Donnelley Financial Solutions Inc. reported third-quarter 2025 net sales of $175.3 million, a decrease of 2.3% from $179.5 million in the third quarter of 2024. Software solutions net sales were $90.7 million, increasing 10.3% year-over-year and representing 51.7% of total net sales, up from 45.8% in the same period last year. The company reported a GAAP net loss of $40.9 million, or $1.49 per diluted share, compared to net earnings of $8.7 million, or $0.29 per diluted share, in the third quarter of 2024. The net loss included a non-cash charge of $82.8 million and a $12.5 million cash contribution related to the termination and settlement of its primary defined benefit plan. The decrease in net sales was attributed to lower investment companies and capital markets compliance revenue, reduced print and distribution volumes, and a $3.5 million year-over-year decrease in capital markets transactional revenue, partially offset by higher software solutions net sales driven primarily by ActiveDisclosure and Arc Suite.