Five9

FIVN · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

FIVN · Last close · November 6, 2026

$28.12

Five9's revenue rose 10.3% to $1.1 billion in fiscal 2025. Its operating margin was 2.5%, up from −4.9% a year earlier. Free cash flow was $201 million, up 99.7%. It paid out $50 million in dividends and buybacks, 25% of free cash flow. The diluted share count rose 18.1%.

Five9, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001288847-26-000023 Updated November 6, 2026

Revenue

$1.1B

10.3%

Operating margin

2.5%

7.4 pts

Net income

$39M

Free cash flow

$201M

99.7%

Return on capital

3.1%

9.1 pts

Market cap

$2.2B

Nov 6 close

P/E

42.0x

On $0.67 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. 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 Five9 does

Five9 sells cloud software that large organizations use to run their contact centers, the teams that handle customer service, sales and marketing calls, chats and emails. Its platform routes each customer interaction to a suitable agent and shows the agent relevant customer data. It also sells artificial intelligence (AI) tools, such as virtual agents, call summaries and call analysis. It says it has more than 3,000 customers.

It makes money in two ways: subscription fees for access to the platform, charged mainly by the number of licenses, and usage-based fees for telephone services. Customers can raise or lower the amount they use as their call volume changes. Five9 says that its recurring revenue model, together with a dollar-based retention rate of 105% at the end of 2025, helps it plan.

Five9 sells through its own field sales team to mid-size and large companies, a telesales team to smaller ones, and a network of technology distributors and resellers. It competes with other contact center software providers and with the older on-premises systems it wants to replace.

Its biggest risks, as it describes them

A large share of revenue comes from existing customers, so changes in new sales show up slowly.
AI tools may take over contact center work, cutting license revenue it must replace with AI sales.
Customers ending or shrinking their subscriptions, or the loss of key customers.
A history of losses before 2025, and difficulty managing growth.
Heavy reliance on third-party partners, distributors and resellers to sell its software.

From Five9's annual report on Form 10-K, filed February 20, 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

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	470	614	730	1,006	697
Debt incl. finance leases	769	738	747	1,185	750
Net debt (negative means net cash)	299	124	16	179	53
Net debt to EBITDA	—	—	—	111.6x	0.6x
Debt to equity	3.6x	2.4x	1.4x	1.9x	0.9x
Interest coverage	−7.0x	−11.7x	−12.9x	−3.5x	2.0x
Current ratio	3.9x	5.2x	5.5x	1.9x	4.5x
Quick ratio	3.9x	5.2x	5.5x	1.9x	4.5x

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 Five9'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 Five9's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Five9 shares on the open market, and 7 insiders sold $6.9 million, $4.5 million 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
Sep 17, 2026	Andy DignanPresident	Sold plan	6,986	$35.00	$244,510	Form 4
Sep 8, 2026	Tiffany N. MeriweatherChief Admin. & Legal Officer	Sold plan	5,114	$31.55	$161,347	Form 4
Sep 8, 2026	Andy DignanPresident	Sold plan	2,746	$31.57	$86,691	Form 4
Sep 8, 2026	Bryan M LeeChief Financial Officer	Sold plan	1,310	$32.60	$42,706	Form 4
Sep 8, 2026	Leena MansharamaniSVP, Chief Accounting Officer	Sold plan	1,253	$31.53	$39,507	Form 4
Sep 4, 2026	Bryan M LeeChief Financial Officer	Sold plan	19,308	$33.34	$643,800	Form 4
Sep 4, 2026	Tiffany N. MeriweatherChief Admin. & Legal Officer	Sold plan	13,409	$33.31	$446,592	Form 4
Sep 4, 2026	Andy DignanPresident	Sold plan	10,574	$33.35	$352,658	Form 4
Sep 4, 2026	Leena MansharamaniSVP, Chief Accounting Officer	Sold plan	2,706	$33.35	$90,242	Form 4
Sep 3, 2026	Leena MansharamaniSVP, Chief Accounting Officer	Sold plan	2,658	$34.22	$90,963	Form 4
Aug 28, 2026	Andy DignanPresident	Sold plan	17,767	$35.03	$622,378	Form 4
Jun 5, 2026	Andy DignanPresident	Sold plan	3,073	$24.25	$74,520	Form 4

The latest 12 of 37 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	6 of 9	4 of 9	7 of 9
Rule of 40	27.6%	24.1%	27.8%
Altman Z''	2.59	1.57	2.98
Accruals ratio	−15.4%	−8.8%	−9.7%

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	Pass
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	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	6 of 9	4 of 9	7 of 9

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

Compare

Put Five9 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
Five9	FY25	10.3%	2.5%	17.5%	3.1%	0.6x	7
Blackbaud	FY25	−2.3%	16.9%	22.9%	14.5%	3.9x	8	Compare
Box	FY26	8.0%	7.1%	29.8%	—	−0.2x	5	Compare
Manhattan Associates	FY25	3.8%	25.9%	34.6%	—	−1.1x	6	Compare
Klaviyo	FY25	31.6%	−5.5%	16.9%	—	—	—	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.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	162	200	258	328	435	610	779	910	1,042	1,149
Revenue growth	25.8%	23.5%	28.7%	27.3%	32.6%	40.2%	27.8%	16.9%	14.4%	10.3%
Gross profit	95	117	154	194	255	338	411	478	564	633
Research and development	24	27	34	45	69	107	142	157	166	152
Operating income	−6	−6	7	3	−12	−56	−88	−99	−51	29
Net income	−12	−9	−0	−5	−42	−53	−95	−82	−13	39
Diluted EPS (US$)	−0.23	−0.16	0.00	−0.08	−0.66	−0.79	−1.35	−1.13	−0.17	0.45
Diluted shares (millions)	52	55	58	60	64	68	70	72	74	88
Cash flow
Cash from operations	7	11	39	51	67	29	89	129	143	226
Capital expenditure	1	3	9	19	30	42	52	31	42	25
Free cash flow	6	8	29	32	37	−13	37	98	101	201
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	50
Acquisitions	0	0	0	0	165	0	0	0	167	0
Stock-based compensation	10	15	28	42	65	109	172	206	166	148
Balance sheet at fiscal year end
Cash and short-term investments	58	69	292	320	604	470	614	730	1,006	697
Debt incl. finance leases	34	33	208	214	644	769	738	747	1,185	750
Total assets	105	128	395	482	1,064	1,193	1,244	1,495	2,051	1,790
Total liabilities	75	81	252	286	785	982	934	956	1,429	1,004
Shareholders' equity	30	47	143	196	279	211	310	538	622	786
Margins and ratios
Gross margin	58.7%	58.5%	59.6%	59.0%	58.5%	55.5%	52.8%	52.5%	54.2%	55.1%
Operating margin	−4.0%	−2.9%	2.7%	1.0%	−2.8%	−9.2%	−11.2%	−10.8%	−4.9%	2.5%
Net margin	−7.3%	−4.5%	−0.1%	−1.4%	−9.7%	−8.7%	−12.2%	−9.0%	−1.2%	3.4%
Free cash flow margin	3.5%	4.2%	11.4%	9.8%	8.5%	−2.2%	4.7%	10.7%	9.7%	17.5%
Rule of 40 (growth + FCF margin)	29.3%	27.8%	40.1%	37.0%	41.1%	38.0%	32.5%	27.6%	24.1%	27.8%
Return on capital	—	—	10.1%	3.5%	−4.7%	−10.7%	−14.7%	−15.8%	−6.0%	3.1%
Return on equity	−41.9%	−23.2%	−0.2%	−2.7%	−17.7%	−21.6%	−36.3%	−19.3%	−2.2%	5.6%
Return on assets	−11.6%	−7.7%	−0.1%	−1.0%	−5.5%	−4.7%	−7.8%	−6.0%	−0.7%	2.0%
Net debt to EBITDA	−13.2x	−13.9x	−4.8x	−6.0x	3.2x	—	—	—	111.6x	0.6x

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: Five9's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Five9.