GTLBGitLab Inc.
Industry Dev software Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
$56.28 → $69.95
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 FY25 revenue $205-206M | Q3 '25 | $211M, and profit +29% | Held |
| FY25 revenue $753-754M | Q3 '25 | $759M, +31% | Held |
| FY26 revenue $936-942M | Q4 '25 | $955M, and profit $163M vs $109-114M | Held |
| Margin flat Q1 to Q2 FY26 | Q4 '25 | 12% to 17%, five points better | Held |
| Q2 FY27 revenue $272-274M | Q1 '27 | $286M, the widest beat | Held |
| Seats for the core, usage for AI | Q2 '26 | Flex launched Q2 FY27 | Held |
| New customers, the first objective | Q4 '25 | 1,700 first orders, +100% | Held |
| Duo Workflow, autonomous agent | Q3 '25 | still a modest revenue line | Late |
| AI raises usage, not cuts seats | Q2 '26 | usage up; retention 124% to 117% | Late |
| FY27 revenue $1.10-1.12B | Q4 '26 | raised twice, now $1.13B | Open |
| Q3 FY27 revenue $281-283M | Q2 '27 | open; below Q2's $286M | Open |
| FY27 gross margin 85-87% | Q2 '27 | 86% in Q2, from 91% | Open |
| Paid CRR over $100M by FY27 end | Q2 '27 | $40M at Q2; needs $60M more | Open |
| Flex becomes the default | Q2 '27 | $20M+ in six weeks; open | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'25Q4
'25Q1
'26Q2
'26Q3
'26Q4
'26Q1
'27Q2
'27
LeadershipFirst seen Q3 '25
DuoFirst seen Q3 '25
UltimateFirst seen Q1 '26
The planFirst seen Q4 '25
New customersNew Q4 '25 · Page one since Q2 '27
FlexFirst seen Q2 '26
AI usageFirst seen Q2 '26
SecurityFirst seen Q3 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Leadership changes on the slides
“GitLab CEO and board member”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2025 · p. 4 ·
Leadership changes on the slides
“Incoming CRO”
Deck GitLab Investor Presentation, Fourth Quarter Fiscal Year 2025 · p. 3 ·
Leadership changes on the slides
“Chief Product and Marketing Officer”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 8 ·
Leadership changes on the slides
“Jessica Ross”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 18 ·
GitLab Duo, then the Duo Agent Platform
“AI-assisted workflows for everyone in the software development lifecycle”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2025 · p. 7 ·
GitLab Duo, then the Duo Agent Platform
“Continue to drive agentic AI innovation, including Duo Workflow”
Deck GitLab Investor Presentation, Fourth Quarter Fiscal Year 2025 · p. 16 ·
GitLab Duo, then the Duo Agent Platform
“The GitLab Duo Product Suite”
Deck GitLab Investor Presentation, First Quarter Fiscal Year 2026 · p. 9 ·
GitLab Duo, then the Duo Agent Platform
“Platform is more than code generation”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 25 ·
GitLab Duo, then the Duo Agent Platform
“Enabling AI automation across the software lifecycle”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2026 · p. 17 ·
GitLab Duo, then the Duo Agent Platform
“Agentic control plane”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 10 ·
GitLab Duo, then the Duo Agent Platform
“GitLab Duo Agent Platform in Q1 FY27 out of”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 5 ·
GitLab Duo, then the Duo Agent Platform
“Adoption broadening”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 4 ·
GitLab Ultimate share of ARR
“Market leading, AI-native enterprise-grade DevSecOps solution 52% of total ARR from GitLab”
Deck GitLab Investor Presentation, First Quarter Fiscal Year 2026 · p. 17 ·
GitLab Ultimate share of ARR
“DevSecOps solution 53% of total ARR1 from GitLab”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 11 ·
GitLab Ultimate share of ARR
“DevSecOps solution 54% of total ARR1 from GitLab”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2026 · p. 7 ·
GitLab Ultimate share of ARR
“56% of total ARR1 from GitLab”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 13 ·
GitLab Ultimate share of ARR
“DevSecOps solution 57% 7 10 of total ARR1 from GitLab”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 4 ·
GitLab Ultimate share of ARR
“Security, governance, and compliance are driving demand as AI proliferates across the SDLC 59% 8 10 of total ARR1 from Ultimate largest Q2 deals purchased Ultimate 1 Definitions can be found in the Appendix out of 35%”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 6 ·
The plan - three FY26 objectives, then five growth initiatives
“FY26 Plan”
Deck GitLab Investor Presentation, Fourth Quarter Fiscal Year 2025 · p. 9 ·
The plan - three FY26 objectives, then five growth initiatives
“FY26 Plan update”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 4 ·
The plan - three FY26 objectives, then five growth initiatives
“FY26 Plan update”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2026 · p. 10 ·
The plan - three FY26 objectives, then five growth initiatives
“Reaccelerating first orders”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 4 ·
The plan - three FY26 objectives, then five growth initiatives
“Five growth initiatives 01 Accelerating first orders • 30% new logo growth YoY”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 7 ·
The plan - three FY26 objectives, then five growth initiatives
“Progress across five growth initiatives 01 Accelerating First Orders”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 4 ·
New customers and first orders
“New customer acquisition9,893 customers of $5,000 or more in ARR1 123 customers of $1M or more in ARR1 1,229 customers of $100,000 or more in ARR1 1 Definitions and reconciliations with most directly comparable GAAP figure can be found in the Appendix.”
Deck GitLab Investor Presentation, Fourth Quarter Fiscal Year 2025 · p. 11 ·
New customers and first orders
“Global new business team focusing on sales-led first order lands, a post-sales motion to support rapid module adoption, and value realization”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 5 ·
New customers and first orders
“Reversed deceleration”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 5 ·
New customers and first orders
“Five growth initiatives 01 Accelerating first orders • 30% new logo growth YoY”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 7 ·
New customers and first orders
“Largest First Order quarter in three years”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 3 ·
Consumption pricing and Flex
“Seat-based for core platform + usage-based for Al capabilities”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 24 ·
Consumption pricing and Flex
“DAP Credits included”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 9 ·
Consumption pricing and Flex
“GitLab Flex: A more flexible pricing model”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 11 ·
Consumption pricing and Flex
“Flex launched; consumption scaling”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 4 ·
AI makes customers use more GitLab
“We expect AI to reinforce the value of GitLab”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 23 ·
AI makes customers use more GitLab
“Platform activity is surging”
Deck GitLab Investor Presentation, First Quarter and Fiscal Year 2027 · p. 6 ·
AI makes customers use more GitLab
“As enterprises adopt more AI development tools, they use more GitLab”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 5 ·
Security and platform consolidation
“Shifting security left to embed it earlier in the development process”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2025 · p. 16 ·
Security and platform consolidation
“Criticality of security”
Deck GitLab Investor Presentation, Fourth Quarter Fiscal Year 2025 · p. 6 ·
Security and platform consolidation
“Deepening security and compliance capabilities”
Deck GitLab Investor Presentation, First Quarter Fiscal Year 2026 · p. 8 ·
Security and platform consolidation
“Utilizing security policies to shift left”
Deck GitLab Investor Presentation, Second Quarter Fiscal Year 2026 · p. 18 ·
Security and platform consolidation
“Static Reachability Analysis to identify exploitable vulnerabilities”
Deck GitLab Investor Presentation, Third Quarter Fiscal Year 2026 · p. 16 ·
Security and platform consolidation
“Compliance + vulnerability management”
Deck GitLab Investor Presentation, Fourth Quarter and Fiscal Year 2026 · p. 10 ·
Security and platform consolidation
“Security, governance, and compliance are driving demand as AI proliferates across the SDLC 59% 8 10 of total ARR1 from Ultimate largest Q2 deals purchased Ultimate 1 Definitions can be found in the Appendix out of 35%”
Deck GitLab Investor Presentation, Second Quarter and Fiscal Year 2027 · p. 6 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Leadership
- Four decks introduce a new face: the chief executive in Q3 FY25, an incoming revenue chief in Q4 FY25, a product-and-marketing chief in Q2 FY26, the chief financial officer in Q4 FY26.
- Duo
- In all eight. Duo add-ons lead the AI story to Q1 FY26; Duo Workflow becomes the Duo Agent Platform in Q2 FY26; the first deal count arrives in Q1 FY27 and the first revenue measure in Q2 FY27.
- Ultimate
- First shown Q1 FY26 at 52% of ARR, and up every quarter since to 59% — the one series that has never been interrupted.
- The plan
- Three objectives from Q4 FY25 to Q3 FY26, then five growth initiatives from Q4 FY26 that add pricing, price-sensitive customers and the AI strategy.
- New customers
- Counted as base customers to Q3 FY26, then spoken of as first orders instead, with a count (1,700) only in Q2 FY27 — where it leads the deck.
- Flex
- Hybrid seat-plus-usage pricing appears Q2 FY26, Flex is named in Q1 FY27, and Q2 FY27 gives it three slides of revenue-recognition detail and leaves it out of the guide.
- AI usage
- The answer to the seat-compression worry, in three decks: a customer survey in Q2 FY26, then push and pipeline growth from Q1 FY27.
- Security
- In seven of the eight, and the only theme carried without a number attached to it.
- New
- Q2 FY27: net ARR growth, calculated billings, gross retention, first orders and paid consumption run rate — five measures at once, in the quarter retention rose.
- Quiet
- Net retention left page one for Q4 FY26 and Q1 FY27 while it was falling, and came back at 117% when it rose. The customer counts and run-rate revenue did not come back.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q2 FY2027 release · 8-K 1 Sep 2026
- Q1 FY2027 release · 8-K 2 Jun 2026
- Q4 FY2026 release · 8-K 3 Mar 2026
- Q3 FY2026 release · 8-K 2 Dec 2025
- Q2 FY2026 release · 8-K 3 Sep 2025
- Q1 FY2026 release · 8-K 10 Jun 2025
- Q4 FY2025 release · 8-K 3 Mar 2025
- Q3 FY2025 release · 8-K 5 Dec 2024
- Q2 FY2027 letter · filed copy
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 25 – Q2 27The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 | Q1 27 | Q2 27 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 47% | 50% | 36% | 15% | 38% | 45% | 80% | 45% |
| Growth & sales | 47% | 40% | 43% | 46% | 31% | 64% | 30% | 45% |
| Pricing & margins | 20% | 10% | 21% | · | 6% | 27% | 30% | 9% |
| Guidance & outlook | 20% | 30% | 14% | 31% | 19% | 45% | 30% | 18% |
| Capacity & supply | · | · | · | · | · | 9% | · | · |
| Capital & financing | · | 10% | 14% | 8% | 6% | 9% | 20% | 9% |
| Competition | · | · | · | 8% | · | · | 20% | 9% |
| Products & technology | 33% | 20% | 21% | 31% | 38% | 36% | 40% | 36% |
| Macro & regulation | 7% | · | 14% | 8% | 12% | · | 10% | · |
| Other | 27% | 30% | 29% | 46% | 25% | · | · | 18% |
| Questions | 15 | 10 | 14 | 13 | 16 | 11 | 10 | 11 |
| How much the CEO talked | 8% | 48% | 66% | 63% | 77% | 68% | 63% | 82% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · improving
The dual class ended, and nobody had to negotiate for it
Sijbrandij held 93.76% of the ten-vote Class B and 50.43% of the total vote as executive chair. Class B outstanding fell from 16.7M shares in January to 1.1M in July, and on 21 Aug '26 the remainder converted into ordinary stock one-for-one because the class had dropped below 5% of the shares. The 10-Q records it in one line: "Following the conversion, GitLab has a single class of common stock outstanding."
Tier 2 · worsening
Six senior seats changed in twenty-one months, three of them in finance
Chief executive Dec '24, revenue May '25, chief financial officer out Sep '25 and in Jan '26 with an interim between, technology out Jan '26 and in Jan '26, legal out Jun '26, accounting out Sep '26. The board also cut itself from nine members to eight when a director left in April rather than replacing her. Nothing filed names a successor to the chief legal officer, and the chief financial officer — nine months into the job — is now her own principal accounting officer.
Tier 2 · stable
Stock pay at 98% of free cash flow, against a reserve that grows 5% a year by itself
Share-based pay was $215.0M in FY26, 22.5% of revenue and 98% of adjusted free cash flow, so free cash flow after it is about nil; over five years it was $717M against $264M of operating cash before a one-off tax payment. The equity plan's reserve rises automatically every February by 5% of the shares — 8.5M this year — with 1% more for the purchase plan. The first buyback, $400M authorised in March 2026, spent $154.7M at an average $26.47 and has $245.3M left.
Tier 2 · stable
Eighty insider sales, three small buys, and only a third of it on a plan
$127.6M sold by seven insiders in the year to Q2 '26 with 31.3% under pre-set plans — about 1.6% of market value, the heaviest in this cluster relative to size. The largest seller in the Form 4 parse is Matthew Jacobson, the ICONIQ partner who chairs the nominating committee and sits on the compensation committee, at about $39.1M with none of it recorded as planned; the founder sold about $23.7M, all on plans.
Tier 3 · worsening
Net retention left the headline slide for the two quarters it looked worst
Dollar-based net retention was on page one at 124%, 123%, 122%, 121% and 119% from Q3 FY25 to Q3 FY26, vanished from the Q4 FY26 and Q1 FY27 decks — the quarter the chief executive told an analyst it "is not something that we guide to or focus on" — and returned in Q2 FY27 at 117%, billed as the first sequential rise since 2024. Three other measures stopped: the base-customer and $100k-ARR counts, the $1M-ARR count, and run-rate revenue with its two-year rate (32% down to 26%). Persistence across the eight decks is 0.625.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 48.1M against | 8.9M against | 3.6% |
| Ratify KPMGThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 3.6M against | 4.3M against | 1.6% |
| Sullivan (lead independent)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 23.8M withheld | 9.7% |
| Blasing (Class II)A board seat. | — | 1.6M withheld | 0.7% |
| Jacobson (nominating chair)A board seat. | 40.3M abstained | — | 13.7% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $127.6M | 80 sales by 7 people against 3 small purchases |
| Matthew Jacobson | about $39.1M | ~1.49M shares, the largest seller, none of it on a plan |
| Sytse Sijbrandij | about $23.7M | ~729K shares, all on 10b5-1 plans |
| Of all of it, pre-planned | 31.3% | the lowest planned share of the four names among the companies covered here |