Growth & profitability
- Revenue has grown 14.6% per year over the past 5 years.
- Operating margin has expanded, at 5.0% in the latest year.
Financial health
- Operating income covered interest expense 8.1× in the latest year.
QTWO Financials Q2 Holdings, Inc.
14 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $795M | $52M | 54.1% | 5.0% | $195M | — | $368M |
| 2024 | $696M | -$39M | 50.9% | -6.1% | $129M | — | $359M |
| 2023 | $625M | -$65M | 48.5% | -13.8% | $65M | — | $230M |
| 2022 | $566M | -$109M | 45.3% | -18.5% | $25M | — | $200M |
| 2021 | $499M | -$113M | 45.1% | -15.6% | $11M | — | $323M |
| 2020 | $403M | -$138M | 43.4% | -24.8% | -$27M | — | $408M |
| 2019 | $315M | -$71M | 48.5% | -21.2% | -$13M | — | $100M |
| 2018 | $241M | -$35M | 49.5% | -13.2% | -$9M | — | $108M |
| 2017 | $194M | -$26M | 48.7% | -13.9% | -$3M | — | $58M |
| 2016 | $150M | -$36M | 48.5% | -23.8% | -$11M | — | $55M |
| 2015 | — | -$25M | — | — | -$2M | — | $67M |
| 2014 | — | -$20M | — | — | -$10M | $0 | $68M |
| 2013 | — | -$18M | — | — | -$13M | $6M | $19M |
| 2012 | — | -$9M | — | — | -$5M | — | $9M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $217M | $27M | 59.1% | 12.8% | $50M | — | $342M |
| Dec '25 | $208M | $20M | 55.4% | 8.1% | $62M | — | $368M |
| Sep '25 | $202M | $15M | 54.0% | 5.5% | $43M | — | $472M |
| Jun '25 | $195M | $12M | 53.6% | 5.0% | $47M | — | $414M |
| Mar '25 | $190M | $5M | 53.2% | 1.2% | $43M | — | $384M |
| Dec '24 | $183M | $164000 | 52.6% | -0.9% | $42M | — | $359M |
| Sep '24 | $175M | -$12M | 50.9% | -7.3% | $41M | — | $320M |
| Jun '24 | $173M | -$13M | 50.2% | -7.9% | $35M | — | $304M |
| Mar '24 | $166M | -$14M | 49.7% | -8.6% | $12M | — | $275M |
| Dec '23 | $162M | -$18M | 50.2% | -11.1% | $35M | — | $230M |
| Sep '23 | $155M | -$23M | 47.8% | -15.0% | $15M | — | $156M |
| Jun '23 | $155M | -$24M | 47.8% | -15.3% | $11M | — | $118M |
| Mar '23 | $153M | -$516000 | 47.9% | -13.9% | $3M | — | $121M |
| Dec '22 | $147M | -$32M | 45.2% | -22.2% | $42M | — | $200M |
| Sep '22 | $145M | -$28M | 46.2% | -18.7% | $3M | — | $193M |
| Jun '22 | $140M | -$25M | 44.8% | -17.0% | -$11M | — | $211M |
| Mar '22 | $134M | -$24M | 45.1% | -16.0% | -$8M | — | $226M |
| Dec '21 | $132M | -$25M | 45.1% | -13.3% | $36M | — | $323M |
| Sep '21 | $127M | -$32M | 45.0% | -18.1% | -$16M | — | $295M |
| Jun '21 | $124M | -$30M | 44.8% | -16.1% | $3M | — | $318M |
Valuation over time
How the market has priced QTWO against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 86.9× (Dec '25) to 53.0× (Jun '26).
- The price-to-sales ratio has risen from 2.7× (Mar '23) to 3.5× (Jun '26).
P/E
P/S
Frequently asked questions
Is QTWO growing its revenue and profit?
Over the past 5 years, Q2 Holdings, Inc.'s revenue has grown 14.6% per year. These are computed facts, not advice.
How much debt does QTWO have?
As of FY2025, Q2 Holdings, Inc. reported — of total debt against $368M of cash; operating income covered interest expense 8.1×.
What is QTWO's profit margin?
In FY2025, gross margin was 54.1%, operating margin 5.0%, and net margin 6.5%.
What is QTWO's P/E ratio?
As of Jun '26, Q2 Holdings, Inc. traded at a price-to-earnings ratio of about 53.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.