Revenue growth accelerated to 21.2% in 2026Q2, but gross margin contracted to 68.5% and operating margin worsened to -34.9%, reflecting costs scaling faster than revenue.
Amplitude, Inc. (AMPL) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 374.37M | 343.21M | 299.27M | 276.28M | 238.07M | 167.26M | 102.46M | 68.44M |
| Revenue Growth % | 18.26% | 14.68% | 8.32% | 16.05% | 42.33% | 63.24% | 49.71% | - |
| Cost of Goods Sold | 103.26M | 89.29M | 76.92M | 71.92M | 70.44M | 51.76M | 30.48M | 22.11M |
| COGS % of Revenue | - | 26.01% | 25.7% | 26.03% | 29.59% | 30.95% | 29.75% | 32.3% |
| Gross Profit | 271.11M | 253.93M | 222.35M | 204.36M | 167.63M | 115.5M | 71.98M | 46.34M |
| Gross Margin % | 72.42% | 73.99% | 74.3% | 73.97% | 70.41% | 69.05% | 70.25% | 67.7% |
| Gross Profit Growth % | - | 14.2% | 8.8% | 21.92% | 45.13% | 60.45% | 55.34% | - |
| Operating Expenses | 375.13M | 349.93M | 329.73M | 298.74M | 264.19M | 189.65M | 71.98M | 80.67M |
| OpEx % of Revenue | - | 101.96% | 110.18% | 108.13% | 110.97% | 113.38% | 70.25% | 117.86% |
| Selling, General & Admin | 264.08M | 252.35M | 232.17M | 208.6M | 183.6M | 141.4M | 69.89M | 61.63M |
| SG&A % of Revenue | - | 73.53% | 77.58% | 75.5% | 77.12% | 84.54% | 68.21% | 90.05% |
| Research & Development | 108.93M | 97.58M | 97.56M | 90.14M | 80.59M | 48.25M | 26.1M | 19.04M |
| R&D % of Revenue | - | 28.43% | 32.6% | 32.63% | 33.85% | 28.85% | 25.47% | 27.81% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | -24M | 0 |
| Operating Income | -104.03M | -96M | -107.38M | -94.38M | -96.56M | -74.15M | 0 | -34.33M |
| Operating Margin % | -27.79% | -27.97% | -35.88% | -34.16% | -40.56% | -44.33% | - | -50.16% |
| Operating Income Growth % | - | 10.6% | -13.78% | 2.26% | -30.23% | - | 100% | - |
| EBITDA | -90.26M | -86.4M | -101.28M | -88.76M | -91.9M | -71.06M | -22.31M | -33.61M |
| EBITDA Margin % | -24.11% | -25.17% | -33.84% | -32.13% | -38.6% | -42.48% | -21.78% | -49.11% |
| EBITDA Growth % | 8.65% | 14.69% | -14.1% | 3.42% | -29.33% | -218.45% | 33.61% | - |
| D&A (Non-Cash Add-back) | 13.77M | 9.61M | 6.11M | 5.62M | 4.66M | 3.09M | 1.69M | 720K |
| EBIT | -98.89M | -85.33M | -92.53M | -89.09M | -92.58M | -73.95M | -24M | -34.33M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.67M | 10.67M | 14.86M | 5.28M | 3.98M | 195K | -23.73M | 1.46M |
| Pretax Income | -95.36M | -85.33M | -92.53M | -89.09M | -92.58M | -73.95M | -23.73M | -32.87M |
| Pretax Margin % | -25.47% | -24.86% | -30.92% | -32.25% | -38.89% | -44.21% | -23.16% | -48.03% |
| Income Tax | 4.17M | 3.21M | 1.79M | 1.27M | 796K | 1.03M | 833K | 663K |
| Effective Tax Rate % | -4.38% | -3.76% | -1.94% | -1.42% | -0.86% | -1.39% | -3.51% | -2.02% |
| Net Income | -99.53M | -88.54M | -94.32M | -90.36M | -93.38M | -74.98M | -24.57M | -33.53M |
| Net Margin % | -26.59% | -25.8% | -31.52% | -32.71% | -39.22% | -44.83% | -23.98% | -49% |
| Net Income Growth % | -3.31% | 6.13% | -4.38% | 3.23% | -24.53% | -205.22% | 26.74% | - |
| Net Income (Continuing) | -99.53M | -88.54M | -94.32M | -90.36M | -93.38M | -74.98M | -24.57M | -33.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.77 | -0.67 | -0.76 | -0.77 | -0.84 | -0.68 | -0.24 | -1.37 |
| EPS Growth % | 1.32% | 11.84% | 1.3% | 8.33% | -23.53% | -183.33% | 82.48% | - |
| EPS (Basic) | - | -0.67 | -0.76 | -0.77 | -0.84 | -0.68 | -0.24 | -1.37 |
| Diluted Shares Outstanding | 129.38M | 131.98M | 123.9M | 116.94M | 111.44M | 109.88M | 102.44M | 24.55M |
| Basic Shares Outstanding | 129.38M | 131.98M | 123.9M | 116.94M | 111.44M | 109.88M | 102.44M | 24.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMPL stock.
For fiscal year 2025, Amplitude, Inc. (AMPL) reported total revenue of $343.2M. This represents a 401.5% increase compared to $68.4M in 2019.
Amplitude, Inc. (AMPL) reported a net loss of $88.5M for the fiscal year ending 2025.
Amplitude, Inc. (AMPL) reported an operating income of $-96.0M, resulting in an operating profit margin of -28.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Amplitude, Inc. (AMPL) generated $253.9M in gross profit for the year, representing a gross profit margin of 74.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates
Amplitude's revenue growth accelerated to 21.2% in 2026Q2, up from 16.9% in the prior quarter, according to the latest income statement data, suggesting renewed momentum.
The sequential acceleration from 16.9% to 21.2% year-over-year growth in 2026Q2 marks a notable inflection, breaking the deceleration trend seen from 2024Q1 through 2025Q1. This could indicate successful expansion of the Experiment and Recommend modules or improved enterprise demand, though the sustainability of this pace warrants monitoring given the prior slowdown.
Gross Margin Volatility Signals Cost Pressures
Gross margin dipped to 68.5% in 2026Q2, a 5.5 percentage point drop from the prior quarter, based on reported figures, potentially reflecting higher cloud infrastructure costs.
The gross margin decline from 73.0% to 68.5% quarter-over-quarter is significant and suggests that the cost of hosting behavioral data on public cloud infrastructure may be rising, possibly due to increased event volume or pricing changes. This volatility could pressure future profitability if not offset by pricing adjustments or efficiency gains.
Operating Leverage Remains Elusive
Despite revenue growth, operating margin worsened to -34.9% in 2026Q2 from -25.8% in the prior quarter, as per the income statement, indicating that costs are scaling faster than revenue.
The operating loss expanded to $35.2M in 2026Q2, up from $24.1M in 2026Q1, even as revenue grew. This suggests that the company has not yet achieved operating leverage, with R&D and SG&A expenses increasing disproportionately. The elevated SBC of $26.8M in the quarter further underscores the challenge of converting revenue growth into operating income.
SBC Distorts Reported Losses
Stock-based compensation reached $26.8M in 2026Q2, representing 26.6% of revenue, according to the income statement, significantly impacting reported net losses of -$34.6M.
The high level of SBC, which is non-cash, inflates the reported operating and net losses, masking the underlying cash burn. Adjusting for SBC, the operating loss would be approximately $8.4M, suggesting a less severe cash situation. However, the persistent reliance on SBC may indicate dilution concerns for shareholders.
R&D and SG&A Outpace Revenue
Combined R&D and SG&A expenses totaled $102.2M in 2026Q2, exceeding revenue of $100.9M, as per the income statement, highlighting a cost structure that is not yet scalable.
The sequential increase in R&D from $25.3M to $33.7M and SG&A from $67.1M to $68.5M in 2026Q2 indicates continued heavy investment in product development and sales. While this may support future growth, the lack of expense discipline raises concerns about the path to profitability, especially if revenue growth decelerates again.
What Could Invalidate the Base Case
The sharp gross margin contraction and widening operating losses in 2026Q2, despite revenue acceleration, may indicate that growth is being bought at the expense of profitability, as reported in the income statement.
Short-sellers could argue that the 21.2% revenue growth is unsustainable if it is driven by one-time overage fees or aggressive discounting, while the 5.5-point gross margin drop suggests structural cost pressures. The persistent operating losses, even with SBC adjustments, imply that the company may need to raise capital or face dilution, especially if the growth decelerates again. Investors should monitor whether the gross margin recovers and whether operating leverage materializes in the coming quarters.