Amplitude NASDAQ: AMPL reported what management called “one of the strongest quarters” in company history as fourth-quarter revenue and annual recurring revenue both rose 17% year over year, supported by enterprise traction, multi-product adoption, and increasing use of AI-driven workflows.
Quarterly results and enterprise momentum
For the fourth quarter, Amplitude posted revenue of $91.4 million, up 17% year over year and above the high end of guidance, according to CEO and co-founder Spenser Skates. Annual recurring revenue (ARR) ended the quarter at $366 million, also up 17% year over year and up $18 million sequentially, which management said marked its highest net new ARR quarter since 2021.
On profitability, CFO Andrew Casey said fourth-quarter non-GAAP operating income was $4.2 million, or 4.6% of revenue. Free cash flow was $11.2 million, or 12% of revenue, and full-year free cash flow was “nearly” $24 million (a 7% margin), which management described as a record.
Casey also emphasized that the enterprise is now Amplitude’s “core growth engine,” citing 20% year-over-year ARR growth for the enterprise customer cohort, along with higher retention and expansion rates than the rest of the business. Remaining performance obligations (RPO) were another focus: Casey said Amplitude sustained current RPO growth of more than 20% throughout 2025, and total RPO grew 35% year over year in Q4, with average contract duration now above 22 months.
Customer growth, retention, and multi-product adoption
Amplitude ended Q4 with 698 customers generating more than $100,000 in ARR, up 18% year over year and up 45 customers from the prior quarter. Casey said this was the largest sequential increase in that cohort in company history. Customers at $1 million or more in ARR rose to 56, up 33% year over year.
On retention, Casey said dollar-based net retention (NRR) improved to 105%, up from 100% exiting 2024. In Q&A, he attributed much of the 2025 improvement primarily to cross-sell, noting customers increasingly adopted more applications across the platform. He also said that after moving past “capacity-related issues” created previously, Amplitude is now starting to see data ingestion contribute more meaningfully to net retention improvements as well.
Multi-product attach was a key theme. Casey said 74% of ARR came from customers with more than one product, up 15 percentage points from last year. He added that 51% of ARR comes from customers using more than three products, and deployments of five or more products represent 20% of ARR, doubling year over year.
AI strategy: “agentic analytics” and new products
Skates centered much of his prepared remarks on AI, arguing that coding assistants have compressed development cycles and shifted the bottleneck to understanding user behavior—what he called “the use and learn side” of the product loop. He said builders and their AI assistants need a system of context that combines behavioral data, retention and funnel logic, and analytical tools in a form that enables AI to reason effectively.
Skates said Amplitude’s “agentic analytics platform” reached a 76% success rate on complex production-grade queries over the past six months, which he described as seven times better than a straight text-to-SQL approach. He also said Amplitude launched “global AI agents,” specialized agents, and Model Context Protocol (MCP) integrations, positioning agents as a way to move “from insight to action in minutes, not weeks” by connecting analytics, cohorts, experiments, and messaging in a continuous workflow.
Skates highlighted increasing AI-native usage, noting that AI-agent-triggered queries were “almost none” in October and are now 25% of total queries, adding that agents drove the “vast majority” of incremental query growth over the past few months.
Acquisition, customer wins, and example deployments
Skates said Amplitude acquired InfiniGrow, describing it as an AI-native marketing analytics startup that connects spend, behavior, and revenue impact. He said the deal adds AI-native engineering talent and expands Amplitude’s ability to connect acquisition, activation, and retention into a single feedback loop. In Q&A, Skates added that InfiniGrow stood out both for its team’s experience automating AI analytics workflows and for familiarity with marketing-side buyers as product and marketing personas converge.
On customer activity, Skates said Amplitude had new and expansion enterprise deals including the following names:
- One of the largest music streaming apps (not named on the call)
- The Cheesecake Factory
- Asana
- PGA of America
- CrossFit
- Stewart Title Guaranty Company
- Crunch Fitness
- Whoop
- Once Upon Publishing
- NTT Docomo
Management highlighted several customer stories. NTT Docomo is using Amplitude across more than 1,000 active users; Skates said an agent reduced campaign analysis time by over 90%, and AI-powered Session Replay summaries localized into Japanese helped UX teams identify issues faster. Siemens, which Skates described as a $70 billion global technology leader, consolidated onto Amplitude from point solutions to obtain a unified view of user behavior; he said a conference marketing effort led to a 90% year-over-year increase in web traffic and a projected 50% increase in registrations and attendance. He also described a large music streaming app using Amplitude Analytics and Session Replay for checkout optimization, upgrades, churn prevention, and recovery.
Guidance, capital return, and pricing changes
For the first quarter of fiscal 2026, Amplitude expects revenue of $91.7 million to $93.7 million, representing 16% growth at the midpoint. The company guided to non-GAAP operating income of -$4.5 million to -$2.5 million and non-GAAP EPS of -$0.02 to -$0.01.
For full-year 2026, Amplitude expects revenue of $390 million to $398 million, representing 15% growth at the midpoint, with non-GAAP operating income of $7 million to $13 million and non-GAAP EPS of $0.08 to $0.13.
Casey also discussed a new pricing and packaging strategy. He said Amplitude will not change its core billing metric of events, but will centralize monetization of products such as Experiment, Session Replay, and Guides and Surveys as a percentage uplift on the core platform charge. He said the goal is to reduce adoption friction and improve cost transparency as data volumes expand. In Q&A, Casey added that nearly 20% of new ARR booked in the quarter used the new pricing and packaging in a pilot stage.
On capital allocation, Casey said the company has used cash to minimize dilution, has already repurchased shares under its current program, and that the board approved an additional $100 million reserve for buybacks.
About Amplitude NASDAQ: AMPL
Amplitude, Inc is a software company specializing in digital analytics and product intelligence solutions for businesses seeking to optimize user engagement and drive growth. Its core offering, the Amplitude Analytics platform, enables customers to collect and analyze behavioral data from web and mobile applications in real time. The platform provides advanced segmentation, funnel analysis, retention tracking and pathfinding tools that help product, marketing and data teams understand user journeys, identify friction points and measure the impact of new features.
Founded in 2012 by Spenser Skates, Curtis Liu and Jeffrey Wang, Amplitude is headquartered in Redwood City, California, with additional offices spanning North America, Europe and Asia.
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