Operating | - | 6.68 | 5.73 | 4.94 | 5.41 |
| Net Non Operating Interest Income Expense | - | -1.31 | 4.37 | 11.40 | 14.83 |
| Pretax Income | - | -106.08 | -61.82 | -30.86 | 54.72 |
| Tax Provision | - | 2.91 | 3.56 | 7.68 | 2.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.02 | 1.86 | -1.60 | -0.20 |
| Net Income Continuous Operations | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Net Income From Continuing And Discontinued Operation | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Net Income From Continuing Operation Net Minority Interest | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Net Income | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Net Income Common Stockholders | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Net Income Including Noncontrolling Interests | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Normalized Income | - | -97.62 | -72.39 | -32.51 | 55.80 |
| Diluted NI Availto Com Stockholders | - | -108.98 | -65.38 | -38.54 | 52.01 |
| Basic Average Shares | - | 57.30 | 58.35 | 60.10 | 62.16 |
| Diluted Average Shares | - | 57.30 | 58.35 | 60.10 | 65.12 |
| Reconciled Depreciation | - | 61.66 | 71.71 | 68.81 | 53.42 |
| Reconciled Cost Of Revenue | - | 265.92 | 270.93 | 290.15 | 311.80 |
| Total Unusual Items | - | -14.38 | 8.87 | -7.63 | -3.99 |
| Total Unusual Items Excluding Goodwill | - | -14.38 | 8.87 | -7.63 | -3.99 |
| Special Income Charges | - | -14.38 | 8.87 | -7.63 | -3.99 |
| Gain On Sale Of Business | 0 | 0 | - | - | - |
| Other Special Charges | 1.51 | - | -19.87 | - | - |
| Restructuring And Mergern Acquisition | - | 14.38 | 11 | 7.63 | 3.99 |
| Depreciation Amortization Depletion Income Statement | - | 18.25 | 20.67 | 16.98 | 0.09 |
| Depreciation And Amortization In Income Statement | - | 18.25 | 20.67 | 16.98 | 0.09 |
| General And Administrative Expense | - | 90.16 | 110.19 | 122.94 | 125.51 |
| Other Gand A | - | 90.16 | 110.19 | 122.94 | 125.51 |
| Rent Expense Supplemental | 2.01 | 13.20 | - | - | - |
| Selling And Marketing Expense | - | 108.21 | 109.52 | 105.95 | 105.86 |
| Rent And Landing Fees | 2.01 | 13.20 | - | - | - |
| Amortization | - | 18.25 | 20.67 | 16.98 | 0.09 |
| Amortization Of Intangibles Income Statement | - | 18.25 | 20.67 | 16.98 | 0.09 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Q2 Holdings, Inc.this co. | QTWO | $2.8B | 53.98↑ premium | 4.24 | 7.9% | 24.54 |
| Benchmark Electronics, Inc. | BHE | $3.2B | 127.80 | 2.89 | 2.3% | 24.46 |
| NetScout Systems, Inc. | NTCT | $3.0B | 31.58 | 1.83 | 5.8% | 13.51 |
| Diebold Nixdorf, Incorporated | DBD | $2.8B | 30.12 | 2.59 | 8.6% | 10.11 |
| Cohu, Inc. | COHU | $2.6B | -35.49 |
| - |
| - |
| - |
| - |
| - |
| 3.36 |
| -9.5% |
| -283.09 |
| Digi International Inc. | DGII | $2.6B | 63.99 | 4.10 | 6.4% | 30.51 |
| Rogers Corporation | ROG | $2.6B | -42.10 | 2.18 | -5.2% | 233.34 |
| Ichor Holdings, Ltd. | ICHR | $2.5B | - | 3.73 | -8.0% | - |
| Calix, Inc. | CALX | $2.4B | 136.74 | 2.85 | 2.1% | 59.89 |
| Peer Median | - | 31.58 | 2.87 | 2.2% | 24.46 | |