Donnelley Financial Solutions
SEC filing software and fund-compliance platform spun out of R.R. Donnelley in 2016.
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Profile
Regulatory and compliance platform for US-listed companies and investment funds — offering SEC filing software (ActiveDisclosure, Arc Suite) and a virtual data room (Venue) alongside legacy managed-services work. Spun out of R.R. Donnelley in 2016, the business now earns roughly half of its revenue from SaaS products.
Spun out of R.R. Donnelley in 2016, the company operates as a regulatory and compliance platform for US capital markets — managing SEC filings, capital-market transactions, and fund-disclosure workflows for corporate filers, deal teams, and investment companies.
Two client franchises — Capital Markets and Investment Companies — each split into a SaaS tier (ActiveDisclosure for SEC reporting, Venue for M&A and deal transactions, and the Arc Suite for fund compliance and reporting) and a managed-services tier covering transactional and print work.
Revenue is US-concentrated and tied predominantly to clients with ongoing SEC disclosure obligations; the managed-services side moves with deal volumes and regulatory-event cycles. The business structurally depends on the continuity of SEC disclosure requirements, which recent rule changes — including Tailored Shareholder Reports effective mid-2024 — have reinforced as a product tailwind.
Company facts
Categories
Key statistics
Year to date +5.9% · Average volume (30d) 229.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 31, 2026 | Needham | Reiterate | Buy | $57 | $60 |
| May 6, 2026 | DA Davidson | Reiterate | Buy | $66 | $62 |
| Jan 8, 2026 | D.A. Davidson | Target | $70 | $66 | |
| Oct 30, 2025 | Needham | Reiterate | Buy | $65 | $57 |
| Oct 24, 2025 | D.A. Davidson | Target | $72 | $70 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.63 | $1.76 | +8.0% | $221.4M | $224.2M | +1.3% | −8.48% |
| May 5, 2026Q1 FY26 | $1.35 | $1.45 | +7.4% | $204.8M | $205.5M | +0.3% | +0.56% |
| Feb 17, 2026Q4 FY25 | $0.40 | $0.70 | +75.0% | $155.3M | $172.5M | +11.1% | +12.64% |
| Oct 29, 2025Q3 FY25 | $0.41 | $0.86 | +109.8% | $155.3M | $175.3M | +12.9% | +2.70% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $201.1M | $218.1M | $175.3M | $172.5M | $205.5M | $224.2M | |
| Gross profit | $128.1M | $138.9M | $110.0M | $109.6M | $131.6M | $130.7M | |
| Operating income | $48.7M | $53.8M | $29.1M | $19.9M | $49.2M | $56.0M | |
| Net income | $31.0M | $36.1M | −$40.9M | $6.2M | $33.5M | $36.4M | |
| Diluted EPS | $1.05 | $1.28 | −$1.49 | $0.23 | $1.27 | $1.44 | |
| Gross margin | 63.7% | 63.7% | 62.7% | 63.5% | 64.0% | 58.3% | |
| Operating margin | 24.2% | 24.7% | 16.6% | 11.5% | 23.9% | 25.0% |
Fiscal years (4-quarter sums)FY21 $993.3M · FY22 $833.6M · FY23 $797.2M · FY24 $781.9M · FY25 $767.0M
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $25.3M · Total debt $211.7M · Total assets $834.3M · Shareholders' equity $387.4M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 24.59M · Float 23.40M · 95.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.94M | 16.02% | 13F | Aug 7, 2026 |
| State Street Corp | 1.20M | 4.88% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.06M | 4.30% | 13F | Aug 13, 2026 |
| Alberta Investment Management Corp | 1.05M | 4.28% | 13F | Aug 6, 2026 |
| Morgan Stanley | 820.8K | 3.34% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Daniel Leib | director, officer: Chief Executive Officer | −9,787 | $50.00 |
| Aug 14, 2026 | Daniel Leib | director, officer: Chief Executive Officer | −213 | $50.00 |
| Mar 6, 2026 | Eric J. Johnson | officer: President, GIC | −20,280 | $50.16 |
| Mar 3, 2026 | Robert Kirk Williams | officer: Chief People & Admin Officer | −4,237 | $52.29 |
| Mar 4, 2026 | Robert Kirk Williams | officer: Chief People & Admin Officer | −7,684 | $52.03 |
Peers
- Workiva
Primary cloud rival in SEC regulatory filing and ESG disclosure software.
- Broadridge Financial Solutions
Dominant proxy intermediary; competes on fund communications, EDGAR filing, VDR
- SS&C Technologies
Owner of Intralinks VDR; world's largest fund administrator and transfer agent
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Donnelley Financial Solutions | $48.32 | −0.04% | $1.19B | 33.3 | 9.1 | 1.5 | +2.8% |
| Workiva | $79.45 | +0.39% | $4.31B | 96.5 | 21.5 | 4.5 | +18.6% |
| Broadridge Financial Solutions | $183.64 | −0.04% | $21.24B | 19.1 | 17.4 | 2.8 | +7.5% |
| SS&C Technologies | $83.42 | −0.02% | $19.57B | 24.0 | 11.2 | 3.0 | +10.4% |
| Median | 24.0 | 17.4 | 3.0 | +10.4% |