We track every SaaS company that has gone public since Q4 2017. The 37 that remain publicly traded have released their Q3 2025 earnings. Below is a summary of the key financials and metrics. You can find this data, along with historical quarterly figures, on our website at blossomstreetventures.com.
Median quarterly revenue of $219mm. Median and average Q3 revenue were $219mm and $345mm, respectively, implying annualized revenue of $876mm and $1.30bn. These are large businesses. Revenue figures include services, which are typically a small portion of total revenue for SaaS companies (roughly 10%).
One important data note: the median revenue has jumped meaningfully versus history. This is driven by smaller companies exiting the public markets and much larger companies such as Waystar, ServiceTitan, and SailPoint going public.
Historical median quarterly revenue has steadily increased, rising from ~$102mm in Q1 2022 to $219mm in Q3 2025.
YOY growth of 16%. Median and average year-over-year revenue growth were both 16%. This is well below the 36% peak in Q1 2022 and lower than most of 2024. That said, growth has now held in the mid-teens for four consecutive quarters, suggesting real stabilization.
Historically, median YoY growth declined from the mid-30% range in early 2022 to the mid-teens today, with modest quarter-to-quarter volatility along the way.
55% generate an operating profit. Median operating loss was -$8mm, while the average was -$27mm. Median and average operating margins were -5% and -18%, respectively.
Median operating margins have improved materially over time, moving from roughly -30% in early 2022 to mid-single-digit losses today.
Growing efficiently. Even where companies are losing money, they are doing so efficiently. On a median basis, companies generate $1.73 of incremental revenue for every $1 of operating loss.
With net dollar retention above 100%, the median payback period is just 0.6 years, which is excellent. If a company can keep payback under 1.5 years and retain customers long term (100%+ NDR), investors are generally comfortable funding losses to grow ARR.
Revenue to loss ratio. The median revenue-to-loss ratio is 6.9x. Put differently, for every dollar of operating loss, companies generate $6.93 of revenue. Given strong retention, fast paybacks, and efficient growth, this is a healthy profile.
Median NDR of 109%. 66% of companies reported net dollar retention in the quarter. Median and average NDR were both 109%, which remains strong by SaaS standards. At this level, the existing customer base continues to be a source of growth even after churn and downgrades.
That said, retention is down materially from 2022 highs and appears to have broken the 2024 trend. Median NDR has declined from 120–125% levels in 2022 to the high-100s today. But, similar to the growth trend, the past few quarters have shown real stability.
Comparison to historical data. Below we this quarter’s median to historical medians we have collected. Note the drop in growth and retention over time, but the recent stability of both metrics. Also note the improvement in margin, cash efficiency, and payback period. The revenue profile (growth and retention) is stabilizing while the financial profile is improving. Finally, while we show ‘Rule of 40’, we believe it’s a useless and antiquated rule (that’s another blog).
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.