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Deluxe Corporation's Q4 2025 earnings call reveals a business transformation proceeding on schedule—Payments + Data now 47% of revenue (targeting 50% by year-end 2026), leverage approaching sub-3x milestone in H1 2026, and merchant growth accelerating to 6.3% exit rate. Yet the market prices DLX at

Deluxe Corporation's Q4 2025 earnings call disclosed a structural margin improvement buried in the Merchant segment and a material slowdown warning for the Data business. The company purchased $36 million in ISO residual commission rights, which will add 200-300 basis points to Merchant segment marg