Summary
OneStream closed fiscal 2024 with fourth-quarter revenue of $132.5 million, up 29% year over year. Full-year revenue was $489.4 million, up 31%. Gross profit was $88.6 million in the quarter, up 22.8%, and $310.1 million for the year, up 19.1%. Gross margin slipped to 66.8% in the quarter, down 3.4 percentage points, and to 63.4% for the year, down 6.1 percentage points. The top line kept growing, but the cost of that growth showed up lower down.
GAAP operating results swung sharply. The fourth quarter produced an operating loss of $47.4 million, compared with positive operating income a year earlier, and operating margin was -35.8%, down 36.0 percentage points. For the full year, the operating loss was $319.5 million, and operating margin was -65.3%, down 57.2 percentage points. Net loss attributable to OneStream was $31.4 million in the quarter, compared with net income a year earlier, and $216.2 million for the year, compared with a loss a year earlier.
Non-GAAP results looked materially better. Non-GAAP operating income was $8.7 million in the quarter and $1.2 million for the year. Non-GAAP operating margin was 7% in the quarter and 0% for the year. Non-GAAP net income was $11.6 million in the quarter and $14.1 million for the year. Non-GAAP net income per share was $0.07 in the quarter and $0.14 for the year. Operating cash flow was $25.1 million in the quarter, down 6.2% year over year, and $61.2 million for the year, up 187.6%. Free cash flow was $24.7 million in the quarter and $58.5 million for the year. Capital expenditures were $0.44 million in the quarter. Current deferred revenue was $239.3 million, up 34.8% year over year. The gap between GAAP and non-GAAP results reflects large equity-based compensation expense.
Operationally, OneStream ended 2024 with 1,601 customers and annual recurring revenue of $568.1 million, up 23% year over year. The company launched 15 new innovations in 2024, including Finance AI solutions, CPM Express with 6-8 week implementations, and an integrated business planning product with Infinity SPM. It also deepened Microsoft integrations and previewed AI-powered anomaly detection and scenario modeling. Industry recognition included a third consecutive year as a Leader in the Gartner Magic Quadrant for Financial Planning Software. OneStream was named a leader in IDC's Record to Report MarketScape and received Exemplary recognition from ISG Software Research. OneStream says its customer base includes 17% of the Fortune 500, and it works with more than 300 go-to-market, implementation, and development partners. In November 2024, the company completed a secondary offering of 17,250,000 shares of Class A common stock and did not retain proceeds from the sale.
Guidance for the first quarter of 2025 and fiscal 2025 points to continued investment. Management guided to a non-GAAP operating margin of negative 9% to negative 7% for the first quarter of 2025 and negative 1% to 1% for fiscal 2025. Non-GAAP net loss per share guidance was negative $0.04 to negative $0.02 for the first quarter of 2025, and non-GAAP net income per share guidance was $0.01 to $0.09 for fiscal 2025. Equity-based compensation was guided at $45 million to $50 million for the first quarter of 2025 and $125 million to $135 million for fiscal 2025. Risks include dependence on new customer acquisition, international expansion, and a tax receivable agreement that requires payments of 85% of applicable tax savings. The credit facility provides $150.0 million of borrowing capacity and requires $50.0 million in liquidity. OneStream also has a $360.0 million purchase commitment for data center, cloud and IT services, with $227.2 million remaining as of December 31, 2024. Revenue from customers outside the United States was 32% of total revenue for 2024, which adds foreign exchange and execution risk. The company says it has over 1,500 employees.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $132.5M | $129.1M | +2.6% | — | — |
| Gross profit | $88.5M | $64.7M | +36.8% | — | — |
| Gross margin | 66.8% | 50.1% | +16.7 pp | — | — |
| Research & development | $36.9M | $83.0M | -55.6% | — | — |
| Sales & marketing | $65.6M | $162.7M | -59.7% | — | — |
| General & administrative | $33.4M | $74.2M | -54.9% | — | — |
| Total operating expenses | $136.0M | $319.9M | -57.5% | — | — |
| Operating income (loss) | -$47.4M | -$255.2M | +81.4% | — | — |
| Operating margin | -35.8% | -197.6% | +161.8 pp | — | — |
| Net income (loss) | -$31.4M | -$171.9M | +81.7% | — | — |
| Net margin | -23.7% | -133.1% | +109.4 pp | — | — |
Risks
GAAP operating income swung to a loss of $47.4 million in FY2024 Q4 from $0.2 million in FY2023 Q4, and the FY2024 year-to-date operating loss widened to $319.5 million from $30.5 million, in part due to $316.4 million of equity-based compensation expense primarily related to the Option Modification. This pressure could continue as the company expects costs and expenses to increase.
Annual recurring revenue growth was 23% as of December 31, 2024, compared to 37% as of December 31, 2023 and 50% as of December 31, 2022, even as total customers grew to 1,601 from 1,388. The company cautions that rapid growth may not be sustainable or indicative of future growth.
The risk factors state that current and future AI capabilities may reduce or replace customers' need for existing or future employees who are or would be potential users of the platform, and competitors may incorporate AI into their offerings more quickly or more successfully. This could pressure user expansion, renewal revenue, and the company's competitive position.
Subscription revenue rose to 87% of total revenue for FY2024 from 81% for FY2023 while license revenue decreased 22% and professional services and other revenue decreased 6%, and FY2024 year-to-date gross margin declined to 63.4% from 69.5%. Management expects the continued SaaS transition and possible individual or bundled pricing to change revenue or profitability, particularly in the short term.
The filing says the average sales cycle from initial evaluation to payment is four to eight months, but can vary substantially and extend over a number of years for some large enterprise customers, and individual sales are large as a proportion of overall sales. Seasonality concentrates customer acquisition in Q3 and Q4, making quarterly results difficult to predict.
The company had more than 300 go-to-market, implementation and development partners, and management says global systems integrators such as Accenture, IBM, KPMG and PwC played an increasingly meaningful role in recent growth. If partners do not devote sufficient resources, prioritize competing products, or fail to implement the platform well, growth and customer satisfaction could be harmed.
The company relies on Microsoft Azure and a limited number of third-party data centers to deliver its cloud platform, and it amended a vendor agreement in November 2024 to increase its purchase commitment from $300.0 million to $360.0 million, with $227.2 million remaining as of December 31, 2024. Any disruption or inability to maintain capacity on commercially reasonable terms could increase costs or interrupt service.
Sales to U.S. federal, state, local and foreign governmental agencies and highly regulated industries require FedRAMP High Authorization and compliance with government contracting rules, and the filing notes the current administration has stated intent to evaluate overall government spending. Budget reductions, delays, audits, or certification changes could adversely affect public sector demand and contract terms.
The Tax Receivable Agreement requires OneStream, Inc. to pay cash to TRA Members equal to 85% of applicable tax savings, and management expects these payments to be substantial. This could reduce overall cash flow, require debt financing, and deter certain change of control transactions.
KKR holds a majority of voting power, has nomination rights for a majority of the board, and has consent rights over change of control and CEO hiring for so long as it owns at least 25% of outstanding common stock. The charter renounces corporate opportunities presented to KKR and its affiliates, creating potential conflicts of interest.
SaaS KPIs
All quarters →Free Cash Flow
Total Customers
Remaining Performance Obligations
Non-GAAP operating margin
Summary, forecast, risks and KPIs are extracted from OneStream, Inc.'s SEC filings for Q4 FY2024 (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.