Revenue growth remains steady at 23.6% year-over-year, while operating margins have narrowed significantly to -3.2% in 2025Q4, reflecting disciplined cost management.
| Sales/Revenue | 601.93M | 489.41M | 374.92M | 279.32M |
| Revenue Growth % | 22.99% | 30.54% | 34.22% | - |
| Cost of Goods Sold | 188.64M | 179.33M | 114.5M | 92.51M |
| COGS % of Revenue | 31.34% | 36.64% | 30.54% | 33.12% |
| Gross Profit | 413.29M | 310.08M | 260.42M | 186.81M |
| Gross Margin % | 68.66% | 63.36% | 69.46% | 66.88% |
| Gross Profit Growth % | 33.29% | 19.07% | 39.4% | - |
| Operating Expenses | 508.09M | 629.61M | 290.93M | 246.1M |
| OpEx % of Revenue | 84.41% | 128.65% | 77.6% | 88.11% |
| Selling, General & Admin | 377.49M | 472.79M | 235.64M | 202.97M |
| SG&A % of Revenue | 62.71% | 96.61% | 62.85% | 72.66% |
| Research & Development | 130.6M | 156.81M | 55.29M | 43.13M |
| R&D % of Revenue | 21.7% | 32.04% | 14.75% | 15.44% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -94.56M | -319.53M | -30.51M | -59.28M |
| Operating Margin % | -15.71% | -65.29% | -8.14% | -21.22% |
| Operating Income Growth % | 70.41% | -947.22% | 48.53% | - |
| EBITDA | -90.25M | -315.87M | -27.63M | -56.6M |
| EBITDA Margin % | -14.99% | -64.54% | -7.37% | -20.26% |
| EBITDA Growth % | 71.43% | -1043.43% | 51.19% | - |
| D&A (Non-Cash Add-back) | 4.31M | 3.65M | 2.89M | 2.69M |
| EBIT | -65.94M | -304.78M | -30.51M | -59.28M |
| Net Interest Income | 25.54M | 14.25M | 4.06M | -53K |
| Interest Income | 25.54M | 14.25M | 4.06M | 0 |
| Interest Expense | 0 | 0 | 0 | 53K |
| Other Income/Expense | 28.61M | 14.75M | 3M | -5.52M |
| Pretax Income | -65.94M | -304.78M | -27.52M | -64.81M |
| Pretax Margin % | -10.96% | -62.28% | -7.34% | -23.2% |
| Income Tax | 1.72M | 1.88M | 1.42M | 659K |
| Effective Tax Rate % | -2.61% | -0.62% | -5.15% | -1.02% |
| Net Income | -50.3M | -216.2M | -28.93M | -65.47M |
| Net Margin % | -8.36% | -44.18% | -7.72% | -23.44% |
| Net Income Growth % | 76.74% | -647.3% | 55.81% | - |
| Net Income (Continuing) | -67.66M | -306.66M | -28.93M | -65.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 94.96M | 104.78M | 0 | 0 |
| EPS (Diluted) | -0.28 | -1.25 | -0.85 | -0.28 |
| EPS Growth % | 77.6% | -47.06% | -203.57% | - |
| EPS (Basic) | -0.28 | -1.25 | -0.85 | -0.28 |
| Diluted Shares Outstanding | 182.13M | 173.65M | 156.58M | 230.72M |
| Basic Shares Outstanding | 182.13M | 173.65M | 156.58M | 230.72M |
| Dividend Payout Ratio | - | - | - | - |
High customer acquisition costs
Based on the most recent quarterly filings, OneStream has maintained a steady revenue growth trajectory of approximately 23.6% year-over-year, suggesting that the company is successfully navigating the transition to public markets while sustaining demand for its unified financial platform across its core enterprise customer base.
The consistency in top-line expansion indicates that the company's value proposition remains resonant despite broader macroeconomic uncertainty. Investors should monitor whether this growth rate can be sustained as the company faces the law of large numbers and potential saturation in its primary US market.
As reported in financial statements, OneStream has demonstrated a clear trend of operating leverage, with operating margins narrowing from a significant -35.8% in 2024Q4 to a near-breakeven -3.2% in 2025Q4, reflecting a disciplined approach to managing overhead costs relative to top-line revenue expansion.
This shift suggests that management is successfully transitioning from a growth-at-all-costs phase to a more sustainable operational model. The reduction in operating losses appears to be driven by better control over SG&A expenses, which is a critical indicator for long-term profitability.
According to recent SEC filings, the company's path to GAAP profitability is heavily influenced by the volatility of stock-based compensation, which reached a peak of $52.6M in 2024Q4 before declining significantly, complicating the assessment of true underlying earnings quality for public market investors.
The fluctuation in non-cash expenses suggests that investors should focus on adjusted metrics to gauge the company's core performance. The recent decline in SBC may indicate a normalization of compensation structures following the IPO, which warrants further investigation into future dilution risks.
Based on reported figures, OneStream's gross margin has stabilized near 69.8%, reflecting the inherent cost structure of a hybrid model that combines high-margin software subscriptions with lower-margin professional services required for complex enterprise-wide implementations of the company's unified financial platform.
The reliance on professional services to drive adoption creates a structural ceiling on gross margins that differs from pure-play SaaS peers. Future margin expansion will likely depend on the company's ability to shift more implementation work to its partner ecosystem, thereby reducing internal service-related costs.
While recent performance shows improvement, skeptics may point to the high historical Sales & Marketing spend as a potential indicator of diminishing returns, questioning whether the current 23% growth rate can be maintained without continued aggressive investment that threatens the company's path to GAAP profitability.
The risk exists that the company's growth is being artificially supported by elevated marketing outlays rather than organic product-led demand. If the efficiency of these marketing dollars declines, the company may face a difficult choice between sacrificing growth or delaying its target for sustained positive net income.
Quick answers to the most common questions about buying OS stock.
For fiscal year 2025, OneStream, Inc. Class A Common Stock (OS) reported total revenue of $601.9M. This represents a 115.5% increase compared to $279.3M in 2022.
OneStream, Inc. Class A Common Stock (OS) reported a net loss of $50.3M for the fiscal year ending 2025.
OneStream, Inc. Class A Common Stock (OS) reported an operating income of $-94.6M, resulting in an operating profit margin of -15.7%. This margin reflects the operational efficiency of the business before interest and taxes.
OneStream, Inc. Class A Common Stock (OS) generated $413.3M in gross profit for the year, representing a gross profit margin of 68.7%. This demonstrates the company's core pricing power and production efficiency.