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Side-by-side financial comparison of Confluent, Inc. (CFLT) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $199.5M, roughly 1.6× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -25.2%, a 28.7% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs -4.1%). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs -5.7%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
CFLT vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $199.5M |
| Net Profit | $-79.2M | $7.1M |
| Gross Margin | 74.7% | — |
| Operating Margin | -31.5% | 7.7% |
| Net Margin | -25.2% | 3.6% |
| Revenue YoY | 20.5% | -4.1% |
| Net Profit YoY | 10.0% | -78.1% |
| EPS (diluted) | $-0.23 | $1.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $314.8M | $208.0M | ||
| Q3 25 | $298.5M | $216.4M | ||
| Q2 25 | $282.3M | $210.5M | ||
| Q1 25 | $271.1M | $217.9M | ||
| Q4 24 | $261.2M | $233.5M | ||
| Q3 24 | $250.2M | $227.0M | ||
| Q2 24 | $235.0M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-79.2M | $33.9M | ||
| Q3 25 | $-66.5M | $31.3M | ||
| Q2 25 | $-82.0M | $42.7M | ||
| Q1 25 | $-67.6M | $28.1M | ||
| Q4 24 | $-88.1M | $39.5M | ||
| Q3 24 | $-74.1M | $49.1M | ||
| Q2 24 | $-89.9M | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 74.7% | — | ||
| Q3 25 | 74.2% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 74.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 74.5% | — | ||
| Q2 24 | 72.3% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -31.5% | 19.1% | ||
| Q3 25 | -27.9% | 21.7% | ||
| Q2 25 | -34.2% | 21.5% | ||
| Q1 25 | -37.3% | 16.8% | ||
| Q4 24 | -40.5% | 21.7% | ||
| Q3 24 | -37.4% | 24.3% | ||
| Q2 24 | -46.1% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -25.2% | 16.3% | ||
| Q3 25 | -22.3% | 14.5% | ||
| Q2 25 | -29.0% | 20.3% | ||
| Q1 25 | -24.9% | 12.9% | ||
| Q4 24 | -33.7% | 16.9% | ||
| Q3 24 | -29.6% | 21.6% | ||
| Q2 24 | -38.3% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-0.23 | $5.15 | ||
| Q3 25 | $-0.19 | $4.65 | ||
| Q2 25 | $-0.24 | $6.12 | ||
| Q1 25 | $-0.20 | $4.05 | ||
| Q4 24 | $-0.26 | $4.65 | ||
| Q3 24 | $-0.23 | $5.71 | ||
| Q2 24 | $-0.28 | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | $136.6M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $93.6B |
| Total Assets | $3.0B | — |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $347.2M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $295.6M | — | ||
| Q1 25 | $278.6M | — | ||
| Q4 24 | $386.0M | — | ||
| Q3 24 | $322.6M | — | ||
| Q2 24 | $311.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $390.0M | ||
| Q3 25 | $1.1B | $390.6M | ||
| Q2 25 | $1.1B | $231.3M | ||
| Q1 25 | $1.1B | $231.7M | ||
| Q4 24 | $1.1B | $232.1M | ||
| Q3 24 | $1.1B | $237.5M | ||
| Q2 24 | $1.1B | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $1.2B | $934.0M | ||
| Q3 25 | $1.1B | $918.7M | ||
| Q2 25 | $1.1B | $896.4M | ||
| Q1 25 | $1.0B | $893.7M | ||
| Q4 24 | $961.2M | $897.5M | ||
| Q3 24 | $934.3M | $889.0M | ||
| Q2 24 | $873.9M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $4.3B | ||
| Q3 25 | $2.9B | $3.9B | ||
| Q2 25 | $2.8B | $3.7B | ||
| Q1 25 | $2.7B | $3.7B | ||
| Q4 24 | $2.7B | $4.0B | ||
| Q3 24 | $2.6B | $3.6B | ||
| Q2 24 | $2.5B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | 0.42× | ||
| Q3 25 | 0.98× | 0.43× | ||
| Q2 25 | 1.03× | 0.26× | ||
| Q1 25 | 1.07× | 0.26× | ||
| Q4 24 | 1.14× | 0.26× | ||
| Q3 24 | 1.17× | 0.27× | ||
| Q2 24 | 1.25× | 0.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.1M | — |
| Free Cash FlowOCF − Capex | $41.7M | — |
| FCF MarginFCF / Revenue | 13.2% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $42.1M | $-67.2M | ||
| Q3 25 | $30.8M | $108.3M | ||
| Q2 25 | $18.1M | $75.8M | ||
| Q1 25 | $-26.8M | $-3.8M | ||
| Q4 24 | $35.2M | $1.8M | ||
| Q3 24 | $15.6M | $69.1M | ||
| Q2 24 | $8.6M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $41.7M | $-74.1M | ||
| Q3 25 | $30.0M | $106.9M | ||
| Q2 25 | $17.2M | $74.2M | ||
| Q1 25 | $-28.2M | $-6.8M | ||
| Q4 24 | $34.5M | $-3.8M | ||
| Q3 24 | $15.0M | $68.7M | ||
| Q2 24 | $7.5M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | -35.6% | ||
| Q3 25 | 10.0% | 49.4% | ||
| Q2 25 | 6.1% | 35.2% | ||
| Q1 25 | -10.4% | -3.1% | ||
| Q4 24 | 13.2% | -1.6% | ||
| Q3 24 | 6.0% | 30.3% | ||
| Q2 24 | 3.2% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.3% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.3% | 0.7% | ||
| Q1 25 | 0.5% | 1.4% | ||
| Q4 24 | 0.3% | 2.4% | ||
| Q3 24 | 0.2% | 0.2% | ||
| Q2 24 | 0.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
