Five9 Q4 2025 Earnings Call and 2026 Roadmap

Five9 (NASDAQ: FIVN) held its Q4 and full year 2025 earnings call on February 19. In addition to reporting non-GAAP EPS of $0.80 and revenue of $300.28 million, the call highlighted a significant leadership transition. It was Mike Burkland’s final earnings call at Five9 after 18 years with the company, and the first for Amit Mathradas, who began his tenure as Five9’s new CEO on February 2 of this year.

It has been the privilege of my career to lead this organization, and I'm incredibly proud of what we've accomplished together. We've grown Five9 from approximately $10 million in annual revenue to a $1.2 billion run rate, while enabling some of the largest brands in the world to transform their customer experience.

Mike Burkland

Chairman, Five9

The Big Numbers

As always, we’ll start with the big numbers: Five9 closed 2025 with record full-year revenue of $1.149 billion, up 10% year over year, exiting the year with a $1.2 billion revenue run rate. Q4 revenue came in at $300.3 million, up 8%. Subscription revenue, now 82% of total revenue, accelerated to 12% growth in the quarter.

Enterprise AI revenue grew 50% year over year in Q4, crossing the $100 million ARR milestone, with AI bookings more than doubling and driving a Q4 bookings record. Adjusted EBITDA and free cash flow both hit all-time records at 26% and 22% margins respectively. Non-GAAP EPS came in at $0.80. Five9 also completed a $50 million accelerated share repurchase on February 2, retiring approximately 2.6 million shares, with $100 million remaining under authorization.

For 2026, Five9 is guiding to revenue of $1.247–$1.261 billion, with a return to double-digit growth expected in the second half of the year.

The End of One Era, the Start of Another

The call was an enormous test for Amit, who was just two weeks into the role at the time of this call. 

I joined Five9 for a simple reason. I believe we have a large opportunity in front of us and that we have the right foundation to capture more of it. From a communication standpoint, you should know that I will be clear on what's working, what is not, and what we are doing to improve it.

Amit Mathradas

CEO, Five9

Amit will have the chance to prove himself to customers and investors over the next two to three quarters, as the market watches whether he can sustain the AI momentum and put his own strategic stamp on the platform. Based on first impressions, the foundation is there. Execution is next.

Building a Relationship-Based Experience with Conversational AI

One of the most important strategic threads running through this call was Five9's core thesis on what makes their platform different: conversational data. Five9 captures 100% of customer interactions across voice and digital channels, whether it was handled by a human or an AI agent. 

Five9 uses this data to create what Burkland calls a "relationship-based experience” – one where every engagement is personal, contextual, and part of a continuous learning loop that compounds over time. It's a significant advantage that only an end-to-end platform can deliver, and it's why Five9 positions itself not as a system of record like a CRM, but as a system of action.

A Suite Built for the AI-Powered CX Era

At Five9's CX Summit in November, the company announced a suite of new AI-powered solutions that the earnings call positioned as clear differentiators. 

AQM (Agentic Quality Management) provides real-time agent guidance, proactive supervisor alerts, and AI-driven coaching across 100% of interactions. Genius Routing uses that quality and performance data to dynamically match customers to the right agent or AI agent at the moment of contact. Five9 OneVUE tackles the analytics fragmentation problem, bringing unified real-time and historical reporting across systems into a single platform. Adaptive Digital Engagement, a no-code solution, lets enterprises deploy AI-powered digital experiences without the heavy lift of custom development.

The results are showing up in the numbers: Enterprise AI bookings more than doubled year over year in Q4. Installed base bookings hit an all-time high for the third consecutive quarter. Customers are making 3-year and 5-year commitments to Five9 as their CX AI provider

Five9’s Partner-First Approach

The call positioned Five9's partner strategy as a core competitive differentiator.

Five9 has been partner-first for years. And today, more than 80% of our business is partner influenced. Our balanced route-to-market model is working. Partners are leading complex transformations, accelerating AI adoption and delivering outcomes faster than ever. In 2025, Five9 doubled year-over-year, the number of partners certified to implement Five9 services, showing just how mature and essential our ecosystem has become.

Andy Dignan

President, Five9

The wins are already showing up. A hospitality technology company migrating off a cloud competitor cited the Five9 Google Cloud partnership as a primary reason for choosing Five9. 

Five9 was also an early adopter of Google's AI technology. Now, that head start is compounding: the platform already leverages Gemini foundational models across its AI product portfolio, with a multi-LLM architecture that allows Five9 to benchmark and deploy the best model for each specific use case.

What This Means for the Market

Five9's Q4 results, and this earnings call, provide more insight into what enterprise demand for AI-powered CX solutions could look like in 2026. While the $100 million AI ARR milestone is impressive, the fact that AI bookings more than doubled in Q4 matters more.

The broader market signal here mirrors what we saw from NICE’s Q4 earnings call: enterprises are consolidating around end-to-end platforms that deliver AI in production environments, not in proof of concepts or siloed bolt-ons.