Klaviyo, Inc. Series A · NYSE:KVYO
Klaviyo, Inc. Series A — Klaviyo — Q3 2026 Earnings Presentation
39 slides from Klaviyo, Inc. Series A's earnings presentation, Nov 4, 2026
Slide 1: Powering more valuable customer relationships in the AI era
NOV. 4, 2026 Powering more valuable customer relationships in the AI era Q3 2026 Investor Presentation
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer This presentation includes certain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all statements contained in this
Slide 3: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this presentation and accompanying oral commentary contain non-GAAP financial measures, including non-GAAP gross
Slide 4: Investment thesis
Investment The AI era concentrates value in our platform, infrastructure that provides the context and purpose-built agents that execute outcomes thesis Multiple growth engines compounding at once, The autonomous B2C enterprise, international, multi-product and agents CRM powering the next A large a
Slide 5: Market opportunity
1 Market opportunity 2026 © Klaviyo 5
Slide 6: By the Numbers
By the Numbers ~$350B >5% $1.5B+ Klaviyo Attributed Value (KAV) since 2021 of U.S. ecommerce sales attributed to Klaviyo during Black Friday Cyber Monday 2025¹ Annualized revenue run rate 211K+ 9B+ 4.2B+ 25% YoY growth Customers across Consumer Average daily events 100+ countries profiles processed
Slide 7: We are roughly 1% into a $160B B2C CRM market, agents and headless expand the opportunity
We are roughly 1% into a $160B B2C CRM market, agents and headless expand the opportunity More multi- $160B product and logo penetration More $68B international growth More Marketing B2C CRM enterprise wins Automation Source: Management estimates based on industry analyst reports. 2026 © Klaviyo 7
Slide 8: Data and infrastructure at the core
2 Data and infrastructure at the core 2026 © Klaviyo 8
Slide 9: B2C CRM
B2C CRM Automation Experiences Composer Customer Agent Personalization Personalization Self-improving Klaviyo Data Platform Flexible 2026 © Klaviyo 9
Slide 10: The Klaviyo loop: personalization, agents, customer context
Email Text WhatsApp Web Web Web Social Web Service Shopping Web Agents Governed Your rules, security, and governance THE KLAVIYO LOOP: Personalization Observe Makes the right decision Agents Act before you ask for each customer Decide Deliver Customer context One real-time profile of every customer
Slide 11: Klaviyo is critical infrastructure
Klaviyo is critical infrastructure No matter where any business works, Klaviyo works for them Native on Klaviyo AI tool of choice 1 Experiences 2 Seamless, out of the Leverage the real time box experiences rooted data aggregation, in billions of conversion Composer Customer Agent streaming and insig
Slide 12: Klaviyo is a data platform at its core
Klaviyo is a data platform at its core Ingest data from any source. Shape it for every use Extreme compatibility Rich customer context Native data transformation Optimal performance Segmentation E-commerce A diary of every Ready-to-use customer action purpose-built models Flows (automation) Raw JSON
Slide 13: We deliver omni-channel orchestration
We deliver omni-channel orchestration Trusted delivery, compliance & security Email Text WhatsApp Mobile App Social Website Voice Revenue Conversion Conversational Conversational Loyalty engine Acquisition Onsite COMING driver accelerator commerce commerce extension personalisation SOON! 2026 © Klav
Slide 14: Enterprise-grade infrastructure for reliable, personalized messaging at scale
Enterprise-grade infrastructure for reliable, personalized messaging at scale Deliverability 100M Messages in <20 minutes Sender reputation, routing and compliance that for a single campaign get messages to the inbox. Scale Built for high volume and global reach with enterprise-grade reliability. 25
Slide 15: Agent-first platform
3 Agent-first platform 2026 © Klaviyo 15
Slide 16: The shift to AI is beginning
The shift to AI is beginning …but there is more opportunity to unlock Enterprise applications 40% by the end of with task-specific ai agents this year <5% in 2025 Sources: Gartner, Aug 2025 (task-specific AI agents in enterprise applications); Bain & Company, 2025 (revenue growth, leading marketers
Slide 17: We can learn from what we've seen with coding
We can learn from what we’ve seen with coding 90% As foundational models improved, engineering productivity grew exponentially Autonomous “Vibe Coding” of software teams surveyed use AI for core engineering PRODUCTIVITY tasks1 Coding AI Assisted 1 “Unlocking the value of AI in software TIME 2026 © K
Slide 18: Marketers will hand over more work to agents
With improved access to data and harnesses, marketers will Expect the same ramp in hand over more and more of the work to agents. marketing and CX TODAY The unlock is trusted access to data and better harnesses. 16% marketing work automated by AI1 Autonomous Marketing and Cx Better harnesses, improv
Slide 19: Two agents, running on the same profile
Two agents, running on the same profile Composer Customer Agent Personalize FOR YOUR TEAMS FOR YOUR CUSTOMERS Writes the campaign, builds the flow and Answers with their order, loyalty tier runs the audit, all in plain language. and preferences already in hand. Improve Deliver Understand Engage 2026
Slide 20: Growth strategy
4 Growth strategy 2026 © Klaviyo 20
Slide 21: Growth across multiple vectors, agents are upside
Growth across multiple vectors, agents are upside 01 02 03 Multi-product International Mid-market and platform growth enterprise momentum Add more customers & Leverage existing Drive further success with land larger deals investments to accelerate larger customers key market growth Increase customer
Slide 22: Recognized by leading analysts in B2C CRM
Recognized by leading analysts in B2C CRM REPORTS & RECOGNITIONS REPORTS & RECOGNITIONS REPORTS & RECOGNITIONS MQ: Multichannel Hubs 2026 Wave: Email Marketing 2026 MarketScape: Worldwide Agentic Marketing Challenger · Sept 20261 Strong Performer · March 20262 Leader · September 20263 Market Guides
Slide 23: 211,000+ customers across 100+ countries
211,000+ customers across 100+ countries Note: All figures as of September 30, 2026. 23
Slide 24: Financials
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Slide 25: Klaviyo has a distinguished financial profile and scalable business model
Klaviyo has a distinguished financial 01 Strong and consistent track record of efficient growth profile and scalable business model 02 Solid profitability and cash generation Usage-based pricing that scales as customers 03 grow and derive more value from Klaviyo 04 Efficient go-to-market demand sour
Slide 26: Q3 2026 Results Highlights
Q3 2026 Results Highlights1 Operating at scale Strong revenue growth Solid NRR $387M 25% 108% Dollar-Based Net Revenue Quarterly Revenue YoY Growth Rate Retention Rate2,3 Mid-market + enterprise momentum Strong profitability Consistent cash generation 49% 15% 16% Year-over-year growth in Non-GAAP Op
Slide 27: Revenue growth on broad-based strength
Revenue growth on broad-based strength TTM Revenue, $ in millions Quarterly Revenue, $ in millions (% Growth YoY) (% Growth YoY) $387 $1,466 $358 $371 $350 $311 $1,154 $869 25% 27% 30% 28% 26% 33% 32% 35% TTM FY24 Q3 TTM FY25 Q3 TTM FY26 Q3 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 2026 © Klaviyo 27
Slide 28: 211,000+ total customers, with strength upmarket
211,000+ total customers, with strength upmarket Customers Generating Customers Generating Customers Generating >$50K ARR >$250K ARR >$500K ARR +33% +49% +57% 4,725 390 105 3,563 262 67 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 Note: All figures are as of September 30, 2026 or 2025, as noted.
Slide 29: International is a large and growing opportunity
International is a large and growing opportunity EMEA + APAC Revenue Global footprint ($ in millions) +32% YoY $145 100+ Countries generating revenue1 $110 Expanding international revenue mix 37% EMEA + APAC % of Total Revenue2 (vs. 35% in Q3 2025) FY25 Q3 FY26 Q3 1 As of September 30, 2026. 2 For t
Slide 30: Delivering leverage while investing for growth
Delivering leverage while investing for growth Non-GAAP Operating Expenses (% of Revenue) G&A: Leverage from scale and 62% 60% headcount discipline 12% 10% R&D: Continuing to invest in new 18% 20% product innovation and enterprise readiness 32% 30% S&M: Leverage reflective of operational efficiencie
Slide 31: Strong operating income and cash flow
Strong operating income and cash flow Non-GAAP Operating Income, $ in millions Trailing Twelve Month Free Cash Flow (Adjusted) (% Margin) $ in millions (% Margin) $57 $229 $45 $167 $34 $129 15% 16% 14% 15% 14% 15% FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q3 FY26 Q3 See Appendix for Non-GAAP reconciliati
Slide 32: Guidance
Guidance ($ in millions) Q4 FY26 FY26 Revenue $421 - $425 $1,537 - $1,541 YoY Growth ~21% ~25% Non-GAAP Operating Income $66.5 - $69.5 $233 - $236 See Appendix for Non-GAAP reconciliation. Percentages rounded for presentation purposes. 2026 © Klaviyo 32
Slide 33: Appendix
yr Appendix
Slide 34: Summary Non-GAAP P&L (Quarterly)
Summary Non-GAAP P&L (Quarterly) ($ in millions) FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Revenue $310.9 $350.2 $358.0 $370.6 $387.2 Cost of Revenue $73.8 $95.3 $86.9 $98.7 $97.3 Gross Profit $237.1 $254.9 $271.1 $271.9 $289.9 Gross margin % 76.3% 72.8% 75.7% 73.4% 74.9% Selling and marketing $99.5 $
Slide 35: GAAP to Non-GAAP reconciliation of Operating Income
GAAP to Non-GAAP reconciliation of Operating Income 2026 © Klaviyo 35
Slide 36: GAAP to Non-GAAP reconciliation of Gross Profit
GAAP to Non-GAAP reconciliation of Gross Profit 2026 © Klaviyo 36
Slide 37: GAAP to Non-GAAP reconciliation of Operating Expenses
GAAP to Non-GAAP reconciliation of Operating Expenses 2026 © Klaviyo 37
Slide 38: Reconciliation of Operating Cash Flow to Free Cash Flow
Reconciliation of Operating Cash Flow to Free Cash Flow 2026 © Klaviyo 38
Slide 39: Select defined terms
Select defined terms Customers: We define a customer as a distinct paid subscription to our platform. A single organization could have multiple discrete contracting divisions or subsidiaries or brands each with paid subscriptions to our platform, which would, in general, constitute multiple distinct