Via Transportation (VIA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $119M, up 30% year-over-year, with FY 2025 revenue at $434M and platform annual run-rate revenue at $476M, marking the eighth consecutive quarter of 30%+ platform revenue growth.

• Customer base grew 23% year-over-year to 821, including 94 new customers from the Downtowner acquisition, with strong momentum in large customer wins and platform expansion.

• Net revenue retention reached 119% and gross revenue retention hit a record 98% for the year, reflecting exceptional retention and growth.

• Achieved the narrowest loss in company history with a -6% adjusted EBITDA margin in Q4 and improved adjusted EBITDA by 8 points year-over-year to -8% for 2025.

• Completed IPO and acquired Downtowner, expanding into destination cities and broadening platform capabilities.

Financial highlights

• Q4 2025 revenue: $119M, up 30% year-over-year; FY 2025 revenue: $434M; annual run-rate revenue: $476M.

• Adjusted EBITDA for Q4: $(7.38)M (improved from $(8.91)M in Q4 2024); FY Adjusted EBITDA: $(33.39)M (improved from $(54.39)M in FY 2024); margin improved to -6% in Q4 and -8% for FY 2025.

• Adjusted gross margin held steady at 40% for both Q4 and FY 2025; FY adjusted gross profit was $173.6M.

• Cash and cash equivalents at year-end: $371M, with no debt and $86M available under the credit facility.

• 97% of FY 2025 revenue was recurring, with contracts averaging 2-3 years.

Outlook and guidance

• Q1 2026 revenue expected between $123.3M and $123.8M, up 25%-25.5% year-over-year.

• Full-year 2026 revenue guidance: $542.9M-$545.1M, up 25%-25.5% year-over-year.

• Adjusted EBITDA margin expected to improve to -2.3% to -1.4% for 2026, with first quarter of positive adjusted EBITDA projected in Q4 2026.

• Long-term goal reiterated: 20%-25% adjusted EBITDA margin.