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DFIN

Donnelley Financial Solutions, Inc.

DFIN

Donnelley Financial Solutions, Inc. • NYSE
$49.06 ▲ 0.93% (+0.45)
Market Cap $1.30 B
52w High $69.93
52w Low $37.80
Dividend Yield 0%
P/E 43.8
Volume 181.74K
Outstanding Shares 26.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $175.3M ▼ $81.8M ▲ $-40.9M ▼ -23.331% ▼ $-1.49 ▼ $-37.9M ▼
Q2-2025 $218.1M ▲ $70M ▼ $36.1M ▲ 16.552% ▲ $1.3 ▲ $69.6M ▲
Q1-2025 $201.1M ▲ $82.3M ▼ $31M ▲ 15.415% ▲ $1.08 ▲ $61.3M ▲
Q4-2024 $156.3M ▼ $84.4M ▼ $6.3M ▼ 4.031% ▼ $0.22 ▼ $27.3M ▼
Q3-2024 $179.5M $92.6M $8.7M 4.847% $0.3 $38.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.7M ▼ $816.3M ▼ $393.2M ▼ $423.1M ▼
Q2-2025 $33.8M ▲ $874.7M ▲ $442.6M ▲ $432.1M ▲
Q1-2025 $16.2M ▼ $852.8M ▼ $432.9M ▲ $419.9M ▼
Q4-2024 $57.3M ▲ $857M ▲ $420.9M ▲ $436.1M ▼
Q3-2024 $33.6M $843.6M $399.1M $444.5M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-40.9M ▼ $74.4M ▲ $-15.2M ▲ $-70.2M ▼ $-11.1M ▼ $59.2M ▲
Q2-2025 $36.1M ▲ $68.4M ▲ $-16.6M ▼ $-35M ▼ $17.6M ▲ $51.7M ▲
Q1-2025 $31M ▲ $-37.7M ▼ $-13.3M ▲ $9.5M ▲ $-41.1M ▼ $-51M ▼
Q4-2024 $6.3M ▼ $56.4M ▼ $-15.1M ▲ $-16.2M ▲ $23.7M ▲ $41.3M ▼
Q3-2024 $8.7M $86.4M $-19.1M $-69.4M $-1.4M $67.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Software Solutions
Software Solutions
 $80.00M ▲$80.00M ▲$90.00M ▲$90.00M ▲
Technology Service
Technology Service
 $60.00M ▲$80.00M ▲$90.00M ▲$70.00M ▼

Five-Year Company Overview

Income Statement

Income Statement DFIN has moved from a low‑margin, print-heavy business to a leaner, more profitable software and services model. Revenue peaked a few years ago during a very strong capital markets environment and has eased since then, which is typical for a business tied to IPOs and deal activity. Despite softer sales, profit margins have held up well, and the company has stayed consistently profitable after earlier losses. This suggests better pricing power, cost control, and a richer mix of higher-margin software. The main watchpoints are its reliance on transaction-driven volumes and whether software growth can more than offset any ongoing decline in legacy print-related work.

Balance Sheet

Balance Sheet The balance sheet looks steadily stronger. Debt has been reduced meaningfully over the past few years, while equity has built up as the company has generated profits. Total assets have been fairly stable, which points to disciplined expansion rather than aggressive balance-sheet growth. Cash levels dipped in the middle of the period but have since recovered, giving the company more flexibility. Overall, DFIN appears less leveraged and financially sturdier than it was earlier in the decade, which lowers balance-sheet risk if markets turn weaker.

Cash Flow

Cash Flow DFIN consistently generates cash from its operations, and free cash flow has remained positive throughout the period. Even in years when earnings growth slowed, the business still converted a healthy share of profits into cash. Investment spending has gradually increased, likely reflecting higher software and technology investments, but this has been comfortably funded from internal cash flow rather than heavy borrowing. The cash profile supports ongoing reinvestment in the business and some capacity to handle downturns without obvious strain.

Competitive Edge

Competitive Edge DFIN occupies a specialized niche at the intersection of financial reporting, regulation, and capital markets. It holds a leading position as an SEC filing agent and serves many large, long-standing clients, which creates high switching costs and sticky relationships. Its suite of products—ActiveDisclosure, Venue, and Arc Suite—covers a wide range of regulatory and transaction needs, from IPOs to fund reporting, which differentiates it as a one-stop provider. However, competition is intense: Workiva, Broadridge, Intralinks, Datasite and others push hard on technology and user experience. DFIN’s moat rests on its regulatory expertise, integration across products, and embedded workflows rather than on price alone, but it must keep innovating to defend this edge.

Innovation and R&D

Innovation and R&D The company is clearly leaning into a software-first, AI-enabled future. Its core platforms are cloud-based and increasingly integrated, allowing clients to manage SEC filings, ESG disclosures, data rooms, and fund reporting in one ecosystem. The introduction of AI features—such as automated redaction, contract analytics, and the new “Active Intelligence” capabilities for researching and validating filings—shows a focus on reducing manual work and adding insight, not just digitizing documents. Rising investment spending supports this shift, alongside targeted acquisitions in AI and data security. The key risk is that this is a crowded race: DFIN needs to keep its pace of product improvement high to stay competitive with pure-play software rivals, but its domain expertise and client co-creation programs give it a solid foundation.

Summary

DFIN is in the middle stages of a transformation from a cyclical, print-driven service provider into a more stable, higher-margin software and compliance platform. Financially, profits and cash generation have improved even as headline revenue has cooled from earlier highs, and the balance sheet is now leaner and less indebted. Competitively, the company benefits from deep regulatory know-how, entrenched client relationships, and integrated platforms that make it hard for customers to switch. At the same time, it faces well-funded technology competitors and remains partly exposed to swings in capital markets activity. The central question for the next few years is how successfully DFIN can grow recurring software revenue and AI-enabled solutions fast enough to offset legacy headwinds and fully establish itself as a technology-led, compliance partner to its clients.

NEWS

November 19, 2025 · 8:00 AM UTC

DFIN Launches Active Intelligence™, its AI Suite Driving Smarter Compliance

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October 29, 2025 · 7:00 AM UTC

DFIN Reports Third-Quarter 2025 Results

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October 23, 2025 · 7:00 AM UTC

DFIN Successfully Completes Pension Plan Termination

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October 22, 2025 · 8:00 AM UTC

DFIN to Announce Third-Quarter Results and Host Investor Conference Call on October 29, 2025

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September 26, 2025 · 6:00 AM UTC

OMS Energy Technologies Inc. CEO How Meng Hock Takes Center Stage at DFIN Capital Markets Event

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