Donnelley Financial Solutions Q4 Net Sales Up 10.4%, Adjusted EBITDA at $45.8M
Donnelley Financial Solutions reported Q4 net sales of $172.5 million, up 10.4%, and adjusted EBITDA of $45.8 million at a 26.6% margin, boosting full-year EBITDA to $239.8 million. Free cash flow was $47.9 million, it repurchased 1.255 million shares for $60.7 million, ending 2025 at 0.6× net leverage.
1. Q4 and Full-Year Results
Donnelley Financial Solutions delivered Q4 net sales of $172.5 million, a 10.4% year-over-year increase, and adjusted EBITDA of $45.8 million at a 26.6% margin. For the full year, adjusted EBITDA totaled $239.8 million, up 10.4%, with a record 31.3% margin and free cash flow growth versus 2024.
2. Segment Drivers and Product Performance
Software solutions net sales reached $358.4 million in 2025, comprising 47% of total revenue. In Q4, capital markets software grew 20%, driven by Venue and ActiveDisclosure, while capital markets transactional revenue rose 29% to $48.6 million, exceeding guidance.
3. Share Repurchase and Financial Position
The company repurchased 1.255 million shares for $60.7 million in Q4 and 3.563 million shares for $172.3 million in 2025, reducing outstanding shares by roughly 12%. It ended the year with $146.8 million of non-GAAP net debt (0.6× leverage) and projects Q1 revenue of $200–$210 million.