10-Q · May 5, 2026
Klaviyo reported strong Q1 2026 results with revenue of $358 million, representing a 27.9% increase year-over-year, while EPS surprised positively at $0.22 versus estimates of $0.17. The company is optimistic about…
KVYO earnings analysis
10-Q · Filed November 4, 2026 · Our reading of the company's report
The latest report
Klaviyo delivered a strong Q3, with revenue of $387.2 million and non-GAAP diluted EPS of $0.22 exceeding consensus estimates of $380.0 million and $0.14, respectively. Liquidity remained strong at $706.2 million with…
Read full summary
Klaviyo delivered a strong Q3, with revenue of $387.2 million and non-GAAP diluted EPS of $0.22 exceeding consensus estimates of $380.0 million and $0.14, respectively. Liquidity remained strong at $706.2 million with no debt, and growth was supported by enterprise customers, multi-product adoption, and international operations. However, management lowered FY26 revenue guidance to $1.537 billion-$1.541 billion from $1.570 billion-$1.580 billion, leaving the overall outlook mixed. Newly highlighted execution risks include a September workforce reduction affecting approximately 3% of employees and disclosed unauthorized access to source code and credentials in April 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.22
- Operating margin
- 14.7%
What stood out
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Revenue growth and consensus beat
Q3 revenue was $387.2 million, up approximately 4.4% sequentially from $371 million and 24.5% year over year from $311 million. Revenue exceeded consensus by $7.2 million.
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Profitability exceeded expectations
Non-GAAP diluted EPS was $0.22 versus the $0.14 consensus estimate, while non-GAAP operating margin was 14.7%.
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Strong nine-month growth
Nine-month revenue increased 26.2% year over year to $1,115.8 million from $883.8 million, supported by customer growth, international expansion, mid-market and enterprise sales, and cross-selling of text messaging and WhatsApp.
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Strong liquidity and no debt
Cash, cash equivalents, and restricted cash totaled $706.2 million as of September 30, 2026, and the company had no debt, providing substantial liquidity for operations and investment.
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International contribution expanded
International customers represented 42.1% of Q3 revenue and 41.8% of nine-month revenue, demonstrating meaningful geographic diversification despite continued international execution requirements.
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Enterprise and product expansion
Management indicated that enterprise cohorts and multi-product adoption supported Q3 performance, while Q4 revenue guidance of $421 million-$425 million implies continued sequential growth from $387.2 million.
What to watch
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Full-year outlook reduced
FY26 revenue guidance was reduced to $1.537 billion-$1.541 billion from $1.570 billion-$1.580 billion, signaling slower expected growth despite Q3 revenue of $387.2 million.
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Source-code and credential compromise
The company disclosed that an unknown unauthorized third party accessed company source code and other system credentials in two incidents, in October 2024 and April 2026. A security event involving customer or proprietary data could create regulatory, litigation, and remediation costs.
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Workforce reduction execution risk
Klaviyo implemented a reduction-in-force affecting approximately 3% of its global workforce in September 2026. The filing warns of potential attrition, lower morale or productivity, loss of institutional knowledge, and execution disruption.
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Shopify concentration
Approximately 77.9% of ARR as of December 31, 2025 came from customers also using Shopify, while the current Shopify agreement expires in 2029. Disruption or degradation of the integration could materially affect customer retention and demand.
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High investment and margin risk
Research and development expenses were 25.2% of revenue in Q3 2026 and 24.2% for the nine months ended September 30, 2026. Continued investment in AI, infrastructure, and new products may pressure margins if it does not generate sufficient revenue.
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Repurchases may increase concentration
The company announced a new share repurchase authorization of up to $300 million on November 4, 2026, while the filing also reports 66.2% of voting power held beneficially by directors, executive officers, and affiliates. Repurchases could reduce public float and further concentrate control.
Management's outlook
FY26 revenue guidance was lowered to $1.537 billion-$1.541 billion from $1.570 billion-$1.580 billion. Q4 revenue guidance is $421 million-$425 million, with non-GAAP operating income of $66.5 million-$69.5 million.
Earlier filings 4
10-K · February 10, 2026
Klaviyo reports strong fiscal 2025 growth: revenue rose 31.6% year-over-year to $1,234.0 million and gross profit increased 28.7% to $921.5 million while gross margin remained high at 74.7%. The company scaled to over…
10-Q · November 5, 2025
Klaviyo reported a Q3 2025 revenue beat of $310.88M (vs $235.09M in Q3 2024), driving 32.3% YoY growth and an improvement in operating loss to $(10.8)M from $(13.3)M a year earlier. Gross margin remained healthy at…
10-K · February 29, 2024
Klaviyo reported strong top-line growth and high gross margins in 2023 as it scaled its vertically integrated, data-first marketing platform. Revenue rose 47.7% year-over-year to $698.1 million and gross margin expanded…
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