The following detailed earnings reviews were sent during the week:
There was also a portfolio change this week so I updated my holdings and performance.
Next week, I will be sending out a Salesforce earnings review and several reviews of investor conference chats.
Table of Contents
1. GitLab (GTLB) — Brief Earnings Snapshot
a. Demand
Beat revenue estimate by 4.7% & beat guide by 4.9%.
Beat remaining performance obligation (RPO) estimate by 5%.
b. Profits
Beat EBIT estimate by 36% & beat guide by 37%.
Beat $0.18 EPS estimate by $0.07 & beat guide by $0.075.
Missed -$0.19 GAAP EPS estimate by $0.03.
Missed FCF estimate by 35%. This is highly lumpy on a quarterly basis due to things like accounts payable timing. Best to focus on annualized FCF generation.
c. Balance Sheet
$1.2B cash & equivalents.
1.7% Y/Y dilution.
d. Guidance & Valuation
Raised annual revenue guide by 1.4% which beat estimates by 1.3%. Q3 revenue guidance slightly beat estimates. Most of the raise came from Q2 outperformance.
Raised annual EBIT guide by 8.7% which beat estimates by 8.7%. Q3 EBIT guidance beat estimates by 19%.
Raised annual $0.805 EPS guide by $0.055 which beat estimates by $0.05. Q3 $0.195 EPS guidance beat estimates by $0.015.
GitLab traded for 57x EPS heading into the earnings report. Pre-analyst estimate revisions, EPS is expected to fall by 15% this year and then grow by 27% next year. Estimates will rise following this upbeat report.
2. UiPath — Brief Earnings Snapshot
a. Demand
Beat revenue estimate by 3.1% & beat guidance by 3.2%.
Beat $32M net new ARR estimate by 15.6% & beat guidance by 17.5%.
Slightly beat total ARR estimate & slightly beat guidance.
Net revenue retention (NRR) was 109% vs. 109% Q/Q, 108% Y/Y and 115% 2 years ago.
b. Profits
Beat EBIT estimate by 18.4% & beat guidance by 18.7%.
Met $0.15 EPS estimate.
Slightly beat FCF estimate.
c. Balance Sheet
$1.27B cash & equivalents.
Diluted share count shrank 3.7% Y/Y.
No debt.
d. Annual Guidance & Valuation
Raised net new ARR guidance by $7M from $206.5M to $213.5M, beating estimates by $6.5M. Net new ARR growth was raised from 10.4% to 14.2%.
Total ARR guidance was slightly raised and slightly ahead of estimates.
Raised annual revenue guidance by 0.8%, beating estimates by 0.7%.
Raised annual EBIT guidance by 3.5%, beating estimates by 3.2%.
Q3 guidance was slightly ahead across the board.
3. Samsara (IOT) — Brief Earnings Snapshot
a. Demand
Beat revenue estimate by 5.1% & beat guidance by 5.2%.
29% constant currency growth comfortably beat 22.5% growth expectations.
Beat $104M net new ARR expectations by 29%.
b. Profits
Beat 76.9% GPM estimate by 140 basis points (bps; 1 basis point = 0.01%).
Beat EBIT estimate by 21.7% & beat guidance by 21.8%.
Beat FCF estimate by 18.7%.
Beat $0.01 GAAP EPS estimate by $0.02 & beat guidance by at least $0.03.
Beat $0.16 EPS estimate by $0.04 & beat guidance by $0.045.
c. Balance Sheet
$800M+ in cash & equivalents; $500M in long-term investments.
No debt.
3.3% Y/Y dilution.
d. Guidance & Valuation
Raised annual revenue guidance by 1.8%, beating estimates by 1.5%.
Raised 23.5% constant currency (CC) growth guidance to 26% CC growth.
Raised $0.71 EPS guidance by $0.06, beating estimates by $0.06.
Reiterated positive GAAP EPS for the year.
IOT trades for 48x EPS. EPS is expected to grow by 38% this year and by 20% next year.
4. CrowdStrike (CRWD) — Investor Day 2026
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