ON24 INC Financials

ONTF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows ON24 INC (ONTF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

ON24 INC has an operating margin of -34.2%, meaning the company retains $-34 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -37.9% the prior year.

Growth

ON24 INC's revenue declined 9.5% year-over-year, from $163.7M to $148.1M. This contraction results in a growth score of 1/100.

Leverage

ON24 INC carries a low D/E ratio of 0.57, meaning only $0.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.59, ON24 INC holds $2.59 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.

Cash Flow

ON24 INC's free cash flow margin of 1.7% results in a low score of 9/100. Capital expenditures of $2.2M absorb a large share of operating cash flow.

Piotroski F-Score Neutral

5/9

ON24 INC passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.11x

For every $1 of reported earnings, ON24 INC generates $-0.11 in operating cash flow ($4.8M OCF vs -$42.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1489.9x

ON24 INC earns $-1489.9 in operating income for every $1 of interest expense (-$50.7M vs $34K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$148.1M

YoY-9.5%

5Y CAGR+10.7%

ON24 INC generated $148.1M in revenue in fiscal year 2024. This represents a decrease of 9.5% from the prior year.

EBITDA

-$45.8M

YoY+19.1%

ON24 INC's EBITDA was -$45.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.1% from the prior year.

Free Cash Flow

$2.6M

YoY+117.8%

ON24 INC generated $2.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 117.8% from the prior year.

Net Income

-$42.2M

YoY+18.6%

ON24 INC reported -$42.2M in net income in fiscal year 2024. This represents an increase of 18.6% from the prior year.

EPS (Diluted)

$-1.01

YoY+12.9%

ON24 INC earned $-1.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 12.9% from the prior year.

Cash & Debt

$14.9M

YoY-71.9%

5Y CAGR-4.5%

ON24 INC held $14.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

42M

YoY+2.0%

ON24 INC had 42M shares outstanding in fiscal year 2024. This represents an increase of 2.0% from the prior year.

Gross Margin

74.3%

YoY+2.6pp

5Y CAGR+4.8pp

ON24 INC's gross margin was 74.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the prior year.

Operating Margin

-34.2%

YoY+3.7pp

5Y CAGR-16.2pp

ON24 INC's operating margin was -34.2% in fiscal year 2024, reflecting core business profitability. This is up 3.7 percentage points from the prior year.

Net Margin

-28.5%

YoY+3.2pp

5Y CAGR-8.8pp

ON24 INC's net profit margin was -28.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$36.3M

YoY-11.8%

5Y CAGR+18.2%

ON24 INC invested $36.3M in research and development in fiscal year 2024. This represents a decrease of 11.8% from the prior year.

Share Buybacks

$25.8M

YoY-65.4%

ON24 INC spent $25.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 65.4% from the prior year.

Capital Expenditures

$2.2M

YoY+2.7%

5Y CAGR+14.0%

ON24 INC invested $2.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 2.7% from the prior year.

ONTF Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$148.1M-9.5%	$163.7M-14.2%	$190.9M-6.3%	$203.6M+29.7%	$156.9M+76.1%	$89.1M
Cost of Revenue	$38.0M-17.8%	$46.3M-12.4%	$52.8M+11.4%	$47.4M+42.1%	$33.3M+22.8%	$27.1M
Gross Profit	$110.1M-6.3%	$117.4M-14.9%	$138.1M-11.6%	$156.2M+26.4%	$123.6M+99.4%	$62.0M
R&D Expenses	$36.3M-11.8%	$41.1M-6.8%	$44.1M+26.6%	$34.8M+80.7%	$19.3M+22.5%	$15.7M
SG&A Expenses	$46.4M-5.5%	$49.1M+11.7%	$44.0M+7.4%	$40.9M+87.4%	$21.8M+49.7%	$14.6M
Operating Income	-$50.7M+18.3%	-$62.0M-4.1%	-$59.6M-152.6%	-$23.6M-208.0%	$21.8M+235.7%	-$16.1M
Interest Expense	$34K-63.4%	$93K-48.6%	$181K-61.0%	$464K-46.6%	$869K-15.5%	$1.0M
Income Tax	$633K-36.4%	$995K+3.9%	$958K+436.1%	-$285K-196.0%	$297K-16.3%	$355K
Net Income	-$42.2M+18.6%	-$51.8M+11.0%	-$58.2M-140.0%	-$24.3M-216.9%	$20.8M+218.4%	-$17.5M
EPS (Diluted)	$-1.01+12.9%	$-1.16+5.7%	$-1.23-115.8%	$-0.57	$0.35+109.5%	$-3.68

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$34.6M-2.1%	$35.3M+1.7%	$34.7M-5.3%	$36.7M-1.8%	$37.3M-1.0%	$37.7M-4.1%	$39.3M+0.3%	$39.2M
Cost of Revenue	$8.7M-0.7%	$8.8M-3.3%	$9.1M-2.7%	$9.4M-1.9%	$9.5M-2.5%	$9.8M-2.3%	$10.0M-7.7%	$10.8M
Gross Profit	$25.9M-2.5%	$26.5M+3.5%	$25.6M-6.2%	$27.3M-1.7%	$27.8M-0.5%	$27.9M-4.7%	$29.3M+3.4%	$28.4M
R&D Expenses	$8.2M-4.3%	$8.5M+2.4%	$8.3M-6.4%	$8.9M-2.2%	$9.1M-0.3%	$9.1M-2.7%	$9.4M-3.8%	$9.7M
SG&A Expenses	$9.3M-3.3%	$9.6M-0.5%	$9.6M-13.7%	$11.2M-9.4%	$12.3M+9.8%	$11.2M-2.6%	$11.5M+3.0%	$11.2M
Operating Income	-$8.0M+12.9%	-$9.2M+12.4%	-$10.5M+11.1%	-$11.8M+9.8%	-$13.1M-4.7%	-$12.5M-2.1%	-$12.2M+13.1%	-$14.1M
Interest Expense	$82K+331.6%	$19K+5.6%	$18K+157.1%	$7K-30.0%	$10K-9.1%	$11K-15.4%	$13K-27.8%	$18K
Income Tax	$16K-90.9%	$176K-14.1%	$205K+145.0%	-$456K-210.9%	$411K-17.0%	$495K+7.6%	$460K+322.0%	$109K
Net Income	-$6.4M+12.4%	-$7.3M+16.4%	-$8.7M+1.9%	-$8.9M+20.6%	-$11.2M-4.4%	-$10.7M-8.4%	-$9.9M+13.9%	-$11.5M
EPS (Diluted)	$-0.15+11.8%	$-0.17+19.0%	$-0.210.0%	$-0.21+22.2%	$-0.27-3.8%	$-0.26-4.0%	$-0.25+3.8%	$-0.26

ONTF Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$251.0M-10.5%	$280.3M-34.1%	$425.5M-11.5%	$480.5M+206.6%	$156.7M	N/A
Current Assets	$228.3M-10.0%	$253.8M-35.1%	$391.3M-12.9%	$449.1M+252.3%	$127.5M	N/A
Cash & Equivalents	$14.9M-71.9%	$53.2M+97.1%	$27.0M-83.6%	$164.9M+183.2%	$58.2M+209.1%	$18.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$28.6M-24.6%	$37.9M-13.3%	$43.8M-5.1%	$46.1M-5.1%	$48.6M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$91.5M-8.5%	$100.1M-14.8%	$117.5M-6.3%	$125.4M-58.3%	$300.4M	N/A
Current Liabilities	$88.2M-8.2%	$96.1M-13.2%	$110.7M-7.8%	$120.1M+2.9%	$116.8M	N/A
Long-Term Debt	N/A	N/A	N/A	$578K-97.8%	$25.7M	N/A
Total Equity	$159.4M-11.5%	$180.2M-41.5%	$308.0M-13.3%	$355.1M+347.2%	-$143.7M+16.1%	-$171.2M
Retained Earnings	-$347.7M-13.8%	-$305.5M-20.4%	-$253.7M-29.8%	-$195.5M-14.2%	-$171.3M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$224.8M-4.4%	$235.1M-4.3%	$245.8M-2.1%	$251.0M-3.1%	$259.0M-3.8%	$269.2M-4.0%	$280.3M-2.0%	$286.0M
Current Assets	$206.0M-4.1%	$214.9M-4.3%	$224.6M-1.6%	$228.3M-3.3%	$236.0M-3.2%	$243.9M-3.9%	$253.8M-1.8%	$258.5M
Cash & Equivalents	$47.2M+25.2%	$37.7M+40.9%	$26.8M+79.4%	$14.9M-3.6%	$15.5M-15.3%	$18.3M-65.6%	$53.2M+392.5%	$10.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$14.8M-19.0%	$18.3M-27.8%	$25.3M-11.5%	$28.6M+19.1%	$24.0M-15.8%	$28.5M-24.8%	$37.9M+46.6%	$25.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$80.5M-5.4%	$85.1M-7.6%	$92.1M+0.6%	$91.5M+3.8%	$88.2M-6.9%	$94.7M-5.3%	$100.1M+7.1%	$93.4M
Current Liabilities	$77.1M-6.1%	$82.1M-7.4%	$88.7M+0.6%	$88.2M+3.2%	$85.5M-6.3%	$91.3M-5.0%	$96.1M+8.0%	$89.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$144.3M-3.8%	$150.0M-2.4%	$153.7M-3.6%	$159.4M-6.7%	$170.8M-2.1%	$174.4M-3.2%	$180.2M-6.4%	$192.5M
Retained Earnings	-$370.0M-1.8%	-$363.6M-2.0%	-$356.4M-2.5%	-$347.7M-6.2%	-$327.4M-3.5%	-$316.2M-3.5%	-$305.5M-3.3%	-$295.6M

ONTF Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$4.8M+139.4%	-$12.2M+40.4%	-$20.5M-494.3%	$5.2M-86.2%	$37.5M+430.8%	-$11.3M
Capital Expenditures	$2.2M+2.7%	$2.2M-41.0%	$3.7M+3.7%	$3.6M+246.0%	$1.0M-11.4%	$1.2M
Free Cash Flow	$2.6M+117.8%	-$14.4M+40.5%	-$24.2M-1586.6%	$1.6M-95.5%	$36.5M+391.8%	-$12.5M
Investing Cash Flow	-$19.5M-112.0%	$162.3M+282.4%	-$89.0M+59.4%	-$219.2M-22696.9%	$970K+123.3%	-$4.2M
Financing Cash Flow	-$23.3M+81.3%	-$124.2M-333.9%	-$28.6M-108.9%	$320.5M+39764.9%	$804K-97.1%	$27.6M
Dividends Paid	$0-100.0%	$49.9M	$0	$0	N/A	N/A
Share Buybacks	$25.8M-65.4%	$74.6M+156.0%	$29.1M+303.0%	$7.2M	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$2.5M-1.3%	$2.6M-24.8%	$3.4M+246.4%	$985K-29.0%	$1.4M-35.1%	$2.1M+348.9%	-$859K+70.0%	-$2.9M
Capital Expenditures	$371K-24.6%	$492K-66.6%	$1.5M+162.6%	$561K+14.5%	$490K-52.8%	$1.0M-6.2%	$1.1M+221.8%	$344K
Free Cash Flow	$2.2M+4.2%	$2.1M+7.0%	$1.9M+357.3%	$424K-52.8%	$898K-18.4%	$1.1M+156.0%	-$2.0M+38.6%	-$3.2M
Investing Cash Flow	$13.7M+13.3%	$12.1M-3.8%	$12.6M+25.5%	$10.1M+3152.4%	$309K+101.0%	-$32.3M-154.9%	$58.7M+307.8%	$14.4M
Financing Cash Flow	-$6.8M-76.0%	-$3.9M+9.3%	-$4.2M+34.9%	-$6.5M-45.7%	-$4.5M+3.4%	-$4.6M+70.0%	-$15.5M+40.3%	-$25.9M
Dividends Paid	N/A	N/A	N/A	$0	N/A	N/A	$0	$0
Share Buybacks	$7.0M+61.2%	$4.3M-3.2%	$4.5M-37.4%	$7.2M+43.3%	$5.0M-5.0%	$5.3M-65.6%	$15.3M-40.9%	$25.9M

ONTF Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	74.3%+2.6pp	71.7%-0.6pp	72.4%-4.4pp	76.7%-2.0pp	78.8%+9.2pp	69.5%
Operating Margin	-34.2%+3.7pp	-37.9%-6.7pp	-31.2%-19.6pp	-11.6%-25.5pp	13.9%+32.0pp	-18.1%
Net Margin	-28.5%+3.2pp	-31.6%-1.1pp	-30.5%-18.6pp	-11.9%-25.1pp	13.2%+32.9pp	-19.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.8%+1.7pp	-18.5%-4.8pp	-13.7%-8.6pp	-5.1%-18.3pp	13.2%	N/A
Current Ratio	2.59-0.1	2.64-0.9	3.53-0.2	3.74+2.6	1.09	N/A
Debt-to-Equity	0.57+0.0	0.56+0.2	0.38+0.4	0.00+0.2	-0.18	N/A
FCF Margin	1.7%+10.5pp	-8.8%+3.9pp	-12.7%-13.5pp	0.8%-22.5pp	23.3%+37.3pp	-14.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	74.7%-0.4pp	75.1%+1.3pp	73.8%-0.7pp	74.5%+0.0pp	74.5%+0.4pp	74.1%-0.5pp	74.6%+2.2pp	72.3%
Operating Margin	-23.1%+2.9pp	-26.0%+4.2pp	-30.1%+2.0pp	-32.1%+2.9pp	-35.0%-1.9pp	-33.1%-2.0pp	-31.1%+4.8pp	-35.9%
Net Margin	-18.4%+2.2pp	-20.6%+4.5pp	-25.1%-0.9pp	-24.2%+5.7pp	-29.9%-1.6pp	-28.4%-3.3pp	-25.1%+4.1pp	-29.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.8%+0.3pp	-3.1%+0.4pp	-3.5%0.0pp	-3.5%+0.8pp	-4.3%-0.3pp	-4.0%-0.5pp	-3.5%+0.5pp	-4.0%
Current Ratio	2.67+0.1	2.62+0.1	2.53-0.1	2.59-0.2	2.76+0.1	2.67+0.0	2.64-0.3	2.91
Debt-to-Equity	0.560.0	0.57-0.0	0.60+0.0	0.57+0.1	0.52-0.0	0.54-0.0	0.56+0.1	0.49
FCF Margin	6.3%+0.4pp	5.9%+0.3pp	5.6%+4.4pp	1.2%-1.2pp	2.4%-0.5pp	2.9%+7.9pp	-5.0%+3.2pp	-8.2%

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Frequently Asked Questions

What is ON24 INC's annual revenue?

ON24 INC (ONTF) reported $148.1M in total revenue for fiscal year 2024. This represents a -9.5% 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 ON24 INC's revenue growing?

ON24 INC (ONTF) revenue declined by 9.5% year-over-year, from $163.7M to $148.1M in fiscal year 2024.

Is ON24 INC profitable?

No, ON24 INC (ONTF) reported a net income of -$42.2M in fiscal year 2024, with a net profit margin of -28.5%.

What is ON24 INC's earnings per share (EPS)?

ON24 INC (ONTF) reported diluted earnings per share of $-1.01 for fiscal year 2024. This represents a 12.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is ON24 INC's EBITDA?

ON24 INC (ONTF) had EBITDA of -$45.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is ON24 INC's gross margin?

ON24 INC (ONTF) had a gross margin of 74.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is ON24 INC's operating margin?

ON24 INC (ONTF) had an operating margin of -34.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is ON24 INC's net profit margin?

ON24 INC (ONTF) had a net profit margin of -28.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is ON24 INC's free cash flow?

ON24 INC (ONTF) generated $2.6M in free cash flow during fiscal year 2024. This represents a 117.8% 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 ON24 INC's operating cash flow?

ON24 INC (ONTF) generated $4.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are ON24 INC's total assets?

ON24 INC (ONTF) had $251.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are ON24 INC's capital expenditures?

ON24 INC (ONTF) invested $2.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does ON24 INC spend on research and development?

ON24 INC (ONTF) invested $36.3M in research and development during fiscal year 2024.

Does ON24 INC buy back shares?

Yes, ON24 INC (ONTF) spent $25.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does ON24 INC have outstanding?

ON24 INC (ONTF) had 42M shares outstanding as of fiscal year 2024.

What is ON24 INC's current ratio?

ON24 INC (ONTF) had a current ratio of 2.59 as of fiscal year 2024, which is generally considered healthy.

What is ON24 INC's debt-to-equity ratio?

ON24 INC (ONTF) had a debt-to-equity ratio of 0.57 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ON24 INC's return on assets (ROA)?

ON24 INC (ONTF) had a return on assets of -16.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is ON24 INC's Piotroski F-Score?

ON24 INC (ONTF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are ON24 INC's earnings high quality?

ON24 INC (ONTF) has an earnings quality ratio of -0.11x, 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.

Can ON24 INC cover its interest payments?

ON24 INC (ONTF) has an interest coverage ratio of -1489.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is ON24 INC?

ON24 INC (ONTF) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.