GitLab (GTLB)
Market Price (10/10/2026): $55.07 | Market Cap: $9.3 BilSector: Information Technology | Industry: Systems Software
GitLab (GTLB)
Market Price (10/10/2026): $55.07Market Cap: $9.3 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Megatrend and thematic driversMegatrends include Cloud Computing, Cybersecurity, and Digital Transformation & Software Innovation. Themes include Software as a Service (SaaS), Show more. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -60% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.5% Stock price has recently run up significantly6M Rtn6 month market price return is 184% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141% 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 -4.5% Key risksGTLB key risks include [1] competitive pressure from AI tools undermining its core seat-based revenue model and [2] a history of unprofitability creating pressure to justify its high-growth valuation. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Cybersecurity, and Digital Transformation & Software Innovation. Themes include Software as a Service (SaaS), Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -60% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.5% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 184% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141% |
| 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 -4.5% |
| Key risksGTLB key risks include [1] competitive pressure from AI tools undermining its core seat-based revenue model and [2] a history of unprofitability creating pressure to justify its high-growth valuation. |
Qualitative Assessment
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Updated on 10/9/2026
GitLab (GTLB) stock has gained about 80% since 6/30/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance.
GitLab (GTLB) reported robust financial results for its fiscal Q2 2027, which ended on July 31, 2026, significantly surpassing market expectations. The company announced revenue of $286.3 million, marking a 21% year-over-year increase and exceeding analysts' estimates by approximately $12.89 million, and its own guidance by roughly 5 points. Non-GAAP Earnings Per Share (EPS) for the quarter stood at $0.24, beating the consensus estimate of $0.13 by 84.62%. Following this strong performance, GitLab raised its full-year fiscal 2027 revenue guidance to $1.129–$1.133 billion and non-GAAP diluted EPS guidance to $0.85–$0.87, signaling continued growth confidence.
2. Accelerated Customer Growth and Retention Metrics.
The period saw significant improvements in key operational metrics, underscoring strong business momentum. GitLab's Dollar-Based Net Retention Rate (DBNRR) improved to 117%, marking its first sequential gain since fiscal Q1 2024, indicating increased spending from existing customers. Furthermore, the company experienced a more than 100% year-over-year increase in "First Order" growth, and net Annual Recurring Revenue (ARR) from new logos grew by 39%. The number of customers contributing over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571. The CEO highlighted record gross bookings and net ARR growth exceeding 40% year-over-year in fiscal Q2 2027, the highest in several years.
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GitLab (GTLB) stock has gained about 80% since 6/30/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance.
GitLab (GTLB) reported robust financial results for its fiscal Q2 2027, which ended on July 31, 2026, significantly surpassing market expectations. The company announced revenue of $286.3 million, marking a 21% year-over-year increase and exceeding analysts' estimates by approximately $12.89 million, and its own guidance by roughly 5 points. Non-GAAP Earnings Per Share (EPS) for the quarter stood at $0.24, beating the consensus estimate of $0.13 by 84.62%. Following this strong performance, GitLab raised its full-year fiscal 2027 revenue guidance to $1.129–$1.133 billion and non-GAAP diluted EPS guidance to $0.85–$0.87, signaling continued growth confidence.
2. Accelerated Customer Growth and Retention Metrics.
The period saw significant improvements in key operational metrics, underscoring strong business momentum. GitLab's Dollar-Based Net Retention Rate (DBNRR) improved to 117%, marking its first sequential gain since fiscal Q1 2024, indicating increased spending from existing customers. Furthermore, the company experienced a more than 100% year-over-year increase in "First Order" growth, and net Annual Recurring Revenue (ARR) from new logos grew by 39%. The number of customers contributing over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571. The CEO highlighted record gross bookings and net ARR growth exceeding 40% year-over-year in fiscal Q2 2027, the highest in several years.
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Updated on 10/9/2026
GitLab (GTLB) stock has gained about 80% since 6/30/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance.
GitLab (GTLB) reported robust financial results for its fiscal Q2 2027, which ended on July 31, 2026, significantly surpassing market expectations. The company announced revenue of $286.3 million, marking a 21% year-over-year increase and exceeding analysts' estimates by approximately $12.89 million, and its own guidance by roughly 5 points. Non-GAAP Earnings Per Share (EPS) for the quarter stood at $0.24, beating the consensus estimate of $0.13 by 84.62%. Following this strong performance, GitLab raised its full-year fiscal 2027 revenue guidance to $1.129–$1.133 billion and non-GAAP diluted EPS guidance to $0.85–$0.87, signaling continued growth confidence.
2. Accelerated Customer Growth and Retention Metrics.
The period saw significant improvements in key operational metrics, underscoring strong business momentum. GitLab's Dollar-Based Net Retention Rate (DBNRR) improved to 117%, marking its first sequential gain since fiscal Q1 2024, indicating increased spending from existing customers. Furthermore, the company experienced a more than 100% year-over-year increase in "First Order" growth, and net Annual Recurring Revenue (ARR) from new logos grew by 39%. The number of customers contributing over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571. The CEO highlighted record gross bookings and net ARR growth exceeding 40% year-over-year in fiscal Q2 2027, the highest in several years.
3. Strategic AI Integration and Successful New Commercial Model.
GitLab's strategic emphasis on Artificial Intelligence (AI) has positioned it for growth within a rapidly expanding AI-driven IT spending landscape. The company launched advanced "Governed Software Factory" features on October 6, 2026, designed to streamline the software development lifecycle, manage AI-generated software projects, and reduce associated risks and costs. The "GitLab Duo Agent Platform" is a central component of its AI-enabled DevSecOps strategy, with its paid consumption run rate growing approximately 50% quarter-over-quarter. Additionally, the introduction of the "Flex" commercial model, which shifts to a consumption-based pricing structure, successfully attracted over $20 million in commitments from more than 130 customers in its initial six weeks.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Following the strong fiscal Q2 2027 results and optimistic future outlook, several Wall Street analysts reiterated or upgraded their ratings and raised price targets for GitLab's stock. For example, DA Davidson and TD Cowen both raised their price targets to $55. William Blair upgraded GitLab's stock to "Market Perform" after the strong Q2 results. This generally positive sentiment from analysts contributed to increased investor confidence and buying interest in GTLB shares.
Show less
GitLab (GTLB) stock has gained about 80% since 6/30/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance.
GitLab (GTLB) reported robust financial results for its fiscal Q2 2027, which ended on July 31, 2026, significantly surpassing market expectations. The company announced revenue of $286.3 million, marking a 21% year-over-year increase and exceeding analysts' estimates by approximately $12.89 million, and its own guidance by roughly 5 points. Non-GAAP Earnings Per Share (EPS) for the quarter stood at $0.24, beating the consensus estimate of $0.13 by 84.62%. Following this strong performance, GitLab raised its full-year fiscal 2027 revenue guidance to $1.129–$1.133 billion and non-GAAP diluted EPS guidance to $0.85–$0.87, signaling continued growth confidence.
2. Accelerated Customer Growth and Retention Metrics.
The period saw significant improvements in key operational metrics, underscoring strong business momentum. GitLab's Dollar-Based Net Retention Rate (DBNRR) improved to 117%, marking its first sequential gain since fiscal Q1 2024, indicating increased spending from existing customers. Furthermore, the company experienced a more than 100% year-over-year increase in "First Order" growth, and net Annual Recurring Revenue (ARR) from new logos grew by 39%. The number of customers contributing over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571. The CEO highlighted record gross bookings and net ARR growth exceeding 40% year-over-year in fiscal Q2 2027, the highest in several years.
3. Strategic AI Integration and Successful New Commercial Model.
GitLab's strategic emphasis on Artificial Intelligence (AI) has positioned it for growth within a rapidly expanding AI-driven IT spending landscape. The company launched advanced "Governed Software Factory" features on October 6, 2026, designed to streamline the software development lifecycle, manage AI-generated software projects, and reduce associated risks and costs. The "GitLab Duo Agent Platform" is a central component of its AI-enabled DevSecOps strategy, with its paid consumption run rate growing approximately 50% quarter-over-quarter. Additionally, the introduction of the "Flex" commercial model, which shifts to a consumption-based pricing structure, successfully attracted over $20 million in commitments from more than 130 customers in its initial six weeks.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Following the strong fiscal Q2 2027 results and optimistic future outlook, several Wall Street analysts reiterated or upgraded their ratings and raised price targets for GitLab's stock. For example, DA Davidson and TD Cowen both raised their price targets to $55. William Blair upgraded GitLab's stock to "Market Perform" after the strong Q2 results. This generally positive sentiment from analysts contributed to increased investor confidence and buying interest in GTLB shares.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 80.4% change in GTLB stock from 6/30/2026 to 10/9/2026 was primarily driven by a 70.6% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.53 | 55.09 | 80.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,005 | 1,055 | 5.0% |
| P/S Multiple | 5.2 | 8.8 | 70.6% |
| Shares Outstanding (Mil) | 170 | 169 | 0.7% |
| Cumulative Contribution | 80.4% |
Market Drivers
6/30/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| GTLB | 80.4% | |
| Market (SPY) | 4.3% | 20.3% |
| Sector (XLK) | 4.3% | 2.4% |
Fundamental Drivers
The 154.6% change in GTLB stock from 3/31/2026 to 10/9/2026 was primarily driven by a 129.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.64 | 55.09 | 154.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 955 | 1,055 | 10.5% |
| P/S Multiple | 3.8 | 8.8 | 129.7% |
| Shares Outstanding (Mil) | 169 | 169 | 0.3% |
| Cumulative Contribution | 154.6% |
Market Drivers
3/31/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| GTLB | 154.6% | |
| Market (SPY) | 20.0% | 7.5% |
| Sector (XLK) | 49.7% | 6.7% |
Fundamental Drivers
The 22.2% change in GTLB stock from 9/30/2025 to 10/9/2026 was primarily driven by a 23.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.08 | 55.09 | 22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 858 | 1,055 | 23.0% |
| P/S Multiple | 8.7 | 8.8 | 1.0% |
| Shares Outstanding (Mil) | 166 | 169 | -1.6% |
| Cumulative Contribution | 22.2% |
Market Drivers
9/30/2025 to 10/9/2026| Return | Correlation | |
|---|---|---|
| GTLB | 22.2% | |
| Market (SPY) | 17.8% | 18.7% |
| Sector (XLK) | 41.6% | 19.2% |
Fundamental Drivers
The 21.8% change in GTLB stock from 9/30/2023 to 10/9/2026 was primarily driven by a 110.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.22 | 55.09 | 21.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 502 | 1,055 | 110.0% |
| P/S Multiple | 13.8 | 8.8 | -36.3% |
| Shares Outstanding (Mil) | 154 | 169 | -8.9% |
| Cumulative Contribution | 21.8% |
Market Drivers
9/30/2023 to 10/9/2026| Return | Correlation | |
|---|---|---|
| GTLB | 21.8% | |
| Market (SPY) | 88.4% | 39.2% |
| Sector (XLK) | 146.8% | 38.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GTLB Return | -16% | -48% | 39% | -10% | -33% | 43% | -48% |
| Peers Return | 37% | -44% | 63% | 3% | 14% | 46% | 117% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| GTLB Win Rate | 33% | 33% | 42% | 58% | 25% | 60% | |
| Peers Win Rate | 58% | 32% | 60% | 48% | 47% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GTLB Max Drawdown | - | -62% | -54% | -47% | -49% | -49% | |
| Peers Max Drawdown | -32% | -53% | -26% | -33% | -37% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, TEAM, DDOG, FROG, DT.
[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 10/9/2026 (YTD)
How Low Can It Go
| Event | GTLB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.4% | -7.8% |
| % Gain to Breakeven | 24.1% | 8.5% |
| Time to Breakeven | 27 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.4% | 10.5% |
| Time to Breakeven | 20 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.1% | -6.7% |
| % Gain to Breakeven | 61.5% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
In The Past
GitLab's stock fell -19.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 24.1% gain to breakeven.
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Asset Allocation
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| Event | GTLB | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.1% | -6.7% |
| % Gain to Breakeven | 61.5% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
In The Past
GitLab's stock fell -19.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 24.1% 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 GitLab (GTLB)
GitLab Inc. (GTLB) provides a comprehensive software platform designed to streamline and accelerate the entire software development lifecycle for organizations. At its core, GitLab offers a single, integrated DevOps platform that helps teams manage every stage of software creation, from planning and building to securing and deploying. This unified approach aims to improve efficiency and visibility throughout the development process.
The GitLab platform empowers businesses to develop software faster, enhance control, and gain insights across their operations. By consolidating various tools and processes into one application, it helps drive better business outcomes by enabling more efficient and secure software delivery. Beyond the core platform, GitLab also supports its customers with related training and professional services to ensure effective implementation and and utilization of its solutions.
GitLab serves a broad range of organizations globally, helping them to modernize and optimize their software development practices. Its customer base spans across the United States, Europe, and the Asia Pacific region, catering to any business that needs to plan, build, secure, and deploy software effectively.
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1. It's like Salesforce for software development teams, providing an all-in-one platform for planning, building, securing, and deploying software.
2. Think of it as the Microsoft Office suite for software developers, bringing all the necessary tools (like project management, code hosting, and security scans) into one integrated application instead of separate programs.
3. It's like Microsoft Azure DevOps or GitHub, but designed from the ground up as a truly unified, end-to-end platform for the entire software development lifecycle.
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- GitLab (DevOps Platform): A single application that covers the entire software development lifecycle, enhancing visibility and control while speeding up development cycles.
- Training Services: Educational programs designed to help users effectively utilize the GitLab platform.
- Professional Services: Expert support and consulting services related to the implementation and optimization of the GitLab platform.
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The company GitLab (GTLB) primarily sells its DevOps platform and related services to other companies and organizations, rather than individuals. While GitLab does not disclose specific revenue percentages from individual customers, its customer base includes a wide range of enterprises across various industries globally. Below are examples of prominent public companies that utilize GitLab's platform:
GitLab's major customers include a diverse range of organizations from various sectors. Examples of these enterprise customers are:
- IBM (Symbol: IBM)
- NVIDIA (Symbol: NVDA)
- T-Mobile (Symbol: TMUS)
- Goldman Sachs (Symbol: GS)
- Siemens (Symbol: SIEGY)
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- Alphabet Inc. (GOOGL)
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Bill Staples, Chief Executive Officer
Bill Staples was appointed as GitLab's Chief Executive Officer in December 2024.
Sid Sijbrandij, Co-founder, Executive Chair, and President
Sid Sijbrandij co-founded GitLab, which was established in 2014, and served as its CEO, leading the company's IPO in 2021. Before co-founding GitLab, he spent four years building recreational submarines at U-Boat Worx from 2003 to 2007. He also founded Comcoaster, where he worked from 2008 to 2012. Since 2020, Sijbrandij has been the founder and general partner of Open Core Ventures.
James Shen, Interim Chief Financial Officer
James Shen was appointed as GitLab's Interim Chief Financial Officer effective September 20, 2025, following the departure of Brian Robins. He joined GitLab in January 2021 as Vice President of Finance. Prior to GitLab, Shen held various finance roles at Meta from August 2019 to January 2021 and served in different finance capacities at Rainforest QA from April 2016 to August 2019, where he was most recently SVP Finance. His background also includes roles in finance and investment at GI Partners, a private equity firm, and in investment banking at Morgan Stanley.
Robin Schulman, Chief Legal Officer, Head of Corporate Affairs, and Corporate Secretary
Robin Schulman oversees GitLab's legal strategies and corporate governance. Her previous experience includes overseeing global legal affairs, public policy, and compliance as SVP, Chief Legal Officer, and Corporate Secretary at Couchbase, Inc. She also established, scaled, and led New Relic Inc.'s global legal and compliance organization as General Counsel and Chief Compliance Officer, guiding the company from pre-IPO to a profitable public entity. Earlier in her career, she served as Legal Counsel to Adobe Inc.
Wendy Nice Barnes, Chief People Officer
Wendy Nice Barnes joined GitLab as Chief People Officer in November 2020. She brings over 20 years of talent leadership experience from both pre-IPO and Fortune 500 companies. Her career includes serving as Chief Human Resources Officer at Palo Alto Networks, Vice President of Human Resources at eHealth, and senior HR leadership roles at Netflix and E*TRADE.
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Here are the key risks to GitLab (GTLB):
- Intense Competition and the Impact of Artificial Intelligence: GitLab faces significant competitive pressure, particularly from Microsoft's GitHub, which offers competitive pricing and substantial investments in AI-powered coding assistants. The rapid advancement and proliferation of AI tools, coupled with bundled offerings from competitors, threaten GitLab's platform relevance, pricing power, and overall market opportunity. A major challenge stems from the fact that AI agents cannot be sold a "seat," which undermines GitLab's traditional seat-based revenue model and necessitates a strategic shift to a consumption model. There is also concern among investors that generative AI could be more of a threat than an opportunity for the company, and uncertainty exists around AI monetization and potential slower upgrade cycles if customers are hesitant to adopt usage-based AI pricing. Execution risks are also present as GitLab attempts to implement a hybrid pricing model and ensure high adoption rates for its new AI features.
- Challenges in Achieving and Sustaining Profitability Amidst Rapid Growth: Despite robust revenue growth, GitLab has consistently struggled to achieve and maintain profitability. The company has a history of losses and projects continued increases in operating expenses. The high valuation multiples often associated with GitLab are contingent upon the company meeting aggressive growth and profitability targets, introducing a significant execution risk. Managing rapid growth effectively is crucial, as any failure to do so could adversely impact its business, financial condition, and operating results. Furthermore, rising regulatory demands and substantial spending on innovation contribute to increased costs, posing challenges to long-term earnings growth and profitability.
- Security Incidents and Open-Source Vulnerabilities: As a platform handling sensitive customer data, GitLab is exposed to substantial legal and financial liabilities in the event of a security breach. Its reliance on open-source technology also elevates the risk of supply-chain cyber attacks. The company has previously disclosed critical security vulnerabilities, which led to a stock decline and heightened investor concerns regarding software supply chain risks transforming into financial liabilities. Security and privacy breaches have the potential to significantly harm GitLab's business and reputation.
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The increasing consolidation and integration of DevOps toolchains by major cloud providers, particularly Microsoft with GitHub and Azure DevOps, poses an emerging threat. These providers have the potential to offer similarly comprehensive, deeply integrated, and potentially more cost-effective single-application DevOps platforms within their dominant cloud ecosystems, directly challenging GitLab's core differentiator and market position.
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GitLab Inc. (GTLB) operates in several significant addressable markets related to its comprehensive DevOps platform.
The company itself estimates its total addressable market (TAM) to be $40 billion.
GitLab's main product, a DevOps platform, encompasses various stages of the software development lifecycle, including planning, building, securing, and deploying software. Therefore, the addressable markets for its services include the broader DevOps market, DevSecOps, Continuous Integration/Continuous Delivery (CI/CD), and Application Security Testing (AST).
Here are the estimated market sizes for these related products and services:
- DevOps Market:
- The global DevOps market was valued at approximately USD 15.8 billion in 2025 and is projected to reach USD 82.4 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 20.15% from 2026 to 2034.
- North America is a dominant region in the DevOps market, holding over 37% of the market share in 2025.
- DevSecOps Market:
- The global DevSecOps market size was estimated at USD 8.84 billion in 2024 and is projected to reach USD 20.24 billion by 2030, with a CAGR of 13.2% from 2025 to 2030.
- North America held the largest revenue share of 35.2% in the global DevSecOps market in 2024. The U.S. market specifically is valued at USD 3.5 billion by 2026.
- Another estimate projects the global DevSecOps market to grow from USD 11.49 billion in 2026 to USD 31.96 billion by 2034, exhibiting a CAGR of 13.65%.
- Continuous Integration/Continuous Delivery (CI/CD) Market:
- The global CI/CD market is projected to reach approximately $15 billion by 2028, reflecting a CAGR of over 15%. This market was estimated at over $10 billion in 2023.
- More specifically, the global Continuous Integration (CI) tools market was valued at USD 2.11 billion in 2025 and is projected to grow to USD 12.66 billion by 2034, with a CAGR of 22.02% from 2026 to 2034.
- The global continuous delivery market is accounted at USD 4.92 billion in 2025 and is predicted to increase to approximately USD 20.17 billion by 2035, representing a CAGR of 15.55% from 2026 to 2035.
- North America held the highest revenue share of 37.80% in the continuous delivery market in 2025.
- Application Security Testing (AST) / Application Security Market:
- The global Application Security Testing Market was valued at USD 11.05 billion in 2025 and is projected to reach USD 25.82 billion by the end of 2030, growing at a CAGR of 18.5% from 2026 to 2030.
- Another report states the global application security market size was estimated at USD 13.00 billion in 2025 and is expected to rise from USD 14.86 billion in 2026 to USD 43.28 billion by 2034, expanding at a CAGR of 14.30%.
- North America dominated the application security market with a market share of 35.04% in 2025.
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GitLab Inc. (GTLB) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Expansion within Existing Customer Accounts: GitLab anticipates continued revenue growth by increasing adoption and usage among its current customer base. This includes efforts to drive seat expansion, encourage higher customer yield, and facilitate tier upgrades to more comprehensive plans. The company's dollar-based net retention rate, reported at 118%, indicates success in expanding within existing accounts.
- Acquisition of New Customers and Scaling Sales Capacity: The company is focused on reaccelerating growth by rebuilding first-order bookings through a dedicated sales team buildout and enhanced product-led growth efforts. GitLab aims to scale its sales capacity and bring in new customers.
- Adoption and Monetization of AI-Driven Features, particularly the GitLab Duo Agent Platform: The anticipated launch and subsequent adoption of the GitLab Duo Agent Platform and other AI initiatives are identified as significant future growth drivers. Management's fiscal year 2027 strategy includes converting AI pilots to production deployments.
- Growth in SaaS Offerings: GitLab's SaaS business, including the GitLab Dedicated offering, is becoming a larger portion of its overall revenue mix. The SaaS segment experienced 36% year-over-year growth and now accounts for approximately 31% of total revenue, indicating continued momentum in this area.
- Implementation of New Packaging and Hybrid Pricing Models: GitLab is introducing new packaging and a hybrid seat-plus consumption pricing model, which combines a fixed, recurring per-user fee with variable charges based on product usage. This strategic shift in pricing and packaging has the potential to be a long-term driver of revenue growth.
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Share Repurchases
- GitLab's board authorized an inaugural $400 million share repurchase program for Class A common stock, announced in March 2026, to be funded from existing cash, cash equivalents, short-term investments, and ongoing cash from operations.
- The company's 5-Year Share Buyback Ratio was -2.90%, suggesting share issuance rather than significant repurchases over the past five years, prior to the recently announced program.
Share Issuance
- GitLab Inc. completed its Initial Public Offering (IPO) in October 2021, selling 8,420,000 shares of its Class A common stock at $77.00 per share, raising approximately $648.34 million for the company.
- Stock-based compensation is a significant component of GitLab's capital management strategy, with expenses amounting to $185.9 million for fiscal year 2025 (ending January 31, 2025).
- The company issued common stock through stock option exercises and its employee stock purchase plan, raising $32.6 million in financing activities during fiscal year 2025.
Inbound Investments
- The Initial Public Offering (IPO) in October 2021 served as a major inbound investment from public market investors, with GitLab Inc. directly selling shares for approximately $648.34 million.
Outbound Investments
- GitLab has completed a total of 9 acquisitions, averaging 0.6 acquisitions per year over the last five years (2020–2025).
- The most recent acquisition was Oxeye, a cloud-based security testing software platform, which GitLab acquired in March 2024.
- "Change in Acquisitions & Divestments" for GitLab amounted to $241.6 million in Q4 2025, contributing to an annual value of $708.4 million for fiscal year 2025.
Capital Expenditures
- GitLab's latest trailing twelve months (TTM) Capital Expenditures Margin (CapEx % AVG 3YRS) was 0.75% as of September 30, 2025.
- Over the past five years, the average CapEx % AVG 3YRS for GitLab has been 0.79%.
- The company plans to continue strategic investments in research and development and leverage its liquidity for working capital and capital expenditure requirements over the next 12 months.
Peer Outperformance in Systems Software
nullShare of Systems Software constituents that GTLB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 89 industry peers · 17.6% return
3Y
48%
of 75 industry peers · 15.5% return
5Y
—
insufficient peer history
null
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is GTLB'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 | 58.4% | 176.0% | 381.8% | TTMI 816% · FLEX 771% · SANM 450% |
| Semiconductor Materials & Equipment | 27 | 82.0% | 102.5% | 122.7% | AXTI 749% · KLAC 530% · LRCX 510% |
| Technology Distributors | 9 | 51.0% | 89.9% | 94.2% | CLMB 428% · AVT 205% · SNX 177% |
| Electronic Components | 26 | 29.3% | 71.5% | 73.9% | CLS 3782% · BELFA 1287% · COHR 446% |
| Communications Equipment | 36 | 2.5% | 98.2% | 71.9% | AAOI 1515% · LITE 1211% · ANET 832% |
| Semiconductors | 55 | 18.5% | 49.9% | 31.1% | POET 1611% · MU 1403% · NVDA 1006% |
| Technology Hardware, Storage & Peripherals | 20 | 20.4% | 116.6% | 28.0% | DELL 1119% · SMCI 1035% · STX 1029% |
| Internet Services & Infrastructure | 6 | -2.3% | 43.2% | 26.9% | DOCN 61% · VRSN 50% · GDDY 49% |
| Electronic Equipment & Instruments | 26 | -18.4% | 25.6% | -7.7% | PI 260% · KEYS 137% · VPG 106% |
| IT Consulting & Other Services | 28 | -22.1% | -11.9% | -19.8% | CHRN 489111% · APLD 821% · TSSI 782% |
| Application Software | 125 | -24.2% | -16.2% | -43.3% | VIDA 1469900% · INLX 4550% · PLTR 790% |
| Systems Software ← | 71 | -14.6% | 25.0% | -51.9% | QNC 589% · PAYS 487% · PANW 410% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| GitLab Stock 5-Day Winning Spree: Stock Climbs 21% | 05/21/2026 | |
| The Bear Case: How GTLB Behaves During Market Shocks | 04/09/2026 | |
| Is 24.5% Fall In GitLab (GTLB) Stock A Buying Opportunity? | 03/04/2026 | |
| GitLab Earnings Notes | 12/29/2026 | |
| Would You Still Hold GitLab Stock If It Fell Another 30%? | 12/04/2025 | |
| How Does GitLab Stock Stack Up Against Its Peers? | 08/13/2025 | |
| GTLB Dip Buy Analysis | 07/10/2025 | |
| GitLab (GTLB) Valuation Ratios Comparison | 05/15/2025 | |
| ARTICLES | ||
| 16 Small Cap Stocks Hit 52-Week Highs On Friday | 10/10/2026 | |
| 13 Small Cap Stocks Just Made New 52-Week Highs | 10/09/2026 | |
| 10 Small Cap Stocks Hit 52-Week Highs On Tuesday | 10/07/2026 | |
| 25 Small Cap Stocks Just Made New 52-Week Highs | 10/06/2026 | |
| GitLab Stock Rockets 21% With 5-Day Winning Streak | 05/21/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 154.95 |
| Mkt Cap | 35.4 |
| Rev LTM | 3,031 |
| Op Inc LTM | 14 |
| FCF LTM | 822 |
| FCF 3Y Avg | 681 |
| CFO LTM | 914 |
| CFO 3Y Avg | 753 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.5% |
| Rev Chg 3Y Avg | 23.6% |
| Rev Chg Q | 24.5% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Inc Chg LTM | 35.6% |
| Op Inc Chg 3Y Avg | 30.3% |
| Op Mgn LTM | 0.3% |
| Op Mgn 3Y Avg | -0.5% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 29.0% |
| CFO/Rev 3Y Avg | 28.6% |
| FCF/Rev LTM | 23.6% |
| FCF/Rev 3Y Avg | 26.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 35.4 |
| P/S | 10.4 |
| P/Op Inc | 46.9 |
| P/EBIT | 45.8 |
| P/E | -73.3 |
| P/CFO | 40.1 |
| Total Yield | 0.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Price Behavior
Price Behavior
| Market Price | $55.09 | |
| Market Cap ($ Bil) | 9.3 | |
| First Trading Date | 10/14/2021 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $45.43 | $32.66 |
| DMA Trend | up | up |
| Distance from DMA | 21.3% | 68.7% |
| 3M | 1YR | |
| Volatility | 52.4% | 60.1% |
| Downside Capture | -17.51 | 98.35 |
| Upside Capture | 266.36 | 99.23 |
| Correlation (SPY) | 16.4% | 18.5% |
GTLB Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.95 | 1.75 | 1.01 | 0.37 | 0.85 | 1.48 |
| Up Beta | -2.54 | 0.85 | 0.32 | -0.86 | 0.27 | 1.17 |
| Down Beta | 1.03 | 1.67 | 0.00 | -0.10 | 1.06 | 1.79 |
| Up Capture | 160% | 321% | 267% | 197% | 85% | 278% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 33 | 70 | 120 | 373 |
| Down Capture | 56% | 28% | -4% | -2% | 104% | 110% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 31 | 56 | 132 | 376 |
[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 GTLB | |
|---|---|---|---|---|
| GTLB | 16.4% | 60.0% | 0.48 | - |
| Sector ETF (XLK) | 37.5% | 26.5% | 1.17 | 19.0% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 18.6% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 1.9% |
| Commodities (DBC) | 44.8% | 20.9% | 1.67 | -5.8% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | -4.6% |
| Bitcoin (BTCUSD) | -33.8% | 44.2% | -0.81 | 17.9% |
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 GTLB | |
|---|---|---|---|---|
| GTLB | -12.5% | 73.4% | 0.13 | - |
| Sector ETF (XLK) | 22.2% | 25.9% | 0.75 | 45.5% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 45.7% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 4.1% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | 5.9% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 31.2% |
| Bitcoin (BTCUSD) | 11.2% | 52.0% | 0.39 | 26.7% |
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 GTLB | |
|---|---|---|---|---|
| GTLB | -6.4% | 73.4% | 0.13 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 45.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 4.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 5.9% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 31.2% |
| Bitcoin (BTCUSD) | 63.3% | 66.2% | 1.03 | 26.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/1/2026 | 10.0% | 2.8% | 10.8% |
| 6/2/2026 | -2.8% | -4.8% | 0.8% |
| 3/3/2026 | -6.2% | -13.1% | -17.7% |
| 12/2/2025 | -12.8% | -10.0% | -13.5% |
| 9/3/2025 | -7.4% | 4.5% | -0.9% |
| 6/10/2025 | -10.6% | -13.7% | -12.2% |
| 3/3/2025 | 11.6% | -9.4% | -15.3% |
| 12/5/2024 | 1.7% | -7.6% | -8.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 9 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 11.4% | 17.8% | 13.0% |
| Median Negative | -8.3% | -11.6% | -13.5% |
| Max Positive | 31.2% | 72.4% | 48.3% |
| Max Negative | -23.9% | -24.2% | -24.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/1/2026 | 10.0% | 2.8% | 10.8% |
| 6/2/2026 | -2.8% | -4.8% | 0.8% |
| 3/3/2026 | -6.2% | -13.1% | -17.7% |
| 12/2/2025 | -12.8% | -10.0% | -13.5% |
| 9/3/2025 | -7.4% | 4.5% | -0.9% |
| 6/10/2025 | -10.6% | -13.7% | -12.2% |
| 3/3/2025 | 11.6% | -9.4% | -15.3% |
| 12/5/2024 | 1.7% | -7.6% | -8.3% |
| 9/3/2024 | 21.6% | 25.8% | 12.4% |
| 6/3/2024 | -4.9% | -5.9% | 13.0% |
| 3/4/2024 | -21.0% | -24.2% | -24.1% |
| 12/4/2023 | 11.4% | 12.8% | 8.8% |
| 9/5/2023 | 0.5% | 5.2% | -10.1% |
| 6/5/2023 | 31.2% | 38.7% | 40.5% |
| 3/13/2023 | -23.9% | -18.7% | -24.1% |
| 12/5/2022 | 9.4% | 28.5% | -0.3% |
| 9/6/2022 | 14.3% | 22.8% | 14.7% |
| 6/6/2022 | 28.0% | 6.7% | 48.3% |
| 3/14/2022 | 7.8% | 72.4% | 42.1% |
| 12/6/2021 | -8.3% | -18.4% | -22.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 9 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 11.4% | 17.8% | 13.0% |
| Median Negative | -8.3% | -11.6% | -13.5% |
| Max Positive | 31.2% | 72.4% | 48.3% |
| Max Negative | -23.9% | -24.2% | -24.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/02/2026 | 10-Q |
| 01/31/2026 | 03/17/2026 | 10-K |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/04/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/06/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/26/2024 | 10-K |
| 10/31/2023 | 12/05/2023 | 10-Q |
| 07/31/2023 | 09/06/2023 | 10-Q |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/06/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/02/2026 | 10-Q |
| 01/31/2026 | 03/17/2026 | 10-K |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/04/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/06/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/26/2024 | 10-K |
| 10/31/2023 | 12/05/2023 | 10-Q |
| 07/31/2023 | 09/06/2023 | 10-Q |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/06/2022 | 10-Q |
| 07/31/2022 | 09/07/2022 | 10-Q |
| 04/30/2022 | 06/07/2022 | 10-Q |
| 01/31/2022 | 04/08/2022 | 10-K |
| 10/31/2021 | 12/07/2021 | 10-Q |
| 07/31/2021 | 10/14/2021 | 424B4 |
| 01/31/2021 | 09/17/2021 | S-1 |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2027 Earnings Reported 9/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Revenue | Reported | 281.00 Mil | 282.00 Mil | 283.00 Mil | 3.3% | Higher New | Guidance: 273.00 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP operating income | Reported | 35.00 Mil | 36.00 Mil | 37.00 Mil | 16.1% | Higher New | Guidance: 31.00 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP diluted net income per share | Reported | 0.19 | 0.2 | 0.2 | 11.4% | Higher New | Guidance: 0.18 for Q2 2027 | |
| 2027 Revenue | Reported | 1.13 Bil | 1.13 Bil | 1.13 Bil | 1.4% | Raised | Guidance: 1.11 Bil for 2027 | |
| 2027 Non-GAAP operating income | Reported | 148.00 Mil | 150.00 Mil | 152.00 Mil | 8.7% | Raised | Guidance: 138.00 Mil for 2027 | |
| 2027 Non-GAAP diluted net income per share | Reported | 0.85 | 0.86 | 0.87 | 6.8% | Raised | Guidance: 0.81 for 2027 | |
Prior: Q1 2027 Earnings Reported 6/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | Reported | 272.00 Mil | 273.00 Mil | 274.00 Mil | 7.5% | Higher New | Guidance: 254.00 Mil for Q1 2027 | |
| Q2 2027 Non-GAAP operating income | Reported | 30.00 Mil | 31.00 Mil | 32.00 Mil | -6.1% | Lower New | Guidance: 33.00 Mil for Q1 2027 | |
| Q2 2027 Non-GAAP diluted net income per share | Reported | 0.17 | 0.18 | 0.18 | -14.6% | Lower New | Guidance: 0.21 for Q1 2027 | |
| 2027 Revenue | Reported | 1.11 Bil | 1.11 Bil | 1.12 Bil | 0.6% | Raised | Guidance: 1.11 Bil for 2027 | |
| 2027 Non-GAAP operating income | Reported | 135.00 Mil | 138.00 Mil | 141.00 Mil | 3.8% | Raised | Guidance: 133.00 Mil for 2027 | |
| 2027 Non-GAAP diluted net income per share | Reported | 0.79 | 0.81 | 0.82 | 3.2% | Raised | Guidance: 0.78 for 2027 | |
Q4 2026 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 253.00 Mil | 254.00 Mil | 255.00 Mil | 1.0% | Higher New | Guidance: 251.50 Mil for Q4 2026 | |
| Q1 2027 Non-GAAP operating income | Reported | 32.00 Mil | 33.00 Mil | 34.00 Mil | -14.3% | Lower New | Guidance: 38.50 Mil for Q4 2026 | |
| Q1 2027 Non-GAAP diluted net income per share | Reported | 0.2 | 0.21 | 0.21 | -8.9% | Lower New | Guidance: 0.23 for Q4 2026 | |
| 2027 Revenue | Reported | 1.10 Bil | 1.11 Bil | 1.12 Bil | 17.1% | Higher New | Guidance: 946.50 Mil for 2026 | |
| 2027 Non-GAAP operating income | Reported | 129.00 Mil | 133.00 Mil | 137.00 Mil | -9.8% | Lower New | Guidance: 147.50 Mil for 2026 | |
| 2027 Non-GAAP diluted net income per share | Reported | 0.76 | 0.78 | 0.8 | -18.3% | Lower New | Guidance: 0.96 for 2026 | |
Q3 2026 Earnings Reported 12/2/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 251.00 Mil | 251.50 Mil | 252.00 Mil | ||||
| Q4 2026 Non-GAAP operating income | Reported | 38.00 Mil | 38.50 Mil | 39.00 Mil | ||||
| Q4 2026 Non-GAAP diluted net income per share | Reported | 0.22 | 0.23 | 0.23 | ||||
| 2026 Revenue | Reported | 946.00 Mil | 946.50 Mil | 947.00 Mil | 0.8% | Raised | Guidance: 939.00 Mil for 2026 | |
| 2026 Non-GAAP operating income | Reported | 147.00 Mil | 147.50 Mil | 148.00 Mil | 9.7% | Raised | Guidance: 134.50 Mil for 2026 | |
| 2026 Non-GAAP diluted net income per share | Reported | 0.95 | 0.96 | 0.96 | 15.8% | Raised | Guidance: 0.83 for 2026 | |
Insider Activity
Updated 10/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Staples, William | Chief Executive Officer | Direct | Buy | 10012026 | 46.62 | 2,677 | 124,802 | 34,269,430 | Form |
| 2 | Padisetty, Sivaprasad | Chief Technology Officer | Direct | Sell | 9282026 | 45.78 | 51,915 | 2,376,546 | 17,267,829 | Form |
| 3 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 45.84 | 430,000 | 19,710,672 | 586,087,698 | Form | |
| 4 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 47.75 | 705,490 | 33,686,629 | 631,047,168 | Form | |
| 5 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 48.63 | 980,710 | 47,692,487 | 677,002,762 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Staples, William | Chief Executive Officer | Direct | Buy | 10012026 | 46.62 | 2,677 | 124,802 | 34,269,430 | Form |
| 2 | Padisetty, Sivaprasad | Chief Technology Officer | Direct | Sell | 9282026 | 45.78 | 51,915 | 2,376,546 | 17,267,829 | Form |
| 3 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 45.84 | 430,000 | 19,710,672 | 586,087,698 | Form | |
| 4 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 47.75 | 705,490 | 33,686,629 | 631,047,168 | Form | |
| 5 | Sijbrandij, Sytse | Trust | Sell | 9282026 | 48.63 | 980,710 | 47,692,487 | 677,002,762 | Form | |
| 6 | Mundy, Simon | Chief Accounting Officer | Direct | Sell | 8112026 | 38.00 | 8,725 | 331,550 | 4,002,616 | Form |
| 7 | Staples, William | Chief Executive Officer | Direct | Buy | 7012026 | 29.36 | 4,188 | 122,960 | 22,279,190 | Form |
| 8 | Sijbrandij, Sytse | Trust | Sell | 6172026 | 28.44 | 116,200 | 3,304,887 | 423,834,670 | Form | |
| 9 | Sijbrandij, Sytse | Trust | Sell | 5182026 | 24.85 | 116,200 | 2,887,801 | 373,233,357 | Form | |
| 10 | Sijbrandij, Sytse | Trust | Sell | 4162026 | 20.77 | 116,200 | Form | |||
| 11 | Staples, William | Chief Executive Officer | Direct | Buy | 4012026 | 21.35 | 6,010 | 128,342 | 7,359,953 | Form |
| 12 | Bostrom, Susan L | Direct | Sell | 3302026 | 20.36 | 32,500 | 661,700 | 352,615 | Form | |
| 13 | Jacobson, Matthew | ICONIQ Strategic Partners III, L.P. | Sell | 3232026 | 22.37 | 325 | Form | |||
| 14 | Jacobson, Matthew | ICONIQ Strategic Partners III-B, L.P. | Sell | 3232026 | 22.37 | 347 | Form | |||
| 15 | Jacobson, Matthew | ICONIQ Strategic Partners IV, L.P. | Sell | 3232026 | 22.37 | 328 | Form | |||
| 16 | Jacobson, Matthew | ICONIQ Strategic Partners IV-B, L.P. | Sell | 3232026 | 22.37 | 543 | Form | |||
| 17 | Jacobson, Matthew | ICONIQ Strategic Partners V, L.P. | Sell | 3232026 | 22.37 | 9,079 | Form | |||
| 18 | Jacobson, Matthew | ICONIQ Strategic Partners V-B, L.P. | Sell | 3232026 | 22.37 | 66,797 | Form | |||
| 19 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 3232026 | 22.37 | 193,722 | Form | |||
| 20 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 3232026 | 22.37 | 188,658 | Form | |||
| 21 | Jacobson, Matthew | ICONIQ Strategic Partners III, L.P. | Sell | 3232026 | 22.95 | 495 | 11,359 | 7,458 | Form | |
| 22 | Jacobson, Matthew | ICONIQ Strategic Partners III-B, L.P. | Sell | 3232026 | 22.95 | 529 | 12,139 | 7,963 | Form | |
| 23 | Jacobson, Matthew | ICONIQ Strategic Partners IV, L.P. | Sell | 3232026 | 22.95 | 499 | 11,451 | 7,527 | Form | |
| 24 | Jacobson, Matthew | ICONIQ Strategic Partners IV-B, L.P. | Sell | 3232026 | 22.95 | 827 | 18,977 | 12,460 | Form | |
| 25 | Jacobson, Matthew | ICONIQ Strategic Partners V, L.P. | Sell | 3232026 | 22.95 | 49,349 | 1,132,412 | 208,336 | Form | |
| 26 | Jacobson, Matthew | ICONIQ Strategic Partners V-B, L.P. | Sell | 3232026 | 22.95 | 66,183 | 1,518,701 | 1,532,791 | Form | |
| 27 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 3232026 | 22.95 | 235,382 | 5,401,311 | 4,445,339 | Form | |
| 28 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 3232026 | 22.95 | 346,845 | 7,959,052 | 4,329,135 | Form | |
| 29 | Sijbrandij, Sytse | Trust | Sell | 2182026 | 28.41 | 54,300 | Form | |||
| 30 | Sijbrandij, Sytse | Trust | Sell | 1152026 | 35.96 | 54,300 | Form | |||
| 31 | Staples, William | Chief Executive Officer | Direct | Buy | 1052026 | 38.08 | 3,276 | 124,750 | 13,163,152 | Form |
| 32 | Shen, James | Interim CFO | Direct | Sell | 1052026 | 38.08 | 2,538 | 96,647 | 1,990,975 | Form |
| 33 | Jacobson, Matthew | ICONIQ Investment Holdings, LP | Sell | 12232025 | 38.08 | 334,827 | Form | |||
| 34 | Mundy, Simon | Chief Accounting Officer | Direct | Sell | 12182025 | 38.42 | 2,756 | 105,886 | 1,812,809 | Form |
| 35 | Mundy, Simon | Chief Accounting Officer | Direct | Sell | 12182025 | 38.00 | 723 | 27,474 | 2,005,792 | Form |
| 36 | Sijbrandij, Sytse | Trust | Sell | 12172025 | 38.95 | 54,300 | Form | |||
| 37 | Bostrom, Susan L | Direct | Sell | 12102025 | 39.25 | 30,000 | 1,177,500 | 1,955,396 | Form | |
| 38 | Bostrom, Susan L | Direct | Sell | 12102025 | 39.55 | 70,000 | 2,768,300 | 3,156,613 | Form | |
| 39 | Sijbrandij, Sytse | Trust | Sell | 11192025 | 43.17 | 108,600 | Form | |||
| 40 | Blasing, Karen | Direct | Sell | 10162025 | 45.26 | 3,250 | 147,095 | 4,407,826 | Form | |
| 41 | Sijbrandij, Sytse | Trust | Sell | 10162025 | 44.29 | 108,600 | Form | |||
| 42 | Mundy, Simon | Chief Accounting Officer | Direct | Sell | 10022025 | 43.99 | 5,191 | 228,352 | 2,353,773 | Form |
Investor Activity (13F)
Updated Oct 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.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| HMI Capital Management, L.P. | $57.4 Mil | 7.6% | 11 | TRIM -38.2% | 13F |
| Impactive Capital LP | $84.7 Mil | 6.1% | 10 | New | 13F |
| Infinitum Asset Management, LLC | $48.7 Mil | 6.1% | 21 | ADD +60.7% | 13F |
| Technology Crossover Management X, Ltd. | $41.6 Mil | 5.3% | 6 | Hold | 13F |
| Light Street Capital Management, LLC | $25.3 Mil | 5.1% | 23 | ADD +10.4% | 13F |
| Ancient Art, L.P. | $16.2 Mil | 3.5% | 16 | New | 13F |
| Deltroit Asset Management (UK) LLP | $9.0 Mil | 1.6% | 39 | ADD +11.7% | 13F |
| Alphabet Inc. | $59.0 Mil | 1.5% | 27 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Impactive Capital LP | $84.7 Mil | 6.1% | 10 | New | 13F |
| Ancient Art, L.P. | $16.2 Mil | 3.5% | 16 | New | 13F |
| Infinitum Asset Management, LLC | $48.7 Mil | 6.1% | 21 | ADD +60.7% | 13F |
| Deltroit Asset Management (UK) LLP | $9.0 Mil | 1.6% | 39 | ADD +11.7% | 13F |
| Light Street Capital Management, LLC | $25.3 Mil | 5.1% | 23 | ADD +10.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Eminence Capital, LP | $289.1 Mil | 4.6% | 39 | Exited | Dec 31, 2025 | 13F |
| Atreides Management, LP | $119.2 Mil | 2.5% | 49 | Exited | Dec 31, 2025 | 13F |
| Think Investments LP | $37.1 Mil | 4.7% | 22 | Exited | Dec 31, 2025 | 13F |
| Value Aligned Research Advisors, LLC | $27.4 Mil | 0.6% | 47 | Exited | Dec 31, 2025 | 13F |
| Greenhouse Funds LLLP | $8.1 Mil | 0.3% | 33 | Exited | Dec 31, 2025 | 13F |
| HMI Capital Management, L.P. | $57.4 Mil | 7.6% | 11 | TRIM -38.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Impactive Capital LP | $84.7 Mil | 6.1% | 10 | New | 13F |
| Alphabet Inc. | $59.0 Mil | 1.5% | 27 | Hold | 13F |
| HMI Capital Management, L.P. | $57.4 Mil | 7.6% | 11 | TRIM -38.2% | 13F |
| Infinitum Asset Management, LLC | $48.7 Mil | 6.1% | 21 | ADD +60.7% | 13F |
| Technology Crossover Management X, Ltd. | $41.6 Mil | 5.3% | 6 | Hold | 13F |
| Light Street Capital Management, LLC | $25.3 Mil | 5.1% | 23 | ADD +10.4% | 13F |
| Ancient Art, L.P. | $16.2 Mil | 3.5% | 16 | New | 13F |
| Deltroit Asset Management (UK) LLP | $9.0 Mil | 1.6% | 39 | ADD +11.7% | 13F |
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Core Cache Last Updated: 10/9/2026