FRSH

MKT CAP:$2B

Freshworks Inc.

Market Cap

$2B

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

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$8.26-$3.34 (-28.79%)

Apr 23, 2026

Company Details

Freshworks Inc., a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc. was formerly known as Freshdesk Inc. and changed its name to Freshworks Inc. in June 2017. The company was incorporat...

CEO

Dennis Woodside

IPO Date

Sep 22, 2021

Website

www.freshworks.com

Key Metrics TTM

Revenue

$780M

+25.0% YoY

Net Income

-$48M

EPS (Diluted)

-$0.16

Free Cash Flow

$183M

Revenue / Share

$2.73

Gross Margin

84.6%

Operating Margin

-11.0%

Net Margin

-6.2%

FCF Margin

23.5%

P/S

3.2x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$839M+16.4%EPS $0.63

Q3 2025

Nov 5, 2025

$215MEPS -$0.02

Q1 2025

Apr 29, 2025

$196M+18.9%EPS -$0.00

FY 2024

Feb 20, 2025

$720M+20.8%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$88M	$70M	-$6M
Q3 21	$97M	$74M	-$140M
Q4 21	$105M	$85M	-$56M
Q1 22	$115M	$92M	-$47M
Q2 22	$121M	$97M	-$67M
Q3 22	$129M	$105M	-$58M
Q4 22	$133M	$108M	-$61M
Q1 23	$138M	$112M	-$48M
Q2 23	$145M	$120M	-$43M
Q3 23	$154M	$127M	-$39M
Q4 23	$160M	$133M	-$40M
Q1 24	$165M	$139M	-$32M
Q2 24	$174M	$146M	-$44M
Q4 24	$195M	$165M	-$24M
Q1 25	$196M	$166M	-$10M
Q3 25	$215M	$182M	-$7M

Valuation

Quarter	P/S	P/E
Q2 21	14.9x	—
Q3 21	13.0x	—
Q4 21	19.6x	—
Q1 22	14.2x	—
Q2 22	8.7x	—
Q3 22	8.5x	—
Q4 22	8.4x	—
Q1 23	8.5x	—
Q2 23	9.5x	—
Q3 23	10.1x	—
Q4 23	11.3x	—
Q1 24	8.7x	—
Q2 24	5.8x	—
Q4 24	7.0x	—
Q1 25	5.9x	—
Q3 25	4.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$885.0K	-$1M
Q3 21	-$2M	-$4M
Q4 21	$5M	$3M
Q1 22	$1M	-$1M
Q2 22	-$7M	-$10M
Q3 22	-$4M	-$7M
Q4 22	$7M	$4M
Q1 23	$12M	$9M
Q2 23	$20M	$18M
Q3 23	$24M	$22M
Q4 23	$31M	$29M
Q1 24	$41M	$39M
Q2 24	$36M	$33M
Q4 24	$41M	$36M
Q1 25	$58M	$57M
Q3 25	$63M	$57M

Capital Expenditures

Quarter	CapEx
Q2 21	$2M
Q3 21	$2M
Q4 21	$2M
Q1 22	$3M
Q2 22	$3M
Q3 22	$3M
Q4 22	$3M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$4M
Q4 24	$5M
Q1 25	$1M
Q3 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+204.9%	+278.1%
Q3 21	+71.1%	+290.8%
Q4 21	+59.4%	+144.7%
Q1 22	+57.0%	+111.8%
Q2 22	+37.5%	+99.2%
Q3 22	+33.3%	-21.0%
Q4 22	+26.3%	+19.7%
Q1 23	+20.1%	+14.9%
Q2 23	+19.5%	-0.2%
Q3 23	+19.3%	+2.8%
Q4 23	+20.2%	+3.3%
Q1 24	+19.9%	+6.2%
Q2 24	+20.0%	+15.7%
Q4 24	+26.7%	+13.6%
Q1 25	+22.6%	+3.3%
Q3 25	+30.3%	+12.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$124M	128.6%
Q4 21	$49M	46.6%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$51M	36.8%
Q2 23	$0	0.0%
Q3 23	$55M	35.9%
Q4 23	$51M	31.6%
Q1 24	$52M	31.8%
Q2 24	$55M	31.7%
Q4 24	$50M	25.9%
Q1 25	$52M	26.3%
Q3 25	$49M	22.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$19M	$8M	$49M
Q3 21	$57M	$61M	$97M
Q4 21	$29M	$40M	$72M
Q1 22	$31M	$37M	$71M
Q2 22	$34M	$40M	$90M
Q3 22	$36M	$40M	$87M
Q4 22	$35M	$39M	$95M
Q1 23	$33M	$41M	$87M
Q2 23	$34M	$41M	$88M
Q3 23	$35M	$40M	$91M
Q4 23	$36M	$45M	$92M
Q1 24	$35M	$42M	$95M
Q2 24	$41M	$45M	$104M
Q4 24	$41M	$48M	$91M
Q1 25	$40M	$47M	$89M
Q3 25	$41M	$47M	$101M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 21	204.9%	-3.6%	201.3
Q3 21	71.1%	-141.7%	-70.6
Q4 21	59.4%	-50.1%	9.2
Q1 22	57.0%	-38.5%	18.5
Q2 22	37.5%	-53.2%	-15.7
Q3 22	33.3%	-43.1%	-9.8
Q4 22	26.3%	-43.3%	-17.1
Q1 23	20.1%	-32.7%	-12.6
Q2 23	19.5%	-27.8%	-8.3
Q3 23	19.3%	-23.3%	-4.0
Q4 23	20.2%	-23.1%	-2.9
Q1 24	19.9%	-17.7%	2.3
Q2 24	20.0%	-23.0%	-3.0
Q4 24	26.7%	-4.0%	22.7
Q1 25	22.6%	-1.9%	20.7
Q3 25	30.3%	2.1%	32.3

Rule of 40

Revenue Segments

Quarter	Professional Services	Subscription Services
Q3 21	$2M	$94M
Q4 21	$3M	$103M
Q1 22	$3M	$111M
Q2 22	$3M	$118M
Q3 22	$3M	$126M
Q4 22	$3M	$130M
Q1 23	$4M	$134M
Q2 23	$3M	$142M
Q3 23	$4M	$150M
Q4 23	$3M	$157M
Q1 24	$3M	$163M

Revenue by Geography

Quarter	Asia Pacific	Emea	North America	Other
Q3 21	$13M	$40M	$42M	$2M
Q4 21	$15M	$42M	$47M	$3M
Q1 22	$17M	$46M	$49M	$3M
Q2 22	$18M	$48M	$52M	$3M
Q3 22	$19M	$50M	$56M	$3M
Q4 22	$20M	$51M	$59M	$4M
Q1 23	$20M	$53M	$61M	$4M
Q2 23	$20M	$56M	$64M	$4M
Q3 23	$21M	$59M	$69M	$4M
Q4 23	$22M	$62M	$72M	$5M
Q1 24	$22M	$64M	$74M	$5M
Q2 24	$23M	$67M	$79M	$5M
Q4 24	$24M	$75M	$91M	$5M
Q1 25	$23M	$76M	$91M	$6M
Q3 25	$26M	$84M	$100M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$603M	$594M	$1.2B
Q2 22	$590M	$584M	$1.2B
Q3 22	$432M	$719M	$1.2B
Q4 22	$304M	$843M	$1.1B
Q1 23	$344M	$806M	$1.2B
Q2 23	$356M	$805M	$1.2B
Q3 23	$458M	$706M	$1.2B
Q4 23	$488M	$700M	$1.2B
Q1 24	$468M	$739M	$1.2B
Q2 24	$310M	$709M	$1.0B
Q3 24	$391M	$664M	$1.1B
Q4 24	$620M	$450M	$1.1B
Q1 25	$594M	$401M	$995M
Q2 25	$486M	$440M	$926M
Q3 25	$421M	$392M	$813M
Q4 25	$632M	$212M	$844M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	281M	+11.3%	+1556.2%
Q3 21	275M	-2.1%	+258.6%
Q4 21	270M	-2.2%	+6.6%
Q1 22	278M	+3.2%	+10.0%
Q2 22	285M	+2.4%	+1.2%
Q3 22	287M	+0.7%	+4.1%
Q4 22	288M	+0.6%	+7.0%
Q1 23	290M	+0.6%	+4.3%
Q2 23	292M	+0.6%	+2.5%
Q3 23	294M	+0.7%	+2.6%
Q4 23	296M	+0.6%	+2.6%
Q1 24	298M	+0.6%	+2.7%
Q2 24	300M	+0.6%	+2.7%
Q4 24	304M	+1.3%	+3.2%
Q1 25	301M	-0.8%	+1.8%
Q3 25	286M	-5.0%	-3.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	$22.9K	5K
Q1 22	$24.9K	5K
Q2 22	$26.4K	5K
Q3 22	$28.0K	5K
Q4 22	$24.7K	5K
Q1 23	$25.5K	5K
Q2 23	$26.9K	5K
Q3 23	$28.4K	5K
Q4 23	$32.7K	5K
Q1 24	$33.7K	5K
Q2 24	$35.5K	5K
Q4 24	$44.2K	4K
Q1 25	$44.6K	4K
Q3 25	$48.9K	4K

Revenue / Employee