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Reported Q: Q4 2025 Rev YoY: +9.7% EPS YoY: +31.8% Move: +0.04%

Couchbase Inc

BASE

$24.51 0.04%

Exchange NASDAQ Sector Technology Industry Software Infrastructure

Q4 2025

Published: Mar 25, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for BASE

Reported

Report Date

Mar 25, 2025

Quarter Q4 2025

Revenue

54.92M

YoY: +9.7%

EPS

-0.30

YoY: +31.8%

Market Move

+0.04%

Previous quarter: Q3 2025

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Earnings Highlights

Revenue of $54.92M up 9.7% year-over-year
EPS of $-0.30 increased by 31.8% from previous year
Gross margin of 88.6%
Net income of -15.61M
""We ended fiscal 2025 on a high note with a great Q4. We delivered fourth quarter revenue, non GAAP operating loss and ARR adjusted for in quarter FX ahead of the high end of our guidance ranges. Highlights include robust renewals and expansions and continued strong Capella adoption and consumption growth, which resulted in our highest ever quarterly net new ARR."" - Matt Cain, Chief Executive Officer

BASE

Company BASE

Period Q4 2025

Currency USD

Report Type Quarterly Earnings

Generated Feb 12, 2026

Executive Summary

Couchbase delivered a strong Q4 2025 performance with meaningful ARR momentum and continued Capella adoption, underscored by a record level of net new ARR. The company closed the quarter with total ARR of $237.9 million, up 17% year-over-year and 8% sequentially, driven by large strategic deals, expanding Capella usage, and a growing installed base. Q4 revenue rose 10% year-over-year to $54.9 million, with gross margin at 89.4% and a non-GAAP operating loss of $0.14 million, illustrating early-stage profitability leverage as Capella migrations scale.

Key Performance Indicators

Revenue

Increasing

54.92M

QoQ: 6.38% | YoY: 9.65%

Gross Profit

Increasing

48.66M

88.61% margin

QoQ: 7.97% | YoY: 8.26%

Operating Income

Increasing

-15.83M

QoQ: 17.68% | YoY: 9.20%

Net Income

Increasing

-15.61M

QoQ: 14.00% | YoY: 27.06%

EPS

Increasing

-0.30

QoQ: -137.97% | YoY: 31.82%

Revenue Trend

Margin Analysis

Financial Highlights

Key quarterly metrics and trendlines:
- ARR: $237.9M (+17% YoY, +8% QoQ); Net new ARR: $17.6M (+14% YoY; +26% YoY ex currency to $19.5M)
- Capella ARR: $38.5M (16.2% of total ARR; up 76% YoY, up from 15.1% last quarter)
- Revenue: $54.9M (+10% YoY; +6% QoQ); Software revenue: $52.8M (+10% YoY; +7% QoQ)
- Gross margin: Q4 89.4%; Full year 88.9%
- Operating loss: Q4 -$0.144M; FY2025 -$14.4M; Net income: Q4 $78k; FY2025 net loss -$10.4M
- ARR per customer: $251k (vs. $273k YoY; up from $244k in Q3)
- NRR: >114% (below the public-company historical >115% by a small margin; expected to normalize in H2 FY2026)
- Free cash flow: Q4 $4.0M (FCF margin 7.3%); FY2025 FCF -$18.8M (FCF margin -9%)
- Cash & equivalents: ~$147.2M; Remaining Performance Obligations (RPO): $251.1M (+4% YoY); cash flow from operations: $4.4M in Q4; annual capex: -$0.375M; free cash flow expectations point toward breakeven FCF in 2027 per guidance.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	54.92M	9.65%	6.38%
Gross Profit	48.66M	8.26%	7.97%
Operating Income	-15.83M	9.20%	17.68%
Net Income	-15.61M	27.06%	14.00%
EPS	-0.30	31.82%	-137.97%

Key Financial Ratios

Gross Profit Margin

Excellent

88.60%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Weak

-0.29%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-0.28%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.06%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.12%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

1.79

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Conservative

0.03

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-14.99x

Negative earnings make P/E ratio not meaningful

Price to Book

High Premium

7.34x

Very high premium suggests asset-light business model or lofty expectations

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2026	57.57	-0.43	+11.6%	View
Q1 2026	56.52	-0.33	+10.1%	View
Q4 2025	54.92	-0.30	+9.7%	View
Q3 2025	51.63	0.79	+12.7%	View
Q2 2025	51.59	-0.39	+19.6%	View

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Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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