Bandwidth (BAND)
Market Price (9/10/2026): $48.15 | Market Cap: $1.5 BilSector: Information Technology | Industry: Systems Software
Bandwidth (BAND)
Market Price (9/10/2026): $48.15Market Cap: $1.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% Megatrend and thematic driversMegatrends include Cloud Computing, 5G & Advanced Connectivity, and Digital Health & Telemedicine. Themes include Platform as a Service (PaaS), Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.8% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 693x Stock price has recently run up significantly6M Rtn6 month market price return is 211%, 12M Rtn12 month market price return is 213% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 165% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% Key risksBAND key risks include [1] vulnerability to service-disrupting cybersecurity attacks, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Megatrend and thematic driversMegatrends include Cloud Computing, 5G & Advanced Connectivity, and Digital Health & Telemedicine. Themes include Platform as a Service (PaaS), Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.8% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 693x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 211%, 12M Rtn12 month market price return is 213% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 165% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% |
| Key risksBAND key risks include [1] vulnerability to service-disrupting cybersecurity attacks, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/9/2026
Bandwidth (BAND) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Disappointing Investor Reaction to Fiscal Q2 2026 Earnings Despite Beat.
Despite reporting strong financial results for fiscal Q2 2026, which ended June 30, 2026, Bandwidth's stock experienced a significant sell-off. The company announced revenue of $219.9 million, a 22% increase year-over-year, and non-GAAP EPS of $0.37, both surpassing analyst consensus estimates of $217.62 million and $0.36, respectively. However, the stock plunged by 28.82% on July 29, 2026, the day of the earnings report, as investors were reportedly looking for a stronger outlook and a larger upside surprise, particularly concerning AI-driven growth. The market reacted negatively to the "quality" of the revenue beat, as a portion of the outperformance was attributed to lower-margin messaging surcharge revenue, and the gross profit margin decreased by 4.1 percentage points year-over-year.
2. Profit-Taking and Valuation Concerns Following a Substantial Rally.
Prior to the fiscal Q2 2026 earnings release, Bandwidth's stock had undergone a significant surge, appreciating over 172% year-to-date by July 2026, and reaching a 52-week high of $78.44. This rapid increase in share price led to heightened valuation concerns among investors, triggering a wave of profit-taking that contributed to the stock's decline after the earnings announcement. This pullback occurred despite analysts maintaining a "Moderate Buy" consensus rating and providing average price targets that remained well above the stock's trading levels post-earnings, suggesting a market recalibration of its valuation.
Show more
Bandwidth (BAND) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Disappointing Investor Reaction to Fiscal Q2 2026 Earnings Despite Beat.
Despite reporting strong financial results for fiscal Q2 2026, which ended June 30, 2026, Bandwidth's stock experienced a significant sell-off. The company announced revenue of $219.9 million, a 22% increase year-over-year, and non-GAAP EPS of $0.37, both surpassing analyst consensus estimates of $217.62 million and $0.36, respectively. However, the stock plunged by 28.82% on July 29, 2026, the day of the earnings report, as investors were reportedly looking for a stronger outlook and a larger upside surprise, particularly concerning AI-driven growth. The market reacted negatively to the "quality" of the revenue beat, as a portion of the outperformance was attributed to lower-margin messaging surcharge revenue, and the gross profit margin decreased by 4.1 percentage points year-over-year.
2. Profit-Taking and Valuation Concerns Following a Substantial Rally.
Prior to the fiscal Q2 2026 earnings release, Bandwidth's stock had undergone a significant surge, appreciating over 172% year-to-date by July 2026, and reaching a 52-week high of $78.44. This rapid increase in share price led to heightened valuation concerns among investors, triggering a wave of profit-taking that contributed to the stock's decline after the earnings announcement. This pullback occurred despite analysts maintaining a "Moderate Buy" consensus rating and providing average price targets that remained well above the stock's trading levels post-earnings, suggesting a market recalibration of its valuation.
Show more
Updated on 9/9/2026
Bandwidth (BAND) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Disappointing Investor Reaction to Fiscal Q2 2026 Earnings Despite Beat.
Despite reporting strong financial results for fiscal Q2 2026, which ended June 30, 2026, Bandwidth's stock experienced a significant sell-off. The company announced revenue of $219.9 million, a 22% increase year-over-year, and non-GAAP EPS of $0.37, both surpassing analyst consensus estimates of $217.62 million and $0.36, respectively. However, the stock plunged by 28.82% on July 29, 2026, the day of the earnings report, as investors were reportedly looking for a stronger outlook and a larger upside surprise, particularly concerning AI-driven growth. The market reacted negatively to the "quality" of the revenue beat, as a portion of the outperformance was attributed to lower-margin messaging surcharge revenue, and the gross profit margin decreased by 4.1 percentage points year-over-year.
2. Profit-Taking and Valuation Concerns Following a Substantial Rally.
Prior to the fiscal Q2 2026 earnings release, Bandwidth's stock had undergone a significant surge, appreciating over 172% year-to-date by July 2026, and reaching a 52-week high of $78.44. This rapid increase in share price led to heightened valuation concerns among investors, triggering a wave of profit-taking that contributed to the stock's decline after the earnings announcement. This pullback occurred despite analysts maintaining a "Moderate Buy" consensus rating and providing average price targets that remained well above the stock's trading levels post-earnings, suggesting a market recalibration of its valuation.
3. Broader Tech Sector Headwinds and Macroeconomic Pressures.
The period following May 2026 was characterized by a broader market shift away from high-growth technology and AI-driven stocks. Geopolitical tensions, specifically renewed U.S.-Iran hostilities in July 2026, led to a more than 20% rebound in oil prices. This, in turn, contributed to higher bond yields and a "risk-off" rotation in the market, which disproportionately affected high-multiple software companies like Bandwidth due to their sensitivity to interest rates. This negative macroeconomic sentiment and sector-wide revaluation added pressure to Bandwidth's stock movement.
Show less
Bandwidth (BAND) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Disappointing Investor Reaction to Fiscal Q2 2026 Earnings Despite Beat.
Despite reporting strong financial results for fiscal Q2 2026, which ended June 30, 2026, Bandwidth's stock experienced a significant sell-off. The company announced revenue of $219.9 million, a 22% increase year-over-year, and non-GAAP EPS of $0.37, both surpassing analyst consensus estimates of $217.62 million and $0.36, respectively. However, the stock plunged by 28.82% on July 29, 2026, the day of the earnings report, as investors were reportedly looking for a stronger outlook and a larger upside surprise, particularly concerning AI-driven growth. The market reacted negatively to the "quality" of the revenue beat, as a portion of the outperformance was attributed to lower-margin messaging surcharge revenue, and the gross profit margin decreased by 4.1 percentage points year-over-year.
2. Profit-Taking and Valuation Concerns Following a Substantial Rally.
Prior to the fiscal Q2 2026 earnings release, Bandwidth's stock had undergone a significant surge, appreciating over 172% year-to-date by July 2026, and reaching a 52-week high of $78.44. This rapid increase in share price led to heightened valuation concerns among investors, triggering a wave of profit-taking that contributed to the stock's decline after the earnings announcement. This pullback occurred despite analysts maintaining a "Moderate Buy" consensus rating and providing average price targets that remained well above the stock's trading levels post-earnings, suggesting a market recalibration of its valuation.
3. Broader Tech Sector Headwinds and Macroeconomic Pressures.
The period following May 2026 was characterized by a broader market shift away from high-growth technology and AI-driven stocks. Geopolitical tensions, specifically renewed U.S.-Iran hostilities in July 2026, led to a more than 20% rebound in oil prices. This, in turn, contributed to higher bond yields and a "risk-off" rotation in the market, which disproportionately affected high-multiple software companies like Bandwidth due to their sensitivity to interest rates. This negative macroeconomic sentiment and sector-wide revaluation added pressure to Bandwidth's stock movement.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -24.8% change in BAND stock from 5/31/2026 to 9/9/2026 was primarily driven by a -27.5% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.97 | 48.83 | -24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 788 | 828 | 5.1% |
| P/S Multiple | 2.6 | 1.9 | -27.5% |
| Shares Outstanding (Mil) | 32 | 32 | -1.4% |
| Cumulative Contribution | -24.8% |
Market Drivers
5/31/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| BAND | -24.8% | |
| Market (SPY) | 0.8% | 30.0% |
| Sector (XLK) | -1.6% | 24.1% |
Fundamental Drivers
The 229.5% change in BAND stock from 2/28/2026 to 9/9/2026 was primarily driven by a 212.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.82 | 48.83 | 229.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 754 | 828 | 9.9% |
| P/S Multiple | 0.6 | 1.9 | 212.6% |
| Shares Outstanding (Mil) | 31 | 32 | -4.1% |
| Cumulative Contribution | 229.5% |
Market Drivers
2/28/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| BAND | 229.5% | |
| Market (SPY) | 11.4% | 28.7% |
| Sector (XLK) | 35.6% | 23.7% |
Fundamental Drivers
The 225.5% change in BAND stock from 8/31/2025 to 9/9/2026 was primarily driven by a 220.3% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.00 | 48.83 | 225.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 758 | 828 | 9.3% |
| P/S Multiple | 0.6 | 1.9 | 220.3% |
| Shares Outstanding (Mil) | 30 | 32 | -7.0% |
| Cumulative Contribution | 225.5% |
Market Drivers
8/31/2025 to 9/9/2026| Return | Correlation | |
|---|---|---|
| BAND | 225.5% | |
| Market (SPY) | 19.2% | 29.3% |
| Sector (XLK) | 43.7% | 24.7% |
Fundamental Drivers
The 239.8% change in BAND stock from 8/31/2023 to 9/9/2026 was primarily driven by a 6005.1% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.37 | 48.83 | 239.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 589 | 828 | 40.6% |
| Net Income Margin (%) | 5.5% | 0.3% | -95.0% |
| P/E Multiple | 11.4 | 693.0 | 6005.1% |
| Shares Outstanding (Mil) | 26 | 32 | -20.5% |
| Cumulative Contribution | 239.8% |
Market Drivers
8/31/2023 to 9/9/2026| Return | Correlation | |
|---|---|---|
| BAND | 239.8% | |
| Market (SPY) | 75.3% | 32.1% |
| Sector (XLK) | 117.9% | 28.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BAND Return | -53% | -68% | -37% | 18% | -9% | 182% | -72% |
| Peers Return | -38% | -70% | 12% | -4% | -11% | 53% | -73% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BAND Win Rate | 33% | 25% | 42% | 50% | 50% | 56% | |
| Peers Win Rate | 35% | 23% | 52% | 47% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| BAND Max Drawdown | -66% | -87% | -65% | -35% | -42% | -53% | |
| Peers Max Drawdown | -52% | -77% | -44% | -41% | -45% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TWLO, RNG, ZM, FIVN, EGHT. See BAND Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/9/2026 (YTD)
How Low Can It Go
| Event | BAND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.3% | -18.8% |
| % Gain to Breakeven | 59.6% | 23.1% |
| Time to Breakeven | 149 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.0% | -7.8% |
| % Gain to Breakeven | 13.7% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.7% | -9.5% |
| % Gain to Breakeven | 50.8% | 10.5% |
| Time to Breakeven | 65 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -57.2% | -6.7% |
| % Gain to Breakeven | 133.7% | 7.1% |
| Time to Breakeven | 1080 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -87.3% | -24.5% |
| % Gain to Breakeven | 685.2% | 32.4% |
| Time to Breakeven | 1364 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
In The Past
Bandwidth's stock fell -37.3% during the 2025 US Tariff Shock. Such a loss loss requires a 59.6% gain to breakeven.
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Asset Allocation
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| Event | BAND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.3% | -18.8% |
| % Gain to Breakeven | 59.6% | 23.1% |
| Time to Breakeven | 149 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.7% | -9.5% |
| % Gain to Breakeven | 50.8% | 10.5% |
| Time to Breakeven | 65 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -57.2% | -6.7% |
| % Gain to Breakeven | 133.7% | 7.1% |
| Time to Breakeven | 1080 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -87.3% | -24.5% |
| % Gain to Breakeven | 685.2% | 32.4% |
| Time to Breakeven | 1364 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.8% | -19.2% |
| % Gain to Breakeven | 53.3% | 23.8% |
| Time to Breakeven | 69 days | 105 days |
In The Past
Bandwidth's stock fell -37.3% during the 2025 US Tariff Shock. Such a loss loss requires a 59.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bandwidth (BAND)
Bandwidth Inc. is a cloud-based Communications Platform-as-a-Service (CPaaS) provider. The company offers a sophisticated software-powered platform that enables various enterprises to seamlessly create, scale, and manage voice and messaging communication services. This platform allows businesses to integrate critical communication functionalities directly into their mobile applications and connected devices, streamlining their operational capabilities.
The core of Bandwidth's offering is its CPaaS platform, which provides the fundamental infrastructure for these communication solutions. Additionally, the company provides specific services vital for modern business communication, including SIP trunking, which connects an organization's existing phone systems to the internet, data resale, and hosted Voice over Internet Protocol (VoIP) services, facilitating internet-based voice communications.
Bandwidth serves a broad spectrum of customers across numerous industries. Its client base primarily includes large enterprises, telecommunications service providers, conferencing providers, and contact centers. The company also extends its services to small and medium-sized businesses and emerging technology companies, enabling them to access advanced communication tools without the need for extensive in-house infrastructure development.
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Here are a few analogies for Bandwidth:
- Twilio for enterprise communications.
- The AWS of voice and messaging.
- Stripe for voice and messaging.
AI Analysis | Feedback
- CPaaS Platform (Communications Platform-as-a-Service): A cloud-based software platform that enables enterprises to embed voice and messaging communications capabilities into their applications and devices.
- SIP Trunking: A service that connects a company's private branch exchange (PBX) to the public switched telephone network (PSTN) using an internet connection.
- Data Resale: Provision of access to data connectivity services for various business needs.
- Hosted Voice over Internet Protocol (VoIP) Services: Cloud-based telephony services that allow businesses to make and receive calls over the internet without managing on-premise phone systems.
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Bandwidth (symbol: BAND) primarily sells its cloud-based CPaaS platform and services to other companies (Business-to-Business, B2B). Its platform is used by enterprises to power their voice and messaging communications services.
Here are some of Bandwidth's major customer companies:
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David Morken, Cofounder, Chief Executive Officer, and Chairman
David Morken founded Bandwidth in 1999. He also co-founded, served as Chairman, and was the former CEO of Republic Wireless, which was spun out of Bandwidth in 2016 and acquired by Dish Network in 2021. Morken is a co-founder of Durham Cares. In 1994, he co-founded efiling.com, the internet's first online tax filing service. Before founding Bandwidth, he served four years on active duty in the Marine Corps as a Judge Advocate and Headquarters Company Commander.
Daryl Raiford, Chief Financial Officer
Daryl Raiford serves as the Chief Financial Officer for Bandwidth.
Rebecca Bottorff, Chief People Officer and Director
Prior to joining Bandwidth, Rebecca Bottorff was the founder and President of Venture Savvy Consulting Group, where she provided human resources and leadership expertise primarily to growing technology companies. She previously held the position of Vice President of Human Resources and was an executive team member at Motricity (now Voltari), a publicly traded digital advertising company. Earlier in her career, she was Vice President of Human Resources and an executive team member at the then-public Konover Property Trust.
Devesh Agarwal, Chief Operating Officer
Devesh Agarwal is the Chief Operating Officer at Bandwidth.
John Bell, Chief Product Officer
John Bell has been with Bandwidth for nine years, serving in various leadership roles within the product organization. He is responsible for driving the strategy, design, and development across Bandwidth's product portfolio. Bell possesses extensive experience working directly with leading enterprises in communications that rely on Bandwidth's platform and products. ```
David Morken founded Bandwidth in 1999. He also co-founded, served as Chairman, and was the former CEO of Republic Wireless, which was spun out of Bandwidth in 2016 and acquired by Dish Network in 2021. Morken is a co-founder of Durham Cares. In 1994, he co-founded efiling.com, the internet's first online tax filing service. Before founding Bandwidth, he served four years on active duty in the Marine Corps as a Judge Advocate and Headquarters Company Commander.
Daryl Raiford, Chief Financial Officer
Daryl Raiford serves as the Chief Financial Officer for Bandwidth.
Rebecca Bottorff, Chief People Officer and Director
Prior to joining Bandwidth, Rebecca Bottorff was the founder and President of Venture Savvy Consulting Group, where she provided human resources and leadership expertise primarily to growing technology companies. She previously held the position of Vice President of Human Resources and was an executive team member at Motricity (now Voltari), a publicly traded digital advertising company. Earlier in her career, she was Vice President of Human Resources and an executive team member at the then-public Konover Property Trust.
Devesh Agarwal, Chief Operating Officer
Devesh Agarwal is the Chief Operating Officer at Bandwidth.
John Bell, Chief Product Officer
John Bell has been with Bandwidth for nine years, serving in various leadership roles within the product organization. He is responsible for driving the strategy, design, and development across Bandwidth's product portfolio. Bell possesses extensive experience working directly with leading enterprises in communications that rely on Bandwidth's platform and products. ```
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Here are the key risks to Bandwidth Inc.'s business:
-
Intense Market Competition: Bandwidth operates in a highly competitive cloud communications market, facing numerous established and emerging players. This intense competition can lead to pricing pressures, particularly in high-volume services like messaging, and may negatively impact the company's market share and profit margins.
-
Regulatory Landscape Evolution: The company is subject to evolving regulations governing Communications Platform-as-a-Service (CPaaS) and AI across various jurisdictions. Changes in these regulations can increase operational costs, necessitate quick adaptations, and potentially limit the integration of advanced AI capabilities, thereby affecting Bandwidth's ability to innovate and comply.
-
Customer Concentration and Retention: Bandwidth's business is exposed to risk due to a heavy reliance on a limited number of large customers who account for a significant portion of its revenue. The loss or reduction of business from one or more of these top customers could materially impact the company's financial performance and overall revenue sustainability.
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The deep integration and comprehensive offerings of communication services directly within hyperscale cloud platforms (e.g., Microsoft Azure Communication Services, AWS Chime SDK, Google Cloud Communication APIs) and leading Unified Communications as a Service (UCaaS) platforms (e.g., Microsoft Teams Phone, Zoom Phone) represent an emerging threat to Bandwidth. These platforms are increasingly providing robust, native voice and messaging APIs and full-stack communication solutions. This trend could disintermediate independent CPaaS providers like Bandwidth by offering enterprises a more seamless, integrated, and potentially cost-effective way to build and manage communications within their existing cloud or collaboration ecosystems, reducing the need for third-party platforms for foundational communication infrastructure and services such as SIP trunking and hosted VoIP.
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The addressable markets for Bandwidth Inc.'s main products and services are substantial and are projected to grow significantly in the coming years. Bandwidth's overall total addressable market (TAM) is projected to grow from $99 billion in 2024 to $162 billion by 2029 globally, demonstrating a 10% compound annual growth rate.
Here's a breakdown of the market sizes for their key offerings:
**Communication Platform-as-a-Service (CPaaS)**
The global CPaaS market is a significant segment for Bandwidth.
* In 2026, the global CPaaS market is valued at $17.2 billion and is projected to reach $87.8 billion by 2036, growing at an 18.4% Compound Annual Growth Rate (CAGR).
* Another estimate places the global CPaaS market size at $21.27 billion in 2026, projected to reach $41.05 billion by 2031, advancing at a 14.05% CAGR.
* North America is a leading region in the global CPaaS market, with the U.S. CPaaS industry poised to expand at a 16.8% CAGR through 2036. In 2025, North America's CPaaS market was valued at $6.76 billion, rising to $8.66 billion in 2026. North America dominated the market with a valuation of $6.76 billion in 2025 and $8.66 billion in 2026.
**SIP Trunking**
The global SIP trunking market also represents a considerable opportunity.
* The global SIP trunking market size was valued at $13.85 billion in 2024 and is expected to reach $33.05 billion by 2032, with a CAGR of 11.48%.
* Another projection indicates the global SIP trunking market will grow from $73.14 billion in 2025 to $181.58 billion by 2031, at a 16.38% CAGR.
* In 2023, the global SIP trunking market was evaluated at $14 billion and is slated to reach $37 billion by the end of 2032, with a CAGR of approximately 13% between 2024 and 2032.
* North America dominated the SIP trunking market with the largest revenue share of 31.5% in 2024. In 2023, North America accounted for about 67% of the global SIP trunking market size.
**Hosted Voice over Internet Protocol (VoIP) Services**
Bandwidth also provides hosted VoIP services, which are part of a larger VoIP services market.
* The global VoIP services market size is $172.49 billion in 2025 and is forecast to expand to $308.41 billion by 2030, reflecting a 12.32% CAGR.
* The global Voice over Internet Protocol (VoIP) market size was valued at $176.16 billion in 2025. It is projected to grow from $195.39 billion in 2026 to $388.97 billion by 2034, exhibiting a CAGR of 10.4%.
* North America dominated the VoIP services market, holding a 40.9% share in 2024. North America also held a 45% market share in the VoIP market in 2025.
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Here are 3-5 expected drivers of future revenue growth for Bandwidth (BAND) over the next 2-3 years:
- Accelerated adoption of AI-powered voice solutions and expansion of software services: Bandwidth is focusing on AI-driven voice adoption and seeing tangible results from its AI voice tools and Maestro orchestration software. The company notes that software services are now attached to all $1 million-plus deals, and AI-influenced usage is expected to drive continued accelerating revenue growth in voice.
- Growth in enterprise customer base and increased usage from existing customers: Bandwidth closed a record number of $1 million-plus deals in 2025, including significant wins with major U.S. insurance and banking groups. The company also demonstrates durable customer relationships with a 99% customer name retention rate and a 107% organic net retention rate in 2025, leading to increased average annual revenue per customer.
- Geographic expansion and growth in Global Voice Plans: The company has experienced accelerated growth in its Global Voice Plans revenue, more than doubling compared to the previous year. Geographic expansion is also cited as a factor contributing to accelerating voice revenue growth.
- Growth in programmable messaging: Bandwidth's messaging segment demonstrated double-digit year-over-year growth in Q4 2025, supported by robust demand. Programmable messaging also grew 7% organically in 2025.
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Share Repurchases
- Bandwidth's Board of Directors authorized an $80 million share repurchase program in February 2026.
- This program is designed primarily to manage dilution from share-based compensation.
- The authorization reflects confidence in the company's growth strategy and ability to generate meaningful cash flow.
Share Issuance
- Insider transactions in 2025 and early 2026 include the acquisition of Class A common stock through the vesting of restricted stock units (RSUs) by executives.
- The company's nonvested RSUs outstanding indicate ongoing issuance through equity compensation plans, with approximately 1.35 million units outstanding as of December 31, 2025, and 1.96 million as of December 31, 2024.
Outbound Investments
- Bandwidth acquired Voxbone for an enterprise value of €446 million EUR (approximately $527 million USD at the time of announcement) in October 2020.
Capital Expenditures
- Bandwidth plans its largest investment in research and development in company history in 2026 to accelerate innovation across its AI portfolio.
- The company moved to a new, purpose-built 40-acre headquarters campus in Raleigh, North Carolina, in August 2023.
- Investments in global coverage expansion and operational efficiencies contributed to improved gross margin performance in 2025.
Peer Outperformance in Systems Software
BAND has outperformed 52% of its 66 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that BAND has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
98%
of 84 industry peers · 213.2% return
3Y
92%
of 73 industry peers · 261.6% return
5Y
52%
of 66 industry peers · -54.0% return
No Systems Software peer with a comparable growth profile has beaten BAND by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is BAND's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 62.0% | 191.8% | 304.2% | TTMI 816% · FLEX 745% · SANM 424% |
| Semiconductor Materials & Equipment | 27 | 129.2% | 82.9% | 106.7% | AEHR 845% · AXTI 647% · LRCX 456% |
| Technology Distributors | 9 | 31.8% | 69.9% | 87.2% | CLMB 337% · AVT 168% · SNX 133% |
| Communications Equipment | 35 | 21.0% | 92.3% | 74.4% | AAOI 1353% · LITE 1052% · ANET 780% |
| Electronic Components | 26 | 39.3% | 59.6% | 64.6% | CLS 3713% · BELFA 1314% · COHR 394% |
| Semiconductors | 55 | 23.0% | 26.0% | 27.9% | POET 1864% · MU 1334% · NVDA 897% |
| Technology Hardware, Storage & Peripherals | 21 | 30.2% | 79.4% | 23.5% | DELL 1128% · STX 1125% · WDC 1018% |
| Internet Services & Infrastructure | 6 | 19.5% | 33.5% | 13.9% | DOCN 89% · VRSN 32% · GDDY 24% |
| Electronic Equipment & Instruments | 27 | -13.0% | 6.7% | -10.7% | PI 210% · OSIS 108% · NSSC 97% |
| IT Consulting & Other Services | 28 | -27.5% | -14.5% | -31.2% | CHRN 478321% · APLD 1264% · TSSI 657% |
| Application Software | 122 | -28.4% | -15.9% | -46.0% | VIDA 205355% · INLX 4774% · PLTR 545% |
| Systems Software ← | 67 | -15.1% | -1.0% | -57.2% | QNC 469% · ZETA 340% · PANW 328% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 59.23 |
| Mkt Cap | 4.1 |
| Rev LTM | 1,894 |
| Op Inc LTM | 115 |
| FCF LTM | 373 |
| FCF 3Y Avg | 296 |
| CFO LTM | 460 |
| CFO 3Y Avg | 370 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 97.4% |
| Op Inc Chg 3Y Avg | 144.4% |
| Op Mgn LTM | 5.4% |
| Op Mgn 3Y Avg | 1.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 19.8% |
| CFO/Rev 3Y Avg | 17.4% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 13.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 2.1 |
| P/Op Inc | 28.7 |
| P/EBIT | 26.3 |
| P/E | 45.8 |
| P/CFO | 11.6 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 8.3% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.7% |
| 3M Rtn | 6.6% |
| 6M Rtn | 79.6% |
| 12M Rtn | 63.7% |
| 3Y Rtn | 77.8% |
| 1M Excs Rtn | -8.2% |
| 3M Excs Rtn | 2.4% |
| 6M Excs Rtn | 62.8% |
| 12M Excs Rtn | 43.5% |
| 3Y Excs Rtn | 7.6% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $48.83 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 11/10/2017 | |
| Distance from 52W High | -37.7% | |
| 50 Days | 200 Days | |
| DMA Price | $54.68 | $33.81 |
| DMA Trend | up | down |
| Distance from DMA | -10.7% | 44.4% |
| 3M | 1YR | |
| Volatility | 110.9% | 93.1% |
| Downside Capture | 303.68 | 166.15 |
| Upside Capture | 145.43 | 268.82 |
| Correlation (SPY) | 33.6% | 30.3% |
BAND Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.11 | 5.79 | 2.87 | 2.63 | 2.20 | 1.65 |
| Up Beta | 5.64 | 6.26 | 2.33 | 1.56 | 2.23 | 1.33 |
| Down Beta | 7.98 | 10.45 | 2.78 | 1.20 | 1.80 | 1.47 |
| Up Capture | 771% | 345% | 272% | 1115% | 723% | 1647% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 30 | 70 | 134 | 383 |
| Down Capture | 490% | 508% | 304% | 191% | 143% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 23 | 34 | 57 | 117 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAND | |
|---|---|---|---|---|
| BAND | 212.4% | 92.9% | 1.61 | - |
| Sector ETF (XLK) | 42.7% | 26.2% | 1.32 | 24.7% |
| Equity (SPY) | 18.6% | 12.8% | 1.06 | 29.3% |
| Gold (GLD) | 20.6% | 29.2% | 0.64 | 6.3% |
| Commodities (DBC) | 46.3% | 20.4% | 1.76 | -8.7% |
| Real Estate (VNQ) | 7.3% | 13.6% | 0.27 | 14.0% |
| Bitcoin (BTCUSD) | -29.8% | 43.8% | -0.68 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAND | |
|---|---|---|---|---|
| BAND | -13.5% | 81.5% | 0.17 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 33.6% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 36.5% |
| Gold (GLD) | 18.9% | 18.8% | 0.82 | 6.5% |
| Commodities (DBC) | 11.1% | 19.5% | 0.44 | 3.4% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.04 | 30.0% |
| Bitcoin (BTCUSD) | 10.8% | 52.6% | 0.39 | 19.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAND | |
|---|---|---|---|---|
| BAND | 8.9% | 68.9% | 0.44 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 34.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 32.3% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 8.0% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 5.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 23.8% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -29.3% | -11.6% | -10.3% |
| 4/30/2026 | 52.1% | 91.9% | 168.5% |
| 2/19/2026 | 11.9% | 6.4% | 18.6% |
| 10/30/2025 | -3.9% | -12.3% | -16.2% |
| 7/29/2025 | -18.5% | -15.9% | -12.1% |
| 5/7/2025 | 12.1% | 16.8% | 15.9% |
| 2/20/2025 | -4.4% | -8.4% | -17.8% |
| 10/31/2024 | 3.5% | 7.1% | 11.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 9 | 11 |
| # Negative | 11 | 16 | 14 |
| Median Positive | 10.9% | 12.2% | 12.2% |
| Median Negative | -8.6% | -11.9% | -18.7% |
| Max Positive | 52.1% | 91.9% | 168.5% |
| Max Negative | -32.1% | -35.5% | -37.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -29.3% | -11.6% | -10.3% |
| 4/30/2026 | 52.1% | 91.9% | 168.5% |
| 2/19/2026 | 11.9% | 6.4% | 18.6% |
| 10/30/2025 | -3.9% | -12.3% | -16.2% |
| 7/29/2025 | -18.5% | -15.9% | -12.1% |
| 5/7/2025 | 12.1% | 16.8% | 15.9% |
| 2/20/2025 | -4.4% | -8.4% | -17.8% |
| 10/31/2024 | 3.5% | 7.1% | 11.6% |
| 8/1/2024 | -30.0% | -32.4% | -23.0% |
| 5/7/2024 | 9.9% | 7.3% | 2.1% |
| 2/28/2024 | 51.8% | 50.7% | 48.6% |
| 11/2/2023 | 18.6% | 12.2% | 12.2% |
| 8/2/2023 | 14.0% | -1.7% | 3.5% |
| 5/2/2023 | 0.5% | -2.7% | 3.3% |
| 2/23/2023 | -27.0% | -35.5% | -37.9% |
| 11/1/2022 | 41.6% | 45.2% | 84.7% |
| 8/3/2022 | -8.6% | -15.7% | -23.2% |
| 5/4/2022 | 2.7% | -30.6% | -19.7% |
| 2/23/2022 | -32.1% | -34.6% | -33.6% |
| 11/8/2021 | 2.9% | -6.0% | -10.4% |
| 8/5/2021 | -3.9% | -9.3% | -14.6% |
| 5/5/2021 | 2.5% | -5.5% | -3.6% |
| 2/25/2021 | -1.7% | -19.8% | -28.7% |
| 10/13/2020 | -1.3% | -11.2% | -25.0% |
| 7/31/2020 | 6.1% | 1.7% | 8.8% |
| SUMMARY STATS | |||
| # Positive | 14 | 9 | 11 |
| # Negative | 11 | 16 | 14 |
| Median Positive | 10.9% | 12.2% | 12.2% |
| Median Negative | -8.6% | -11.9% | -18.7% |
| Max Positive | 52.1% | 91.9% | 168.5% |
| Max Negative | -32.1% | -35.5% | -37.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 231.00 Mil | 233.00 Mil | 235.00 Mil | 7.4% | Higher New | Guidance: 217.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 32.00 Mil | 33.00 Mil | 34.00 Mil | 29.4% | Higher New | Guidance: 25.50 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP earnings per share | Reported | 0.45 | 0.47 | 0.49 | 30.6% | Higher New | Guidance: 0.36 for Q2 2026 | |
| 2026 Revenue | Reported | 900.00 Mil | 905.00 Mil | 910.00 Mil | 1.7% | Raised | Guidance: 890.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 123.00 Mil | 124.00 Mil | 125.00 Mil | 1.6% | Raised | Guidance: 122.00 Mil for 2026 | |
| 2026 Non-GAAP earnings per share | Reported | 1.71 | 1.75 | 1.79 | -2.8% | Lowered | Guidance: 1.8 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 214.00 Mil | 217.00 Mil | 220.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 24.00 Mil | 25.50 Mil | 27.00 Mil | ||||
| Q2 2026 Non-GAAP earnings per share | Reported | 0.35 | 0.36 | 0.37 | ||||
| 2026 Revenue | Reported | 880.00 Mil | 890.00 Mil | 900.00 Mil | 1.8% | Raised | Guidance: 874.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 119.00 Mil | 122.00 Mil | 125.00 Mil | 1.7% | Raised | Guidance: 120.00 Mil for 2026 | |
| 2026 Non-GAAP earnings per share | Reported | 1.77 | 1.8 | 1.83 | 5.9% | Raised | Guidance: 1.7 for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 200.00 Mil | 201.50 Mil | 203.00 Mil | ||||
| Q1 2026 Adjusted EBITDA | Reported | 21.00 Mil | 22.50 Mil | 24.00 Mil | ||||
| Q1 2026 Non-GAAP earnings per share | Reported | 0.3 | 0.31 | 0.32 | ||||
| 2026 Revenue | Reported | 864.00 Mil | 874.00 Mil | 884.00 Mil | 16.0% | Higher New | Actual: 753.50 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 16.0% | 6.0% | Higher New | Actual: 10.0% for 2025 | |||
| 2026 Adjusted EBITDA | Reported | 117.00 Mil | 120.00 Mil | 123.00 Mil | 32.6% | Higher New | Actual: 90.50 Mil for 2025 | |
| 2026 Adjusted EBITDA Growth | Reported | 29.0% | ||||||
| 2026 Non-GAAP earnings per share | Reported | 1.66 | 1.7 | 1.74 | ||||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 747.00 Mil | 753.50 Mil | 760.00 Mil | 0.1% | Raised | Guidance: 752.50 Mil for 2025 | |
| 2025 Revenue Growth | Reported | 9.0% | 10.0% | 11.0% | 0.0% | Affirmed | Guidance: 10.0% for 2025 | |
| 2025 Adjusted EBITDA | Reported | 89.00 Mil | 90.50 Mil | 92.00 Mil | 2.3% | Raised | Guidance: 88.50 Mil for 2025 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9022026 | 48.97 | 3,074 | 150,546 | 585,630 | Form |
| 2 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9012026 | 49.15 | 1,219 | 59,909 | 738,765 | Form |
| 3 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 9012026 | 49.15 | 1,832 | 90,035 | 371,052 | Form |
| 4 | Ross, Kade | Chief Information Officer | Direct | Sell | 9012026 | 49.15 | 1,616 | 79,420 | 2,362,510 | Form |
| 5 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 9012026 | 49.15 | 2,713 | 133,333 | 526,060 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9022026 | 48.97 | 3,074 | 150,546 | 585,630 | Form |
| 2 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9012026 | 49.15 | 1,219 | 59,909 | 738,765 | Form |
| 3 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 9012026 | 49.15 | 1,832 | 90,035 | 371,052 | Form |
| 4 | Ross, Kade | Chief Information Officer | Direct | Sell | 9012026 | 49.15 | 1,616 | 79,420 | 2,362,510 | Form |
| 5 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 9012026 | 49.15 | 2,713 | 133,333 | 526,060 | Form |
| 6 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 9012026 | 49.15 | 4,869 | 239,292 | 3,889,315 | Form |
| 7 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 9012026 | 49.15 | 4,673 | 229,659 | 1,761,001 | Form |
| 8 | Morken, David A | Chairman & CEO | Direct | Sell | 9012026 | 49.15 | 5,128 | 252,021 | 329,377 | Form |
| 9 | Roush, Lukas M | Direct | Sell | 8312026 | 47.35 | 1,500 | 71,025 | 2,766,945 | Form | |
| 10 | Suriano, Douglas A | Direct | Sell | 8182026 | 53.09 | 4,000 | 212,362 | 2,233,891 | Form | |
| 11 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 8102026 | 50.45 | 3,173 | 160,087 | 3,671,753 | Form |
| 12 | Krupka, Devin M | Controller, PAO | Direct | Sell | 6152026 | 65.45 | 14,413 | 943,261 | 782,593 | Form |
| 13 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 6082026 | 72.03 | 29,214 | 2,104,376 | 216,099 | Form |
| 14 | Ross, Kade | Chief Information Officer | Direct | Sell | 6032026 | 69.39 | 4,000 | 277,561 | 3,052,898 | Form |
| 15 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 6032026 | 69.20 | 6,374 | 441,053 | 1,979,342 | Form |
| 16 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 6032026 | 68.51 | 7,940 | 543,950 | 2,396,325 | Form |
| 17 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 6012026 | 64.15 | 4,228 | 271,219 | 2,753,181 | Form |
| 18 | Krupka, Devin M | Controller, PAO | Direct | Sell | 6012026 | 58.85 | 1,198 | 70,497 | 1,551,814 | Form |
| 19 | Ross, Kade | Chief Information Officer | Direct | Sell | 6012026 | 58.85 | 1,588 | 93,446 | 2,824,342 | Form |
| 20 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 6012026 | 58.85 | 1,781 | 104,804 | 1,895,646 | Form |
| 21 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 6012026 | 58.85 | 4,066 | 239,265 | 4,035,556 | Form |
| 22 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 6012026 | 58.85 | 3,961 | 233,087 | 2,150,505 | Form |
| 23 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 6012026 | 58.85 | 2,176 | 128,047 | 330,710 | Form |
| 24 | Morken, David A | Chairman & CEO | Direct | Sell | 6012026 | 58.85 | 4,632 | 272,573 | 423,570 | Form |
| 25 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 5212026 | 57.24 | 15,000 | 858,658 | 3,515,577 | Form |
| 26 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 5142026 | 52.11 | 8,251 | 429,960 | 3,981,934 | Form |
| 27 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 5142026 | 52.14 | 11,749 | 612,594 | 4,414,442 | Form |
| 28 | Ross, Kade | Chief Information Officer | Direct | Sell | 5122026 | 51.56 | 20,000 | 1,031,257 | 2,263,299 | Form |
| 29 | Roush, Lukas M | Direct | Sell | 5062026 | 47.62 | 5,696 | 271,222 | 2,695,172 | Form | |
| 30 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 5042026 | 45.30 | 9,425 | 426,986 | 2,289,417 | Form |
| 31 | Ross, Kade | Chief Information Officer | Direct | Sell | 5012026 | 31.59 | 10,000 | 315,852 | 2,018,102 | Form |
| 32 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 4172026 | 20.00 | 8,040 | 160,809 | 572,131 | Form |
| 33 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3162026 | 15.19 | 16,100 | 244,524 | 556,557 | Form |
| 34 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3162026 | 15.47 | 17,026 | 263,309 | 815,707 | Form |
| 35 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3122026 | 15.62 | 8,807 | 137,536 | 1,089,593 | Form |
| 36 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3122026 | 16.31 | 14,000 | 228,404 | 1,281,969 | Form |
| 37 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3102026 | 16.48 | 8,968 | 147,765 | 1,525,398 | Form |
| 38 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3102026 | 16.34 | 4,900 | 80,069 | 1,659,323 | Form |
| 39 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3062026 | 16.18 | 5,100 | 82,516 | 1,722,264 | Form |
| 40 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 3062026 | 15.82 | 17,857 | 282,569 | 1,765,103 | Form |
| 41 | Krupka, Devin M | Controller, PAO | Direct | Sell | 3042026 | 15.53 | 5,613 | 87,149 | 461,672 | Form |
| 42 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 3042026 | 15.34 | 30,000 | 460,092 | 730,212 | Form |
| 43 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 3042026 | 15.52 | 8,792 | 136,452 | 930,579 | Form |
| 44 | Ross, Kade | Chief Information Officer | Direct | Sell | 3032026 | 14.94 | 19,000 | 283,938 | 1,104,279 | Form |
| 45 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 12042025 | 14.50 | 6,719 | 97,405 | 1,331,056 | Form |
| 46 | Krupka, Devin M | Controller, PAO | Direct | Sell | 12022025 | 14.06 | 2,976 | 41,850 | 371,646 | Form |
| 47 | Ross, Kade | Chief Information Officer | Direct | Sell | 12022025 | 14.06 | 3,819 | 53,705 | 1,132,602 | Form |
| 48 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 12022025 | 14.06 | 5,973 | 83,996 | 750,268 | Form |
| 49 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 12022025 | 14.06 | 4,460 | 62,719 | 878,420 | Form |
| 50 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 12022025 | 14.06 | 4,202 | 59,091 | 1,089,598 | Form |
| 51 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 12022025 | 14.06 | 21,515 | 302,477 | 1,385,294 | Form |
| 52 | Morken, David A | Chairman & CEO | Direct | Sell | 12022025 | 14.06 | 12,584 | 176,964 | 414,762 | Form |
| 53 | Murdock, John C | Direct | Sell | 12022025 | 14.03 | 1,215 | 17,046 | 1,573,549 | Form | |
| 54 | Bailey, Brian D | See footnotes | Sell | 11242025 | 13.78 | 3,033 | 41,798 | 873,694 | Form | |
| 55 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9182025 | 18.00 | 7,166 | 129,009 | 345,514 | Form |
| 56 | Raiford, Daryl E | Chief Financial Officer | Direct | Sell | 9122025 | 15.52 | 14,500 | 225,085 | 1,178,126 | Form |
| 57 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9092025 | 15.47 | 14,143 | 218,778 | 1,398,320 | Form |
| 58 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9092025 | 15.71 | 5,000 | 78,534 | 1,641,957 | Form |
| 59 | Raiford, Daryl | Chief Financial Officer | IRA | Sell | 9092025 | 15.70 | 1,625 | Form | ||
| 60 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9092025 | 15.50 | 19,000 | 294,587 | 1,698,343 | Form |
| 61 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9042025 | 15.46 | 2,594 | 40,109 | 1,987,467 | Form |
| 62 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9042025 | 15.23 | 4,117 | 62,708 | 1,997,337 | Form |
| 63 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9042025 | 14.96 | 2,150 | 32,162 | 2,023,217 | Form |
| 64 | Krupka, Devin M | Controller, PAO | Direct | Sell | 9022025 | 15.09 | 1,189 | 17,936 | 397,613 | Form |
| 65 | Ross, Kade | Chief Information Officer | Direct | Sell | 9022025 | 15.09 | 1,634 | 24,649 | 1,074,813 | Form |
| 66 | Bottorff, Rebecca | Chief People Officer | Direct | Sell | 9022025 | 15.09 | 2,257 | 34,047 | 644,224 | Form |
| 67 | Asbill, Richard Brandon | General Counsel | Direct | Sell | 9022025 | 15.09 | 1,852 | 27,938 | 778,648 | Form |
| 68 | Agarwal, Devesh | Chief Operating Officer | Direct | Sell | 9022025 | 15.09 | 1,745 | 26,323 | 1,014,669 | Form |
| 69 | Raiford, Daryl | Chief Financial Officer | Direct | Sell | 9022025 | 15.09 | 3,488 | 52,617 | 1,912,730 | Form |
| 70 | Morken, David A | Chairman & CEO | Direct | Sell | 9022025 | 15.09 | 5,224 | 78,805 | 206,726 | Form |
| 71 | Murdock, John C | Direct | Sell | 9022025 | 15.05 | 2,025 | 30,478 | 1,675,861 | Form |
Investor Activity (13F)
Updated Sep 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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