OneStream, Inc. Class A Common Stock

Q3 2025 subscription revenue was $141 million, up 27% year over year; total revenue was $154 million, up 19%; billings were $178 million, up 20%; and free cash flow was $5 million. Non-GAAP gross margin was 69% versus 71% last year, non-GAAP software gross margin was 75% versus 78% last year, non-GAAP operating income was $9.3 million (6% of revenue), non-GAAP net income was $15.2 million, and non-GAAP EPS was $0.08, flat year over year. For the first 9 months, subscription revenue was $400 million, total revenue was $438 million, AI bookings were up 60%, free cash flow was $70 million, up 107%, and total RPO was $1.2 billion. Q4 guidance calls for total revenue of $156 million to $158 million, non-GAAP operating margin of 4% to 6%, and non-GAAP EPS of $0.04 to $0.07; full-year 2025 guidance is total revenue of $594 million to $596 million, non-GAAP operating margin of 2% to 3%, and non-GAAP EPS of $0.15 to $0.19.

Tom Shea framed the quarter as focused execution against a difficult federal backdrop, while emphasizing that OneStream is leading the “finance AI era.” He highlighted growing customer interest in SensibleAI Forecast, Studio, and agents, and tied the company’s strategy to a unified platform with contextualized data, security, and applied AI. His tone was confident and expansive, especially around product innovation, EMEA momentum, and the long-term opportunity to become the operating system for modern finance.

Bill Koefoed said Q3 was stronger than expected, with execution in EMEA offsetting federal pressure, and emphasized that SaaS conversions in the federal business hurt license revenue but should benefit future subscription revenue. He cited 69% non-GAAP gross margin, 6% non-GAAP operating margin, $25 million of equity-based compensation, and $654 million of cash and cash equivalents at quarter-end. He also noted full-year guidance was raised, Q4 billings growth is expected to be roughly 20% after about $4 million of accelerated Q3 billings, and he said the company is comfortable with current Street consensus for 2026 revenue and non-GAAP operating income.

Analysts focused on federal renewals, AI monetization, billings durability, NRR, and the 2026 outlook. Management said federal renewals were mostly intact, with only one lost agency that had been merged away, and said it is optimistic about 2026 as SaaS conversions flow into future subscription revenue. On AI, management said SensibleAI Forecast, Studio, and agents are driving interest and that agents should be incremental revenue, mostly usage-based rather than seat-displacing; on billings and NRR, management said early renewals were driven partly by customers adding products, which they see as evidence that the multiproduct strategy is working.