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Klaviyo serves mainly retailers and eCommerce businesses that want to reach and support their customers. Its cloud platform brings together consumer data, such as purchases and browsing activity, so businesses can tailor messages and service to each person. Email is its primary product, alongside text and WhatsApp messaging and customer-service tools such as Helpdesk.
Platform subscriptions provide the significant majority of revenue. Most plans are monthly, with pricing tiers based on reachable consumer profiles and message or service volumes, rather than employee seats. Customers can pay more as their audiences and usage grow or as they add offerings. Revenue therefore depends on customers renewing subscriptions and maintaining or expanding their use.
Businesses that also use Shopify account for most of Klaviyo’s annualized subscription revenue; those businesses, not Shopify itself, pay Klaviyo. Shopify recommends Klaviyo as the email solution for Shopify Plus customers. The business depends heavily on that relationship and on integrations that bring data from commerce platforms into Klaviyo.
Privacy rules constrain how consumer data can be used, while direct-marketing laws require opt-outs or, in some markets, prior consent. Email providers’ delivery rules also matter: messages that are blocked or filtered make the platform less useful to paying customers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond this list, watch Adobe and Mailchimp: Klaviyo names them as marketing automation and marketing solution rivals, respectively.
Braze competes with Klaviyo for brands' spending on software that uses their own consumer data to send messages across channels; both sell subscriptions priced largely around consumers reached and messaging activity. Watch Braze customers' expansion into more channels and higher message volumes for a read on demand for this kind of marketing software.
Klaviyo depends heavily on Shopify merchants: Shopify sells them the platform to run commerce, while Klaviyo sells their consumer marketing software, and those shared customers supplied 77.9% of Klaviyo's annual recurring revenue at December 31, 2025. Watch the Shopify relationship and integration, since disruption could cost Klaviyo customers.
HubSpot competes with Klaviyo for businesses buying marketing and customer-service software connected to customer data. Both let customers start at lower tiers and expand as they grow; watch adoption of HubSpot's paid marketing and service Hubs as a sign of demand in these overlapping areas.
Twilio competes with Klaviyo in email, messaging, marketing and customer-data software sold to businesses, while greater customer messaging activity benefits both. Watch increased use of Twilio's email and messaging products for a signal of the activity that also supports Klaviyo's subscription growth.
Salesforce competes with Klaviyo for businesses' customer marketing and engagement budgets through software that automates marketing work. Salesforce sells primarily through subscriptions, making its marketing offerings an alternative for businesses paying Klaviyo to reach consumers.
Sprinklr competes with Klaviyo for enterprise buyers of consumer marketing, customer-insight and cross-channel service software. Watch adoption of Sprinklr Marketing and Sprinklr Service among enterprise teams to gauge demand in areas where Klaviyo also sells marketing and customer-service subscriptions.
Twilio Inc. earningsTWLO
Twilio’s report will show whether businesses are using more email and messaging, offering a read on the activity that also supports Klaviyo’s subscriptions.
Look for growth in Twilio’s email and messaging use or related revenue, alongside signs customers are using more of its products. Rising use would mean businesses are sending more marketing and customer messages, supporting room for Klaviyo customers to add profiles, message volume and subscription capacity. Flat or weakening use would point to less activity to fuel that expansion.
Shopify Inc. earningsSHOP
Shopify’s report will show how its merchant business is faring and whether the integration serving merchants who also buy Klaviyo’s marketing software remains in place.
Separate Shopify’s merchant business from the state of its integration with Klaviyo. Stronger merchant activity with the integration intact supports shared merchants’ ability to keep using Klaviyo. Weaker merchant activity could prompt cuts to marketing spend; a strained or disrupted integration could make it harder for Klaviyo to serve or retain merchants even if they remain active. Shopify users supplied 77.9% of Klaviyo’s ARR at the end of 2025, so both merchant demand and access matter.
Klaviyo, Inc. earningsThis company
Klaviyo grows mainly through subscriptions, and this report will show whether existing customers are expanding their use and products enough to offset the cost of sending more text and WhatsApp messages.
Read dollar-based net revenue retention alongside gross margin. Retention captures existing customers’ expansion, contraction and attrition; gross margin shows how much revenue remains after the cost of serving them. If both hold or improve, added usage and cross-selling are covering higher messaging costs. If retention weakens or margin falls, customer expansion is slowing or service costs are eating into growth, leaving its quality in question.
Retail Sales MoM (Oct)
Retail sales track how much consumers spend at retailers; stronger or weaker spending can change Klaviyo customers’ campaign activity and marketing budgets, affecting their use of Klaviyo’s email, text and other subscriptions.
Stronger retail sales suggest healthier consumer spending that may support retail and eCommerce customers’ campaigns and Klaviyo subscription use; weaker sales may restrain their marketing budgets and usage.
