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Klaviyo, Inc.
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NYSE: KVYO Technology IT 🔎 Screen
$5.0B
Market Cap
—
P/E
1.94
PEG
-30.8%
ROCE
-2.8%
ROE
0.10
D/E
-5.2%
OPM
-45.6%
% from 52W High
32
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for KVYO including FX impact
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📈 Price History
Ratio Health
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— Good
— Average
— Poor
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About

Klaviyo, Inc. provides a cloud-based software-as-a-service platform in the United States, rest of the Americas, the Asia-Pacific, the United Kingdom, rest of Europe, the Middle East, and Africa. The company offers Klaviyo business-to-consumer (B2C) CRM, a unified platform that combines marketing, service, and analytics into a single system. It also provides Klaviyo Data Platform (KDP), which offer tools to unify, enrich, transform data, run more advanced reporting and predictive analysis, and sync data; Advanced KDP that provides an enhanced set of data capabilities; Marketing Agent, an AI-driven and autonomous marketing assistant designed to automate and accelerate marketing strategy, content creation, and campaign execution; Customer Agent, an AI-powered assistant that provides support and selling across digital channels; Klaviyo Social, which brings social interaction data into the company’s unified consumer profiles; and Marketing Analytics that provide real-time AI-powered insights into consumer purchase. In addition, the company offers email marketing solutions comprising a range of customizable drag-and-drop templates, automated campaign and workflow capabilities, smart send time optimization, generative AI tools, and A/B testing; mobile messaging capabilities through text messaging, rich communication services, and WhatsApp; personalized push notifications; reviews add-on to collect product reviews, consumer data, and messaging; and integration, segmentation, automation, and analytics and benchmark features for its platform. Further, it provides Customer Hub, a consumer-facing portal that brings shopping, service, and personalization together in one place; and Helpdesk, an AI-powered workspace for managing consumer conversations across channels. The company serves entrepreneurs, small and medium-sized businesses, mid-market businesses, and enterprises. Klaviyo, Inc. was incorporated in 2012 and is headquartered in Boston, Massachusetts.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding KVYO
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.67M $32.5M 0.04% Mar 2026
Jim Simons Renaissance Technologies LLC 1.64M $31.9M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Klaviyo Q1 2026: Revenue $358M (+28% YoY), 196K brands, AI agents driving enterprise growth.
Revenue & Profitability
Revenue grew 28% YoY to $358 million, ahead of expectations. Non-GAAP operating income was $59 million (16% margin), the highest since IPO, with GAAP operating income positive for the first time. Net revenue retention (NRR) was 110%, up 2 points YoY. Free cash flow was $19 million (5% margin), with trailing twelve-month free cash flow margin of 16%.
Outlook
Management sees strong and durable demand for AI-driven personalization and platform consolidation, as businesses seek to generate revenue and improve efficiency. The enterprise and international segments have structural momentum. The company raised its FY2026 revenue guidance to $1.514-$1.522 billion (23% YoY) and operating income to $222-$228 million (14.5%-15% margin). Q2 2026 revenue is expected to be $359-$363 million (23%-24% growth).
Growth Drivers
Key growth levers include enterprise momentum (largest number of multi-million dollar ARR deals ever, one customer expanded to over $6 million ARR), international expansion (EMEA ex-UK revenue up 51% for the sixth consecutive quarter), and multi-product adoption (service is the fastest-growing product line). AI agents (Composer in private preview, Customer Agent growing month-over-month) are a net new revenue opportunity and accelerate usage.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Non-GAAP operating margin was 16% in Q1 2026, up nearly 500 basis points YoY and the highest since going public. Non-GAAP gross margin was 76%, relatively steady despite absorbing carrier fee increases. Operating expenses were 59% of revenue, down 560 bps YoY, driven by AI efficiencies and lower marketing spend. Full-year 2026 non-GAAP operating margin guided to 14.5%-15%, with higher margins expected in Q4 due to timing and compounding AI benefits.
Key Risks
Key risks flagged include the potential for rising carrier fees from telcos, which the company has absorbed but may choose to pass through in the future. Seasonality (Q4 is largest due to retail) and lapping of profile enforcement benefits could impact NRR. The CFO transition (Amanda Whalen stepping down by August 2026, advisory through November) is a personnel risk, though she will remain in place to ensure a smooth transition.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 revenue grew 26% year-over-year to $370.6 million, driven by strong enterprise, international, and multi-product adoption. The company raised full-year revenue guidance, launched new AI agents with rapid adoption, and completed a strategic acquisition, while maintaining robust cash flow and investing in innovation.
Q1 2026 Q1 2026 2026-05-05
Revenue grew 28% year-over-year to $358M, with record operating margins and strong enterprise and international momentum. AI-driven products Composer and Customer Agent are accelerating adoption and value, while guidance for 2026 was raised on continued business strength.
Q4 2025 Q4 2025 2026-02-10
Revenue grew 32% year-over-year to $1.234B, with strong Q4 and record free cash flow. AI-driven products and international expansion fueled growth, while 2026 guidance projects 21.5–22.5% revenue growth, with upside from new AI and service products.
Q3 2025 Q3 2025 2025-11-05
Q3 revenue grew 32% year-over-year to $311 million, driven by strong international expansion and rapid adoption of new AI-powered products. Guidance for Q4 and full-year revenue was raised, with continued investment in AI and multi-product growth engines.
Q2 2025 Q2 2025 2025-08-05
Q2 revenue grew 32% year-over-year to $293M, with strong international and enterprise momentum. Full-year guidance was raised, reflecting robust demand and continued innovation in AI-driven CRM and omnichannel solutions.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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