Confluent, Inc. Financials
This page shows Confluent, Inc. (CFLT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Scale is steadily converting a high-gross-margin software model from cash burn toward self-funded operations despite continuing GAAP losses.
From FY2023 to FY2025, gross margin expansion from70.4% to74.3% and free cash flow turning from negative to$60.7M positive happened even as R&D spending rose to$481.7M . That combination suggests the business is not improving mainly by cutting muscle; added revenue is increasingly absorbing fixed operating costs inside a still loss-making model.
FY2025 capex was only
The balance sheet still carries about
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Confluent, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Confluent, Inc. has an operating margin of -32.6%, meaning the company retains $-33 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from -43.5% the prior year.
Confluent, Inc.'s revenue surged 21.1% year-over-year to $1.2B, reflecting rapid business expansion. This strong growth earns a score of 84/100.
Confluent, Inc. has a moderate D/E ratio of 0.94. This balance of debt and equity financing earns a leverage score of 48/100.
With a current ratio of 3.83, Confluent, Inc. holds $3.83 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
Confluent, Inc. has a free cash flow margin of 5.2%, earning a moderate score of 31/100. The company generates positive cash flow after capital investments, but with room for improvement.
Confluent, Inc.'s ROE of -25.3% shows moderate profitability relative to equity, earning a score of 37/100. This is up from -35.9% the prior year.
Confluent, Inc. scores 3.35, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($11.1B) relative to total liabilities ($1.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Confluent, Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Confluent, Inc. generates $-0.22 in operating cash flow ($64.3M OCF vs -$295.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Confluent, Inc. generated $1.2B in revenue in fiscal year 2025. This represents an increase of 21.1% from the prior year.
Confluent, Inc.'s EBITDA was -$350.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.7% from the prior year.
Confluent, Inc. reported -$295.3M in net income in fiscal year 2025. This represents an increase of 14.4% from the prior year.
Confluent, Inc. earned $-0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.6% from the prior year.
Cash & Balance Sheet
Confluent, Inc. generated $60.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 96.4% from the prior year.
Confluent, Inc. held $347.2M in cash against $1.1B in long-term debt as of fiscal year 2025.
Margins & Returns
Confluent, Inc.'s gross margin was 74.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.
Confluent, Inc.'s operating margin was -32.6% in fiscal year 2025, reflecting core business profitability. This is up 10.9 percentage points from the prior year.
Confluent, Inc.'s net profit margin was -25.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.5 percentage points from the prior year.
Confluent, Inc.'s ROE was -25.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.6 percentage points from the prior year.
Capital Allocation
Confluent, Inc. invested $481.7M in research and development in fiscal year 2025. This represents an increase of 14.4% from the prior year.
Confluent, Inc. invested $3.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 40.1% from the prior year.
CFLT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $314.8M+5.5% | $298.5M+5.8% | $282.3M+4.1% | $271.1M+3.8% | $261.2M+4.4% | $250.2M+6.5% | $235.0M+8.2% | $217.2M |
| Cost of Revenue | $79.7M+3.5% | $77.0M+3.8% | $74.2M+7.3% | $69.1M+2.3% | $67.6M+6.1% | $63.7M-2.0% | $65.0M+6.1% | $61.2M |
| Gross Profit | $235.2M+6.1% | $221.6M+6.5% | $208.1M+3.0% | $202.0M+4.3% | $193.7M+3.8% | $186.5M+9.7% | $170.0M+9.0% | $156.0M |
| R&D Expenses | $121.9M+0.1% | $121.8M+0.4% | $121.2M+3.8% | $116.8M+1.7% | $114.9M+11.8% | $102.7M-3.1% | $106.1M+8.7% | $97.6M |
| SG&A Expenses | $52.6M+30.5% | $40.3M+1.5% | $39.7M-1.0% | $40.1M+1.9% | $39.4M-0.3% | $39.5M+0.1% | $39.4M+2.6% | $38.4M |
| Operating Income | -$99.2M-19.0% | -$83.3M+13.6% | -$96.4M+4.7% | -$101.2M+4.4% | -$105.8M-12.9% | -$93.7M+13.6% | -$108.3M+2.7% | -$111.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$393K-125.3% | $1.6M-76.5% | $6.6M+150.2% | -$13.2M-946.9% | $1.6M-47.6% | $3.0M-12.6% | $3.4M+38.0% | $2.5M |
| Net Income | -$79.2M-19.2% | -$66.5M+18.8% | -$82.0M-21.3% | -$67.6M+23.3% | -$88.1M-18.8% | -$74.1M+17.5% | -$89.9M+3.3% | -$93.0M |
| EPS (Diluted) | N/A | $-0.19+20.8% | $-0.24-20.0% | $-0.20 | N/A | $-0.23+17.9% | $-0.28+6.7% | $-0.30 |
CFLT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+3.8% | $2.9B+2.1% | $2.8B+4.4% | $2.7B+0.1% | $2.7B+3.3% | $2.6B+3.1% | $2.5B+3.6% | $2.4B |
| Current Assets | $2.6B+4.3% | $2.5B+2.3% | $2.4B+4.2% | $2.3B-0.4% | $2.4B+3.8% | $2.3B-1.8% | $2.3B+3.6% | $2.2B |
| Cash & Equivalents | $347.2M+16.3% | $298.5M+1.0% | $295.6M+6.1% | $278.6M-27.8% | $386.0M+19.6% | $322.6M+3.6% | $311.3M-7.4% | $336.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $390.8M+9.6% | $356.4M-0.3% | $357.6M+20.1% | $297.9M-5.2% | $314.3M+12.8% | $278.7M+8.2% | $257.5M+28.8% | $199.8M |
| Goodwill | $164.4M0.0% | $164.4M0.0% | $164.4M0.0% | $164.4M0.0% | $164.4M0.0% | $164.4M+216.1% | $52.0M0.0% | $52.0M |
| Total Liabilities | $1.8B+3.3% | $1.8B+0.3% | $1.8B+4.8% | $1.7B-3.5% | $1.7B+3.6% | $1.7B+1.2% | $1.7B+3.8% | $1.6B |
| Current Liabilities | $680.6M+9.3% | $622.6M+1.6% | $612.9M+15.7% | $529.9M-10.1% | $589.2M+10.1% | $535.0M+2.8% | $520.2M+18.4% | $439.2M |
| Long-Term Debt | $1.1B+0.1% | $1.1B+0.1% | $1.1B+0.1% | $1.1B+0.1% | $1.1B+0.1% | $1.1B+0.1% | $1.1B+0.1% | $1.1B |
| Total Equity | $1.2B+4.5% | $1.1B+5.2% | $1.1B+3.7% | $1.0B+6.7% | $961.2M+2.9% | $934.3M+6.9% | $873.9M+3.4% | $845.2M |
| Retained Earnings | -$2.3B-3.6% | -$2.2B-3.1% | -$2.1B-4.0% | -$2.1B-3.4% | -$2.0B-4.6% | -$1.9B-4.1% | -$1.8B-5.2% | -$1.7B |
CFLT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $42.1M+36.7% | $30.8M+70.0% | $18.1M+167.7% | -$26.8M-176.0% | $35.2M+125.5% | $15.6M+81.8% | $8.6M+133.1% | -$26.0M |
| Capital Expenditures | $442K-45.2% | $807K-12.2% | $919K-35.7% | $1.4M+113.6% | $669K+10.2% | $607K-45.1% | $1.1M+494.1% | $186K |
| Free Cash Flow | $41.7M+38.9% | $30.0M+74.4% | $17.2M+161.0% | -$28.2M-181.6% | $34.5M+130.2% | $15.0M+100.5% | $7.5M+128.6% | -$26.1M |
| Investing Cash Flow | -$17.8M+62.0% | -$46.8M-450.7% | -$8.5M+92.4% | -$112.0M-1192.9% | $10.2M+146.7% | -$21.9M+52.9% | -$46.5M-177.5% | -$16.8M |
| Financing Cash Flow | $24.6M+24.2% | $19.8M+226.2% | $6.1M-80.3% | $30.8M+57.9% | $19.5M+13.4% | $17.2M+31.4% | $13.1M-56.4% | $30.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CFLT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.7%+0.5pp | 74.2%+0.5pp | 73.7%-0.8pp | 74.5%+0.4pp | 74.1%-0.4pp | 74.5%+2.2pp | 72.4%+0.5pp | 71.8% |
| Operating Margin | -31.5%-3.6pp | -27.9%+6.3pp | -34.2%+3.2pp | -37.3%+3.2pp | -40.5%-3.1pp | -37.4%+8.7pp | -46.1%+5.1pp | -51.3% |
| Net Margin | -25.2%-2.9pp | -22.3%+6.8pp | -29.0%-4.1pp | -24.9%+8.8pp | -33.7%-4.1pp | -29.6%+8.6pp | -38.3%+4.5pp | -42.8% |
| Return on Equity | -6.8%-0.8pp | -5.9%+1.8pp | -7.7%-1.1pp | -6.6%+2.6pp | -9.2%-1.2pp | -7.9%+2.4pp | -10.3%+0.7pp | -11.0% |
| Return on Assets | -2.6%-0.3pp | -2.3%+0.6pp | -2.9%-0.4pp | -2.5%+0.8pp | -3.3%-0.4pp | -2.8%+0.7pp | -3.6%+0.3pp | -3.8% |
| Current Ratio | 3.83-0.2 | 4.01+0.0 | 3.98-0.4 | 4.42+0.4 | 3.99-0.2 | 4.24-0.2 | 4.44-0.6 | 5.07 |
| Debt-to-Equity | 0.94-0.0 | 0.98-0.0 | 1.03-0.0 | 1.07-0.1 | 1.14-0.0 | 1.17-0.1 | 1.25-0.0 | 1.29 |
| FCF Margin | 13.2%+3.2pp | 10.1%+4.0pp | 6.1%+16.5pp | -10.4%-23.6pp | 13.2%+7.2pp | 6.0%+2.8pp | 3.2%+15.2pp | -12.0% |
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Frequently Asked Questions
What is Confluent, Inc.'s annual revenue?
Confluent, Inc. (CFLT) reported $1.2B in total revenue for fiscal year 2025. This represents a 21.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Confluent, Inc.'s revenue growing?
Confluent, Inc. (CFLT) revenue grew by 21.1% year-over-year, from $963.6M to $1.2B in fiscal year 2025.
Is Confluent, Inc. profitable?
No, Confluent, Inc. (CFLT) reported a net income of -$295.3M in fiscal year 2025, with a net profit margin of -25.3%.
What is Confluent, Inc.'s EBITDA?
Confluent, Inc. (CFLT) had EBITDA of -$350.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Confluent, Inc. have?
As of fiscal year 2025, Confluent, Inc. (CFLT) had $347.2M in cash and equivalents against $1.1B in long-term debt.
What is Confluent, Inc.'s gross margin?
Confluent, Inc. (CFLT) had a gross margin of 74.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Confluent, Inc.'s operating margin?
Confluent, Inc. (CFLT) had an operating margin of -32.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Confluent, Inc.'s net profit margin?
Confluent, Inc. (CFLT) had a net profit margin of -25.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Confluent, Inc.'s return on equity (ROE)?
Confluent, Inc. (CFLT) has a return on equity of -25.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Confluent, Inc.'s free cash flow?
Confluent, Inc. (CFLT) generated $60.7M in free cash flow during fiscal year 2025. This represents a 96.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Confluent, Inc.'s operating cash flow?
Confluent, Inc. (CFLT) generated $64.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Confluent, Inc.'s total assets?
Confluent, Inc. (CFLT) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Confluent, Inc.'s capital expenditures?
Confluent, Inc. (CFLT) invested $3.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Confluent, Inc. spend on research and development?
Confluent, Inc. (CFLT) invested $481.7M in research and development during fiscal year 2025.
What is Confluent, Inc.'s current ratio?
Confluent, Inc. (CFLT) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.
What is Confluent, Inc.'s debt-to-equity ratio?
Confluent, Inc. (CFLT) had a debt-to-equity ratio of 0.94 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Confluent, Inc.'s return on assets (ROA)?
Confluent, Inc. (CFLT) had a return on assets of -9.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Confluent, Inc.'s Altman Z-Score?
Confluent, Inc. (CFLT) has an Altman Z-Score of 3.35, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Confluent, Inc.'s Piotroski F-Score?
Confluent, Inc. (CFLT) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Confluent, Inc.'s earnings high quality?
Confluent, Inc. (CFLT) has an earnings quality ratio of -0.22x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Confluent, Inc.?
Confluent, Inc. (CFLT) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.