Lightspeed Commerce (LSPD) financial statements
Lightspeed Commerce reported revenue of $1.1B in fiscal 2025, up 54.9% a year over 5 years.
Net income was -$667M and the operating margin -64.6%, against -48.4% in 2020.
Free cash flow was -$56M, and the company returned $132M in net buybacks.
The diluted share count rose 79% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lightspeed Commerce's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $121M | $222M | $548M | $731M | $909M | $1.1B |
| Cost of revenue | $40M | $94M | $277M | $399M | $524M | $627M |
| Gross profit | $81M | $128M | $271M | $332M | $385M | $450M |
| Research and development | $33M | $55M | $121M | $140M | $129M | $120M |
| Selling, general and admin | $21M | $53M | $95M | $106M | $104M | $115M |
| Operating income | -$58M | -$130M | -$318M | -$1.1B | -$203M | -$696M |
| Interest expense | $2M | $3M | $3M | $2M | $1M | $1M |
| Pre-tax income | -$57M | -$130M | -$315M | -$1.1B | -$160M | -$660M |
| Income tax | -$3M | -$6M | -$27M | -$4M | $3M | $8M |
| Net income | -$54M | -$124M | -$288M | -$1.1B | -$164M | -$667M |
| EPS (diluted) | -$0.62 | -$1.18 | -$2.04 | -$7.11 | -$1.07 | -$4.34 |
| Diluted shares | 86M | 105M | 142M | 150M | 154M | 154M |
| Gross margin | 67.1% | 57.6% | 49.5% | 45.4% | 42.4% | 41.8% |
| Operating margin | -48.4% | -58.5% | -58.1% | -150.4% | -22.3% | -64.6% |
| Net margin | -44.4% | -56.0% | -52.6% | -146.5% | -18.0% | -62.0% |
Balance sheet
Fiscal years, from Lightspeed Commerce's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $211M | $807M | $954M | $800M | $722M | $558M |
| Receivables | $11M | $25M | $46M | $55M | $62M | $53M |
| Inventory | $932,000 | $2M | $8M | $13M | $16M | $15M |
| Total current assets | $233M | $858M | $1.0B | $934M | $918M | $798M |
| Property, plant and equipment | $8M | $8M | $16M | $19M | $20M | $17M |
| Goodwill | $147M | $972M | $2.1B | $1.4B | $1.3B | $798M |
| Total assets | $478M | $2.1B | $3.6B | $2.7B | $2.6B | $1.8B |
| Total current liabilities | $71M | $113M | $158M | $150M | $145M | $149M |
| Long-term debt | $30M | $30M | $30M | $0 | — | — |
| Total liabilities | $134M | $171M | $221M | $171M | $163M | $162M |
| Shareholders' equity | $344M | $1.9B | $3.4B | $2.5B | $2.4B | $1.7B |
| Net debt | -$181M | -$777M | -$924M | -$800M | -$722M | -$558M |
Cash flow
Fiscal years, from Lightspeed Commerce's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$29M | -$93M | -$87M | -$125M | -$98M | -$33M |
| Capital spending | $4M | $2M | $11M | $13M | $18M | $23M |
| Free cash flow | -$32M | -$95M | -$98M | -$138M | -$116M | -$56M |
| Stock-based compensation | $9M | $33M | $109M | $129M | $75M | $56M |
| Share buybacks (net) | — | — | — | — | $0 | -$132M |
| Net borrowing | $30M | $0 | $0 | -$30M | $0 | — |
| Free cash flow margin | -26.7% | -42.8% | -17.8% | -18.9% | -12.7% | -5.2% |
Questions
What was Lightspeed Commerce's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lightspeed Commerce generate?
-$56M in fiscal 2025 (operating cash flow minus capital spending).
From Lightspeed Commerce's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.