Amplitude

AMPL · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

AMPL · Last close · November 6, 2026

$16.70

Amplitude's revenue rose 14.7% to $343 million in fiscal 2025. Its net margin was −25.8%, up from −31.5% a year earlier. Free cash flow was $28 million, up 68.1%. It paid out $31 million in dividends and buybacks, 109% of free cash flow. The diluted share count rose 6.5%.

AMPLITUDE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001193125-26-057847 Updated November 6, 2026

Revenue

$343M

14.7%

Net margin

−25.8%

5.7 pts

Net income

−$88M

Free cash flow

$28M

68.1%

Return on equity

−32.7%

0.8 pts

Market cap

$2.1B

Nov 6 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Amplitude does

Amplitude sells subscription software that helps companies understand how people use their websites and apps. Its AI Analytics Platform analyzes behavior data and turns it into insights that teams can act on. The platform combines analytics, session replay, experiments, audience targeting, in-product guides and surveys, and AI agents in one place.

Amplitude says it earns revenue mainly from subscriptions, with plans that scale with each customer's use. It reaches customers through direct sales, solution partners and product-led growth, where customers start using the product on their own and then expand. It describes a land-and-expand model, in which usage grows across teams and uses within a customer.

Amplitude was founded in 2012. As of December 31, 2025, it had 4,797 paying customers, including 27 of the Fortune 100. It competes in a crowded software market and says the AI features in its platform are central to its plans.

Its biggest risks, as it describes them

A history of losses, with no assurance that revenue will grow enough to reach and keep profitability.
Results that are hard to forecast and may swing from period to period.
Growing dependence on large customers, which can make sales less predictable.
Intense competition, including rivals adding AI features faster or better.
Mistakes in AI features and the reputational harm they could cause.

From Amplitude's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Amplitude lost money in fiscal 2025: a net loss of $88 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	307	230	322	241	192
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	3.9x	2.6x	2.9x	2.1x	1.6x
Quick ratio	3.9x	2.6x	2.9x	2.1x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Amplitude's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Amplitude's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $299,700 of Amplitude shares on the open market, and 5 insiders sold $12.2 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 5, 2026	Spenser SkatesCEO and President, Director, 10% owner	Sold plan	61	$18.12	$1,105	Form 4
Nov 4, 2026	Spenser SkatesCEO and President, Director, 10% owner	Sold plan	901	$17.46	$15,734	Form 4
Sep 10, 2026	Spenser SkatesCEO and President, Director, 10% owner	Sold plan	185,000	$12.30	$2.3 million	Form 4
Sep 4, 2026	Nathaniel Glenn CrookChief Commercial Officer	Sold plan	300,000	$12.99	$3.9 million	Form 4
Jun 12, 2026	Catherine WongDirector	Sold plan	7,453	$6.79	$50,606	Form 4
Jun 1, 2026	Curtis LiuChief Technology Officer, Director, 10% owner	Sold plan	22,201	$8.03	$178,274	Form 4
May 4, 2026	Curtis LiuChief Technology Officer, Director, 10% owner	Sold plan	17,586	$8.12	$142,798	Form 4
Mar 6, 2026	Curtis LiuChief Technology Officer, Director, 10% owner	Sold plan	33,201	$8.01	$265,940	Form 4
Mar 5, 2026	Curtis LiuChief Technology Officer, Director, 10% owner	Sold plan	30,061	$8.00	$240,488	Form 4
Dec 26, 2025	Spenser SkatesChief Executive Officer, Director, 10% owner	Sold plan	100	$12.00	$1,200	Form 4
Dec 24, 2025	Spenser SkatesChief Executive Officer, Director, 10% owner	Sold plan	42,743	$12.01	$513,343	Form 4
Dec 15, 2025	Erica SchultzDirector	Sold plan	10,000	$10.88	$108,800	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	24.9%	13.9%	22.9%
Altman Z''	—	—	—
Accruals ratio	−27.4%	−25.6%	−27.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Amplitude side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Amplitude	FY25	14.7%	—	8.2%	—	—	—
Commerce.com	FY25	2.8%	−4.7%	4.9%	−20.2%	—	6	Compare
Viant Technology	FY25	19.0%	3.5%	15.0%	14.5%	−6.2x	6	Compare
Consensus Cloud Solutions	FY25	−0.2%	43.0%	30.3%	22.8%	2.9x	7	Compare
Agilysys	FY26	15.8%	13.5%	21.3%	16.1%	−2.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	68	102	167	238	276	299	343
Revenue growth	—	49.7%	63.2%	42.3%	16.1%	8.3%	14.7%
Gross profit	46	72	116	168	204	222	254
Research and development	19	26	48	81	90	98	98
Operating income	—	—	—	—	—	—	—
Net income	−34	−25	−75	−93	−90	−94	−88
Diluted EPS (US$)	−1.38	−0.98	−1.46	−0.84	−0.77	−0.76	−0.67
Diluted shares (millions)	24	25	51	111	117	124	132
Cash flow
Cash from operations	−16	−10	−32	−5	26	18	30
Capital expenditure	1	1	2	4	1	2	2
Free cash flow	−17	−11	−33	−9	24	17	28
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	1	0	31
Acquisitions	0	4	2	0	0	16	3
Stock-based compensation	7	17	34	67	88	100	92
Balance sheet at fiscal year end
Cash and short-term investments	81	118	307	230	322	241	192
Debt incl. finance leases	—	—	—	—	—	—	—
Total assets	—	175	400	414	434	446	421
Total liabilities	—	54	94	119	139	149	175
Shareholders' equity	−63	−67	306	295	295	297	245
Margins and ratios
Gross margin	67.7%	70.2%	69.0%	70.4%	74.0%	74.3%	74.0%
Operating margin	—	—	—	—	—	—	—
Net margin	−49.0%	−24.0%	−44.8%	−39.2%	−32.7%	−31.5%	−25.8%
Free cash flow margin	−24.4%	−11.1%	−19.9%	−3.8%	8.8%	5.6%	8.2%
Rule of 40 (growth + FCF margin)	—	38.6%	43.4%	38.5%	24.9%	13.9%	22.9%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−62.6%	−31.1%	−30.6%	−31.9%	−32.7%
Return on assets	—	—	−26.1%	−22.9%	−21.3%	−21.4%	−20.4%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Amplitude's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Amplitude.