Summary
LiveRamp closed fiscal 2025 with fourth quarter revenue of $188.7 million, up 9.8% from the prior-year quarter, and gross profit of $130.8 million, up 5.4%. Gross margin fell to 69.3% from 72.2%. The GAAP operating loss narrowed to $11.5 million, and operating margin improved to negative 6.1% from negative 8.3%. Net loss widened to $6.3 million. Non-GAAP operating income was $23 million, up from $16 million, and non-GAAP diluted earnings per share was $0.30.
Full-year revenue reached $745.6 million, up 13.0%. Gross profit of $529.7 million rose 10.3%, and gross margin of 71.0% compared with 72.8%. Operating income fell 52.6% to $5.4 million, and operating margin slipped to 0.7% from 1.7%. The company swung to a net loss of $0.8 million, and diluted earnings per share swung to a loss of $0.01 from $0.17. Full-year non-GAAP operating income was $136 million, up from $105 million.
Cash generation was the strongest part of the story. Operating cash flow was $62.6 million in the quarter, up 126.4%, and $154.0 million for the fiscal year, up 45.7%. Capital expenditures fell 83.6% in the quarter to $0.3 million and 75.5% for the year to $1.0 million. Free cash flow, a non-GAAP measure, was $62 million for the quarter and $153 million for the year. Deferred revenue rose 48.3% to $45.9 million, and remaining performance obligations climbed 25.5% to $710.5 million.
Fiscal 2025 share repurchases totaled about 3.8 million shares for $101 million, including roughly 950 thousand shares for $25 million in the fourth quarter. The company ended the year with $256 million of remaining capacity under an authorization that expires on December 31, 2026.
Subscription revenue grew 9% in the quarter and 11% for the year, and represented 76% of total revenue. Marketplace Other revenue grew 14% in the quarter and 21% for the year. Annualized recurring revenue was $504 million, up 8%, and current remaining performance obligations, which cover the next 12 months, were $471 million, up 14%. Net retention was 104% on subscription and 106% on platform.
The customer mix keeps shifting. LiveRamp ended the year with 128 customers generating more than $1 million of annualized subscription revenue, up from 115, while direct subscription customers fell to 840 from 900. On February 25 the company hosted an investor day and announced Cross-Media Intelligence, a measurement product that unifies insights across partners and datasets. Its RampUp conference drew more than 2,500 attendees and more than 40 panels in late February.
Guidance points to slower growth. Management guided first quarter fiscal 2026 revenue growth of 9% and full fiscal 2026 revenue growth of between 6% and 10%. The outlook also includes a GAAP operating loss and non-GAAP operating income for both the first quarter and the full fiscal year, with the non-GAAP measure excluding non-cash stock compensation, purchased intangible amortization, and restructuring and related charges.
Management flagged an uncertain near-term macro environment, along with tariffs and trade restrictions, a possible recession, inflation and high interest rates, customer renewal risk, reliance on data suppliers, and shifting privacy rules. LiveRamp also noted that on April 22 Google said it will no longer roll out a standalone prompt for consumers to opt in to third-party cookie tracking on Chrome. The company plans to keep using cookies to extend reach on Chrome while expanding its authenticated footprint across Safari, Firefox, Edge, connected TV, mobile gaming, and AI integrations. On March 6 it announced a restructuring affecting about 5% of full-time employees, aimed at simplifying the business and cutting costs.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $188.7M | $195.4M | -3.4% | $171.9M | +9.8% |
| Gross profit | $130.8M | $140.4M | -6.9% | $124.1M | +5.4% |
| Gross margin | 69.3% | 71.9% | -2.6 pp | 72.2% | -2.9 pp |
| Research & development | $45.9M | $42.7M | +7.5% | $45.2M | +1.7% |
| Sales & marketing | $57.0M | $50.9M | +12.0% | $60.5M | -5.8% |
| General & administrative | $32.2M | $32.0M | +0.6% | $30.3M | +6.4% |
| Total operating expenses | $142.3M | $125.7M | +13.2% | $138.4M | +2.8% |
| Operating income (loss) | -$11.5M | $14.7M | -178.4% | -$14.3M | +19.4% |
| Operating margin | -6.1% | 7.5% | -13.6 pp | -8.3% | +2.2 pp |
| Net income (loss) | -$6.3M | $11.2M | -155.9% | -$5.4M | -16.6% |
| Net margin | -3.3% | 5.7% | -9.1 pp | -3.1% | -0.2 pp |
| Diluted EPS | -$0.09 | $0.17 | -$0.26 | -$0.08 | -$0.01 |
| Customers | 128 | 125 | +2.4% | 115 | +11.3% |
Risks
Much of the data LiveRamp uses is purchased or licensed from third-party suppliers, and the filing says suppliers could withhold or limit data for competitive reasons, contract breaches, acquisition by a competitor, legislation, or negative market optics. A substantial withdrawal of data could materially impair LiveRamp's ability to provide products and services and decrease revenue.
The filing highlights evolving federal, state, and foreign privacy laws, including the CCPA/CPRA, at least twenty-two other state privacy laws as of March 31, 2025, GDPR, and the proposed ePrivacy Regulation, which could limit data collection and use, increase data costs, and reduce demand. It also discusses Google Chrome third-party cookie developments and opt-out or opt-in regimes that could harm the data-driven platform.
LiveRamp operates in a highly competitive and rapidly changing industry, and the filing warns competitors could introduce new products or lower-priced offerings that force LiveRamp to reduce prices and lower operating margin. Reported gross margin declined 2.9 pp in FY2025 Q4 and 1.7 pp year to date, which heightens the pricing and margin pressure.
The filing states existing customers have no obligation to renew subscription contracts and renewal rates may decline or fluctuate due to customer satisfaction, pricing changes, competitor offerings, M&A, regulatory changes, or reduced customer spending. A decline in new or renewed contracts may not be immediately reflected in reported results but could reduce subscription revenue in future periods.
Top ten customers represented approximately 25% of revenues for the twelve months ended March 31, 2025, and the filing warns some significant customers have used or may use their size to obtain price concessions or more favorable terms. Loss of or decrease in revenue from any significant customer could materially adversely affect revenue and operating results.
The filing warns LiveRamp must attract, recruit, onboard, motivate, and retain technical, sales, consulting, R&D, marketing, and management personnel, and competition for qualified personnel is intense. Loss of key personnel or insufficient succession planning could harm execution of the business strategy and operating results.
The filing says failure to keep up with rapidly changing technologies and marketing practices, including new and emerging technologies such as artificial intelligence and machine learning, could make products less competitive or obsolete. This could result in loss of market share and decreased revenues.
The filing notes LiveRamp has historically engaged in acquisitions and may pursue more, which could divert management, disrupt operations, and involve expenses; acquired businesses may pose undisclosed legal or ethical issues and may not achieve intended revenue or cost benefits. Divestitures also carry risks, including revenue reduction and loss of key personnel.
During the twelve months ended March 31, 2025, approximately 5% of revenues came from business outside the United States, and the filing warns foreign operations face data restrictions, higher data costs, geopolitical tensions, tariffs, and compliance with laws such as the FCPA and U.K. Bribery Act. Failure to manage these risks could materially adversely affect operating results.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Platform Net Retention
Subscription Net Retention
Current Remaining Performance Obligations (CRPO)
Customers > $1M ARR
Direct Subscription Customers
Free Cash Flow
Summary, forecast, risks and KPIs are extracted from LiveRamp Holdings, 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.