)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Donnelley Financial Solutions (DFIN) investor relations material
Donnelley Financial Solutions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 net sales were $175.3M, down 2.3% year-over-year, mainly due to declines in tech-enabled services and print, partially offset by a 10.3% increase in software solutions net sales, which reached $90.7M and now represent over half of total sales.
Adjusted EBITDA was $49.5M, up 14.6% year-over-year, with margin expanding to 28.2%, a 410 basis point increase.
GAAP net loss was $40.9M, or $1.49 per diluted share, primarily due to a non-cash pension settlement charge of $82.8M.
Launched new Venue virtual data room and ArcFlex module, enhancing the product portfolio and positioning for future growth.
Recurring compliance software products (ActiveDisclosure and Arc Suite) grew ~16% in aggregate.
Financial highlights
Software solutions net sales grew 10.3% year-over-year, now 51.7% of total sales; total net sales declined by $4.2M, or 2.3%, due to lower print and distribution volumes and capital markets transactional revenue.
Adjusted EBITDA margin increased by 410 basis points year-over-year to 28.2%; gross margin for Q3 2025 was 54.4%, up from 52.4% in Q3 2024.
Adjusted non-GAAP SG&A expense decreased by $7.1M; SG&A as a percentage of net sales was 38.4%, down from 41.2% YoY.
Free cash flow for Q3 was $59.2M; adjusted free cash flow was $71.7M, up $4.4M YoY.
Q3 net loss: $40.9M vs. net earnings of $8.7M in Q3 2024; non-GAAP net earnings were $23.7M, or $0.86 per diluted share.
Outlook and guidance
Q4 2025 guidance: total net sales of $150–$160M, adjusted EBITDA margin of 22–24%, and capital markets transactional net sales of $30–$40M.
Software sales are expected to grow at a double-digit annual rate, with software revenue projected to be ~60% of total revenue by 2028.
EBITDA margin is projected to exceed 30% by 2028, driven by a mix shift to higher-margin software.
Capital expenditures for 2025 expected to be $60–$65M, focused on software development.
Government shutdown has delayed capital markets transactions, impacting Q4 revenue and pushing deal completions into 2026.
Sustaining software growth momentum?
Capital markets transactional revenue outlook?
Capital allocation strategy for remaining authorization?
Post-shutdown, what's the deal activity recovery timeline?
How does semiannual reporting affect ActiveDisclosure?
DFIN's strategy for quality SPAC and de-SPAC deals?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Donnelley Financial Solutions earnings date
Q4 202518 Feb, 2026
Next Donnelley Financial Solutions earnings date
Q4 202518 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Donnelley Financial Solutions Inc provides risk and compliance solutions, including regulatory reporting software, data management platforms, and financial communication services. The company serves public and private companies, law firms, and investment firms across global markets. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage