Revenue growth has decelerated to 10.1% in 2026Q1, while the company continues to struggle with operating leverage, evidenced by persistent negative operating margins of -4.4%.
| Sales/Revenue | 289.39M | 282.6M | 249.91M | 218.02M | 193.23M | 137.67M | 93.49M | 70.59M |
| Revenue Growth % | 12.16% | 13.08% | 14.63% | 12.83% | 40.36% | 47.26% | 32.44% | - |
| Cost of Goods Sold | 59.53M | 57.8M | 54.81M | 47.09M | 53.27M | 31.75M | 21.42M | 20.51M |
| COGS % of Revenue | - | 20.45% | 21.93% | 21.6% | 27.57% | 23.06% | 22.91% | 29.06% |
| Gross Profit | 229.86M | 224.8M | 195.1M | 170.93M | 139.96M | 105.92M | 72.07M | 50.08M |
| Gross Margin % | 79.43% | 79.55% | 78.07% | 78.4% | 72.43% | 76.94% | 77.09% | 70.94% |
| Gross Profit Growth % | - | 15.22% | 14.14% | 22.13% | 32.14% | 46.96% | 43.91% | - |
| Operating Expenses | 247.37M | 248.36M | 204.76M | 199.74M | 227.82M | 172.02M | 91.74M | 66.19M |
| OpEx % of Revenue | - | 87.88% | 81.93% | 91.61% | 117.9% | 124.95% | 98.14% | 93.77% |
| Selling, General & Admin | 178.17M | 175.76M | 149.17M | 143.58M | 167.91M | 127.45M | 69.66M | 49.98M |
| SG&A % of Revenue | - | 62.19% | 59.69% | 65.86% | 86.9% | 92.58% | 74.51% | 70.8% |
| Research & Development | 73.38M | 72.6M | 55.6M | 56.16M | 59.9M | 45.24M | 22.09M | 16.21M |
| R&D % of Revenue | - | 25.69% | 22.25% | 25.76% | 31% | 32.86% | 23.62% | 22.97% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 290K | -667K | 0 | 0 |
| Operating Income | -17.51M | -23.56M | -9.66M | -28.81M | -87.86M | -66.11M | -19.67M | -16.11M |
| Operating Margin % | -6.05% | -8.34% | -3.87% | -13.21% | -45.47% | -48.02% | -21.04% | -22.82% |
| Operating Income Growth % | - | -143.83% | 66.45% | 67.21% | -32.9% | -236.01% | -22.11% | - |
| EBITDA | -8.54M | -14.57M | 864K | -18.55M | -77.27M | -63.8M | -17.71M | -14.34M |
| EBITDA Margin % | -2.95% | -5.16% | 0.35% | -8.51% | -39.99% | -46.35% | -18.94% | -20.31% |
| EBITDA Growth % | -38.59% | -1786.92% | 104.66% | 76% | -21.11% | -260.27% | -23.54% | - |
| D&A (Non-Cash Add-back) | 8.96M | 8.99M | 10.53M | 10.26M | 10.58M | 2.3M | 1.96M | 1.78M |
| EBIT | -16.5M | -28.77M | -9.66M | -28.81M | -87.86M | -65.91M | -19.67M | -16.11M |
| Net Interest Income | -8.78M | 0 | 134K | 815K | 4.75M | -1.89M | -1.68M | -1.14M |
| Interest Income | 0 | 0 | 134K | 815K | 4.75M | 0 | 0 | 0 |
| Interest Expense | 8.78M | 0 | 0 | 0 | 0 | 1.89M | 1.68M | 1.14M |
| Other Income/Expense | -8.02M | -5.21M | 134K | 941K | 4.71M | -1.89M | -1.68M | -1.14M |
| Pretax Income | -25.53M | -28.77M | -9.53M | -27.87M | -83.14M | -68M | -21.36M | -17.25M |
| Pretax Margin % | -8.82% | -10.18% | -3.81% | -12.78% | -43.03% | -49.39% | -22.84% | -24.44% |
| Income Tax | 4.51M | 4.16M | 1.93M | 1.51M | 516K | 981K | 640K | 458K |
| Effective Tax Rate % | -17.65% | -14.46% | -20.22% | -5.41% | -0.62% | -1.44% | -3% | -2.66% |
| Net Income | -30.04M | -32.94M | -11.46M | -29.37M | -83.66M | -68.98M | -22M | -17.71M |
| Net Margin % | -10.38% | -11.65% | -4.58% | -13.47% | -43.3% | -50.11% | -23.53% | -25.08% |
| Net Income Growth % | -67.02% | -187.47% | 60.99% | 64.89% | -21.28% | -213.6% | -24.22% | - |
| Net Income (Continuing) | -30.04M | -32.94M | -11.46M | -29.37M | -83.66M | -68.98M | -22M | -17.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.39 | -0.14 | -0.38 | -1.10 | -1.30 | -0.33 | -1.32 |
| EPS Growth % | -61.53% | -178.57% | 63.16% | 65.45% | 15.38% | -293.94% | 75% | - |
| EPS (Basic) | - | -0.39 | -0.14 | -0.38 | -1.10 | -0.92 | -0.33 | -1.32 |
| Diluted Shares Outstanding | 87.28M | 84.82M | 82.07M | 77.75M | 75.72M | 74.86M | 66.12M | 13.43M |
| Basic Shares Outstanding | 87.28M | 84.45M | 82.07M | 77.75M | 75.72M | 74.86M | 66.12M | 13.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in recent financial filings, Similarweb's year-over-year revenue growth has decelerated to 10.1% in 2026Q1, signaling a transition toward a more mature growth phase where the company must increasingly rely on existing customer expansion rather than rapid new logo acquisition to sustain its top-line trajectory.
The moderation in growth rates suggests that the company's core digital intelligence platform may be reaching higher penetration levels within its primary addressable markets. Investors should monitor whether the current growth deceleration reflects a broader cyclical contraction in enterprise software spending or a fundamental saturation of the company's current product-market fit.
Based on the company's reported figures, Similarweb has consistently maintained gross margins near 79%, demonstrating the inherent scalability of its data-as-a-service model despite the inherent volatility in quarterly revenue recognition and the ongoing costs associated with maintaining its proprietary global behavioral data panel infrastructure.
This high gross margin profile indicates significant operating leverage potential, provided the company can eventually stabilize its operating expenses. The consistency of these margins suggests that the underlying cost of data collection and processing remains well-contained relative to the value delivered to enterprise subscribers.
According to recent SEC filings, Similarweb continues to struggle with operating leverage, as evidenced by persistent negative operating margins that reached -4.4% in 2026Q1, highlighting the company's ongoing reliance on heavy sales and marketing investment to drive growth at the expense of near-term GAAP profitability.
The inability to scale operating income faster than gross profit suggests that the company's go-to-market engine remains inefficient at its current scale. Future margin expansion will likely require a pivot toward more automated, self-service customer acquisition channels to reduce the heavy burden of SG&A expenses.
As detailed in the income statement data, the company's path to GAAP profitability is frequently obscured by significant stock-based compensation charges, which reached $16.2 million in 2025Q4, complicating the assessment of true operational performance and the actual cost of maintaining the firm's specialized engineering workforce.
The reliance on equity-based incentives to manage cash burn warrants further investigation into the long-term dilutive impact on shareholders. Analysts should focus on the gap between adjusted non-GAAP metrics and reported GAAP losses to determine the sustainability of the company's current compensation structure.
Quick answers to the most common questions about buying SMWB stock.
For fiscal year 2025, Similarweb Ltd. (SMWB) reported total revenue of $282.6M. This represents a 300.3% increase compared to $70.6M in 2019.
Similarweb Ltd. (SMWB) reported a net loss of $32.9M for the fiscal year ending 2025.
Similarweb Ltd. (SMWB) reported an operating income of $-23.6M, resulting in an operating profit margin of -8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Similarweb Ltd. (SMWB) generated $224.8M in gross profit for the year, representing a gross profit margin of 79.5%. This demonstrates the company's core pricing power and production efficiency.