Digital Banking: 2Q26 Review — QTWO (OW) PT of $60/sh (unch); ALKT (OW) PT of $19/sh (unch)

研报英文原文证据摘录

Digital Banking: 2Q26 Review — QTWO (OW) PT of $60/sh (unch); ALKT (OW) PT of $19/sh (unch)

J P M O R G A N North America Equity Research

30 July 2026

Digital Banking

2Q26 Review — QTWO (OW) PT of $60/sh (unch);

ALKT (OW) PT of $19/sh (unch)

Q2 (QTWO) and Alkami (ALKT) both delivered solid 2Q26 prints, reinforcing the Vertical SaaS & HealthTech

ACdurability and predictability of the digital banking software model: long-term Ella Smith

contracts and multi-quarter implementation cycles provide strong revenue (1-212) 622-2451

visibility that rarely produces large intra-year surprises in either direction. QTWO ella.smith@jpmchase.com

was the cleaner print of the two, with execution across bookings, margins, and Alexei Gogolev

capital allocation all moving in the right direction, and management confidence (1-212) 622-9391

notably high coming out of CONNECT '26. ALKT’s results were solid at the top alexei.gogolev@jpmorgan.com

line, though a handful of items — a gross margin step-down, a delayed cost savings Destiny Jackson

initiative, and 3Q26 Adj EBITDA guidance that came in below Street consensus (1-212) 622-4360

destiny.jackson@jpmorgan.com

— made the print slightly less clean, even if none of these represent structural

Isabella A Camajconcerns. On AI, both companies are making tangible progress but remain early:

(1-212) 834-2379

QTWO showcased Q2 Assistant, Q2 Code, and a new account takeover fraud bella.camaj@jpmorgan.com

product at CONNECT, all in early adopter phase with general availability targeted J.P. Morgan Securities LLC

for 4Q26, and management framed customer demand as having shifted from

curiosity to active adoption; ALKT noted that AI-driven efficiency gains in its

customer experience group helped compress that cost line, with the broader AI