Q2 results from Figma, ServiceTitan, Gitlab & is ZScaler overvalued?

Welcome to Episode 28 of The SaaS Report. In this episode, we break down Q2 earnings from some of the biggest names in SaaS, including Elastic, Nutanix, Zscaler, GitLab, ServiceTitan, and Figma.

We’ll look at their ARR growth, efficiency metrics like CAC payback and Rule of 40, and what the market multiples are telling us about the current SaaS landscape. Some companies are delivering strong efficiency improvements, while others are seeing growth deceleration and questionable valuations.

If you want the full dataset, check out the Q2 State of SaaS Report 2025, covering 42 public SaaS companies across 15 core metrics - https://www.send.co/a/-state-of-saas-data-sheet-IxBVvL6Y

Don’t forget to like, subscribe, and drop your thoughts in the comments. Which SaaS company impressed you most this quarter?