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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Q2 Holdings, Inc. (QTWO). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $216.5M, roughly 1.1× Q2 Holdings, Inc.). Q2 Holdings, Inc. runs the higher net margin — 12.3% vs 4.4%, a 7.9% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 14.1%). Q2 Holdings, Inc. produced more free cash flow last quarter ($44.2M vs $22.7M). Over the past eight quarters, Q2 Holdings, Inc.'s revenue compounded faster (11.9% CAGR vs 5.1%).
Q2 Holdings, Inc. is a global financial technology firm that develops cloud-based digital banking platforms. It serves regional banks, credit unions, and other financial institutions, enabling them to offer secure online and mobile banking experiences to retail and business customers, with core operations based in North America.
CSW vs QTWO — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $216.5M |
| Net Profit | $10.3M | $26.6M |
| Gross Margin | 39.7% | 59.1% |
| Operating Margin | 7.4% | 12.8% |
| Net Margin | 4.4% | 12.3% |
| Revenue YoY | 20.3% | 14.1% |
| Net Profit YoY | -61.9% | 460.5% |
| EPS (diluted) | $0.62 | $0.40 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $216.5M | ||
| Q4 25 | $233.0M | $208.2M | ||
| Q3 25 | $277.0M | $201.7M | ||
| Q2 25 | $263.6M | $195.1M | ||
| Q1 25 | $230.5M | $189.7M | ||
| Q4 24 | $193.6M | $183.0M | ||
| Q3 24 | $227.9M | $175.0M | ||
| Q2 24 | $226.2M | $172.9M |
| Q1 26 | — | $26.6M | ||
| Q4 25 | $10.3M | $20.4M | ||
| Q3 25 | $40.7M | $15.0M | ||
| Q2 25 | $40.9M | $11.8M | ||
| Q1 25 | $35.1M | $4.8M | ||
| Q4 24 | $26.9M | $164.0K | ||
| Q3 24 | $36.1M | $-11.8M | ||
| Q2 24 | $38.6M | $-13.1M |
| Q1 26 | — | 59.1% | ||
| Q4 25 | 39.7% | 55.4% | ||
| Q3 25 | 43.0% | 54.0% | ||
| Q2 25 | 43.8% | 53.6% | ||
| Q1 25 | 44.2% | 53.2% | ||
| Q4 24 | 41.4% | 52.6% | ||
| Q3 24 | 45.6% | 50.9% | ||
| Q2 24 | 47.5% | 50.2% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | 7.4% | 8.1% | ||
| Q3 25 | 20.5% | 5.5% | ||
| Q2 25 | 20.8% | 5.0% | ||
| Q1 25 | 19.5% | 1.2% | ||
| Q4 24 | 15.3% | -0.9% | ||
| Q3 24 | 22.6% | -7.3% | ||
| Q2 24 | 24.3% | -7.9% |
| Q1 26 | — | 12.3% | ||
| Q4 25 | 4.4% | 9.8% | ||
| Q3 25 | 14.7% | 7.5% | ||
| Q2 25 | 15.5% | 6.0% | ||
| Q1 25 | 15.2% | 2.5% | ||
| Q4 24 | 13.9% | 0.1% | ||
| Q3 24 | 15.8% | -6.7% | ||
| Q2 24 | 17.1% | -7.6% |
| Q1 26 | — | $0.40 | ||
| Q4 25 | $0.62 | $0.32 | ||
| Q3 25 | $2.41 | $0.23 | ||
| Q2 25 | $2.43 | $0.18 | ||
| Q1 25 | $2.05 | $0.07 | ||
| Q4 24 | $1.60 | $0.01 | ||
| Q3 24 | $2.26 | $-0.20 | ||
| Q2 24 | $2.47 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $342.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $611.7M |
| Total Assets | $2.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $342.3M | ||
| Q4 25 | $40.2M | $432.7M | ||
| Q3 25 | $31.5M | $568.7M | ||
| Q2 25 | $38.0M | $532.1M | ||
| Q1 25 | $225.8M | $486.0M | ||
| Q4 24 | $213.8M | $446.6M | ||
| Q3 24 | $273.2M | $407.9M | ||
| Q2 24 | $18.9M | $372.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $611.7M | ||
| Q4 25 | $1.1B | $661.8M | ||
| Q3 25 | $1.1B | $622.9M | ||
| Q2 25 | $1.1B | $584.3M | ||
| Q1 25 | $1.1B | $545.5M | ||
| Q4 24 | $1.0B | $517.8M | ||
| Q3 24 | $1.0B | $495.1M | ||
| Q2 24 | $650.2M | $480.7M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.3B | $1.3B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.1B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $56.3M |
| Free Cash FlowOCF − Capex | $22.7M | $44.2M |
| FCF MarginFCF / Revenue | 9.8% | 20.4% |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | 2.11× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $196.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $56.3M | ||
| Q4 25 | $28.9M | $63.7M | ||
| Q3 25 | $61.8M | $45.6M | ||
| Q2 25 | $60.6M | $48.6M | ||
| Q1 25 | $27.3M | $43.5M | ||
| Q4 24 | $11.6M | $43.0M | ||
| Q3 24 | $66.8M | $43.3M | ||
| Q2 24 | $62.7M | $36.0M |
| Q1 26 | — | $44.2M | ||
| Q4 25 | $22.7M | $61.7M | ||
| Q3 25 | $58.7M | $42.9M | ||
| Q2 25 | $57.7M | $47.3M | ||
| Q1 25 | $22.8M | $42.7M | ||
| Q4 24 | $8.5M | $41.6M | ||
| Q3 24 | $61.3M | $40.9M | ||
| Q2 24 | $59.6M | $34.6M |
| Q1 26 | — | 20.4% | ||
| Q4 25 | 9.8% | 29.6% | ||
| Q3 25 | 21.2% | 21.3% | ||
| Q2 25 | 21.9% | 24.3% | ||
| Q1 25 | 9.9% | 22.5% | ||
| Q4 24 | 4.4% | 22.7% | ||
| Q3 24 | 26.9% | 23.3% | ||
| Q2 24 | 26.3% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.0% | ||
| Q3 25 | 1.1% | 1.3% | ||
| Q2 25 | 1.1% | 0.7% | ||
| Q1 25 | 2.0% | 0.4% | ||
| Q4 24 | 1.6% | 0.8% | ||
| Q3 24 | 2.4% | 1.4% | ||
| Q2 24 | 1.4% | 0.8% |
| Q1 26 | — | 2.11× | ||
| Q4 25 | 2.81× | 3.12× | ||
| Q3 25 | 1.52× | 3.03× | ||
| Q2 25 | 1.48× | 4.13× | ||
| Q1 25 | 0.78× | 9.16× | ||
| Q4 24 | 0.43× | 262.41× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
QTWO
| Subscription | $179.9M | 83% |
| Services and Other | $18.8M | 9% |
| Transactional | $17.8M | 8% |
