Confluent
ConvictionModerate
Enterprise SaaS + hybrid subscription: consumption-based Confluent Cloud (fully managed Kafka/Flink) plus term-license Confluent Platform (self-managed), land-and-expand; now operated inside IBM Software
Revenue
$1,166.7M total revenueFY2025Rev growth
+21% YoYFY2024 $963.6M -> FY2025 $1,166.7MGross margin
74.3% GAAP gross marginFY2025Op margin
-32.6% GAAP operating marginFY2025, operating loss $380.1M); +7.4% non-GAAP operating margin (FY2025) — the GAAP/non-GAAP gap is almost entirely stock-based compensationCapex intensity
Low<2% of revenue — asset-light SaaS running on third-party public cloud; largest 'infrastructure' cost is cloud hosting in COGS, not owned capexMarket cap
~$11B enterprise value settled at IBM's acquisition price$31.00/share all-cash; equity value roughly $10.5-11B depending on dilution). No public float remains after the 2026-03-17 Nasdaq delisting.The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Confluent
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage FY2025 (year ended 2025-12-31) financials + IBM acquisition close 2026-03-17; select operating metrics (RPO/NRR/$1M-ARR customers) as of Q3 2025· sign in (free) for the analyst summary; Pro unlocks full intelligence