Amplitude (AMPL) Q4 2025 earnings summary

Executive summary

• Q4 revenue reached $91.4M, up 17% year-over-year, with annual revenue at $343.2M, up 15% year-over-year.

• Annual recurring revenue (ARR) grew to $366M, up 17% year-over-year, with enterprise and multi-product customers representing 74% of ARR.

• Net dollar retention improved to 105%, driven by cross-sell expansions and higher retention rates.

• Record free cash flow for the year reached $23.5M, with Q4 free cash flow at $11.2M, up sharply year-over-year.

• Significant product innovation included new AI agents, MCP, and the acquisition of InfiniGrow.

Financial highlights

• Q4 non-GAAP operating income was $4.2M (4.6% of revenue), up from $0.2M a year ago.

• Non-GAAP net income per share for Q4 was $0.04, up from $0.02; GAAP net loss per share improved to $(0.13).

• Gross margin for Q4 was 76.5%, flat year-over-year and up one point sequentially.

• Number of customers with $100K+ ARR grew 18% year-over-year to 698; $1M+ ARR customers grew 33% to 56.

• Free cash flow margin for Q4 was 12.2%, up from 2% year-over-year.

Outlook and guidance

• Q1 FY26 revenue expected between $91.7M and $93.7M (16% annual growth at midpoint); non-GAAP operating loss between $(4.5)M and $(2.5)M.

• FY26 revenue guidance is $390M–$398M (15% annual growth at midpoint); non-GAAP operating income expected between $7M and $13M.

• Non-GAAP net income per share for FY26 expected between $0.08 and $0.13.