Reported Q: Q2 2025 Rev YoY: +19.6% EPS YoY: +11.4% Move: +0.04%
Couchbase Inc
BASE
$24.51 0.04%
Exchange NASDAQ Sector Technology Industry Software Infrastructure
Q2 2025
Published: Sep 5, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for BASE

Reported

Report Date

Sep 5, 2024

Quarter Q2 2025

Revenue

51.59M

YoY: +19.6%

EPS

-0.39

YoY: +11.4%

Market Move

+0.04%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $51.59M up 19.6% year-over-year
  • EPS of $-0.39 increased by 11.4% from previous year
  • Gross margin of 87.5%
  • Net income of -19.90M
  • "ARR was $214 million, representing growth of 18% year-over-year and 19% in constant currency." - Matt Cain
BASE
Company BASE

Executive Summary

Couchbase delivered a solid QQ2 2025 performance with meaningful ARR growth and a strategic pivot toward Capella-driven monetization, underpinned by rapid product innovation aimed at AI-enabled, real-time data applications. Total ARR reached $214 million, up 18% year-over-year and 19% in constant currency, while quarterly revenue rose 20% YoY to $51.6 million. The mix shift toward Capella continued, with Capella ARR at $28.9 million (13.5% of total ARR) and Capella representing 31% of Couchbase’s customer base, up 2 percentage points sequentially. Management highlighted a robust pipeline of strategic opportunities and accelerated Capella migrations, including the largest Capella land in company history and early positive feedback for Capella Columnar, Capella Free Tier, and Capella Columnar integration with vector search. On the flip side, the quarter featured an outsized churn/downsell headwind, with two large accounts driving losses beyond typical quarterly guidance, which tempered ARR growth despite a very strong gross new ARR result. Management reaffirmed full-year ARR guidance and emphasized a back-half concentration of net-new ARR driven by renewals, Capella migrations, and large strategic deals. The company continues to emphasize efficiency, targeting a Rule of 40 trajectory, and remains confident in achieving free cash flow positive status in fiscal 2026. This reflects a well-defined AI-enabled data platform strategy that aims to be the single source of truth for modern applications, with Capella Columnar and vector search extending Couchbase’s appeal to enterprise developers and architects.

Key Performance Indicators

Revenue
Increasing
51.59M
QoQ: 0.51% | YoY: 19.59%
Gross Profit
Increasing
45.13M
87.47% margin
QoQ: -1.14% | YoY: 21.21%
Operating Income
Increasing
-21.05M
QoQ: 6.62% | YoY: 3.75%
Net Income
Increasing
-19.90M
QoQ: 5.24% | YoY: 3.66%
EPS
Increasing
-0.39
QoQ: 7.14% | YoY: 11.36%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2026 57.57 -0.43 +11.6% View
Q1 2026 56.52 -0.33 +10.1% View
Q4 2025 54.92 -0.30 +9.7% View
Q3 2025 51.63 0.79 +12.7% View
Q2 2025 51.59 -0.39 +19.6% View