Slide 1: 4Q25 and 2025 Earnings Results
4Q25 and 2025 Earnings Results February 19, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending March 31, 2026 and year ending December 31,
Slide 3: A global communications leader orchestrating AI, voice & messaging
A global communications leader orchestrating AI, voice & messaging across cloud communications 3
Slide 4: We develop and deliver the power to communicate
We develop and deliver the power to communicate Voice Messaging Emergency AI Services 4
Slide 5: Providing Global Comms at Scale Across Three Customer Categories
Providing Global Comms at Scale Across Three Customer Categories Powering employees communicating with each other and their customers Global Voice through Unified Communications and Contact Center platforms Plans Powering innovative customer experiences for the Global 2000 Enterprise with composable
Slide 6: 2025 Financial Highlights
2025 Financial Highlights $754m $561m 58% $93m Total revenue Cloud communications Non-GAAP Gross Adjusted EBITDA revenue2 Margin4 10% 1 9% 3 100bps 14% Total revenue Cloud communications Non-GAAP Gross Margin4 Adjusted EBITDA4 y/y growth revenue2 y/y growth y/y growth y/y growth 1 Normalized for pol
Slide 7: Lasting Customer Loyalty
Lasting Customer Loyalty 99% 107% 1 12 years Top 20 Customer Name Retention Rate Net Retention Rate Median Tenure 1 Net retention rate of 107% excludes the benefit of political campaign messaging revenue in 2024. Note: Customer metrics as of December 31, 2025. See Appendix for definitions of metrics
Slide 8: Annual Revenue Performance
Annual Revenue Performance $874 $748 $754 10%1 $573 $601 2025 Total revenue growth y/y 9% 2 2025 Cloud communications 2022 2023 2024 2025 2026E3 revenue4 growth y/y (USD Millions) Cloud communications revenue4 Messaging surcharges5 1 Normalized for campaign messaging revenue of $62m in 2024 total re
Slide 9: 2025 Cloud Communications Revenue by Customer Category
2025 Cloud Communications Revenue by Customer Category % of revenue 72% Global Voice Plans 8% y/y $561m 1 9% Enterprise Voice 21% y/y 19% Programmable Messaging 7%2 y/y 1 Represents Cloud communications revenue, which is total revenue less pass-through messaging surcharge revenue, for the year ended
Slide 10: Non-GAAP Gross Margin Performance
Non-GAAP Gross Margin Performance Fueling gross margin expansion 58% 57% Scale and AI adoption 55% 55% Software services mix Global coverage Operational efficiencies 2022 2023 2024 2025 Note: We calculate non-GAAP gross margin by dividing non-GAAP gross profit by Cloud communications revenue, which
Slide 11: Adjusted EBITDA Performance
Adjusted EBITDA Performance $120 17% $82 $93 2025 Adjusted EBITDA 1 margin $48 $35 20% Adjusted EBITDA margin 2022 2023 2024 2025 2026E2 2026 guidance (USD Millions) 1 Calculated by dividing Adjusted EBITDA by Cloud communications revenue, which is total revenue less pass-through messaging surcharge
Slide 12: Free Cash Flow Performance
Free Cash Flow Performance $59 $57 10% 1 2025 Free cash flow margin $19 Balanced capital allocation strategy ($11) 2022 2023 2024 2025 (USD Millions) 1 Calculated by dividing Free cash flow by Cloud communications revenue, which is total revenue less pass-through messaging surcharge revenue. 12 See
Slide 13: Customer Metrics
Customer Metrics Adjusted NRR1 $232k 105% 109% 112% 107% Average annual customer revenue 12% 2 Average annual customer revenue growth y/y 2022 2023 2024 2025 1 Normalized for campaign messaging revenue of $37m and $62m in 2022 and 2024, respectively. 2 Normalized for campaign messaging revenue of $6
Slide 14: 1Q26 and Full Year 2026 Outlook
1Q26 and Full Year 2026 Outlook 1Q 2026 FY 2026 16% Revenue $200m - $203m $864m - $884m Total revenue growth y/y $21m - $24m $117m - $123m 2026 guidance Adjusted EBITDA1 Non-GAAP EPS1,2 $0.30 - $0.32 $1.66 - $1.74 29% Full year 2026 guidance is based upon the following estimates and assumptions: Adj
Slide 15: Authorized Inaugural $80 million Share Repurchase Program
Authorized Inaugural $80 million Share Repurchase Program • Authorized a share repurchase program of up to Inaugural $80m • Opportunistic program to manage dilution from program share based compensation • Strong free cash flow supporting disciplined capital allocation Capital • Record R&D investment
Slide 16: Bandwidth is a Durable Cloud Communications Platform with Software-like Expansion Economics
Bandwidth is a Durable Cloud Communications Platform with Software-like Expansion Economics 1 Durable, long-term customer relationships 2 Scale and infrastructure advantages 3 Strength in large deals 4 Upsell and cross-sell through software services 5 Built for profitable growth 16
Slide 17: 4Q25 and 2025 Earnings Results Key Takeaways
4Q25 and 2025 Earnings Results Key Takeaways Solid Record 4Q results and disciplined full-year 2025 performance, reflecting double-digit Performance organic revenue growth, increasing software mix, and continued progress in margins and cash flow. Growth Growth driven by accelerating Voice usage, sea
Slide 18: Thank you!
Thank you! @& bandwidth
Slide 19: Appendix
Appendix @ bandwidth »
Slide 20: Historical Metrics
Historical Metrics USD millions, except for Average Annual Customer Revenue in USD thousands FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Total Revenue 573.2 137.8 145.9 152.0 165.4 601.1 171.0 173.6 193.9 210.0 748.5 174.2 180.0 191.9 207.7 753.8 Cloud communicati
Slide 21: GAAP to Non-GAAP Reconciliation - Net Income
GAAP to Non-GAAP Reconciliation - Net Income USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net income (loss) 19.6 3.6 (3.9) (5.1) (10.9) (16.3) (9.2) 4.1 0.4 (1.8) (6.5) (3.7) (4.9) (1.2) (3.0) (12.9) Stock-based compensation 2
Slide 22: GAAP to Non-GAAP Reconciliation - Earnings Per Share
GAAP to Non-GAAP Reconciliation - Earnings Per Share USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net income (loss) per share Basic 0.77 0.14 (0.15) (0.20) (0.42) (0.64) (0.35) 0.15 0.02 (0.06) (0.24) (0.13) (0.16) (0.04) (0.1
Slide 23: GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow
GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Gross Profit 238.4 55.7 59.0 59.5 62.1 236.2 65.5 64.8 73.1 76.5 280.0 71.5 71.7 73.8 78.1 295.1 Gros
Slide 24: Definitions
Definitions Adjusted EBITDA: Net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense,