ON24 INC Financials
ON24 INC (ONTF) reported $139.3M in revenue for fiscal year 2025, down 5.9% from the prior fiscal year. This page shows its 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).
ON24 is becoming a smaller, high-gross-margin platform whose cash use is falling faster than revenue.
From FY2023 to FY2025, revenue fell from$163.7M to$139.3M . Yet operating margin improved from-37.9% to-25.7% , and with two straight years of positive free cash flow that points to a cost base being resized faster than demand is eroding.
The cash conversion story improved because receivables shrank faster than sales between FY2024 and FY2025, helping produce
Gross margin held near software-like levels at
Financial Health Signals
Scored against emerging 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 ON24 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.
ON24 INC scores 0.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($348.2M) relative to total liabilities ($88.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
ON24 INC passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
ON24 INC reported a net loss of $28.9M while generating $7.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
ON24 INC reported an operating loss of $35.8M against $163K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ON24 INC generated $139.3M in revenue in fiscal year 2025. This represents a decrease of 5.9% from the prior year.
ON24 INC's EBITDA was -$30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.5% from the prior year.
ON24 INC reported -$28.9M in net income in fiscal year 2025. This represents an increase of 31.6% from the prior year.
ON24 INC earned -$0.68 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.7% from the prior year.
Cash & Balance Sheet
ON24 INC generated $4.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 54.7% from the prior year.
ON24 INC held $37.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
ON24 INC's gross margin was 74.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
ON24 INC's operating margin was -25.7% in fiscal year 2025, reflecting core business profitability. This is up 8.5 percentage points from the prior year.
ON24 INC's net profit margin was -20.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.8 percentage points from the prior year.
ON24 INC's ROE was -20.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the prior year.
Capital Allocation
ON24 INC invested $33.0M in research and development in fiscal year 2025. This represents a decrease of 9.0% from the prior year.
ON24 INC spent $22.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 14.3% from the prior year.
ON24 INC invested $3.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 55.5% from the prior year.
ONTF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $139.3M-5.9% | $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 | $35.3M-7.0% | $38.0M-17.8% | $46.3M-12.4% | $52.8M+11.4% | $47.4M+42.1% | $33.3M+22.8% | $27.1M |
| Gross Profit | $104.0M-5.5% | $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 | $33.0M-9.0% | $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 | $38.7M-16.6% | $46.4M-5.5% | $49.1M+11.7% | $44.0M+7.4% | $40.9M+87.4% | $21.8M+49.7% | $14.6M |
| Operating Income | -$35.8M+29.4% | -$50.7M+18.3% | -$62.0M-4.1% | -$59.6M-152.6% | -$23.6M-208.0% | $21.8M+235.7% | -$16.1M |
| Interest Expense | $163K+379.4% | $34K-63.4% | $93K-48.6% | $181K-61.0% | $464K-46.6% | $869K-15.5% | $1.0M |
| Income Tax | $398K-37.1% | $633K-36.4% | $995K+3.9% | $958K+436.1% | -$285K-196.0% | $297K-16.3% | $355K |
| Net Income | -$28.9M+31.6% | -$42.2M+18.6% | -$51.8M+11.0% | -$58.2M-140.0% | -$24.3M-216.9% | $20.8M+218.4% | -$17.5M |
| EPS (Diluted) | -$0.68+32.7% | -$1.01+12.9% | -$1.16+5.7% | -$1.23-115.8% | -$0.57 | $0.35 | -$3.68 |
ONTF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $228.4M-9.0% | $251.0M-10.5% | $280.3M-34.1% | $425.5M-11.5% | $480.5M+206.6% | $156.7M | N/A |
| Current Assets | $205.7M-9.9% | $228.3M-10.0% | $253.8M-35.1% | $391.3M-12.9% | $449.1M+252.3% | $127.5M | N/A |
| Cash & Equivalents | $37.0M+147.9% | $14.9M-71.9% | $53.2M+97.1% | $27.0M-83.6% | $164.9M+183.2% | $58.2M+209.1% | $18.8M |
| Accounts Receivable | $24.6M-13.9% | $28.6M-24.6% | $37.9M-13.3% | $43.8M-5.1% | $46.1M-5.1% | $48.6M | N/A |
| Total Liabilities | $88.9M-2.9% | $91.5M-8.5% | $100.1M-14.8% | $117.5M-6.3% | $125.4M-58.3% | $300.4M | N/A |
| Current Liabilities | $82.8M-6.1% | $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 | N/A | $2.0M-92.4% | $25.7M | N/A |
| Total Equity | $139.4M-12.5% | $159.4M-11.5% | $180.2M-41.5% | $308.0M-13.3% | $355.1M+347.2% | -$143.7M+16.1% | -$171.2M |
| Retained Earnings | -$376.5M-8.3% | -$347.7M-13.8% | -$305.5M-20.4% | -$253.7M-29.8% | -$195.5M-14.2% | -$171.3M | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill.
ONTF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.5M+55.1% | $4.8M+139.4% | -$12.2M+40.4% | -$20.5M-494.3% | $5.2M-86.2% | $37.5M+430.8% | -$11.3M |
| Capital Expenditures | $3.5M+55.5% | $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 | $4.0M+54.7% | $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 | $34.8M+279.0% | -$19.5M-112.0% | $162.3M+282.4% | -$89.0M+59.4% | -$219.2M-22696.9% | $970K+123.3% | -$4.2M |
| Financing Cash Flow | -$20.4M+12.4% | -$23.3M+81.3% | -$124.2M-333.9% | -$28.6M-108.9% | $320.5M+39764.9% | $804K-97.1% | $27.6M |
| Dividends Paid | $0 | $0-100.0% | $49.9M | $0 | $0 | N/A | N/A |
| Share Buybacks | $22.1M-14.3% | $25.8M-65.4% | $74.6M+156.0% | $29.1M+303.0% | $7.2M | $0 | $0 |
ONTF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 74.6%+0.3pp | 74.3%+2.6pp | 71.7%-0.6pp | 72.4%-4.4pp | 76.7%-2.0pp | 78.8%+9.2pp | 69.5% |
| Operating Margin | -25.7%+8.5pp | -34.2%+3.7pp | -37.9%-6.7pp | -31.2%-19.6pp | -11.6%-25.5pp | 13.9%+32.0pp | -18.1% |
| Net Margin | -20.7%+7.8pp | -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 | -20.7%+5.8pp | -26.4%+2.3pp | -28.7%-9.8pp | -18.9%-12.1pp | -6.8% | N/A | N/A |
| Return on Assets | -12.6%+4.2pp | -16.8%+1.7pp | -18.5%-4.8pp | -13.7%-8.6pp | -5.1%-18.3pp | 13.2% | N/A |
| Current Ratio | 2.48-0.1x | 2.59-0.1x | 2.64-0.9x | 3.53-0.2x | 3.74+2.6x | 1.09 | N/A |
| Debt-to-Equity | 0.64+0.1x | 0.570.0x | 0.56+0.2x | 0.38+0.4x | 0.01 | N/A | N/A |
| FCF Margin | 2.9%+1.1pp | 1.7%+10.5pp | -8.8%+3.9pp | -12.7%-13.5pp | 0.8%-22.5pp | 23.3%+37.3pp | -14.0% |
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Where ON24 INC Ranks
Frequently Asked Questions
What is ON24 INC's annual revenue?
ON24 INC (ONTF) reported $139.3M in total revenue for fiscal year 2025. This represents a -5.9% 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 5.9% year-over-year, from $148.1M to $139.3M in fiscal year 2025.
Is ON24 INC profitable?
No, ON24 INC (ONTF) reported a net income of -$28.9M in fiscal year 2025, with a net profit margin of -20.7%.
What is ON24 INC's EBITDA?
ON24 INC (ONTF) had EBITDA of -$30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is ON24 INC's gross margin?
ON24 INC (ONTF) had a gross margin of 74.6% in fiscal year 2025, 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 -25.7% in fiscal year 2025, 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 -20.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ON24 INC's return on equity (ROE)?
ON24 INC (ONTF) has a return on equity of -20.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ON24 INC's free cash flow?
ON24 INC (ONTF) generated $4.0M in free cash flow during fiscal year 2025. This represents a 54.7% 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 $7.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ON24 INC's total assets?
ON24 INC (ONTF) had $228.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ON24 INC's capital expenditures?
ON24 INC (ONTF) invested $3.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ON24 INC spend on research and development?
ON24 INC (ONTF) invested $33.0M in research and development during fiscal year 2025.
What is ON24 INC's current ratio?
ON24 INC (ONTF) had a current ratio of 2.48 as of fiscal year 2025, which is generally considered healthy.
What is ON24 INC's debt-to-equity ratio?
ON24 INC (ONTF) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, 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 -12.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ON24 INC's Altman Z-Score?
ON24 INC (ONTF) has an Altman Z-Score of 0.78, placing it in the Distress Zone (elevated 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 ON24 INC's Piotroski F-Score?
ON24 INC (ONTF) has a Piotroski F-Score of 5 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 ON24 INC's earnings high quality?
ON24 INC (ONTF) reported a net loss of $28.9M while generating $7.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $35.8M against $163K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.