OneStream (OS) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue growth in Q4'25 and FY25, with Q4 revenue at $164M (up 24%) and FY25 revenue at $602M (up 23%); subscription revenue rose 27% in Q4 and 28% for FY25, reaching $150M and $550M, respectively.

• Improved non-GAAP operating margin to 10% in Q4'25 and 5% for FY25, with non-GAAP operating income of $16.7M in Q4 and $27.1M for FY25.

• Continued transition to subscription-based contracts, driving recurring revenue and customer retention; SaaS contracts represented 87% of ARR in FY25.

• GAAP operating loss narrowed to $5.2M in Q4 and $94.8M for FY25, with improved margins.

• Pending acquisition by Hg, expected to close in H1 2026.

Financial highlights

• Q4'25 total revenue reached $164M, up 24% year-over-year; subscription revenue was $150M, up 27%.

• FY25 total revenue was $602M, up 23% year-over-year; subscription revenue was $550M, up 28%.

• ARR grew to $699M, a 23% year-over-year increase; RPO reached $1.4B, up 25%.

• Non-GAAP gross margin was 71% in Q4'25 and 70% for FY25; non-GAAP software gross margin was 76%.

• Free cash flow for FY25 was $96M, with a free cash flow margin of 16%.

Outlook and guidance

• No forward-looking financial guidance provided due to the pending acquisition by Hg.

• Management highlights ongoing transition to SaaS and subscription contracts, expecting continued growth in recurring revenue streams.