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GitLab Inc. Annual Stockholder Letter Fiscal Year 2025 Dear Fellow Stockholders, Reflecting on fiscal year 2025, I am proud to report that GitLab has continued strengthening its position as the leading DevSecOps platform. This is the result of our focus on delivering marketleading innovation and our commitment to helping customers realize exceptional value. Financial Performance In fiscal year 2025, our market leadership translated to very strong financial results. Revenue increased 31% year-over-year to $759 million. This growth was driven, in part, by significant expansion in the number of customers with annual recurring revenue (ARR) of $100,000 or more, which totaled 1,229 at fiscal year end, an increase of 29% year-over-year. This includes 123 customers with ARR of more than $1 million. At the same time, operating margins expanded significantly, consistent with our commitment to disciplined growth. For the fiscal year non-GAAP operating margin reached 10%, an increase of approximately 1,050 basis points year-over-year, while adjusted free cash flow grew 259% to $120 million. The Opportunity It is an exciting time to be at GitLab. I am honored that Sid Sijbrandij, our Co-Founder and Executive Chair, and GitLab s Board of Directors asked me to assume the role of Chief Executive Officer in early December 2024. Over the past two decades, software has fundamentally transformed how we live, work, learn, and connect with each other. Today, software is foundational to virtually every organization worldwide. Despite all of this innovation, we are still in the early stages of a transformation that I expect to further accelerate with the latest advancements in AI. There has never been a better time to serve the developers who build all of this software. With the most comprehensive DevSecOps platform, GitLab sits at the heart of the software development lifecycle, improving the development experience for everyone involved and enabling customers to create better quality software faster for enterprises. Innovation and Market Position Innovation is at the core of who we are. In fiscal year 2025, we introduced more than 100 new features and capabilities across our DevSecOps platform in GitLab Premium and GitLab Ultimate. These innovations expanded functionality, strengthened governance and compliance, and enhanced security capabilities. We also expanded capabilities available in GitLab Dedicated, our
single-tenant SaaS solution. Our most significant product introduction during the year was the continued integration of AI into our platform with GitLab Duo a powerful suite of AI solutions designed to boost developer productivity, enhance security, streamline collaboration, and accelerate the software lifecycle. Our GitLab Duo product suite grows as customers expand their usage of AI: GitLab Duo Pro brings the power of AI to the developer, and GitLab Duo Enterprise brings AI across the entire software development lifecycle. Finally, we were excited to introduce our vision for secure, agentic AI with GitLab Duo Workflow. We remain committed to responsible product development and continue to expand the AI Transparency Center, enabling our customers to confidently unlock the enormous potential of AI and emphasizing our customer-centric approach to responsible AI development and deployment. We believe the combination of our DevSecOps platform and AI continues to drive growth in the business. We were honored by the outcomes of two Gartner Magic Quadrant reports published during 2024. First, GitLab was recognized during the year as a Leader in the first-ever 2024 Gartner Magic Quadrant for AI Code Assistants1. And, for the second year in a row, GitLab was recognized as a Leader in the 2024 Gartner Magic Quadrant for DevOps Platforms2, where we were positioned highest and furthest in Ability to Execute and Completeness of Vision. Customer Success Customer results remain our most important success metrics. In 2024, our Forrester study on the Total Economic Impact of GitLab Ultimate found that organizations can achieve a 6-month payback and 483% return on investment (ROI) over three years. That's a nearly 60 percentage point increase in ROI over the last time we conducted this study two years ago. These results are based on our continued focus on increasing developer productivity, improving developer experience, accelerating feature delivery, improving security, and toolchain consolidation. A great example is CACI, a U.S. based company providing expertise and technology to address national security priorities for government customers. With GitLab, CACI has been better able to meet customers software needs at scale, strengthening the company s position in the industry and its bottom line. Their team leveraged GitLab's AI-native DevSecOps platform to streamline their software development toolchain by 7 to 1, resulting in 13x faster security scanning and a 90% savings in labor and administration. In fiscal year 2025, they also invested in GitLab Duo Enterprise to drive efficiencies and further improve developer experience. Looking Ahead As we enter fiscal year 2026, we see significant opportunities to continue gaining market share in a very large and dynamic market. This includes: 1. Accelerate customer acquisition: New customers are key to achieving our long-term growth target, and we have aligned our go-to-market teams and incentives to accelerate mid-market and enterprise first orders. 2. Drive customer expansion: As customers realize value, they purchase more of our products. We are evolving our approach to customer success with purposeful metrics-
based plans that align us with customer objectives and enable us to become their strategic DevSecOps partner. 3. Deliver platform innovation: It is essential that we maintain our market-leading position in the DevSecOps market. To achieve this, our teams will continue delivering innovation focusing on our core DevOps capabilities, security, and AI. This includes investments in Duo Workflow, which will leverage both the power of agentic AI and the comprehensiveness of our DevSecOps platform. Because of the power of our financial model, we plan to accomplish all of this in fiscal year 2026 while maintaining our commitment to responsible growth. Thank You GitLab's success is built on the contributions of many: our talented team members who embody our values daily; our customers who trust us with their most critical software development needs; our partners who extend our reach; and you, our stockholders, who support our vision. In an increasingly complex world, our customers are going to depend on us more than ever, and our ability to empower them to deliver secure software faster has never been more relevant. Thank you for your continued support and trust in GitLab. Sincerely, Bill Staples Chief Executive Officer GitLab Inc. 1 2 Gartner , Magic Quadrant for AI Code Assistants, Arun Batchu et al., 19 August 2024 Gartner , Magic Quadrant for DevOps Platforms, Keith Mann et al., 3 September 2024 The Gartner content described herein (the Gartner Content ) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this shareholder letter), and the opinions expressed in the Gartner Content are subject to change without notice. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
 • shareholder letter icon 5/1/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/15/2023 GTLB Stockholder Letter
 • stockholder letter icon 4/30/2024 GTLB Stockholder Letter
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 • Benford's Law Stocks icon GTLB Benford's Law Stock Score = 85


GTLB Shareholder/Stockholder Letter Transcript:


GitLab Inc.
Annual Stockholder Letter
Fiscal Year 2025
Dear Fellow Stockholders,
Reflecting on fiscal year 2025, I am proud to report that GitLab has continued strengthening its
position as the leading DevSecOps platform. This is the result of our focus on delivering marketleading innovation and our commitment to helping customers realize exceptional value.
Financial Performance
In fiscal year 2025, our market leadership translated to very strong financial results. Revenue
increased 31% year-over-year to $759 million. This growth was driven, in part, by significant
expansion in the number of customers with annual recurring revenue (ARR) of $100,000 or more,
which totaled 1,229 at fiscal year end, an increase of 29% year-over-year. This includes 123
customers with ARR of more than $1 million. At the same time, operating margins expanded
significantly, consistent with our commitment to disciplined growth. For the fiscal year non-GAAP
operating margin reached 10%, an increase of approximately 1,050 basis points year-over-year,
while adjusted free cash flow grew 259% to $120 million.
The Opportunity
It is an exciting time to be at GitLab. I am honored that Sid Sijbrandij, our Co-Founder and
Executive Chair, and GitLab   s Board of Directors asked me to assume the role of Chief Executive
Officer in early December 2024.
Over the past two decades, software has fundamentally transformed how we live, work, learn,
and connect with each other. Today, software is foundational to virtually every organization
worldwide. Despite all of this innovation, we are still in the early stages of a transformation that I
expect to further accelerate with the latest advancements in AI. There has never been a better
time to serve the developers who build all of this software. With the most comprehensive
DevSecOps platform, GitLab sits at the heart of the software development lifecycle, improving the
development experience for everyone involved and enabling customers to create better quality
software faster for enterprises.
Innovation and Market Position
Innovation is at the core of who we are. In fiscal year 2025, we introduced more than 100 new
features and capabilities across our DevSecOps platform in GitLab Premium and GitLab Ultimate.
These innovations expanded functionality, strengthened governance and compliance, and
enhanced security capabilities. We also expanded capabilities available in GitLab Dedicated, our

single-tenant SaaS solution. Our most significant product introduction during the year was the
continued integration of AI into our platform with GitLab Duo     a powerful suite of AI solutions
designed to boost developer productivity, enhance security, streamline collaboration, and
accelerate the software lifecycle. Our GitLab Duo product suite grows as customers expand their
usage of AI: GitLab Duo Pro brings the power of AI to the developer, and GitLab Duo Enterprise
brings AI across the entire software development lifecycle. Finally, we were excited to introduce
our vision for secure, agentic AI with GitLab Duo Workflow.
We remain committed to responsible product development and continue to expand the AI
Transparency Center, enabling our customers to confidently unlock the enormous potential of AI
and emphasizing our customer-centric approach to responsible AI development and deployment.
We believe the combination of our DevSecOps platform and AI continues to drive growth in the
business. We were honored by the outcomes of two Gartner   Magic Quadrant    reports
published during 2024. First, GitLab was recognized during the year as a Leader in the first-ever
2024 Gartner   Magic Quadrant    for AI Code Assistants1. And, for the second year in a row,
GitLab was recognized as a Leader in the 2024 Gartner   Magic Quadrant    for DevOps
Platforms2, where we were positioned highest and furthest in Ability to Execute and Completeness
of Vision.
Customer Success
Customer results remain our most important success metrics. In 2024, our Forrester study on the
Total Economic Impact of GitLab Ultimate found that organizations can achieve a 6-month
payback and 483% return on investment (ROI) over three years. That's a nearly 60 percentage
point increase in ROI over the last time we conducted this study two years ago. These results are
based on our continued focus on increasing developer productivity, improving developer
experience, accelerating feature delivery, improving security, and toolchain consolidation.
A great example is CACI, a U.S. based company providing expertise and technology to address
national security priorities for government customers. With GitLab, CACI has been better able to
meet customers    software needs at scale, strengthening the company   s position in the industry
and its bottom line. Their team leveraged GitLab's AI-native DevSecOps platform to streamline
their software development toolchain by 7 to 1, resulting in 13x faster security scanning and a
90% savings in labor and administration. In fiscal year 2025, they also invested in GitLab Duo
Enterprise to drive efficiencies and further improve developer experience.
Looking Ahead
As we enter fiscal year 2026, we see significant opportunities to continue gaining market share in
a very large and dynamic market. This includes:
1. Accelerate customer acquisition: New customers are key to achieving our long-term
growth target, and we have aligned our go-to-market teams and incentives to accelerate
mid-market and enterprise first orders.
2. Drive customer expansion: As customers realize value, they purchase more of our
products. We are evolving our approach to customer success with purposeful metrics-

based plans that align us with customer objectives and enable us to become their strategic
DevSecOps partner.
3. Deliver platform innovation: It is essential that we maintain our market-leading position
in the DevSecOps market. To achieve this, our teams will continue delivering innovation
focusing on our core DevOps capabilities, security, and AI. This includes investments in
Duo Workflow, which will leverage both the power of agentic AI and the
comprehensiveness of our DevSecOps platform.
Because of the power of our financial model, we plan to accomplish all of this in fiscal year 2026
while maintaining our commitment to responsible growth.
Thank You
GitLab's success is built on the contributions of many: our talented team members who embody
our values daily; our customers who trust us with their most critical software development needs;
our partners who extend our reach; and you, our stockholders, who support our vision.
In an increasingly complex world, our customers are going to depend on us more than ever, and
our ability to empower them to deliver secure software faster has never been more relevant.
Thank you for your continued support and trust in GitLab.
Sincerely,
Bill Staples
Chief Executive Officer
GitLab Inc.
1
2
Gartner  , Magic Quadrant    for AI Code Assistants, Arun Batchu et al., 19 August 2024
Gartner  , Magic Quadrant    for DevOps Platforms, Keith Mann et al., 3 September 2024
The Gartner content described herein (the    Gartner Content   ) represents research opinion or viewpoints published, as part of a syndicated subscription
service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date
of this shareholder letter), and the opinions expressed in the Gartner Content are subject to change without notice.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a
registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor,
product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or
other designation. Gartner research publications consist of the opinions of Gartner   s research organization and should not be construed as statements
of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a
particular purpose.



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