Pattern Group
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Pattern Group (PTRN) investor relations material

Pattern Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved record full-year revenue of $2.5 billion for 2025, up 39% year-over-year, with strong Q4 momentum and expanding profitability as a public company.

  • Net revenue retention (NRR) reached 124% in 2025, up from 116% in 2024, reflecting deepening brand relationships and compounding growth.

  • International revenue grew 63% for the year and 69% in Q4; non-Amazon revenue rose 60% for the year and 94% in Q4.

  • Announced a $100 million share repurchase program, reflecting confidence in future growth and profitability.

  • Net income for 2025 was $16 million, impacted by $104 million in IPO-related stock-based compensation.

Financial highlights

  • Full-year revenue grew 39% to $2.5 billion; Q4 revenue was $723 million, up 40% year-over-year.

  • Adjusted EBITDA for 2025 was $153 million (6.1% margin), up 52% year-over-year; Q4 adjusted EBITDA was $43 million (5.9% margin), up 59%.

  • Operating cash flow reached $99 million, up 41% year-over-year; free cash flow was $79 million, up 58%.

  • Ended the year with $289 million in cash and total liquidity of $439 million, including $150 million in available credit.

  • Existing brand partner revenue was $2.2 billion (up 42%); new brand partner revenue was $282 million (up 22%).

Outlook and guidance

  • 2026 revenue guidance: $3.12–$3.16 billion (25%–26% growth); Q1 revenue expected at $710–$720 million (31%–33% growth).

  • Adjusted EBITDA guidance for 2026: $180–$182 million (5.8% margin), up 17%–19%; Q1 adjusted EBITDA expected at $41–$42 million (22%–24% growth).

  • NRR expected to converge to 115% by year-end 2026 as a long-term target.

  • Anticipates increased R&D investment in AI-driven technology and automation, and continued expansion into new categories and geographies.

Explain the 2026 Adjusted EBITDA margin outlook
Drivers of the 800 bps NRR improvement
Buyback rationale following the recent IPO
Agentic commerce: Pattern's logistics role?
New marketplace ramp-up speed?
Prioritize EBITDA % vs. dollar growth?
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