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CFLT

Confluent, Inc.

CFLT

Confluent, Inc. • NASDAQ
$22.25 ▲ 1.92% (+0.42)
Market Cap $7.78 B
52w High $37.90
52w Low $15.64
Dividend Yield 0%
P/E -24.72
Volume 1.34M
Outstanding Shares 349.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $298.524M ▲ $304.877M ▲ $-66.504M ▲ -22.278% ▲ $-0.19 ▲ $-57.13M ▲
Q2-2025 $282.285M ▲ $304.553M ▲ $-81.95M ▼ -29.031% ▼ $-0.24 ▼ $-89.094M ▲
Q1-2025 $271.12M ▲ $303.18M ▲ $-67.574M ▲ -24.924% ▲ $-0.2 ▲ $-94.573M ▲
Q4-2024 $261.22M ▲ $299.439M ▲ $-88.054M ▼ -33.709% ▼ $-0.27 ▼ $-99.55M ▼
Q3-2024 $250.199M $280.159M $-74.144M -29.634% $-0.23 $-87.961M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.99B ▲ $2.877B ▲ $1.758B ▲ $1.119B ▲
Q2-2025 $1.941B ▲ $2.817B ▲ $1.754B ▲ $1.064B ▲
Q1-2025 $1.917B ▲ $2.699B ▲ $1.673B ▼ $1.025B ▲
Q4-2024 $1.911B ▲ $2.695B ▲ $1.734B ▲ $961.226M ▲
Q3-2024 $1.859B $2.608B $1.674B $934.318M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-66.504M ▲ $30.801M ▲ $-46.751M ▼ $19.772M ▲ $2.946M ▼ $24.585M ▲
Q2-2025 $-81.95M ▼ $18.115M ▲ $-8.489M ▲ $6.062M ▼ $17.03M ▲ $17.196M ▲
Q1-2025 $-67.574M ▲ $-26.754M ▼ $-112.003M ▼ $30.801M ▲ $-107.419M ▼ $-32.989M ▼
Q4-2024 $-88.054M ▼ $35.211M ▲ $10.248M ▲ $19.504M ▲ $63.374M ▲ $29.122M ▲
Q3-2024 $-74.144M $15.613M $-21.93M $17.202M $11.278M $9.337M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Confluent Cloud
Confluent Cloud
 $140.00M ▲$140.00M ▲$150.00M ▲$160.00M ▲
License
License
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Post Contract Customer Support
Post Contract Customer Support
 $90.00M ▲$90.00M ▲$90.00M ▲$90.00M ▲
Service
Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Confluent shows a classic high-growth software profile: revenue has been climbing quickly each year and gross profit has scaled well with it, suggesting a strong underlying business model and healthy pricing power. At the same time, the company is still running meaningful operating and net losses. Those losses were getting worse for several years but now appear to be slowly narrowing, which is a constructive sign. Overall, the story is one of strong top-line momentum, high gross margins, but profitability that is still a work in progress and dependent on maintaining growth while controlling costs, especially sales, marketing, and R&D spending.

Balance Sheet

Balance Sheet The balance sheet looks solid but leveraged. Total assets have grown steadily as the business has expanded. Cash is lower than immediately after the IPO, but the company still has a reasonable cash cushion. On the other hand, there is a sizable layer of debt that has remained roughly unchanged in recent years, likely from convertible notes, which brings some financial risk and future dilution potential. Shareholders’ equity has improved significantly from a negative position before the IPO to clearly positive now, indicating that past losses have been more than offset by capital raised and growth in the business. Overall, the company has room to maneuver, but its debt load and ongoing losses mean it does not have an unlimited safety buffer.

Cash Flow

Cash Flow Cash generation has moved in the right direction. Operating cash flow was negative for several years but has recently flipped to slightly positive, a key milestone for any growth software company. Free cash flow has followed a similar path, turning positive as well, helped by a capital-light model that requires only modest spending on physical assets. This shift suggests better discipline in spending and improved unit economics as the business scales. However, the margin of safety is still thin: the positive cash flow is not yet large or durable enough to fully offset the risk from ongoing accounting losses or a potential slowdown in growth.

Competitive Edge

Competitive Edge Confluent occupies a strong strategic position at the center of the data streaming ecosystem. It benefits from deep roots in Apache Kafka, with its founders being the original creators of the technology, which gives it credibility and technical leadership. The company offers a full-featured, managed platform rather than just raw infrastructure, which simplifies adoption for enterprises and can lower their total cost of ownership compared with running Kafka themselves. Its multi-cloud presence and large library of connectors make it attractive to customers that want flexibility and integration across many systems. Competition is still intense, particularly from large cloud providers and open-source alternatives, but Confluent’s brand, ecosystem, and breadth of features give it a clear edge in many enterprise use cases.

Innovation and R&D

Innovation and R&D Innovation is a core part of Confluent’s identity. It has moved beyond basic Kafka hosting to build a cloud-native engine (Kora) aimed at better performance and elasticity. The company integrates stream processing directly into its platform through tools like ksqlDB and managed Flink, making real-time analytics more accessible to a wider range of developers. It is also pushing into modern deployment models with acquisitions like WarpStream, which support “bring your own cloud” architectures for customers with strict data control needs. On top of that, Confluent is positioning itself as a data backbone for AI through Confluent Intelligence, focused on feeding real-time, reliable data into AI systems. The opportunity is large but execution-sensitive, as the company must keep delivering useful, easy-to-use capabilities while competitors also race to tie data streaming to AI.

Summary

Confluent looks like a maturing high-growth infrastructure software company: revenue and gross profit are growing rapidly, losses are narrowing, and cash flows are improving, though profitability is not yet achieved. The balance sheet is generally sound with a good asset base and positive equity, but its significant debt and history of losses mean it must continue managing cash carefully. Competitively, it holds a strong position in real-time data streaming thanks to its Kafka heritage, comprehensive managed platform, and multi-cloud reach. Its strategy leans heavily on innovation, particularly around cloud-native streaming, integrated processing, and becoming a key enabler for AI applications. The main tension is between a compelling long-term opportunity in data and AI and the nearer-term need to sustain growth, sharpen efficiency, and prove that the business can generate durable, sizable free cash flow over time.

NEWS

November 25, 2025 · 4:05 PM UTC

Confluent Named a Leader in Streaming Data Platforms

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October 29, 2025 · 11:00 AM UTC

Confluent Expands Tableflow to Power Real-Time Analytics and AI Across Clouds

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October 27, 2025 · 4:03 PM UTC

Confluent Announces Third Quarter 2025 Financial Results

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October 6, 2025 · 4:05 PM UTC

Confluent to Announce Third Quarter 2025 Financial Results on October 27, 2025

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October 3, 2025 · 7:37 AM UTC

CONFLUENT (CFLT) INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into Confluent, Inc. and Encourages Investors to Contact the Firm

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