Software companies got more profitable and less defensible in 2025. See what's actually happening underneath the recovery, and what separates the top quartile from the median in 2026.

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• ‍An interactive benchmarking tool: Filter every metric by your ARR, contract size, GTM motion, and pricing model
• Why the efficiency recovery is fragile: Efficiency improved more than it has in five years, while gross retention dropped 4 points at every quartile
• The full metric stack: CAC payback, NRR, Rule of 40, ARR per employee, and the four-year trend underneath each
• AI maturity and monetization: 60% of companies just shipped AI in the last 24 months, and most still aren't charging for it