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

Executive leadership vision and priorities

• New CEO is focused on scaling growth and efficiency, leveraging experience from prior roles in driving inflection points and adapting businesses for AI integration.

• Top 90-day priorities include revenue acceleration, operational excellence, and strategic capital allocation, with emphasis on partnerships and organizational design.

• Leadership sees the convergence of human agents, software, and AI as transformative for customer experience, aiming to build a durable, unified platform.

Business outlook and financial guidance

• Revenue guidance anticipates double-digit growth in the second half of 2026, underpinned by a strong backlog and accelerated ramp schedules.

• Enterprise AI subscription revenue grew 50% year-over-year in Q4 2025, with continued rapid growth expected.

• 2026 guidance does not rely on new logo bookings, as backlog and DBRR are expected to cover incremental revenue.

• 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 year-over-year to $80 million, with stock-based compensation as a percent of revenue projected to decline further.

Go-to-market strategy and partnerships

• Over 80% of business is partner-influenced, with deepening relationships with Google, Salesforce, and ServiceNow.

• Expanded Google partnership targets large enterprise opportunities and is expected to accelerate both core and AI business growth in 2026.

• Recent changes in install-based sales and customer success have driven record bookings for three consecutive quarters.