Yext delivered a mixed QQ4 2025 performance characterized by solid revenue growth and a continued path to profitability driven by run-rate improvements and cost synergies from the Hearsay integration. Revenue for Q4 2025 was $113.091 million, up about 11.9% year over year, while gross margin remained healthy at roughly 76.8%. However, the quarter still posted a net loss and a small EBITDA shortfall, highlighting the ongoing investments to reposition the business toward higher-value ARR growth and multi-product cross-sell. Management underscored a constructive outlook for FY2026, targeting more than $100 million of EBITDA and signaling that ARR growth should re-accelerate as the company leverages Scout and expanded product offerings (Yext Social, Hearsay integrations). Cash flow remains robust, with free cash flow of $38.0 million and operating cash flow of $38.3 million in the quarter, supporting a net-cash-positive balance sheet (net debt of approximately $27.7 million). The company emphasizes retention improvement (gross ARR retention in the high-80% range) and a strong desire to balance organic growth with opportunistic M&A and stock repurchases. Key near-term risks include FX headwinds, ongoing ARR restructuring, macro softness, and integration risks related to acquisitions. Overall, the investment thesis rests on: (1) ARR stabilization and cross-sell from Hearsay and Scout; (2) efficiency-driven EBITDA expansion in FY2026; (3) continued cash generation supporting capital allocation flexibility; and (4) an addressing of fragmentation in local search through AI-driven data insights.