Revenue growth has moderated to a still-robust 15.8% in 2026Q2, while operating margin has compressed to 5.8% as the company reinvests gross profit gains into R&D, which consumes 27.5% of revenue.
Cellebrite DI Ltd. (CLBT) 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 | 514.29M | 475.68M | 401.2M | 325.11M | 270.65M | 246.25M | 194.91M | 171.85M |
| Revenue Growth % | 17.76% | 18.56% | 23.41% | 20.12% | 9.91% | 26.34% | 13.42% | - |
| Cost of Goods Sold | 87.63M | 75.17M | 62.59M | 53.23M | 50.75M | 42.56M | 37.88M | 35.82M |
| COGS % of Revenue | - | 15.8% | 15.6% | 16.37% | 18.75% | 17.28% | 19.43% | 20.84% |
| Gross Profit | 426.66M | 400.5M | 338.61M | 271.88M | 219.91M | 203.69M | 157.03M | 136.03M |
| Gross Margin % | 82.96% | 84.2% | 84.4% | 83.63% | 81.25% | 82.72% | 80.57% | 79.16% |
| Gross Profit Growth % | - | 18.28% | 24.54% | 23.63% | 7.96% | 29.71% | 15.44% | - |
| Operating Expenses | 370.12M | 334.02M | 281.7M | 238.64M | 218.86M | 189.87M | 147.82M | 137.55M |
| OpEx % of Revenue | - | 70.22% | 70.21% | 73.4% | 80.86% | 77.1% | 75.84% | 80.04% |
| Selling, General & Admin | 240.29M | 220.15M | 183.29M | 154.26M | 138.24M | 124.33M | 91.17M | 90.23M |
| SG&A % of Revenue | - | 46.28% | 45.68% | 47.45% | 51.08% | 50.49% | 46.77% | 52.5% |
| Research & Development | 129.82M | 113.88M | 98.42M | 84.39M | 80.62M | 65.54M | 54.38M | 46.57M |
| R&D % of Revenue | - | 23.94% | 24.53% | 25.96% | 29.79% | 26.62% | 27.9% | 27.1% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 2.27M | 750K |
| Operating Income | 56.54M | 66.48M | 56.91M | 33.24M | 1.04M | 13.82M | 9.22M | -1.52M |
| Operating Margin % | 10.99% | 13.98% | 14.18% | 10.22% | 0.39% | 5.61% | 4.73% | -0.88% |
| Operating Income Growth % | - | 16.82% | 71.21% | 3083.62% | -92.45% | 49.95% | 706.45% | - |
| EBITDA | 79.1M | 78.35M | 67.51M | 43.25M | 10.24M | 20.83M | 15.1M | 2.56M |
| EBITDA Margin % | 15.38% | 16.47% | 16.83% | 13.3% | 3.78% | 8.46% | 7.75% | 1.49% |
| EBITDA Growth % | 9.21% | 16.05% | 56.11% | 322.43% | -50.85% | 37.97% | 489.96% | - |
| D&A (Non-Cash Add-back) | 22.56M | 11.87M | 10.61M | 10.01M | 9.19M | 7.01M | 5.88M | 4.08M |
| EBIT | 91.07M | 91.2M | -275.95M | -75.42M | 120.91M | 82.46M | 11.4M | 1.54M |
| Net Interest Income | 19.52M | 24.2M | -331.54M | 8.89M | 1.88M | 694K | 1.4M | 3.12M |
| Interest Income | 19.52M | 24.2M | 18.22M | 8.89M | 2.02M | 847K | 2.82M | 3.48M |
| Interest Expense | 0 | 0 | 349.76M | 0 | 149K | 153K | 1.42M | 352K |
| Other Income/Expense | 18.84M | 24.2M | -332.89M | -108.8M | 119.72M | 68.48M | 2.18M | 2.94M |
| Pretax Income | 75.38M | 90.68M | -275.98M | -75.56M | 120.76M | 82.31M | 11.4M | 1.42M |
| Pretax Margin % | 14.66% | 19.06% | -68.79% | -23.24% | 44.62% | 33.42% | 5.85% | 0.82% |
| Income Tax | 16.62M | 12.35M | 7.02M | 5.54M | -45K | 10.91M | 5.62M | 3.29M |
| Effective Tax Rate % | 22.05% | 13.62% | -2.54% | -7.33% | -0.04% | 13.25% | 49.28% | 232.58% |
| Net Income | 58.76M | 78.33M | -283.01M | -81.1M | 120.81M | 71.4M | 5.78M | -1.88M |
| Net Margin % | 11.43% | 16.47% | -70.54% | -24.95% | 44.64% | 28.99% | 2.97% | -1.09% |
| Net Income Growth % | 138.93% | 127.68% | -248.96% | -167.13% | 69.2% | 1135.01% | 408.16% | - |
| Net Income (Continuing) | 58.76M | 78.33M | -283.01M | -81.1M | 120.81M | 71.4M | 5.78M | -1.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.23 | 0.31 | -1.35 | -0.43 | 0.59 | 0.44 | -0.05 | -0.05 |
| EPS Growth % | 130.62% | 122.96% | -213.95% | -172.88% | 34.09% | 981.76% | 6.9% | - |
| EPS (Basic) | - | 0.32 | -1.35 | -0.43 | 0.64 | 0.50 | -0.05 | -0.05 |
| Diluted Shares Outstanding | 252.79M | 249.9M | 209.47M | 190.15M | 195.39M | 161.54M | 187.17M | 187.17M |
| Basic Shares Outstanding | 247.62M | 252.67M | 209.47M | 190.15M | 182.69M | 144M | 187.17M | 187.17M |
| Dividend Payout Ratio | - | - | - | - | - | 140.06% | 172.98% | - |
Quick answers to the most common questions about buying CLBT stock.
For fiscal year 2025, Cellebrite DI Ltd. (CLBT) reported total revenue of $475.7M. This represents a 176.8% increase compared to $171.9M in 2019.
Cellebrite DI Ltd. (CLBT) is profitable, generating $78.3M in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
Cellebrite DI Ltd. (CLBT) reported an operating income of $66.5M, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cellebrite DI Ltd. (CLBT) generated $400.5M in gross profit for the year, representing a gross profit margin of 84.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and export control risk
Resilient Growth Amidst Shifting Mix
Cellebrite's revenue growth has moderated from a peak of 26.9% in 2024Q3 to a still-robust 15.8% in 2026Q2, suggesting a maturing but durable demand profile for its digital intelligence platform.
The deceleration from the mid-20s growth rates appears to reflect the natural normalization of post-SPAC demand and the transition from one-time hardware sales to recurring subscriptions. However, the consistent double-digit growth, even as the base expands, indicates the platform's essential nature for law enforcement budgets. The durability of this growth rate will be key to justifying the company's premium valuation relative to slower-growing forensic peers.
Software-Led Margin Resilience
Gross margins have stabilized in the low-to-mid 80% range, with 2026Q2 at 80.8%, indicating the successful shift to a high-margin, software-centric delivery model with minimal incremental costs.
The slight compression from the 85.5% peak in 2024Q3 may reflect a changing revenue mix or increased investment in service delivery, but the level remains exceptional and indicative of strong pricing power. This margin profile is a direct result of the company's proprietary technology moat, allowing it to command premium pricing for its extraction and analytics tools. Investors should monitor whether this level is sustainable as the company expands into adjacent, potentially more competitive, software markets.
Operating Leverage Tempered by R&D Reinvestment
Operating margin expanded from 10.3% in 2024Q1 to 16.2% in 2025Q4, but has since pulled back to 5.8% in 2026Q2, suggesting a strategic decision to reinvest gross profit gains into R&D and sales.
The recent margin compression is driven by a sharp increase in R&D spending, which rose from $23.2M to $36.0M over the period, indicating a heavy investment cycle to maintain its technological lead. This suggests management is prioritizing long-term competitive positioning over short-term profit maximization. The ability to translate this R&D spend into future revenue growth and eventual margin expansion is the critical test of the company's operating leverage.
Net Income Volatility from Non-Operating Items
Reported net income has been highly volatile, swinging from a $207.1M loss in 2024Q3 to a $21.3M profit in 2025Q4, indicating significant non-operating items are distorting the underlying earnings trend.
The massive loss in 2024Q3, despite positive operating income, points to large one-time charges, likely related to the SPAC transaction or goodwill impairment, which are non-cash and non-recurring. The subsequent quarters show a more normalized, positive net income trend, but the volatility underscores the need to focus on operating metrics. The significant stock-based compensation, which reached $15.3M in 2025Q3, also represents a material non-cash expense that dilutes shareholders but supports cash flow.
R&D as the Primary Cost Driver
Research & Development is the dominant cost center, consuming 27.5% of revenue in 2026Q2, which appears to be a non-discretionary investment to sustain the company's core decryption and forensic capabilities.
The 55% increase in R&D spend over the last eight quarters is the most significant trend in the cost structure, outpacing revenue growth. This reflects the intense arms race with mobile device manufacturers to maintain exploit efficacy. While this investment is critical for the moat, it is the primary factor limiting operating margin expansion. SG&A as a percentage of revenue has remained relatively stable, suggesting disciplined overhead management.
Margin Sustainability Under Pressure
The recent decline in operating margin to 5.8% in 2026Q2, despite 80.8% gross margins, raises questions about the company's ability to balance necessary R&D investment with sustainable profitability.
A short-seller would focus on the widening gap between gross and operating profit, arguing that the high R&D spend is not yet translating into operating leverage. The lack of forward guidance, as noted in recent context, adds uncertainty to whether this investment phase will lead to a step-change in growth or simply maintain the status quo. Furthermore, the reliance on government budgets, while defensive, could face pressure in a broader fiscal austerity environment, potentially impacting both growth and pricing power.