KVYOMEDIUM SIGNALFINANCIAL10-K

KVYO shows strong operational momentum with 31.6% revenue growth and improved profitability, but total liabilities surged 60.5% which requires monitoring.

The company is executing well on growth with revenue exceeding $1.2B and operating cash flow increasing 31.4%, while simultaneously reducing net losses by 31.2%. However, the 60.5% increase in total liabilities alongside growing accounts receivable suggests potential working capital management challenges or new debt obligations that warrant investor attention.

Comparing 2026-02-10 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

KVYO delivered robust top-line growth with revenue increasing 31.6% to $1.2B, supported by strong operating cash flow growth of 31.4% to $218M and meaningful improvement in net losses from -$46.1M to -$31.8M. However, the balance sheet shows concerning trends with total liabilities jumping 60.5% to $384M and accounts receivable growing 40.9%, outpacing revenue growth and suggesting potential collection issues or aggressive revenue recognition. Overall, the company shows strong operational performance but emerging balance sheet pressures that require close monitoring.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+60.5%
$239.3M→$384.0M

Liabilities grew 60.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Capital Expenditure
Cash Flow
+60.2%
$5.9M→$9.5M

Capital expenditure jumped 60.2% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+41.2%
$199.9M→$282.2M

Current liabilities surged 41.2% — significant near-term obligations; verify ability to meet short-term debt.

Accounts Receivable
Balance Sheet
+40.9%
$43.1M→$60.7M

Receivables surged 40.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+31.6%
$937.5M→$1.2B

Strong top-line growth of 31.6% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+31.4%
$166.0M→$218.0M

Operating cash flow surged 31.4% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+31.2%
-$46.1M→-$31.8M

Net income grew 31.2% — bottom-line growth signals improving overall business health.

Gross Profit
P&L
+28.7%
$716.2M→$921.5M

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

Total Assets
Balance Sheet
+24.1%
$1.3B→$1.6B

Asset base grew 24.1% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+23.1%
$979.7M→$1.2B

Current assets grew 23.1% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-19
ADDED
As of February 2, 2026, there were 145,497,436 shares of the registrant s Series A common stock and 159,276,688 shares of the registrant s Series B common stock, each with a par value of $0.001 per share, outstanding.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 125 Item 9A.
and foreign laws and regulations, and the impact on our customer spending and consumer spending generally; and the impact of public health crises and financial, economic, and political events on our industry, business, and results of operations.
Business Overview Klaviyo is a B2C CRM that helps consumer companies create smarter, stronger, and more valuable customer experiences.
We unify the data, intelligence, and actions that define a consumer relationship into an infrastructure built for autonomy and scale.
Over 193,000 businesses, from emerging creators to global enterprises, rely on our Klaviyo Data Platform ( KDP ) as the product to turn real-time consumer data into personalized, revenue-driving experiences across marketing, service and beyond.
Our B2C CRM provides a single source of truth for consumer profiles, allowing businesses to understand their customers and act on that understanding immediately.
Built for the AI era and open by design, Klaviyo populates consumer profiles with data from first-party systems using over 350 third-party integrations.
This unified knowledge about consumer identity, consent, behavior, preferences, and history helps companies grow higher customer lifetime value and build more durable revenue through more impactful consumer experiences.
Our actionable infrastructure creates a flywheel of quality and personalization.
REMOVED
As of February 14, 2025, there were 90,501,471 shares of the registrant s Series A common stock and 182,613,605 shares of the registrant s Series B common stock, each with a par value of $0.001 per share, outstanding.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 119 Item 9A.
Business Overview We founded Klaviyo in 2012 to provide businesses of all sizes with powerful technology that captures, stores, analyzes, and predictively uses their own data to drive measurable, high-value outcomes.
Klaviyo enables businesses to drive revenue growth by making it easy to bring their first-party data together and use it to create and deliver highly personalized consumer experiences across digital channels.
Our modern and intuitive SaaS platform combines our proprietary data and application layers into one vertically-integrated solution with advanced machine learning and artificial intelligence capabilities.
This enables business users of any skill level to harness their data in order to send the right message at the right time across email, short message service ( SMS ), and push notifications, more accurately measure and predict performance, and deploy the specific actions and campaigns that drive the highest impact.
Our reviews add-on allows our customers to collect product reviews within our platform to provide a seamless experience across the customer lifecycle, and our Customer Data Platform ( CDP ) offering gives customers user-friendly ways to track new types of data, transform and cleanse data, run more advanced reporting and predictive analysis to drive revenue growth, and sync data in to and out of Klaviyo at scale.
We focused on marketing automation within retail and eCommerce as our first application use case, and we believe our software is highly extensible across a broad range of functions and verticals.
Today, our customers primarily operate within the retail and eCommerce vertical, and we are also seeing organic growth from customers in other verticals, such as education, events and entertainment, restaurants, and travel, as well as from business-to-business ( B2B ) companies.
By combining easy implementation, rapid time-to-value, and clearly attributable outcomes, we drive substantial ROI for our customers.
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