Donnelley Financial Solutions, Inc. (DFIN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.63	$1.76	+8.0%	—	$224.2M	—
Q1 26	$1.35	$1.45	+7.4%	—	$205.5M	—
Q3 25	$0.57	$0.86	+50.9%	—	$175.3M	—
Q2 25	$1.42	$1.49	+4.9%	—	$218.1M	—
Q1 25	$0.7	$1.24	+77.1%	—	$201.1M	—
Q4 24	$0.49	$0.4	-18.4%	—	$156.3M	—
Q3 24	$0.76	$0.48	-36.8%	—	$179.5M	—
Q2 24	$1.41	$1.66	+17.7%	—	$242.7M	—
Q1 24	$0.78	$0.91	+16.7%	—	$203.4M	—
Q4 23	$0.6	$0.61	+1.7%	—	$176.5M	—
Q3 23	$0.6	$0.72	+20.0%	—	$180M	—
Q2 23	$1	$1.34	+34.0%	—	$242.1M	—
Q1 23	$0.53	$0.62	+17.0%	—	$198.6M	—
Q4 22	$0.69	$0.59	-14.5%	—	$167.7M	—
Q3 22	$0.94	$0.77	-18.1%	—	$188.7M	—
Q2 22	$0.89	$1.54	+73.0%	—	$266.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.18	—	—	$767M	—
FY24	—	$3.16	—	—	$781.9M	—
FY23	—	$2.81	—	—	$797.2M	—
FY22	—	$3.33	—	—	$833.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$983.5M	$1B	$963M	$874.7M	$894.5M	$993.3M	$833.6M	$797.2M	$781.9M	$767M
YoY change	-6.29%	+2.18%	-4.17%	-9.17%	+2.26%	+11%	-16.1%	-4.37%	-1.92%	-1.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	983.5M	1B	963M	874.7M	894.5M	993.3M	833.6M	797.2M	781.9M	767M
Cost of revenue	619M	621.4M	587.3M	542.4M	496M	413.1M	370.2M	333.3M	297.9M	280.4M
Gross profit	364.5M	383.5M	375.7M	332.3M	398.5M	580.2M	463.4M	463.9M	484M	486.6M
Gross margin	37.1%	38.2%	39%	38%	44.6%	58.4%	55.6%	58.2%	61.9%	63.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	210.8M	236.2M	258.2M	205.8M	264.8M	307.7M	264M	282.1M	290.9M	277.9M
Operating expenses	210.8M	236.2M	204.4M	190.6M	264.8M	307M	264.4M	287.4M	280.6M	275.8M
Operating income	110.4M	102.8M	71.7M	92.1M	82.8M	232.9M	152.7M	119.8M	143.2M	151.5M
Operating margin	11.2%	10.2%	7.45%	10.5%	9.26%	23.4%	18.3%	15%	18.3%	19.8%
Non-operating income, net	-4.4M	-3.7M	67.7M	-6M	-74.8M	-15.9M	-4.2M	-2M	-5.2M	-95.5M
Pretax income	94.3M	56.2M	102.7M	52.1M	-17.5M	197.8M	139.3M	102M	125.1M	43.1M
Income tax	35.2M	46.5M	29.1M	14.5M	8.4M	51.9M	36.8M	19.8M	32.7M	10.7M
Net income	59.1M	9.7M	73.6M	37.6M	-25.9M	145.9M	102.5M	82.2M	92.4M	32.4M
Net margin	6.01%	0.97%	7.64%	4.3%	-2.9%	14.7%	12.3%	10.3%	11.8%	4.22%
EBITDA	153.7M	147.3M	117.5M	163.8M	157M	291.1M	216.2M	194M	214.9M	135.9M
EPS	1.81	0.29	2.18	1.1	-0.76	4.36	3.33	2.81	3.16	1.18
Diluted EPS	1.8	0.29	2.16	1.1	-0.76	4.14	3.17	2.69	3.06	1.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	180M	176.5M	203.4M	242.7M	179.5M	156.3M	201.1M	218.1M	175.3M	172.5M	205.5M	224.2M
Cost of revenue	70.9M	73.9M	80.1M	86.5M	68.7M	62.6M	73M	79.2M	65.3M	62.9M	73.9M	76.2M
Gross profit	109.1M	102.6M	123.3M	156.2M	110.8M	93.7M	128.1M	138.9M	110M	109.6M	131.6M	148M
Gross margin	60.6%	58.1%	60.6%	64.4%	61.7%	59.9%	63.7%	63.7%	62.7%	63.5%	64%	66%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	65.4M	70M	72.8M	76.1M	74M	68M	65.8M	70M	67.3M	74.8M	67.4M	74.7M
Operating expenses	65.2M	75.9M	63M	76.1M	74M	67.5M	65.3M	70M	65.7M	74.8M	67.4M	74.7M
Operating income	29.5M	11.2M	46.4M	65.8M	19.6M	11.4M	48.7M	53.8M	29.1M	19.9M	49.2M	58.3M
Operating margin	16.4%	6.35%	22.8%	27.1%	10.9%	7.29%	24.2%	24.7%	16.6%	11.5%	23.9%	26%
Non-operating income, net	400K	-900K	-1.4M	-900K	-1.2M	-1.8M	-3.4M	-1.3M	-84.1M	-6.7M	-1.4M	-2.7M
Pretax income	25.8M	6.7M	41.4M	61.2M	15.4M	7.1M	42.2M	48.7M	-57.9M	10.1M	45.4M	52.1M
Income tax	7.7M	-3.9M	8.1M	17.1M	6.7M	800K	11.2M	12.6M	-17M	3.9M	11.9M	15.7M
Net income	18.1M	10.6M	33.3M	44.1M	8.7M	6.3M	31M	36.1M	-40.9M	6.2M	33.5M	36.4M
Net margin	10.1%	6.01%	16.4%	18.2%	4.85%	4.03%	15.4%	16.6%	-23.3%	3.59%	16.3%	16.2%
EBITDA	47.3M	33.2M	63.3M	83M	39.6M	29.1M	64.7M	70.9M	-36.6M	36.9M	66.5M	75.1M
EPS	0.62	—	1.14	1.5	0.3	0.22	1.08	1.3	-1.49	0.24	1.3	1.45
Diluted EPS	0.6	—	1.09	1.47	0.29	0.21	1.05	1.28	-1.49	0.23	1.27	1.44

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	749.1M	645.1M	474.2M	357M	575.3M	1.6B	1.2B	1.8B	1.8B	1.3B	1.2B
Enterprise value	1.3B	1.1B	789.6M	716.3M	802.9M	1.7B	1.4B	2B	1.9B	1.4B	1.4B
Shares outstanding	32.6M	33.1M	33.8M	34.1M	33.9M	33.5M	30.8M	29.3M	29.2M	27.5M	27.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.7	66.5	6.44	9.5	—	10.8	11.6	22.2	19.8	39.6	31.5
P/S	0.76	0.64	0.49	0.41	0.64	1.59	1.43	2.29	2.34	1.67	1.53
P/B	6.74	4.32	2.1	1.33	2.32	4.19	3.61	4.54	4.2	3.39	3.09
EV/EBITDA	8.46	7.14	6.72	4.37	5.11	5.86	6.34	10.1	8.91	10.6	8.73
EV/Sales	1.32	1.05	0.82	0.82	0.9	1.72	1.64	2.45	2.45	1.87	1.79
Earnings yield	7.89%	1.5%	15.5%	10.5%	—	9.24%	8.61%	4.5%	5.04%	2.52%	3.17%
FCF yield	10.7%	9.86%	6.16%	2.72%	21.4%	8.72%	8.06%	3.4%	5.74%	8.4%	11.3%
PEG	—	—	—	—	—	—	—	—	—	—	2.73

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	37.1%	38.2%	39%	38%	44.6%	58.4%	55.6%	58.2%	61.9%	63.4%	66%
Operating margin	11.2%	10.2%	7.45%	10.5%	9.26%	23.4%	18.3%	15%	18.3%	19.8%	25.8%
Net margin	6.01%	0.97%	7.64%	4.3%	-2.9%	14.7%	12.3%	10.3%	11.8%	4.22%	4.53%
ROE	53.2%	6.49%	32.6%	14%	-10.5%	38.7%	31.1%	20.4%	21.2%	8.54%	8.59%
ROA	6.04%	1.09%	8.47%	4.24%	-2.99%	16.5%	12.4%	10.2%	11%	4.05%	11.3%
ROIC	10.5%	3.19%	9.49%	10.6%	17.4%	34.1%	22.1%	18.2%	20.3%	21.4%	19.3%
Return on tangible assets	-55.9%	-5.94%	-36.6%	-22.4%	34%	-179%	-68.3%	-45.7%	-57%	-16.4%	-23.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.77	1.44	1.26	1.18	1.12	1.07	1.02	1.03	1.04	1.06	1.33
Quick ratio	1.64	1.32	1.19	1.11	1.1	1.05	0.98	1.03	1.04	1.06	1.33
Debt / equity	5.28	3.07	1.6	1.4	1.22	0.48	0.65	0.37	0.32	0.47	0.55
Debt / assets	0.6	0.51	0.42	0.42	0.35	0.21	0.26	0.19	0.17	0.22	0.25
Net debt / EBITDA	3.58	2.76	2.68	2.19	1.45	0.44	0.83	0.66	0.39	1.13	1.31
Interest coverage	9.06	2.31	3.8	2.53	0.31	11	14.9	6.7	9.28	4.08	4.71
Effective tax rate	37.3%	82.7%	28.3%	27.8%	0%	26.2%	26.4%	19.4%	26.1%	24.8%	29.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.2	30.4	28.5	25.7	26.4	29.7	27.1	27.2	26.8	27.9	29.8
EPS (basic)	1.81	0.29	2.18	1.1	-0.76	4.36	3.33	2.81	3.16	1.18	1.18
EPS (diluted)	1.8	0.29	2.16	1.1	-0.76	4.14	3.17	2.69	3.06	1.15	1.54
Book value per share	3.41	4.51	6.69	7.88	7.31	11.3	10.7	13.7	14.9	13.8	15.7
FCF per share	2.45	1.92	0.86	0.28	3.63	4.11	3.12	2.12	3.6	3.92	6.02
Cash per share	1.11	1.57	1.4	0.5	2.17	1.63	1.11	0.79	1.96	0.89	1.03
Capex per share	—	0	0	0.9	0	0.03	0.11	—	0.42	2.08	2.02

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0%	0%	3.5%	0%	0.09%	0.4%	—	1.59%	7.44%	6.56%
Capex / operating cash flow	—	0%	0%	37.3%	0%	0.65%	1.66%	—	8.03%	34.6%	25.1%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$180M	$176.5M	$203.4M	$242.7M	$179.5M	$156.3M	$201.1M	$218.1M	$175.3M	$172.5M	$205.5M	$224.2M
YoY change	-4.61%	+5.25%	+2.42%	+0.25%	-0.28%	-11.4%	-1.13%	-10.1%	-2.34%	+10.4%	+2.19%	+2.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	36.2M	52M	47.3M	17.2M	73.6M	54.5M	34.2M	23.1M	57.3M	24.5M
Receivables	156.2M	165.2M	172.9M	161.4M	173.5M	199.1M	163.5M	151.8M	138M	143M
Inventory	24.1M	23.3M	12.1M	11.1M	4.9M	5.6M	7.9M	—	—	—
Total current assets	329.6M	270.1M	249M	211.2M	267.2M	279.7M	228.4M	208.5M	232.5M	211.4M
Property, plant & equipment	-8.9M	-1.4M	-4M	71.4M	40.4M	40.5M	30.7M	12.1M	6.1M	3.2M
Goodwill & intangibles	1.1B	1.1B	1.1B	1.1B	941.8M	964.8M	978.4M	986.8M	1B	997.4M
Total assets	978.9M	893.5M	868.7M	886.9M	865.6M	883.3M	828.3M	806.9M	841.6M	800.4M
Accounts payable	85.3M	67.8M	72.4M	58.5M	54.2M	36.3M	49.2M	33.9M	28.7M	23.7M
Short-term debt	0	—	—	22.6M	19.7M	17.9M	16.3M	14M	10.3M	9.7M
Total current liabilities	186M	187M	198.4M	179.5M	238.5M	261.4M	224.8M	201.6M	224.1M	200M
Long-term debt	587M	458.3M	362.7M	353.9M	281.5M	163.4M	197.6M	136.6M	131.1M	168.8M
Total liabilities	867.8M	744.1M	642.7M	618.3M	617.8M	506.3M	498.8M	404.7M	405.5M	421.2M
Shareholders' equity	111.1M	149.4M	226M	268.6M	247.8M	377M	329.5M	402.2M	436.1M	379.2M
Total debt	587M	458.3M	362.7M	376.5M	301.2M	181.3M	213.9M	150.6M	141.4M	178.5M
Net debt	550.8M	406.3M	315.4M	359.3M	227.6M	126.8M	179.7M	127.5M	84.1M	154M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	11.7M	23.1M	43.7M	35M	33.6M	57.3M	16.2M	33.8M	22.7M	24.5M	26.1M	25.3M
Receivables	189.7M	151.8M	194.2M	217M	178M	138M	198.2M	202M	161M	143M	201.9M	193.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	229.9M	208.5M	268.1M	278.6M	237.3M	232.5M	242.9M	266.6M	217.7M	211.4M	261.1M	255.2M
Property, plant & equipment	18.6M	12.1M	9.8M	7.6M	6.3M	6.1M	4.1M	1.9M	1.5M	3.2M	900K	5M
Goodwill & intangibles	996M	986.8M	992.4M	1B	1B	1B	1B	1B	1B	997.4M	989.2M	983.8M
Total assets	839.3M	806.9M	867.8M	882.9M	843.6M	841.6M	852.8M	874.7M	816.3M	800.4M	840.8M	834.3M
Accounts payable	37.2M	33.9M	44M	35.6M	33.8M	28.7M	38.4M	37.9M	27.8M	23.7M	35.1M	22.4M
Short-term debt	14.5M	14M	13M	11.9M	11.2M	10.3M	15.9M	14.7M	11.2M	9.7M	8.8M	9.2M
Total current liabilities	196.8M	201.6M	179.9M	192.5M	207.1M	224.1M	195.8M	207.1M	193.3M	200M	185.6M	192.5M
Long-term debt	183.5M	136.6M	213.9M	186.6M	130.9M	131.1M	188M	187.4M	151.5M	168.8M	226.9M	202.5M
Total liabilities	454M	404.7M	458.9M	441.4M	399.1M	405.5M	432.9M	442.6M	393.2M	421.2M	464.1M	446.9M
Shareholders' equity	385.3M	402.2M	408.9M	441.5M	444.5M	436.1M	419.9M	432.1M	423.1M	379.2M	376.7M	387.4M
Total debt	198M	150.6M	226.9M	198.5M	142.1M	141.4M	203.9M	202.1M	162.7M	178.5M	235.7M	211.7M
Net debt	186.3M	127.5M	183.2M	163.5M	108.5M	84.1M	187.7M	168.3M	140M	154M	209.6M	186.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	59.1M	9.7M	73.6M	37.6M	-25.9M	145.9M	102.5M	82.2M	92.4M	32.4M
Depreciation & amortization	43.3M	44.5M	45.8M	71.7M	74.2M	57.6M	62.7M	72.1M	69.5M	66.1M
Stock-based compensation	2.5M	6.8M	9.2M	8.9M	13.6M	19.5M	19.3M	22.5M	25.2M	31.4M
Change in working capital	-6.3M	5.9M	-7M	-40.7M	-22.9M	-83.7M	15.5M	-37.3M	-24.4M	-32.4M
Operating cash flow	93.5M	79.9M	132.5M	82.1M	12.6M	138.4M	199M	124.5M	154.4M	164.9M
Capital expenditure	—	0	0	30.6M	0	900K	3.3M	—	12.4M	-57.1M
Investing cash flow	-3.1M	-3.2M	67.3M	32.6M	11.3M	-1.8M	6.6M	10.5M	12.6M	-57M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-900K	-1.5M	-1.8M	-11.8M	-40.9M	-164.7M	-40.3M	-81.6M	-185M
Financing cash flow	-60M	-45.7M	-99M	-74.5M	-77.5M	-154.9M	-76.1M	-84.6M	-82.1M	-141.8M
Net change in cash	30.4M	31M	100.8M	40.2M	-53.6M	-18.3M	129.5M	50.4M	84.9M	-33.9M
Free cash flow	79.8M	63.6M	29.2M	9.7M	123.1M	137.7M	96M	62.2M	105.2M	107.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	18.1M	10.6M	33.3M	44.1M	8.7M	6.3M	31M	36.1M	-40.9M	6.2M	33.5M	36.4M
Depreciation & amortization	17.2M	21.4M	16.2M	16.6M	19.5M	17.2M	15.8M	16.8M	16.8M	16.7M	16.7M	16.5M
Stock-based compensation	6.1M	5.4M	5.1M	7.4M	6.7M	6M	6M	7.5M	6.8M	11.1M	6.4M	9.3M
Change in working capital	35.4M	24.5M	-37M	-39.1M	29.3M	22.4M	-46.8M	-11.5M	21.3M	4.6M	-45M	-5.3M
Operating cash flow	72M	57.8M	16.1M	27.1M	62.3M	49.1M	5.7M	68.4M	74.4M	59.8M	-5.6M	74.7M
Capital expenditure	0	—	12.4M	0	0	0	0	-16.7M	-15.2M	-11.9M	-10.4M	-13.5M
Investing cash flow	0	100K	12.5M	100K	0	0	0	-16.6M	-15.2M	-11.9M	-10.3M	-13.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-14.8M	-4.9M	-30.8M	-19.9M	-13.7M	-17.2M	-53M	-35.7M	-34.4M	-61.9M	-40.9M	-35.3M
Financing cash flow	-340.7M	-47.1M	48.6M	-45.1M	-69.4M	-16.2M	9.5M	-35M	-70.2M	-46.1M	17.5M	-61.5M
Net change in cash	-268.7M	10.8M	77.2M	-17.9M	-7.1M	32.9M	15.2M	16.8M	-11M	1.8M	1.6M	-300K
Free cash flow	61.3M	56M	-40.2M	36.8M	67.3M	41.3M	-51M	51.7M	59.2M	47.9M	-16M	61.2M

Donnelley Financial Solutions, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement