Revenue growth has decelerated from 33.3% in early 2024 to 23.1% in 2027Q1, even as operating margins improved significantly from -31.7% in 2025Q1 to -6.0% in 2027Q1.
| Sales/Revenue | 1B | 955.22M | 759.25M | 579.91M | 424.34M | 252.65M | 152.18M | 81.23M |
| Revenue Growth % | 24.9% | 25.81% | 30.93% | 36.66% | 67.95% | 66.03% | 87.35% | - |
| Cost of Goods Sold | 133.2M | 120.74M | 85.14M | 59.71M | 51.68M | 29.98M | 18.46M | 9.38M |
| COGS % of Revenue | - | 12.64% | 11.21% | 10.3% | 12.18% | 11.87% | 12.13% | 11.54% |
| Gross Profit | 871.68M | 834.48M | 674.11M | 520.2M | 372.66M | 222.67M | 133.71M | 71.85M |
| Gross Margin % | 86.75% | 87.36% | 88.79% | 89.7% | 87.82% | 88.13% | 87.87% | 88.46% |
| Gross Profit Growth % | - | 23.79% | 29.59% | 39.59% | 67.36% | 66.53% | 86.1% | - |
| Operating Expenses | 923.3M | 904.96M | 816.82M | 707.64M | 584.07M | 351.63M | 347.6M | 200.22M |
| OpEx % of Revenue | - | 94.74% | 107.58% | 122.03% | 137.64% | 139.17% | 228.42% | 246.49% |
| Selling, General & Admin | 642.65M | 630.39M | 577.17M | 506.8M | 427.92M | 254.41M | 240.95M | 140.85M |
| SG&A % of Revenue | - | 65.99% | 76.02% | 87.39% | 100.85% | 100.69% | 158.34% | 173.41% |
| Research & Development | 280.65M | 274.57M | 239.65M | 200.84M | 156.14M | 97.22M | 106.64M | 59.36M |
| R&D % of Revenue | - | 28.74% | 31.56% | 34.63% | 36.8% | 38.48% | 70.08% | 73.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -51.62M | -70.48M | -142.72M | -187.44M | -211.41M | -128.96M | -213.88M | -128.37M |
| Operating Margin % | -5.14% | -7.38% | -18.8% | -32.32% | -49.82% | -51.04% | -140.55% | -158.03% |
| Operating Income Growth % | - | 50.61% | 23.86% | 11.34% | -63.94% | 39.71% | -66.62% | - |
| EBITDA | -30.65M | -59.14M | -131.73M | -180.91M | -205.82M | -127.75M | -213.66M | -128.37M |
| EBITDA Margin % | -3.05% | -6.19% | -17.35% | -31.2% | -48.5% | -50.56% | -140.4% | -158.03% |
| EBITDA Growth % | 72.67% | 55.11% | 27.18% | 12.1% | -61.11% | 40.21% | -66.45% | - |
| D&A (Non-Cash Add-back) | 8.77M | 11.35M | 10.99M | 6.54M | 5.59M | 1.21M | 222K | 0 |
| EBIT | -17.89M | -48.06M | -85.79M | -164.39M | -177.76M | -159.07M | -213.88M | -128.37M |
| Net Interest Income | 46.79M | 45.71M | 47.73M | 39.11M | 14.5M | 736K | 1.07M | 3.63M |
| Interest Income | 46.79M | 45.71M | 47.73M | 39.11M | 14.5M | 736K | 1.07M | 3.63M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 33.73M | 22.42M | 56.92M | 23.05M | 33.65M | -30.11M | 24.52M | -1.17M |
| Pretax Income | -17.89M | -48.06M | -85.79M | -164.39M | -177.76M | -159.07M | -189.36M | -129.54M |
| Pretax Margin % | -1.78% | -5.03% | -11.3% | -28.35% | -41.89% | -62.96% | -124.44% | -159.48% |
| Income Tax | 9.99M | 10.5M | -76.67M | 265.14M | 4.03M | -1.51M | 2.83M | 1.2M |
| Effective Tax Rate % | -55.84% | -21.84% | 89.37% | -161.29% | -2.27% | 0.95% | -1.5% | -0.93% |
| Net Income | -25.05M | -55.96M | -6.33M | -425.68M | -173.41M | -155.14M | -192.19M | -130.74M |
| Net Margin % | -2.49% | -5.86% | -0.83% | -73.4% | -40.87% | -61.4% | -126.3% | -160.96% |
| Net Income Growth % | -309.75% | -784.54% | 98.51% | -145.48% | -11.78% | 19.28% | -47% | - |
| Net Income (Continuing) | -27.89M | -58.56M | -9.12M | -429.54M | -181.79M | -157.56M | -192.19M | -130.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 46.18M | 45.58M | 45.4M | 46.62M | 53.7M | 24.4M | 0 | 0 |
| EPS (Diluted) | -0.15 | -0.35 | -0.04 | -2.75 | -1.16 | -1.06 | -1.45 | -0.99 |
| EPS Growth % | -250.9% | -775% | 98.55% | -137.07% | -9.43% | 26.9% | -46.46% | - |
| EPS (Basic) | - | -0.35 | -0.04 | -2.75 | -1.16 | -1.06 | -1.45 | -0.99 |
| Diluted Shares Outstanding | 169.95M | 165.8M | 160.58M | 154.28M | 148.41M | 144.74M | 132.49M | 132.49M |
| Basic Shares Outstanding | 169.95M | 165.8M | 160.58M | 154.28M | 148.41M | 144.74M | 132.49M | 132.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Seat-based revenue contraction
As indicated by the most recent quarterly data, GitLab's year-over-year revenue growth has decelerated to 23.1% in 2027Q1, down from the 33.3% levels observed in early 2024, suggesting that the company is encountering headwinds in maintaining its previous hyper-growth trajectory within the competitive DevOps landscape.
The consistent decline in quarterly growth rates implies that the company may be reaching a saturation point in its core enterprise segments or facing increased pressure from seat-based optimization. Investors should monitor whether the introduction of AI-driven features can successfully offset the slowing expansion of the underlying developer seat count.
Based on reported financial statements, GitLab has demonstrated a meaningful improvement in operating efficiency, with operating margins narrowing from a low of -31.7% in 2025Q1 to -6.0% in 2027Q1, reflecting a disciplined approach to scaling its sales and marketing infrastructure relative to revenue growth.
The company appears to be successfully transitioning from a growth-at-all-costs model toward a more sustainable operating structure. This trend suggests that management is effectively leveraging its existing platform to drive incremental revenue without a proportional increase in overhead, though achieving consistent GAAP profitability remains a critical hurdle.
According to recent SEC filings, GitLab continues to rely heavily on stock-based compensation, which averaged over $50 million per quarter throughout the last year, significantly impacting the quality of reported net income and masking the true cash-based operational performance of the business.
The persistent use of equity-based incentives suggests that the company remains in a competitive talent acquisition phase, which dilutes existing shareholders and complicates the assessment of true economic earnings. Analysts should treat the GAAP net income figures with caution, as they are frequently influenced by these non-cash charges and tax-related volatility.
Data from the income statement suggests that GitLab's current valuation may be vulnerable, as the company struggles to maintain positive operating margins while revenue growth rates continue to trend downward toward the mid-twenties, potentially challenging the premium multiple typically afforded to high-growth software infrastructure providers.
Short-term investors may focus on the risk that the company's seat-based pricing model is fundamentally incompatible with the deflationary impact of AI-assisted coding tools. If developer productivity gains lead to a reduction in required seats, the company's primary revenue driver could face structural compression that is not currently reflected in consensus expectations.
Quick answers to the most common questions about buying GTLB stock.
For fiscal year 2026, GitLab Inc. (GTLB) reported total revenue of $955.2M. This represents a 1076.0% increase compared to $81.2M in 2020.
GitLab Inc. (GTLB) reported a net loss of $56.0M for the fiscal year ending 2026.
GitLab Inc. (GTLB) reported an operating income of $-70.5M, resulting in an operating profit margin of -7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
GitLab Inc. (GTLB) generated $834.5M in gross profit for the year, representing a gross profit margin of 87.4%. This demonstrates the company's core pricing power and production efficiency.