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DFIN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Donnelley Financial Solutions, Inc. (DFIN) stock moving?
DFIN jumped after its Q3 2026 report on Oct 29. The stock closed at $61.07, up about 15% from $53.12, on volume of roughly 710K shares versus a typical 200–300K. It rose again to $66.89 on Oct 30 and peaked at $72.04 intraday on Nov 4 before settling near $68. The beat was broad: Adjusted EPS of $1.07 versus $0.84 expected, sales of $185.0M versus $179.9M, Adjusted EBITDA of $54.4M (up 9.9%, margin 29.4%), and free cash flow of $85.8M (up 44.9%). Management guided Q4 revenue to $175M–$180M, above the $170.9M consensus. The company also repurchased 146,672 shares for about $6.9M at $46.98 on average, with $118.5M left on its $150M authorization, and gross leverage is low at 0.5x. Needham ($72) and DA Davidson ($76) both reiterated Buy ratings and raised targets. Against that, two officers sold more than $6.8M of stock on Nov 4, and top-line growth of 5.5% is modest. Since the Oct 30 peak, volume has faded back to about 185K–245K shares and the price has held in a $66–$68 range. Current price of $68.02 sits about 6% below the Needham target and about 12% below DA Davidson's.
News behind the analysis
- Donnelley Financial Solutions Insiders Sell Shares Worth Over $6.8 MillionChief Accounting Officer Turner Kami and Senior Advisor Clay Craig sold a combined $6.8M+ of common stock on Nov 4, 2026.
- Analysts Update Price Targets for Donnelley Financial Solutions, Inc.Needham and DA Davidson kept Buy ratings and raised price targets after the Q3 2026 earnings report.
- DA Davidson Maintains Buy on Donnelley Financial Solns, Raises Price Target to $76DA Davidson reaffirmed its Buy rating and raised its price target from $62 to $76.
- Needham Maintains Buy on Donnelley Financial Solns, Raises Price Target to $72Needham reaffirmed its Buy rating and raised its price target to $72 after Q3 results.
- Donnelley Financial Solns Q3 2026 Earnings Call TranscriptManagement discussed Q3 2026 results, including 5.5% net sales growth and Adjusted EBITDA margin expansion.
- DFIN Reports Third-Quarter 2026 ResultsNet sales rose 5.5% to $185.0M, Adjusted EBITDA rose 9.9% to $54.4M, and free cash flow rose 44.9% to $85.8M.
- Donnelley Financial Solutions, Inc. Provides Q4 Revenue OutlookQ4 2026 revenue guidance of $175.0M to $180.0M was above the $170.9M consensus estimate.
- Donnelley Financial Solns Q3 Adj. EPS $1.07 Beats $0.84 Estimate, Sales $185.000M Beat $179.914M EstimateAdjusted EPS of $1.07 beat the $0.84 estimate, and sales of $185.0M beat the $179.9M estimate.
About Donnelley Financial Solutions, Inc.
Donnelley Financial Solutions (DFIN) is a Chicago-based company that provides software and services to help public companies, investment funds and dealmakers prepare, file and share regulatory documents such as SEC filings, IPO prospectuses and fund reports. It was spun off from printing company R.R. Donnelley in 2016 and has since shifted away from printing toward software such as ActiveDisclosure, Arc Suite and the Venue virtual data room, which made up about 45–50% of sales in 2026.
How it makes money
DFIN reports four segments: software for capital markets (Venue data rooms and ActiveDisclosure filing tools) and for investment companies (Arc Suite for mutual fund reporting), plus tech-enabled services and print/distribution work for each of those groups. Software makes up roughly 44–52% of quarterly sales, depending on the quarter. The rest comes from services for deals and filings, plus printing and mailing, for example proxy materials. Quarterly revenue in 2026 was about $185–225 million.
What usually moves DFIN
- IPO and M&A deal volumes
- Growth in software sales such as ActiveDisclosure
- SEC regulatory and disclosure rule changes
- Ongoing decline in print and distribution work
- Share buybacks and profit margins