dlx-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number: 1-7945

DELUXE CORPORATION

(Exact name of registrant as specified in its charter)


MN									41-0216800
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
801 S. Marquette Ave., Minneapolis, MN									55402-2807
(Address of principal executive offices)									(Zip Code)

(651) 483-7111

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	DLX	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The number of shares outstanding of registrant’s common stock as of April 29, 2026 was 45,784,061.

DELUXE CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

Item

Page

Part I - FINANCIAL INFORMATION

Item 1.

Consolidated Balance Sheets

Consolidated Statements of Comprehensive Income

Consolidated Statements of Shareholders' Equity

Consolidated Statements of Cash Flows

Condensed Notes to Unaudited Consolidated Financial Statements

Note 1: Consolidated Financial Statements

Note 2: New Accounting Pronouncements

Note 3: Supplemental Balance Sheet and Cash Flow Information

Note 4: Shareholders' Equity

Note 5: Earnings per Share

Note 6: Divestitures

Note 7: Fair Value Measurements

Note 8: Restructuring and Integration Expense

Note 9: Income Taxes

Note 10: Postretirement Benefits

Note 11: Debt

Note 12: Other Commitments and Contingencies

Note 13: Business Segment Information

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II - OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Signatures


PART I – FINANCIAL INFORMATION


Item 1. FINANCIAL STATEMENTS


DELUXE CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited)


(in millions, except share par value)	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	27.2	$	36.9
Trade accounts receivable, net of allowance for credit losses	178.1		187.6
Revenue in excess of billings	40.6		30.8
Inventories and supplies, net of reserve	35.0		33.5
Settlement processing assets	33.0		273.6
Prepaid expenses	28.5		33.3
Other current assets	50.2		70.1
Total current assets	392.6		665.8
Goodwill	1,422.8		1,422.8
Intangibles, net of accumulated amortization of $645.8 and $615.7, respectively	335.5		348.4
Property, plant and equipment, net of accumulated depreciation of $382.0 and $376.0, respectively	98.4		101.0
Operating lease assets	41.7		43.0
Long-term investments	16.7		26.4
Deferred income taxes	1.4		1.8
Other non-current assets	247.2		254.4
Total assets	$	2,556.3	$	2,863.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	160.9	$	161.3
Accrued liabilities	129.9		190.6
Settlement processing obligations	35.0		275.0
Current portion of long-term debt	16.3		16.3
Total current liabilities	342.1		643.2
Long-term debt	1,380.8		1,413.1
Deferred income taxes	44.2		27.0
Operating lease liabilities	38.6		39.8
Other non-current liabilities	53.8		59.8
Commitments and contingencies (Note 12)
Shareholders' equity:
Common shares $1 par value (authorized: 500.0 shares; outstanding: March 31, 2026 – 45.7; December 31, 2025 – 45.0)	45.7		45.0
Additional paid-in capital	132.3		138.0
Retained earnings	537.7		515.9
Accumulated other comprehensive loss	(19.2)		(18.5)
Non-controlling interest	0.3		0.3
Total shareholders’ equity	696.8		680.7
Total liabilities and shareholders’ equity	$	2,556.3	$	2,863.6

See Condensed Notes to Unaudited Consolidated Financial Statements


DELUXE CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Quarter Ended March 31,
(in millions, except per share amounts)	2026		2025
Service revenue	$	277.0	$	248.2
Product revenue	261.1		288.3
Total revenue	538.1		536.5
Cost of services	(161.3)		(145.8)
Cost of products	(97.4)		(109.7)
Total cost of revenue	(258.7)		(255.5)
Selling, general and administrative expense	(209.3)		(225.2)
Restructuring and integration expense	(3.4)		(7.7)
Gain on sale of businesses and long-lived assets	5.1		—
Operating income	71.8		48.1
Interest expense	(27.7)		(31.3)
Other income, net	2.5		2.5
Income before income taxes	46.6		19.3
Income tax provision	(10.8)		(5.3)
Net income	$	35.8	$	14.0


Total comprehensive income	$	35.1	$	13.9

Basic earnings per share	0.79		0.31
Diluted earnings per share	0.77		0.31

See Condensed Notes to Unaudited Consolidated Financial Statements


DELUXE CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited)


(in millions)	Common shares	Common shares par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interest		Total
Balance, December 31, 2025	45.0	$	45.0	$	138.0	$	515.9	$	(18.5)	$	0.3	$	680.7
Net income	—	—		—		35.8		—		—		35.8
Cash dividends ($0.30 per share)	—	—		—		(14.0)		—		—		(14.0)
Common shares issued, net of tax withholding	0.7	0.7		(12.4)		—		—		—		(11.7)
Employee share-based compensation	—	—		6.7		—		—		—		6.7
Other comprehensive loss	—	—		—		—		(0.7)		—		(0.7)
Balance, March 31, 2026	45.7	$	45.7	$	132.3	$	537.7	$	(19.2)	$	0.3	$	696.8


(in millions)	Common shares	Common shares par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interest		Total
Balance, December 31, 2024	44.3	$	44.3	$	117.1	$	489.2	$	(29.9)	$	0.2	$	620.9
Net income	—	—		—		14.0		—		—		14.0
Cash dividends ($0.30 per share)	—	—		—		(13.5)		—		—		(13.5)
Common shares issued, net of tax withholding	0.4	0.4		(4.8)		—		—		—		(4.4)
Employee share-based compensation	—	—