Revenue: $439.968 million; YoY +15.16%, QoQ -3.05% (Q1 2025 vs Q1 2024 and Q4 2024 respectively). Gross Profit: $352.623 million; Gross Margin: 80.15%; YoY Gross Profit +18.09%, QoQ -3.19%. Operating Income: $179.528 million; Operating Margin: 40.80%; YoY +18.61%, QoQ -8.95%. Net Income: $152.528 million; Net Margin: 34.67%; YoY +25.99%, QoQ +12.41%. EPS (diluted): $6.14; EPS: $6.26; YoY +28.02%, QoQ +13.00%. EBITDA: $183.152 million; EBITDA Margin: 41.63%.
Cash Flow and liquidity: Net cash provided by operating activities $193.997 million; Free cash flow $186.826 million; Cash at end of period $184.254 million; Net change in cash $33.587 million; Capital expenditures $7.171 million; CFO per share $7.96; Free cash flow per share $7.66. Financing and investing activities reflected stock repurchases of $162.581 million and debt repayments of $211.228 million, with net cash used in financing activities at $144.218 million and net debt of $2.2577 billion.
Balance sheet and leverage: Total assets $1.707 billion; Total liabilities $2.845 billion; Shareholder equity negative at approximately -$1.138 billion; Goodwill $775.6 million; Long-term debt $2.427 billion; Cash and cash equivalents $184.254 million; Current ratio 1.798x; Debt ratio 1.431x; Interest coverage 6.09x. These figures reflect a highly leveraged balance sheet even as the business generates solid quarterly profits and cash flow. Growth drivers remain the high-margin Software and FICO Platform segments, with a continued emphasis on cross-sell into analytics-enabled decisioning across markets.
Market and valuation context: The QQ1 2025 results show a premium multiple relative to several technology peers. The reported price-to-earnings (P/E) ratio is markedly higher than several cross-asset peers in the data set (e.g., P/E ranges from mid-teens to mid-30s for listed peers), reflecting investor confidence in FICO’s durable software margins and platform strategy. Price-to-sales is elevated at ~110x, consistent with a high-growth software analytics franchise, while price-to-book and book value-based metrics remain negative due to the balance sheet construct (negative equity) despite strong cash generation. Investors should weigh the company’s robust profit and cash generation against the debt burden and negative equity backdrop.