The Q4 guidance implies a sequential revenue decline from Q3's $185M to $175M-$180M, with margin compression to 26%-27% from 29.4%. Monitor whether the ActiveDisclosure growth trajectory and capital markets activity sustain into Q1 2027.
Price Chart
Executive Summary
DFIN reported Q3 2026 adjusted non-GAAP EPS of $1.07, beating the $0.84 consensus by 27.4%, and revenue of $185.0M, above the $179.9M consensus. Software solutions revenue grew 5.0% YoY, driven by ActiveDisclosure (up ~24%), and Adjusted EBITDA margin expanded 120 bps to 29.4%. The company guided Q4 revenue of $175M-$180M and Adjusted EBITDA margin of 26%-27%.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted non-GAAP EPS of $1.07 vs consensus $0.84 (beat by 27.4%)
- Q3 2026 revenue of $185.0M vs consensus $179.9M (beat by 2.8%)
- Revenue grew 5.5% YoY from $175.3M
- Adjusted EBITDA of $54.4M, up 9.9% YoY; margin expanded 120 bps to 29.4%
- Software solutions revenue of $95.2M, up 5.0% YoY, representing 51.5% of total revenue
- ActiveDisclosure grew approximately 24% YoY
- Operating cash flow of $98.2M, up 32.0% YoY; free cash flow of $85.8M, up 44.9% YoY
- Q4 2026 guidance: revenue $175M-$180M, Adjusted EBITDA margin 26%-27%
- Net leverage of 0.4x as of September 30, 2026
- Repurchased 146,672 shares for $6.9M in Q3
Financial Impact
EPS beat of $0.23 (27.4%) on $185.0M revenue, with margin expansion and strong cash flow generation
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Capital Markets - Software Solutions | $64.1M | +8.6% |
| Capital Markets - Compliance and Communications Management | $61.9M | +8.2% |
| Investment Companies - Software Solutions | $31.1M | -1.9% |
| Investment Companies - Compliance and Communications Management | $27.9M | +1.8% |
Risk Factors
- Q4 guidance implies lower revenue and margin vs Q3, suggesting seasonal or market headwinds
- Capital markets deal volume moderated from H1 2026, which could pressure transactional revenue
- Share repurchase authorization has $118.5M remaining, but buyback pace may slow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302922789 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | SC 13G | $63.30 | awaiting T+1 | awaiting T+1 | $66.89 (+5.67%) |
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 29, 2026 3d ago | Press Release | $61.07 $66.89 | ▲ +9.53% | ▲ +11.30% | $66.89 (+9.53%) |
Oct 15, 2026 17d ago | Press Release | $51.81 | awaiting T+1 | awaiting T+1 | $66.89 (+29.11%) |
Sep 8, 2026 7w ago | Insider Cluster | $48.86 $48.37 | ▼ −1.00% | ▼ −0.40% | $66.89 (+36.90%) |
Sep 3, 2026 8w ago | Insider Buy | $50.92 $49.82 | ▼ −2.16% | ▼ −1.61% | $66.89 (+31.36%) |
Jul 30, 2026 13w ago | 8-K | $47.03 $47.30 | ▼ −0.57% | ▲ +0.13% | $66.89 (−42.23%) |
Jul 16, 2026 15w ago | Press Release | $49.95 | awaiting T+1 | awaiting T+1 | $66.89 (+33.91%) |
May 5, 2026 25w ago | 8-K | $42.73 $42.97 | ▲ +0.56% | ▼ −0.82% | $66.89 (+56.54%) |
Apr 21, 2026 27w ago | 8-K | $53.02 $52.98 | ▼ −0.08% | ▼ −1.09% | $66.89 (+26.16%) |
US Market Status
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