FIVNHIGH SIGNALFINANCIAL10-K

FIVN shows explosive 302% revenue growth to $1.1B with massive increases in debt (+497%) and R&D spending (+332%), signaling either a major acquisition or transformational business expansion.

The synchronized massive increases across revenue, debt, and R&D expenses strongly suggest a major acquisition occurred during this period, fundamentally changing FIVN's scale and financial profile. While growth metrics are impressive, the 5x increase in debt warrants close monitoring of leverage ratios and debt service capabilities going forward.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

FIVN experienced transformational growth with revenue surging 302% to $1.1B alongside gross profit growing 302% to $632.9M, while R&D expenses exploded 332% to $152.3M indicating significant investment in capabilities. Total debt increased dramatically by 497% to $196.8M while current liabilities actually decreased 67%, suggesting the company took on long-term debt likely to finance a major acquisition or expansion. Despite the massive scale increase, profitability improved with net income doubling to $39.4M and operating cash flow growing 58% to $226.2M, demonstrating the acquired assets or expanded operations are immediately accretive to earnings.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+497.5%
$32.9M$196.8M

Debt increased 497.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

R&D Expense
P&L
+332.5%
$35.2M$152.3M

R&D investment increased 332.5% — signals commitment to future product development, though near-term margin impact.

Gross Profit
P&L
+302.4%
$157.3M$632.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+302%
$285.8M$1.1B

Strong top-line growth of 302% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
+287.7%
$2.0M$7.6M

Interest expense surged 287.7% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
+119.3%
$18.0M$39.4M

Net income grew 119.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+79.8%
$16.0M$28.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
-66.8%
$641.7M$213.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
+58%
$143.2M$226.2M

Operating cash flow surged 58% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-41.1%
$42.4M$25.0M

Capex reduced 41.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
As of February 13, 2026, there were 76,495,680 shares of the Registrant s common stock, par value $0.001 per share, outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 57 Overview 57 Key Operating and Financial Performance Metrics 58 Key Components of Our Results of Operations 60 Results of Operations For the Years Ended December 31, 202 5 and 202 4 62 Liquidity and Capital Resources 64 Contractual and Other Obligations 66 Critical Accounting Policies and Estimates 68 ITEM 7A.
Business Overview Five9 is a leading provider of intelligent customer experience, or CX, platform for enterprise contact centers.
With a foundation in our cloud-native solution, Five9 is now evolving into an AI-native CX platform, empowering enterprises to scale seamlessly, innovate faster, and deliver enhanced customer experiences as the market opportunity continues to expand.
We have become an established leader in the AI-powered CX market with more than 3,000 customers.
+7 more — sign up free →
REMOVED
As of February 14, 2025, there were 75,809,562 shares of the Registrant s common stock, par value $0.001 per share, outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 54 Overview 54 Key Operating and Financial Performance Metrics 56 Key Components of Our Results of Operations 57 Results of Operations For the Years Ended December 31, 202 4 and 202 3 59 Liquidity and Capital Resources 61 Contractual and Other Obligations 63 Critical Accounting Policies and Estimates 64 ITEM 7A.
Business Overview Five9 is a leading provider of intelligent cloud software for contact centers.
We were born in the cloud, and since our inception, we have focused on delivering our platform in the cloud and are disrupting a large market by replacing legacy on-premises contact center systems and working with newer companies by starting their contact center journey in the cloud.
Contact centers are vital hubs of interaction between organizations and their customers and are, therefore, essential to delivering successful customer service, sales, and marketing strategies.
+7 more — sign up free →
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