Deluxe Corporation

investors.deluxe.com

What Do They Do?

Provides electronic payment processing, treasury management, and marketing services to small and medium-sized businesses, financial institutions, and consumer brands.

How Do They Make Money?

Printed checks and other products earn sales when shipped; payment processing brings fees tied to transaction value or a fixed fee per transaction, treasury management earns fees as services are provided, and marketing services earn money when campaigns are complete.

revenue

Segment	Share	How money arrives
Checks Sold outright	32% FY2022: 33%	Sold outright
Merchant services solutions Usage-based	19%	Usage-based
Data-driven marketing Sold outright	14% FY2022: 7.9%	Sold outright
Forms and other business products Sold outright	11% FY2022: 13%	Sold outright
Treasury management solutions Mix	11% FY2022: 11%	Mix
Promotional solutions Sold outright	10% FY2022: 12%	Sold outright
Other payment solutions Usage-based	3.1% FY2022: 3.0%	Usage-based
Other web-based solutions	0.9% FY2022: 0.9%

Who Are Their Customers?

Small and medium-sized businesses buy merchant and payment services directly or through partners; financial institutions are both customers and distribution partners. Checks reach businesses and individual consumers through banks and direct sales, and Deluxe serves consumer brands through direct engagement and partnerships.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +21% vs FY2024 ($192.2M, 9%)

Net income, FY2025

4% of revenue

▲ +55% vs FY2024 ($52.8M, 2%)

Free cash flow, FY2025

8% of revenue

▲ +75% vs FY2024 ($100M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $521.3M in Q2 FY2025
Net income: ▼ −15%; vs $22.4M in Q2 FY2025

Jul 31, 2026 Completed its acquisition of Celero Commerce The deal expands Merchant Services with a payments provider focused on small and mid-sized businesses and strategic partners.

Flat. Revenue was $2.1B in FY2025, about the same as the $2B of FY2021.

Exited web hosting and logo design Web hosting and logo design have left the portfolio; the older report listed them among web and hosted solutions, while the latest report says Deluxe completed its exit from web hosting.

Revenue over time

Checks Merchant services solutions Data-driven marketing Forms and other business products Treasury management solutions Promotional solutions Other payment solutions Other web-based solutions Marketing and promotional solutions Forms and other products Merchant services and other payment solutions Web and hosted solutions Merchant services Other

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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