What is Q2 Holdings's net debt?

Q2 Holdings (QTWO) reported net debt of $125.6M in Q1 2026.

How has Q2 Holdings's net debt changed year-over-year?

Q2 Holdings's net debt increased by 231.5% year-over-year, from -$95.48M to $125.6M.

What is the long-term trend for Q2 Holdings's net debt?

Over 5 years (2020 to 2025), Q2 Holdings's net debt has grown at a -27.7% compound annual growth rate (CAGR), from -$367.6M to $72.62M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Q2 Holdings QTWO Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$216.5M+14.1%

Gross profit$127.9M+26.7%

Operating income$27.7M+1,165%

Net income$26.6M+460%

EPS (diluted)$0.40+471%

Balance sheet

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Cash & equivalents$218.3M-34.3%

Total debt$343.9M+45.3%

Total equity$611.7M+12.1%

Total assets$1.2B-7.7%

Cash flow

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Operating cash flow$56.3M+29.4%

CapEx$6.6M+740%

Free cash flow$49.7M+16.3%

Valuation

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Market cap$2.71B-39.3%

Enterprise value$2.83B-35.4%

P/E36.7×—

P/S3.3×-2.9×

Profitability

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Gross margin55.6%+3.8pp

Operating margin8%+6.1pp

Net margin9%+7.3pp

FCF margin24.5%+2.4pp

Returns & leverage

See full

Return on equity12.8%+10.3pp

Debt / equity0.6×+0.1×

Current ratio0.9×-0.5×

Where this comes from

Calculated from Q2 Holdings’s reported figures.

$343.9Mtotal debt−$218.3Mcash and equivalents=$125.6M

The official record: Q2 Holdings’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Q2 Holdings's net debt?: Q2 Holdings (QTWO) reported net debt of $125.6M in Q1 2026.
How has Q2 Holdings's net debt changed year-over-year?: Q2 Holdings's net debt increased by 231.5% year-over-year, from -$95.48M to $125.6M.
What is the long-term trend for Q2 Holdings's net debt?: Over 5 years (2020 to 2025), Q2 Holdings's net debt has grown at a -27.7% compound annual growth rate (CAGR), from -$367.6M to $72.62M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.