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Software - Application · Technology · Fiscal year ends Dec 31
Five9 reported revenue of $1.1B in the fiscal year ended Dec 2025, up 10.3% from the year before. Operating income was $29M, an operating margin of 2.5%, and net income was $39M. Operating cash flow of $226M less capital expenditure of $25M left free cash flow of $201M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 610 | 779 | 910 | 1,042 | 1,149 |
| Cost of revenue | 271 | 368 | 433 | 478 | 516 |
| Gross profit | 338 | 411 | 478 | 564 | 633 |
| Research & development | 107 | 142 | 157 | 166 | 152 |
| Selling, general & admin | 288 | 357 | 420 | 450 | 452 |
| Operating income | −56.3 | −87.6 | −98.6 | −51.3 | 28.9 |
| Interest expense | 8.0 | 7.5 | 7.6 | 14.8 | 14.1 |
| Pre-tax income | −64.3 | −90.3 | −79.4 | −12.8 | 44.9 |
| Income tax | −11.3 | 4.4 | 2.3 | 0.0 | 5.5 |
| Net income | −53.0 | −94.7 | −81.8 | −12.8 | 39.4 |
| Diluted EPS | −0.79 | −1.35 | −1.13 | −0.17 | 0.45 |
| Diluted shares | 67.5 | 69.9 | 72.0 | 74.5 | 88.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 90.9 | 181 | 143 | 363 | 232 |
| Receivables | 83.7 | 87.5 | 97.4 | 115 | 131 |
| Current assets | 617 | 779 | 924 | 1,249 | 960 |
| Net PP&E | 77.8 | 101 | 109 | 145 | 165 |
| Goodwill | 165 | 165 | 227 | 365 | 366 |
| Total assets | 1,193 | 1,244 | 1,495 | 2,051 | 1,790 |
| Payables | 20.5 | 23.6 | 24.4 | 26.3 | 30.0 |
| Deferred revenue | 43.7 | 57.8 | 68.2 | 79.2 | 77.5 |
| Current liabilities | 158 | 151 | 167 | 642 | 213 |
| Total liabilities | 982 | 935 | 956 | 1,429 | 1,004 |
| Shareholders' equity | 211 | 310 | 538 | 622 | 786 |
| Backlog (remaining obligations) | 544 | 759 | 1,056 | 1,119 | 1,191 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 29.0 | 88.9 | 129 | 143 | 226 |
| Capital expenditure | 42.2 | 52.3 | 31.2 | 42.4 | 25.0 |
| Free cash flow | −13.2 | 36.6 | 97.6 | 101 | 201 |
| Depreciation & amortisation | 38.7 | 44.7 | 48.5 | 52.9 | 61.8 |
| Stock-based compensation | 109 | 173 | 206 | 166 | 148 |
| Acquisitions | – | 0.0 | 0.0 | 167 | – |
| Share buybacks | – | – | 0.0 | 0.0 | 50.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.8% | 16.9% | 14.4% | 10.3% |
| Gross margin | 55.5% | 52.8% | 52.5% | 54.2% | 55.1% |
| Operating margin | −9.2% | −11.2% | −10.8% | −4.9% | 2.5% |
| Net margin | −8.7% | −12.2% | −9.0% | −1.2% | 3.4% |
| Return on equityBlank when equity is negative | −25.1% | −30.5% | −15.2% | −2.1% | 5.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.4% | −8.0% | −7.4% | −3.6% | 1.8% |
| Free cash flow margin | −2.2% | 4.7% | 10.7% | 9.7% | 17.5% |
| Cash conversion (CFO ÷ net income) | −0.55x | −0.94x | −1.58x | −11.2x | 5.74x |
| Receivable days | 50 | 41 | 39 | 40 | 42 |
| Payable days | 28 | 23 | 21 | 20 | 21 |
| Interest cover | −7.01x | −11.7x | −12.9x | −3.46x | 2.05x |
| Current ratio | 3.92x | 5.16x | 5.53x | 1.95x | 4.51x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.