GitLab (GTLB) · Q2 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is $66.97 a share — the stock trades 29% below it. Today's price assumes 15.1% growth a year.

1. Guidance

   JiHu-related expenses are expected to jump to roughly $50 million this year from $13 million last year.

   Source quote

   “We expect approximately $50 million of JiHu-related expenses for the year, compared with $13 million last year.”

2. Guidance

   The company updated its revenue guidance for the back half of the year based on the available renewal pool and visibility into the H2 pipeline.

   Source quote

   “Given the size of the available to renew pool in the back half of the year, as well as our visibility into the H2 pipeline, we expect the maximum...”

3. Figure

   Revenue was 286.3 million, up 21% year over year, showing growth in company revenue.

   Source quote

   “Revenue was 286.3 million, up 21% year over year.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“During this quarter, we saw record bookings, accelerating net ARR growth strong retention, broad based strength across the business, and profitability ahead of plan.”

“Net ARR grew 42% year-over-year, our second highest growth quarter in the last 4 years.”

“Our seat based business continues to grow, and AI is creating an additional opportunity for GitLab to monetize an increasing amount of work happening across the software life cycle.”