Confluent Inc(NASDAQ:CFLT) 
Confluent, Inc. operates as a software company. The Company offers a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system, as well as generates revenue from the sale of subscriptions and services...
Website: https://www.confluent.io/
Founded: 2014
IPO Price: $29 (Jun 24, 2021)
Full Time Employees: 2,761 (Dec 2022)
CEO / Co-Founder: Jay Kreps
Sector: Technology
Industry: Software-Infrastructure
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Revenue Growth Driven by Cloud Adoption: Confluent’s top-line growth is primarily supported by increasing adoption of Confluent Cloud and expansion of streaming use cases among enterprise customers.
- Margin Expansion Focus Amid Ongoing Investment: The company continues to balance growth investments with improving operating efficiency, with attention on scaling cloud gross margins and reducing losses over time.
- Consumption/Usage Dynamics Influence Near-Term Volatility: A meaningful portion of Confluent’s business is tied to usage-based consumption, which can create variability in results depending on customer activity levels and optimization efforts.
- Large Enterprise Customer Base Supports Expansion: Confluent benefits from a strong enterprise footprint and land-and-expand motion, with cross-sell and broader deployment of data streaming across organizations as a key driver.
- Competitive Market Requires Product Differentiation: Operating in a competitive data infrastructure landscape, Confluent’s performance depends on continued innovation (e.g., governance, security, and multi-cloud capabilities) and effective go-to-market execution.
Bull Thesis:
- Strong Confluent Cloud Growth and Adoption: Confluent continues to demonstrate robust growth in its cloud-native offering, Confluent Cloud. This fully managed service is critical for enterprises seeking to offload operational complexity and scale their real-time data streaming initiatives, driving higher revenue per customer and improved gross margins over time. Its consumption-based model aligns with modern cloud spending patterns.
- Market Leadership in Data Streaming: As the commercial steward of Apache Kafka, Confluent holds a dominant position in the rapidly expanding market for real-time data streaming. Kafka has become a foundational technology for modern data architectures, and Confluent's enterprise-grade features, support, and cloud services solidify its leadership, making it the go-to choice for mission-critical applications.
- Expanding Platform Vision and Use Cases: Confluent is evolving beyond just a messaging backbone to a comprehensive data streaming platform, incorporating stream processing, data governance, and a rich ecosystem of connectors. This expansion broadens its total addressable market (TAM) and allows customers to derive more value from their real-time data, fostering deeper integration and stickiness within enterprise environments.
- Strong Enterprise Adoption and Land-and-Expand Model: The company continues to attract and expand its footprint within large enterprises, which are increasingly recognizing the strategic importance of real-time data. Confluent's land-and-expand model, where customers start with specific use cases and then expand their consumption across departments, drives predictable long-term revenue growth and high net retention rates.
Bear Thesis:
- Persistent Negative Free Cash Flow and Profitability Concerns: Despite strong revenue growth, Confluent has historically reported negative free cash flow and has yet to achieve consistent GAAP profitability. While common for high-growth SaaS companies, investors are increasingly scrutinizing the path to profitability and positive cash generation, especially in a higher interest rate environment, which could pressure valuation.
- Intense Competition from Cloud Providers and Open Source: Confluent faces significant competition from major cloud providers (e.g., Amazon MSK, Azure Event Hubs for Kafka, Google Cloud Pub/Sub) that offer their own managed Kafka or similar streaming services, often at competitive prices. Additionally, the open-source nature of Kafka means enterprises can choose to self-manage or use other distributions, potentially limiting Confluent's pricing power and market share.
- High Valuation and Macroeconomic Sensitivity: Confluent has historically traded at a premium valuation based on its growth prospects. However, a slowdown in enterprise IT spending due to macroeconomic headwinds could lead customers to optimize their cloud consumption or delay new projects, directly impacting Confluent's consumption-based revenue model and potentially leading to a re-rating of its stock.
- Complexity and Skill Gap for Adoption: While Confluent simplifies Kafka, implementing and managing complex real-time data streaming architectures still requires specialized skills and significant investment. This complexity can be a barrier for some potential customers, particularly smaller enterprises, or lead to longer sales cycles and slower adoption rates than anticipated.
Main Competitors:
- Amazon Web Services (AWS) ($AMZN) (Amazon MSK, Amazon Kinesis), AWS competes directly with Confluent by offering its own managed Apache Kafka service (Amazon MSK) and alternative proprietary streaming data services (Amazon Kinesis Data Streams, Firehose, and Analytics). These services provide customers with options for real-time data ingestion, processing, and analytics within the AWS ecosystem, often at competitive pricing and with deep integration into other AWS services.
- Microsoft Azure ($MSFT) (Azure Event Hubs, Azure HDInsight Kafka), Microsoft Azure competes with Confluent through its managed streaming services. Azure Event Hubs offers a highly scalable data streaming platform that can serve as an alternative to Kafka for many use cases, while Azure HDInsight Kafka provides a managed Apache Kafka cluster service. Azure's offerings appeal to customers already invested in the Microsoft ecosystem, providing integrated solutions for real-time data processing and analytics.
- Aiven (Aiven for Apache Kafka), Aiven is a direct competitor to Confluent, specializing in providing managed open-source data technologies, including Apache Kafka, PostgreSQL, OpenSearch, and more, across multiple cloud providers. Aiven competes by offering a robust, fully managed Kafka service with a focus on open-source purity, ease of use, and multi-cloud flexibility, often appealing to customers seeking alternatives to Confluent's enterprise-focused features or pricing.
- Databricks (Delta Live Tables, Structured Streaming), Databricks competes in the broader real-time data ecosystem, particularly in the processing and analytics layers. While not a direct Kafka provider, its Lakehouse Platform, with features like Delta Live Tables and Structured Streaming, enables customers to build robust, scalable real-time data pipelines and stream processing applications. Databricks often serves as an alternative for customers looking to unify their batch and streaming data processing within a single platform, potentially reducing the need for separate streaming platforms like Confluent for certain use cases.
Moat:
Confluent operates in a highly competitive and rapidly evolving market for real-time data streaming. Its primary moat stems from its deep expertise as the original creators of Apache Kafka, offering a robust, enterprise-grade platform (Confluent Platform) and a fully managed cloud service (Confluent Cloud) that extends Kafka with critical features like Schema Registry, ksqlDB, and a vast connector ecosystem. Competition comes from multiple angles: major cloud providers (AWS, Azure, GCP) offering their own managed Kafka services or alternative streaming platforms, leveraging their existing customer bases and infrastructure; other specialized managed open-source data providers (like Aiven) competing on multi-cloud flexibility and pricing; and broader data platforms (like Databricks) that are increasingly incorporating real-time processing capabilities, aiming to unify batch and streaming analytics. Confluent differentiates itself through its comprehensive feature set, operational excellence, and commitment to the Kafka ecosystem, but faces constant pressure to innovate and demonstrate superior value against both proprietary cloud offerings and open-source alternatives.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | |||||||||||||||||||
subscription | 301,645,000 | 286,337,000 | 270,832,000 | 260,910,000 | 250,636,000 | 239,851,000 | 224,702,000 | 206,902,000 | 202,787,000 | 189,270,000 | 176,488,000 | 160,567,000 | 155,341,000 | 138,730,000 | 127,018,000 | 113,920,000 | 108,191,000 | 92,400,000 | 78,516,000 |
services | 13,174,000 | 12,187,000 | 11,453,000 | 10,210,000 | 10,584,000 | 10,348,000 | 10,284,000 | 10,335,000 | 10,397,000 | 10,911,000 | 12,797,000 | 13,735,000 | 13,325,000 | 13,002,000 | 12,389,000 | 12,219,000 | 11,737,000 | 10,170,000 | 9,822,000 |
total revenue | 314,819,000 | 298,524,000 | 282,285,000 | 271,120,000 | 261,220,000 | 250,199,000 | 234,986,000 | 217,237,000 | 213,184,000 | 200,181,000 | 189,285,000 | 174,302,000 | 168,666,000 | 151,732,000 | 139,407,000 | 126,139,000 | 119,928,000 | 102,570,000 | 88,338,000 |
yoy | 20.52% | 19.31% | 20.13% | 24.80% | 22.53% | 24.99% | 24.14% | 24.63% | 26.39% | 31.93% | 35.78% | 38.18% | 40.64% | 47.93% | 57.81% | ||||
qoq | 5.46% | 5.75% | 4.12% | 3.79% | 4.40% | 6.47% | 8.17% | 1.90% | 6.50% | 5.76% | 8.60% | 3.34% | 11.16% | 8.84% | 10.52% | 5.18% | 16.92% | 16.11% | |
cost of revenue: | |||||||||||||||||||
total cost of revenue | 79,662,000 | 76,959,000 | 74,170,000 | 69,118,000 | 67,565,000 | 63,703,000 | 64,981,000 | 61,221,000 | 57,057,000 | 56,549,000 | 57,920,000 | 58,144,000 | 53,949,000 | 53,180,000 | 49,509,000 | 45,777,000 | 46,146,000 | 37,299,000 | 30,009,000 |
gross profit | 235,157,000 | 221,565,000 | 208,115,000 | 202,002,000 | 193,655,000 | 186,496,000 | 170,005,000 | 156,016,000 | 156,127,000 | 143,632,000 | 131,365,000 | 116,158,000 | 114,717,000 | 98,552,000 | 89,898,000 | 80,362,000 | 73,782,000 | 65,271,000 | 58,329,000 |
yoy | 21.43% | 18.80% | 22.42% | 29.48% | 24.04% | 29.84% | 29.41% | 34.31% | 36.10% | 45.74% | 46.13% | 44.54% | 55.48% | 50.99% | 54.12% | ||||
qoq | 6.13% | 6.46% | 3.03% | 4.31% | 3.84% | 9.70% | 8.97% | -0.07% | 8.70% | 9.34% | 13.09% | 1.26% | 16.40% | 9.63% | 11.87% | 8.92% | 13.04% | 11.90% | |
gross margin % | 74.70% | 74.22% | 73.73% | 74.51% | 74.13% | 74.54% | 72.35% | 71.82% | 73.24% | 71.75% | 69.40% | 66.64% | 68.01% | 64.95% | 64.49% | 63.71% | 61.52% | 63.64% | 66.03% |
operating expenses: | |||||||||||||||||||
research and development | 121,926,000 | 121,758,000 | 121,221,000 | 116,801,000 | 114,886,000 | 102,720,000 | 106,060,000 | 97,571,000 | 86,948,000 | 91,237,000 | 85,677,000 | 84,890,000 | 71,809,000 | 70,099,000 | 64,472,000 | 57,661,000 | 56,686,000 | 47,701,000 | 33,225,000 |
sales and marketing | 159,807,000 | 142,822,000 | 143,631,000 | 146,259,000 | 145,194,000 | 137,968,000 | 132,865,000 | 131,352,000 | 119,911,000 | 128,624,000 | 127,770,000 | 128,624,000 | 122,684,000 | 114,312,000 | 112,754,000 | 106,702,000 | 100,625,000 | 86,991,000 | 73,206,000 |
general and administrative | 52,598,000 | 40,297,000 | 39,701,000 | 40,120,000 | 39,359,000 | 39,471,000 | 39,429,000 | 38,444,000 | 33,948,000 | 31,874,000 | 36,343,000 | 35,355,000 | 35,209,000 | 33,041,000 | 29,979,000 | 27,481,000 | 30,151,000 | 25,330,000 | 37,943,000 |
total operating expenses | 334,331,000 | 304,877,000 | 304,553,000 | 303,180,000 | 299,439,000 | 280,159,000 | 278,354,000 | 267,367,000 | 240,807,000 | 252,264,000 | 250,733,000 | 282,251,000 | 229,702,000 | 217,452,000 | 207,205,000 | 191,844,000 | 187,462,000 | 160,022,000 | 144,374,000 |
operating income | -99,174,000 | -83,312,000 | -96,438,000 | -101,178,000 | -105,784,000 | -93,663,000 | -108,349,000 | -111,351,000 | -84,680,000 | -108,632,000 | -119,368,000 | -166,093,000 | -114,985,000 | -118,900,000 | -117,307,000 | -111,482,000 | -113,680,000 | -94,751,000 | -86,045,000 |
yoy | -6.25% | -11.05% | -10.99% | -9.14% | 24.92% | -13.78% | -9.23% | -32.96% | -26.36% | -8.64% | 1.76% | 48.99% | 1.15% | 25.49% | 36.33% | ||||
qoq | 19.04% | -13.61% | -4.68% | -4.35% | 12.94% | -13.55% | -2.70% | 31.50% | -22.05% | -8.99% | -28.13% | 44.45% | -3.29% | 1.36% | 5.23% | -1.93% | 19.98% | 10.12% | |
operating margin % | -31.50% | -27.91% | -34.16% | -37.32% | -40.50% | -37.44% | -46.11% | -51.26% | -39.72% | -54.27% | -63.06% | -95.29% | -68.17% | -78.36% | -84.15% | -88.38% | -94.79% | -92.38% | -97.40% |
other income | 19,534,000 | 18,361,000 | 21,109,000 | 20,410,000 | 19,288,000 | 22,495,000 | 21,853,000 | 20,850,000 | 21,775,000 | 17,529,000 | 17,610,000 | 15,185,000 | 17,658,000 | 1,572,000 | |||||
income before income taxes | -79,640,000 | -64,951,000 | -75,329,000 | -80,768,000 | -86,496,000 | -71,168,000 | -86,496,000 | -90,501,000 | -62,905,000 | -91,103,000 | -101,758,000 | -150,908,000 | -103,658,000 | -114,181,000 | -116,121,000 | -112,298,000 | -114,009,000 | -94,982,000 | -86,000,000 |
provision for income taxes | -393,000 | 1,553,000 | 6,621,000 | -13,194,000 | 1,558,000 | 2,976,000 | 3,404,000 | 2,466,000 | 31,191,000 | 1,567,000 | 1,667,000 | 1,647,000 | 2,226,000 | 1,868,000 | 1,510,000 | 689,000 | 430,000 | 684,000 | 2,170,000 |
net income | -79,247,000 | -66,504,000 | -81,950,000 | -67,574,000 | -88,054,000 | -74,144,000 | -89,900,000 | -92,967,000 | -94,096,000 | -92,670,000 | -103,425,000 | -152,555,000 | -105,884,000 | -116,049,000 | -117,631,000 | -112,987,000 | -114,439,000 | -95,666,000 | -88,170,000 |
yoy | -10.00% | -10.30% | -8.84% | -27.31% | -6.42% | -19.99% | -13.08% | -39.06% | -11.13% | -20.15% | -12.08% | 35.02% | -7.48% | 21.31% | 33.41% | ||||
qoq | 19.16% | -18.85% | 21.27% | -23.26% | 18.76% | -17.53% | -3.30% | -1.20% | 1.54% | -10.40% | -32.20% | 44.08% | -8.76% | -1.34% | 4.11% | -1.27% | 19.62% | 8.50% | |
net income margin % | -25.17% | -22.28% | -29.03% | -24.92% | -33.71% | -29.63% | -38.26% | -42.80% | -44.14% | -46.29% | -54.64% | -87.52% | -62.78% | -76.48% | -84.38% | -89.57% | -95.42% | -93.27% | -99.81% |
net income per share | -0.23 | -0.19 | -0.24 | -0.2 | -0.27 | -0.23 | -0.28 | -0.3 | -0.3 | -0.3 | -0.35 | -0.52 | -0.37 | -0.41 | -0.42 | -0.41 | -0.42 | -0.37 | -0.74 |
weighted-average shares used for eps calculation | 343,800 | 346,197,913 | 341,208,548 | 335,755,902 | 321,863,416 | 324,317,971 | 319,415,586 | 314,203,181 | 300,727,487 | 303,896,632 | 297,827,200 | 291,864,975 | 280,080,357 | 282,267,230 | 278,268,980 | 272,890,829 | 188,627,720 | 259,152,303 | 118,648,655 |
restructuring and other related charges | 529,000 | 943,000 | 33,382,000 | ||||||||||||||||
interest income | 1,582,750 | 3,147,000 | 2,618,000 | 566,000 | 189,000 | 299,000 | 688,000 | ||||||||||||
other expense | -1,432,000 | -1,382,000 | -377,250 | -530,000 | -643,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 347,210,000 | 298,537,000 | 295,591,000 | 278,561,000 | 385,980,000 | 322,606,000 | 311,328,000 | 336,373,000 | 349,761,000 | 317,043,000 | 312,643,000 | 343,460,000 | 435,781,000 | 503,406,000 | 529,667,000 | 1,047,589,000 | 1,375,932,000 | 582,697,000 | 860,347,000 |
marketable securities | 1,706,762,000 | 1,691,241,000 | 1,645,032,000 | 1,638,016,000 | 1,524,583,000 | 1,536,887,000 | 1,619,853,000 | 1,570,586,000 | 1,551,009,000 | 1,555,749,000 | 1,534,912,000 | 1,506,392,000 | 1,491,044,000 | 1,436,313,000 | 1,427,859,000 | 943,048,000 | 640,085,000 | 448,245,000 | 183,526,000 |
accounts receivable | 390,752,000 | 356,397,000 | 357,607,000 | 297,862,000 | 314,306,000 | 278,667,000 | 257,485,000 | 199,842,000 | 229,962,000 | 183,206,000 | 188,705,000 | 169,650,000 | 178,188,000 | 143,026,000 | 149,394,000 | 124,504,000 | 137,491,000 | 116,006,000 | 117,176,000 |
deferred contract acquisition costs | 54,545,000 | 49,814,000 | 47,658,000 | 46,149,000 | 47,271,000 | 44,812,000 | 44,433,000 | 43,214,000 | 43,937,000 | 41,174,000 | 39,180,000 | 36,830,000 | 35,883,000 | 32,666,000 | 29,491,000 | 28,433,000 | 27,646,000 | 23,120,000 | 20,516,000 |
prepaid expenses and other current assets | 107,744,000 | 102,869,000 | 95,606,000 | 82,250,000 | 79,179,000 | 83,221,000 | 74,135,000 | 76,102,000 | 76,986,000 | 70,886,000 | 64,218,000 | 58,717,000 | 57,229,000 | 59,144,000 | 55,612,000 | 51,675,000 | 44,919,000 | 37,481,000 | 32,040,000 |
total current assets | 2,607,013,000 | 2,498,858,000 | 2,441,494,000 | 2,342,838,000 | 2,351,319,000 | 2,266,193,000 | 2,307,234,000 | 2,226,117,000 | 2,251,655,000 | 2,168,058,000 | 2,139,658,000 | 2,115,049,000 | 2,198,125,000 | 2,174,555,000 | 2,192,023,000 | 2,195,249,000 | 2,226,073,000 | 1,207,549,000 | 1,213,605,000 |
property and equipment | 93,179,000 | 89,260,000 | 86,962,000 | 81,697,000 | 78,680,000 | 73,158,000 | 66,791,000 | 61,627,000 | 54,012,000 | 47,950,000 | 43,599,000 | 35,468,000 | 29,089,000 | 25,650,000 | 21,813,000 | 18,486,000 | 14,428,000 | 11,892,000 | 9,060,000 |
operating lease right-of-use assets | 4,936,000 | 5,791,000 | 6,932,000 | 7,923,000 | 8,818,000 | 9,989,000 | 9,997,000 | 9,176,000 | 10,061,000 | 10,935,000 | 11,870,000 | 12,604,000 | 29,478,000 | 31,470,000 | 32,613,000 | 34,814,000 | 37,281,000 | 39,705,000 | 43,482,000 |
goodwill | 164,406,000 | 164,406,000 | 164,406,000 | 164,406,000 | 164,406,000 | 164,366,000 | |||||||||||||
intangible assets | 6,054,000 | 6,525,000 | 6,997,000 | 7,463,000 | 7,924,000 | 8,704,000 | |||||||||||||
deferred contract acquisition costs, non-current | 77,737,000 | 70,548,000 | 68,473,000 | 69,069,000 | 71,468,000 | 72,167,000 | 74,251,000 | 73,508,000 | 75,815,000 | 69,224,000 | 67,533,000 | 67,130,000 | 68,401,000 | 61,182,000 | 54,661,000 | 54,001,000 | 51,178,000 | 43,748,000 | 41,848,000 |
other assets, non-current | 31,945,000 | 41,717,000 | 42,144,000 | 25,278,000 | 12,296,000 | 13,432,000 | 15,706,000 | 14,213,000 | 13,776,000 | 19,815,000 | 19,166,000 | 16,633,000 | 19,756,000 | 20,772,000 | 23,807,000 | 14,951,000 | 13,769,000 | 6,926,000 | 9,983,000 |
total assets | 2,985,270,000 | 2,877,105,000 | 2,817,408,000 | 2,698,674,000 | 2,694,911,000 | 2,608,009,000 | 2,528,466,000 | 2,439,629,000 | 2,460,809,000 | 2,361,667,000 | 2,327,640,000 | 2,292,825,000 | 2,344,849,000 | 2,313,629,000 | 2,324,917,000 | 2,317,501,000 | 2,342,729,000 | 1,309,820,000 | 1,317,978,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 20,708,000 | 11,765,000 | 11,491,000 | 5,983,000 | 7,531,000 | 15,516,000 | 13,990,000 | 1,882,000 | 6,714,000 | 1,993,000 | 2,459,000 | 10,445,000 | 21,439,000 | 14,243,000 | 15,527,000 | 8,151,000 | 7,591,000 | 3,327,000 | 1,834,000 |
accrued expenses and other liabilities | 182,735,000 | 154,441,000 | 167,839,000 | 141,922,000 | 194,250,000 | 158,914,000 | 166,777,000 | 96,739,000 | 141,847,000 | 125,109,000 | 112,495,000 | 87,733,000 | 102,755,000 | 94,374,000 | 93,917,000 | 71,924,000 | 98,974,000 | 66,721,000 | 49,970,000 |
operating lease liabilities | 8,178,000 | 9,393,000 | 9,251,000 | 9,093,000 | 8,694,000 | 10,738,000 | 10,574,000 | 10,061,000 | 7,890,000 | 7,741,000 | 7,618,000 | 7,295,000 | 7,375,000 | 7,758,000 | 7,846,000 | 8,540,000 | 9,236,000 | 9,819,000 | 10,288,000 |
deferred revenue | 468,984,000 | 447,012,000 | 424,293,000 | 372,870,000 | 378,771,000 | 349,787,000 | 328,845,000 | 330,516,000 | 330,570,000 | 300,617,000 | 300,786,000 | 295,689,000 | 290,185,000 | 258,853,000 | 255,064,000 | 235,119,000 | 220,920,000 | 179,696,000 | 172,671,000 |
total current liabilities | 680,605,000 | 622,611,000 | 612,874,000 | 529,868,000 | 589,246,000 | 534,955,000 | 520,186,000 | 439,198,000 | 487,021,000 | 435,460,000 | 423,358,000 | 401,162,000 | 424,330,000 | 378,646,000 | 376,180,000 | 330,729,000 | 348,188,000 | 272,801,000 | 248,980,000 |
operating lease liabilities, non-current | 1,205,000 | 2,064,000 | 4,454,000 | 6,735,000 | 9,138,000 | 11,413,000 | 12,566,000 | 13,284,000 | 17,391,000 | 19,457,000 | 21,394,000 | 23,229,000 | 25,136,000 | 27,023,000 | 27,975,000 | 29,674,000 | 31,645,000 | 33,720,000 | 35,912,000 |
deferred revenue, non-current | 29,655,000 | 28,251,000 | 31,356,000 | 32,511,000 | 30,430,000 | 24,588,000 | 19,608,000 | 17,145,000 | 22,436,000 | 23,152,000 | 27,187,000 | 28,896,000 | 32,644,000 | 31,065,000 | 30,667,000 | 30,565,000 | 25,557,000 | 22,398,000 | 17,873,000 |
convertible senior notes | 1,095,988,000 | 1,095,019,000 | 1,094,051,000 | 1,093,094,000 | 1,092,149,000 | 1,091,183,000 | 1,090,219,000 | 1,089,266,000 | 1,088,313,000 | 1,087,350,000 | 1,086,389,000 | 1,085,439,000 | 1,084,500,000 | 1,083,541,000 | 1,082,583,000 | 1,081,637,000 | 1,080,701,000 | ||
other liabilities, non-current | 8,678,000 | 10,210,000 | 11,006,000 | 11,133,000 | 12,722,000 | 11,552,000 | 12,023,000 | 35,519,000 | 35,233,000 | 7,192,000 | 7,926,000 | 9,248,000 | 8,762,000 | 9,456,000 | 10,888,000 | 8,827,000 | 6,357,000 | 9,760,000 | 11,668,000 |
total liabilities | 1,816,131,000 | 1,758,155,000 | 1,753,741,000 | 1,673,341,000 | 1,733,685,000 | 1,673,691,000 | 1,654,602,000 | 1,594,412,000 | 1,650,394,000 | 1,572,611,000 | 1,566,254,000 | 1,547,974,000 | 1,575,372,000 | 1,529,731,000 | 1,528,293,000 | 1,481,432,000 | 1,492,448,000 | 338,679,000 | 314,433,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, par value of 0.00001 per share; 10,000,000 shares authorized as of december 31, 2025 and december 31, 2024; 0 shares issued and outstanding as of december 31, 2025 and december 31, 2024 | |||||||||||||||||||
class a common stock | 3,000 | 3,000 | 2,000 | ||||||||||||||||
class b common stock | 1,000 | 1,000 | 1,000 | ||||||||||||||||
additional paid-in capital | 3,447,970,000 | 3,317,956,000 | 3,192,349,000 | ||||||||||||||||
accumulated other comprehensive income | 5,656,000 | 6,234,000 | 10,055,000 | ||||||||||||||||
accumulated deficit | -2,284,491,000 | -2,205,244,000 | -2,138,740,000 | ||||||||||||||||
total stockholders’ equity | 1,169,139,000 | 1,118,950,000 | 1,063,667,000 | ||||||||||||||||
total liabilities and stockholders’ equity | 2,985,270,000 | 2,877,105,000 | 2,817,408,000 | ||||||||||||||||
preferred stock, par value of 0.00001 per share; 10,000,000 shares authorized as of september 30, 2025 and december 31, 2024; 0 shares issued and outstanding as of september 30, 2025 and december 31, 2024 | |||||||||||||||||||
preferred stock, par value of 0.00001 per share; 10,000,000 shares authorized as of june 30, 2025 and december 31, 2024; 0 shares issued and outstanding as of june 30, 2025 and december 31, 2024 | |||||||||||||||||||
goodwill and intangible assets | 54,487,000 | 54,988,000 | 55,490,000 | 45,685,000 | 45,814,000 | 45,941,000 | |||||||||||||
liability for early exercise of unvested stock options | 2,576,000 | 3,418,000 | 3,826,000 | 6,995,000 | 11,467,000 | 13,238,000 | 14,217,000 | ||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | |||||||||||||||||||
redeemable convertible preferred stock |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net loss | -79,247,000 | -66,504,000 | -81,950,000 | -67,574,000 | -88,054,000 | -74,144,000 | -89,900,000 | -92,967,000 | -94,096,000 | -92,670,000 | -103,425,000 | -152,555,000 | -105,884,000 | -116,049,000 | -117,631,000 | -112,987,000 | -114,439,000 | -95,666,000 |
adjustments to reconcile net loss to cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 7,786,000 | 7,821,000 | 7,344,000 | 6,605,000 | 6,234,000 | 5,702,000 | 5,842,000 | 4,311,000 | 3,923,000 | 3,609,000 | 3,256,000 | 3,122,000 | 2,485,000 | 2,075,000 | 1,810,000 | 1,250,000 | 1,192,000 | 897,000 |
net accretion of discounts on marketable securities | -4,441,000 | -5,060,000 | -5,952,000 | -6,847,000 | -8,205,000 | -9,294,000 | -9,871,000 | -10,396,000 | ||||||||||
amortization of debt issuance costs | 969,000 | 968,000 | 957,000 | 945,000 | 966,000 | 964,000 | 953,000 | 953,000 | 963,000 | 961,000 | 950,000 | 939,000 | 958,000 | 958,000 | 947,000 | 936,000 | ||
amortization of deferred contract acquisition costs | 14,848,000 | 15,208,000 | 14,323,000 | 13,931,000 | 14,213,000 | 13,949,000 | 13,334,000 | 12,762,000 | 12,428,000 | 11,923,000 | 11,053,000 | 10,484,000 | 10,286,000 | 9,658,000 | 8,925,000 | 8,470,000 | 8,375,000 | 6,739,000 |
non-cash operating lease costs | 1,090,000 | 1,046,000 | 1,089,000 | 1,075,000 | 1,172,000 | 940,000 | 969,000 | 885,000 | 874,000 | 934,000 | 977,000 | 1,207,000 | 1,991,000 | 2,142,000 | 2,200,000 | 2,275,000 | 2,424,000 | 2,962,000 |
lease abandonment charges | 0 | 0 | 0 | 15,667,000 | ||||||||||||||
stock-based compensation, net of amounts capitalized | 101,625,000 | 101,128,000 | 101,997,000 | 92,575,000 | 102,924,000 | 98,307,000 | 99,107,000 | 95,322,000 | 88,871,000 | 89,514,000 | 92,159,000 | 79,289,000 | 76,028,000 | 75,393,000 | 68,866,000 | 57,369,000 | 58,072,000 | 49,683,000 |
deferred income taxes | -1,848,000 | 310,000 | 177,000 | -17,338,000 | 46,000 | -111,000 | -273,000 | 615,000 | 1,864,000 | 15,000 | 5,000 | 5,000 | -283,000 | 20,000 | 30,000 | -4,000 | -394,000 | -1,000 |
other | 1,100,000 | 3,025,000 | 1,107,000 | 454,000 | 1,675,000 | 485,000 | 361,000 | 849,000 | -756,000 | 2,263,000 | 572,000 | 279,000 | 504,000 | 321,000 | 355,000 | 204,000 | 157,000 | 1,023,000 |
changes in operating assets and liabilities, net of effects of business combinations: | ||||||||||||||||||
accounts receivable | -35,102,000 | 291,000 | -60,321,000 | 15,414,000 | -36,327,000 | -21,577,000 | -58,018,000 | 29,360,000 | -47,453,000 | 5,153,000 | -19,361,000 | 8,068,000 | -35,665,000 | 6,047,000 | -25,244,000 | 12,782,000 | -21,642,000 | 979,000 |
deferred contract acquisition costs | -26,768,000 | -19,439,000 | -15,236,000 | -10,410,000 | -15,974,000 | -12,244,000 | -15,296,000 | -9,732,000 | -21,781,000 | -15,607,000 | -13,806,000 | -10,160,000 | -20,724,000 | -19,354,000 | -10,643,000 | -12,080,000 | -20,332,000 | -11,244,000 |
prepaid expenses and other assets | 4,292,000 | -11,213,000 | -19,988,000 | 1,515,000 | 1,205,000 | -2,135,000 | 3,703,000 | -1,929,000 | 3,438,000 | -7,768,000 | -9,198,000 | 3,141,000 | 3,248,000 | -977,000 | -12,136,000 | -7,985,000 | -14,027,000 | -2,616,000 |
accounts payable | 8,893,000 | 491,000 | 5,356,000 | -1,274,000 | -8,159,000 | 1,231,000 | 11,987,000 | -4,932,000 | 4,756,000 | -488,000 | -7,395,000 | -11,325,000 | 7,132,000 | -1,004,000 | 7,275,000 | 177,000 | 4,406,000 | 1,366,000 |
accrued expenses and other liabilities | 27,861,000 | -14,694,000 | 21,149,000 | -49,828,000 | 32,861,000 | -10,363,000 | 46,893,000 | -43,752,000 | 43,368,000 | 10,413,000 | 24,109,000 | -16,557,000 | 8,227,000 | -35,000 | 24,609,000 | -22,853,000 | 29,642,000 | 18,597,000 |
operating lease liabilities | -2,321,000 | -2,191,000 | -2,205,000 | -2,177,000 | -4,191,000 | -2,020,000 | -1,994,000 | -1,935,000 | -1,917,000 | -1,808,000 | -1,756,000 | -1,998,000 | -2,270,000 | -2,029,000 | -2,413,000 | -2,497,000 | -2,650,000 | -2,834,000 |
deferred revenue | 23,375,000 | 19,614,000 | 50,268,000 | -3,820,000 | 34,825,000 | 25,923,000 | 793,000 | -5,368,000 | 29,237,000 | -4,204,000 | 3,388,000 | 1,755,000 | 32,911,000 | 4,187,000 | 20,047,000 | 19,207,000 | 44,383,000 | 11,550,000 |
net cash from operating activities | 42,112,000 | 30,801,000 | 18,115,000 | -26,754,000 | 35,211,000 | 15,613,000 | 8,590,000 | -25,954,000 | 12,235,000 | -9,060,000 | -29,060,000 | -77,772,000 | -27,078,000 | -41,752,000 | -33,472,000 | -55,031,000 | -23,876,000 | -18,029,000 |
capital expenditures | -6,594,000 | -6,216,000 | -7,110,000 | -6,235,000 | -6,089,000 | -6,276,000 | -5,881,000 | -5,725,000 | -5,415,000 | -4,023,000 | -6,139,000 | -5,102,000 | -3,787,000 | -3,832,000 | -3,440,000 | -3,396,000 | -2,843,000 | -2,615,000 |
free cash flows | 35,518,000 | 24,585,000 | 11,005,000 | -32,989,000 | 29,122,000 | 9,337,000 | 2,709,000 | -31,679,000 | 6,820,000 | -13,083,000 | -35,199,000 | -82,874,000 | -30,865,000 | -45,584,000 | -36,912,000 | -58,427,000 | -26,719,000 | -20,644,000 |
cash flows from investing activities | ||||||||||||||||||
capitalization of internal-use software costs | -6,152,000 | -5,409,000 | -6,191,000 | -4,806,000 | -5,420,000 | -5,669,000 | -4,776,000 | -5,539,000 | -4,299,000 | -3,660,000 | -5,330,000 | -4,556,000 | -2,781,000 | -2,788,000 | -2,256,000 | -2,509,000 | -1,479,000 | -2,052,000 |
purchases of marketable securities | -352,708,000 | -414,962,000 | -465,993,000 | -405,235,000 | -367,357,000 | -273,169,000 | -455,883,000 | -443,307,000 | -351,105,000 | -235,824,000 | -546,408,000 | -453,356,000 | -528,660,000 | -355,886,000 | -763,479,000 | -403,883,000 | -284,683,000 | -322,941,000 |
sales of marketable securities | 0 | 0 | 2,567,000 | 0 | ||||||||||||||
maturities of marketable securities | 341,540,000 | 375,177,000 | 458,470,000 | 299,467,000 | 381,127,000 | 374,281,000 | 403,489,000 | 432,267,000 | 374,612,000 | 228,328,000 | 523,606,000 | 451,777,000 | 482,899,000 | 347,000,000 | 275,114,000 | 95,545,000 | 91,275,000 | 57,693,000 |
purchases of investments in privately-held companies | 0 | 0 | -1,250,000 | |||||||||||||||
purchases of property and equipment | -442,000 | -807,000 | -919,000 | -1,429,000 | -669,000 | -607,000 | -1,105,000 | -186,000 | -1,116,000 | -363,000 | -809,000 | -546,000 | -1,006,000 | -1,044,000 | -1,184,000 | -887,000 | -1,364,000 | -563,000 |
cash paid for business combinations, net of cash acquired | 0 | |||||||||||||||||
net cash from investing activities | -17,762,000 | -46,751,000 | -8,489,000 | -112,003,000 | 10,248,000 | -21,930,000 | -46,531,000 | -16,765,000 | 8,092,000 | -11,519,000 | -28,941,000 | -52,483,000 | -49,548,000 | -12,718,000 | -491,805,000 | -311,734,000 | -196,251,000 | -267,860,000 |
cash flows from financing activities | ||||||||||||||||||
proceeds from issuance of common stock upon exercise of vested options | 24,551,000 | 10,041,000 | 6,062,000 | 16,606,000 | 19,504,000 | 8,835,000 | 13,096,000 | 14,401,000 | 10,974,000 | 14,673,000 | 27,492,000 | 20,780,000 | 8,329,000 | 9,749,000 | 7,947,000 | 16,436,000 | 22,611,000 | 10,421,000 |
repurchases of unvested common stock | 0 | |||||||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 0 | 9,731,000 | 0 | 14,195,000 | 0 | 8,367,000 | 0 | 15,603,000 | 0 | 11,536,000 | 0 | 17,172,000 | 0 | 18,454,000 | 0 | 22,485,000 | ||
net cash from financing activities | 24,551,000 | 19,772,000 | 6,062,000 | 30,801,000 | 19,504,000 | 17,202,000 | 13,096,000 | 30,004,000 | 10,974,000 | 26,177,000 | 27,492,000 | 37,729,000 | 8,249,000 | 28,189,000 | 7,335,000 | 38,468,000 | 1,013,346,000 | 8,240,000 |
effect of exchange rate changes on cash and cash equivalents | -228,000 | -876,000 | 1,342,000 | 537,000 | -1,589,000 | 393,000 | -200,000 | -673,000 | ||||||||||
net increase in cash and cash equivalents | ||||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 0 | 0 | 385,980,000 | 0 | 0 | 0 | 349,761,000 | ||||||||||
cash and cash equivalents at end of period | 48,673,000 | 2,946,000 | 17,030,000 | 278,561,000 | 63,374,000 | 11,278,000 | -25,045,000 | 336,373,000 | ||||||||||
supplementary cash flow disclosures: | ||||||||||||||||||
cash paid for: | ||||||||||||||||||
income taxes | ||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||
stock-based compensation capitalized as internal-use software costs | ||||||||||||||||||
issuance of common stock in connection with a business combination | ||||||||||||||||||
right-of-use assets obtained in exchange for new operating lease liabilities | ||||||||||||||||||
vesting of early exercised stock options | ||||||||||||||||||
net decrease in cash and cash equivalents | 2,946,000 | 17,030,000 | -107,419,000 | 11,278,000 | -25,045,000 | -13,388,000 | ||||||||||||
proceeds from issuance of common stock upon early exercise of unvested options | 0 | 0 | ||||||||||||||||
payments of debt issuance costs for convertible senior notes | 0 | 0 | -786,000 | |||||||||||||||
repurchases of unvested options | 0 | -223,000 | -80,000 | -14,000 | ||||||||||||||
net amortization of premiums on marketable securities | -10,588,000 | -9,133,000 | -6,022,000 | |||||||||||||||
common stock charitable donation expense | 0 | 0 | ||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions | 0 | 0 | ||||||||||||||||
payments of deferred offering costs | 0 | -2,205,000 | ||||||||||||||||
proceeds from convertible senior notes, net of issuance costs | ||||||||||||||||||
payment for purchase of capped calls | ||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,417,000 | -1,198,000 | -308,000 | 205,000 | 2,000 | 20,000 | 20,000 | -46,000 | 16,000 | -1,000 | ||||||||
net increase in cash, cash equivalents, and restricted cash | -68,375,000 | -26,261,000 | -517,922,000 | -328,343,000 | 793,235,000 | -277,650,000 | ||||||||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | 0 | 0 | 435,781,000 | 0 | 0 | 0 | 1,376,682,000 | 0 | 0 | ||||||||
cash, cash equivalents, and restricted cash at end of period | 32,718,000 | 4,400,000 | -30,817,000 | 343,460,000 | -68,375,000 | -26,261,000 | -517,922,000 | 1,048,339,000 | 793,235,000 | -277,650,000 | ||||||||
changes in operating assets and liabilities, net of effects of a business combination: | ||||||||||||||||||
cash paid for a business combination, net of cash acquired | 0 | 0 | -45,802,000 | |||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | 4,400,000 | -30,817,000 | -92,321,000 | |||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||
net amortization of premiums or discounts on marketable securities | -469,000 | 705,000 | 536,000 | |||||||||||||||
proceeds from issuance of common stock upon early exercise of unvested options, net of repurchases | 333,000 | 405,000 | 24,000 |