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DFIN on NYSE

Donnelley Financial Solutions

American financial company

Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets. The company estimated 84% of 2018 revenue coming from the United States, 6% from Europe, 6% from Asia, 3% from Canada, and 1% from the rest of the world.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerDFIN on NYSE1
  • IndustryServices-Miscellaneous Business Services1
  • HeadquartersLancaster, United States1
  • Websitewww.dfinsolutions.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address391 Steel Way, Lancaster, Pa 176015
  • Filer categoryLarge accelerated filer5
  • LEI549300O1NPY4J56QCU044
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 58977844

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Donnelley Financial Solutions image from its website
Image: dfinsolutions.com8

Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.4%Operating margin9
4.2%Net margin9
-1.9%Revenue growth, 20259
8.5%Return on equity9
0.44×Debt to equity9
$107.8MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Software Solutions brought in 47% of the revenue Donnelley Financial Solutions broke down this way in fiscal 2025.

  1. Software Solutions$358.4M947%up 9% from 2024
  2. Technology Service$298.3M939%down 7% from 2024
  3. Print And Distribution Service$110.3M914%down 16% from 2024
Products and services by year
Products and services202320242025
Software Solutions$292.7M$329.7M$358.4M
Technology Service$336.9M$320.8M$298.3M
Print And Distribution Service$167.6M$131.4M$110.3M

Business segments

Capital Markets Compliance And Communications Management brought in 39% of the revenue Donnelley Financial Solutions broke down this way in fiscal 2025.

  1. Capital Markets Compliance And Communications Management$296.2M939%down 8% from 2024
  2. Capital Markets Software Solutions$230.0M930%up 8% from 2024
  3. Investment Companies Software Solutions$128.4M917%up 11% from 2024
  4. Investment Companies Compliance And Communications Management$112.4M915%down 14% from 2024
Business segments by year
Business segments202320242025
Capital Markets Compliance And Communications Management$355.4M$321.7M$296.2M
Capital Markets Software Solutions$185.9M$213.6M$230.0M
Investment Companies Software Solutions$106.8M$116.1M$128.4M
Investment Companies Compliance And Communications Management$149.1M$130.5M$112.4M

Regions

United States brought in 89% of the revenue Donnelley Financial Solutions broke down this way in fiscal 2025.

  1. United States$684.8M989%down 2% from 2024
  2. Europe$29.5M94%up 3% from 2024
  3. Canada$26.1M93%down 2% from 2024
  4. Asia$24.7M93%down 4% from 2024
  5. Other Geographic Area$1.9M90%up 6% from 2024
Regions by year
Regions202320242025
United States$698.1M$699.2M$684.8M
Europe$31.0M$28.7M$29.5M
Canada$29.6M$26.6M$26.1M
Asia$36.6M$25.6M$24.7M
Other Geographic Area$1.9M$1.8M$1.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin36¢$277.9M
  • Other costs56¢$433.1M
  • Interest2¢$12.9M
  • Income tax1¢$10.7M
  • Profit4¢$32.4M

Out of $767.0M in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending24¢$57.1M
  • Share buybacks76¢$185.0M

Out of $164.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue101112139$767.0M in 2025−12% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $874.7M$874.7M20192020: $894.5M$894.5M2020+2%2021: $993.3M$993.3M2021+11%2022: $833.6M$833.6M2022−16%2023: $797.2M$797.2M2023−4%2024: $781.9M$781.9M2024−2%2025: $767.0M$767.0M2025−2%
Operating income101112139$141.1M in 2025+80% since 2019
0$100.0M$200.0M$300.0M2019: $78.5M$78.5M20192020: $3.6M$3.6M2020−95%2021: $219.3M$219.3M2021+5992%2022: $145.0M$145.0M2022−34%2023: $110.0M$110.0M2023−24%2024: $136.6M$136.6M2024+24%2025: $141.1M$141.1M2025+3%
Net income101112139$32.4M in 2025−14% since 2019
-$50.0M0$50.0M$100.0M$150.0M2019: $37.6M$37.6M20192020: -$25.9M-$25.9M20202021: $145.9M$145.9M20212022: $102.5M$102.5M2022−30%2023: $82.2M$82.2M2023−20%2024: $92.4M$92.4M2024+12%2025: $32.4M$32.4M2025−65%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Total net sales$767.0M$781.9M$797.2M
Total cost of sales$280.4M$297.9M$333.3M
Selling, general and administrative expenses$277.9M$290.9M$282.1M
Depreciation and amortization$59.3M$60.2M$56.7M
Restructuring, impairment and other charges, net$10.4M$6.6M$9.8M
Other operating (income) loss, net-$2.1M-$10.3M$5.3M
Income from operations$141.1M$136.6M$110.0M
Interest expense, net$12.9M$12.9M$15.8M
Pension plan settlement charge$82.8M$0$0
Investment and other loss (income), net$2.3M-$1.4M-$7.8M
Earnings before income taxes$43.1M$125.1M$102.0M
Income tax expense$10.7M$32.7M$19.8M
Net earnings$32.4M$92.4M$82.2M
Basic$1.18$3.16$2.81
Diluted$1.15$3.06$2.69
Basic27.5M shares29.2M shares29.3M shares
Diluted28.2M shares30.2M shares30.6M shares

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Corporate structure

Donnelley Financial Solutions sits at the top of its group. 22 entities, 14 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Donnelley Financial Solutions

  • Donnelley Financial Solutions Lancaster, Pennsylvania, United States
    • Bowne International, L.L.C. Subsidiary · Delaware, United States
    • DFS International Holdings, Inc. Subsidiary · Delaware, United States
    • Donnelley Financial Data Solutions Deutschland GmbH Subsidiary · Frankfurt am Main, Germany
    • Donnelley Financial Solutions Canada Corporation Subsidiary · Nova Scotia, Canada
    • Donnelley Financial Solutions do Brasil Ltda. Subsidiary · Brazil
    • Donnelley Financial Solutions France SARL Subsidiary · Paris, France
    • Donnelley Financial Solutions Group UK Limited Subsidiary · United Kingdom
    • Donnelley Financial Solutions Holdings UK Limited Subsidiary · United Kingdom
    • Donnelley Financial Solutions Hong Kong Limited Subsidiary · Hong Kong
    • Donnelley Financial Solutions Ireland Limited Subsidiary · Ireland
    • Donnelley Financial Solutions Luxembourg S.a r.l (Donnelley Financial Solutions Luxembourg S.à r.l) Subsidiary · Luxembourg, Luxembourg
    • Donnelley Financial Solutions Luxembourg SARL Subsidiary · Luxembourg
    • Donnelley Financial Solutions Poland sp. z o.o. Subsidiary · Poland
    • Donnelley Financial Solutions Singapore Pte. Ltd. Subsidiary · Singapore
    • DONNELLEY FINANCIAL SOLUTIONS UK LIMITED Subsidiary · London, United Kingdom
    • Donnelley Financial, LLC Subsidiary · Lancaster, Pennsylvania, United States
      • DONNELLEY FINANCIAL SOLUTIONS IRELAND LIMITED Subsidiary · Dublin, Ireland
    • Donnelley Translation Services (Shanghai) Co., Ltd. Subsidiary · China
    • LATFIN Holdings, LLC Subsidiary · Delaware, United States
    • Roman Financial Press (Holdings) Limited Subsidiary · British Virgin Islands
    • RR Donnelley International de Mexico, S.A. de C.V. Subsidiary · Mexico

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Donnelley Financial Solutions reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$71.6M9 Dec 31, 2025$71.4M9 Dec 31, 2024+0.3%
Accumulated depreciation$62.8M9 Dec 31, 2025$62.5M9 Dec 31, 2024+0.5%
Property and equipment, net$8.8M9 Dec 31, 2025$8.9M9 Dec 31, 2024−1.1%
Finance-lease assets$3.9M9 Dec 31, 2025$2.9M9 Dec 31, 2024+34.5%
Operating-lease assets (leased space)$7.6M9 Dec 31, 2025$12.3M9 Dec 31, 2024−38.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$24.5M9 Dec 31, 2025$57.3M9 Dec 31, 2024−57.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$405.8M9 Dec 31, 2025$405.4M9 Dec 31, 2024+0.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$5.6M9 Dec 31, 2025$4.4M9 Dec 31, 2024+27.3%
Work in process$1.6M9 Dec 31, 2025$1.1M9 Dec 31, 2024+45.5%

Properties, in its own words

The Company’s corporate office is located at 391 Steel Way, Lancaster, Pennsylvania, 17601. As of December 31, 2025, the Company leased or owned 6 U.S. facilities encompassing approximately 0.3 million square feet. The Company leased 6 international facilities encompassing less than 0.1 million square feet in Asia and Europe. Of the Company’s worldwide facilities, approximately 0.2 million square feet of space was owned, while the remaining 0.1 million square feet of space was leased.

Item 2 of the 10-K filed Feb 17, 2026.17

The story

Originally established in 1983 as the financial business unit of RR Donnelley, Donnelley Financial Solutions (DFIN) was spun off as an independent company in October 2016.

In December 2018, DFIN acquired eBrevia, a provider of artificial intelligence-based data extraction and contract analytics software.

In December 2021, DFIN acquired Guardum, a provider of data security and privacy software which has been integrated into its Venue virtual data room.

From Wikipedia’s article on Donnelley Financial Solutions, shared under CC BY-SA 4.0.6

Leadership

Who has led Donnelley Financial Solutions, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Daniel Leib2016–now

President

  1. Suzanne S. Bettman2016
  2. Craig Clay2021–now

Chief financial officer

  1. David A. Gardella2016–now

Chief operating officer

  1. Thomas F. Juhase2016–2020
20202025
Board members and other officers (19)

Products and brands

Global Capital Markets (GCM)

DFIN's Global Capital Markets business provides software and services to corporate and financial services clients. The company's ActiveDisclosure product is used by corporate clients to create and manage SEC filings, either on an ongoing basis or in preparation for an IPO. The Venue product provides virtual dataroom services to facilitate information sharing in M&A transactions, while the eBrevia product line (acquired in December 2018) provides AI-based contract analysis. The company also owns EDGAR Online, which provides the investment community online access to the data within SEC filings. The GCM segment made up 65% of DFIN's 2018 revenue.

Global Investment Markets (GIM)

DFIN's Global Investment Markets (GIM) business provides software and services to investment management businesses, including United States based mutual funds, hedge and alternative investment funds, insurance companies and overseas investment structures for collective investments. The company also provides products to third-party service providers and custodians who support investment managers, and sells products and distribution services to broker networks and financial advisors. The company's products include FundSuiteArc, a cloud-based platform for assembling and managing information required by regulators, and Mediant, a software suite that allows brokers and financial advisors to monitor and manage shareholder communications. The GIM segment made up 35% of the company's 2018 revenue.

From Wikipedia’s article on Donnelley Financial Solutions, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bowne International, L.L.C. Delaware7
  • DFS International Holdings, Inc. Delaware7
  • Donnelley Financial Solutions Canada Corporation Nova Scotia7
  • Donnelley Financial Solutions France Sarl France7
  • Donnelley Financial Solutions Group UK Limited England and Wales7
  • Donnelley Financial Solutions Holdings UK Limited England7
  • Donnelley Financial Solutions Hong Kong Limited Hong Kong7
  • Donnelley Financial Solutions Ireland Limited Ireland7
  • Donnelley Financial Solutions Luxembourg SARL Luxembourg7
  • Donnelley Financial Solutions Poland sp. z o.o. Poland7
  • Donnelley Financial Solutions Singapore Pte. Ltd. Singapore7
  • Donnelley Financial Solutions UK Limited England and Wales7
  • Donnelley Financial Solutions do Brasil Ltda. Brazil7
  • Donnelley Financial, LLC Delaware7
  • Donnelley Translation Services (Shanghai) Co., Ltd. China7
  • LATFIN Holdings, LLC Delaware7
  • RR Donnelley International de Mexico, S.A. de C.V. Mexico7
  • Roman Financial Press (Holdings) Limited British Virgin Islands7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 30, 20268-K Results of operations40
  2. May 14, 20268-K Executive or director change; Shareholder vote; Other events41
  3. May 5, 20268-K Results of operations42
  4. Apr 21, 20268-K Other events43
  5. Feb 17, 20268-K Results of operations44
  6. Oct 29, 20258-K Results of operations45
  7. Oct 23, 20258-K Results of operations46
  8. Jul 31, 20258-K Results of operations47
  9. May 19, 20258-K Shareholder vote; Other events48
  10. Apr 30, 20258-K Results of operations49
  11. Mar 14, 20258-K New debt or obligation; Executive or director change50
  12. Feb 18, 20258-K Results of operations51
  13. Sep 20, 2016New chief executive Daniel Leib becomes CEO18
  14. Feb 22, 2016Founded Donnelley Financial Solutions is founded4

Calendar

Coming up

  1. Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.68 a share, on Oct 29, 2025.52

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results40
  2. May 5, 2026Reported quarterly or annual results42
  3. Feb 17, 2026Reported quarterly or annual results44
  4. Oct 29, 2025Reported quarterly or annual results45
  5. Oct 23, 2025Reported quarterly or annual results46
  6. Jul 31, 2025Reported quarterly or annual results47
  7. Apr 30, 2025Reported quarterly or annual results49
  8. Feb 18, 2025Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

332 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 35 major events, 183 insider forms, 28 large holders, 66 other. The latest 20:

  1. Sep 17, 20264 EDGAR
  2. Sep 8, 20264 EDGAR
  3. Sep 3, 2026144 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 21, 20264 EDGAR
  6. Aug 19, 2026144 EDGAR
  7. Aug 18, 20264 EDGAR
  8. Aug 18, 20264 EDGAR
  9. Aug 14, 2026144 EDGAR
  10. Jul 31, 2026SCHEDULE 13G/A EDGAR
  11. Jul 30, 202610-Q EDGAR
  12. Jul 30, 20268-K EDGAR
  13. Jul 6, 20264 EDGAR
  14. Jul 6, 20263 EDGAR
  15. May 29, 2026SD EDGAR
  16. May 15, 20264 EDGAR
  17. May 15, 20264 EDGAR
  18. May 15, 20264 EDGAR
  19. May 15, 20264 EDGAR
  20. May 15, 20264 EDGAR

The 332 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

120 open-market trades by officers, directors and large owners since October 2021: 10 buys and 110 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2026Williams Robert KirkChief People & Intl OfficerSale16,450$48.77$802.3KForm 4
Sep 2, 2026BINZ JOSEPH LEODirectorBuy5,780$47.75$276.0KForm 4
Sep 1, 2026BINZ JOSEPH LEODirectorBuy15,000$48.26$724.0KForm 4
Aug 19, 2026Leib DanielChief Executive OfficerSale9,787$50.00$489.4KForm 4
Aug 14, 2026Leib DanielChief Executive OfficerSale213$50.00$10.7KForm 4
Mar 6, 2026Johnson Eric JPresident, GICSale20,280$50.16$1.0MForm 4
Mar 4, 2026Williams Robert KirkChief People & Intl OfficerSale7,684$52.03$399.8KForm 4
Mar 3, 2026Williams Robert KirkChief People & Intl OfficerSale4,237$52.29$221.6KForm 4
Feb 26, 2026Leib DanielChief Executive OfficerSale10,000$50.36$503.6KForm 4
Aug 27, 2025Aguilar Luis ADirectorSale7,421$56.71$420.8KForm 4
Aug 14, 2025Leib DanielChief Executive OfficerSale20,000$55.54$1.1MForm 4
Jun 10, 2025Williams Robert KirkChief People & Intl OfficerSale10,000$56.54$565.4KForm 4
May 23, 2025Clay CraigSenior AdvisorSale11,022$54.03$595.5KForm 4
May 21, 2025Johnson Eric JPresident, GICSale14,475$54.63$790.8KForm 4
May 20, 2025Johnson Eric JPresident, GICSale5,000$54.63$273.1KForm 4
May 16, 2025Leib DanielChief Executive OfficerSale13,700$55.11$755.0KForm 4
May 15, 2025Leib DanielChief Executive OfficerSale35,000$54.86$1.9MForm 4
May 7, 2025Williams Robert KirkChief People & Intl OfficerSale4,703$52.09$245.0KForm 4
Feb 24, 2025Leib DanielChief Executive OfficerSale25,000$50.14$1.3MForm 4
Feb 21, 2025GREENFIELD GARY GDirectorBuy1,000$48.89$48.9KForm 4

All 120 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Daniel N. Leib$850.0K$8.5M59
2025David A. Gardella$485.0K$3.5M59
2025Craig D. Clay$485.0K$3.3M59
2025Eric J. Johnson$460.0K$2.8M59
2025Robert K. Williams$450.0K$2.3M59
2024President and Chief$850.0K$9.1M59
2024PresidentGlobal$485.0K$3.8M59
2024Chief Financial Officer$485.0K$3.8M59
2024Chief People and$450.0K$2.5M59
2023Executive Officer$815.0K$6.8M59
2023Capital Markets$470.0K$3.0M59
2023Chief Financial Officer$470.0K$3.0M59
2023Investment Companies$440.0K$2.3M59
2023Administrative Officer$425.0K$1.7M59

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,937,601$165.2M0.0%−57,728
State Street Corp1,200,445$50.4M0.0%+39,571
Vanguard Capital Management LLC1,056,961$44.3M0.0%−57,959
Alberta Investment Management Corp1,052,611$44.2M0.3%+200,000
Morgan Stanley820,801$34.4M0.0%−127,818
Rice Hall James & Associates, LLC775,119$32.5M1.6%−4,918
Dimensional Fund Advisors LP699,080$29.3M0.0%+12,749
Geode Capital Management, LLC633,806$26.6M0.0%+7,389
William Blair Investment Management, LLC631,933$26.5M0.1%+86,449
Fuller & Thaler Asset Management, Inc.629,252$26.4M0.1%+166,580
Arrowstreet Capital, Limited Partnership562,516$23.6M0.0%+490,614
Qube Research & Technologies Ltd530,227$22.2M0.0%+423,448
Algert Global LLC529,983$22.2M0.3%+252,383
Vanguard Portfolio Management LLC516,410$21.7M0.0%+13,751
Boston Trust Walden Corp449,160$18.8M0.1%−17,919
Royce & Associates LP434,271$18.2M0.1%−14,679
Charles Schwab Investment Management Inc429,256$18.0M0.0%−3,662
Shapiro Capital Management LLC425,415$17.8M1.1%−22,973
Frontier Capital Management Co LLC419,466$17.6M0.2%−234,352
Northern Trust Corp397,329$16.7M0.0%−21,354
Ophir Asset Management Pty Ltd368,192$15.4M1.3%+259,527
Mawer Investment Management Ltd.347,156$14.6M0.1%−76,548
Goldman Sachs Group Inc333,164$14.0M0.0%−81,148
Jpmorgan Chase & Co330,056$13.8M0.0%−5,111
Access Investment Management LLC306,305$12.8M3.3%+72,470

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Donnelley Financial Solutions is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDonnelley Financial Solutions, Inc.2
  • CIK0001669811
  • Employer ID (EIN)36-482963817
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)7380 Services-Miscellaneous Business Services2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address391 Steel Way, Lancaster, PA 176012
  • Phone800-823-53042
  • Shares outstanding24,585,383 as of Jul 24, 202615
  • Public float$1.6B as of Jun 30, 202517
  • AuditorDeloitte & Touche LLP, Chicago, Illinois PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceMar 31, 20162
  • Filings633 in all: 4 (291), 8-K (81), 144 (37), SC 13G/A (33), 10-Q (30), 3 (26), 4/A (12), CORRESP (12)2
    All 34 form types

    SC 13D/A (11), UPLOAD (11), 10-K (10), DEF 14A (10), SD (10), SC 13G (9), 10-12B/A (8), DEFA14A (7), 3/A (5), S-8 (5), SCHEDULE 13G/A (5), ARS (4), EFFECT (2), S-1/A (2), 10-12B (1), 424B3 (1), 424B4 (1), 8-K/A (1), CERTNYS (1), PRE 14A (1), S-1 (1), S-1MEF (1), S-4 (1), S-4/A (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 17, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Jul 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock (Par Value $0.01)DFINNYSE

From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Donnelley Financial Solutions names in Item 1A of its 10-K filed Feb 17, 2026: 28 risks under these headings, as written.17

  • Technology Risks
  • The Company’s failure to maintain the confidentiality, integrity and availability of its systems, software and solutions could seriously damage the Company’s reputation and affect its ability to retain clients and attract new business.
  • The Company’s business may be adversely affected if it fails to adapt to technological changes and address the changing demands of clients, including those related to AI.
  • Some of DFIN’s systems, operations and infrastructure rely on third parties or are supported by third-party hardware, software and data storage. The Company’s business and reputation could suffer due to negative effects of poor availability, reliability, quality, security or other performance issues of these third-party systems and services.
  • In the event of a material disruptive event, the Company’s disaster recovery and business continuity plans may fail, which could adversely interrupt operations.
  • If the Company is unable to protect its proprietary technology and other rights, the value of DFIN’s business and its competitive position may be impaired.
  • Undetected errors or failures found in DFIN’s services and products may result in loss of or delay in market acceptance of the services and products, a need for non-billable customer service and support or other effects that could negatively impact its business.
  • Business, Economic, Market and Operating Risks
  • A significant part of the Company’s business is derived from the use of DFIN’s services and products in connection with financial and strategic business transactions. Trends that affect the volume of these transactions may negatively impact the demand for DFIN’s services and products.
  • The quality of the Company’s customer support and services offerings is important to the Company’s clients, and if the Company fails to offer high quality customer support and services, clients may not use DFIN’s solutions resulting in a potential decline in net sales.
  • A substantial part of the Company’s business depends on clients continuing their use of DFIN’s services and products. Any decline in the Company’s client retention would harm the Company’s future operating results.
  • A failure to successfully develop, introduce or integrate new offerings or enhancements to DFIN’s services and products platforms, systems or applications, may harm DFIN’s reputation, and cause its net sales and operating income to suffer.
The other 18 risks
  • The highly competitive market for DFIN’s services and products, clients’ budgetary constraints and industry fragmentation may create adverse price dynamics.
  • The Company may be unable to hire and retain talented employees, including management.
  • The Company’s reliance on strategic relationships as part of its business strategy may adversely affect the development of DFIN’s business in those areas.
  • The trend of increasing costs to provide health care and other benefits to employees and retirees may continue.
  • DFIN’s business is dependent upon brand recognition and reputation, and the failure to maintain or enhance the Company’s brand or reputation would likely have an adverse effect on its business.
  • There are risks associated with operations outside the United States.
  • The Company may become liable for funding obligations arising from multi-employer pension plans (“MEPP”) obligations of the Company’s former affiliates.
  • Financing and Financial Risks
  • The Company’s indebtedness may adversely affect the Company’s business and results of operations, financial position and cash flows.
  • The agreements and instruments that govern the Company’s debt impose restrictions that may limit the Company’s operating and financial flexibility.
  • The Company may be able to incur significantly more debt.
  • Adverse credit market conditions may limit the Company’s ability to obtain future financing.
  • The Company is exposed to risks related to potential adverse changes in currency exchange rates.
  • Fluctuations in DFIN’s operating results or unfavorable commentary in the research and reports that equity research analysts publish about the Company or algorithmic trading may negatively affect the Company's stock price.
  • The future sale of shares of the Company’s common stock may negatively affect the stock price.
  • The Company’s management, subject to the Board’s oversight in certain circumstances, has broad discretion in the use of its existing cash resources and may not use such funds effectively.
  • Global economic and political conditions, including global health crises, geopolitical instability and government shutdowns, broad trends in business and finance that are beyond the Company’s control may have a material impact on its business operations and those of DFIN’s clients and contribute to reduced levels of activity in the securities markets, which could adversely impact the Company’s results of operations.
  • Legal and Regulatory Risks
  • Modifications in the rules and regulations to which clients or potential clients are subject to may impact the demand for the Company’s services and products offerings.
  • Increasing regulatory focus on privacy issues and expanding laws could impact DFIN’s software solutions and expose the Company to increased liability.

Legal proceedings

For a discussion of certain litigation involving the Company, see Note 8, Commitments and Contingencies, to the audited Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.17

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