Summary
Amplitude closed fiscal 2025 with fourth quarter revenue of $91.43 million, up 17.0% from the prior-year quarter. Full-year revenue reached $343.21 million, up 14.7%. Gross profit was $68.23 million in the quarter, up 17.0%, and $253.93 million for the year, up 14.2%. Fourth quarter gross margin was 74.6%, flat with the prior-year quarter. Full-year gross margin was 74.0%, down 0.3 percentage points. Non-GAAP gross margin was 76.5% in the quarter and 75.9% for the year. The top line growth came with continued losses. Fourth quarter net loss was $17.66 million, a narrowed loss. Full-year net loss was $88.54 million, also narrowed. Full-year diluted EPS was -$0.67, a narrowed loss.
Cash generation improved. Fourth quarter operating cash flow was $12.84 million, up 306.7% from the prior-year quarter. Full-year operating cash flow was $29.82 million, up 61.2%. Capital expenditures were $0.18 million in the quarter, down 75.2%, and $1.62 million for the year, down 6.0%. Deferred revenue was $121.89 million, up 11.1% from the prior-year quarter. Remaining performance obligations were $417.70 million, up 35.4%. Free cash flow, a non-GAAP measure, was $11.2 million in the fourth quarter and $23.5 million for the full year. Free cash flow margin, also non-GAAP, was 12.2% in the quarter and 6.8% for the year.
Annual recurring revenue was $366 million, up 17% year-over-year and up $18 million from the third quarter of 2025. The dollar-based net retention rate (TTM) was 104%, up from 97%. Customers with $100,000 or greater in ARR rose to 698, up 18%, while customers with $1.0 million or greater in ARR rose to 56, up 33%. Enterprise and multi-product customers accounted for 74% of total ARR. Amplitude served 4,797 paying customers at year end. Non-GAAP income from operations was $4.2 million in the quarter and $1.2 million for the year. Non-GAAP net income per diluted share was $0.04 in the quarter and $0.06 for the year. The company introduced Global Agent, specialized agents, expanded MCP, launched AI Feedback, and acquired InfiniGrow. It also completed earlier acquisitions including Command AI, Inari, June.io, and Kraftful.
For the first quarter of 2026, management guides revenue of $91.7 million to $93.7 million and non-GAAP operating loss of $(4.5) million to $(2.5) million. Non-GAAP net loss per share is guided to $(0.02) to $(0.01). For full-year 2026, the company guides revenue of $390.0 million to $398.0 million, non-GAAP operating income of $7.0 million to $13.0 million, and non-GAAP diluted EPS of $0.08 to $0.13. The board approved an increase to the share repurchase program, authorizing up to an additional $100 million of Class A common stock. The company says it cannot provide a reconciliation of expected non-GAAP operating income to GAAP operating income without unreasonable efforts because items such as stock-based compensation and amortization of acquired intangible assets cannot be reasonably predicted.
Risks remain. Amplitude has a limited operating history and a history of losses. Customer retention and expansion, larger enterprise sales cycles, global economic and political instability, tariffs, reduced information technology spending, a slower SaaS market, intellectual property protection, and evolving privacy and data laws could affect results. The company also flagged risks related to its limited operating history and rapid growth, which make forecasting difficult, and risks related to its focus on larger organizations, which may increase variability in sales cycles. It also noted risks from downturns in new sales, unfavorable industry or global economic conditions, reductions in information technology spending, and sanctions related to Russia. The company also has a substantial AWS purchase commitment, with $294.8 million remaining as of December 31, 2025 under a minimum commitment of $326.3 million through March 2031. International operations add operational complexity.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $91.4M | $88.6M | +3.2% | $78.1M | +17.0% |
| Gross profit | $68.2M | $65.5M | +4.2% | $58.3M | +17.0% |
| Gross margin | 74.6% | 74.0% | +0.7 pp | 74.7% | -0.0 pp |
| Research & development | $23.3M | $26.6M | -12.3% | $34.4M | -32.2% |
| Sales & marketing | $48.6M | $48.3M | +0.7% | $42.5M | +14.5% |
| General & administrative | $15.3M | $16.2M | -5.5% | $16.9M | -9.4% |
| Total operating expenses | $87.3M | $91.1M | -4.2% | $93.8M | -7.0% |
| Net income (loss) | -$17.7M | -$24.0M | +26.4% | -$32.6M | +45.8% |
| Net margin | -19.3% | -27.1% | +7.8 pp | -41.7% | +22.4 pp |
| Diluted EPS | -$0.13 | -$0.18 | +$0.05 | -$0.26 | +$0.13 |
| Net retention rate | 104.0% | 102.0% | +2.0 pp | 97.0% | +7.0 pp |
Risks
The filing materially expands AI-specific risk, noting the AI Analytics Platform incorporates large language models and third-party AI Technologies and that competitors may incorporate AI into their products more quickly or successfully. It also flags potential liability from inaccurate AI output, copyright and privacy claims, and dependence on third-party AI model pricing and availability.
The company expects its sales cycle to lengthen and become less predictable as it focuses on larger organizations, with enterprise sales cycles of four to six months versus one to three months for non-enterprise customers. Failure to close or delay of significant enterprise transactions can adversely affect results in the period and future periods.
Revenue growth depends on customer renewals and expansion; some customers have elected not to renew, and it is difficult to predict long-term retention. MD&A reports dollar-based net retention rate (TTM) of 104% as of December 31, 2025, up from 97% as of December 31, 2024, but the filing still flags retention and free-to-paid conversion risk.
Unfavorable global economic conditions, inflationary pressures, rising interest rates, tariffs, and potential recession could pressure software spending and customer budgets. MD&A notes 39% of FY2025 revenue was generated outside the United States and international expansion remains a growth strategy.
The market for AI analytics is fragmented, rapidly evolving, and highly competitive with relatively low barriers to entry. Larger competitors with greater resources or established SaaS providers expanding into AI analytics may lower prices or bundle offerings, harming revenue and margins.
The platform depends on third-party cloud services, particularly AWS, and the company has a remaining AWS minimum purchase commitment of $294.8 million as of December 31, 2025. Any extended AWS outage or unfavorable pricing change could increase expenses and impair delivery.
The company is currently defending two privacy class actions and has previously defended a securities class action and derivative action. It expects to continue incurring significant legal costs and management distraction from these matters.
International operations require significant management attention and financial resources, but the non-U.S. sales organization is substantially smaller than the U.S. sales organization and only a very small portion of sales has been driven by resellers or other channel partners. Failure to effectively grow international markets could limit revenue growth.
SaaS KPIs
All quarters →Free Cash Flow Margin
Non-GAAP Operating Margin
Paying Customers
Free Cash Flow
Remaining Performance Obligations
Annual Recurring Revenue
Dollar-Based Net Retention Rate (NRR)
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.