Q2 Holdings, Inc. · NYSE:QTWO
Q2 — Q4 2025 Earnings Presentation
20 slides from Q2's earnings presentation, Feb 11, 2026
Slide 1: 4th Quarter & Full-Year 2025 Results
Q2 Ath Quarter & Full-Year 2025 Results February 11, 2026
Slide 2: Safe Harbor Statement
Q2 Safe Harbor Statement This presentation and the accompanying oral presentation contain forward-looking statements and information that are based on our management's beliefs and assumptions and on information currently available to our management. The statements and information contained in this p
Slide 3: 4th Quarter 2025 Review
4th Quarter 2025 Review $433M f Quarter balance of investmen’ Adjusted EBITDA' 24.6% Adjusted EBITDA margin! ption An ring R REVENUE Tier 1 + Enterprise Wi ‘For the fourth quarter ended December 31, 2025. Number of contracts signed with customers above $5 billion in assets (Tier 1) and $508 in asset
Slide 4: 4th Quarter & Full-Year 2025 Results
4th Quarter & Full-Year 2025 Results Q2 GAAP Non-GAAP Revenue Gross Profit Net Income Gross Profit Adj EBITDA $208.2 $115.3 $20.4 $122.1 $51.2 4025 Y/Y Change 14% 20% NM 16% 36% FY 2025 Totals $794.8 $429.7 $52.0 $461.1 $186.5 Y/Y Change 14% 21% NM 18% 49% $ in millions We closed out 2025 with the s
Slide 5: 4th Quarter 2025 Highlights
4th Quarter 2025 Highlights Tier 1 + Enterprise $780 million $2.7 billion Wins Subscription Annualized Total Recurring Revenue +14% Y/Y +21% vy Committed Backlog Signed eight Tier 1 + Enterprise contracts in the quarter highlighted by: © Anet new agreement with a Tier 1 bank for our commercial digit
Slide 6: Annualized Recurring Revenue
Annualized Recurring Revenue Subscription ARR growth of 14%; Total ARR growth continues to be impacted by declines in non-Subscription ARR Q2 14% Y/Y Growth 4Q24 4025 m Subscription ARR “ 3 = o a Subscription Annualized Recurring Revenue and Total Annualized Recurring Revenue (ARR) are defined in th
Slide 7: Remaining Performance Obligations (RPO, Backlog)
Remaining Performance Obligations (RPO, Backlog) Continued solid year-over-year growth driven by new, expansion & renewal bookings $2.7B RPO Balance as of December 31, 2025 7% Seq. Growth a a c c ce} 2 = = we} 2 < RPO Expected to % of Total RPO <7 = be Recognized in Amount wa * the Next: 24 months 5
Slide 8: Revenue Breakout
Revenue Breakout Diverse base of customers across asset size and customer type Enterprise 12% Remaining Customers Customer Customer Type Nee Concentration Customers 11% ™ Largest Customer 2% QQ _ Note Dot as of twelve months ended December 31,2025 See "Customer Tiring” in the Appendix to this presen
Slide 9: Financial Guidance
Financial Guidance Represents 10% full-year revenue growth and full-year adjusted EBITDA margin of approximately 26% 1Q 2026 Full-Year 2026 Revenue $212.5 $216.5 $871.0 $878.0 Adj EBITDA $52.5 $55.5 $225.0 $230.0 $ In Millions $ In Millions As of February 11, 2026, Q2 Holdings is providing guidance
Slide 10: Financial Outlook
Q2 Financial Outlook Non-GAAP Subscription Revenue Growth Gross Margin Adj EBITDA Margin Free Cash Flow Conversion 16.2% 56.0% 18.0% 85.1% 17.2% 58.0% 23.5% 93.0% 60.0% 90.0% FY'27 12.5% - 13% Suk Revent 150 - 200bps Adj EBITDA Margin Expansion FY'24A FY'25A FY'26 Financial Framework’ Current Outloo
Slide 11: Appendix
Appendix
Slide 12: $23B Total Addressable Market
$23B Total Addressable Market
Slide 13: Condensed Consolidated Balance Sheets
Q2 Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 367,631 $ 358,560 Restricted cash 1,672 2,233 Investments 65,064 88,066 Accounts receivable, net 51,716 42,084 Contract assets, cu
Slide 14: Condensed Consolidated Statements of Comprehensive Income (Loss)
Q2 Holdings, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands, except per share data) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 (1) Revenues $ 208,222 $ 183,045 $ 794,809 $ 696,464 (2) Cost of revenues 92,938 8
Slide 15: Condensed Consolidated Statements of Cash Flows
Q2 Holdings, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Twelve Months Ended December 31, 2025 2024 Cash flows from operating activities: Net income (loss) $ 52,008 $ (38,536) Adjustments to reconcile net income (loss) to net cash from operating activities: Amorti
Slide 16: Reconciliation of GAAP to Non-GAAP Measures
Q2 Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (in thousands) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 GAAP gross profit $ 115,284 $ 96,343 $ 429,683 $ 354,481 Stock-based compensation 2,108 2,246 9,711 11,821 Amortization of acq
Slide 17: Reconciliation of Free Cash Flow
Q2 Holdings, Inc. Reconciliation of Free Cash Flow (in thousands) (unaudited) Twelve Months Ended December 31, 2025 2024 Net cash provided by operating activities $ 201,461 $ 135,751 Purchases of property and equipment (6,810) (6,692) Capitalized software development costs (21,283) (22,339) Free cas
Slide 18: Definitions
Q2 Definitions Adjusted EBITDA: We define adjusted EBITDA as net income (loss) before stock-based compensation, transaction-related costs, depreciation, amortization, lease and other restructuring charges, non-recurring legal settlements, provision for income taxes and interest and other (income) ex
Slide 19: Definitions
Q2 Definitions Digital Banking Platform: Our digital banking platform allows financial institutions to offer a comprehensive and unified suite of digital banking services to their End Users. Our open platform architecture, deep integration with other systems and the multi-tenant aspects of our infra
Slide 20: Definitions
Definitions Subscription Annualized Recurring Revenue: We calculate Subscription ARR as the annualized value of all recurring subscription revenue recognized in the last month of the reporting period, with the exception of variable revenue in excess of contracted amounts for which we instead take th