Couchbase (BASE) Q4 2025 earnings summary

Executive summary

• Ended fiscal 2025 with record quarterly net new ARR and free cash flow, exceeding guidance on revenue, non-GAAP operating loss, and ARR adjusted for FX.

• Achieved $237.9M in ARR for Q4 FY25, representing 17% year-over-year growth; Capella adoption and consumption growth remained robust, now 16.2% of total ARR and 33% of customer base.

• 947 total customers, with 305 generating over $100K ARR and 50 over $1M ARR; added 44 new logos in Q4.

• Announced CFO transition: Greg Henry departing, Bill Carey named Interim CFO.

• Capella cloud platform identified as a key growth accelerator, contributing to faster monetization and developer agility.

Financial highlights

• Q4 revenue was $54.9M, up 10% year over year and 6% sequentially; full-year revenue was $209.5M, up 16% YoY.

• Subscription revenue accounted for over 90% of total revenue; Q4 subscription revenue was $52.8M, up 10% YoY.

• Q4 non-GAAP operating loss was $144,000; Q4 net income attributable to common stockholders was $78,000.

• Q4 gross margin was 89.4%; full year gross margin was 88.9%.

• Q4 free cash flow was $4M (7.3% margin), highest in company history; full-year free cash flow was negative $18.8M, improved from negative $31.6M in FY24.

Outlook and guidance

• Q1 FY26 revenue expected between $55.1–$55.9M; ARR expected between $242.9–$245.9M; non-GAAP operating loss $5.4–$4.4M.

• FY26 revenue guidance is $228–$232M; ARR guidance is $273.6–$278.6M; non-GAAP operating loss expected between $13.4–$8.4M.

• FY26 guidance targets double-digit revenue and ARR growth, with continued Capella momentum and a focus on efficiency.

• Targeting free cash flow break-even in FY27, with continued improvement in FY26.