Ben’s Portfolio update end of July 2025
Returns and portfolio holdings:
Portfolio Notes 2022 -15.6%* *Jul-Dec, since I started posting my portfolio. (For portfolio returns before I started posting on Saul’s, see one of my earlier recaps.) 2023 77.8% 2024 31.7% 2025 YTD Month Jan 9.1% 9.1% Feb 5.0% -3.7% Mar -10.4% -14.7% Apr -2.4% 8.8% May 19.6% 22.6% Jun 32.7% 11.0% Jul 33.5% 0.6%
Time-stamp: July 31 after market close.
These are my current positions:
Jul 2025 Jun 2025 First buy* Cloudflare 21.9% 20.8% 11/2/2020 Nvidia 21.3% 19.0% 5/13/2020 Snowflake 13.0% 13.1% 2/8/2021 Crowdstrike 10.6% 11.9% 5/13/2020 Axon 9.4% 10.4% 4/2/2024 Datadog 9.0% 8.7% 5/13/2020 Monday 4.6% 5.6% 9/13/2021 Samsara 4.4% 4.7% 1/8/2024 Zscaler 4.0% 4.4% 3/4/2021 TradeDesk 1.8% 1.5% 5/13/2020
*held through today
Time-stamp: July 31 after market close.
Company comments
Snowflake:
Key insights:
- YoY revenue growth is set to re-accelerate from 26.2% → 29%.
- RPO and cRPO were strong despite headwinds from customers switching to “pay as you go” instead of pulling forward the renewal cycle, which management views as a normal part of its business model.
- While net retention rate dropped slightly to 124%, total customer growth was solid with 451 net adds. The company also consistently added to its $1M+ customer cohort. However, it seems to be nearing saturation in the G2000 customer group.
- Data sharing was a mixed bag with strong stable edge customer growth, but weak market place listings growth.
- Operating and net margins continued to expand, reaching 8.8% and 8.4% respectively, showing an improvement in efficiency. However, Free Cash Flow (FCF) margin was lower than historical Q1s at 19.8%, which the company attributes to a change in customer booking behavior, making FCF more second-half weighted.
Snowflake reported Fiscal Q1 2026 on 05/21/2025. I thought this was a really good quarter. They met my product revenue expectation at $997M (5.7% QoQ, 26.2% YoY) versus my expected $996M (5.6% QoQ, 26.1% YoY), generating $53.5M net new revenue in the quarter. Their new Q2 guide significantly exceeded my expectation at $1037.5M (4.1% QoQ, 25.1% YoY) vs $1026M (3% QoQ, 24% YoY) expected. They also raised their FY guide by 1.1%. With that I expect them to reach a Q2 product revenue of $1068M, a significant YoY re-acceleration to almost 29% YoY growth and implying a somewhat conservative beat of 3% after beating Q1 by 4.1%, Q4 by 3.8%.
RPO and cRPO are less telling at the moment because some large customers that run out of contracted capacity switch to “purchase as you go” consumption instead of pulling contract renewals forward. This happened for example with two large customers in Q4 and “On our last call, I noted two large customers ran out of capacity in Q4 and elected to delay their larger renewals. As expected, both of these accounts signed $100 million-plus contracts in Q1. We view this variability in bookings as normal for our model.” With that said, RPO and especially cRPO were quite strong, despite this headwind. RPO grew 34.1% YoY, which is up from Q4’s 32.7%, but down from last Q1’s 46.3%. cRPO on the other hand grew 31.4%, which is an acceleration from both last quarter’s 27.4% and last Q1’s 30.9%.
While their net retention rate dropped to 124%, from 126%, customers grew decently. Total customer growth was 4.1% with 451 net adds, which is up significantly from 357 net adds last Q1. They added another two G2000 customers reaching now 754, where I think they might have pretty much saturated this group. More importantly, $1M+ customer growth was consistent adding 27 companies to this cohort, compared to 24 adds last Q1.
Data sharing was a mixed bag this quarter as market place listings only grew 1.8% QoQ, but stable edge customer growth was strong at 12.7% QoQ, or 44.9% YoY.
On the profitability side, operating (and net margins) continued to expand to 8.8% (8.4%) from 4.4% (6.3%) last Q1, definitely going in the right direction. Free cash flow on the other hand was interesting. Historically their Q1’s had been always super strong, delivering FCF margins above 43% in the last 3 years. This year it was only 19.8%. Trouble? No:
“As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second half weighted. (…) I actually think that we are being pretty thoughtful when it comes to expanding our operating margin. It was 4% in Q1 last year. It’s 9% Q1 this year. And this is part of the benefit of practicing what we preach around AI. We spend a lot of time figuring out how engineers can be more productive with AI, how we can get more work done. Similarly in the sales team, we launched to automate many of the tasks that our sales team doesn’t like to do anyway so that they can be more productive in front of sellers. We feel that we are in quite a bit of a Goldilocks moment where we can continue to grow revenue very strongly while continuing to be very efficient when it comes to operating margin and free cash flow.”
Overview of how Snowflake performed versus my expectations:
- Product revenue expectation: $996M (5.6% QoQ, 26.1% YoY), implying a 4% beat; $52M net new product revenue.
→ $997M (5.7% QoQ, 26.2% YoY), a 4.1% beat and $53.5M net new product revenue. - Q2 new product revenue guide: $1026M (3% QoQ, 24% YoY) which I would interpret as $1056M (6% QoQ, 27% YoY), implying a 3% beat and that revenue growth will be stable QoQ.
→ $1037.5M (4.1% QoQ, 25.1% YoY), which I now interpret as $1069M (7.2% QoQ, 28.9% YoY), implying significant YoY acceleration. - NRR at 126% would be great as a new baseline after several quarters of smaller getting deltas: In the last seven quarters NRR dropped by 9% → 7% → 4% → 3% → 1% → 0% → 1%, to 126% in Q4.
→ 124%. - I would like to see RPO around $6.59b and cRPO around $2.9b, expecting more headwinds due to customers switching to true “day-by-day” consumption.
→ $6.69b (34.1% YoY), cRPO $3.34b (50% of RPO, 31.4% YoY). - I would like to see total customer growth around 4% QoQ (~446 adds) and $1M+ customer growth around 6% QoQ (~35 adds).
→ 451 total customer adds, growing 4.1% QoQ. 27 $1M+ customer adds, growing 4.7% QoQ. - I would like to see continued market place listings and stable edge customer growth strength.
→ Marketplace listings was weak (1.8% QoQ, and flat QoQ at 27% of total customer count). Stable edge customer growth was strong (12.7% QoQ, now up to 39% from 36% in Q4 of total customer count). - I don’t have a good idea what to expect for OM, NM and FCFM because of increased expenses for GPUs and newly acquired employees. Just throwing out some numbers I would expect an operating income margin around 5%, a net margin around 7% and a free cash flow margin around 45%.
→ OM 8.8%, NM 8.4%, FCF margin 19.8%. “As discussed on our last earnings call, we had several large customers purchase as they consumed in Q4. This booking behavior impacts the seasonality of our free cash flow. We expect this year to be more second half weighted.” - Thoughts from previous Q: Ben’s Portfolio update end of April 2025
Zscaler:
Key insights:
- Strong billings beat and raise points to a jump in upcoming Q1 revenue growth (they just reported Q3), and significant YoY revenue growth re-acceleration (Q4 → Q1: 20.9% → 24%).
- RPO YoY growth also reaccelerated while cRPO growth flat, but most likely due to timing and expected to jump up in Q4.
- Large customer growth nothing to be proud about, but not bad either, coming out of a strong Q2 for that metric.
- Profitability on weaker side as managements aggressively invests into growth, but ok as long as revenue growth re-acceleration happens.
Zscaler reported Fiscal Q3 2025 on 05/29/25. This quarter substantially improved my outlook for revenue growth. While they met my Q3 revenue expectation and achieved $678M (4.7% QoQ, 22.6% YoY, a 1.8% beat), their substantially stronger billings than expected ($785M vs. my $765M expectation), as well as their 0.7% raised billings guide for the FY, imply a very strong billings Q4 of about 48% QoQ growth. If that turns out to be true they are set up to have a monster Q1 coming up after Q4, which would put them on a whole new trajectory of not only stabilizing revenue growth at around 21-22% YoY, but possibly re-acceleration to 24-25% YoY. Just have a look how that’ll look on the very telling raw YoY revenue increase plot:
This is a substantial improvement of my thesis I laid out in my Q2 recap (here: Ben’s Portfolio update end of March 2025). There I used my billings model and the projected FY25 billings to predict Q1 revenue of $768M, or 22.4% YoY growth. With the updated billings numbers, I now project Q1 revenue of $777M, or 23.7% YoY growth and for the following quarters I have just assumed a similar, although a bit more conservative billings seasonality in 1Q26-3Q26 as in FY25. There is of course a risk my billings model might be off in Q4/Q1 due significant off-normal timing or something like this, so I’ll hold my excitement about this potential YoY revenue growth re-acceleration until we get the new Q1 and FY26 guides, but I think this is very promising.
RPO growth also re-accelerated now for the third quarter in a row from 25.9% in Q4 to 26.4% in Q1 to 27.7% in Q2 and now 30.2% in Q3. cRPO on the other hand stayed pretty much flat at 22.5% YoY which would be an argument against revenue growth re-acceleration. Timing might play a role here though, because they typically have a strong RPO quarter in Q4, which wasn’t that strong last Q4, so the easy comps should result in strong cRPO re-acceleration when they report Q4.
Large ($100k+ and $1M+) customer growth wasn’t something to be excited about as raw adds dropped both YoY and QoQ, but coming out of a strong Q2, I’ll again mainly attribute this to timing. At the same time, expanding with existing customers seems to be pretty flat at 114-115% for the last four quarters, so they are doing well here.
Profitability was on the weaker side this quarter, but given the prospects of revenue growth re-acceleration, I am ok with this, as they said in the call “With a large market opportunity and customers increasingly adopting the broader platform, we’ll invest aggressively to position us for long term growth and profitability.”
Overview of how Zscaler performed versus my prior expectations.
- Revenue expectation: $679M (4.8% QoQ, 22.7% YoY), expectation from billings model and 2% beat.
→ $678M (4.7% QoQ, 22.6% YoY), a 1.8% beat. - Q4 new revenue guide: $699M (3% QoQ, 18% YoY) which I would interpret as $713M (5% QoQ, 20% YoY) as my expectation from billings model, assuming Q3 QoQ billings growth of 3% (seasonal! And management commentary: “For Q3, we expect billings growth to continue to improve and encourage modeling 200 to 260 basis points of sequential billings growth.”).
→ $706M (4.1% QoQ, 19.1% YoY), which I now interpret as $717M (5.7% QoQ, 20.9% YoY), based on their uncharacteristically strong Q3 billings growth of 5.6% QoQ (historically flat or negative in Q3s) and simply applying my (slightly updated) linear billings model, where revenue Q4 = 0.9641*TTM(Billings)+$4.525M = $717M, with TTM Billings of $738.68M for 4Q24 through 3Q25. - I would like to see Q3 billings of around $765M.
→ $784.5M (5.6% QoQ, 24.9% YoY). - I would like to see RPO growth of around 6% QoQ (to $4.89b) and cRPO of about $2.4b.
→ RPO grew 7.9% QoQ to $4.978b (30.2% YoY) and cRPO grew 5.7% QoQ to $2.389b (22.5% YoY). - I would like to see >100k ARR customer growth around 3.5% QoQ (~115 net adds).
→ 2.2% QoQ (72 net adds). - I would like to see >1M ARR customer growth around 5% QoQ (~31 net adds).
→ 3.5% QoQ (22 net adds). - I would like to see an operating income around $156M (23% margin).
→ $147M (21.6% margin). - Thoughts from previous Q: Ben’s Portfolio update end of March 2025
Cloudflare:
Key insights:
- Amazing Q2, changing the picture from YoY revenue growth durability to YoY revenue growth re-acceleration (Q1 → Q2: 26.5% → 27.8%).
- NRR jumped up to 114% from 111%, showing significant customer expansion traction.
- This is complemented by continued strong customer growth, which demonstrates that Cloudflare has clearly reached a new point of significantly improved “land-and-expand” in their growth trajectory.
- This is further strengthened by strong RPO and cRPO growth.
- Cloudflare invests aggressively into revenue growth, putting lower priority on free cash flow generation. I believe those investments will pay of strongly in free cash flow down the road.
Cloudflare reported Fiscal Q2 2025 on 31/7/25. I thought this was an excellent quarter! They exceeded my revenue expectations, generating revenue of $512.3M (6.9% QoQ, 27.8% YoY), a 2.4% beat and a record $33M net new revenue (up from $22M last Q2 and $19M in Q1). More impressively, this was the first quarter where we saw a significant re-acceleration in YoY revenue growth, which had been decelerating for 12 consecutive prior quarters. This re-acceleration paints a very promising picture when we look at the raw YoY increase in revenue as a function of time and include the outlook for the rest of the FY:
If my projection for Q3 is correct, YoY revenue growth will accelerate further to 29%, implying what I think would be a reasonable 2.0% beat of their Q3 guide. (They beat their Q2 guide by 2.4% and Q1 by 2.3%).
Coming to secondary growth metrics I was happy to see NRR up again to 114%, from being 110% in Q3, 111% in Q4 and 111% in Q1. Not only did their expand motion improve significantly, they also added another 15110 new customers. Being able to grow 26.5% YoY from a base of over 250000 customers is quite amazing. On the large customer front ($100k+), they also caught up after having added only 30 in Q1, they now managed 185 net adds, which is also up from 168 last Q2.
Lastly, RPO and cRPO came in very strong: RPO grew 39.1% YoY and cRPO grew 33.1% YoY, which is up from 30.9% in Q1 and 26.2% last Q2. This acceleration combined with the Q2 revenue growth of 27.8% strengthens my new thesis of YoY revenue growth acceleration. Note, until this report my thesis was that revenue growth would just stay durable around 27%. Given how hard it is to reaccelerate revenue growth at a yearly revenue base of almost $2b, this is a strong improvement of the investment thesis.
Now, coming to profitability we can keep it pretty short: while they essentially met my expectations for operating income, FCF was significantly lower than I had expected. This was caused primarily by a significant increase in spending on capital expenditures, which outpaced the growth in cash from operations. As their new AI investments are clearly starting to pay off as can be seen from the top line growth, I am totally ok with this, but would like FCF margins to start going up again soon. And while the drop in FCF margin to 6.5% from 11% in Q1 will make most value-focused investors (looking at price-to-fcf or discounted cash flow calculations) run for the exits, I think such views completely miss the big picture that those Capex investments are likely going to pay off mightily in the future.
Here is how Cloudflare performed versus my prior expectations.
- Revenue expectation: $509M (6.2% QoQ, 26.9% YoY), implying a 1.7% beat.
→ $512.3M (6.9% QoQ, 27.8% YoY), a 2.4% beat and a record $33M net new revenue (up from $22M last Q2 and $19M in Q1). - Q3 new revenue guide: $537M (5.5% QoQ, 25% YoY) which I would interpret as $547M (7.5% QoQ, 27% YoY) expecting QoQ growth to seasonally accelerate, but stay at Q2’s YoY growth rate.
→ $544M (6.2% QoQ, 26.5% YoY), which I now interpret as $555M (8.3% QoQ, 29% YoY), implying a 2% beat and significant YoY acceleration. - I would like to see NRR at 111% or 112%.
->114%. - I would like to see total customer growth around 5% QoQ (~12500 net adds).
->6.0% QoQ, 15110 net adds. - I would like to see large customer growth around 5.5% QoQ (~194 net adds).
->5.2% QoQ, 185 net adds. - I would like to see RPO grow around 4.4% QoQ to $1.95b.
->6.0% QoQ to $1.977b. - I would like to see cRPO grow around 4% QoQ to $1.28b.
->6.0% QoQ to $1.304b, accelerating YoY growth to 33.1% from 30.9% in Q1 and 26.2% last Q2. - I would like to see operating income around $73M.
->$72M (14.1% margin). - I would like to see a FCF margin around 12%.
->6.5% margin. - Thoughts from previous Q: Ben’s Portfolio update end of May 2025
Expectations for upcoming earnings
In the following I summarize my expectations for the companies that are still due to report this earnings season. The goal of this exercise is to come up with reasonable earnings expectations. The goal here is not to be absolutely accurate, but to be able to identify when a company surprises in either a good or a bad way. That way it will be easier for me to identify if a change in conviction level is warranted. Also, just because a company exceeds or performs below my expectation with a single metric, that doesn’t necessarily mean my conviction has to change. Really, what this exercise does is it helps me to think about my companies holistically. Therefore, I think it is valuable to come up with these expectations before they report as it will help me to keep the companies (and myself) accountable and minimize any cognitive bias once the results are out.
A practical way for me to come up with those numbers is by asking a couple questions. For example “what revenue growth rate would continue the trends the company is currently following?” (Looking at revenue growth trends AND other metrics.) And then when I have a number in mind, I ask myself “If the company reaches less than this number, would I be negatively surprised?“; “If the company reaches more than this number, would I be positively surprised?” If the answer is yes to both questions I write it down below. Same goes for all other quantitative metrics below.
Nvidia:
- Reporting Fiscal Q2 2026 on 8/27/25.
- Revenue expectation: $46800M (6.2% QoQ, 55.8% YoY), implying a 4% beat; they beat a year ago’s Q1 guide by 8.5%, Q2 guide by 7.3%, Q3 guide by 7.9% and Q4 guide by 4.9%. Then last Q1 guide by only 2.5%.
- Q3 new revenue guide: $47730M (2% QoQ, 36% YoY) which I would interpret as $49600M (6% QoQ, 41% YoY), with similar QoQ growth as in Q2.
- I would like to see GAAP gross margin above 70%.
- I would like to see non-GAAP gross margin above 70%.
Snowflake:
- Reporting Fiscal Q2 2026 around 8/21/25.
- Product revenue expectation: $1069M (7.2% QoQ, 28.9% YoY), implying a 3% beat; $72M net new product revenue.
- Q3 new product revenue guide: $1117M (4.5% QoQ, 24% YoY) which I would interpret as $1155M (8% QoQ, 28% YoY), implying a 3.5% beat and that revenue growth will be roughly stable QoQ.
- NRR around 124%.
- I would like to see RPO around $6.95b and cRPO around $3.4b, expecting more headwinds due to customers switching to “day-by-day” consumption after running out of contracted consumption early instead of pulling forward the renewal cycle.
- I would like to see total customer growth around 4.6% QoQ (~533 adds) and $1M+ customer growth around 5% QoQ (~30 adds).
- I would like to see continued stable edge customer growth strength and market place listings growth to accelerate again QoQ.
- I would like to see continued strength in profitability margins, ideally QoQ expansion, but at least YoY expansion.
- Detailed thoughts earlier in this recap.
Datadog:
- Reporting Fiscal Q2 2025 on 8/7/25 before the market opens.
- Revenue expectation: $809M (6.2% QoQ, 25.4% YoY), implying a 2.5% beat.
- Q3 new revenue guide: $835M (3.2% QoQ, 21% YoY) which I would interpret as $859M (6.2% QoQ, 24.5% YoY) expecting YoY growth will stay close to 25%.
- My Q2 revenue expectation implies about $47M raw sequential revenue increase (up from $34M last Q2).
- I would like to see RPO at around $2.35b (31-32% YoY growth).
- I would like to see QoQ customer growth around 2% (~610 new) and for the $100k+ cohort, around 2% QoQ (~75 new).
- I would like to see continued multi-product adoption progress with 2+, 4+, 6+ and 8+ products cohort percentages of 84%, 51%, 28% and 14%.
- I would like to see NRR similar to Q4 and management commentary that NRR is stable or going up from Q4.
- I would like to see profitability margins be stable YoY or expand slightly YoY.
- Detailed thoughts: Ben’s Portfolio update end of May 2025
Zscaler:
- Reporting Fiscal Q4 2025 around 09/03/25.
- Revenue expectation: $717M (5.7% QoQ, 20.9% YoY), expectation from billings model and implying a 1.5% beat.
- Q1 new revenue guide: $763M (6.4% QoQ, 21% YoY) which I would interpret as $777M (8.4% QoQ, 24% YoY) as my expectation from billings model, assuming Q4 QoQ billings growth of 48% (seasonal! And beating their FY billings guide by 0.5%). Note, even if they just meet their FY billings guide, my billings model suggests that they’ll still have a monster Q1 with at least 7.9% QoQ growth and YoY growth acceleration to at least 23%, from my expected 21% in Q4.
- I would like to see Q4 billings of around $1161M.
- I would like to see RPO growth of around 15% QoQ (to $5.7b) and cRPO of about $2.69b.
- I would like to see >100k ARR customer growth around 5% QoQ (~168 net adds).
- I would like to see >1M ARR customer growth around 6.5% QoQ (~42 net adds).
- I would like to see an operating income around $162M (22.6% margin).
- Detailed thoughts earlier in this recap.
Crowdstrike:
- Reporting Fiscal Q2 2026 around 8/28/25.
- Revenue expectation: $1165M (5.6% QoQ, 20.9% YoY), implying a 1.5% beat this Q.
- Q3 new revenue guide: $1217M (4.5% QoQ, 20% YoY) which I would interpret as $1241M (6.5% QoQ, 23% YoY), assuming QoQ growth will accelerate slightly seasonally.
- Net new ARR of around $244M (26% QoQ and ARR +5.5% QoQ).
- I would like to see around $7.07b RPO (4% QoQ, 44% YoY); cRPO around $3.68b (52% of RPO, 27% YoY).
- I would like to see NRR greater or equal to 112%.
- I would like to see about $256M operating income.
- I would like to see about $235M net income.
- I would like to see no multi-product customer decline.
- I would like to see gross retention close to 97%.
- Detailed thoughts: Ben’s Portfolio update end of June 2025
Monday:
- Reporting Fiscal Q2 2025 on 8/11/25 before the market open.
- Revenue expectation: $302M (6.9% QoQ, 27.9% YoY), implying a 3% beat.
- Q3 new revenue guide: $313M (3.5% QoQ, 25% YoY) which I would interpret as $320M (6% QoQ, 27% YoY).
- I would like to see raw sequential revenue increase around $19.5M. (It then should be in-between $18-21M for Q3 and Q4).
- I would like to see more than 61500 customers with 10+ users (~1000 net adds), around 3664 customers in the $50k+ cohort (220 net adds) and around 1428 customers in the $100k+ cohort (100 net adds).
- I would like to see CRM accounts growth around 11% QoQ (to 34967, 3500 net adds).
- I would like to see Dev accounts growth around 14% QoQ (to 4866, 600 net adds).
- I would like to see Service accounts growth around 58% QoQ (to 1094, 400 net adds).
- I would like to see that NRR around 113%, NRR10+ around 116%, NRR50k around 116% and NRR100k around 117%.
- I would like to see operating margin around 14.6% (~$44M operating income), net margin around 21% and FCF margin around 22% with FCF of around $67M.
- Detailed thoughts: Ben’s Portfolio update end of May 2025
Samsara:
- Reporting Fiscal Q2 2026 around 9/5/25.
- Revenue expectation: $387M (5.5% QoQ, 28.9% YoY), implying a 4% beat.
- Q3 new revenue guide: $395M (2% QoQ, 23% YoY) which I would interpret as $410M (6% QoQ, 27% YoY).
- I would like to see net new ARR around $96M.
- I would like to see RPO around $2.92b (6% QoQ) and cRPO around $1.39b (27.5% YoY).
- I would like to see core customer NRR around 115%.
- I would like to see large customer NRR around 120%.
- I would like to see around 170 new $100k+ ARR customers (2808 total, 32.5% YoY) and around 130 total $1m+ ARR customers.
- I would like to see around $67M operating income, corresponding to a 17.3% operating margin.
- Detailed thoughts: Ben’s Portfolio update end of June 2025
The Trade Desk:
- Reporting Fiscal Q2 2025 on 8/7/25.
- Revenue expectation: $716M (16.2% QoQ, 22.5% YoY), implying a 5% beat.
- Q3 new revenue guide: $716M (0% QoQ, 14% YoY) which I would interpret as $752M (5% QoQ, 20% YoY).
- I would like to see a net margin of around 30% and $215M net income.
Axon:
- Reporting Fiscal Q2 2025 on 8/4/25.
- Revenue expectation: $661M (9.5% QoQ, 31.3% YoY), assuming similar QoQ growth as last Q2.
- Q3 revenue expectation: $717M (8.5% QoQ, 32% YoY), assuming similar QoQ growth as last Q3. Note: they don’t give quarterly guides besides for Q4s.
- I would like to see around $55M net new ARR.
- I would like to see RPO around $10.5b (40% YoY growth).
- I would like to see NRR around 123%.
- I would like to see adjusted EBITDA around $178M (27% margin).
- Detailed thoughts: Ben’s Portfolio update end of May 2025
Wrap up
It is funny: in my June recap, which I posted just two weeks ago, I spent a whole paragraph explaining how companies at ~billion dollar revenue base can’t “simply” re-accelerate revenue growth, basically because of the law of large numbers. And yet I am now expecting that we’ll see YoY revenue growth acceleration for Zscaler (Q4 → Q1: 20.9% → 24%), Crowdstrike (Q1 → Q2: 19.8% → 21%), Cloudflare (already happening Q1 → Q2: 26.5% → 28%) and Snowflake (Q1 → Q2: 26.2% → 29%). Well, putting the emphasis on “simply”, I believe those four companies will prove that while re-accelerating growth isn’t easy, it’s not impossible either. They can achieve this by successfully executing on multiple fronts: expanding their product portfolios, penetrating new markets, and capitalizing on secular tailwinds like the shift to cloud and AI.
I am wishing you all a great August!
Ben
Past recaps
July 2022: Ben’s Portfolio end of July 2022 - Saul’s Investing Discussions - Motley Fool Community
August 2022: Ben’s Portfolio end of August 2022 - Saul’s Investing Discussions - Motley Fool Community
September 2022: Ben’s Portfolio update end of September 2022
October 2022: Ben’s Portfolio update end of October 2022
November 2022: Ben’s Portfolio update end of November 2022
December 2022: Ben’s Portfolio update end of December 2022
January 2023: Ben’s Portfolio update end of January 2023
February 2023: Ben’s Portfolio update end of February 2023
March 2023: Ben’s Portfolio update end of March 2023
April 2023: Ben’s Portfolio update end of April 2023
May 2023: Ben’s Portfolio update end of May 2023
June 2023: Ben’s Portfolio update end of June 2023
July 2023: Ben’s Portfolio update end of July 2023
August 2023: Ben’s Portfolio update end of August 2023
September 2023: Ben’s Portfolio update end of September 2023
October 2023: Ben’s Portfolio update end of October 2023
November 2023: Ben’s Portfolio update end of November 2023
December 2023: Ben’s Portfolio update end of December 2023
January 2024: Ben’s Portfolio update end of January 2024
February 2024: Ben’s Portfolio update end of February 2024
March 2024: Ben’s Portfolio update end of March 2024
April 2024: Ben’s Portfolio update end of April 2024
May 2024: Ben’s Portfolio update end of May 2024
June 2024: Ben’s Portfolio update end of June 2024
July 2024: Ben’s Portfolio update end of July 2024
August 2024: Ben’s Portfolio update end of August 2024
September 2024: Ben’s Portfolio update end of September 2024
October 2024: Ben’s Portfolio update end of October 2024
November 2024: Ben’s Portfolio update end of November 2024
December 2024: Ben’s Portfolio update end of December 2024
January 2025: Ben’s Portfolio update end of January 2025
February 2025: Ben’s Portfolio update end of February 2025
March 2025: Ben’s Portfolio update end of March 2025
April 2025: Ben’s Portfolio update end of April 2025
May 2025: Ben’s Portfolio update end of May 2025
June 2025: Ben’s Portfolio update end of June 2025