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Q2 Holdings, Inc. (QTWO) stock

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NYSE: QTWO NYSE Application Software Next results ~February 10, 2027

B Fundamentals grade

Q2 Holdings, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31).

Price vs value

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31). We'll show the comparison once resolved.

Q2 Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds173 adding, 163 cuttingOf 56 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Q2 Holdings files

Where Q2 stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $870m, up 13.1% on a year earlier, slower than the 13.9% growth a quarter earlier. Free-cash-flow margin rose to 26.8% from 22.7% a year earlier. Operating margin widened to 12.4% from 2.8%. The diluted share count is down 4.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks.

Our model value for Q2 Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Q2 Holdings, Inc.'s trailing-twelve-month revenue grew 13.1% year on year, with a free-cash-flow margin of 26.8%. Where it stands out: change in share count of -4.6% ranks 16 of 163 application software companies we cover.

Our discounted-cash-flow model values the business at ~$53 per share in the base case (~$40–$69 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 33.5% while net income grew 247.2%: a 214pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 9.6 points on a year ago.
  • Strong cash generation. 26.8% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • High earnings multiple. The shares trade at 40 times the last 12 months' earnings, so expectations are demanding.
  • Heavily shorted. 10.9% of the shares available to trade are sold short (7.9 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.74 against an average estimate of $0.70: beat by 5.3%
Revenue
$226m, up 11.9% on a year earlier
Share reaction
-4.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.72

Q2 Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.0%
  • 1 week+0.9%
  • 1 month+24.9%
  • This year-2.4%
  • 1 year+14.1%
  • 5 years-9.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$870M
Operating margin
12.4%
Net margin
12.7%
EPS (TTM, diluted)
$1.74

Growth

Revenue growth
+13.1%
Change in growth rate
−0.8 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
$233M
FCF margin
26.8%
Stock pay % of revenue
9.3%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Q2 Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31): held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Q2 Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$47 ~$39–$78 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Q2 Holdings, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.37$28.85$36.85$49.55$81.08$126.53$79.44$26.87$43.41$100.65$72.16$70.44
Market value$983m$1.1bn$1.5bn$2.1bn$3.7bn$6.6bn$4.5bn$1.5bn$2.5bn$6.0bn$4.7bn$4.5bn
+ Net debt (− = net cash)−$67m−$55m−$58m$74m$325m$150m$229m$469m$261m$134m−$64m−$116m
Enterprise value$916m$1.1bn$1.5bn$2.2bn$4.1bn$6.7bn$4.7bn$2.0bn$2.8bn$6.2bn$4.6bn$4.3bn
Multiples
Price / sales 9.0x7.6x7.8x8.8x11.9x16.3x9.0x2.7x4.1x8.7x5.9x5.1x
Price / earnings ——————————90.3x40.4x
Price / free cash flow ——————n/m60.6x39.2x46.9x24.1x19.1x
EV / EBITDA —————————n/m49.7x27.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Q2 Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 6.9% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 48.6%, moving by 4.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -15.7%; its worst year was -26.6%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median 0.7% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 13.1% over five years; stock-based pay has been a median 11.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (40 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.84 +15% $891m +12%
Next $3.37 +19% $980m +10%

Next year's EPS estimate has moved +2.8% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 9 analysts raised Q2 Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Q2 Holdings, Inc., last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.83 Current fiscal year, 60 days ago: $2.88 Current fiscal year, 30 days ago: $2.87 Current fiscal year, 7 days ago: $2.86 Current fiscal year, Now: $2.84 $2.84 Next fiscal year, 90 days ago: $3.28 Next fiscal year, 60 days ago: $3.35 Next fiscal year, 30 days ago: $3.37 Next fiscal year, 7 days ago: $3.41 Next fiscal year, Now: $3.37 $3.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.83$3.28
60 days ago $2.88$3.35
30 days ago $2.87$3.37
7 days ago $2.86$3.41
Now $2.84$3.37

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.70 $0.74 +5.3%
Jun 2026 $0.67 $0.70 +4.5%
Mar 2026 $0.69 $0.63 −8.7%
Dec 2025 $0.61 $0.68 +11.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

15 analysts, Oct 2026
Buy1387%
Hold213%
Sell00%

Monthly trend

  1. Oct 202649215
  2. Sep 202647213
  3. Aug 202637212
  4. Jul 202637212

Counts of recommendations published by analysts covering Q2 Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.9%
of tradable shares
Days to cover
7.9
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
2,548
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.1%

$61.76 on October 31, 2025 to $70.44

ThenNowEffect
Revenue (last 12 months) $743m $846m +13.9%
Net margin 0.7% 10.9% +1553.6%
P/E multiple n/m 49.6x −93.9%
Share count 64m 65m −1.5%

Biggest factor: net margin.

Last 3 years +106.3%

$34.14 on November 3, 2023 to $70.44

ThenNowEffect
Revenue (last 12 months) $599m $846m +41.3%
P/S multiple 3.3x 5.4x +63.7%
Share count 58m 65m −10.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QTWO−37%−66%+62%+132%−28%−2%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QTWO42%17%50%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QTWO−51%−70%−42%−11%−42%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 86% from February 16, 2021 to March 13, 2023. Getting back needed a 603% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$42.09 – $75.49
From 52-week high
−6.7%
vs 50-day average
+14.4%
vs 200-day average
+29.0%
Volatility (1 year)
45%
Beta vs S&P 500
0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±8.8%
After a week
6 up, 5 down
typical move ±11.3%
After a month
7 up, 4 down
typical move ±16.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −4.2% 0.0% — —
July 29, 2026 −0.3% +0.1% +7.4% +10.9%
April 29, 2026 +1.2% +1.0% −1.6% −5.6%
February 11, 2026 −8.5% −1.6% −9.8% −15.8%
November 5, 2025 +15.9% −0.7% +21.1% +21.5%
July 30, 2025 −10.2% −0.5% −16.4% −12.8%
May 7, 2025 +14.5% +1.1% +15.8% +15.1%
February 12, 2025 +1.4% +0.7% −1.0% −17.2%
November 6, 2024 +18.6% +3.3% +19.8% +28.6%
July 31, 2024 +5.5% +0.2% −2.1% +11.1%
May 1, 2024 +15.9% +0.6% +21.3% +18.3%
February 21, 2024 +9.1% +2.2% +8.4% +24.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Q2 Holdings, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Q2 Holdings, Inc.
$600M $700M $800M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $624.6M Revenue (TTM), FY24 Q1: $637.1M Revenue (TTM), FY24 Q2: $655.5M Revenue (TTM), FY24 Q3: $675.5M Revenue (TTM), FY24 Q4: $696.5M Revenue (TTM), FY25 Q1: $720.7M Revenue (TTM), FY25 Q2: $742.9M Revenue (TTM), FY25 Q3: $769.6M Revenue (TTM), FY25 Q4: $794.8M Revenue (TTM), FY26 Q1: $821.6M Revenue (TTM), FY26 Q2: $846.2M Revenue (TTM), FY26 Q3: $870.3M $870.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $624.6M
FY24 Q1 $637.1M
FY24 Q2 $655.5M
FY24 Q3 $675.5M
FY24 Q4 $696.5M
FY25 Q1 $720.7M
FY25 Q2 $742.9M
FY25 Q3 $769.6M
FY25 Q4 $794.8M
FY26 Q1 $821.6M
FY26 Q2 $846.2M
FY26 Q3 $870.3M
Revenue growth, TTM YoY Q2 Holdings, Inc.
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 10.4% Revenue growth, TTM YoY, FY24 Q1: 9.0% Revenue growth, TTM YoY, FY24 Q2: 9.5% Revenue growth, TTM YoY, FY24 Q3: 10.9% Revenue growth, TTM YoY, FY24 Q4: 11.5% Revenue growth, TTM YoY, FY25 Q1: 13.1% Revenue growth, TTM YoY, FY25 Q2: 13.3% Revenue growth, TTM YoY, FY25 Q3: 13.9% Revenue growth, TTM YoY, FY25 Q4: 14.1% Revenue growth, TTM YoY, FY26 Q1: 14.0% Revenue growth, TTM YoY, FY26 Q2: 13.9% Revenue growth, TTM YoY, FY26 Q3: 13.1% 13.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 10.4%
FY24 Q1 9.0%
FY24 Q2 9.5%
FY24 Q3 10.9%
FY24 Q4 11.5%
FY25 Q1 13.1%
FY25 Q2 13.3%
FY25 Q3 13.9%
FY25 Q4 14.1%
FY26 Q1 14.0%
FY26 Q2 13.9%
FY26 Q3 13.1%
Operating margin (TTM) Q2 Holdings, Inc.
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -13.8% Operating margin (TTM), FY24 Q1: -12.4% Operating margin (TTM), FY24 Q2: -10.5% Operating margin (TTM), FY24 Q3: -8.7% Operating margin (TTM), FY24 Q4: -6.1% Operating margin (TTM), FY25 Q1: -3.6% Operating margin (TTM), FY25 Q2: -0.3% Operating margin (TTM), FY25 Q3: 2.8% Operating margin (TTM), FY25 Q4: 5.0% Operating margin (TTM), FY26 Q1: 8.0% Operating margin (TTM), FY26 Q2: 10.0% Operating margin (TTM), FY26 Q3: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -13.8%
FY24 Q1 -12.4%
FY24 Q2 -10.5%
FY24 Q3 -8.7%
FY24 Q4 -6.1%
FY25 Q1 -3.6%
FY25 Q2 -0.3%
FY25 Q3 2.8%
FY25 Q4 5.0%
FY26 Q1 8.0%
FY26 Q2 10.0%
FY26 Q3 12.4%
FCF margin (TTM) Q2 Holdings, Inc.
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.3% FCF margin (TTM), FY24 Q1: 11.6% FCF margin (TTM), FY24 Q2: 14.9% FCF margin (TTM), FY24 Q3: 18.2% FCF margin (TTM), FY24 Q4: 18.5% FCF margin (TTM), FY25 Q1: 22.2% FCF margin (TTM), FY25 Q2: 23.2% FCF margin (TTM), FY25 Q3: 22.7% FCF margin (TTM), FY25 Q4: 24.5% FCF margin (TTM), FY26 Q1: 24.5% FCF margin (TTM), FY26 Q2: 25.2% FCF margin (TTM), FY26 Q3: 26.8% 26.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.3%
FY24 Q1 11.6%
FY24 Q2 14.9%
FY24 Q3 18.2%
FY24 Q4 18.5%
FY25 Q1 22.2%
FY25 Q2 23.2%
FY25 Q3 22.7%
FY25 Q4 24.5%
FY26 Q1 24.5%
FY26 Q2 25.2%
FY26 Q3 26.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Q2 Holdings took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $795M
  2. Other income $14.8M · 1.9%
  3. Cost of revenue $365M · 45.9%
  4. Gross profit $430M · 54.1%
  5. Research and development $154M · 19.4%
  6. Selling, general and admin $231M · 29.1%
  7. Other operating costs $4.1M · 0.5%
  8. Operating income $39.9M · 5.0%
  9. Net income $52M · 6.5%

Shares of revenue. Source: Q2 Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 41 57 79 109 150 194 241 315 403 499 566 625 696 795 870
Gross profit 16 21 33 50 73 94 119 153 175 225 256 303 354 430 508
EBITDA −5 −14 −15 −18 −24 −12 −15 −38 −48 −23 −43 −14 27 93 157
Operating income −7 −17 −19 −25 −36 −27 −32 −67 −100 −78 −105 −86 −42 40 108
Net income −9 −18 −20 −25 −36 −26 −35 −71 −138 −113 −109 −65 −39 52 110
Diluted EPS −$0.77 −$1.51 −$0.67 −$0.67 −$0.92 −$0.63 −$0.83 −$1.53 −$2.65 −$2.00 −$1.90 −$1.12 −$0.64 $0.80 $1.74
Growth (year on year)
Revenue — +38.4% +39.1% +37.6% +38.0% +29.1% +24.3% +30.9% +27.7% +23.8% +13.4% +10.4% +11.5% +14.1% +13.1%
EBITDA — — — — — — — — — — — — — +251.5% +100.0%
Operating income — — — — — — — — — — — — — — +402.6%
Net income — — — — — — — — — — — — — — +247.2%
Diluted EPS — — — — — — — — — — — — — — +263.8%
Margins
Gross margin 38.8% 36.2% 41.8% 45.7% 48.5% 48.7% 49.5% 48.5% 43.4% 45.1% 45.3% 48.5% 50.9% 54.1% 58.4%
EBITDA margin −13.2% −24.9% −18.9% −16.5% −15.7% −6.2% −6.2% −12.1% −11.9% −4.6% −7.6% −2.3% 3.8% 11.7% 18.0%
Operating margin −17.3% −30.1% −24.1% −22.8% −23.8% −13.9% −13.2% −21.2% −24.8% −15.6% −18.5% −13.8% −6.1% 5.0% 12.4%
Net margin −21.4% −31.4% −24.8% −23.0% −24.2% −13.5% −14.7% −22.5% −34.2% −22.6% −19.3% −10.5% −5.5% 6.5% 12.7%
Free-cash-flow margin −11.7% −22.2% −13.0% −1.6% −7.3% −1.5% −3.6% −4.2% −6.6% 2.3% 4.5% 10.3% 18.5% 24.5% 26.8%
Cash flow
Cash from operations −3 −2 −5 5 3 9 5 1 −3 31 37 70 136 201 245
Capital spending 2 11 5 7 14 12 13 14 24 20 11 6 7 7 12
Free cash flow −5 −13 −10 −2 −11 −3 −9 −13 −27 11 25 65 129 195 233
Stock-based pay 1 2 5 7 13 21 30 41 51 56 65 79 89 87 81
Free cash flow after stock pay −6 −14 −15 −9 −24 −24 −38 −54 −77 −45 −40 −15 40 108 152
Balance sheet
Cash 9 19 68 67 55 58 108 100 408 323 200 230 359 368 116
Total debt 0 6 0 0 0 0 183 425 557 552 669 490 492 303 —
Net debt (negative = net cash) −9 −12 −68 −67 −55 −58 74 325 150 229 469 261 134 −64 −116
Diluted shares 11m 12m 29m 37m 40m 41m 43m 46m 52m 56m 57m 58m 60m 65m 63m
Returned to shareholders
Buybacks — — — — — — — — — — — 0 0 5 164
Total returned — — — — — — — — — — — 0 0 5 164

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 30, 2026
What it owns · $1.0bn
Short-term assets $283mLonger-term assets $721m
What it owes, and who funded it · $1.0bn
Short-term liabilities $279mLonger-term liabilities $67mShareholders' equity $658m
  • Short-term assets cover short-term liabilities $283m of assets due within a year against $279m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $283m short-term assets against $67m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $108m against $3m of interest.

From Q2 Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$164M
Returned to shareholders
70%
of free cash flow
Buybacks, last 3 fiscal years
$5M
Diluted share count
−4.6%
year over year
Total shareholder yield
3.8%
dividends 0.0% + buybacks 3.8% of market value
R&D spending
19.0%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated QTWO BAND CXM RPD COUR FRSH Median
Revenue, last 12 months $870m $870m $873m $856m $885m $904m $482m
Revenue growth, last 12 months 13.1% 15.1% 6.3% 0.1% 22.7% 15.6% 12.0%
Revenue growth, 3-year average 12.6% 13.7% 9.0% 5.3% 15.1% 18.4% 11.1%
Revenue growth, latest quarter 11.9% 22.0% 0.8% −1.5% 59.6% 16.0% 11.9%
Gross margin 58.4% 36.7% 65.6% 69.3% 55.9% 85.0% 69.2%
Operating margin 12.4% −1.3% 5.3% 1.2% −17.8% 3.3% 1.1%
Operating margin, 3-year average 2.2% −2.3% 4.7% 1.6% −16.1% −10.3% −0.8%
Net margin 12.7% 1.0% 2.7% 2.4% −15.4% 20.5% 2.1%
Cash from operations / revenue 28.2% 13.1% 14.8% 17.9% 3.9% 27.3% 18.2%
Free-cash-flow margin 26.8% 11.1% 14.6% 16.9% 3.8% 25.9% 15.0%
Free-cash-flow margin, 3-year average 22.5% 9.1% 14.2% 17.9% 10.4% 23.3% 16.2%
Stock pay / revenue 9.3% 5.7% 9.4% 10.4% 12.1% 14.1% 9.3%
Change in share count −4.6% 21.2% −6.6% 18.0% 14.7% −5.5% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 13.1% 12.0% 86 of 184
Change in growth rate Growth -0.8pp +0.2pp 119 of 184
Gross margin Profitability 58.4% 69.8% 108 of 160
Operating margin Profitability 12.4% 1.1% 46 of 181
Net margin Profitability 12.7% 2.1% 53 of 185
Free-cash-flow margin Cash generation 26.8% 15.2% 42 of 180
Stock pay as % of revenue Cash generation 9.3% 9.3% 89 of 177
Change in share count Balance sheet -4.6% 1.7% 16 of 163
Days sales outstanding Balance sheet 39 days 57 days 48 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $649M 81.6% ▲ 17.2%
Other $75.6M 9.5% ▲ 1.6%
Transactional Services $70.6M 8.9% ▲ 3.1%

From Q2 Holdings, Inc.'s 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.2B
Institutions reporting
327
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
36 / 54

Top buyers and sellers, Q2 2026: 173 institutions bought and 163 sold ; the biggest buyer was Victory Capital Management Inc (+1.3M shares) and the biggest seller North Reef Capital Management LP (−621K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $502M 10.4M 15.7% ▲ 3.9%
Vanguard Portfolio Management LLC $239M 5.0M 7.5% ▲ 2.3%
Vanguard Capital Management LLC $131M 2.7M 4.1% ▲ 0.7%
State Street Corp $127M 2.6M 4.0% ▲ 5.4%
Tremblant Capital Group $88.6M 1.8M 2.8% ▲ 8.2%
Millennium Management LLC $86.9M 1.8M 2.7% ▲ 124.1%
Nomura Asset Management International Inc. $78.6M 1.6M 2.5% ▲ 32.7%
Geode Capital Management, LLC $76.3M 1.6M 2.4% ▲ 6.6%
Capital Research Global Investors $71.2M 1.5M 2.2% ▼ 8.7%
Victory Capital Management Inc $68.9M 1.4M 2.2% ▲ 708.4%
Conestoga Capital Advisors, LLC $67M 1.4M 2.1% ▼ 21.8%
Goldman Sachs Group Inc $62M 1.3M 1.9% ▲ 85.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Q2 Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Q2 Holdings, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • November 5, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Q2 Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Q2 Holdings, Inc. in brief

What does Q2 Holdings, Inc. do?
Q2 Holdings, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Q2 Holdings, Inc.'s stock ticker?
Q2 Holdings, Inc. trades under the ticker QTWO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Q2 Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Q2 Holdings, Inc. reported revenue of $870M, 13.1% higher than a year earlier, according to its SEC filings.
What is Q2 Holdings, Inc.'s free cash flow?
Q2 Holdings, Inc.'s free-cash-flow margin is 26.8% of revenue over the trailing twelve months, ranking 42 of the 180 application software companies we cover.
Who are Q2 Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Q2 Holdings, Inc. buying back stock, and does it pay a dividend?
Q2 Holdings, Inc. spent $164M on share repurchases over the trailing twelve months, and its diluted share count fell 4.6% over the year.
What is Q2 Holdings, Inc.'s market cap?
On November 2, 2026, Q2 Holdings, Inc.'s market capitalisation was about $4.5B, with a price-to-earnings ratio of 40.4 and net debt of -$116M. Market figures come from third-party market data and may be delayed.
Who are Q2 Holdings, Inc.'s competitors?
In our Application Software peer group, the companies closest to Q2 Holdings, Inc. are Bandwidth Inc., Sprinklr, Inc., Rapid7, Inc., Coursera, Inc. and Freshworks Inc. The side-by-side comparison below sets their revenue, margins and growth against Q2 Holdings, Inc.'s.
When is Q2 Holdings, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Q2 Holdings, Inc. announces its own schedule.