Annual COGS Spend

Heading

Company ($mm's)	Ticker	2025 Revenue	2024 Revenue	2023 Revenue	2022 Revenue	2025 COGS	2024 COGS	2023 COGS	2022 COGS	2025 COGS as a % of Revenue	2024 COGS as a % of Revenue	2023 COGS as a % of Revenue	2022 COGS as a % of Revenue
Mongo DB	MDB	$2,464	$2,006	$1,683	$1,284	$696	$535	$424	$349	28%	27%	25%	27%
Dropbox	DBX	$2,521	$2,548	$2,501	$2,324	$501	$445	$478	$444	20%	17%	19%	19%
Zuora	ZUO	---	$431	$431	$396	---	$146	$146	$153	---	34%	34%	39%
Docusign	DOCU	$3,220	$2,977	$2,761	$2,515	$663	$622	$572	$536	21%	21%	21%	21%
SmartSheet	SMAR	---	---	$958	$766	---	---	$186	$162	---	---	19%	21%
Zscaler	ZS	$2,673	$2,167	$1,616	$1,090	$618	$477	$362	$242	23%	22%	22%	22%
Momentiv	MNTV	---	---	---	---	---	---	---	---	---	---	---	---
PagerDuty	PD	$493	$467	$430	$370	$74	$80	$77	$70	15%	17%	18%	19%
Zoom Video	ZM	$4,869	$4,665	$4,527	$4,392	$1,119	$1,130	$1,077	$1,100	23%	24%	24%	25%
Fastly	FSLY	$624	$544	$505	$432	$268	$248	$239	$222	43%	46%	47%	51%
Crowdstrike	CRWD	$4,812	$3,953	$3,055	$2,241	$1,219	$991	$755	$601	25%	25%	25%	27%
DynaTrace	DT	$2,018	$1,430	$1,430	$1,158	$372	$266	$266	$222	18%	19%	19%	19%
Health Catalyst	HCAT	$311	$307	$295	$276	$160	$166	$164	$143	51%	54%	56%	52%
Ping Identity	PING	---	---	---	---	---	---	---	---	---	---	---	---
DataDog	DDOG	$3,427	$2,684	$2,128	$1,675	$687	$516	$409	$346	20%	19%	19%	21%
Cloudflare	NET	$2,168	$1,670	$1,296	$975	$553	$379	$307	$232	26%	23%	24%	24%
Sprout Social	SPT	$458	$406	$333	$253	$103	$91	$76	$59	22%	23%	23%	23%
Bill.com	BILL	$1,463	$1,290	$1,058	$641	$272	$234	$193	$145	19%	18%	18%	23%
Zoominfo	ZI	$1,250	$1,214	$1,240	$1,098	$200	$152	$139	$140	16%	12%	11%	13%
Snowflake	SNOW	$4,684	$3,626	$2,806	$2,066	$1,538	$1,214	$899	$718	33%	33%	32%	35%
Unity Software	U	$1,850	$1,813	$2,187	$1,391	$478	$481	$734	$443	26%	27%	34%	32%
Sumo Logic	SUMO	---	---	---	$300	---	---	---	$97	---	---	---	32%
Jfrog	FROG	$532	$428	$350	$280	$124	$98	$77	$62	23%	23%	22%	22%
Palantir	PLTR	$4,475	$2,866	$2,225	$1,906	$789	$566	$431	$409	18%	20%	19%	21%
Asana	ASAN	$791	$723	$653	$547	$87	$77	$65	$57	11%	11%	10%	10%
Datto	MSP	---	---	---	---	---	---	---	---	---	---	---	---
PubMatic	PUBM	$283	$291	$267	$256	$103	$101	$99	$82	36%	35%	37%	32%
C3.ai	AI	$389	$310	$267	$253	$153	$132	$86	$64	39%	43%	32%	25%
Certara	CERT	$419	$385	$354	$336	$161	$155	$141	$133	38%	40%	40%	39%
Qualtrics	XM	---	---	---	$1,458	---	---	---	$429	---	---	---	29%
ON24	ONTF	$139	$148	$164	$191	$35	$38	$46	$53	25%	26%	28%	28%
Viant	DSP	$344	$289	$223	$197	$187	$157	$120	$117	54%	54%	54%	59%
Olo	OLO	---	$285	$228	$185	---	$129	$89	$58	---	45%	39%	32%
DigitalOcean	DOCN	$901	$780	$693	$576	$362	$314	$284	$212	40%	40%	41%	37%
SEMrush	SEMR	$444	$377	$308	$254	$86	$65	$52	$49	19%	17%	17%	19%
UiPath	PATH	$1,611	$1,429	$1,308	$1,059	$271	$246	$196	$180	17%	17%	15%	17%
Alkami	ALKT	$444	$334	$265	$204	$187	$137	$121	$96	42%	41%	46%	47%
DoubleVerify	DV	$748	$656	$573	$452	$134	$116	$107	$78	18%	18%	19%	17%
SquareSpace	SQSP	---	---	$1,012	$867	---	---	$208	$153	---	---	20%	18%
ZipRecruiter	ZIP	$449	$474	$646	$905	$48	$50	$64	$86	11%	11%	10%	10%
Procore	PCOR	$1,323	$1,152	$950	$720	$271	$206	$174	$148	20%	18%	18%	21%
Sprinklr	CXM	$857	$796	$732	$618	$279	$222	$179	$164	33%	28%	24%	27%
Zeta Global	ZETA	$1,305	$1,006	$729	$591	$514	$400	$274	$215	39%	40%	38%	36%
Doximity	DOCS	$645	$475	$475	$419	$70	$51	$51	$53	11%	11%	11%	13%
Confluent	CFLT	$1,167	$963	$777	$586	$300	$257	$230	$202	26%	27%	30%	34%
SentinelOne	S	$1,001	$821	$621	$422	$259	$211	$179	$144	26%	26%	29%	34%
EverCommerce	EVCM	$589	$698	$675	$621	$132	$228	$231	$217	22%	33%	34%	35%
Couchbase	BASE	---	$209	$180	$155	---	$25	$22	$20	---	12%	12%	13%
Kaltura	KLTR	$181	$179	$175	$169	$53	$60	$63	$62	29%	33%	36%	37%
Blend Labs	BLND	$124	$162	$157	$235	$32	$71	$76	$146	26%	44%	48%	62%
MeridianLink	MLNK	---	$316	$304	$288	---	$109	$108	$106	---	34%	36%	37%
Powerschool Holdings	PWSC	---	---	$698	$631	---	---	$284	$272	---	---	41%	43%
Fresh Works	FRSH	$839	$720	$596	$498	$126	$113	$103	$96	15%	16%	17%	19%
Definitive Healthcare	DH	$242	$252	$251	$223	$58	$41	$35	$26	24%	16%	14%	12%
ForgeRock	FORG	---	---	---	$217	---	---	---	$39	---	---	---	18%
Amplitude	AMPL	$343	$299	$276	$238	$89	$77	$72	$70	26%	26%	26%	29%
Gitlab	GTLB	$955	$759	$580	$424	$121	$85	$60	$373	13%	11%	10%	88%
Enfusion	ENFN	---	$201	$175	$150	---	$65	$58	$47	---	32%	33%	31%
avidxchange	AVDX	---	$439	$381	$316	---	$122	$121	$118	---	28%	32%	37%
Informatica	INFA	---	$1,640	$1,595	$1,505	---	$326	$338	$344	---	20%	21%	23%
BackBlaze	BLZE	$146	$128	$102	$85	$57	$58	$52	$41	39%	46%	51%	48%
Expensify	EXFY	$142	$139	$151	$169	$71	$64	$67	$63	50%	46%	44%	37%
Weave	WEAV	$239	$204	$170	$142	$67	$58	$54	$53	28%	29%	32%	37%
Braze	BRZE	$738	$593	$471	$355	$243	$183	$147	$115	33%	31%	31%	32%
UserTesting	USER	---	---	---	---	---	---	---	---	---	---	---	---
Hashicorp	HCP	---	---	$583	$476	---	---	$109	$87	---	---	19%	18%
Samsara	IOT	$1,619	$1,249	$937	$653	$377	$298	$247	$183	23%	24%	26%	28%
Klaviyo	KVYO	$1,234	$937	$698	$473	$313	$221	$178	$128	25%	24%	26%	27%
Rubrik	RBRK	$1,316	$886	$627	$599	$262	$265	$144	$182	20%	30%	23%	30%
Waystar	WAY	$1,099	$944	$791	---	$348	$316	$249	---	32%	33%	31%	---
Onestream	OS	$602	$489	$375	---	$189	$179	$115	---	31%	37%	31%	---
ServiceTitan	TTAN	$961	$772	$614	---	$287	$271	$238	---	30%	35%	39%	---
Sailpoint	SAIL	$1,071	$621	$496	---	$381	$225	$203	---	36%	36%	41%	---
Figma	FIG	$1,056	$749	$504	---	$186	$87	$44	---	18%	12%	9%	---
Netskope	NTSK	$709	$538	$406	---	$226	$190	$163	---	32%	35%	40%	---



MEDIAN		$857	$677	$590	$473	$226	$172	$147	$143	25%	26%	26%	27%
AVERAGE		$1,259	$989	$853	$732	$308	$244	$211	$192	27%	28%	28%	29%

Profitable
MEDIAN		$1,000	$698	$698	$631	$272	$157	$208	$140	20%	21%	21%	19%
AVERAGE		$1,495	$1,191	$1,139	$1,032	$332	$267	$257	$230	25%	25%	25%	24%

Not Profitable
MEDIAN		$738	$621	$500	$428	$189	$179	$133	$144	26%	27%	29%	29%
AVERAGE		$1,132	$876	$675	$641	$295	$232	$178	$180	28%	29%	29%	31%



Companies		57	63	67	65