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The Q1 2025 State of SaaS report reveals a stark reality: go-to-market efficiency is declining, growth is slowing, and SaaS companies are facing higher customer acquisition costs. Yet rising free cash flow provides a lifeline. Discover the key metrics shaping the current SaaS landscape and what it means for the companies navigating this challenging environment.

Figma’s S-1 is out, Adobe’s Q2 numbers impress, and our latest SaaS analysis reveals which categories are winning on growth and efficiency. We break down Figma’s metrics, compare it to public comps, and explore how data, business apps, security, and dev tools stack up in today’s SaaS landscape.

HubSpot vs Salesforce: Same starting point, different eras. We break down 11 years of growth, efficiency, and market expectations to show why HubSpot isn’t following Salesforce’s path - and why that might make it a smarter, more durable SaaS story in today’s market.

This week’s SaaS Report breaks down Q2 results from ServiceNow and Pegasystems - then dives into one of the wildest valuation stories in tech: Palantir trading at nearly 100× ARR. From slowing growth and stretched CAC payback at Pega, to ServiceNow’s masterclass in scaled efficiency, to Palantir’s sudden surge in growth, margins, and investor hype, we unpack how a once-underperforming IPO turned into a $372B rocketship - and whether the multiple makes any sense.

Q2 earnings delivered everything from record-breaking growth to hard reality checks. Palantir posted one of the strongest SaaS quarters in years, Figma’s IPO sparked a frenzy, Cloudflare kept scaling, and ZoomInfo began its turnaround - while others struggled with slowing ARR and rising costs. Here’s the quick breakdown of who’s winning, who’s wobbling, and what it all means for SaaS heading into 2025.

Q2 earnings reveal a clear SaaS reality: the winners are balancing growth and efficiency at scale. From AppLovin’s breakout quarter to steady giants like Datadog, HubSpot, and Atlassian, this recap breaks down who’s accelerating, who’s stalling, and what these trends say about scaling SaaS in 2025.

This post breaks down the real story behind Q2 2025 in SaaS - why CAC paybacks are blowing out, why free cash flow margins are hitting record highs, and how shrinking sales & marketing budgets are reshaping growth across the industry. We also dig into the early signs of “circular economics” emerging in the AI ecosystem, from GPU leasing loops to demand engineered through financing. If you want a clear, data-backed view of where SaaS and AI are heading next, this is the summary you need.

This quarter revealed a split in SaaS: some companies, like Palo Alto Networks, are proving that scale and efficiency can rise together, while others - Sprout Social and SimilarWeb - are running out of room to hide. And then there’s Monday.com: a high-performing operator punished by a narrative that doesn’t match the numbers. Q2 wasn’t just about earnings - it showed how much efficiency now matters, how quickly narratives can distort reality, and how the SaaS market in 2025 is being shaped as much by perception as performance.

Q2 showed a mixed SaaS landscape: growth is slowing for some, re-accelerating for others, and efficiency is improving across the board. Okta is stabilizing with smarter operations, CrowdStrike faces a high multiple despite slowing growth, MongoDB quietly delivered a clean turnaround, and Snowflake’s growth is back - but profitability still lags. On the AI front, Marc Benioff gave a grounded take: LLMs are powerful but limited, most impact is in support and lead qualification, and the future of SaaS interfaces remains uncertain.