Deluxe Corporation recently released its 10-K report, providing a comprehensive overview of its financial condition and results of operations. The company offers technology-enabled solutions to small and medium-sized businesses and financial institutions in the United States and Canada. Deluxe operates through four segments: Merchant Services, B2B Payments, Data Solutions, and Print. Its offerings include credit and debit card authorization, payment systems, marketing services, and printed personal and business checks. The company's financial results for 2025 showed an increase in consolidated revenue to $2.13 billion, with a net income of $82.2 million. The adjusted EBITDA also increased to $431.5 million, with an adjusted EBITDA margin of 20.2%. Additionally, net cash provided by operating activities increased to $270.6 million, and free cash flow increased to $175.3 million.
The company's 2025 financial performance reflected growth in its data-driven marketing and merchant services businesses, partially offset by weaker demand for certain promotional products and ongoing secular declines in the Print segment. Deluxe Corporation's strategy for growth investments and disciplined pricing strategies, along with rigorous cost management, contributed to the positive financial results. The company also completed the acquisition of certain assets of JPMorgan Chase Bank's CheckMatch electronic check conveyance service business for cash payments totaling $24.6 million, which is expected to enhance its market position and extend the scale of its B2B Payments segment.
Deluxe Corporation continues to monitor macroeconomic factors, such as interest rates, inflation, and global economic trends, which may affect its business. As of December 31, 2025, the company held cash and cash equivalents of $36.9 million, with an additional $379.6 million available for borrowing under its revolving credit facility. The company anticipates capital expenditures to be between $90.0 and $100.0 million in 2026, compared to $95.3 million in 2025, as it continues to invest in innovation and scale its product offerings. Deluxe Corporation believes that net cash generated by operations, together with its cash and cash equivalents on hand and available credit, will be sufficient to meet its operating needs, contractual obligations, and debt service requirements over the next 12 months. The company was in compliance with its debt covenants as of December 31, 2025.
Deluxe Corporation's consolidated revenue for 2025 increased to $2.13 billion, driven by robust demand for its data-driven marketing services and strategic price increases implemented in response to inflation. The company's revenue mix by business segment in 2025 was as follows: Merchant Services (18.7%), B2B Payments (13.6%), Data Solutions (14.4%), Print (53.3%), and All other (0%). The total cost of revenue increased to $1.002 billion in 2025, primarily due to raw materials for product manufacturing, shipping and handling, payroll and related expenses, and information technology costs.
Today the company's shares have moved 0.49% to a price of $24.47. Check out the company's full 10-K submission here.
