Semrush Holdings, Inc. (SEMR) Earnings
SEMR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -22.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.09 | $0.01 | -88.9% | — | — |
| Nov 5, 2025 | $0.08 | $0.08 | +0.0% | $112M | -5.5% |
| May 7, 2025 | $0.07 | $0.07 | +0.0% | $105M | +0.6% |
| Feb 26, 2025 | $0.07 | $0.07 | +0.0% | $103M | +1.2% |
| Nov 8, 2024 | $0.07 | $0.06 | -14.3% | $97M | +0.8% |
| Mar 4, 2024 | $0.04 | $0.08 | +127.5% | $83M | -3.3% |
| Nov 1, 2023 | $0.02 | $0.06 | +153.1% | $79M | -5.3% |
| Aug 3, 2023 | $0.01 | $0.03 | +237.8% | $75M | -5.1% |
| Mar 13, 2023 | $-0.08 | $-0.08 | +0.0% | $69M | +1.8% |
| Nov 14, 2022 | $-0.09 | $-0.05 | +44.4% | $66M | +2.8% |
| Aug 10, 2022 | $-0.07 | $-0.04 | +42.9% | $63M | +4.3% |
| Feb 28, 2022 | $-0.01 | $-0.02 | -52.3% | $54M | +3.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 6, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strong quarter with revenue of $112.1M, non-GAAP operating margin of 12.6%, and cash flow from operations of $21.9M. - Double-digit revenue growth across the portfolio, including strong organic net new annual recurring revenue. - Enterprise segment growth accelerated to 33% YoY in Q3, with 3 new products introduced for enterprise customers in the last 15 months. - AI products like AI Toolkit and AI Optimization added $10M in ARR in Q3, doubling from Q2. Average ARR per customer increased 17% YoY. - Launched Semrush One, a new product offering marketers a way to win in every search, making AI visibility accessible to all company sizes. - Enterprise segment progress: Average revenue per user above $10,000, and 72% YoY increase in customers paying over $50,000 per year.
Guidance
- Fourth quarter 2025 revenue expected $117.5M-$119.5M (midpoint ~15.5% YoY growth), non-GAAP operating margin ~12.5%. - Full year 2025 revenue $443.5M-$445.5M (~18% growth). - Non-GAAP operating margin and free cash flow margin guidance at ~12%, affected by ~$10M incremental expense headwind from recent exchange rate movements. - Full year free cash flow margin expected ~12%, driven by improved profitability and Enterprise segment growth.
Segment performance
Semrush reported revenue of $112.1 million in Q3 2025. Demand across the portfolio delivered double-digit revenue growth. The Enterprise segment saw 33% year-over-year growth. AI products, including the AI Toolkit and AI Optimization, added $10 million in ARR in Q3, more than doubling from Q2. Average ARR per customer increased 17% year-over-year. The Enterprise segment's average revenue per user is now above $10,000, and the number of customers paying over $50,000 per year increased by 72% year-over-year. Revenue contribution details: The Enterprise segment's growth accelerated to 33% YoY, and AI products contributed $10M ARR in Q3, doubling from Q2.
Analyst Q&A
Q: Scott Berg from Needham Bank asked about Semrush One, what's different about it compared to traditional product sets.
A: William Wagner responded that Semrush One is a different product with integrated workflows leveraging data, providing a holistic view of how AI and classic search work together.
Q: Elizabeth Porter from Morgan Stanley asked about the inflection point into fiscal '26.
A: Brian Mulroy replied that factors like lapping acquisitions, launching new products, and go-to-market efforts are driving growth into 2026.
Q: Luke Horton from Northland Capital Markets asked about pricing of new products and capital allocation.
A: William Wagner said pricing is a hybrid model, and Brian Mulroy mentioned capital will be allocated to organic investment, M&A, and share repurchase.
Q: Jackson Ader from KeyBanc Capital Markets asked about seasonality and AI ARR.
A: Brian Mulroy said the back half is stronger for Enterprise, and William Wagner noted AI and SEO are increasingly linked.
Q: Adam Hotchkiss from Goldman Sachs asked about competition and new inbound interest.
A: William Wagner stated Semrush has a competitive edge with its foundation in SEO, data set, and brand recognition, and there's opportunity in both new and existing customers.