# Klaviyo, Inc. (KVYO)

> Source: Nexqual · https://nexqual.com/KVYO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Klaviyo, Inc. (KVYO), nexqual.com/KVYO" · informational, not investment advice.

**Price:** USD 20.59 (+1.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.19 · day 20.19–20.91 · 52w 12.53–33.36 · market cap $6.16B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.39B, net income $6.8M (0.5% margin), free cash flow $253M (SEC filings).
- Valuation: P/E 907.4x.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $111M; 1 not under a Rule 10b5-1 plan ($88.5M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.96 on a 1–5 scale) (23 analysts), mean target USD 26.24 (range 19–36).
- Total return with dividends: 1Y -21.3% vs S&P 500 +14.9%; 5Y -38.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.17, revenue estimate $380M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $291M | $473M | $698M | $937M | $1.23B | $1.39B |
| Gross profit | $206M | $345M | $520M | $716M | $921M | — |
| Operating income | -$79.2M | -$55.0M | -$331M | -$84.1M | -$67.8M | -$25.9M |
| Net income | -$79.4M | -$49.2M | -$308M | -$46.1M | -$31.8M | $6.8M |
| EPS (diluted) | -$0.36 | -$0.21 | -$1.27 | -$0.17 | -$0.11 | — |
| Free cash flow | -$35.8M | -$39.4M | $116M | $160M | $209M | $253M |
| Gross margin | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% | — |
| Operating margin | -27.3% | -11.6% | -47.4% | -9.0% | -5.5% | -1.9% |
| Net margin | -27.3% | -10.4% | -44.2% | -4.9% | -2.6% | 0.5% |
| Revenue growth | — | +62.7% | +47.7% | +34.3% | +31.6% | — |
| Cash + short-term investments | $328M | $386M | $739M | $881M | $1.06B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 907.4x · P/S 4.4x · P/FCF 24.3x · P/B 6.4x · FCF yield 4.11% · Earnings yield 0.11%

## Insider sales (SEC Form 4, open-market, last ~7 months)
17 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | Hallen Ed | Director | 97,482 | $1.7M | 18.6% | Yes (adopted June 1, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-24 | Hallen Ed | Director | 1,300 | $22K | 0.2% | Yes (adopted June 1, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11 | St. Ledger Susan | Director | 2,328 | $37K | 9% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-31 | Hallen Ed | Director | 98,782 | $2.0M | 15.4% | Yes (adopted June 1, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-28…2026-08-31 | Edmond Landon | Chief Legal Officer | 61,576 | $1.2M | 11.4% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Whalen Amanda | Chief Financial Officer | 14,000 | $259K | 1.7% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Summit Partners L P |  | 5,000,000 | $88.5M | 100% | No | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
| 2026-07-16 | Whalen Amanda | Chief Financial Officer | 14,000 | $249K | 1.6% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-18 | Whalen Amanda | Chief Financial Officer | 14,000 | $185K | 1.6% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Bialecki Andrew | Co-Chief Executive Officer | 212,529 | $3.1M | 100% | Yes (adopted May 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Bialecki Andrew | Co-Chief Executive Officer | 200,000 | $3.0M | 100% | Yes (adopted May 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-18 | St. Ledger Susan | Director | 9,334 | $133K | 46% | Yes (adopted June 11, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Whalen Amanda | Chief Financial Officer | 14,000 | $200K | 1.6% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Bialecki Andrew | Co-Chief Executive Officer | 200,000 | $2.9M | 100% | Yes (adopted May 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-20 | Edmond Landon | Chief Legal Officer | 9,623 | $192K | 1.6% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-16 | Whalen Amanda | Chief Financial Officer | 14,000 | $260K | 1.5% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-14 | Bialecki Andrew | Co-Chief Executive Officer | 200,000 | $3.4M | 100% | Yes (adopted May 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-07 | Bialecki Andrew | Co-Chief Executive Officer | 200,000 | $3.7M | 100% | Yes (adopted May 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 23 analysts; mean target USD 26.24 (low 19, high 36).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Goldman Sachs | Downgrade | Buy → Neutral | $27 → $20 |
| 2026-08-07 | Citigroup | Target raised | Buy | $34 → $36 |
| 2026-08-06 | Canaccord Genuity | Target lowered | Buy | $32 → $29 |
| 2026-08-06 | TD Cowen | Target lowered | Buy | $27 → $26 |
| 2026-08-06 | Macquarie | Target raised | Neutral | $17 → $19 |
| 2026-08-06 | Wells Fargo | Target lowered | Overweight | $26 → $22 |
| 2026-08-06 | Truist Securities | Target lowered | Buy | $35 → $30 |
| 2026-08-06 | Benchmark | Downgrade | Buy → Hold |  |
| 2026-08-06 | Stephens & Co. | Target raised | Overweight | $24 → $25 |
| 2026-08-06 | Keybanc | Target lowered | Overweight | $35 → $29 |
| 2026-08-06 | Stifel | Target lowered | Buy | $24 → $22 |
| 2026-08-06 | Barclays | Target lowered | Overweight | $25 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-09-18) |
|---|---|---|
| Total return | -21.3% | -38.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -21.3% | -14.5% |
| Volatility (annualized) | 77.3% | 61.4% |
| Max drawdown | -61.3% (Dec 2025→Jun 2026) | -71.8% (Feb 2025→Jun 2026) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCTY (Paylocity Holding Corporation) USD 177.67 +4.93%

## More
Full page: https://nexqual.com/KVYO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KVYO's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/1835830/000183583026000007/kvyo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "For example, in October 2023, Google and Yahoo announced new email sender requirements that impact customers of email marketing platforms, including our platform." |
| Customer | OpenAI | "In January 2026, we also launched the Klaviyo application with OpenAI, allowing our customers to access their Klaviyo data right inside ChatGPT." |
| Partner | Shopify (SHOP) | "In July 2022, we completed a series of transactions to memorialize our strategic partnership with Shopify, which established Klaviyo as the recommended email solution for all Shopify Plus merchants." |
| Partner | Meta Platforms (META) | "We enhance our platform through our large technology partner ecosystem and robust library of integrations with other technology platforms, including Google, Meta, Zendesk, Gorgias, LoyaltyLion, Pinterest, and Canva." |
| Competitor | Salesforce (CRM) | "•Large, consolidated marketing automation software providers, such as Adobe and Salesforce; and" |
| Competitor | Adobe (ADBE) | "•Large, consolidated marketing automation software providers, such as Adobe and Salesforce; and" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $215.8M | 58.2% | +21.8% |
| Other EMEA | $60.8M | 16.4% | +44.4% |
| APAC | $38.8M | 10.5% | +28.6% |
| United Kingdom | $37.7M | 10.2% | +27.3% |
| Other Americas | $17.5M | 4.7% | +24.8% |
| Total revenue | $370.6M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "PT) today to discuss the results for its second quarter ended June 30, 2026 and its outlook for its third quarter ending September 30, 2026 and fiscal year ending December 31, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.17 | $0.21 | -17.2% | $379.9M | 21 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.24 | +4.5% | $422.7M | 21 |
| Current fiscal year (ends 2026-12-31) | $0.82 | $0.85 | -3.0% | $1.53B | 21 |
| Next fiscal year (ends 2027-12-31) | $1.05 | $1.04 | +1.3% | $1.83B | 21 |