In this episode of The SaaS Report, we break down Q3 earnings across public SaaS - what’s actually happening behind the headline growth numbers, where efficiency is cracking, and why M&A activity is accelerating.

We cover:

• HubSpot’s slowing growth and rising cost of net new ARR
• Atlassian hitting the law of large numbers
• Klaviyo’s standout quarter and long runway
• IBM’s acquisition of Confluent and what it signals for mid-stage SaaS
• Adobe’s premium acquisition of Semrush - and why this deal is different

If you care about ARR quality, CAC payback, valuation multiples, and where public SaaS is heading into 2026, this episode is for you.

In Episode 30 of The SaaS Report, host Matt Aird breaks down three key metrics from our Q2 State of SaaS Report - CAC payback, free cash flow margins, and sales & marketing spend - and how they’re shaping the current SaaS landscape.

Then, we dive into the circular economics emerging in the AI space - where Nvidia, OpenAI, and CoreWeave may be building financial loops that echo past market bubbles.

Get the full Q2 State of SaaS Report (with data from 40 public companies across 15 metrics): https://www.send.co/a/draft-state-of-saas-report-q2-2025-FQjWkvqP

What do you think?
Are these new GPU leasing models a sign of innovation - or the start of circular economics in AI? Drop your thoughts in the comments.

Subscribe for weekly SaaS insights and earnings breakdowns.

Check out the full data sheet here: https://www.send.co/a/-state-of-saas-data-sheet-IxBVvL6Y

Get the Q2 State of SaaS Report as soon as it’s released: https://thesaasreport.beehiiv.com/subscribe

Welcome back to The SaaS Report! In episode 29, host Matt Aird breaks down Q2 earnings for Rubrik, Asana, PagerDuty, and UiPath - diving into the data behind their ARR growth, efficiency metrics, and valuations.

Then, we give you an exclusive sneak peek into the first metric from our Q2 State of SaaS Report - ARR growth rates across 40+ public SaaS companies.

From explosive growth stories like Rubrik and Applovin to struggling operators like PagerDuty and Asana, this episode gives you the numbers that matter for SaaS investors, operators, and analysts.

In this episode:

- Deep dive into PagerDuty’s slowdown and efficiency pivot
- Rubrik’s 55% ARR growth and how they’re improving free cash flow
- Asana’s turnaround attempt under a new CEO and CFO
- UiPath’s enterprise push and declining growth rates

Exclusive data from the Q2 State of SaaS Report - ARR trends, CAC payback, magic number, and more.

#SaaS #Earnings #ARR #SoftwareStocks #SaaSReport #Rubrik #Asana #UiPath #PagerDuty #Palantir #Applovin

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?

Welcome to Episode 27 of The SaaS Report!

In this episode, Matt breaks down Q2 numbers from Okta, CrowdStrike, MongoDB, and Snowflake - looking at growth rates, efficiency, ARR multiples, and what it all means for investors.

He also dives into Marc Benioff’s recent interview on the 20VC podcast, where he shared his perspective on generative AI, Salesforce’s internal use cases, and the future of enterprise software.

If you’re following the SaaS market closely, this one’s packed with insights you won’t want to miss.

Subscribe to the State of SaaS newsletter for the full Q2 breakdown when it drops: https://thesaasreport.beehiiv.com/subscribe

Don’t forget to like, subscribe, and turn on notifications so you never miss an update.

Welcome to Episode 26 of The SaaS Report!

In this episode, Matt Aird breaks down the latest quarterly results from Palo Alto Networks, Sprout Social, and SimilarWeb, before diving into why he believes Monday.com is significantly undervalued after its 40%+ share price decline.

We’ll look at key SaaS metrics - ARR growth, CAC payback, Rule of 40, operating margins - and compare Monday.com’s performance against other leading SaaS companies like Procore, GitLab, MongoDB, and HubSpot.

If you’re an operator, investor, or just curious about where SaaS is heading, this episode has the insights you need.

📌 Chapters:
00:00 – Intro
00:58 – Episode overview
01:29 – Palo Alto Networks Q2 breakdown
02:26 – Palo Alto efficiency & SaaS metrics
02:58 – Sprout Social Q2 results
03:32 – Growth challenges & CAC payback
04:07 – Sprout Social margins & valuation
04:23 – SimilarWeb introduction
05:00 – SimilarWeb growth & challenges
05:38 – Business efficiency concerns
06:09 – Monday.com share price decline explained
07:03 – Google search & AI impacts
08:10 – Revenue guidance concerns
09:04 – Competing with AI-native SaaS for investor attention
09:57 – Why Monday.com is undervalued
10:31 – Comparing Monday to Procore
10:54 – Comparing Monday to GitLab
11:10 – Comparing Monday to MongoDB
11:33 – Comparing Monday to HubSpot
12:07 – SaaS metrics comparison (growth, CAC, FCF margins)
12:22 – Why Monday looks oversold
12:40 – Figma IPO fun fact & wrap-up

Imagine spending just 4% of revenue on sales and marketing and pulling off 77% revenue growth. That’s exactly what AppLovin did this quarter - and they weren’t the only standout in Q2.

In Episode 25 of the SaaS Report, we break down the latest Q2 earnings from some of the biggest names in SaaS - HubSpot, Atlassian, Appian, Datadog, Klaviyo, Semrush - plus a closer look at AppLovin’s staggering numbers. We’ll talk growth rates, margins, CAC paybacks, net revenue retention, and the market trends that are shaping the rest of 2025.

Whether you’re a founder, investor, or SaaS operator, these are the metrics and insights you need to know to benchmark performance and spot where the market is headed.

📊 Want the raw data?
Grab the Q2 State of SaaS data sheet (the exact master spreadsheet I use to compile this report) here: https://www.send.co/a/-state-of-saas-data-sheet-IxBVvL6Y

📍 Chapters
00:00 – AppLovin’s 77% growth on 4% S&M spend
01:48 – AppLovin sells mobile apps business
02:37 – Appian’s growth challenges & efficiency gains
04:23 – HubSpot adds 9,724 customers in Q2
06:20 – Atlassian’s ARR growth slowdown
08:21 – Klaviyo holds steady at 32% ARR growth
09:36 – Semrush’s CAC payback problem
11:03 – Datadog’s consistent 28% growth at $3B ARR
12:27 – How to access the Q2 State of SaaS spreadsheet

#SaaS #Earnings #HubSpot #Atlassian #AppLovin #Datadog #Klaviyo #Appian #Semrush #SaaSmetrics #Investing #TechStocks

In this episode of the SaaS Report, we dive into Q2 results from ServiceNow and Pegasystems, then unpack the incredible story behind Palantir’s 100x ARR multiple. From IPO struggles to explosive valuation, we compare Palantir’s performance to its 2020 IPO cohort - including Snowflake, ZoomInfo, Asana, and BigCommerce - to see how they pulled off one of the most dramatic SaaS turnarounds in recent memory.

This episode is packed with charts, cohort analysis, and growth efficiency breakdowns. We look at everything from CAC payback, FCF margins, Rule of 40, Rule of X, and ARR per employee.

Subscribe for weekly SaaS breakdowns, benchmarks, and operator-grade insights.

Interested in a company breakdown? Drop your requests in the comments.

#SaaS #Palantir #ServiceNow #StartupValuations #SaaSBenchmarking #ARR #VentureCapital #SaaSReport