# GitLab Inc. (GTLB) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GTLB/thesis · /stocks/GTLB/memo

## Financial Snapshot

---
ticker: GTLB
step: 04
generated: 2026-05-13
source: quick-research
---

### GitLab Inc. (GTLB) — Financial Snapshot

*Note: GitLab's fiscal year ends January 31. FY2026 = Feb 2025 – Jan 2026.*

#### Income Statement Summary

| Metric | FY2024 | FY2025 | FY2026 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$580M | $759.2M | $955.2M | +26% |
| Gross Margin | ~87% | ~88% | ~87% | |
| GAAP Operating Margin | ~-25% | ~-18% | ~-12% | improving |
| Non-GAAP Operating Margin | ~5% | ~10% | ~15% | improving |
| GAAP Net Income | ~-$0.2B | ~-$0.15B | ~-$0.1B | improving |

*FY2026: Revenue $955.2M (+26%); ARR crossed $1B milestone. Ultimate tier now >50% of total ARR (vs. Premium). DBNRR 119%. Board authorized $400M share repurchase program. GitLab Duo AI adoption driving Premium → Ultimate upsell.*

#### Cash Flow & Balance Sheet (FY2026)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$230M (24% of revenue) |
| Free Cash Flow | $220M (~23% FCF margin) |
| Capital Expenditures | ~$10M |
| Cash & Equivalents | ~$1.2B |
| Total Debt | $0 (debt-free) |

*GitLab is debt-free with $1.2B+ cash — an unusually clean balance sheet for a high-growth SaaS company. FCF margins of 23% at $955M revenue represent significant operational leverage. $400M buyback authorized signals management confidence. GAAP losses persist from SBC (~15% of revenue) but are declining rapidly.*

#### Key Ratios (approximate)
- P/E: ~40–50x (non-GAAP FY2027E) | EV/Sales: ~7x | FCF Yield: ~3%
- Revenue Growth (TTM): ~26% | Non-GAAP Operating Margin: ~15%

#### Growth Profile
GitLab grew from ~$580M (FY2024) to $955M (FY2026) — growing ~65% in 2 years — with consistent 26–31% annual growth. The path to $2B+ revenue depends on: (1) Premium → Ultimate upsell acceleration via GitLab Duo AI features, (2) new enterprise land deals, and (3) seat expansion within existing accounts. The 24% FCF margin at current scale is a positive signal — GitLab is approaching the "efficient growth" profile that warrants premium multiples.

#### Forward Estimates
- FY2027: Revenue guidance ~$1.1–1.15B (+15–20% YoY) — conservative due to go-to-market transition
- Ultimate tier >50% of ARR: continues to drive ARPU expansion per seat
- FCF margin: targeting 25–28% as operating leverage accrues
- Analyst median PT: ~$56.50 (range $44–75); 40-analyst strong buy consensus
- Share buyback: $400M authorized (~5–6% of market cap) providing EPS support

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GTLB/fundamental

## Navigation

- Overview: /stocks/GTLB
- Financials (this page): /stocks/GTLB/financials
- Thesis: /stocks/GTLB/thesis
- Investment Memo: /stocks/GTLB/memo
- Coverage universe: /stocks