0001193125-26-057847
SEC filingFifteen percent revenue growth to $343.2M driven by 18% increase in large customers, with narrowing GAAP losses and positive free cash flow.
Amplitude, founded in 2012, positions itself as an AI analytics platform company driven by the mission to help companies build better products and digital experiences. It claims to be the first company to recognize that traditional analytics tools were inadequate for understanding user engagement with digital products, leading to the creation of a purpose-built platform that analyzes behavioral data to provide real-time, actionable insights. The company generates revenue primarily through subscription-based pricing, with subscription revenue comprising 98% of total revenue for the year ended December 31, 2025.
Amplitude's AI Analytics Platform unifies a suite of products: Analytics, Session Replay, Feature Experimentation, Web Experimentation, Audience Activation, Guides and Surveys, AI Agents, Amplitude MCP, AI Visibility, AI Feedback, and Automated Insights. These products are designed to work together, creating a feedback loop that enables teams to move from data to insights to actions. The platform is powered by a proprietary Behavioral Graph, one of the largest repositories of user behavior data, purpose-built for complex behavioral queries. Key features include trusted data management, clearer insights, and faster actions, with capabilities such as Auto-Capture, identity resolution, and data governance.
Amplitude reaches customers through a combination of direct sales, solution partners, and product-led growth (PLG). It offers four plans (Starter, Plus, Growth, Enterprise) based on functionality and monthly tracked users (MTUs). As of December 31, 2025, Amplitude had 4,797 paying customers, including 27 of the Fortune 100. The company employs a land-and-expand model, demonstrated by a dollar-based net retention rate of 104% for the trailing twelve months ended December 31, 2025. It also had 698 customers with greater than $100,000 in annual recurring revenue (ARR) and 56 customers with greater than $1.0 million in ARR, showing growth in larger accounts.
The market for AI analytics is evolving, and Amplitude competes with point solution providers across various categories. Named competitors include Mixpanel, Posthog, and Contentsquare (product analytics); Optimizely, Statsig, and LaunchDarkly (experimentation); mParticle and Twilio Segment (CDP); Fullstory, Contentsquare, and Quantum Metric (session replay); Adobe and Google Analytics (web and marketing analytics); and Pendo (guides and surveys). Principal competitive factors mentioned are powerful infrastructure, platform functionality, end-user base, enterprise-grade security, product-led growth, cross-team collaboration, integration ease, brand awareness, price, quality of services, and adherence to industry standards.
Amplitude's strategic priorities include: (1) Landing new customers across industries and company sizes through a multi-pronged go-to-market motion. (2) Expanding within existing customers by promoting upsell (additional functionality, teams, digital products) and cross-sell (additional platform products). (3) Investing in AI innovation, as evidenced by the launch of AI Agents, Amplitude MCP, AI Visibility, AI Feedback, and Automated Insights in fiscal year 2025. (4) Growing the partner ecosystem, including solutions partners (systems integrators, consultancies) and technology partners (integrations with over 100 data sources and destinations). (5) Driving product-led growth through free and self-serve plans to accelerate adoption and organic expansion.
As of December 31, 2025, Amplitude had 780 employees, with 188 located outside the United States. None of the employees are represented by a labor union or covered by collective bargaining agreements. The company has not experienced any work stoppages. Sales and marketing staff numbered 437, and research and development staff numbered 223. Amplitude emphasizes a culture centered on values of humility, ownership, growth mindset, and customer centricity, and has a stated commitment to diversity, equity, and inclusion.
For the year ended December 31, 2025, Amplitude reported total revenue of $343.2 million, a 15% increase from $299.3 million in 2024. The growth was driven primarily by an expanding paying customer base, with dollar-based net retention rate (TTM) of 104% (versus 97% in 2024) reflecting strong expansion within existing accounts that more than offset partial and full churn.
Gross profit rose to $253.9 million (up 14% YoY), while gross margin held steady at 74%. Cost of revenue increased 16% to $89.3 million, driven by higher third-party hosting costs ($6.0 million), increased amortization of capitalized internal-use software ($3.4 million), and higher personnel costs.
GAAP loss from operations improved to $(96.0) million from $(107.4) million, with operating margin improving to (28%) from (36%). The improvement was driven by operating expense leverage: research and development expense was flat at $97.6 million (28% of revenue vs. 33% in 2024), sales and marketing expense grew 12% to $188.0 million but declined as a percentage of revenue (55% vs. 56%), and general and administrative expense increased only 1% to $64.3 million (19% vs. 21%). Net loss narrowed to $(88.5) million from $(94.3) million.
Other income (expense), net decreased to $10.7 million from $14.9 million, primarily due to lower interest income. Provision for income taxes increased to $3.2 million from $1.8 million, driven by higher foreign taxes.
Free cash flow more than doubled to $23.5 million (7% margin) from $11.7 million (4% margin) in 2024, reflecting improved operating cash flow of $29.8 million versus $18.5 million. Capital expenditures and capitalized software totaled $6.3 million.
Non-GAAP metrics further highlight operational improvement: Non-GAAP income from operations was $1.2 million (0% margin) versus a loss of $(4.0) million ((1)% margin) in 2024. Non-GAAP gross margin was 76% (compared to 77% in 2024), with the slight decline attributed to mix.
Amplitude does not report segment-level financial information in its MD&A. The business operates as a single reporting segment. Key customer cohort metrics indicate strong momentum in the enterprise tier: customers with ARR >$100K grew 18% to 698 (representing 78% of total ARR, up from 75% in 2024), and those with >$1M ARR grew 33% to 56. International revenue represented 39% of total revenue (down slightly from 40% in 2024).
Management's outlook focuses on continued investment in platform innovation and go-to-market expansion. Recent product launches in 2025 included AI Agents, AI Visibility, AI Feedback, Automated Insights, and marketing analytics capabilities. The company completed four acquisitions (Command AI, Inari, June.io, Kraftful) to enhance AI and voice-of-customer capabilities. Management expects research and development and sales and marketing expenses to increase in dollar amount but decrease as a percentage of revenue over the longer term. Remaining performance obligations (RPO) grew 35% to $417.7 million, with non-current RPO (beyond 12 months) up 76% to $150.3 million, signaling strong future revenue visibility. The company maintains a strong liquidity position with $81.1 million in cash, $0.9 million restricted cash, and $171.4 million in marketable securities. A $326.3 million AWS minimum purchase commitment through March 2031 (with $294.8 million remaining as of December 31, 2025) represents the primary contractual obligation. No specific quantitative guidance for future periods was provided in the MD&A.
As of December 31, 2025, Amplitude held $81.1M in cash and cash equivalents and $171.4M in marketable securities (current and non-current), totaling $252.5M in liquid assets. The company has no debt, resulting in a net cash position of $252.5M. Stockholders' equity stood at $245.3M, down from $296.6M a year earlier, primarily due to net losses and share repurchases.
The company's primary contractual commitments are operating leases, with undiscounted future payments of $10.4M as of December 31, 2025. Payments due within one year are $2.7M, with $7.2M due in years 1-3 and $0.5M thereafter. Additionally, Amplitude has $417.7M in remaining performance obligations (RPO), of which $267.4M is expected to be recognized within 12 months. No other material purchase commitments were disclosed.
In 2025, Amplitude initiated a share repurchase program, authorizing up to $50.0M on May 6, 2025. During the year, the company repurchased 2.8M shares for $30.7M (including $23.9M under the program and $6.8M in a privately negotiated transaction). As of December 31, 2025, $26.1M remained under the program. Subsequent to year-end, the Board increased the authorization by an additional $100.0M on February 18, 2026, leaving $123.1M available. No dividends were paid or declared. Capital expenditures (including capitalized internal-use software) totaled $6.3M, or 1.8% of revenue.
The company operates a single software segment providing an AI Analytics Platform via a SaaS model. For 2025, total revenue was $343.2M. Geographic breakdown: United States $209.8M (61.1%) and International $133.4M (38.9%). Segment expenses (excluding stock-based compensation, amortization, and restructuring) were: cost of revenue $82.7M, R&D $63.8M, sales & marketing $149.4M, and G&A $46.2M. The segment reported a net loss of $88.5M after other segment expenses and taxes.
Amplitude's risk section underscores persistent losses: net loss of $88.5M in FY2025 and accumulated deficit of $546.4M. Revenue growth slowed to 14.7% YoY, and the company warns that growth may further decelerate due to competition, market maturation, or demand shifts. The limited operating history and rapid growth make forecasting difficult, and the subscription model delays the impact of downturns on revenue. Customer retention and conversion from free tier are critical, with no quantified retention rates provided. The company also highlights that its Amplitude Analytics product accounts for a substantial portion of revenue, despite introducing newer products.
A notable expansion in this 10-K is the detailed discussion of AI Technologies. Amplitude incorporates LLMs for natural language querying and trend summarization, but acknowledges risks of inaccurate or infringing outputs, evolving regulatory frameworks (EU AI Act with fines up to 7% of turnover, state laws like Colorado's AI Act), and dependency on third-party AI models. The company also cites potential intellectual property challenges for AI-generated content and the need for significant investment in AI development, which may not yield expected returns.
Cybersecurity threats are prominently featured, with disclosure that Amplitude has been targeted in attacks (though none significant to date). The hybrid work environment and AI-enabled attacks are noted as escalating risks. Compliance with GDPR, CCPA, and the new DOJ Data Security Program (effective July 2025) imposes substantial operational costs. The company faces ongoing litigation (two privacy class actions) and acknowledges that insurance may be insufficient for breach-related liabilities.
The market for AI analytics is described as highly competitive with low barriers to entry. Competitors include larger firms with greater resources, and pricing pressures could reduce margins. The company also notes that SaaS adoption may slow if data security or privacy concerns grow. The risk of failure to innovate in response to customer needs is flagged as material to growth prospects.
International operations (39% of revenue) expose Amplitude to geopolitical risks, including sanctions related to Russia-Ukraine (cessation of services to Russia as of Sep 2024), currency fluctuations, and diverse data localization laws. The evolving regulatory landscape for AI and privacy is highlighted as a significant compliance challenge, with potential for conflicting requirements across jurisdictions.
The provided document excerpt does not contain the consolidated statements of cash flows. Only revenue of $343.2 million for the year ended December 31, 2025, is mentioned in the auditor's report. Without cash flow data, analysis of CFO, capex, or free cash flow is impossible. No anomalies or trends can be identified.