Five9 (FIVN) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Leadership vision and priorities

• New CEO is focused on scaling growth and efficiency, leveraging experience from prior roles in driving inflection points and adapting to AI-driven business models.

• Top priorities for the first 90 days include revenue acceleration, operational excellence, and strategic capital allocation, with a focus on partnerships and organizational design.

• Emphasis on investing in both CCaaS and AI to create integrated solutions that drive customer outcomes.

Business outlook and financial performance

• Backlog growth and back-end loaded ramp schedules underpin expected double-digit revenue growth in the second half of 2026.

• Core CCaaS subscription revenue grew 8% in Q4 2025, while enterprise AI subscription revenue accelerated to 50% growth.

• 2026 guidance is fully supported by backlog and existing bookings, with no dependency on new logo bookings.

• Adjusted EBITDA margin guidance for 2026 is at least 24%, reflecting ongoing cost savings and targeted investments in AI and go-to-market.

• GAAP net income is expected to double to $80 million in 2026, with stock-based compensation as a percentage of revenue projected to decline further.

Product innovation and AI strategy

• AI agents and Agent Assist are the largest contributors to $100 million in annualized AI subscription revenue, with new products like Agentic Quality Management and AI Insights expanding the portfolio.

• R&D is focused on integrating AI and human agents, enabling seamless orchestration and data sharing across the platform.

• Customers value unified platforms over point solutions, seeking to avoid SaaS sprawl and benefit from integrated data and governance.