Donnelley Financial Solutions, Inc.
DFIN NYSE Services-Miscellaneous Business Services Financials FY2016–FY2025
Last close · Oct 23, 2026
$55.52
0.8%
Revenue
Total sales reported in the income statement.
$767M
1.9%
vs prior year
Operating margin
Operating income as a share of revenue.
18.4%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$32.4M
64.9%
Free cash flow
Cash from operations minus capital spending.
$108M
2.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.2%
0.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
36.3x
On $1.53 EPS (TTM)
What Donnelley Financial Solutions, Inc. does
No business description yet.
- Legal name
- Donnelley Financial Solutions, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001193125-26-054586
0001669811
Revenue and margins
Donnelley Financial Solutions, Inc. had $767M of revenue in fiscal 2025, down 1.9% on the year before.
FY16
Revenue $984M
FY17
Revenue $1.0B
FY18
Revenue $963M
FY19
Revenue $875M
FY20
Revenue $895M
FY21
Revenue $993M
FY22
Revenue $834M
FY23
Revenue $797M
FY24
Revenue $782M
FY25
Revenue $767M
Q3 '23
Revenue $180M
Q4 '23
Revenue $177M
Q1 '24
Revenue $203M
Q2 '24
Revenue $243M
Q3 '24
Revenue $180M
Q4 '24
Revenue $156M
Q1 '25
Revenue $201M
Q2 '25
Revenue $218M
Q3 '25
Revenue $175M
Q4 '25
Revenue $173M
Q1 '26
Revenue $206M
Q2 '26
Revenue $224M
FY16
Gross —
Operating 10.7%
Net 6.0%
FCF 8.1%
FY17
Gross —
Operating 9.5%
Net 1.0%
FCF 6.3%
FY18
Gross —
Operating 12.6%
Net 7.6%
FCF 3.0%
FY19
Gross —
Operating 9.0%
Net 4.3%
FCF 1.1%
FY20
Gross —
Operating 0.4%
Net −2.9%
FCF 13.8%
FY21
Gross —
Operating 22.1%
Net 14.7%
FCF 13.9%
FY22
Gross —
Operating 17.4%
Net 12.3%
FCF 11.5%
FY23
Gross —
Operating 13.8%
Net 10.3%
FCF 7.8%
FY24
Gross —
Operating 17.5%
Net 11.8%
FCF 13.5%
FY25
Gross —
Operating 18.4%
Net 4.2%
FCF 14.1%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 16.6%
Net 10.1%
FCF 34.1%
Q4 '23
Gross —
Operating 5.6%
Net 6.0%
FCF 31.7%
Q1 '24
Gross —
Operating 21.9%
Net 16.4%
FCF −19.8%
Q2 '24
Gross —
Operating 26.6%
Net 18.2%
FCF 15.2%
Q3 '24
Gross —
Operating 10.1%
Net 4.8%
FCF 37.5%
Q4 '24
Gross —
Operating 6.0%
Net 4.0%
FCF 26.4%
Q1 '25
Gross —
Operating 22.8%
Net 15.4%
FCF −25.4%
Q2 '25
Gross —
Operating 24.2%
Net 16.6%
FCF 23.7%
Q3 '25
Gross —
Operating 16.1%
Net −23.3%
FCF 33.8%
Q4 '25
Gross —
Operating 8.3%
Net 3.6%
FCF 27.8%
Q1 '26
Gross —
Operating 23.6%
Net 16.3%
FCF −7.8%
Q2 '26
Gross —
Operating 25.0%
Net 16.2%
FCF 27.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −4.9% a year. Loss periods are shown in red.
FY16
Net income $59.1M
FY17
Net income $9.7M
FY18
Net income $73.6M
FY19
Net income $37.6M
FY20
Net income −$25.9M
FY21
Net income $146M
FY22
Net income $103M
FY23
Net income $82.2M
FY24
Net income $92.4M
FY25
Net income $32.4M
Q3 '23
Net income $18.1M
Q4 '23
Net income $10.6M
Q1 '24
Net income $33.3M
Q2 '24
Net income $44.1M
Q3 '24
Net income $8.7M
Q4 '24
Net income $6.3M
Q1 '25
Net income $31.0M
Q2 '25
Net income $36.1M
Q3 '25
Net income −$40.9M
Q4 '25
Net income $6.2M
Q1 '26
Net income $33.5M
Q2 '26
Net income $36.4M
FY16
Diluted EPS $1.80
FY17
Diluted EPS $0.29
FY18
Diluted EPS $2.16
FY19
Diluted EPS $1.10
FY20
Diluted EPS −$0.76
FY21
Diluted EPS $4.14
FY22
Diluted EPS $3.17
FY23
Diluted EPS $2.69
FY24
Diluted EPS $3.06
FY25
Diluted EPS $1.15
Q3 '23
Diluted EPS $0.60
Q4 '23
Diluted EPS $0.33
Q1 '24
Diluted EPS $1.09
Q2 '24
Diluted EPS $1.47
Q3 '24
Diluted EPS $0.29
Q4 '24
Diluted EPS $0.21
Q1 '25
Diluted EPS $1.05
Q2 '25
Diluted EPS $1.28
Q3 '25
Diluted EPS −$1.49
Q4 '25
Diluted EPS $0.31
Q1 '26
Diluted EPS $1.27
Q2 '26
Diluted EPS $1.44
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 10.3%
Return on equity 53.2%
Return on assets 6.0%
FY17
Return on capital 11.2%
Return on equity 7.4%
Return on assets 1.0%
FY18
Return on capital 16.0%
Return on equity 39.2%
Return on assets 8.4%
FY19
Return on capital 10.3%
Return on equity 15.2%
Return on assets 4.3%
FY20
Return on capital 0.7%
Return on equity −10.0%
Return on assets −3.0%
FY21
Return on capital 36.2%
Return on equity 46.7%
Return on assets 16.7%
FY22
Return on capital 23.0%
Return on equity 29.0%
Return on assets 12.0%
FY23
Return on capital 17.6%
Return on equity 22.5%
Return on assets 10.1%
FY24
Return on capital 20.0%
Return on equity 22.0%
Return on assets 11.2%
FY25
Return on capital 20.2%
Return on equity 7.9%
Return on assets 3.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $108M in fiscal 2025, 14.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $79.8M
FY17
Free cash flow $63.6M
FY18
Free cash flow $29.2M
FY19
Free cash flow $9.7M
FY20
Free cash flow $123M
FY21
Free cash flow $138M
FY22
Free cash flow $96.0M
FY23
Free cash flow $62.2M
FY24
Free cash flow $105M
FY25
Free cash flow $108M
Q3 '23
Free cash flow $61.3M
Q4 '23
Free cash flow $56.0M
Q1 '24
Free cash flow −$40.2M
Q2 '24
Free cash flow $36.8M
Q3 '24
Free cash flow $67.3M
Q4 '24
Free cash flow $41.3M
Q1 '25
Free cash flow −$51.0M
Q2 '25
Free cash flow $51.7M
Q3 '25
Free cash flow $59.2M
Q4 '25
Free cash flow $47.9M
Q1 '26
Free cash flow −$16.0M
Q2 '26
Free cash flow $61.2M
FY16
Cash from operations $106M
Capital spending $26.2M
FY17
Cash from operations $91.4M
Capital spending $27.8M
FY18
Cash from operations $66.3M
Capital spending $37.1M
FY19
Cash from operations $54.5M
Capital spending $44.8M
FY20
Cash from operations $154M
Capital spending $31.1M
FY21
Cash from operations $180M
Capital spending $42.3M
FY22
Cash from operations $150M
Capital spending $54.2M
FY23
Cash from operations $124M
Capital spending $61.8M
FY24
Cash from operations $171M
Capital spending $65.9M
FY25
Cash from operations $165M
Capital spending $57.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations $80.5M
Capital spending $19.2M
Q4 '23
Cash from operations $74.8M
Capital spending $18.8M
Q1 '24
Cash from operations −$27.9M
Capital spending $12.3M
Q2 '24
Cash from operations $56.2M
Capital spending $19.4M
Q3 '24
Cash from operations $86.4M
Capital spending $19.1M
Q4 '24
Cash from operations $56.4M
Capital spending $15.1M
Q1 '25
Cash from operations −$37.7M
Capital spending $13.3M
Q2 '25
Cash from operations $68.4M
Capital spending $16.7M
Q3 '25
Cash from operations $74.4M
Capital spending $15.2M
Q4 '25
Cash from operations $59.8M
Capital spending $11.9M
Q1 '26
Cash from operations −$5.6M
Capital spending $10.4M
Q2 '26
Cash from operations $74.7M
Capital spending $13.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Donnelley Financial Solutions, Inc. returned $185M to shareholders in fiscal 2025, 172% of free cash flow. The diluted share count fell 6.6%.
FY16
Dividends —
Buybacks $0.0M
FY17
Dividends —
Buybacks $0.9M
FY18
Dividends —
Buybacks $1.5M
FY19
Dividends —
Buybacks $1.8M
FY20
Dividends —
Buybacks $11.8M
FY21
Dividends —
Buybacks $40.9M
FY22
Dividends —
Buybacks $165M
FY23
Dividends —
Buybacks $40.3M
FY24
Dividends —
Buybacks $81.6M
FY25
Dividends —
Buybacks $185M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $14.8M
Q4 '23
Dividends —
Buybacks $4.9M
Q1 '24
Dividends —
Buybacks $30.8M
Q2 '24
Dividends —
Buybacks $19.9M
Q3 '24
Dividends —
Buybacks $13.7M
Q4 '24
Dividends —
Buybacks $17.2M
Q1 '25
Dividends —
Buybacks $53.0M
Q2 '25
Dividends —
Buybacks $35.7M
Q3 '25
Dividends —
Buybacks $34.4M
Q4 '25
Dividends —
Buybacks $61.9M
Q1 '26
Dividends —
Buybacks $40.9M
Q2 '26
Dividends —
Buybacks $35.3M
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Donnelley Financial Solutions, Inc. can carry it.
FY16
Cash $36.2M
Debt $587M
FY17
Cash $52.0M
Debt $458M
FY18
Cash $47.3M
Debt $363M
FY19
Cash $17.2M
Debt $296M
FY20
Cash $73.6M
Debt $231M
FY21
Cash $54.5M
Debt $132M
FY22
Cash $34.2M
Debt $176M
FY23
Cash $23.1M
Debt $132M
FY24
Cash $57.3M
Debt $128M
FY25
Cash $24.5M
Debt $174M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $54.5M | $34.2M | $23.1M | $57.3M | $24.5M |
| Debt incl. finance leases | $132M | $176M | $132M | $128M | $174M |
| Net debt / EBITDA | 0.3x | 0.7x | 0.7x | 0.4x | 0.7x |
| Debt / equity | 0.3x | 0.5x | 0.3x | 0.3x | 0.5x |
| Interest coverage | 8.2x | 15.8x | 7.0x | 10.6x | 10.9x |
| Current ratio | 1.1x | 1.0x | 1.0x | 1.0x | 1.1x |
| Quick ratio | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x |
| Total assets | $883M | $828M | $807M | $842M | $800M |
| Total liabilities | $506M | $499M | $405M | $406M | $421M |
| Shareholders' equity | $377M | $330M | $402M | $436M | $379M |
| Net debt (− = net cash) | $77.0M | $142M | $109M | $70.4M | $150M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 5 / 8 | 4 / 8 | 4 / 8 | 5 / 8 | 6 / 8 | 4 / 8 | 6 / 8 | 7 / 8 | 6 / 8 |
| Accruals ratio | −4.8% | −8.7% | 0.8% | −1.9% | −20.6% | −3.9% | −5.6% | −5.1% | −9.5% | −16.1% |
| Altman Z'' | 1.81 | 1.57 | 2.04 | 1.77 | 1.06 | 3.51 | 3.29 | 3.78 | 4.33 | 4.51 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $984M | $1.0B | $963M | $875M | $895M | $993M | $834M | $797M | $782M | $767M |
| Provision for credit losses | $3.1M | $3.9M | $4.9M | $3.2M | $3.8M | $2.8M | $8.4M | $13.7M | $17.6M | $11.1M |
| Operating income | $105M | $95.7M | $121M | $78.5M | $3.6M | $219M | $145M | $110M | $137M | $141M |
| Interest expense | $11.7M | $42.9M | $36.7M | $38.1M | $22.8M | $26.6M | $9.2M | $15.8M | $12.9M | $12.9M |
| Pretax income | $94.3M | $56.2M | $103M | $52.1M | −$17.5M | $198M | $139M | $102M | $125M | $43.1M |
| Income tax | $35.2M | $46.5M | $29.1M | $14.5M | $8.4M | $51.9M | $36.8M | $19.8M | $32.7M | $10.7M |
| Net income | $59.1M | $9.7M | $73.6M | $37.6M | −$25.9M | $146M | $103M | $82.2M | $92.4M | $32.4M |
| Diluted EPS | $1.80 | $0.29 | $2.16 | $1.10 | −$0.76 | $4.14 | $3.17 | $2.69 | $3.06 | $1.15 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.04B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $106M | $91.4M | $66.3M | $54.5M | $154M | $180M | $150M | $124M | $171M | $165M |
| Capital expenditure | $26.2M | $27.8M | $37.1M | $44.8M | $31.1M | $42.3M | $54.2M | $61.8M | $65.9M | $57.1M |
| Free cash flow | $79.8M | $63.6M | $29.2M | $9.7M | $123M | $138M | $96.0M | $62.2M | $105M | $108M |
| Depreciation and amortization | $43.3M | $44.5M | $45.8M | $49.6M | $50.9M | $40.3M | $46.3M | $56.7M | $60.2M | $59.3M |
| Stock-based compensation | $2.5M | $6.8M | $9.2M | $8.9M | $13.6M | $19.5M | $19.3M | $22.5M | $25.2M | $31.4M |
| Acquisitions | $0.0M | $0.0M | $12.5M | $4.5M | $0.0M | $3.6M | $0.0M | $0.0M | — | — |
| Share buybacks | $0.0M | $0.9M | $1.5M | $1.8M | $11.8M | $40.9M | $165M | $40.3M | $81.6M | $185M |
| Dividends and buybacks | $0.0M | $0.9M | $1.5M | $1.8M | $11.8M | $40.9M | $165M | $40.3M | $81.6M | $185M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $36.2M | $52.0M | $47.3M | $17.2M | $73.6M | $54.5M | $34.2M | $23.1M | $57.3M | $24.5M |
| Total debt | $587M | $458M | $363M | $296M | $231M | $124M | $169M | $125M | $125M | $171M |
| Finance lease liabilities | — | — | — | — | — | $7.5M | $7.1M | $7.2M | $3.0M | $3.1M |
| Current assets | $330M | $270M | $249M | $211M | $267M | $280M | $228M | $209M | $233M | $211M |
| Current liabilities | $186M | $187M | $198M | $180M | $239M | $261M | $225M | $202M | $224M | $200M |
| Inventory | $24.1M | $23.3M | $12.1M | $11.1M | $4.9M | $5.6M | $7.9M | $4.7M | $4.4M | $5.6M |
| Property and equipment, net | $35.5M | $34.7M | $32.2M | $17.5M | $12.0M | $18.7M | $17.6M | $13.5M | $8.9M | $8.8M |
| Goodwill | $446M | $447M | $450M | $450M | $410M | $410M | $406M | $406M | $405M | $406M |
| Intangible assets | $54.3M | $39.9M | $37.2M | $21.9M | $9.8M | $8.7M | $7.8M | $0.0M | — | — |
| Total assets | $979M | $894M | $869M | $887M | $866M | $883M | $828M | $807M | $842M | $800M |
| Total liabilities | $868M | $744M | $643M | $618M | $618M | $506M | $499M | $405M | $406M | $421M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $111M | $149M | $226M | $269M | $248M | $377M | $330M | $402M | $436M | $379M |
| Margins | ||||||||||
| Operating margin | 10.7% | 9.5% | 12.6% | 9.0% | 0.4% | 22.1% | 17.4% | 13.8% | 17.5% | 18.4% |
| EBITDA margin | 15.1% | 14.0% | 17.3% | 14.6% | 6.1% | 26.1% | 22.9% | 20.9% | 25.2% | 26.1% |
| Net margin | 6.0% | 1.0% | 7.6% | 4.3% | −2.9% | 14.7% | 12.3% | 10.3% | 11.8% | 4.2% |
| FCF margin | 8.1% | 6.3% | 3.0% | 1.1% | 13.8% | 13.9% | 11.5% | 7.8% | 13.5% | 14.1% |
| Returns | ||||||||||
| Return on capital | 10.3% | 11.2% | 16.0% | 10.3% | 0.7% | 36.2% | 23.0% | 17.6% | 20.0% | 20.2% |
| Return on capital employed | 13.2% | 13.5% | 18.1% | 11.1% | 0.6% | 35.3% | 24.0% | 18.2% | 22.1% | 23.5% |
| Return on equity | 53.2% | 7.4% | 39.2% | 15.2% | −10.0% | 46.7% | 29.0% | 22.5% | 22.0% | 7.9% |
| Return on assets | 6.0% | 1.0% | 8.4% | 4.3% | −3.0% | 16.7% | 12.0% | 10.1% | 11.2% | 3.9% |
| Return on tangible equity | — | — | — | — | — | — | — | — | 301.0% | — |
| Growth | ||||||||||
| Revenue growth | — | 2.2% | −4.2% | −9.2% | 2.3% | 11.0% | −16.1% | −4.4% | −1.9% | −1.9% |
| Net income growth | — | −83.6% | 658.8% | −48.9% | −168.9% | — | −29.7% | −19.8% | 12.4% | −64.9% |
| EPS growth | — | −83.9% | 644.8% | −49.1% | −169.1% | — | −23.4% | −15.1% | 13.8% | −62.4% |
| FCF growth | — | −20.3% | −54.1% | −66.8% | 1,169.1% | 11.9% | −30.3% | −35.2% | 69.1% | 2.5% |
| Share count change | — | 1.5% | 2.1% | 0.9% | −1.2% | 3.8% | −8.2% | −5.3% | −1.3% | −6.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.7x | 2.9x | 1.9x | 2.2x | 2.9x | 0.3x | 0.7x | 0.7x | 0.4x | 0.7x |
| Debt / equity | 5.3x | 3.1x | 1.6x | 1.1x | 0.9x | 0.3x | 0.5x | 0.3x | 0.3x | 0.5x |
| Interest coverage | 9.0x | 2.2x | 3.3x | 2.1x | 0.2x | 8.2x | 15.8x | 7.0x | 10.6x | 10.9x |
| Current ratio | 1.8x | 1.4x | 1.3x | 1.2x | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x | 1.1x |
| Quick ratio | 1.6x | 1.3x | 1.2x | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.7% | 2.8% | 3.9% | 5.1% | 3.5% | 4.3% | 6.5% | 7.8% | 8.4% | 7.4% |
| Stock comp / revenue | 0.3% | 0.7% | 1.0% | 1.0% | 1.5% | 2.0% | 2.3% | 2.8% | 3.2% | 4.1% |
| Payouts / FCF | 0.0% | 1.4% | 5.1% | 18.6% | 9.6% | 29.7% | 171.6% | 64.8% | 77.6% | 171.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 4.0 | 4.0 | 5.0 | 6.0 | 4.0 | 6.0 | 7.0 | 6.0 |
| Altman Z'' | 1.8 | 1.6 | 2.0 | 1.8 | 1.1 | 3.5 | 3.3 | 3.8 | 4.3 | 4.5 |
| Accruals ratio | −4.8% | −8.7% | 0.8% | −1.9% | −20.6% | −3.9% | −5.6% | −5.1% | −9.5% | −16.1% |
Source: SEC EDGAR XBRL filings (CIK 0001669811). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.