Freshworks Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Freshworks 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	172	250	371	498	596	720	839
Cost of revenue	36.5	52.5	78	95.8	103	113	126
Gross profit	136	197	293	402	493	607	713
Research and development	38.6	69.2	120	136	138	165	163
Selling and marketing	111	133	260	343	358	391	395
General and administrative	15.9	50.8	117	157	168	181	141
Operating expenses	166	253	498	636	663	746	699
Operating income	-29.7	-56.1	-205	-233	-170	-139	13.2
Other non-operating income	2.18	2.83	23.3	12.6	46.4	47.8	40.1
Pre-tax income	-27.5	-53.3	-181	-221	-124	-90.8	53.3
Income tax	3.64	4.02	10.5	11.3	13.7	4.53	-130
Net income	-31.1	-57.3	-192	-232	-137	-95.4	184
EBITDA	-23.4	-44.9	-191	-222	-158	-119	39.1
EPS, basic	-8.21	-21.03	-21.73	-0.82	-0.47	-0.32	0.63
EPS, diluted	-8.21	-21.03	-21.73	-0.82	-0.47	-0.32	0.63
Shares, basic (weighted)	76	76.9	131	285	293	301	291
Shares, diluted (weighted)	76	76.9	131	285	293	301	294

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	75	95.4	748	304	488	620	570
Short-term investments		143	576	843	700	450	212
Receivables		34.3	51.8	70.5	97.2	123	151
Other current assets		30.9	31.4	38.9	47.8	46.3	72.8
Total current assets		312	1,421	1,277	1,356	1,265	1,097
Property, plant and equipment		20.8	21.5	24.1	22.7	25.9	38.8
Lease right-of-use assets				33	32.7	36.9	39.9
Goodwill		6.18	6.18	6.18	6.18	147	147
Intangible assets		6.22	1.89	0.3	0	90.8	77
Other non-current assets		8.33	10.6	11.6	9.77	14.8	18.5
Total assets		367	1,483	1,380	1,457	1,612	1,603
Accounts payable		3.71	6.32	5.91	3.49	1.62	11.5
Accrued liabilities		35.6	55.8	59	56.6	81.9	101
Deferred revenue		104	160	206	266	323	385
Total current liabilities		152	223	272	327	408	498
Lease liabilities				28.2	26.8	30.2	33.3
Other non-current liabilities		16.8	21.4	28.5	30.5	36	38.8
Total liabilities		169	245	328	385	474	570
Paid-in capital		0	4,510	4,562	4,714	4,874	4,586
Retained earnings		-2,697	-3,271	-3,503	-3,641	-3,736	-3,552
Other comprehensive income		0.41	-0.75	-7.43	-0.75	-0.34	-1.59
Shareholders' equity	-1,123	-2,697	1,238	1,052	1,072	1,138	1,033
Total equity	-1,123	-2,697	1,238	1,052	1,072	1,138	1,033
Total liabilities and equity		367	1,483	1,380	1,457	1,612	1,603

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.1	-57.3	-192	-232	-137	-95.4	184
Depreciation and amortization	6.26	11.2	13.3	11.5	12.1	19.4	25.9
Stock-based compensation	0.27	43.3	173	208	211	217	147
Deferred income tax	-0.94	-2.36	-1.91	-2.41	-1.32	-12.6	2.64
Change in receivables	-9.37	-9.93	-17.5	-18.9	-27	-17.1	-28.1
Change in payables	2.67	0.05	1.99	0.08	-2.42	-2.2	9.57
Cash from operations	-8.16	32.5	11.5	-2.53	86.2	161	242
Capital expenditures	-11.5	-4.38	-5.57	-7.13	-2.07	-9.18	-5.7
Acquisitions	-5.97	-5.08	0	0	0	-214	0
Purchases of investments	-177	-116	-686	-849	-843	-621	-587
Sales and maturities of investments		101	119	483	1,010	888	831
Cash from investing	-149	-11.4	-420	-285	158	38.8	206
Stock issued	0.69	0.25	0.09	0.11	0.09	0.09	0.07
Share buybacks				0	0	-13.7	-386
Cash from financing	150	-1.91	1,058	-156	-60.6	-67.3	-437
Net change in cash	-6.88	19.2	650	-444	184	132	11.8
Free cash flow	-19.7	28.1	5.9	-9.65	84.1	151	237
Income taxes paid	3.46	5.08	10.5	13.4	12	11.9	14.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.88 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	85.1%	Gross profit / revenue.
Operating margin	7.1%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.9%	Pre-tax income / revenue.
Net margin	22.3%	Net income / revenue.
FCF margin	26.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.9%	Cash from operations / revenue.
Effective tax rate	-150.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.9%	Net income / average total assets.
Return on invested capital (ROIC)	11.6%	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	19.2%	Research and development expense / revenue.
Stock-based pay / revenue	12.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.0%	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	29.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	50.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	49.4%	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	56.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	53.1%	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	-9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	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	34.3%	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	-2.4%	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	1.1%	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	30.7%	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	1.77x	Current assets / current liabilities.
Quick ratio	1.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.33x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	38.9%	Total liabilities / total assets.
Working capital	$403.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$628.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	19.6x	Revenue / average property, plant and equipment.
Receivables turnover	6.80x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
FCF conversion	118.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.78	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	$3.51	Revenue / diluted weighted shares.
FCF per share	$0.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.98	Cash from operations / diluted weighted shares.
Book value per share	$3.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.36	Tangible book value / shares outstanding.
Cash per share	$2.61	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	95.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.10B	Share price x shares outstanding.
Enterprise value	$2.40B	Market cap + total debt - cash - short-term investments.
P/E	14.9x	Market cap / net income. Only when net income is positive.
P/S	3.32x	Market cap / revenue.
P/B	3.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.93x	Market cap / tangible book value, when positive.
P/FCF	12.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
EV/Sales	2.57x	Enterprise value / revenue.
EV/EBIT	36.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.73x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.0%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.6%	(Dividends paid + share buybacks) / market cap.

What was Freshworks Inc.'s revenue in fiscal 2025?

Freshworks Inc. reported revenue of $838.8M for fiscal 2025, 16.4% higher than the year before.

Was Freshworks Inc. profitable in fiscal 2025?

Yes. Net income was $183.7M, a net margin of 21.9%.

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

Cash from operations of $242.4M minus capital expenditures of $5.7M left free cash flow of $236.7M.

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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