cust.co / Compare / Q2 Holdings vs Morningstar

Q2 Holdings vs Morningstar - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Fintech SaaS. Both at Public stage.

Q2 Holdings leads by +12pp on latest NRR (113% vs 101%).

NRR over time

97%106%114%122%131% FY2021-Q2FY-2023FY2024-Q4FY2025-Q3FY2025-Q4FY-2021 NRR Q2 Holdings Morningstar Q2 Holdings - FY2021-Q2: 113% Q2 Holdings - FY-2022: 110% Q2 Holdings - FY-2023: 108% Q2 Holdings - FY-2024: 109% Q2 Holdings - FY2024-Q4: 109% Q2 Holdings - FY2025-Q2: 109% Q2 Holdings - FY2025-Q3: 109% Q2 Holdings - FY-2025: 113% Q2 Holdings - FY2025-Q4: 113% Morningstar - FY-2025: 101% Morningstar - FY-2021: 127%

Morningstar hit a higher all-time peak (127% in FY-2021).

Stat-by-stat

Metric Q2 Holdings Morningstar
Latest NRR 113% 101%
All-time peak NRR 113% 127%
All-time low NRR 108% 101%
QoQ change +0pp -26pp
YoY change +4pp -
3-year change - -
Disclosures tracked 9 2

Customer cohorts

MetricQ2 HoldingsMorningstar
Total customers 460 100,000
Over $100K ARR - -
Over $1M ARR - -
Top-10 concentration - -
Average ACV - -
US revenue mix - 71.8%

Commercial structure

MetricQ2 HoldingsMorningstar
Total RPO $2.7B $1.5B
Current RPO (12mo) - $1.1B
Multi-year contracts - -
Avg contract length - -
Subscription rev mix 83.1% 70.3%
New customers added - 3,100

Post-sales motion

MetricQ2 HoldingsMorningstar
CS team size - 900
Customers per CSM - -
Pricing model hybrid subscription
Renewal cadence multi-year annual
CSM coverage model account-named hybrid
Top customer exec Kirk Coleman Danny Dunn

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