Research Reports

Revenue: Q3 2025 revenue of $311M, up 32% YoY (prepared).
Customer base: 183,000+ customers in over 100 countries; 3,563 customers with >$50K ARR, up 36% YoY, with record 272 net adds in Q3 (CEO, CFO).
NRR: Net revenue retention accelerated to 109% (CFO).
International: Revenue outside Americas grew 43% YoY; EMEA up 48%; EMEA+APAC now >35% of total revenue (CFO).
Multiproduct: More than half of ARR comes from multiproduct customers (CFO).
Gross margin: Non-GAAP gross margin steady at 76% (CFO).
Operating income: Non-GAAP operating income $45M, margin 14.5%; Rule of 40 performance ~47% (CFO).
Free cash flow: $47M, 15% FCF margin (CFO).
Product velocity: Deploying product updates 270 times/day; over 50 AI models in production (CFO).
New product adoption: Klaviyo Service product line adoption outpacing SMS at same stage (CEO, CFO); one customer signed 7-figure renewal including customer agent across 6 brands (CFO).

Official guidance:

Q4 2025: Revenue $331M–$335M (23–24% YoY growth); non-GAAP operating income $43.5M–$46.5M (13–14% margin) (CFO).
Full-year 2025: Revenue $1.215B–$1.219B (30% YoY growth); non-GAAP operating income $161.8M–$164.8M (13–14% margin) (CFO).
2026: Expect at least 21–22% revenue growth; non-GAAP operating margin increase of at least 1 percentage point vs. 2025 guidance (CFO).

Mgmt quotes:

"We had an outstanding third quarter, delivering revenue of $311 million, up 32% year-over-year." (CEO)
"NRR accelerated to 109% and adoption of our new service product is already outpacing what we saw from SMS at this same stage just 6 weeks after launch." (CFO)
"AI is providing tremendous tailwinds to our mission of bringing businesses and consumers closer together and huge opportunities for our growth." (CEO)
"Our 2026 outlook currently assumes limited near-term revenue from these launches. That said, given the pace of adoption, the upside ahead of us is significant." (CFO)
"We're still only 1% done on our mission to empower creators to own their destiny." (CEO)

Metric	Value	Speaker/Context
Revenue (Q3 2025)	$311M	YoY growth 32% (CEO, CFO)
Non-GAAP gross margin	76%	Steady vs Q2 (CFO)
Non-GAAP operating income	$45M	Margin 14.5% (CFO)
Free cash flow	$47M	Margin 15% (CFO)
NRR	109%	Driven by e-mail, SMS, new products (CFO)
Customers >$50K ARR	3,563	Up 36% YoY; record 272 net adds (CFO)
Total customers	183,000+	Up 17% YoY (CEO, CFO)
International revenue growth	43% YoY	EMEA +48%; APAC included (CFO)
Q4 2025 revenue guidance	$331M–$335M	23–24% YoY (CFO)
FY 2025 revenue guidance	$1.215B–$1.219B	~30% YoY (CFO)
FY 2026 revenue growth outlook	At least 21–22%	Limited near-term revenue from new AI products (CFO)

Topic: Replatforming cycle and AI adoption pipeline
Key points:
- Mid-market/enterprise added the most 50,000+ customers in Q3 2025.
- Two drivers: (1) combining data infrastructure with marketing/service stack; (2) agents/agentic workflows enabling new opportunities (data analysis, creative design, proactive customer service).
- LLMs provide a better logic engine; future CRM is agentic at its core.
Mgmt stance: Bullish — sees real acceleration over next 2–3 years, with enterprise pipeline excited about agentic future.

Topic: AI ecosystem and Shopify/OpenAI relationship impact
Key points:
- Commerce through ChatGPT creates new consumer connections, driving medium/long-term growth for merchants.
- Klaviyo is embedding commerce into its customer agent; future agents will allow direct purchase from chat.
- Customers currently use AI clients for data analysis; near future will include designing marketing campaigns.
- Agent builder platforms are another way to build Klaviyo campaigns, increasing marketing volume.
Mgmt stance: Bullish — sees AI interfaces as a way to speed up customer workflows, leading to more marketing and connections, which benefits Klaviyo.

Topic: Service product attachment and multiproduct expansion
Key points:
- Service products (Customer Hub, customer agent, help desk) released GA just over a month ago; trajectory is “awesome.”
- Customer Hub: greenfield, personalizes website experience, generates incremental revenue.
- Customer agent: presales advice and recommendations, acts as a revenue engine, not just support.
- Help desk: replaces traditional customer service software, with AI-native integration for faster resolution.
Mgmt stance: Bullish — service off to a faster start than SMS at the same stage; expanding AI use beyond marketing to website and service.

Topic: International growth acceleration and durability
Key points:
- International revenue grew 43% year-on-year; sixth straight quarter of increasing growth outside Americas.
- Drivers: product internationalization (SMS in many languages, WhatsApp globally), new region-specific channels, expanded presence in Europe/Asia, new data centers.
- Go-to-market: building local partner networks (agency and platform partners like PrestaShop, Shopware), local case studies.
Mgmt stance: Bullish — believes international can continue growing at very high rates for several years; nowhere near saturated.

Topic: Legacy replacement pipeline and enterprise momentum
Key points:
- No new numbers shared on legacy replacements (previously >600 over last couple of years).
- Recent actions: spun off Analyst Relations program, working with SIs/global system integrators, engaging large multinationals.
- Value prop: unified database (data infrastructure + marketing + service) made intelligent by LLMs/AI, distributing experiences across all channels.
- Social proof: perception of Klaviyo as an enterprise brand is changing quickly.
Mgmt stance: Bullish — momentum is “awesome”; expects snowball effect as more actions bear fruit.

Topic: Customer behavior amid SEO challenges and AI adoption
Key points:
- Two trends observed: some businesses seeing growth through AEO (AI discovery) driving more consumer relationships; others facing uncertainty are returning to Klaviyo to do more with existing relationships.
- Klaviyo positions itself as the "bedrock" for businesses to grow engagement with customers; AI aims to automatically deliver the best experience per consumer for higher LTV.
- Holiday season is highlighted as the period with the highest percentage of return consumers for retail businesses, driving incremental Klaviyo usage.
Mgmt stance: Bullish – sees businesses returning to Klaviyo during uncertainty, especially via AI functionality to nurture consumer relationships ahead of the holiday season.

Topic: Customer budget trends and AI monetization (marketing agent)
Key points:
- Klaviyo builds products that show directly attributable revenue ROI, distinguishing from other marketing tools that only measure hours saved.
- Marketing agent is described as "doing the work" (not just assisting), generating entire campaigns for customers to review and deploy, with built-in quality checks.
- Marketing agent results show improvements in open rates and KAV per campaign; Amanda Whalen confirms "great results" from customers.
- Pricing pilots for marketing agent to start in the coming months; AI features like customer agents are already driving paid revenue.
- Q4 holiday season expected to be a high-usage period; additional AI functionality helps connect customers to products/services.
Mgmt stance: Bullish – high confidence in monetizing marketing agent due to proven ROI results; customers are excited about AI quality checks and see incremental value.