Amplitude’s Q2 results reflected continued momentum in its transition toward an AI-driven product development platform, with management attributing growth to increased adoption of AI-native capabilities and expanded enterprise relationships. CEO Spenser Skates noted that both AI-native startups and large enterprises contributed to growth in customers with over $100,000 in annual recurring revenue. The integration of Statsig, an experimentation and feature management solution, enabled Amplitude to extend its reach into engineering-focused buyers, while improvements in pricing and packaging simplified customer onboarding and cross-selling. Management emphasized that greater customer engagement with AI features has led to increased data analyses and platform usage, supporting revenue growth and platform durability.
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Amplitude (AMPL) Q2 CY2026 Highlights:
- Revenue: $100.9 million vs analyst estimates of $98.16 million (21.2% year-on-year growth, 2.8% beat)
- Adjusted EPS: -$0.01 vs analyst estimates of -$0.01 (in line)
- Adjusted Operating Income: -$1.45 million vs analyst estimates of -$2.48 million (-1.4% margin, 41.4% beat)
- The company lifted its revenue guidance for the full year to $409.2 million at the midpoint from $400 million, a 2.3% increase
- Management raised its full-year Adjusted EPS guidance to $0.07 at the midpoint, a 55.6% increase
- Operating Margin: -34.9%, down from -32.5% in the same quarter last year
- Customers: 5,200
- Net Revenue Retention Rate: 105%, down from 106% in the previous quarter
- Annual Recurring Revenue: $410 million (22.4% year-on-year growth, beat)
- Billings: $131 million at quarter end, up 27.3% year on year
- Market Capitalization: $1.59 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Amplitude’s Q2 Earnings Call
- Mark Cash (Raymond James): Asked if Wade could shift customers from bespoke agents to a unified AI-native platform. CEO Spenser Skates explained that AI is merging roles across engineering, product, and design, fundamentally changing buyer personas and expanding the addressable market.
- Jackson Ader (KeyBanc): Questioned the impact of operating expense leverage on organic growth. CFO Andrew Casey responded that revenue growth remains the primary driver of profitability and that margin gains will come from gross margin improvements and expense discipline.
- Scott Berg (Needham): Inquired about customer awareness of new modules and the pace of Statsig integration. Skates acknowledged the need for better customer education and highlighted progress in integrating Statsig and ramping field enablement.
- Billy Fitzsimmons (Piper Sandler): Asked about the cross-sell opportunity between Amplitude and Statsig. Skates noted the larger opportunity is to bring Statsig to Amplitude’s customer base, as more traditional product management buyers look to adopt AI-native practices.
- Clark Wright (DA Davidson): Sought clarity on growth drivers behind $100k+ customer additions. Casey attributed growth to both Statsig adds and continued momentum from new enterprise logos, with AI-driven experimentation and multi-product adoption supporting expansion.
Catalysts in Upcoming Quarters
In the quarters ahead, the StockStory team will monitor (1) the pace of adoption and monetization of new AI-native products like Wade, (2) progress toward optimizing Statsig’s hosting environment and restoring gross margin levels, and (3) the effectiveness of cross-selling and multi-product adoption among existing enterprise customers. Additionally, we will track execution on platform education and customer enablement efforts as key indicators of future growth.
Amplitude currently trades at $12.56, up from $10.01 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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