Klaviyo, Inc. (KVYO): Results of Operations and Financial Condition
Klaviyo, Inc. (KVYO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Klaviyo Delivers Strong Q2 as Autonomous B2C CRM Strategy Gains Momentum Second quarter revenue of $370.6 million, representing 26% year-over-year growth Raises FY26 revenue guidance to $1.526 billion to $1.534 billion, for year-over-year growth of 24% BOSTON, August 5, 2026 — Kl
How this was made
The 30-second read
Why it matters
The filing provides new, trade-relevant financial guidance and performance metrics, plus a product and acquisition roadmap that can affect expectations for growth and retention.
Market read
KVYO’s raised FY26 revenue outlook and strong Q2 growth metrics are likely to drive near-term sentiment and positioning ahead of the investor call.
What to watch
Operating loss remains (GAAP operating loss of $15.0M), so investors may scrutinize whether margin expansion (non-GAAP operating margin 14%) is sustainable into Q3 and FY26.
Klaviyo Delivers Strong Q2 as Autonomous B2C CRM Strategy Gains Momentum
Revenue grew 26% year over year to $370.6 million, non-GAAP operating income was $50.9 million at a 14% margin, and cash from operating activities was $93.9 million. The company raised FY26 revenue guidance to $1.526 billion to $1.534 billion while reporting broad-based enterprise, international, and multi-product strength.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $370.6 million | – | 26% |
| Gross ProfitGAAP | $269.1 million | – | – |
| Gross MarginGAAP | 73% | – | – |
| Non-GAAP Gross Profitnon-GAAP | $271.9 million | – | – |
| Non-GAAP Gross Marginnon-GAAP | 73% | – | – |
| Operating LossGAAP | $(15.0) million | – | – |
| Operating MarginGAAP | (4)% | – | – |
| Non-GAAP Operating Incomenon-GAAP | $50.9 million | – | – |
| Non-GAAP Operating Marginnon-GAAP | 14% | – | – |
| Net loss per share, basic and dilutedGAAP | $(0.03) | – | – |
| Non-GAAP net income per share, basicnon-GAAP | $0.19 | – | – |
| Non-GAAP net income per share, dilutednon-GAAP | $0.19 | – | – |
| Cash from Operating ActivitiesGAAP | $93.9 million | – | – |
| Free Cash Flownon-GAAP | $82.9 million | – | – |
| Total customersother | exceeded 205,000 | – | – |
| Customers generating over $50,000 of ARRother | 4,477 | – | 36% |
| Dollar-Based Net Revenue Retention Rateother | 109% | – | up one percentage point year-over-year |
| ARR from customers using 3 or more productsother | 20% of our ARR | – | – |
| Annualized revenue per employeeother | up 28% year over year | – | 28% |
FY26-Q3 Guidance and FY26 Guidance outlook
- RevenueFY26-Q3: $377 million to $381 million; FY26: $1,526 million to $1,534 million
- NoteFY26-Q3 year-over-year growth rate: 21.5% to 22.5%
- NoteFY26 year-over-year growth rate: 24%
- NoteFY26-Q3 non-GAAP operating income: $40 million to $43 million
- NoteFY26 non-GAAP operating income: $212 million to $218 million
- NoteFY26-Q3 non-GAAP operating margin: 10.5% to 11%
- NoteFY26 non-GAAP operating margin: 14%
- NoteFY26-Q3 fully diluted shares outstanding: 286 million
- NoteFY26 fully diluted shares outstanding: 293 million
What drove it
- Q2 revenue growth was supported by broad-based strength across enterprise, international, and multi-product.
- Revenue outside the Americas grew 35% year over year.
- Customer expansions, cross-sell and strong retention drove NRR of 109%.
- The company released Composer, enhanced Customer Agent, and launched K:Social for general availability.
- Klaviyo reached an agreement to acquire the team and technology of Agency, with Elias Torres expected to become Chief Product Officer following closing.
- Klaviyo added Warner Music Group, the San Francisco 49ers, and Claire’s as customers, and expanded regionally with The Body Shop.
Concerns
- Klaviyo reported a GAAP operating loss of $(15.0) million and a GAAP operating margin of (4)%.
- Klaviyo reported GAAP net loss per share, basic and diluted, of $(0.03).
- FY26-Q3 revenue guidance calls for year-over-year growth of 21.5% to 22.5%, compared with 26% year-over-year revenue growth reported for Q2 FY26.
- The Agency transaction remains subject to closing.
- Klaviyo did not provide a reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measures because certain excluded items cannot be reasonably calculated or predicted at this time.
What to watch
- Execution against FY26-Q3 revenue guidance of $377 million to $381 million and non-GAAP operating income guidance of $40 million to $43 million.
- Delivery against raised FY26 revenue guidance of $1,526 million to $1,534 million and FY26 non-GAAP operating income guidance of $212 million to $218 million.
- Continued growth in enterprise, international, and multi-product adoption.
- Progress in adoption of Composer, Customer Agent and K:Social.
- Closing and integration of the Agency team and technology.
- Customer expansion, cross-sell and retention trends underlying NRR.
Balance sheet and cash flow
- Cash from Operating Activities: $93.9 million
- Free Cash Flow: $82.9 million
- Common stock outstanding as of 6/30/2026: 289.0 million shares
- Total estimated fully diluted shares: 314.6 million shares
- Warrants outstanding: 1.7 million shares
- RSUs and PSUs outstanding: 22.3 million shares
- Options outstanding: 1.4 million shares at a weighted average exercise price of $3.05
- ESPP shares outstanding: 0.2 million shares
- Share price as of June 30, 2026: $15.10
- The Shopify investment option of 15,743,174 shares at $88.93 per share was excluded because it was out of the money as of June 30, 2026.
Analysis
Klaviyo reported Q2 FY26 revenue of $370.6 million, up 26% year over year. Management attributed the growth to broad-based strength across enterprise, international, and multi-product adoption. International momentum was notable, with revenue outside the Americas growing 35% year over year. Total customers exceeded 205,000, while the cohort generating over $50,000 of ARR increased 36% year over year to 4,477.
Profitability remained split between GAAP and non-GAAP measures. GAAP gross profit was $269.1 million at a 73% gross margin, while Klaviyo recorded a GAAP operating loss of $(15.0) million and a (4)% operating margin. Non-GAAP gross profit was $271.9 million, non-GAAP operating income was $50.9 million, and non-GAAP operating margin was 14%. GAAP net loss per share was $(0.03), whereas non-GAAP net income per share was $0.19 on both a basic and diluted basis.
Cash generation was positive, with cash from operating activities of $93.9 million and free cash flow of $82.9 million. The filing did not report cash, debt, repurchases, or dividends. The company also disclosed 289.0 million common shares outstanding as of June 30, 2026 and 314.6 million total estimated fully diluted shares, excluding the Shopify investment option because it was out of the money as of June 30, 2026.
Retention and product breadth were central operating indicators. NRR was 109%, up one percentage point year over year, driven by customer expansions, cross-sell and strong retention. Customers using 3 or more products represented 20% of ARR. Product activity included the release of Composer, enhancements to Customer Agent, and the general availability launch of K:Social, alongside an agreement to acquire Agency’s team and technology.
Klaviyo raised FY26 revenue guidance to $1,526 million to $1,534 million, representing 24% year-over-year growth, and guided to FY26 non-GAAP operating income of $212 million to $218 million at a 14% non-GAAP operating margin. FY26-Q3 revenue guidance is $377 million to $381 million, with 21.5% to 22.5% year-over-year growth, and FY26-Q3 non-GAAP operating income guidance is $40 million to $43 million at a 10.5% to 11% margin. Management stated that it will continue to invest strategically in growth.
Management, verbatim
Software and the rise of AI agents are transforming consumer experience. But agents are only as good as the context behind them, and we’ve spent more than a decade building the real-time infrastructure that delivers that context at scale. The adoption we’ve seen of Composer and Customer Agent is proof that it works. Bringing on Agency’s team will accelerate what Klaviyo’s agents can do as we continue to build the autonomous B2C CRM.
Andrew Bialecki, co-founder and co-CEO of Klaviyo
Our autonomous B2C CRM strategy is landing as brands of all sizes around the globe consolidate onto Klaviyo. We closed the quarter at a nearly $1.5 billion annualized run rate, with Q2 revenue growth of 26% year-over-year, supported by broad-based strength across enterprise, international, and multi-product. We continued to convert that growth efficiently, with annualized revenue per employee up 28% year over year. We are once again raising our full-year revenue outlook and continuing to invest strategically in growth.
Amanda Whalen, CFO of Klaviyo
Not in the filing
stated, not guessed- GAAP net loss dollar amount
- Prior-year revenue, gross profit, operating loss, net loss, EPS, cash from operating activities, and free cash flow amounts
- Prior-quarter amounts and quarter-over-quarter changes for reported financial metrics
- Segment revenue and segment profitability
- Cash and cash equivalents
- Debt
- Capital-return activity, including share repurchases and dividends
- GAAP gross margin, operating expense, tax-rate, and GAAP profitability guidance
- Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measures
- Previous outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Klaviyo’s SEC 8-K (Item 2.02) with Q2 2026 results, FY26 guidance, and business highlights including an acquisition agreement for Agency.
Ticker impact
Klaviyo reported Q2 revenue of $370.6M (+26% YoY) and raised FY26 revenue guidance to $1.526B-$1.534B.
Likely positive near-term bias, especially if investors view the FY26 guide as credible and the Agency acquisition as accretive to product momentum.
The filing discloses fresh, decision-relevant datapoints: Q2 results, FY26 guidance range, and an announced acquisition agreement tied to product leadership, all in the same release.
Market effects
Reinforces demand narrative for autonomous B2C CRM and AI-agent tooling, potentially supporting sentiment toward marketing software peers.
International growth (35% YoY outside the Americas) may support broader non-US demand expectations for SaaS marketing platforms.
AI-agent adoption and ecosystem integrations (Anthropic Claude, Shopify Sidekick, Stripe Projects) can influence global investor appetite for AI-enabled marketing software.
Counterpoint
Raised guidance could still embed execution risk if AI-agent monetization or multi-product adoption slows after the initial momentum.
Key entities
- companyKlaviyo, Inc.
Autonomous B2C CRM provider reporting Q2 results and raising FY26 revenue guidance; also announced an agreement to acquire Agency’s team and technology.
- companyAgency
AI-native customer success company whose team and technology Klaviyo agreed to acquire; its CEO will become Chief Product Officer after closing.
- personAndrew Bialecki
Klaviyo co-founder and co-CEO commenting on Composer and Customer Agent adoption and the Agency acquisition’s role.
- personAmanda Whalen
Klaviyo CFO commenting on growth, run rate, and the decision to raise full-year outlook.
