BAND

MKT CAP:$781M

Bandwidth Inc.

Market Cap

$781M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$23.51+$9.29 (+65.33%)

Apr 22, 2026

Company Details

Bandwidth Inc. operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provider in the United States. The company operates in two segments, CPaaS and Other. Its platform enables enterprises to create, scale, ...

CEO

David Andrew Morken

IPO Date

Nov 9, 2017

Website

www.bandwidth.com

Key Metrics TTM

Revenue

$756M

+7.4% YoY

Net Income

-$12M

EPS (Diluted)

-$0.39

Free Cash Flow

$64M

Revenue / Share

$24.97

Gross Margin

38.8%

Operating Margin

-1.7%

Net Margin

-1.5%

FCF Margin

8.5%

P/S

1.0x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Oct 30, 2025

$192M-1.0%EPS -$0.04

Q2 2025

Jul 29, 2025

$180M+3.7%EPS -$0.16

Q1 2025

May 7, 2025

$174M+1.9%EPS -$0.13

FY 2024

Feb 20, 2025

$748M+24.5%EPS -$0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$126M	$54M	-$4M
Q1 22	$131M	$55M	-$7M
Q2 22	$136M	$55M	-$9M
Q3 22	$148M	$63M	-$1M
Q4 22	$157M	$64M	-$7M
Q1 23	$138M	$56M	-$12M
Q2 23	$146M	$59M	-$8M
Q3 23	$152M	$59M	-$6M
Q4 23	$165M	$62M	-$10M
Q1 24	$171M	$65M	-$10M
Q2 24	$174M	$65M	-$6M
Q3 24	$194M	$73M	-$898.0K
Q4 24	$210M	$77M	-$3M
Q1 25	$174M	$72M	-$5M
Q2 25	$180M	$72M	-$4M
Q3 25	$192M	$74M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	1.6x	—
Q1 22	1.5x	—
Q2 22	1.5x	—
Q3 22	1.4x	—
Q4 22	1.4x	39.9x
Q1 23	1.3x	26.1x
Q2 23	1.3x	24.2x
Q3 23	1.3x	27.9x
Q4 23	1.3x	—
Q1 24	1.2x	—
Q2 24	1.2x	—
Q3 24	1.1x	—
Q4 24	1.0x	—
Q1 25	1.0x	—
Q2 25	1.0x	—
Q3 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$17M	$8M
Q1 22	-$7M	-$13M
Q2 22	$7M	-$12M
Q3 22	$24M	$13M
Q4 22	$11M	-$18M
Q1 23	-$6M	-$11M
Q2 23	$3M	$2M
Q3 23	$23M	$18M
Q4 23	$19M	$13M
Q1 24	$2M	-$4M
Q2 24	$24M	$18M
Q3 24	$20M	$14M
Q4 24	$37M	$30M
Q1 25	-$3M	-$10M
Q2 25	$32M	$28M
Q3 25	$22M	$16M

Capital Expenditures

Quarter	CapEx
Q4 21	$9M
Q1 22	$6M
Q2 22	$19M
Q3 22	$11M
Q4 22	$29M
Q1 23	$5M
Q2 23	$970.0K
Q3 23	$5M
Q4 23	$6M
Q1 24	$7M
Q2 24	$6M
Q3 24	$6M
Q4 24	$6M
Q1 25	$7M
Q2 25	$4M
Q3 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+11.6%	+3.9%
Q1 22	+15.8%	+21.8%
Q2 22	+13.1%	+21.6%
Q3 22	+13.5%	+15.4%
Q4 22	+24.5%	+25.9%
Q1 23	+4.9%	+8.2%
Q2 23	+6.9%	+5.4%
Q3 23	+2.5%	+5.6%
Q4 23	+5.4%	+7.0%
Q1 24	+24.1%	+21.3%
Q2 24	+19.0%	+17.1%
Q3 24	+27.5%	+23.2%
Q4 24	+27.0%	+21.2%
Q1 25	+1.9%	-1.4%
Q2 25	+3.7%	+2.3%
Q3 25	-1.0%	-0.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	2.3%
Q1 22	$5M	4.1%
Q2 22	$5M	3.5%
Q3 22	$5M	3.3%
Q4 22	$6M	3.6%
Q1 23	$7M	5.4%
Q2 23	$0	0.0%
Q3 23	$7M	4.6%
Q4 23	$15M	8.9%
Q1 24	$12M	7.2%
Q2 24	$11M	6.5%
Q3 24	$11M	5.9%
Q4 24	$13M	6.3%
Q1 25	$14M	7.8%
Q2 25	$13M	7.0%
Q3 25	$12M	6.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$16M	$28M	$14M
Q1 22	$22M	$17M	$23M
Q2 22	$24M	$17M	$23M
Q3 22	$25M	$17M	$23M
Q4 22	$26M	$18M	$27M
Q1 23	$26M	$17M	$25M
Q2 23	$25M	$16M	$26M
Q3 23	$26M	$16M	$25M
Q4 23	$29M	$17M	$26M
Q1 24	$29M	$18M	$29M
Q2 24	$28M	$17M	$26M
Q3 24	$30M	$18M	$26M
Q4 24	$31M	$20M	$28M
Q1 25	$31M	$19M	$26M
Q2 25	$32M	$19M	$25M
Q3 25	$33M	$18M	$25M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	11.6%	5.2%	16.7
Q1 22	15.8%	2.9%	18.6
Q2 22	13.1%	3.9%	17.1
Q3 22	13.5%	5.0%	18.5
Q4 22	24.5%	27.2%	51.7
Q1 23	4.9%	-2.1%	2.9
Q2 23	6.9%	5.5%	12.4
Q3 23	2.5%	2.7%	5.1
Q4 23	5.4%	3.1%	8.4
Q1 24	24.1%	1.8%	25.9
Q2 24	19.0%	9.6%	28.6
Q3 24	27.5%	5.9%	33.5
Q4 24	27.0%	10.7%	37.6
Q1 25	1.9%	3.7%	5.6
Q2 25	3.7%	5.5%	9.2
Q3 25	-1.0%	6.1%	5.1

Rule of 40

Revenue Segments

Quarter	C Paa S	Other Segments
Q4 21	$101M	$25M

Revenue by Geography

Quarter	Non-US	United States	Non North America	North America
Q1 22	$15M	$116M	—	—
Q2 22	$15M	$121M	—	—
Q3 22	$14M	$134M	—	—
Q4 22	$14M	$143M	—	—
Q1 23	—	—	$22M	$116M
Q2 23	—	—	$21M	$124M
Q3 23	—	—	$21M	$131M
Q4 23	—	—	$22M	$143M
Q1 24	—	—	$22M	$149M
Q2 24	—	—	$22M	$152M
Q3 24	—	—	$24M	$170M
Q1 25	$22M	$152M	—	—
Q2 25	$23M	$157M	—	—
Q3 25	$26M	$166M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$316M	$0	$316M
Q2 22	$165M	$138M	$303M
Q3 22	$166M	$145M	$312M
Q4 22	$114M	$71M	$185M
Q1 23	$85M	$38M	$124M
Q2 23	$92M	$31M	$123M
Q3 23	$108M	$32M	$139M
Q4 23	$132M	$21M	$153M
Q1 24	$105M	$42M	$147M
Q2 24	$62M	$14M	$77M
Q3 24	$75M	$5M	$80M
Q4 24	$82M	$2M	$84M
Q1 25	$36M	$6M	$42M
Q2 25	$60M	$8M	$68M
Q3 25	$73M	$7M	$80M
Q4 25	$103M	$8M	$112M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	25M	+0.1%	+2.0%
Q1 22	25M	+0.3%	+0.8%
Q2 22	25M	+0.2%	+0.7%
Q3 22	25M	+0.1%	+0.8%
Q4 22	30M	+20.4%	+21.2%
Q1 23	29M	-3.9%	+16.1%
Q2 23	26M	-12.7%	+1.1%
Q3 23	26M	+0.2%	+1.2%
Q4 23	26M	+0.8%	-15.2%
Q1 24	26M	+2.6%	-9.5%
Q2 24	30M	+11.3%	+15.4%
Q3 24	29M	-3.0%	+11.7%
Q4 24	28M	-2.6%	+7.9%
Q1 25	29M	+3.9%	+9.4%
Q2 25	30M	+3.1%	+1.3%
Q3 25	30M	+1.3%	+5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$114.7K	1K
Q1 22	$119.4K	1K
Q2 22	$124.1K	1K
Q3 22	$134.8K	1K
Q4 22	$142.7K	1K
Q1 23	$125.3K	1K
Q2 23	$132.6K	1K
Q3 23	$138.2K	1K
Q4 23	$150.4K	1K
Q1 24	$155.5K	1K
Q2 24	$157.8K	1K
Q3 24	$176.3K	1K
Q4 24	$190.9K	1K
Q1 25	$158.4K	1K
Q2 25	$163.6K	1K
Q3 25	$174.4K	1K

Revenue / Employee