ON24 (ONTF) Q4 2025 earnings summary

Executive summary

• Total ARR reached $124M as of December 31, 2025, with 1,539 total customers and 292 customers generating over $100K ARR.

• Q4 and FY2025 revenue exceeded guidance, with Q4 delivering the best ARR performance of the year and strong gross retention.

• Added 18 net new customers in Q4, the highest in three years, and achieved record levels of multi-year agreements and multi-product adoption.

• AI ARR grew 66% year-over-year, with over 20% of customers paying for AI offerings.

• Focus remains on AI-enabled, data-rich engagement platforms for marketing, sales, and partner education.

Financial highlights

• FY2025 total revenue was $139.3M, down 6% year-over-year from $148.1M in FY24.

• FY2025 non-GAAP gross margin was 77%; GAAP gross margin was 74%.

• FY2025 adjusted EBITDA margin was 1%, consistent with FY24.

• FY2025 non-GAAP operating margin was -2%.

• FY2025 adjusted EBITDA was $1.6M; free cash flow was $4.0M.

Outlook and guidance

• Target operating model aims for non-GAAP gross margin of 78–80% and adjusted EBITDA margin improvement.

• Continued focus on large enterprise customers and expansion in emerging verticals.

• No forward guidance provided due to the pending acquisition by Cvent.