Freshworks Inc. · NASDAQ:FRSH
Freshworks — Investor Day (May 2026)
53 slides from Freshworks's investor day presentation, May 14, 2026
Slide 1: Financial Analyst Session Refresh 2026
@freshworks Financial Refresh Analyst 2026 Session
Slide 2: Kate Scolnick, VP Investor Relations
Kate Scolnick Vice President Investor Relations 2
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Freshworks Inc. These forward-looking statements are subject to a number of risks, our sales cycles or adversely affect our industry; our history of net (“Freshworks”) for informational purposes only and not for any uncertainties and assumptions incl
Slide 4: Use of Non-GAAP Measures
Use of Non-GAAP Measures In addition to the U.S. generally accepted accounting principles (“GAAP”) financials, this presentation includes certain non-GAAP financial measures, including non-GAAP income (loss) from operations and adjusted free cash flow. This presentation also includes certain non-GAAP m
Slide 5: Dennis Woodside, Chief Executive Officer
Dennis Woodside Chief Executive Officer 5
Slide 6: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 7: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 8: Our vision
Our vision Freshservice is the AI-powered, unified service operations platform that is fast to deploy, intuitive to use, and enables every employee to be more productive. © 2025 Freshworks Inc. All rights reserved.
Slide 9: Freshworks is now an EX-first company
Freshworks is now an EX-first company 2021 2026E 2028E EX-first foundations Growing EX product platform AI-enabled EX platform leader 60% 70% EX 37% EX EX % of ARR % of ARR % of ARR © 2026 Freshworks Inc. All rights reserved.
Slide 10: Freshservice is on a path to ~$1B in ARR in 2028
Freshservice is on a path to ~$1B in ARR in 2028 >$600M ARR ~20,000 ~5x ARR EOY 2026 Customers Globally Over the past 5 years FireHydrant ITOM Freddy Agentic AI Freshservice for Device42 Business Teams ITAM Freshservice Freddy AI ESM ITSM 2014 2022 2024 2026 © 2026 Freshworks Inc. All rights reserve
Slide 11: Freshservice — AI-first platform for IT and beyond
Freshservice — AI-first platform for IT and beyond ChatGPT Claude Slack MS Teams Portal Email Voice Chat AI Agents AI Copilot AI Insights MCP Gateway Autonomous resolution Human augmentation Intelligence & visibility Extensibility & choice ITSM | ITAM | ITOM | ESM 🗄 Context Layer from Configuration…
Slide 12: Kent State customer results
51% 95% 23% 24 Keep Employee Higher employee Employee Self-service Race locations supported satisfaction rate satisfaction score deflection rate Experience 50% 40% 100% 73% Tickets now submitted IT tickets automated Automation of core Faster incident Agent via self-service portal workflows resolution
Slide 13: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 14: $45B TAM: attractive market with room to capture share
Attractive market with significant room to capture share $45B TAM ~60% No player has more than 20% market share ITSM, ITAM, ITOM, ESM of the market is represented by Mid-market and Agile Enterprises 13.4% CAGR Market is fragmented Companies with up with strong opportunity (2025–2028) to 20k employees
Slide 15: We are the best solution for the mid-market and agile enterprises
We are the best solution for the mid-market and agile enterprises Freshservice Expensive & complicated Simple IT help desk only Enterprise grade without enterprise complexity SMB centric, lacks enterprise Developer-centric, hard to use depth Last-generation, not innovating © 2026 Freshworks Inc. All
Slide 16: Our core differentiators
Our core differentiators Unified platform Domain-specialized AI Rapid impact Trusted partner at scale ● Unified platform for ● Superior AI built on a decade ● No code setup, intuitive UX ● Transparent, predictable managing IT services, asset of service data, workflows with built in best practices prici
Slide 17: Freshservice is rapidly growing upmarket
Freshservice is rapidly growing upmarket Large Account Traction Bigger Deal Velocity Higher Spending >40% EX ARR from customers ~40% Growth in customers spending 18% YoY growth in spending >$100K ARR >$100K ARR YoY ARPA Note: All data as of March 31, 2026. © 2026 Freshworks Inc. All rights reserved.
Slide 18: Seagate modernized global ITSM in 3 months with Freshservice
Seagate modernized global ITSM Industry - Technology (Data Storage & Infrastructure) Region - Global in 3 months with Freshservice Business Challenge Freshworks Solutions About the Customer Seagate is a global leader in data storage, supporting large-scale enterprise and cloud environments. With Sea
Slide 19: We consistently and increasingly win new customers
We consistently and increasingly win new customers We win against large competitors Healthy win rates of ~40% supported by big wins against large competitors We win in the mid-market Won ~250 new logos with greater than $30K ARR in the past year* We win with partners More than 40% of our EX ARR has
Slide 20: Freshservice has multiple paths to expand
Freshservice has multiple paths to expand Future ITAM ITOM ESM AI adjacencies CV CVCV ~1/3 of large Consolidation opportunity Fast growing add-on with Attaching paid AI SKUs to Complementary areas to new lands1 include for hundreds of significant runway to over 50% of large new pursue (e.g. AIOps, DE
Slide 21: Freshservice net retention rates are enterprise-class
Freshservice net retention rates are enterprise-class 111% ~119% OVERALL EX NDR EX Multi-product NDR NOTE: Reflects as-reported net dollar retention rates as of Q1’26. © 2026 Freshworks Inc. All rights reserved.
Slide 22: Our monetization model is diversifying as product capabilities expand
Our monetization model is diversifying as product capabilities expand 2023: Seat-Based Model Today: Emerging Hybrid Model 2028E: Fully Hybrid Model ● Primarily selling seats for IT ● Seat-based for IT agents and ● Flexible pricing across: agents and non-IT users non-IT users ○ Agents ● Limited asset
Slide 23: New Balance steps up ITSM with unified asset management
New Balance steps up ITSM Industry - Retail (Apparel & Footwear) with unified asset management Region - Global Business Challenge Freshworks Solutions About the Customer New Balance needed ● Freshservice provides a seamless transition from legacy New Balance is a global athletic brand. As it scaled,
Slide 24: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 25: What we are announcing today
What we are announcing today AI Agent Studio Freshservice ● Domain-specific HR & IT AI agents ITAM & ITOM ● No-code agent builder Live map your entire IT estate and unify ● Deep enterprise context & actions your infrastructure and operations for ● Expansive library of agentic AI-powered service trans
Slide 26: AI is delivering customer outcomes today
AI is delivering customer outcomes today Productive Efficient Impactful +52% Higher ticket volume for agents who ~50% EX tickets deflected by Freddy AI ~100% Growth in paying Freddy Copilot use Freddy Copilot Agent in Q1 2026 customers *All YoY data as of March 31, 2026. © 2026 Freshworks Inc. All righ
Slide 27: We have multiple paths to monetize AI
We have multiple paths to monetize AI Direct monetization Indirect monetization is evolving rapidly is also a tailwind AI Copilot AI offering and roadmap is central $29/mo Add-On for Pro & Enterprise Win Rates to every RFP and New Logo win Included on a promo basis for Pro, Growth, AI Agent NDR NDR
Slide 28: Amerisure transforms AI service delivery with a single platform
Amerisure transforms AI service Industry - Insurance (Property & Casualty) Region - North America delivery with a single platform Business Challenge Freshworks Solutions About the Customer Amerisure is a U.S.-based insurance provider serving Amerisure needed to ● Freshservice unifies service delivery
Slide 29: Tyler Sloat, COO & CFO
Tyler Sloat Chief Operating Officer & Chief Financial Officer 29
Slide 30: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 31: Driving improved profitability and free cash flow
Driving improved profitability and free cash flow 2022 2024 2026E Changes since 2024 $265 28% ● Reduced investment in $211 non-core products 22% 21% $153 ● Clarified GTM strategy & focused on 8 top countries $99 14% ● Aligned product & eng focus on 3 priorities: EX, AI, CX -$15 ● Shifted EX product -$2
Slide 32: Since our investor day in September our EX focus has gotten even sharper
Since our investor day in September our EX focus has gotten even sharper Space to grow in EX Confidence in Execution Adjusted Product & GTM ● AI penetration and ● EX Pipeline is improving - more ● 80% of resources focused on monetization is nascent at bats EX and AI ● Penetration of ITOM, Advanced ●
Slide 33: We are revising our 2028 ARR forecast upward by $100M
We are revising our 2028 ARR forecast upward by $100M, driven by faster EX ARR growth Growth outlook: Low-20s → Mid-20s Strengthening pipeline EX Key drivers: Upmarket momentum Broader product portfolio Growth algorithm: Higher NDR from enterprise shift + incremental new business Growth outlook: Mid
Slide 34: Revised 2028 forecast driven by EX success
Revised 2028 forecast driven by EX success 2025 Investor Day Revised Revenue $1.2B+ $1.3B+ $1.3B+ ARR $1.4B+ ARR Ending ARR EX Growth: >20% EX Growth: Mid-20s CX Growth: Mid-Single Digits CX Growth: Low to Mid-Single Digits Driving EX growth 65% of Ending ARR 70% of Ending ARR EX Target EX Target Up
Slide 35: We've adjusted our operating model to drive even greater profitability
We’ve adjusted our operating model since September to drive even greater profitability Profitable Businesses Driving Efficiencies Benefiting from Scale ● EX high 80s gross margins ● GTM - Field focused on EX ● S&M from 38% to 36% of while CX is entirely inbound revenue by end of 2028 ● CX operating margi
Slide 36: Raising the Bar - Rule of 50 by 2028
Raising the Bar - Rule of 50 by 2028 Accelerating Growth Robust Cash Flow Rule of 2025 Inv estor Day $1.2B+ $340M+ 45 2028E REVENUE 2028E FREE CASH FLOW +15-16% YoY 28-30% Margin Accelerating Growth Robust Cash Flow Rule of New $1.3B+ $425M+ ~50 2028E REVENUE 2028E FREE CASH FLOW +16% YoY 32-34% Mar
Slide 37: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 38: We have a track record of prudent capital management
We have a track record of prudent capital management Diluted Shares Outstanding Capital allocation execution 2024 2026E 2028E ● 2025 buyback: 26.9M shares -2% CAGR ● 2026 est. buyback: 20M-25M shares over next 3-5 quarters 328M 296M ~300M ● $ FCF growth of $153M in 2024 to $265M in 2026E ● Expect FC
Slide 39: SBC has improved 14 percentage points in past 2 years
SBC has improved 14 percentage points in past 2 years and will continue to decline SBC as % of Revenue Changes since 2024 2024 2026E 2028E ● Reduced headcount 30% from Q3’24 by >20% ● Adjusting equity eligibility for lower levels ● Lapped IPO grants 16% 13%-14% ● Targeting peer top quartile © 2026 F
Slide 40: 2028 Outlook - Raising the Bar
2028 Outlook - Raising the Bar 40
Slide 41: Reiterating 2026 Financial outlook from May 5
Reiterating 2026 Financial outlook from May 5 ($ in millions except for per share data) Q2-26 2026 Revenue(1) $232.0 - $235.0 $958.0 - $964.0 Year-over-year growth 13% - 15% 14% - 15% Non-GAAP income from operations(1) $41.0 - $43.0 $207.0 - $215.0 Non-GAAP net income per share(2) $0.13 $0.61 - $0.6
Slide 42: Raising the Bar - Updated Long-term 2028 targets
Raising the Bar - Updated Long-term 2028 targets 2025 INVESTOR DAY CHANGE NEW* Revenue $1.2B+ +$100M $1.3B+ 15-16% 16% Non-GAAP Gross Margin 85-86% 85-86% R&D 16-17% -200 bps As a % of Revenue 14-15% S&M 38-39% -200 bps As a % of Revenue 36-37% G&A 9-10% As a % of Revenue 9-10% Operating Margin 20-2
Slide 43: Measuring what matters - Metrics to anchor upon
Measuring what matters - Metrics to anchor upon disclosures you should expect from us Quarterly Metrics Financial & Core Growth Expansion & AI Adoption ● EX and CX ARR ● NDR ● Margins ● $50K & $100K+ Customers ● Capital Usage ● Paying AI Customers ● Adj. FCF / Share ● EX AI Attach >$30K Deals © 2026
Slide 44: Takeaways
A freshworks Takeaways
Slide 45: Why own Freshworks (FRSH) today
Why own Freshworks (FRSH) today Stock Price as of 5/12/26 - $8.50 · EV/Revenue 1.6x · Avg. analyst price target = $12 1 2 3 EX platform at an inflection Compounding FCF/share story Valuation discount ● EX ARR $540M+, growing 27% YoY in Q1 ● Adj FCF/share 71% CAGR over past 2 years ● EV/Revenue of ~1.
Slide 46: Headlines that redefine our story from 2026 to 2028
Headlines that redefine our story from 2026 to 2028 We are an EX first company Freshservice is a leader with agile enterprises and in the mid-market AI is a tailwind that is enabling growth We are profitable and scaling We are committed to capital efficiency and prudent capital management © 2026 Freshwor
Slide 47: Q&A
Q&A © 2026 Freshworks Inc. All rights reserved.
Slide 48: Contact us
Contact us ir@freshworks.com © 2026 Freshworks Inc. All rights reserved.
Slide 49: Appendix
Appendix © 2026 Freshworks Inc. All rights reserved.
Slide 50: Definitions
Definitions Customer: a unique domain or unique email address with at least one more more paid subscriptions to one or more of our products ARPA: annual revenue per account ARR: annual recurring revenue CAGR: compounding annual growth rate TTM: trailing twelve months SMB: companies with 250 or fewer
Slide 51: GAAP to non-GAAP Reconciliations: Revenue
GAAP to non-GAAP Reconciliations Revenue ($ in millions) 2022 2023 2024 2025 GAAP Revenue $498.0 $596.4 $720.4 $838.8 YoY Growth rates 34% 20% 21% 16% Add: Effects of foreign currency rate fluctuations $11.3 $0.6 ($1.4) ($2.6) Revenue adjusted for constant currency(1) $509.3 $597.0 $719.0 $836.2 YoY
Slide 52: GAAP to non-GAAP Reconciliations: Income (loss) from operations
GAAP to non-GAAP Reconciliations Income (loss) from operations ($ in millions) 2022 2023 2024 2025 GAAP income (loss) from operations ($233.4) ($170.2) ($138.6) $13.2 Add: stock-based compensation expense - employee awards 207.7 210.7 216.7 146.8 Add: employer taxes and employee stock transactions 1
Slide 53: GAAP to non-GAAP Reconciliations: Free cash flow
GAAP to non-GAAP Reconciliations Free cash flow ($ in millions) 2022 2023 2024 2025 Net cash provided by (used in) operating activities ($2.5) $86.2 $160.6 $242.4 Less: purchase of property and equipment ($7.1) ($2.1) ($9.2) ($5.7) Less: capitalized internal-use software ($5.1) ($6.3) ($5.5) ($15.8)