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Software - Infrastructure · Technology · Fiscal year ends Jan 31
Gitlab reported revenue of $955M in the fiscal year ended Jan 2026, up 25.8% from the year before. Operating income was −$70M, an operating margin of −7.4%, and net income was −$56M. Operating cash flow of $233M less capital expenditure of $11M left free cash flow of $222M.
Ranks among the 30 software - infrastructure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 253 | 424 | 580 | 759 | 955 |
| Cost of revenue | 30.0 | 51.7 | 59.7 | 85.1 | 121 |
| Gross profit | 223 | 373 | 520 | 674 | 834 |
| Research & development | 97.2 | 156 | 201 | 240 | 275 |
| Selling, general & admin | 254 | 428 | 507 | 577 | 630 |
| Operating income | −129 | −211 | −187 | −143 | −70.5 |
| Pre-tax income | −159 | −175 | −161 | −85.8 | −48.1 |
| Income tax | −1.5 | 4.0 | 265 | −76.7 | 10.5 |
| Net income | −155 | −173 | −426 | −6.3 | −56.0 |
| Diluted EPS | −1.95 | −1.17 | −2.76 | −0.04 | −0.34 |
| Diluted shares | 79.8 | 148 | 154 | 161 | 167 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 885 | 295 | 288 | 228 | 230 |
| Receivables | 77.2 | 130 | 167 | 265 | 304 |
| Current assets | 1,052 | 1,118 | 1,284 | 1,336 | 1,656 |
| Net PP&E | 3.3 | 5.8 | 3.0 | 4.0 | 11.8 |
| Goodwill | 8.1 | 8.1 | 8.1 | 16.1 | 17.4 |
| Total assets | 1,091 | 1,169 | 1,321 | 1,399 | 1,723 |
| Payables | 5.0 | 5.2 | 1.7 | 7.5 | 9.2 |
| Deferred revenue | 179 | 254 | 338 | 443 | 545 |
| Current liabilities | 242 | 306 | 677 | 545 | 652 |
| Total liabilities | 292 | 344 | 715 | 578 | 686 |
| Shareholders' equity | 775 | 771 | 560 | 776 | 991 |
| Backlog (remaining obligations) | 312 | 436 | 674 | 945 | 1,136 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −49.8 | −77.4 | 35.0 | −64.0 | 233 |
| Capital expenditure | 3.5 | 6.1 | 1.6 | 3.8 | 10.8 |
| Free cash flow | −53.4 | −83.5 | 33.4 | −67.7 | 222 |
| Depreciation & amortisation | 0.5 | 3.2 | 4.4 | 2.9 | 3.3 |
| Stock-based compensation | 30.0 | 123 | 163 | 186 | 215 |
| Acquisitions | 0.3 | 0.0 | 0.0 | 20.2 | 0.0 |
| Share buybacks | 0.6 | 0.0 | 0.0 | – | – |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 68.0% | 36.7% | 30.9% | 25.8% |
| Gross margin | 88.1% | 87.8% | 89.7% | 88.8% | 87.4% |
| Operating margin | −51.0% | −49.8% | −32.3% | −18.8% | −7.4% |
| Net margin | −61.4% | −40.9% | −73.4% | −0.8% | −5.9% |
| Return on equityBlank when equity is negative | −20.0% | −22.5% | −76.0% | −0.8% | −5.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.2% | −24.5% | −29.1% | −16.7% | −6.6% |
| Free cash flow margin | −21.1% | −19.7% | 5.8% | −8.9% | 23.2% |
| Cash conversion (CFO ÷ net income) | 0.32x | 0.45x | −0.08x | 10.1x | −4.16x |
| Receivable days | 112 | 112 | 105 | 127 | 116 |
| Payable days | 61 | 37 | 11 | 32 | 28 |
| Current ratio | 4.35x | 3.65x | 1.90x | 2.45x | 2.54x |
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.