Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Q2 Holdings reported its fourth quarter and full year 2025 financial results highlighting continued execution in bookings, revenue growth, profitability, and free cash flow generation.</li><li>The company achieved 16% year-over-year growth in subscription revenue in Q4 and expanded adjusted EBITDA margins by over 400 basis points year-over-year, generating $56.6 million in free cash flow for the quarter.</li><li>The fourth quarter marked the company’s second-largest bookings quarter, following a record third quarter, with eight Tier 1 and enterprise deals that included comprehensive product purchases and expansions with large financial institutions such as a $40 billion digital banking customer and a top 5 credit union.</li></ul>

Q2 Holdings reported its fourth quarter and full year 2025 financial results highlighting continued execution in bookings, revenue growth, profitability, and free cash flow generation.The company achieved 16% year-over-year growth in subscription revenue in Q4 and expanded adjusted EBITDA margins by over 400 basis points year-over-year, generating $56.6 million in free cash flow for the quarter.The fourth quarter marked the company’s second-largest bookings quarter, following a record third quarter, with eight Tier 1 and enterprise deals that included comprehensive product purchases and expansions with large financial institutions such as a $40 billion digital banking customer and a top 5 credit union.

Q2 Holdings Is Unlocking “Found Money” From System Conversions—But How Big Can This Hidden Opportunity Become?

<ul><li>Q2 Holdings reported a solid financial performance for the third quarter of 2025, showcasing revenue of $202 million, a 15% increase year-over-year, and adjusted EBITDA of $49 million, which translates to a margin of 24.2%.</li><li>Additionally, the company produced a free cash flow of $37 million, marking a positive financial trend.</li><li>The revenue growth is predominantly attributed to an increase in subscription-based revenues, which grew by 18% year-over-year, making up 82% of the total revenue, reflecting a strategic shift toward this higher-margin revenue stream.</li></ul>

Q2 Holdings reported a solid financial performance for the third quarter of 2025, showcasing revenue of $202 million, a 15% increase year-over-year, and adjusted EBITDA of $49 million, which translates to a margin of 24.2%.Additionally, the company produced a free cash flow of $37 million, marking a positive financial trend.The revenue growth is predominantly attributed to an increase in subscription-based revenues, which grew by 18% year-over-year, making up 82% of the total revenue, reflecting a strategic shift toward this higher-margin revenue stream.

Q2 Holdings Is Leveraging Big Data—How Will Its 27 Million-User Advantage Reshape AI Adoption?

<ul><li>Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.</li><li>The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.</li><li>This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.</li></ul>

Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!

<ul><li>Q2 Holdings reported strong first-quarter results for 2025, showcasing stronger-than-expected financial performance and significant growth across several metrics.</li><li>The company achieved a 15% year-over-year increase in revenue to $189.7 million, exceeding the high end of their guidance, and delivered a substantial adjusted EBITDA of $40.7 million, indicating healthy profitability.</li><li>One of the positive takeaways from the quarter was Q2 Holdings' success in securing several major deals, including five total Enterprise and Tier 1 contracts, with notable expansion activities among existing clients.</li></ul>

Q2 Holdings reported strong first-quarter results for 2025, showcasing stronger-than-expected financial performance and significant growth across several metrics.The company achieved a 15% year-over-year increase in revenue to $189.7 million, exceeding the high end of their guidance, and delivered a substantial adjusted EBITDA of $40.7 million, indicating healthy profitability.One of the positive takeaways from the quarter was Q2 Holdings' success in securing several major deals, including five total Enterprise and Tier 1 contracts, with notable expansion activities among existing clients.

Q2 Holdings Inc.: Reinventing Commercial Banking with Powerful All-in-One Platform Strategy!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our view remains bullish as long as the S&amp;P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&amp;P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductors, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Software, Data Analysis &amp; Solutions, Software, E-Commerce.</p>

Our view remains bullish as long as the S&amp;P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&amp;P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. In today’s report we highlight attractive Groups and stocks within Technology: Semiconductors, Mid-Cap, Semiconductor Equip., Large/Mid-Cap, Software, Data Analysis &amp; Solutions, Software, E-Commerce.

U.S. Equity Strategy: S&P 500 A Coiled Spring

United States

Q2 Holdings Inc is a provider of secure, cloud-based virtual banking solutions. The Company enables regional and community financial institutions, or RCFIs, to deliver a suite of integrated virtual banking services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Q2 Holdings Inc (QTWO US)

Q2 Holdings Is Unlocking “Found Money” From System Conversions—But How Big Can This Hidden Opportunity Become?

Q2 Holdings reported its fourth quarter and full year 2025 financial results highlighting continued execution in bookings, revenue growth,...

Baptista Research

Q2 Holdings Is Leveraging Big Data—How Will Its 27 Million-User Advantage Reshape AI Adoption?

Q2 Holdings reported a solid financial performance for the third quarter of 2025, showcasing revenue of $202 million, a 15% increase...

Baptista Research

Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!

Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas. The company...

Baptista Research

Q2 Holdings Inc.: Reinventing Commercial Banking with Powerful All-in-One Platform Strategy!

Q2 Holdings reported strong first-quarter results for 2025, showcasing stronger-than-expected financial performance and significant growth across...

Baptista Research

U.S. Equity Strategy: S&P 500 A Coiled Spring

Our view remains bullish as long as the S&P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)