Pattern Group (PTRN) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $2.5 billion for 2025, up 39% year-over-year, with strong Q4 momentum and expanding profitability as a public company.

• Net revenue retention (NRR) reached 124% in 2025, up from 116% in 2024, reflecting deepening brand relationships and compounding growth.

• International revenue grew 63% for the year and 69% in Q4; non-Amazon revenue rose 60% for the year and 94% in Q4.

• Announced a $100 million share repurchase program, reflecting confidence in future growth and profitability.

• Net income for 2025 was $16 million, impacted by $104 million in IPO-related stock-based compensation.

Financial highlights

• Full-year revenue grew 39% to $2.5 billion; Q4 revenue was $723 million, up 40% year-over-year.

• Adjusted EBITDA for 2025 was $153 million (6.1% margin), up 52% year-over-year; Q4 adjusted EBITDA was $43 million (5.9% margin), up 59%.

• Operating cash flow reached $99 million, up 41% year-over-year; free cash flow was $79 million, up 58%.

• Ended the year with $289 million in cash and total liquidity of $439 million, including $150 million in available credit.

• Existing brand partner revenue was $2.2 billion (up 42%); new brand partner revenue was $282 million (up 22%).

Outlook and guidance

• 2026 revenue guidance: $3.12–$3.16 billion (25%–26% growth); Q1 revenue expected at $710–$720 million (31%–33% growth).

• Adjusted EBITDA guidance for 2026: $180–$182 million (5.8% margin), up 17%–19%; Q1 adjusted EBITDA expected at $41–$42 million (22%–24% growth).

• NRR expected to converge to 115% by year-end 2026 as a long-term target.

• Anticipates increased R&D investment in AI-driven technology and automation, and continued expansion into new categories and geographies.