Five9 Inc (FIVN)
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Five9 sells cloud contact center software. In 2025 it kept $39.4 million in net income for the first time since going public, after 13 straight years of losses. The annual report filed February 20, 2026, also explains why that need not be a new era: growth has fallen from 40.2 percent to 10.3 percent, net revenue retention from 108 to 105 percent — and the risk factors state that the AI Five9 sells will shrink its own license revenue. Not investment advice — just the question of who pays for software that replaces the seats it is billed on.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AIFive9 verkauft KI als eigenes Produkt — die Genius-AI-Suite mit agentischen KI-Assistenten ist im Geschäftsbericht 2025 als Kern der Plattform beschrieben; zugleich benennt derselbe Bericht KI als Risiko für die eigenen Lizenzerlöse.
View the full file — quotes, sources, reviewed filings
„We have become an established leader in the AI-powered CX market with more than 3,000 customers. Our Genius AI suite is a comprehensive portfolio of AI solutions that uses Generative AI to power agentic CX."
Wir sind im Markt für KI-gestützte Kundenerlebnisse mit mehr als 3.000 Kunden zu einem etablierten Anbieter geworden. Unsere Genius-AI-Suite ist ein umfassendes Portfolio von KI-Lösungen, das generative KI nutzt, um agentische Kundenerlebnisse zu ermöglichen.
„AI solutions will likely perform an increasing proportion of contact center interactions, particularly for customer self-service, slowing the growth of interactions handled by live agents."
KI-Lösungen werden voraussichtlich einen wachsenden Anteil der Kontakte im Kundenservice übernehmen, insbesondere in der Selbstbedienung, und dadurch das Wachstum der von menschlichen Mitarbeitern bearbeiteten Kontakte bremsen.
Filings Reviewed: 10-K 2026-02-20 · 10-Q 2026-04-30 · 8-K 2026-05-05 · 8-K 2026-06-22 · 8-K 2026-02-20 · 8-K 2025-11-12
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.13 | – | 279 | 16.60 | 4.20 | 50 | 33 |
| 2025: Q1 | 0.01 | – | 280 | 13.20 | 0.20 | 48 | 35 |
| 2025: Q2 | 0.01 | – | 283 | 12.40 | 0.40 | 35 | 22 |
| 2025: Q3 | 0.21 | – | 286 | 8.20 | 6.30 | 59 | 49 |
| 2025: Q4 | 0.23 | 73.40 | 300 | 7.80 | 6.60 | 84 | 67 |
| 2026: Q1 | 0.21 | 3,206.80 | 305 | 9.20 | 6.00 | 64 | 59 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
After 13 years of losses from 2012 through 2024, 2025 finally showed a profit: $39.4 million, against minus $12.8 million the year before. Operating income swung from minus $51.3 million to plus $28.9 million. The first quarter of 2026 confirmed the trend with $18.4 million in net income after $0.6 million in the prior-year quarter.
Operating cash flow rose to $226.2 million in 2025 after $143.2 million (2024) and $128.8 million (2023); the first quarter of 2026 brought $63.9 million after $48.4 million. As of March 31, 2026, $723.9 million in cash and marketable investments stood against a single financial liability of $736.4 million — roughly $12.5 million of net debt.
Revenue growth has fallen for four straight years: 40.2 percent (2021), 27.8 (2022), 16.9 (2023), 14.4 (2024), 10.3 percent (2025) and 9.2 percent in the first quarter of 2026. Net revenue retention on existing customers slipped from 108 to 105 percent; the filing cites, among other things, the loss of a single large customer ramp from 2024.
The 2025 profit came from the cost side, not from more revenue. Stock-based compensation fell from $206.3 million (2023) through $166.3 million (2024) to $148.1 million, and two reduction-in-force plans cut roughly 6 percent of staff in 2024 and roughly 4 percent in 2025. That is disciplined work — but each of those levers can only be pulled once.
The 2025 annual report states in its risk factors that AI will handle a growing share of contact center interactions, slow the growth of interactions handled by live agents and reduce license revenue from the installed base — and that it is open whether selling its own AI solutions offsets that. For a model billed per seat, this is not a footnote.
Since October 2025 the board has authorized $350.0 million of buybacks — close to a quarter of a company worth roughly $1.5 billion (data as of July 24, 2026). The March 2026 purchases were made at an average of $17.28. Against that stand $148.1 million of annual stock-based compensation and $747.5 million coming due in 2029.
Five9 is not a broken company — 2025 delivered the first profit after 13 years of losses, operating cash flow reached $226.2 million, and the balance sheet is net debt free. Against that stands growth that has quartered in four years, retention that has slipped from 108 to 105 percent, and a profit built on costs removed rather than revenue added. Above it all sits the sentence from the company's own annual report: the AI Five9 sells shrinks the license revenue Five9 lives on. Buying here is not a bet on the cost brake but on selling more AI than AI takes away in seats. Not investment advice.
- Five9 reached our research list through our in-house stock scanner: the stock sits in the U.S. selection of the "Fundamental Rank (A / A+)" list, which ranks companies by the quality of their numbers (as of July 26, 2026; the page currently lists 38 U.S. hits, and the lists are recomputed daily). On the same date FIVN appeared in twelve lists at once, among them turnaround candidates, EPS acceleration, the free-cash-flow ranking and power trend.
- Currency of the data: this analysis evaluates the annual report 10-K for 2025 (filed February 20, 2026), the quarterly report 10-Q as of March 31, 2026 (filed April 30, 2026), and every filing submitted afterwards — in particular the 8-K reports dated May 5, 2026 (accelerated repurchase of $90.0 million), May 20, 2026 (annual meeting results: board declassification, removal of supermajority voting requirements, election of Amit Mathradas and Sagar Gupta), May 27, 2026 (amended and restated charter filed in Delaware plus matching bylaws) and June 22, 2026 (change in product engineering leadership), plus the Form S-8 dated June 8, 2026. The next quarterly report was expected on July 30, 2026; it is not part of this analysis.
- Valuation figures are dated and evergreen: the market value of roughly $1.5 billion carries a data cut-off of July 24, 2026, and rests on 76.6 million shares. Cross-check against the last price documented in a filing: 76,563,988 shares (April 27, 2026) times $17.28 (the average repurchase price in March 2026) gives about $1.32 billion — a deviation of roughly 11 percent. The initial delivery of roughly 3.1 million shares from the May 5, 2026, repurchase is not reflected. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Five9, Inc. bietet zusammen mit seinen Tochtergesellschaften intelligente Cloud-Software für Contact Center in den USA und international an.
| Employees | 2,910 |
|---|---|
| Headquarters | San Ramon, CA |
| Website | five9.com |
| IPO Date | 4. Apr 2014 |
| Next Earnings | 30. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Andy Dignan | President | 1978 |
| Bryan Lee | CFO & Treasurer | 1979 |
| Tiffany N. Meriweather | Chief Administrative and Legal Officer & Secretary | 1984 |
| Panos Kozanian | Executive Vice President of Product Engineering | 1981 |
| Leena Mansharamani | Chief Accounting Officer & Corporate Controller | 1968 |
| Jonathan D. Rosenberg Ph.D. | CTO & Head of AI | 1973 |
| Jay H. Lee | Chief Marketing & Growth Officer | – |
| Ajay Awatramani | Chief Product Officer | – |
| Matt Tuckness | Chief Revenue Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.