Below is the Q2 2025 net dollar retention of every SaaS company that has IPO’d since October 2017. 60 of the companies are still public and 32 of them released net dollar retention data in Q2. The data also shows NDR historically going back to Q1 2022.
Stable NDR. The current median of 108% is strong, but that figure fell from H1 2022 when NDR was over 123%. The average NDR shows similar trends.
Some stability. In Q3 of 2022, median NDR was 123%. Then in Q4 of 2022 it fell hard to 115%. We believe this is because SaaS renewals tend to be much heavier in Q4 than other quarters, so if you’re going to have churn you’ll really see it in Q4. Importantly, we didn’t see huge drops from Q3 2023 to Q4 2023 and don’t see one from Q3 2024 to Q4 2024.
That said, NDR in Q2 2025 came in at 108%, which is yet another quarter below 110%. In our view ~108% may be the new, albeit lower, benchmark in SaaS.
Thank you for the readership. Visit blossomstreetventures.com for more blogs and SaaS data. Email the author at sammy@blossomstreetventures.com or connect on LinkedIn.
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