Similarweb (SMWB) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 11% year-over-year to $72.8M, with full-year revenue up 13% to $282.6M, driven by AI-related sales and delayed closure of two large LLM data training contracts still in the pipeline.

• Achieved ninth consecutive quarter of positive free cash flow and second consecutive year of positive operating profit, with FY 2025 free cash flow at $13M and non-GAAP operating profit at $9.1M.

• AI-related revenue reached 11% of Q4 sales, tripling year-over-year, and multi-year subscriptions now represent 60% of ARR, up from 49% a year ago.

• Customer base grew to 6,128, with $100K+ ARR customers up 12% to 454, now contributing 63% of total ARR.

• Expanded partnerships and product launches, including AI Studio, integration with Bloomberg Terminal, and collaboration with Manus (acquired by Meta).

Financial highlights

• Q4 2025 revenue: $72.8M, up 11% year-over-year; full-year revenue: $282.6M, up 13%.

• Q4 2025 non-GAAP operating profit: $3.4M (5% margin); FY 2025 non-GAAP operating profit: $9.1M (3% margin).

• Q4 2025 non-GAAP gross margin: 81%; FY 2025 non-GAAP gross margin: 81%.

• Q4 2025 free cash flow: $1.0M; FY 2025 free cash flow: $13.0M.

• Ended 2025 with $72.4M in cash and no debt; $75M available line of credit.

Outlook and guidance

• FY 2026 revenue guidance: $305M–$315M (10% year-over-year growth at midpoint); Q1 2026: $72M–$74M (9% growth at midpoint).

• FY 2026 non-GAAP operating profit expected between $16M–$19M; Q1 2026: $0.5M–$2.5M.

• Guidance range widened due to timing uncertainty of large LLM deals; some pipeline deals partially included.