Detailed financial statements for GitLab Inc. (GTLB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GitLab Inc., through its various operating entities, specializes in developing software solutions that facilitate the entire software development lifecycle. The company's operations span the United States, Europe, and the Asia Pacific regions. Its primary offering is GitLab, a unified DevOps platform. This single application is engineered to boost development speed, offering extensive visibility and precise command over every phase of the DevOps workflow.
Analysis Summary
GitLab Inc. reported revenue of $955.2M in the most recent fiscal year, growing at a 5-year CAGR of 44.4%.
Trailing-twelve-month margins: gross margin 85.8%, operating margin -8.5%, net margin -5.0%.
At $52.37 (closing price, November 4, 2026), GTLB has negative trailing earnings (P/E not meaningful) and an ROE of -5.51%. Market capitalisation stands at $8.7B.
Balance sheet quality for GTLB: debt-to-equity ratio of 0.00, current ratio of 2.41 over the last 12 months, net cash position of $1.26B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $81.2M | $152.2M | $252.7M | $424.3M | $579.9M | $759.2M | $955.2M |
| Cost of Revenue | $9.4M | $18.5M | $30.0M | $51.7M | $59.7M | $85.1M | $120.7M |
| Gross Profit | $71.9M | $133.7M | $222.7M | $372.7M | $520.2M | $674.1M | $834.5M |
| Research & Development | $59.4M | $106.6M | $97.2M | $156.1M | $200.8M | $239.7M | $274.6M |
| Selling, General & Admin | $140.9M | $241.0M | $254.4M | $427.9M | $506.8M | $577.2M | $630.4M |
| Operating Expenses | $200.2M | $347.6M | $351.6M | $584.1M | $707.6M | $816.8M | $905.0M |
| Operating Income | -$128.4M | -$213.9M | -$129.0M | -$211.4M | -$187.4M | -$142.7M | -$70.5M |
| EBITDA | -$128.4M | -$213.7M | -$157.9M | -$172.2M | -$157.9M | -$74.8M | -$36.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$129.5M | -$189.4M | -$159.1M | -$177.8M | -$164.4M | -$85.8M | -$48.1M |
| Income Tax | $1.2M | $2.8M | -$1.5M | $4.0M | $265.1M | -$76.7M | $10.5M |
| Net Income | -$130.7M | -$192.2M | -$155.1M | -$173.4M | -$425.7M | -$6.3M | -$56.0M |
| EPS | -$0.99 | -$1.45 | -$1.06 | -$1.16 | -$2.75 | -$0.04 | -$0.35 |
| EPS (Diluted) | -$0.99 | -$1.45 | -$1.06 | -$1.16 | -$2.75 | -$0.04 | -$0.35 |
| Shares Outstanding (Diluted) | 132.5 M | 132.5 M | 144.7 M | 148.4 M | 154.3 M | 160.6 M | 165.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $244.4M | $260.4M | $264.2M | $286.3M |
| Gross Profit | $212.1M | $225.4M | $226.7M | $240.6M |
| Operating Income | -$12.4M | -$5.2M | -$15.7M | -$56.9M |
| EBITDA | -$4.1M | $3.5M | -$240,000 | -$36.0M |
| Net Income | -$8.3M | -$2.6M | -$5.0M | -$36.8M |
| EPS | -$0.05 | -$0.02 | -$0.03 | -$0.22 |
| EPS (Diluted) | -$0.05 | -$0.02 | -$0.03 | -$0.22 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $343.3M | $282.9M | $884.7M | $295.4M | $288.0M | $227.6M | $229.6M |
| Short-term Investments | 0 | 0 | $50.0M | $641.2M | $748.3M | $764.7M | $1.03B |
| Receivables | $24.8M | $39.7M | $77.2M | $134.3M | $178.5M | $278.5M | $321.2M |
| Inventory | 0 | 0 | $39.6M | $49.1M | 0 | 0 | 0 |
| Total Current Assets | $384.5M | $348.5M | $1.05B | $1.12B | $1.28B | $1.34B | $1.66B |
| Property, Plant & Equipment | 0 | 0 | $3.3M | $6.8M | $3.4M | $4.4M | $11.8M |
| Goodwill | 0 | 0 | $8.1M | $8.1M | $8.1M | $16.1M | $17.4M |
| Intangible Assets | 0 | $797,000 | $6.3M | $3.9M | $1.7M | $17.8M | $9.8M |
| Total Assets | $391.8M | $362.6M | $1.09B | $1.17B | $1.32B | $1.40B | $1.72B |
| Accounts Payable | $1.7M | $3.1M | $5.0M | $5.2M | $1.7M | $7.5M | $9.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $77.8M | $127.2M | $241.6M | $306.3M | $677.2M | $545.0M | $652.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $526.6M | $593.8M | $292.2M | $344.5M | $715.0M | $578.0M | $686.5M |
| Retained Earnings | -$206.0M | -$398.2M | -$553.3M | -$725.6M | -$1.16B | -$1.17B | -$1.22B |
| Total Equity | -$134.7M | -$231.2M | $774.9M | $771.0M | $559.8M | $775.9M | $990.7M |
| Total Debt | 0 | 0 | 0 | $1.1M | $410,000 | $392,000 | $187,000 |
| Net Debt | -$343.3M | -$282.9M | -$934.7M | -$935.5M | -$1.04B | -$992.0M | -$1.26B |
| Working Capital | $306.7M | $221.3M | $810.2M | $811.7M | $607.3M | $791.3M | $1.00B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $224.2M | $229.6M | $335.4M | $226.5M |
| Total Assets | $1.57B | $1.72B | $1.71B | $1.66B |
| Total Liabilities | $602.8M | $686.5M | $674.1M | $690.3M |
| Total Equity | $922.7M | $990.7M | $985.2M | $925.5M |
| Total Debt | 0 | $187,000 | 0 | 0 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$130.7M | -$192.2M | -$157.6M | -$181.8M | -$429.5M | -$9.1M | -$56.0M |
| Depreciation & Amortization | 0 | $222,000 | $1.2M | $5.6M | $6.5M | $11.0M | $11.3M |
| Stock-based Compensation | $40.9M | $111.8M | $30.0M | $122.6M | $163.0M | $185.9M | $215.0M |
| Change in Working Capital | $17.4M | $11.9M | $22.6M | -$43.5M | $242.3M | -$291.7M | -$8.5M |
| Operating Cash Flow | -$60.2M | -$73.6M | -$49.8M | -$77.4M | $35.0M | -$64.0M | $232.9M |
| Capital Expenditure | 0 | 0 | -$3.5M | -$6.1M | -$1.6M | -$3.8M | -$10.8M |
| Acquisitions | 0 | 0 | $26.1M | $61.7M | 0 | -$20.2M | 0 |
| Stock Repurchased | 0 | -$820,000 | -$590,000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$60.2M | -$73.6M | -$53.4M | -$83.5M | $33.4M | -$67.7M | $222.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $31.4M | $45.8M | $149.2M | -$3.1M |
| Capital Expenditure | -$3.0M | -$4.0M | -$2.4M | -$213,000 |
| Free Cash Flow | $28.4M | $41.8M | $146.8M | -$3.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $51.7M | $53.2M | $50.1M | $75.0M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +87.3% | +66.0% | +68.0% | +36.7% | +30.9% | +25.8% |
| Net Income Growth (YoY) | | -47.0% | +19.3% | -11.8% | -145.5% | +98.5% | -784.5% |
| EPS Growth (YoY) | | -46.5% | +26.9% | -9.4% | -137.1% | +98.5% | -775.0% |
| Shares Change (YoY) | | +0.0% | +9.2% | +2.5% | +4.0% | +4.1% | +3.3% |
| FCF Growth (YoY) | | -22.3% | +27.5% | -56.5% | +140.1% | -302.5% | +427.8% |
| Gross Margin | 88.5% | 87.9% | 88.1% | 87.8% | 89.7% | 88.8% | 87.4% |
| Operating Margin | -158.0% | -140.6% | -51.0% | -49.8% | -32.3% | -18.8% | -7.4% |
| EBITDA Margin | -158.0% | -140.4% | -62.5% | -40.6% | -27.2% | -9.9% | -3.8% |
| Net Margin | -161.0% | -126.3% | -61.4% | -40.9% | -73.4% | -0.8% | -5.9% |
| FCF Margin | -74.1% | -48.4% | -21.1% | -19.7% | 5.8% | -8.9% | 23.2% |
| Effective Tax Rate | -0.9% | -1.5% | 0.9% | -2.3% | -161.3% | 89.4% | -21.8% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | -$0.45 | -$0.56 | -$0.37 | -$0.56 | $0.22 | -$0.42 | $1.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 132.5 M | 132.5 M | 144.7 M | 148.4 M | 154.3 M | 160.6 M | 165.8 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -5.51% |
| Return on Invested Capital | -9.02% |
| Return on Assets | -3.17% |
| Gross Margin | 85.75% |
| Operating Margin | -8.55% |
| Net Margin | -4.99% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 2.41 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 5.19 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -104.94 | -71.65 | -60.39 | -42.59 | -25.86 | -1,819.00 | -99.94 |
| P/B | -102.15 | -59.53 | 11.96 | 9.51 | 19.60 | 15.06 | 5.85 |
| P/S | 169.46 | 90.45 | 36.67 | 17.28 | 18.92 | 15.39 | 6.07 |
| Gross Margin | 88.5% | 87.9% | 88.1% | 87.8% | 89.7% | 88.8% | 87.4% |
| Operating Margin | -158.0% | -140.6% | -51.0% | -49.8% | -32.3% | -18.8% | -7.4% |
| Net Margin | -161.0% | -126.3% | -61.4% | -40.9% | -73.4% | -0.8% | -5.9% |