KVYO NYSE Russell 1000 Earnings call
Klaviyo (KVYO) · Q2 2026 results and valuation
Share price: $21.23 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income turned to a loss from a profit last quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q1 2026
Outlook given
Net income -8.8M vs 9.0M
Revenue +3.5%
2 · How management spoke
Upbeat
More upbeat than 73% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Klaviyo updated its 2026 revenue projection to between $1.526 billion and $1.534 billion, representing 24% year-over-year growth.
Valuation
Is Klaviyo undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $38.18 a share — the stock trades 44% below it. Today's price assumes 11.1% growth a year.
Current price
$21.23
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.1% for 10 yrs
Fair value / share
$38.18
Buy below
$28.64
Price vs fair value
Undervalued 44%
Price vs buy-below price
Undervalued 26%
Read between the lines
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Guidance
KVYO updated its 2026 revenue projection to between $1.526 billion and $1.534 billion, representing 24% year-over-year growth.
Source quote
“We now project 2026 revenue between $1.526 billion and $1.534 billion, representing 24% year-over-year growth.”
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Figure
Klaviyo reached nearly $1.5 billion in annualized revenue run rate with quarterly revenue growing 26% year-on-year.
Source quote
“Klaviyo has scaled to nearly $1.5 billion in annualized revenue run rate, growing quarterly revenue 26% year-on-year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“That's improving gross retention, strength in text expansion and customers' usage of text and cross-sell, which has been particularly strong and increasing over time.”
“B2C CRM is a $160 billion-plus market opportunity, and we're capturing more of it every quarter, moving upmarket, expanding internationally, cross-selling and pushing beyond retail represent a great long-term growth...”
“Because our usage-based model is directly aligned with customer success, as customers realize more value, they grow and expand, and we grow alongside them.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 370.6M | 358.0M | +3.5% | 293.1M | +26.4% |
| Gross profit | 269.1M | 268.9M | +0.1% | 221.9M | +21.3% |
| Operating income | -15.0M | 1.7M | Turned loss | -31.3M | Loss narrowed |
| Net income | -8.8M | 9.0M | Turned loss | -24.3M | Loss narrowed |
| EPS | -0.03 | 0.03 | Turned loss | -0.09 | Loss narrowed |
| P/E today 556.7 | 503.3 | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Klaviyo's customers are proving that the right infrastructure with all of your customer context and the right agents can deliver...
- Agents open up an entirely new layer on top of that.
- Net revenue retention was 109% in Q2, reflecting strengthening gross retention, increasing text messaging expansion and Klaviyo's strongest…
- Klaviyo's attributed revenue or KAV per message continues to grow, driven by increasing personalization powered by automation.
- It was a strong quarter for new business, driven by sizable enterprise deals and cross-sell momentum across the base.
Faded since Q1 2026
- Fading Klaviyo's strategy is centered on helping businesses grow by maximizing their most important asset, their relationships with their…
- Fading Its agents are going further, finding new opportunities for the businesses Klaviyo serves and contributing back to product direction.
- Fading Enterprise, international and platform consolidation each have real momentum right now.
- Fading All of this matters for future growth because multiproduct customers retain better and generate more value per profile over time.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Director or officer change; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Articles or bylaws amended; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K