QTWO on NYSE
Q2 Holdings, Inc.
Prepackaged software services company, listed on NYSE (QTWO).
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with SolarWinds, Asana Inc. or Coursera, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
54.1%Gross margin3
5.0%Operating margin3
6.5%Net margin3
14.1%Revenue growth, 20253
7.9%Return on equity3
$194.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Subscriptions brought in 82% of the revenue Q2 Holdings, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Subscriptions | $475.9M | $553.6M | $648.6M |
| Product and Service, Other | $83.3M | $74.4M | $75.6M |
| Transactional Services | $65.4M | $68.5M | $70.6M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue46¢$365.1M
- Research and development19¢$154.3M
- Other costs28¢$220.6M
- Income tax0¢$2.7M
- Profit7¢$52.0M
Out of $794.8M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending3¢$6.8M
- Share buybacks2¢$5.0M
- Kept or used elsewhere94¢$189.7M
Out of $201.5M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $794.8M | $696.5M | $624.6M |
| Cost of revenues | $365.1M | $342.0M | $322.0M |
| Gross profit | $429.7M | $354.5M | $302.7M |
| Sales and marketing | $105.9M | $106.0M | $109.5M |
| Research and development | $154.3M | $143.2M | $137.3M |
| General and administrative | $125.5M | $122.9M | $110.2M |
| Transaction-related costs | $166.0K | $0 | $24.0K |
| Amortization of acquired intangibles | $93.0K | $17.0M | $20.7M |
| Lease and other restructuring charges | $3.8M | $7.6M | $11.0M |
| Total operating expenses | $389.8M | $396.7M | $388.7M |
| Income (loss) from operations | $39.9M | -$42.3M | -$86.1M |
| Interest and other income | $20.2M | $16.3M | $10.1M |
| Interest and other expense | -$5.4M | -$4.9M | -$5.7M |
| Gain on extinguishment of debt | $0 | $0 | $19.9M |
| Total other income, net | $14.8M | $11.4M | $24.2M |
| Income (loss) before income taxes | $54.7M | -$30.9M | -$61.8M |
| Provision for income taxes | -$2.7M | -$7.7M | -$3.6M |
| Net income (loss) | $52.0M | -$38.5M | -$65.4M |
| Unrealized gain (loss) on available-for-sale investments | -$36.0K | $392.0K | $1.8M |
| Foreign currency translation adjustment | -$44.0K | -$1.2M | $61.0K |
| Comprehensive income (loss) | $51.9M | -$39.3M | -$63.5M |
| Basic (in usd per share) | $0.84 | -$0.64 | -$1.12 |
| Diluted (in usd per share) | $0.80 | -$0.64 | -$1.12 |
| Basic (in shares) | 62.2M shares | 60.1M shares | 58.4M shares |
| Diluted (in shares) | 65.1M shares | 60.1M shares | 58.4M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $367.6M | $358.6M | ||
| Restricted cash | $1.7M | $2.2M | ||
| Investments | $65.1M | $88.1M | ||
| Accounts receivable, net | $51.7M | $42.1M | ||
| Contract assets, current portion, net | $8.6M | $7.9M | ||
| Prepaid expenses and other current assets | $28.2M | $23.5M | ||
| Deferred solution and other costs, current portion | $22.6M | $26.6M | ||
| Deferred implementation costs, current portion | $10.5M | $9.7M | ||
| Total current assets | $556.1M | $558.7M | ||
| Property and equipment, net | $27.8M | $31.5M | ||
| Right of use assets | $27.2M | $30.4M | ||
| Deferred solution and other costs, net of current portion | $27.8M | $28.1M | ||
| Deferred implementation costs, net of current portion | $28.9M | $26.4M | ||
| Intangible assets, net | $78.4M | $94.6M | ||
| Goodwill | $512.9M | $512.9M | ||
| Contract assets, net of current portion and allowance | $14.1M | $9.5M | ||
| Other long-term assets | $3.1M | $2.7M | ||
| Total assets | $1.3B | $1.3B | ||
| Accounts payable | $20.5M | $9.4M | ||
| Accrued liabilities | $24.6M | $18.2M | ||
| Accrued compensation | $31.8M | $32.9M | ||
| Convertible notes, current portion | $303.4M | $190.3M | ||
| Deferred revenues, current portion | $155.0M | $137.7M | ||
| Lease liabilities, current portion | $8.9M | $10.3M | ||
| Total current liabilities | $544.1M | $398.9M | ||
| Convertible notes, net of current portion | $0 | $302.1M | ||
| Deferred revenues, net of current portion | $26.8M | $27.3M | ||
| Lease liabilities, net of current portion | $33.8M | $38.3M | ||
| Other long-term liabilities | $9.7M | $10.4M | ||
| Total liabilities | $614.5M | $777.0M | ||
| Preferred stock: $0.0001 par value; 5,000 shares authorized, no shares issued or outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Common stock: $0.0001 par value; 150,000 shares authorized, 62,741 shares issued and outstanding as of December 31, 2025, and 60,728 shares issued and outstanding as of December 31, 2024 | $6.0K | $6.0K | ||
| Additional paid-in capital | $1.3B | $1.2B | ||
| Accumulated other comprehensive loss | -$2.0M | -$1.9M | ||
| Accumulated deficit | -$612.2M | -$664.2M | ||
| Total stockholders' equity | $661.8M | $517.8M | $448.5M | $419.0M |
| Total liabilities and stockholders' equity | $1.3B | $1.3B | ||
| Preferred stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued (in shares) | 62.7M shares | 60.7M shares | ||
| Common stock, shares outstanding (in shares) | 62.7M shares | 60.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $367.6M | $358.6M | ||
| Restricted cash | $1.7M | $2.2M | ||
| Investments | $65.1M | $88.1M | ||
| Accounts receivable, net | $51.7M | $42.1M | ||
| Contract assets, current portion, net | $8.6M | $7.9M | ||
| Prepaid expenses and other current assets | $28.2M | $23.5M | ||
| Deferred solution and other costs, current portion | $22.6M | $26.6M | ||
| Deferred implementation costs, current portion | $10.5M | $9.7M | ||
| Total current assets | $556.1M | $558.7M | ||
| Property and equipment, net | $27.8M | $31.5M | ||
| Right of use assets | $27.2M | $30.4M | ||
| Deferred solution and other costs, net of current portion | $27.8M | $28.1M | ||
| Deferred implementation costs, net of current portion | $28.9M | $26.4M | ||
| Intangible assets, net | $78.4M | $94.6M | ||
| Goodwill | $512.9M | $512.9M | ||
| Contract assets, net of current portion and allowance | $14.1M | $9.5M | ||
| Other long-term assets | $3.1M | $2.7M | ||
| Total assets | $1.3B | $1.3B | ||
| Accounts payable | $20.5M | $9.4M | ||
| Accrued liabilities | $24.6M | $18.2M | ||
| Accrued compensation | $31.8M | $32.9M | ||
| Convertible notes, current portion | $303.4M | $190.3M | ||
| Deferred revenues, current portion | $155.0M | $137.7M | ||
| Lease liabilities, current portion | $8.9M | $10.3M | ||
| Total current liabilities | $544.1M | $398.9M | ||
| Convertible notes, net of current portion | $0 | $302.1M | ||
| Deferred revenues, net of current portion | $26.8M | $27.3M | ||
| Lease liabilities, net of current portion | $33.8M | $38.3M | ||
| Other long-term liabilities | $9.7M | $10.4M | ||
| Total liabilities | $614.5M | $777.0M | ||
| Preferred stock: $0.0001 par value; 5,000 shares authorized, no shares issued or outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Common stock: $0.0001 par value; 150,000 shares authorized, 62,741 shares issued and outstanding as of December 31, 2025, and 60,728 shares issued and outstanding as of December 31, 2024 | $6.0K | $6.0K | ||
| Additional paid-in capital | $1.3B | $1.2B | ||
| Accumulated other comprehensive loss | -$2.0M | -$1.9M | ||
| Accumulated deficit | -$612.2M | -$664.2M | ||
| Total stockholders' equity | $661.8M | $517.8M | $448.5M | $419.0M |
| Total liabilities and stockholders' equity | $1.3B | $1.3B | ||
| Preferred stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued (in shares) | 62.7M shares | 60.7M shares | ||
| Common stock, shares outstanding (in shares) | 62.7M shares | 60.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $52.0M | -$38.5M | -$65.4M |
| Amortization of deferred implementation, solution and other costs | $30.1M | $27.0M | $25.8M |
| Depreciation and amortization | $53.4M | $68.8M | $71.7M |
| Amortization of debt issuance costs | $2.1M | $2.1M | $2.1M |
| Amortization of premiums and discounts on investments | -$1.1M | -$1.3M | -$3.2M |
| Stock-based compensation expense | $86.9M | $89.2M | $79.2M |
| Deferred income taxes | $1.2M | $2.1M | $636.0K |
| Gain on extinguishment of debt | $0 | $0 | -$19.3M |
| Lease impairments | -$43.0K | $1.7M | $4.1M |
| Other non-cash items | $696.0K | -$490.0K | $311.0K |
| Accounts receivable, net | -$9.9M | $906.0K | $4.1M |
| Prepaid expenses and other current assets | -$3.3M | -$12.0M | -$787.0K |
| Deferred solution and other costs | -$9.8M | -$14.2M | -$17.4M |
| Deferred implementation costs | -$18.2M | -$17.7M | -$15.0M |
| Contract assets, net | -$5.3M | $4.0M | $3.7M |
| Other long-term assets | $5.2M | $7.3M | $5.6M |
| Accounts payable | $8.6M | -$9.8M | $9.4M |
| Accrued liabilities | $1.9M | $6.0M | -$492.0K |
| Deferred revenues | $16.8M | $28.9M | -$3.1M |
| Deferred rent and other long-term liabilities | -$9.9M | -$8.3M | -$11.7M |
| Net cash provided by operating activities | $201.5M | $135.8M | $70.3M |
| Purchases of investments | -$94.1M | -$95.8M | -$76.9M |
| Maturities of investments | $118.2M | $103.7M | $220.8M |
| Purchases of property and equipment | -$6.8M | -$6.7M | -$5.7M |
| Capitalized software development costs | -$21.3M | -$22.3M | -$25.0M |
| Net cash provided by (used in) investing activities | -$4.0M | -$21.1M | $113.3M |
| Repurchases of common shares | -$5.0M | $0 | $0 |
| Payment for maturity of convertible notes | -$191.0M | $0 | -$10.9M |
| Payment for repurchases of convertible notes | $0 | $0 | -$149.6M |
| Proceeds from capped calls related to convertible notes | $0 | $0 | $139.0K |
| Debt issuance costs related to revolving credit agreement | $0 | -$942.0K | $0 |
| Proceeds from exercise of stock options and ESPP | $7.0M | $14.3M | $8.4M |
| Net cash provided by (used in) financing activities | -$189.0M | $13.3M | -$152.0M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $49.0K | -$827.0K | $182.0K |
| Net increase in cash, cash equivalents and restricted cash | $8.5M | $127.2M | $31.7M |
| Cash paid for interest | $2.8M | $2.7M | $2.7M |
| Stock-based compensation for capitalized software development | $1.9M | $2.9M | $3.1M |
| Property and equipment acquired and included in accounts payable and accrued liabilities | $4.9M | $341.0K | $478.0K |
| Property and equipment acquired through tenant improvement allowance | $0 | $615.0K | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Q2 Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerMatthew P. Flake Mar 19, 2014 to now11
- ChairR. H. Seale Mar 19, 2014 to Mar 19, 201412
- PresidentKirk L. Coleman Jun 2, 2023 to now13
- PresidentOdus Edward Wittenburg Jr. Aug 24, 2016 to Mar 5, 201914
- PresidentMatthew P. Flake Mar 19, 2014 to Mar 8, 202311
- Chief financial officerDavid J. Mehok Nov 18, 2020 to Aug 22, 202415
- Chief financial officerJennifer Noel Harris Mar 19, 2014 to Sep 14, 202016
- Chief operating officerHimagiri K. Mukkamala Dec 11, 2025 to now17
- Chief operating officerJohn E. Breeden Dec 10, 2020 to Mar 20, 202418
Board members and other officers (28)
- Chief Development OfficerHimagiri K. Mukkamala Mar 10, 2025 to Mar 10, 202519
- Chief Banking OfficerKirk L. Coleman Dec 7, 2022 to now20
- Chief Revenue OfficerMichael A. Volanoski Jun 9, 2021 to now21
- SVP, Product and EngineeringAnthony Charles Hall Mar 18, 2020 to Jul 15, 202022
- SVP, Service DeliveryBharath Oruganti Mar 27, 2020 to Sep 14, 202023
- EVP, Products and OperationsRekha Garapati Jan 25, 2019 to Jul 10, 201924
- EVP, Customer ExperienceOdus Edward Wittenburg Jr. Mar 8, 2019 to Mar 12, 202025
- SVP, Human ResourcesKim Rutledge Oct 12, 2017 to now26
- SVP, MarketingLorrie Schultz Mar 11, 2016 to Nov 9, 201627
- SVP, Product GroupCoy Joyner Jun 13, 2016 to Jun 17, 201628
- SVP, People and PlacesSherri Manning Feb 24, 2015 to Jul 28, 201629
- EVP, Chief Technology OfficerAdam D. Anderson Mar 19, 2014 to Dec 22, 202030
- EVP, OperationsJohn E. Breeden Mar 19, 2014 to now31
- SVP, SalesStephen C. Soukup Mar 19, 2014 to Nov 29, 201632
- SVP, Product and MarketingWilliam M. Furrer Mar 19, 2014 to Jul 15, 202033
- Board memberAndre L. Mintz Mar 3, 2025 to now34
- Board memberLynn Antipas Tyson May 6, 2021 to now35
- Board memberMargaret Taylor Jul 1, 2020 to now36
- Board memberStephen C. Hooley Aug 11, 2020 to now37
- Board memberRebecca Lynn Atchison Apr 3, 2017 to now38
- Board memberCarl James Schaper Mar 19, 2014 to Jun 11, 202039
- Board memberJames Offerdahl Mar 19, 2014 to now40
- Board memberJeffrey T. Diehl Mar 19, 2014 to Nov 27, 202441
- Board memberMatthew P. Flake Mar 19, 2014 to now11
- Board memberMichael J. Maples Mar 19, 2014 to Jun 11, 202042
- Board memberR. H. Seale Mar 21, 2014 to Jun 12, 202443
- General counselMichael S. Kerr Aug 8, 2022 to now44
- General counselBarry G. Benton Mar 19, 2014 to Mar 11, 202245
Former names
Timeline
- Mar 19, 2014New chief executive Matthew P. Flake becomes CEO11
Filings
599 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 247 insider forms, 24 large holders, 269 other. The latest 20:
- Sep 11, 20264 EDGAR
- Sep 11, 2026144 EDGAR
- Aug 14, 20264 EDGAR
- Aug 13, 2026144 EDGAR
- Aug 12, 20264 EDGAR
- Aug 10, 2026144 EDGAR
- Jul 29, 202610-Q EDGAR
- Jul 29, 20268-K EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20268-K EDGAR
- Jun 12, 20264 EDGAR
- Jun 10, 2026144 EDGAR
- Jun 3, 20264 EDGAR
- Jun 1, 2026144 EDGAR
- May 14, 20264 EDGAR
The 599 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 24 such filings since October 2021, the latest 10:
- May 14, 2026SCHEDULE 13G/A
- Apr 30, 2026SCHEDULE 13G
- Apr 29, 2026SCHEDULE 13G
- Mar 27, 2026SCHEDULE 13G/A
- Feb 12, 2026SCHEDULE 13G
- Oct 2, 2025SCHEDULE 13G/A
- Feb 11, 2025SCHEDULE 13G/A
- Nov 8, 2024SC 13G/A
- Oct 21, 2024SC 13G/A
- Feb 14, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 10,431,842 | $501.8M | 0.0% | +395,680 |
| Vanguard Portfolio Management LLC | 4,969,943 | $239.1M | 0.0% | +111,104 |
| Vanguard Capital Management LLC | 2,718,267 | $130.7M | 0.0% | +18,005 |
| State Street Corp | 2,630,263 | $126.5M | 0.0% | +134,427 |
| Tremblant Capital Group | 1,842,165 | $88.6M | 2.5% | +139,189 |
| Millennium Management LLC | 1,807,416 | $86.9M | 0.1% | +1,000,867 |
| Nomura Asset Management International Inc. | 1,633,414 | $78.6M | 0.1% | +402,574 |
| Geode Capital Management, LLC | 1,585,911 | $76.3M | 0.0% | +97,707 |
| Capital Research Global Investors | 1,480,035 | $71.2M | 0.0% | −140,373 |
| Victory Capital Management Inc | 1,433,131 | $68.9M | 0.0% | +1,255,848 |
| Conestoga Capital Advisors, LLC | 1,393,275 | $67.0M | 1.5% | −389,440 |
| Goldman Sachs Group Inc | 1,288,201 | $62.0M | 0.0% | +594,507 |
| Two Sigma Investments, LP | 1,202,730 | $57.9M | 0.0% | +164,418 |
| American Century Companies Inc | 1,129,697 | $54.3M | 0.0% | +22,596 |
| Algebris (uk) Ltd | 1,070,545 | $51.3M | 3.4% | +374,952 |
| Federated Hermes, Inc. | 1,047,134 | $50.4M | 0.1% | +106,223 |
| Dimensional Fund Advisors LP | 1,011,060 | $48.6M | 0.0% | +1,287 |
| Manufacturers Life Insurance Company, The | 997,526 | $48.0M | 0.0% | +298,833 |
| Arrowstreet Capital, Limited Partnership | 875,851 | $42.1M | 0.0% | +359,605 |
| Tensile Capital Management LP | 868,767 | $41.8M | 5.8% | −21,000 |
| William Blair Investment Management, LLC | 830,714 | $40.0M | 0.1% | +528,580 |
| Brown Advisory Inc | 824,009 | $39.6M | 0.1% | +603,409 |
| Nuveen, LLC | 810,573 | $39.0M | 0.0% | +156,479 |
| Jennison Associates LLC | 801,053 | $38.5M | 0.0% | −93,696 |
| Northern Trust Corp | 693,494 | $33.4M | 0.0% | +41,768 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Apr 10, 2023 | Daniel S. GoldmanDemocratic, House | Sale | $1,001 - $15,000 | −79.3% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARR. H. Seale, Chair
- 13SEC EDGARKirk L. Coleman, President
- 14
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- 26SEC EDGARKim Rutledge, SVP, Human Resources
- 27SEC EDGARLorrie Schultz, SVP, Marketing
- 28SEC EDGARCoy Joyner, SVP, Product Group
- 29
- 30
- 31SEC EDGARJohn E. Breeden, EVP, Operations
- 32SEC EDGARStephen C. Soukup, SVP, Sales
- 33
- 34SEC EDGARAndre L. Mintz, Board member
- 35SEC EDGARLynn Antipas Tyson, Board member
- 36SEC EDGARMargaret Taylor, Board member
- 37SEC EDGARStephen C. Hooley, Board member
- 38SEC EDGARRebecca Lynn Atchison, Board member
- 39SEC EDGARCarl James Schaper, Board member
- 40SEC EDGARJames Offerdahl, Board member
- 41SEC EDGARJeffrey T. Diehl, Board member
- 42SEC EDGARMichael J. Maples, Board member
- 43SEC EDGARR. H. Seale, Board member
- 44SEC EDGARMichael S. Kerr, General counsel
- 45SEC EDGARBarry G. Benton, General counsel