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Software - Application · Technology · Fiscal year ends Dec 31
Klaviyo reported revenue of $1.2B in the fiscal year ended Dec 2025, up 31.6% from the year before. Operating income was −$68M, an operating margin of −5.5%, and net income was −$32M. Operating cash flow of $218M less capital expenditure of $9M left free cash flow of $209M.
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 | 291 | 473 | 698 | 937 | 1,234 |
| Cost of revenue | 84.7 | 128 | 178 | 221 | 313 |
| Gross profit | 206 | 345 | 520 | 716 | 921 |
| Research & development | 65.6 | 104 | 262 | 238 | 291 |
| Selling, general & admin | 220 | 296 | 589 | 562 | 698 |
| Operating income | −79.2 | −55.0 | −331 | −84.1 | −67.8 |
| Interest expense | 0.0 | 0.0 | 0.0 | – | – |
| Pre-tax income | −79.1 | −49.1 | −307 | −43.7 | −30.5 |
| Income tax | 0.3 | 0.1 | 1.2 | 2.5 | 1.3 |
| Net income | −79.4 | −49.2 | −308 | −46.1 | −31.8 |
| Diluted EPS | −0.36 | −0.21 | −1.27 | −0.17 | −0.11 |
| Diluted shares | 221 | 230 | 243 | 266 | 291 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 328 | 386 | 739 | 881 | 1,065 |
| Receivables | – | 10.7 | 23.1 | 43.1 | 60.7 |
| Current assets | – | 428 | 803 | 980 | 1,206 |
| Net PP&E | – | 45.8 | 43.5 | 48.2 | 80.3 |
| Total assets | – | 629 | 1,089 | 1,273 | 1,581 |
| Payables | – | 8.9 | 13.6 | 14.6 | 29.1 |
| Deferred revenue | 15.1 | 25.1 | 40.1 | 64.5 | 103 |
| Current liabilities | – | 85.0 | 131 | 200 | 282 |
| Total liabilities | – | 133 | 174 | 239 | 384 |
| Shareholders' equity | −2,236 | −1,036 | 915 | 1,034 | 1,197 |
| Backlog (remaining obligations) | – | – | 83.3 | 155 | 254 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −22.7 | −23.6 | 119 | 166 | 218 |
| Capital expenditure | 13.0 | 15.8 | 3.7 | 5.9 | 9.5 |
| Free cash flow | −35.8 | −39.4 | 116 | 160 | 209 |
| Depreciation & amortisation | 5.3 | 9.0 | 13.7 | 17.7 | 18.6 |
| Stock-based compensation | 35.2 | 6.8 | 341 | 135 | 162 |
| Share buybacks | 140 | 0.0 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 62.7% | 47.7% | 34.3% | 31.6% |
| Gross margin | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% |
| Operating margin | −27.3% | −11.6% | −47.4% | −9.0% | −5.5% |
| Net margin | −27.3% | −10.4% | −44.2% | −4.9% | −2.6% |
| Return on equityBlank when equity is negative | – | – | −33.7% | −4.5% | −2.7% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −10.1% | −34.5% | −7.8% | −5.2% |
| Free cash flow margin | −12.3% | −8.3% | 16.6% | 17.1% | 16.9% |
| Cash conversion (CFO ÷ net income) | 0.29x | 0.48x | −0.39x | −3.60x | −6.86x |
| Receivable days | – | 8 | 12 | 17 | 18 |
| Payable days | – | 25 | 28 | 24 | 34 |
| Interest cover | −9904x | – | – | – | – |
| Current ratio | – | 5.03x | 6.15x | 4.90x | 4.27x |
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.