GitLab delivered a solid Q4 FY2025, capping a year of notable ARR expansion and enhanced profitability in a rapidly evolving DevSecOps and AI-enabled software development market. Q4 revenue rose 29% year over year to $211.4 million, with non-GAAP operating margin of 17.7% and gross margins near 91% as the company scales its SaaS and on-prem offerings. For the full year, revenue grew 31% to $759.2 million, while non-GAAP operating margin reached 10.2% and adjusted free cash flow rose 259% to $120 million, underscoring significant operating leverage as GitLab shifts toward higher-margin, multi-product outcomes. The company highlighted strong enterprise demand for Ultimate, with 50% of ARR from Ultimate and 1,229 customers with $100k+ ARR, including 123 customers with $1 million+ ARR, and a DBNR of 123%. These metrics point to durable expansion and high-value land-and-expand dynamics, particularly as AI-infused products (Duo, Duo Enterprise, Duo Workflow) become more integrated across the software lifecycle. Management articulated a multi-year plan focused on (1) growing new paying customers, especially in mid-market/enterprise, (2) accelerating value realization through expansion motions, and (3) delivering faster innovation in core DevOps, security, and AI areas. The 2026 guidance signals continued growth and margin expansion potential, with revenue guidance of $936–$942 million (~24% YoY), non-GAAP operating income of $109–$114 million, and non-GAAP diluted EPS of $0.68–$0.72. Investors should monitor AI adoption cadence, competitive dynamics in the co-generation space, SSP impacts, and the China/Jihoo-related cost profile as key inputs to the trajectory.Overall, GitLab appears well-positioned to monetize its platform advantage through heightened adoption of Ultimate and Duo offerings, an expanding customer base, and an increasingly AI-enabled product suite.