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- **Revenue Surge**: Q3 $311M (+32% YoY), 183k+ customers, 6,000+ enterprise brands. NRR 109%, 50%+ ARR from multiproduct customers.
- **AI Breakthroughs**: Marketing Agent boosts open rates 41%, KAV +24%. Klaviyo Service adoption 6x faster than SMS, 7-figure renewals.
- **Financial Strength**: 14.5% operating margin, 15% free cash flow margin. Rule of 40 at 47%, highest in 4 quarters.
- **2026 Vision**: 21-22% growth, AI products to accelerate. Non-GAAP margin +1+ percentage points. Holiday season poised for AI-driven engagement surge.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $311 million, up 32% YoY, driven by multiproduct expansion and AI adoption. 183,000+ customers across 100+ countries, including 6,000+ enterprise brands.
- **AI-Driven Products**: Klaviyo Service (Customer Hub, Customer Agent) launched 6 weeks ago, adoption faster than SMS. Marketing Agent shows 41% higher open rates and 24% KAV lift. Agentic AI enables autonomous marketing workflows.
- **Customer Momentum**: 7,000 new customers added, NRR 109%, record net adds in $50k+ ARR cohort. 50%+ ARR from multiproduct customers.
- **International Expansion**: EMEA/APAC revenue up 43% YoY, 6th consecutive quarter of acceleration. WhatsApp launched globally, 22 countries with text messaging coverage.
- **AI Integration**: 50+ AI models in production, 270 daily product updates. Agentic Commerce Protocol (ACP) and Agent Payments (AP2) integrations planned.

**【CFO Financial Commentary】**
- **Financial Highlights**: Non-GAAP operating income $45 million (14.5% margin), free cash flow $47 million (15% margin). Rule of 40 at 47%, highest in 4 quarters.
- **Guidance**: Q4 revenue $331-335 million (23-24% YoY), FY25 updated to $1.215-1.219 billion (30% YoY). 2026 revenue growth 21-22%, with AI products contributing upside.
- **Margins**: Non-GAAP gross margin 76%, operating expenses down 170bps YoY. Free cash flow margin 15% YoY.

**【Q&A Key Highlights】**
- **AI Adoption**: Marketing Agent pilots starting Q4, Customer Agent monetization underway. AI reduces friction in legacy MarTech stacks, driving replatforming.
- **Service Product Traction**: Klaviyo Service adoption faster than SMS, 7-figure renewals with enterprise customers. Help Desk AI automates 40k+ support interactions.
- **International Growth**: 35%+ revenue from EMEA/APAC, 4 new languages added. Holiday season expected to boost engagement, with consumers returning to trusted brands.
- **Holiday Season**: Klaviyo Service helps businesses deliver personalized experiences, with Customer Hub driving $200k+ incremental revenue for ThirdLove.
- **2026 Outlook**: Core products (e.g., SMS, analytics) to drive 21-22% growth, AI products (e.g., Service, Agents) to add upside. Non-GAAP margin to increase 1+ percentage points.

Klaviyo, Inc. (KVYO) Q3 2025 Earnings Call Transcript

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KVYO

KVYO fundamentals

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