Revenue growth has slowed to 7.1% in 2026Q1, while gross margins remain volatile, fluctuating between 49% and 57.7% over the past ten quarters due to the company's unique chargeback-linked business model.
| Sales/Revenue | 350.52M | 344.64M | 327.52M | 297.61M | 261.25M | 229.14M | 169.74M | 130.56M |
| Revenue Growth % | 5.1% | 5.23% | 10.05% | 13.92% | 14.01% | 35% | 30.01% | - |
| Cost of Goods Sold | 168.14M | 168.66M | 156.58M | 145.09M | 126.15M | 106.17M | 76.92M | 64.87M |
| COGS % of Revenue | - | 48.94% | 47.81% | 48.75% | 48.29% | 46.33% | 45.31% | 49.69% |
| Gross Profit | 182.38M | 175.98M | 170.94M | 152.52M | 135.1M | 122.97M | 92.82M | 65.69M |
| Gross Margin % | 52.03% | 51.06% | 52.19% | 51.25% | 51.71% | 53.67% | 54.69% | 50.31% |
| Gross Profit Growth % | - | 2.95% | 12.08% | 12.89% | 9.86% | 32.48% | 41.31% | - |
| Operating Expenses | 204.96M | 205.03M | 218.79M | 229.37M | 244.45M | 178.91M | 99.63M | 79.56M |
| OpEx % of Revenue | - | 59.49% | 66.8% | 77.07% | 93.57% | 78.08% | 58.7% | 60.94% |
| Selling, General & Admin | 136.49M | 137.65M | 150.73M | 157.79M | 172.43M | 123.61M | 62.99M | 54.52M |
| SG&A % of Revenue | - | 39.94% | 46.02% | 53.02% | 66% | 53.95% | 37.11% | 41.76% |
| Research & Development | 68.47M | 67.38M | 68.06M | 71.58M | 72.01M | 55.3M | 36.64M | 25.04M |
| R&D % of Revenue | - | 19.55% | 20.78% | 24.05% | 27.57% | 24.13% | 21.59% | 19.18% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 |
| Operating Income | -22.59M | -29.05M | -47.85M | -76.85M | -109.35M | -55.94M | -6.81M | -13.88M |
| Operating Margin % | -6.44% | -8.43% | -14.61% | -25.82% | -41.86% | -24.41% | -4.01% | -10.63% |
| Operating Income Growth % | - | 39.29% | 37.73% | 29.72% | -95.46% | -721.72% | 50.93% | - |
| EBITDA | -13.41M | -13.46M | -42.97M | -71.75M | -105.74M | -53.95M | -5.45M | -13.16M |
| EBITDA Margin % | -3.82% | -3.91% | -13.12% | -24.11% | -40.48% | -23.55% | -3.21% | -10.08% |
| EBITDA Growth % | 70.33% | 68.67% | 40.11% | 32.15% | -95.99% | -890.33% | 58.6% | - |
| D&A (Non-Cash Add-back) | 9.18M | 15.59M | 4.88M | 5.1M | 3.61M | 1.99M | 1.36M | 715K |
| EBIT | -19.64M | -29.05M | -47.85M | -76.85M | -109.35M | -55.94M | -6.81M | -13.88M |
| Net Interest Income | 12.19M | 13.46M | 20.17M | 22.77M | 10.18M | 591K | 145K | 53K |
| Interest Income | 12.19M | 13.46M | 20.17M | 22.77M | 10.18M | 591K | 145K | 53K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.95M | 7.84M | 19.35M | 23.61M | 10.69M | -121.93M | -3.46M | 175K |
| Pretax Income | -12.63M | -21.21M | -28.5M | -53.24M | -98.66M | -177.87M | -10.27M | -13.7M |
| Pretax Margin % | -3.6% | -6.15% | -8.7% | -17.89% | -37.77% | -77.63% | -6.05% | -10.49% |
| Income Tax | 5.47M | 6.36M | 6.42M | 5.8M | 6.04M | 1.56M | 1.07M | 475K |
| Effective Tax Rate % | -43.3% | -29.98% | -22.52% | -10.89% | -6.12% | -0.88% | -10.47% | -3.47% |
| Net Income | -18.11M | -27.57M | -34.92M | -59.03M | -104.7M | -179.43M | -11.35M | -14.18M |
| Net Margin % | -5.17% | -8% | -10.66% | -19.84% | -40.08% | -78.31% | -6.68% | -10.86% |
| Net Income Growth % | 51.3% | 21.07% | 40.85% | 43.62% | 41.65% | -1481.3% | 19.95% | - |
| Net Income (Continuing) | -18.11M | -27.57M | -34.92M | -59.03M | -104.7M | -179.43M | -11.35M | -14.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.18 | -0.20 | -0.33 | -0.62 | -2.34 | -0.13 | -0.16 |
| EPS Growth % | 47.57% | 10% | 39.39% | 46.77% | 73.5% | -1700% | 18.75% | - |
| EPS (Basic) | - | -0.18 | -0.20 | -0.33 | -0.62 | -2.34 | -0.13 | -0.16 |
| Diluted Shares Outstanding | 147.39M | 157.46M | 170.91M | 176.77M | 167.67M | 76.46M | 88.72M | 88.72M |
| Basic Shares Outstanding | 147.39M | 157.46M | 170.91M | 176.77M | 167.67M | 76.46M | 88.72M | 88.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Geopolitical and Model Accuracy
As reported in financial statements, Riskified's year-over-year revenue growth has decelerated to 5.23% in the most recent period, suggesting that the company's core enterprise merchant segment may be approaching a point of market saturation or experiencing increased pricing pressure within its primary e-commerce verticals.
The transition from double-digit growth in early 2024 to mid-single digits indicates that the platform's value proposition may be encountering diminishing returns among existing clients. Investors should monitor whether this slowdown reflects a broader cooling in discretionary e-commerce spending or a loss of competitive momentum against alternative fraud prevention solutions.
Based on the provided income statement data, gross margins have fluctuated between 49% and 57.7% over the last ten quarters, highlighting the inherent volatility of a business model that nets chargeback expenses directly against revenue rather than treating them as standard operating costs.
This structural reliance on chargeback performance suggests that the company's profitability is highly sensitive to the accuracy of its machine learning models in real-time. The inability to consistently expand margins above the 50% threshold implies that the cost of assuming transaction liability remains a significant drag on potential scalability.
According to recent quarterly filings, Riskified has struggled to achieve consistent operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent negative operating margins that suggest the company has not yet reached the necessary scale to offset its substantial overhead and research investments.
While there have been intermittent periods of positive operating income, such as 2025Q4, these appear to be outliers rather than a sustained trend of efficiency. The high fixed cost base relative to the transactional revenue model warrants further investigation into whether the company can decouple its growth from rising customer acquisition and development costs.
Analysis of the income statement reveals that significant stock-based compensation, which reached $15.5 million in 2024Q1, has historically masked the true cash-based operating performance of the firm, making the path to GAAP profitability appear more challenging than the headline figures might otherwise suggest to casual observers.
The recent cessation of reported stock-based compensation in the most recent quarters warrants scrutiny, as it may artificially inflate net income figures compared to historical periods. Investors should be cautious in interpreting these recent improvements in EPS as a sign of fundamental operational turnaround without confirming the sustainability of this expense reduction.
A critical challenge to the current narrative is the risk of adverse selection, where merchants only route their most difficult, high-risk transactions to the platform, potentially keeping gross margins structurally capped and limiting the company's ability to achieve the profitability levels of traditional SaaS peers.
If the platform is increasingly utilized as a 'last resort' for high-risk volume, the cost of chargeback guarantees may rise disproportionately to revenue. This dynamic suggests that the market's valuation of Riskified as a high-growth software platform may be fundamentally misaligned with its actual risk-taking business model.
Quick answers to the most common questions about buying RSKD stock.
For fiscal year 2025, Riskified Ltd. (RSKD) reported total revenue of $344.6M. This represents a 164.0% increase compared to $130.6M in 2019.
Riskified Ltd. (RSKD) reported a net loss of $27.6M for the fiscal year ending 2025.
Riskified Ltd. (RSKD) reported an operating income of $-29.1M, resulting in an operating profit margin of -8.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Riskified Ltd. (RSKD) generated $176.0M in gross profit for the year, representing a gross profit margin of 51.1%. This demonstrates the company's core pricing power and production efficiency.