Executive Summary
Couchbase delivered a revenue quarter of 57.6 million USD in QQ2 2026, representing a year-over-year growth of 11.6% and a modest quarterly uptick of 1.9%. The company posted a gross margin of approximately 87.2%, translating to gross profit of about 50.23 million USD. However, the quarter culminated in a substantial operating loss of 25.40 million USD and a net loss of 23.79 million USD, driven by heavy spending across research and development and selling, general and administrative expenses. EBITDA was negative at roughly 22.67 million USD, with an EBITDA margin of -39.38%. These profitability dynamics reflect ongoing investments in product development, cloud-native capabilities (notably Capella), and go-to-market expansion as Couchbase pursues a longer-term trajectory toward higher ARR and platform adoption.
On the balance sheet, Couchbase maintains a robust liquidity position highlighted by cash and short-term investments totaling about 142.22 million USD and a net cash position of roughly -35.93 million USD (net debt). The cash balance at period end stood at 44.11 million USD. Deferred revenue sits at 86.69 million USD (current) and 2.36 million USD (non-current), underscoring a meaningful prepayment runway and potential revenue visibility as customers advance engagements with Capella and on-prem/off-prem configurations. Despite the near-term losses, the company’s liquidity and deferred revenue backdrop provide a cushion to fund growth initiatives while it scales its multi-cloud database platform.
Looking ahead, management commentary (where available) emphasizes continued investment in Capella, multi-cloud deployment, and enterprise-grade features to accelerate customer adoption. The key question for investors is whether Couchbase can convert top-line momentum into sustainable profitability through operating leverage and higher mix of higher-value cloud subscriptions. The near-term path to profitability will hinge on accelerating ARR growth, improving operating efficiency, and advancing the Capella platform’s monetization.
Key Performance Indicators
QoQ: -34.82% | YoY:-20.70%
QoQ: -34.54% | YoY:-19.56%
QoQ: -30.30% | YoY:-10.26%
Key Insights
Revenue: 57,566,000 USD in QQ2 2026; YoY growth of 11.59% and QoQ growth of 1.85%.
Gross Profit: 50,225,000 USD; Gross Margin 87.25%; YoY Gross Profit growth 11.30%; QoQ 1.12%.
Operating Income: -25,404,000 USD; Operating Margin -44.13%; YoY Operating Income decline 20.70%; QoQ decline 34.82%.
Net Income: -23,786,000 USD; Net Margin -41.32%; YoY net income change -19.56%; QoQ change -34.54%.
EPS (Diluted): -0.43 USD; YoY EPS change -10.26%; QoQ change -30.30%.
EBITDA: -22,671,000 USD; EBITD...
Financial Highlights
Revenue: 57,566,000 USD in QQ2 2026; YoY growth of 11.59% and QoQ growth of 1.85%.
Gross Profit: 50,225,000 USD; Gross Margin 87.25%; YoY Gross Profit growth 11.30%; QoQ 1.12%.
Operating Income: -25,404,000 USD; Operating Margin -44.13%; YoY Operating Income decline 20.70%; QoQ decline 34.82%.
Net Income: -23,786,000 USD; Net Margin -41.32%; YoY net income change -19.56%; QoQ change -34.54%.
EPS (Diluted): -0.43 USD; YoY EPS change -10.26%; QoQ change -30.30%.
EBITDA: -22,671,000 USD; EBITDA Margin: -39.38%.
Free Cash Flow: -7,318,000 USD.
Cash & investments: 142,222,000 USD combined (cash 44,110,000 USD; short-term investments 98,112,000 USD).
Balance Sheet Highlights: Total assets 250,434,000 USD; Total liabilities 126,425,000 USD; Total stockholders’ equity 124,009,000 USD. Deferred revenue current 86,689,000 USD; non-current 2,359,000 USD. Retained earnings -606,777,000 USD.
Liquidity: Net debt position -35,926,000 USD, indicating net cash strength after accounting for debt and minority positions.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
57.57M |
11.59% |
1.85% |
| Gross Profit |
50.23M |
11.30% |
1.12% |
| Operating Income |
-25.40M |
-20.70% |
-34.82% |
| Net Income |
-23.79M |
-19.56% |
-34.54% |
| EPS |
-0.43 |
-10.26% |
-30.30% |
Management Commentary
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Forward Guidance
No explicit forward guidance was provided in the supplied data. Based on the quarterly results and typical industry dynamics, key factors that would influence next steps include: (1) Capella adoption trajectory and the pace of cloud-based ARR growth, (2) operating expense discipline and potential leverage as revenue scales, (3) customer acquisition and retention trends in multi-cloud deployments, including edge and on-prem/off-prem configurations, and (4) monetization of platform features such as SQL-compatible querying and data synchronization across environments. Investors should monitor quarterly ARR progression, gross margin stability as product mix shifts toward Capella, customer concentration or churn signals, and any commentary on bookings or deferred revenue evolution. A constructive path to profitability would likely require sustained revenue growth combined with improving operating leverage and a move toward positive free cash flow.