CFLT

MKT CAP:$11B

Confluent, Inc.

Market Cap

$11B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$30.99+$0.88 (+2.92%)

Mar 17, 2026

Company Details

Confluent, Inc. operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-mana...

CEO

Edward Jay Kreps

IPO Date

Jun 24, 2021

Website

www.confluent.io

Key Metrics TTM

Revenue

$1.2B

+21.1% YoY

Net Income

-$295M

EPS (Diluted)

-$0.86

Free Cash Flow

$50M

Revenue / Share

$3.32

Gross Margin

74.3%

Operating Margin

-30.9%

Net Margin

-25.3%

FCF Margin

4.3%

P/S

9.5x

P/E

—

Earnings Reports

FY 2025

Feb 11, 2026

$1.2B+21.1%EPS -$0.86

Q4 2025

Feb 11, 2026

$315M+20.5%EPS -$0.23

Q3 2025

Oct 27, 2025

$299M+19.3%EPS -$0.19

Q2 2025

Jul 30, 2025

$282M+20.1%EPS -$0.24

Q1 2025

Apr 30, 2025

$271M+24.8%EPS -$0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$126M	$80M	-$111M
Q2 22	$139M	$90M	-$117M
Q3 22	$152M	$99M	-$119M
Q4 22	$169M	$115M	-$115M
Q1 23	$174M	$116M	-$166M
Q2 23	$189M	$131M	-$119M
Q3 23	$200M	$144M	-$109M
Q4 23	$213M	$156M	-$85M
Q1 24	$217M	$156M	-$111M
Q2 24	$235M	$170M	-$108M
Q3 24	$250M	$186M	-$94M
Q4 24	$261M	$194M	-$106M
Q1 25	$271M	$202M	-$101M
Q2 25	$282M	$208M	-$96M
Q3 25	$299M	$222M	-$83M
Q4 25	$315M	$235M	-$80M

Valuation

Quarter	P/S	P/E
Q1 22	26.3x	—
Q2 22	14.4x	—
Q3 22	13.2x	—
Q4 22	9.7x	—
Q1 23	10.9x	—
Q2 23	15.2x	—
Q3 23	12.5x	—
Q4 23	9.1x	—
Q1 24	11.4x	—
Q2 24	10.4x	—
Q3 24	7.1x	—
Q4 24	9.5x	—
Q1 25	7.6x	—
Q2 25	7.9x	—
Q3 25	6.2x	—
Q4 25	8.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$55M	-$58M
Q2 22	-$34M	-$38M
Q3 22	-$42M	-$46M
Q4 22	-$26M	-$30M
Q1 23	-$78M	-$83M
Q2 23	-$29M	-$35M
Q3 23	-$9M	-$13M
Q4 23	$12M	$7M
Q1 24	-$26M	-$32M
Q2 24	$9M	$3M
Q3 24	$16M	$9M
Q4 24	$35M	$29M
Q1 25	-$27M	-$33M
Q2 25	$18M	$17M
Q3 25	$31M	$25M
Q4 25	$42M	$42M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$3M
Q3 22	$4M
Q4 22	$4M
Q1 23	$5M
Q2 23	$6M
Q3 23	$4M
Q4 23	$5M
Q1 24	$6M
Q2 24	$6M
Q3 24	$6M
Q4 24	$6M
Q1 25	$6M
Q2 25	$919.0K
Q3 25	$6M
Q4 25	$442.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+63.8%	+94.5%
Q2 22	+57.8%	+47.2%
Q3 22	+47.9%	+37.2%
Q4 22	+40.6%	+21.4%
Q1 23	+38.2%	+43.3%
Q2 23	+35.8%	+20.2%
Q3 23	+31.9%	+14.1%
Q4 23	+26.4%	+5.0%
Q1 24	+24.6%	-3.5%
Q2 24	+24.1%	+11.2%
Q3 24	+25.0%	+11.3%
Q4 24	+22.5%	+23.2%
Q1 25	+24.8%	+13.3%
Q2 25	+20.1%	+10.3%
Q3 25	+19.3%	+11.0%
Q4 25	+20.5%	+7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$57M	45.5%
Q2 22	$0	0.0%
Q3 22	$75M	49.7%
Q4 22	$0	0.0%
Q1 23	$79M	45.5%
Q2 23	$92M	48.7%
Q3 23	$90M	44.7%
Q4 23	$89M	41.7%
Q1 24	$95M	43.9%
Q2 24	$99M	42.2%
Q3 24	$98M	39.3%
Q4 24	$103M	39.4%
Q1 25	$93M	34.1%
Q2 25	$102M	36.1%
Q3 25	$101M	33.9%
Q4 25	$102M	32.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$58M	$27M	$107M
Q2 22	$64M	$30M	$113M
Q3 22	$70M	$33M	$114M
Q4 22	$72M	$35M	$123M
Q1 23	$85M	$35M	$129M
Q2 23	$86M	$36M	$128M
Q3 23	$91M	$32M	$129M
Q4 23	$87M	$34M	$120M
Q1 24	$98M	$38M	$131M
Q2 24	$106M	$39M	$133M
Q3 24	$103M	$39M	$138M
Q4 24	$115M	$39M	$145M
Q1 25	$117M	$40M	$146M
Q2 25	$121M	$40M	$144M
Q3 25	$122M	$40M	$143M
Q4 25	$115M	$53M	$147M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	63.8%	-87.4%	-23.6
Q2 22	57.8%	-82.8%	-25.0
Q3 22	47.9%	-77.0%	-29.1
Q4 22	40.6%	-66.7%	-26.1
Q1 23	38.2%	-74.3%	-36.2
Q2 23	35.8%	-60.8%	-25.1
Q3 23	31.9%	-52.2%	-20.3
Q4 23	26.4%	-37.9%	-11.5
Q1 24	24.6%	-49.3%	-24.6
Q2 24	24.1%	-43.6%	-19.5
Q3 24	25.0%	-35.2%	-10.2
Q4 24	22.5%	-38.1%	-15.6
Q1 25	24.8%	-34.9%	-10.1
Q2 25	20.1%	-31.6%	-11.4
Q3 25	19.3%	-19.1%	0.2
Q4 25	20.5%	-22.8%	-2.3

Rule of 40

Revenue Segments

Quarter	Confluent Cloud	License	Post Contract Customer Support	Service
Q1 22	$39M	$19M	$56M	$12M
Q2 22	$47M	$20M	$60M	$12M
Q3 22	$57M	$17M	$65M	$13M
Q4 22	$68M	$20M	$67M	$13M
Q1 23	$74M	$19M	$68M	$14M
Q2 23	$84M	$21M	$72M	$13M
Q3 23	$92M	$21M	$76M	$11M
Q4 23	$100M	$23M	$80M	$10M
Q1 24	$107M	$19M	$81M	$10M
Q2 24	$117M	$27M	$80M	$10M
Q3 24	$130M	$25M	$85M	$10M
Q4 24	$138M	$26M	$87M	$11M
Q1 25	$143M	$31M	$87M	$10M
Q2 25	$151M	$31M	$90M	$11M
Q3 25	$161M	$32M	$94M	$12M
Q4 25	$169M	$38M	$94M	$13M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$47M	$79M
Q2 22	$52M	$88M
Q3 22	$57M	$95M
Q4 22	$68M	$100M
Q1 23	$70M	$104M
Q2 23	$75M	$114M
Q3 23	$81M	$119M
Q4 23	$86M	$128M
Q1 24	$90M	$127M
Q2 24	$92M	$143M
Q3 24	$98M	$152M
Q4 24	$108M	$154M
Q1 25	$115M	$156M
Q2 25	$118M	$164M
Q3 25	$126M	$172M
Q4 25	$142M	$172M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.0B	$943M	$2.0B
Q2 22	$530M	$1.4B	$2.0B
Q3 22	$503M	$1.4B	$1.9B
Q4 22	$436M	$1.5B	$1.9B
Q1 23	$343M	$1.5B	$1.8B
Q2 23	$313M	$1.5B	$1.8B
Q3 23	$317M	$1.6B	$1.9B
Q4 23	$350M	$1.6B	$1.9B
Q1 24	$336M	$1.6B	$1.9B
Q2 24	$311M	$1.6B	$1.9B
Q3 24	$323M	$1.5B	$1.9B
Q4 24	$386M	$1.5B	$1.9B
Q1 25	$279M	$1.6B	$1.9B
Q2 25	$296M	$1.6B	$1.9B
Q3 25	$299M	$1.7B	$2.0B
Q4 25	$347M	$1.7B	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	273M	+2.8%	+8.1%
Q2 22	278M	+2.0%	+8.8%
Q3 22	282M	+1.4%	+8.9%
Q4 22	287M	+1.6%	+8.0%
Q1 23	292M	+1.8%	+7.0%
Q2 23	298M	+2.0%	+7.0%
Q3 23	304M	+2.0%	+7.7%
Q4 23	309M	+1.7%	+7.8%
Q1 24	314M	+1.7%	+7.7%
Q2 24	319M	+1.7%	+7.2%
Q3 24	324M	+1.5%	+6.7%
Q4 24	329M	+1.6%	+6.6%
Q1 25	336M	+1.9%	+6.9%
Q2 25	341M	+1.6%	+6.8%
Q3 25	346M	+1.5%	+6.7%
Q4 25	352M	+1.6%	+6.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$63.7K	2K
Q2 22	$70.4K	2K
Q3 22	$76.6K	2K
Q4 22	$61.1K	3K
Q1 23	$63.1K	3K
Q2 23	$68.6K	3K
Q3 23	$72.5K	3K
Q4 23	$77.7K	3K
Q1 24	$79.2K	3K
Q2 24	$85.6K	3K
Q3 24	$91.2K	3K
Q4 24	$85.4K	3K
Q1 25	$88.6K	3K
Q2 25	$92.3K	3K
Q3 25	$97.6K	3K
Q4 25	$97.1K	3K

Revenue / Employee