olivLaw · US equity research
Five9, Inc. FIVN
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Five9 is a cloud platform provider for enterprise contact centers that is evolving into an AI-native CX platform through its Genius AI suite. The company continues to grow, with revenue of 1149.1 million USD in fiscal 2025 and full-year 2026 revenue guidance of 1.260 to 1.272 billion USD, which matters as customers migrate away from on-premises systems.
At the close of 04 Nov 2026, Five9, Inc. (FIVN) stock was 36.35 USD (+1.62% on the day), with market capitalisation 2.7 bn USD, P/E 52.7 on diluted EPS of 0.69 USD over the last 12 months, beta 1.66, 52-week range 13.61–38.65 USD. Latest reported quarter (Q2 2026): revenue of 312.4 m USD (+10.3% YoY), net income of 3.4 m USD (+191.8% YoY), diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.8
- neutral
- Bollinger (20, 2)
- 32.63 – 38.66
- in the upper half of the band · %B 0.62 · band width 16.9%
- SMA 50 / 200
- 34.63 / 24.41
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.62 / 0.65
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.8% | −1.1% | +6.9 pp | — |
| 3 months | +22.8% | −0.5% | +23.3 pp | — |
| 6 months | +66.0% | +4.4% | +61.6 pp | — |
| Year to date | +81.3% | +12.3% | +69.0 pp | — |
| 1 year | +58.0% | +13.5% | +44.4 pp | −19.2% |
| 3 years | −42.6% | +76.4% | −119.0 pp | −18.1% |
| 5 years | −75.4% | +63.7% | −139.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264.2 m | 278.7 m | 279.7 m | 283.3 m | 285.8 m | 300.3 m | 305.3 m | 312.4 m |
| Cost of revenue | 121.9 m | 122.7 m | 126.0 m | 127.9 m | 128.6 m | 133.8 m | 134.8 m | 145.7 m |
| Gross profit | 142.2 m | 156.0 m | 153.7 m | 155.4 m | 157.3 m | 166.4 m | 170.5 m | 166.7 m |
| Research & development | 42.5 m | 41.5 m | 41.1 m | 39.9 m | 35.2 m | 36.1 m | 39.7 m | 42.1 m |
| Operating income | -15.4 m | 4.2 m | -5.4 m | -1.6 m | 16.0 m | 19.8 m | 18.5 m | 2.0 m |
| Depreciation & amortisation | 13.1 m | 14.6 m | 14.5 m | 14.6 m | 15.8 m | 16.9 m | 17.8 m | 19.9 m ≈ |
| Interest expense | 4.1 m | 4.3 m | 4.1 m | 3.8 m | 3.1 m | 3.1 m | 3.1 m | 3.5 m |
| Pre-tax income | -8.3 m | 11.2 m | 760.0 k | 2.5 m | 18.6 m | 23.0 m | 20.6 m | 4.3 m |
| Income tax | -3.9 m | -426.0 k | 184.0 k | 1.4 m | 643.0 k | 3.3 m | 2.2 m | 941.0 k |
| Net income | -4.5 m | 11.6 m | 576.0 k | 1.2 m | 18.0 m | 19.7 m | 18.4 m | 3.4 m |
| Diluted EPS | -0.06 | 0.13 | 0.01 | 0.01 | 0.21 | 0.23 | 0.21 | 0.04 |
| Operating cash flow | 41.1 m ≈ | 49.8 m | 48.4 m | 35.1 m ≈ | 59.2 m ≈ | 83.6 m | 63.9 m | 42.1 m ≈ |
| Capex | 14.4 m ≈ | 9.3 m | 4.7 m | 3.5 m ≈ | 10.5 m ≈ | 6.2 m | 5.3 m | 17.6 m ≈ |
| Share repurchases | — | — | 0 | 0 ≈ | — | — | 10.0 m | 90.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 60 percentile of its own 5-quarter history (min 23.0, median 43.6, max 294.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 257.7 m | 328.0 m | 434.9 m | 609.6 m | 778.8 m | 910.5 m | 1.0 bn | 1.1 bn |
| Revenue YoY | +28.7% | +27.3% | +32.6% | +40.2% | +27.8% | +16.9% | +14.4% | +10.3% |
| Net income | -221.0 k | -4.6 m | -42.1 m | -53.0 m | -94.7 m | -81.8 m | -12.8 m | 39.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.08 | -0.66 | -0.79 | -1.35 | -1.13 | -0.17 | 0.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -0.1% | -1.4% | -9.7% | -8.7% | -12.2% | -9.0% | -1.2% | 3.4% |
| Free cash flow | 29.4 m | 32.0 m | 36.9 m | -13.2 m | 36.6 m | 97.6 m | 100.8 m | 201.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 232.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 785.8 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.51x
- ROE
- 5.6%
- ROA
- 2.1%
- FCF margin
- 17.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 434.9 m | 609.6 m | 778.8 m | 910.5 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 180.3 m | 271.1 m | 367.5 m | 432.7 m | 477.5 m | 516.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 254.6 m | 338.5 m | 411.3 m | 477.8 m | 564.4 m | 632.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 68.7 m | 106.9 m | 141.8 m | 156.6 m | 166.2 m | 152.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | -12.3 m | -56.3 m | -87.6 m | -98.6 m | -51.3 m | 28.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 25.1 m | 38.7 m | 44.7 m | 48.5 m | 52.9 m | 61.8 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 12.8 m ≈ | -17.5 m ≈ | -42.9 m ≈ | -50.1 m ≈ | 1.6 m ≈ | 90.6 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 28.3 m | 8.0 m | 7.5 m | 7.6 m | 14.8 m | 14.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | -44.6 m | -64.3 m | -90.3 m | -79.4 m | -12.8 m | 44.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -2.5 m | -11.3 m | 4.4 m | 2.3 m | 40.0 k | 5.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -42.1 m | -53.0 m | -94.7 m | -81.8 m | -12.8 m | 39.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -0.66 | -0.79 | -1.35 | -1.13 | -0.17 | 0.45 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 64.2 m | 67.5 m | 69.9 m | 72.0 m | 74.5 m | 88.0 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 220.4 m | 90.9 m | 180.5 m | 143.2 m | 362.5 m | 232.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 48.7 m | 83.7 m | 87.5 m | 97.4 m | 115.2 m | 131.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 689.1 m | 617.2 m | 778.7 m | 924.1 m | 1.2 bn | 959.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 51.2 m | — | 101.2 m | 108.6 m | 144.9 m | 164.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 165.4 m | 165.4 m | 165.4 m | 227.4 m | 365.4 m | 366.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 51.7 m | 39.9 m | 28.2 m | 38.3 m | 65.6 m | 51.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 1.1 bn | 1.2 bn | 1.2 bn | 1.5 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 17.1 m | 20.5 m | 23.6 m | 24.4 m | 26.3 m | 30.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 103.6 m | 157.6 m | 150.8 m | 167.2 m | 641.7 m | 213.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 784.6 m | 981.8 m | 934.5 m | 956.5 m | 1.4 bn | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 279.2 m | 211.1 m | 310.0 m | 538.1 m | 622.2 m | 785.8 m | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 67.3 m | 29.0 m | 88.9 m | 128.8 m | 143.2 m | 226.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 30.4 m | 42.2 m | 52.3 m | 31.2 m | 42.4 m | 25.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 36.9 m ≈ | -13.2 m ≈ | 36.6 m ≈ | 97.6 m ≈ | 100.8 m ≈ | 201.2 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -382.3 m | -150.5 m | 31.0 m | -259.6 m | -266.6 m | 122.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 457.4 m | -7.5 m | -30.2 m | 94.6 m | 342.7 m | -478.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 50.0 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 54.9% | 37 (on a fixed band) | 14% |
| EBIT margin · Quality | 4.7% | 53 (vs peers) | 11% |
| FCF margin · Quality | 17.4% | 69 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 13.8% | 55 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 10.3% | 57 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 5.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth56/100 · 2/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Five9, Inc. (FIVN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 10.3%; net margin 4.9%; ROE 7.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.1x
- FCF yield: 7.7%
- Shareholder yield (distributions): 5.5%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +58% / −43% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −79% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
1- and 3-year price returns: for FIVN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.11 Total return -25% · Per year -25% | 47.73 Total return 31% · Per year 31% | 71.62 Total return 97% · Per year 97% |
| 3 years | 31.48 Total return -13% · Per year -5% | 61.85 Total return 70% · Per year 19% | 101.15 Total return 178% · Per year 41% |
| 5 years | 36.56 Total return 1% · Per year 0% | 80.16 Total return 121% · Per year 17% | 142.86 Total return 293% · Per year 31% |
- Exit P/E± 15.46
- Net margin± 10.82
- Annual revenue growth± 8.16
- Annual dilution± 0.91
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Five9 is a cloud platform provider for enterprise contact centers that is evolving into an AI-native CX platform through its Genius AI suite. The company continues to grow, with revenue of 1149.1 million USD in fiscal 2025 and full-year 2026 revenue guidance of 1.260 to 1.272 billion USD, which matters as customers migrate away from on-premises systems.
SWOT
Strengths
- The cloud platform is described as scalable, secure and integrated with CRM applications, which supports customer retention 1. The customer base is diversified, with no single customer above 10% of revenue 1.
- The recurring revenue model gives visibility into revenue, and retention has stayed above 100% 13. The company reported accelerating subscription revenue growth for three consecutive quarters 3.
- The Genius AI suite and a data flywheel that learns from every interaction are presented as a structural advantage over competitors 1.
Weaknesses
- GAAP profitability is still recent: net income turned positive only recently after a history of losses 1.
- Dollar-based retention declined in 2025 from the prior year, showing expansion of existing customers is uneven 1.
- Professional services carry negative margins, so growth in that line could dilute gross margin 1.
Opportunities
- Customer migration from on-premises systems to cloud and AI creates selling opportunities for the platform 1.
- Large contracts such as the one announced in August 2026 could accelerate growth if similar wins recur in other segments 3.
- The newly launched AI voice agents could generate new consumption-based revenue that grows faster than the rest of the business 3.
Threats
Risks
- Replacing license revenue with AI revenuehigh
If revenue from AI solutions does not offset the decline in traditional licenses, revenue and results could be affected, as the annual report warns 1.
- Macroeconomic conditions and tariffshigh
The company says macroeconomic challenges and tariff increases could continue to weigh on revenue in future periods 2.
- Revenue concentration in existing customersmedium
Because most revenue comes from existing customers, changes in new sales show up with a lag, which makes problems harder to detect early 1.
- Competition and third-party dependenciesmedium
Reliance on partners and telecom providers could affect service and customer retention if those providers face problems 1.
- Cybersecuritymedium
Security incidents could lead to litigation, regulatory action and reputational harm, according to the disclosed risk factors 1.
Investment thesis
What would need to be true (bull case)
- If subscription growth keeps accelerating and AI revenue continues to outpace the rest of the business, the company could support a recovery in margins and growth over the medium term 3.
- Retention above 100% and a diversified customer base could sustain growth even if new sales slow 13.
- Large contracts and the launch of AI voice agents could open new opportunities in enterprise segments 3.
What would break the thesis
- If AI agents reduce human-handled interactions faster than AI revenue offsets it, there could be persistent pressure on license revenue 1.
- GAAP profitability remains modest, and macroeconomic pressure could prevent current margins from being sustained 23.
- The market is competitive and growing, and large customers could prefer rival or in-house solutions 1.
What to watch
- Pace of subscription and AI revenue growth against full-year revenue guidanceQ3 2026
- Trend in subscription dollar-based retentionnext 10-K
- Effect of tariffs and macroeconomic conditions on existing customers2027
- Progress on subleasing excess space after the headquarters consolidation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Five9 offers an Intelligent CX Platform for enterprise contact centers, delivered as software-as-a-service, with applications for customer service, sales and marketing. The platform integrates voice, chat, email, web and social channels and orchestrates interactions between human and AI agents, according to the annual report 1. The company operates in one reportable segment and has over 3000 customers 1.
The revenue model combines monthly subscription fees, mainly based on licenses, with usage-based telephony fees and consumption or capacity billing for AI solutions 1. Subscriptions and related usage made up 93% of revenue in 2025, with the remainder from professional services 1. In the first half of 2026, subscription and telecom fees reached 94% of revenue 2.
Sales run through a field team for mid-size, enterprise and Fortune 1000 companies, a telesales team for smaller companies, and partners including system integrators and distributors 1. In August 2026 the company announced a new customer win with approximately 100 million USD in total contract value 3.
Segments
Intelligent CX platform and Genius AI suite
The core offering is a cloud platform that routes interactions and integrates CRM data, while the Genius AI suite adds AI agents, Agent Assist, summaries and AI insights 1. In the second quarter of 2026 the company launched Five9 Voice AI Agents and described AI revenue as accelerating faster than the rest of the business 3.
Telephony and communications services
Telephony usage revenue is billed in arrears and carries lower margins than subscriptions, according to the annual report 1. A growing share of customers buy telephony directly from wholesale telecom providers, which could change the revenue mix if the trend continues 2.
Professional services
Professional services for implementation and optimization make up the remaining revenue and, per the report, carry negative margins, so growth in them could weigh on gross margin 1.
Market context
The company describes two trends supporting the cloud contact center market: migration from on-premises systems to the cloud and advances in generative AI, which generally require cloud deployment 1. According to the report, the contact center industry is in the early stages of the AI transition, making customer behavior hard to forecast 1.
The dollar-based retention rate fell from 108% in 2024 to 105% in 2025 and reached 107% for subscriptions as of June 2026, suggesting expansion of existing customers remains important for growth 13. Second-quarter 2026 revenue growth was attributed mainly to larger customers 2.
Trends
- Migration from on-premises contact centers to the cloudtailwind
Organizations are replacing legacy on-premises systems with cloud solutions, which could support demand for platforms like Five9's 1. If system refresh cycles continue, this replacement opportunity could sustain new sales.
- Generative AImixed
AI enables new contact center capabilities, but the report warns that AI solutions could replace part of traditional license revenue, which the company must offset with AI sales 1.
- Macroeconomic pressure and tariffsheadwind
The company flags continued macroeconomic challenges, tariff increases and global conflicts, which it expects could weigh on revenue in future periods 2.
- Cost discipline and profitabilitytailwind
Workforce reductions in 2024 and 2025 and expense management led to positive net income in 2025, and the company expects net income to remain positive in 2026 1. If cost discipline holds, margins could keep improving.
Competitive position
The annual report notes that the markets Five9 serves involve a large and growing number of competitors, and that competition could harm operating results if the company does not compete effectively 1. Five9 positions itself as an end-to-end platform combining multichannel capabilities, pre-built CRM integrations and AI 1.
The sources do not name direct competitors, so the company's relative position cannot be assessed from them. The company does note integrations with major CRM and collaboration vendors, which can be both partnership and competitive pressure 1.
- CRM and collaboration platform vendors with contact center features
The report cites integrations with major CRM and collaboration vendors but does not explicitly identify them as direct competitors 1.
- On-premises contact center system vendors
Legacy on-premises systems are described as what customers replace with cloud, making them part of the indirect competitive set 1.
- AI solution providers for customer service
The report warns some customers could use AI solutions from other companies, which would reduce the company's opportunity to sell its own 1.
- Wholesale telecommunications providers
Customers who buy telephony directly from these providers reduce the company's telephony revenue, although they remain platform customers 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Five9 President Andy Dignan Sells Shares for $244,510Yahoo Finance — News · 23 Sept 2026 · EN
- Five9 President Andy Dignan Sells 17,767 Shares for $622,400Yahoo Finance — News · 12 Sept 2026 · EN
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report27 May 2026Amendments to articles or bylaws
- Current report20 May 2026Shareholder vote · Financial statements and exhibits
- Current report05 May 2026Other events · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Current report20 Feb 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Five9, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Five9, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Five9, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.