Five9, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Five9, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	162	200	258	328	435	610	779	910	1,042	1,149
Cost of revenue	66.9	83.1	104	135	180	271	368	433	478	516
Gross profit	95.2	117	154	193	255	338	411	478	564	633
Research and development	23.9	27.1	34.2	45.2	68.7	107	142	157	166	152
Selling and marketing	52.7	66.6	72	95.6	132	194	262	297	312	312
General and administrative	25.1	29.2	40.4	49.4	65.8	93.9	95.1	123	138	140
Operating expenses	102	123	147	190	267	395	499	576	616	604
Operating income	-6.54	-5.72	7.01	3.27	-12.3	-56.3	-87.6	-98.6	-51.3	28.9
Interest expense	4.23	3.47	10.2	13.8	28.3	8.03	7.49	7.65	14.8	14.1
Other non-operating income	-5.26	-2.98	-6.93	-7.72	-32.3	-8.04	-2.68	19.2	38.5	16.1
Pre-tax income	-11.8	-8.7	0.08	-4.45	-44.6	-64.3	-90.3	-79.4	-12.8	44.9
Income tax	0.05	0.27	0.3	0.1	-2.45	-11.3	4.39	2.34	0.04	5.53
Net income	-11.9	-8.97	-0.22	-4.55	-42.1	-53	-94.7	-81.8	-12.8	39.4
EBITDA	1.85	2.59	17.3	17.6	12.8	-17.5	-42.9	-50.1	1.6	90.6
EPS, basic	-0.23	-0.16	0.00	-0.08	-0.66	-0.79	-1.35	-1.13	-0.17	0.51
EPS, diluted	-0.23	-0.16	0.00	-0.08	-0.66	-0.79	-1.35	-1.13	-0.17	0.45
Shares, basic (weighted)	52.3	54.9	58.1	60.4	64.2	67.5	69.9	72	74.5	76.9
Shares, diluted (weighted)	52.3	54.9	58.1	60.4	64.2	67.5	69.9	72	74.5	88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	58.1	68.9	81.9	78	220	90.9	181	143	363	232
Short-term investments		0	210	242	383	379	434	587	643	465
Receivables	13.9	19	24.8	37.7	48.7	83.7	87.5	97.4	115	131
Other current assets	0.81	2.4	2.68	4.93	5.04	6.44	9.16	8.49	15.6	14.8
Total current assets	75	92.8	334	381	689	617	779	924	1,249	960
Property, plant and equipment	14.7	19.9	25.9	33.2	51.2	77.8	101	109	145	165
Lease right-of-use assets			0	8.75	9.01	48.7	44.1	38.9	38.9	46.4
Goodwill	11.8	11.8	11.8	11.8	165	165	165	227	365	366
Intangible assets	1.54	1.07	0.63	15.5	51.7	39.9	28.2	38.3	65.6	51.2
Long-term investments				0	42.1	147	0.89
Other non-current assets	2.2	2.6	0.84	1.18	3.24	11.9	11.1	16.2	13.4	10.7
Total assets	105	128	395	482	1,064	1,193	1,244	1,495	2,051	1,790
Accounts payable	3.37	4.29	7.01	10.2	17.1	20.5	23.6	24.4	26.3	30
Accrued liabilities	2.15	3.13	3.49	4.15	15.2	20.1	19.3	18.3	30.8	24.6
Deferred revenue	10	14	17.4	24.7	32	43.7	57.8	68.2	79.2	77.5
Short-term debt	0.74	0.34	0
Total current liabilities	34.1	39.5	48	66	104	158	151	167	642	213
Long-term debt	32.9	32.6	197
Lease liabilities			0	4.33	5.38	47.1	41.4	36.4	37.1	42.1
Other non-current liabilities	0.53	1.04	1.81	4.35	31.5	7.67	3.98	7.89	6.72	7.55
Total liabilities	74.9	81.4	252	286	785	982	935	956	1,429	1,004
Total debt	33.7	32.9	197
Paid-in capital	197	222	294	352	477	440	636	942	1,039	1,163
Retained earnings	-166	-175	-151	-156	-198	-228	-323	-405	-418	-378
Treasury stock				0	2.26
Other comprehensive income		0	-0.09	0.58	0.34	-0.29	-2.69	0.58	0.64	0.9
Shareholders' equity	30.3	46.8	143	196	279	211	310	538	622	786
Total equity	30.3	46.8	143	196	279	211	310	538	622	786
Total liabilities and equity	105	128	395	482	1,064	1,193	1,244	1,495	2,051	1,790
Shares outstanding	53.4	56.6	59.2	61.5	66.5	68.5	71	73.3	75.8	77.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-11.9	-8.97	-0.22	-4.55	-42.1	-53	-94.7	-81.8	-12.8	39.4
Depreciation and amortization	8.39	8.31	10.3	14.4	25.1	38.7	44.7	48.5	52.9	61.8
Stock-based compensation	9.64	15.3	28.5	42.1	64.7	109	173	206	166	148
Deferred income tax			0	0	-3.09	-11.3	3.09	0.05	-4.84	0.97
Change in receivables	-3.39	-5.16	-5.83	-12.9	-9.96	-36	-4.9	-9.84	-14.6	-17.4
Cash from operations	6.84	11.1	38.6	51.2	67.3	29	88.9	129	143	226
Capital expenditures	-1.13	-2.65	-9.26	-19.2	-30.4	-42.2	-52.3	-31.2	-42.4	-25
Acquisitions			0	0	-165	0	0	0	-167
Purchases of investments	0	0	-221	-359	-621	-680	-436	-795	-1,289	-745
Sales and maturities of investments				309	433	528	525	656	1,132	804
Cash from investing	-2.4	-2.65	-217	-63.6	-382	-150	31	-260	-267	122
Debt repaid						0	0	-0.17	0
Stock issued				7.71	11.7	7.4
Share buybacks								0	0	-50
Cash from financing	-4.8	2.37	191	8.47	457	-7.5	-30.2	94.6	343	-479
Net change in cash	-0.36	10.8	13	-3.94	142	-129	89.6	-36.1	219	-130
Free cash flow	5.71	8.46	29.4	32	36.9	-13.2	36.6	97.6	101	201
Interest paid	4.23	3.31	2.29	1.03	2.32	4.07	3.74	3.9	6.59	9.7
Income taxes paid	0.12	0.12	0.16	0.28	0.29	0.03	1.03	1.59	3.75	4.84

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $35.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.9%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	10.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.5%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	17.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.7%	Cash from operations / revenue.
Effective tax rate	10.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.7%	Research and development expense / revenue.
Stock-based pay / revenue	11.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5,556.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	48.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	99.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	76.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.15x	Current assets / current liabilities.
Quick ratio	3.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.85x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.1%	Total liabilities / total assets.
Interest coverage	4.40x	Operating income / interest expense.
Working capital	$722.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$374.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	6.70x	Revenue / average property, plant and equipment.
Receivables turnover	8.51x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
FCF conversion	351.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.08	Revenue / diluted weighted shares.
FCF per share	$2.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.91	Cash from operations / diluted weighted shares.
Book value per share	$10.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.01	Tangible book value / shares outstanding.
Cash per share	$8.75	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.67B	Share price x shares outstanding.
Enterprise value	$2.02B	Market cap + total debt - cash - short-term investments.
P/E	44.9x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
P/B	3.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.14x	Market cap / tangible book value, when positive.
P/FCF	12.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	1.68x	Enterprise value / revenue.
EV/EBIT	35.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.65x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.8%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).

What was Five9, Inc.'s revenue in fiscal 2025?

Five9, Inc. reported revenue of $1.15B for fiscal 2025, 10.3% higher than the year before.

Was Five9, Inc. profitable in fiscal 2025?

Yes. Net income was $39.4M, a net margin of 3.4%.

How much free cash flow did Five9, Inc. generate in fiscal 2025?

Cash from operations of $226.2M minus capital expenditures of $25.0M left free cash flow of $201.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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