Deluxe Corporation reported first quarter 2025 consolidated revenue of $536.5 million, a modest increase of 0.3% compared to $535.0 million in Q1 2024, despite a $6 million headwind from business exits. Net income increased to $14.0 million in Q1 2025 from $10.8 million in Q1 2024.
Adjusted EBITDA remained nearly unchanged at $100.2 million compared to $100.5 million in the prior year quarter, with the Adjusted EBITDA margin at 18.7%. Data Solutions was a standout performer, with revenue surging 29.3% to $77.2 million and Adjusted EBITDA increasing 32.4% to $19.7 million.
The company generated $50.3 million in net cash from operating activities, a significant increase from $26.6 million in Q1 2024, and free cash flow rose by $18.1 million to $24.3 million. Deluxe maintained its full-year 2025 guidance, projecting comparable adjusted revenue growth of -1% to +2%, Adjusted EBITDA growth of 2% to 7%, and Free Cash Flow growth of 20% to 40%.
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