KVYO

MKT CAP:$6B

Klaviyo, Inc.

Market Cap

$6B

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

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$18.76-$10.56 (-36.02%)

Apr 23, 2026

Company Details

Klaviyo, Inc., a technology company that provides a software-as-a-service platform to enable its customers to send the right messages at the right time across email, short message service (SMS), and push notifications. The company offers Kl...

CEO

Andrew Bialecki

IPO Date

Sep 20, 2023

Website

www.klaviyo.com

Key Metrics TTM

Revenue

$1.2B

+31.6% YoY

Net Income

-$32M

EPS (Diluted)

-$0.11

Free Cash Flow

$190M

Revenue / Share

$4.02

Gross Margin

74.7%

Operating Margin

-5.5%

Net Margin

-2.6%

FCF Margin

15.4%

P/S

4.8x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 10, 2026

$1.2B+31.6%EPS -$0.11

Q4 2025

Feb 10, 2026

$350M+29.6%EPS $0.02

Q3 2025

Nov 5, 2025

$311M+32.2%EPS -$0.00

Q2 2025

Aug 5, 2025

$293M+31.9%EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$104M	$75M	-$13M
Q2 22	$109M	$78M	-$12M
Q3 22	$119M	$87M	-$26M
Q4 22	$145M	$108M	-$4M
Q1 23	$156M	$120M	$878.0K
Q2 23	$165M	$127M	$7M
Q3 23	$176M	$117M	-$302M
Q4 23	$202M	$157M	-$36M
Q1 24	$210M	$165M	-$22M
Q2 24	$222M	$172M	-$14M
Q3 24	$235M	$181M	-$13M
Q4 24	$270M	$198M	-$35M
Q1 25	$280M	$212M	-$24M
Q2 25	$293M	$222M	-$31M
Q3 25	$311M	$235M	-$11M
Q4 25	$350M	$253M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	12.5x	—
Q1 23	11.3x	—
Q2 23	10.2x	—
Q3 23	9.3x	—
Q4 23	8.6x	—
Q1 24	7.9x	—
Q2 24	7.4x	—
Q3 24	6.9x	—
Q4 24	6.4x	—
Q1 25	5.9x	—
Q2 25	5.5x	—
Q3 25	5.2x	—
Q4 25	4.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$19M
Q2 22	-$14M	-$19M
Q3 22	-$17M	-$22M
Q4 22	$21M	$19M
Q1 23	$16M	$14M
Q2 23	$41M	$40M
Q3 23	$24M	$22M
Q4 23	$39M	$35M
Q1 24	$26M	$23M
Q2 24	$41M	$37M
Q3 24	$39M	$34M
Q4 24	$60M	$54M
Q1 25	$14M	$7M
Q2 25	$56M	$48M
Q3 25	$55M	$47M
Q4 25	$93M	$87M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$5M
Q3 22	$5M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$4M
Q1 24	$3M
Q2 24	$4M
Q3 24	$5M
Q4 24	$6M
Q1 25	$8M
Q2 25	$7M
Q3 25	$8M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+49.8%	+32.9%
Q2 23	+51.0%	+29.8%
Q3 23	+47.5%	+230.0%
Q4 23	+38.8%	+59.4%
Q1 24	+34.5%	+49.5%
Q2 24	+35.0%	+50.0%
Q3 24	+33.7%	-48.0%
Q4 24	+34.0%	+28.1%
Q1 25	+33.3%	+30.8%
Q2 25	+31.9%	+37.3%
Q3 25	+32.2%	+29.5%
Q4 25	+29.6%	+15.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	2.7%
Q2 22	$547.0K	0.5%
Q3 22	$522.0K	0.4%
Q4 22	$557.0K	0.4%
Q1 23	$2M	1.2%
Q2 23	$519.0K	0.3%
Q3 23	$300M	170.6%
Q4 23	$38M	19.1%
Q1 24	$36M	17.0%
Q2 24	$34M	15.1%
Q3 24	$32M	13.4%
Q4 24	$35M	12.8%
Q1 25	$38M	13.7%
Q2 25	$45M	15.5%
Q3 25	$40M	13.0%
Q4 25	$38M	10.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$23M	$19M	$46M
Q2 22	$24M	$18M	$48M
Q3 22	$30M	$21M	$61M
Q4 22	$29M	$23M	$60M
Q1 23	$35M	$23M	$61M
Q2 23	$33M	$24M	$63M
Q3 23	$141M	$110M	$168M
Q4 23	$53M	$38M	$103M
Q1 24	$56M	$39M	$92M
Q2 24	$56M	$36M	$95M
Q3 24	$56M	$38M	$100M
Q4 24	$71M	$44M	$118M
Q1 25	$69M	$43M	$124M
Q2 25	$72M	$54M	$127M
Q3 25	$73M	$45M	$128M
Q4 25	$77M	$49M	$128M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	—	-10.3%	—
Q2 22	—	-9.5%	—
Q3 22	—	-19.8%	—
Q4 22	—	3.2%	—
Q1 23	49.8%	2.7%	52.5
Q2 23	51.0%	6.2%	57.2
Q3 23	47.5%	-170.0%	-122.5
Q4 23	38.8%	-4.4%	34.4
Q1 24	34.5%	-8.6%	25.9
Q2 24	35.0%	-4.4%	30.6
Q3 24	33.7%	-3.7%	30.0
Q4 24	34.0%	-11.0%	23.0
Q1 25	33.3%	-6.8%	26.5
Q2 25	31.9%	-9.3%	22.6
Q3 25	32.2%	-2.1%	30.2
Q4 25	29.6%	1.0%	30.7

Rule of 40

Revenue by Geography

Quarter	Asia Pacific	Emea	Other Americas	United States
Q1 25	$28M	$66M	$14M	$172M
Q2 25	$30M	$72M	$14M	$177M
Q3 25	$32M	$78M	$15M	$186M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$439M	$0	$439M
Q3 23	$723M	$0	$723M
Q4 23	$739M	$0	$739M
Q1 24	$756M	$0	$756M
Q2 24	$794M	$0	$794M
Q3 24	$827M	$0	$827M
Q4 24	$881M	$0	$881M
Q1 25	$888M	$0	$888M
Q2 25	$936M	$0	$936M
Q3 25	$980M	$0	$980M
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	226M	—	—
Q2 22	226M	0.0%	—
Q3 22	252M	+11.2%	—
Q4 22	252M	0.0%	—
Q1 23	252M	0.0%	+11.2%
Q2 23	269M	+6.6%	+18.6%
Q3 23	240M	-10.6%	-4.7%
Q4 23	259M	+7.8%	+2.8%
Q1 24	261M	+0.9%	+3.8%
Q2 24	265M	+1.5%	-1.2%
Q3 24	268M	+1.0%	+11.5%
Q4 24	271M	+1.1%	+4.6%
Q1 25	274M	+1.2%	+4.9%
Q2 25	285M	+3.9%	+7.4%
Q3 25	301M	+5.6%	+12.3%
Q4 25	307M	+2.1%	+13.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$123.8K	2K
Q1 25	$128.2K	2K
Q2 25	$134.3K	2K
Q3 25	$142.5K	2K
Q4 25	$147.9K	2K

Revenue / Employee