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Q2 (QTWO) investor relations material
Q2 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Delivered strong Q4 and full year 2025 results, exceeding guidance on revenue, bookings, and profitability, with Q4 as the second-largest bookings quarter in company history.
Achieved record bookings, driven by large enterprise deals, balanced mix of new and expansion wins, and strong demand for AI-driven and digital banking solutions.
Digital banking, relationship pricing, and risk/fraud solutions saw robust growth, with risk/fraud as a top cross-sold product and AI innovation expanding across workflows.
Positioned as a key partner for financial institutions amid rising M&A, digital transformation, and vendor consolidation trends.
GAAP net income for Q4 was $20.4M; full-year net income was $52.0M, reversing a prior-year loss.
Financial highlights
Q4 2025 revenue reached $208.2M, up 14% year-over-year and 3% sequentially; full-year revenue was $794.8M, up 14%.
Subscription revenue grew 16% in Q4 and 17% for the year, now 82% of total revenue.
Adjusted EBITDA for Q4 was $51.2M (up 36% YoY, 24.6% margin); full year Adjusted EBITDA was $186.5M (up 49% YoY, 23.5% margin).
Free cash flow for 2025 was $173.4M, with a 93% conversion rate of Adjusted EBITDA.
Non-GAAP gross margin improved to 58.6% in Q4 and 58% for the year, up 200 bps YoY.
Total ARR grew to $921M (up 12% YoY); subscription ARR reached $780M (up 14% YoY).
Backlog increased to $2.7B, up 21% YoY.
Ended Q4 2025 with $433M in cash, cash equivalents, and investments.
Outlook and guidance
2026 revenue guidance: $871M–$878M (10% YoY growth); Q1 2026 revenue guidance: $212.5M–$216.5M (12–14% YoY growth).
2026 subscription revenue growth outlook raised to at least 14%; at least 60% gross margin expected.
2026 Adjusted EBITDA guidance: $225M–$230M (26% margin).
2027 targets: subscription revenue growth of 12.5%–13%, Adjusted EBITDA margin expansion of 150–200 bps.
Long-term (2030) targets: non-GAAP gross margin ≥65%, Adjusted EBITDA margin ≥35%.
Q2's AI strategy and customer value delivery
Describe 2025 Tier 1/Enterprise activity mix
What drives the 35% adjusted EBITDA margin target?
When will AI monetization impact revenue growth?
Detail drivers for 2030 gross and EBITDA margins.
What is the remaining cross-sell opportunity?
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Q1 20266 May, 2026
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Q1 20266 May, 2026
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Frequently asked questions
Q2 Holdings Inc provides cloud-based digital banking solutions for financial institutions. The company offers platforms for online and mobile banking, loan origination, fraud detection, and data analytics to regional and community banks and credit unions. The company is headquartered in Austin, Texas, and its shares are listed on the NYSE.
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