What move does the options market price into Q2's report?

Implied ±17.2%, either direction · provisional.

How often does Q2 move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

QTWONYSEServices-Prepackaged Software

Q2 Holdings, Inc. (QTWO) earnings date, market-implied expected move, and options open interest by expiry

74.34

+3.11 · +4.37%

post 74.07 −0.36%

Closed16:00 ET

Open71.81Volume1.1MMkt cap$4.6BP/E41.85EPS1.77

Day71.81 – 74.7477%52-wk40.79 – 76.2494%

QTWO

Q2 Holdings, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±17.2%implied · straddle

61.6487.30

spot 74.47exp Feb 19ATM strike 75ATM straddle 15.10IV 47%

Nov 4 closeprovisional

Expected move

Inputs

Next report

Feb 10

after close · in 97 days

est.Q4 FY26

Calendar

Next report

Last report

−3.87%

vs ±10.7% implied · ×0.36

shaded = implied · ▲▼ = realized

Oct 28 '26 · confirmed

Implied vs realized

Linked news

7hMSFT · supplierMicrosoft announces change to director slate for Annual Shareholders Meeting
8hAMZN · supplierMicrosoft and Amazon combine for a $400 billion market-cap boost — and these factors show why
11hCRM · supplierAIMG® Sizes AI Governance Platforms Market at $12.5 Billion by 2030; Microsoft, Databricks and Salesforce Top AI LeaderMap®

News

Largest filed tie

13F top-10 QoQ

+12.59%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

329 managers

Top fund weight

0.09%

QTWO weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Q2 (QTWO) is expected to report on Feb 10 after close (estimated date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±9.7%
avg realized: ±6.9%

Feb 12 '25Feb 12 '25confirmed±8.6%▲+0.91%×0.11

May 7 '25May 7 '25confirmed±9.1%▲+13.05%×1.43

Jul 30 '25Jul 30 '25confirmed±8.2%▼−9.77%×1.19

Nov 5 '25Nov 5 '25confirmed±9.1%▲+14.81%×1.63

Feb 11 '26Feb 11 '26confirmed±10.4%▼−7.36%×0.71

Q1 FY26Apr 29 '26confirmed±10.7%▼−3.35%×0.31

Q2 FY26Jul 29 '26confirmed±10.8%▼−2.23%×0.21

Q3 FY26Oct 28 '26confirmed±10.7%▼−3.87%×0.36

quarterimplied−15%0+15%realized×

Q3 FY26±10.7%▼−3.87%×0.36

Q2 FY26±10.8%▼−2.23%×0.21

Q1 FY26±10.7%▼−3.35%×0.31

Feb '26±10.4%▼−7.36%×0.71

Nov '25±9.1%▲+14.81%×1.63

Jul '25±8.2%▼−9.77%×1.19

2 older reports

May '25±9.1%▲+13.05%×1.43

Feb '25±8.6%▲+0.91%×0.11

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 3 close

0.08OI · 3 expiries · Nov 3 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

195−1%Nov 2015d0.61319−10%0.61

18+13%Dec 1843d0.3061+2950%0.30

report · Feb 10 · after close · est.

170%Feb 19106d224+1%

ExpiryPutsCallsP/C

Nov 2015d195−1%319−10%0.61

Dec 1843d18+13%61+2950%0.30

report · Feb 10 · after close · est.

Feb 19106d170%224+1%0.08

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±17.2%

Funds 4

IWM±0.0%

UWM±0.0%

VTI±0.0%

VT±0.0%

Suppliers 3

CRM±8.6%×0.50

MSFT±4.4%×0.26

AMZN±4.1%

Dashed = straddle · × = co-movement · max 500dMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

14.71%as filednet margin · revenue +2.73% QoQ · +11.93% YoY

Revenue

$226M+2.73% QoQ

Gross profit

$135M+3.57% QoQ

59.73% margin

Operating income

$34M+15.74% QoQ

15.04% margin

Pre-tax income

$34M+8.24% QoQ

Net income

$33M+11.26% QoQ

14.71% margin

Cost of revenue

$91M+1.52% QoQ

Operating expenses

$101M+0.03% QoQ

R&D $41M

SG&A $34M

Marketing $25M

Other operating $1M

Tax

$1M−40.24% QoQ

Other income

$373,000−84.30% QoQ

Revenue$226M+2.73%

Gross profit

$135M+3.57%

59.73% margin

Operating income

$34M+15.74%

15.04% margin

Pre-tax income

$34M+8.24%

Net income

$33M+11.26%

14.71% margin

Cost of revenue

$91M+1.52%

Operating expenses

$101M+0.03%

R&D $41M

SG&A $34M

Marketing $25M

Other income$373,000−84.30%

Tax$1M−40.24%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 4 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

FOMC ×1.21· ±2.3% vs ±1.9% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±2.3%13 of 24×1.21

PCEpersonal income & outlays±2.2%8 of 19×1.12

PPIproducer prices±1.7%4 of 10×0.88

CPROFcorporate profits±1.6%7 of 12×0.84

NFPjobs report±1.6%4 of 10×0.82

GDPgross domestic product±1.4%8 of 19×0.74

CPIconsumer prices±1.1%3 of 10×0.58

Bar = avg |move| to ±3% · tick = ±1.9% avg day · ×base = |move| ÷ ±1.9% · min 6 releases

Earnings history

EPS 0.52 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 28 '26 · confirmed	0.52	—
Q2 FY26	Jul 29 '26 · confirmed	0.46	—
Q1 FY26	Apr 29 '26 · confirmed	0.40	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod