LEDGER
Q2 FY26 Earnings
Q2 FY26 Earnings

Q2 FY26
results.

Revenue, margins, and guidance for the year ahead.

$418M
Total revenue
$418M
Headline metric
Equity analysts
Prepared for
01 / 20
The problem

The market questioned durable growth — this quarter answers it with expanding margins.

fintech teams feel it every week: the status quo scales cost, not outcomes. There is no clean upgrade path — only rip-and-replace.

02 / 20
Market
01
$418M
Total revenue
02
+34%
YoY growth
03
24%
Operating margin

Bottom-up, the reachable market clears a nine-figure ceiling before expansion.

03 / 20
[ FULL-BLEED · fintech hero image ]

Beat and
raise.

04 / 20
How it works
STEP 01
Connect
Map the whole fintech surface in under an hour. No migration.
→
STEP 02
LEDGER core
Golden paths become policy, enforced at runtime.
→
STEP 03
Deliver
Teams self-serve safely with audit and rollback for free.
05 / 20
The product

One surface your whole equity analysts lives in.

01
Live graph
Every dependency, owner, and cost in real time.
02
Policy-as-code
Guardrails that block bad changes automatically.
03
Attribution
Every dollar tied to a team and a decision.
[ product UI screenshot ]
06 / 20
Traction

Total revenue, last 8 quarters

$418M
+207% YoY
25
50
75
100
115
143
171
216
274
321
397
475
Q3·24Q4·24Q1·25Q2·25Q3·25Q4·25Q1·26Q2·26
07 / 20
Why now

Three forces converging

01
01

Demand

fintech budgets are shifting from headcount to platform.

02
02

Technology

The primitives finally exist to do this at the edge.

03
03

Distribution

A bottom-up motion the incumbents can’t run.

08 / 20
Adoption

Active accounts

M1M3M6M9M12M15M18
actualguide
09 / 20
Landscape
LEDGER
Legacy A
Point tool B
DIY
Breadth → ↑ Depth
10 / 20
Two
Part Two

The outlook.

Guidance, scenarios, and capital allocation.

11 / 20
Detail

Unit economics

This yearLast yearYoY
Revenue475321+24%
Gross margin78%71%+7 pts
Net retention134%119%+15 pts
Payback11 mo17 mo−6 mo
12 / 20
Where it goes

Use of funds

01
Engineering & product57%
02
Go-to-market21%
03
Operations & reserve22%
13 / 20
Cohorts

Retention by cohort

M0
M3
M6
M9
M12
Jan
100
88
79
72
68
Apr
100
90
82
76
—
Jul
100
91
85
—
—
Oct
100
93
—
—
—
LOWHIGH
14 / 20
Roadmap

The next 18 months

Now → Q2
Land
Own the fintech beachhead with a self-serve motion.
Q3 → Q4
Expand
Enterprise controls, SSO, and the partner program.
2027
Platform
Open the API and the marketplace.
15 / 20
“
In their words

“A textbook quarter — growth and profitability, not one or the other.”

Analyst desk
Coverage note
16 / 20
Revenue mix

Where the money comes from

0100%
57%
21%
22%
Platform 57%
Services 21%
Marketplace 22%
17 / 20
Team

Built by operators

[ photo ]
Analyst desk
Co-founder & CEO
[ photo ]
A. Rivera
Co-founder & CTO
[ photo ]
M. Osei
VP Product
[ photo ]
L. Chen
VP Revenue
18 / 20
In one number
$418M

total revenue, up 34% YoY with operating margin expanding 600 bps.

19 / 20
LEDGER

Q2 FY26 results.

ir.ledger.com
[ QR ]
20 / 20