Filing Flows › Happen (HAPN) › Q4 2025
Happen (HAPN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Happen (HAPN) reported revenue of $266M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +0.1% from the quarter before. Operating margin was 18.8%, net earnings $41.6M (15.6% of revenue).
Happen, Q4 2025: revenue $266M (+23% year over year), operating margin 18.8%, net earnings $41.6M, operating cash flow −$904M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $266M | +0.1% | +23% |
| Operating profit | $50.0M | -13% | +350% |
| Net earnings | $41.6M | -6% | +328% |
| Operating cash flow | −$904M | — | — |
What changed
Revenue was $266.5M in Q4 2025, up 23% year over year and roughly flat from the previous quarter.
Operating profit was $50.0M, a 18.8% margin (up 13.7 points year over year). Of the extra revenue versus a year earlier, 79% reached operating profit, above the 5% margin then. Total costs grew 5% against revenue growth of 23%. Net earnings were $41.6M, up 328% year over year. The effective tax rate was 16.9%.
Operating cash flow was −$903.8M. Non-cash charges added back $8.2M of share-based compensation. Working capital and other items used $953.5M. Capital expenditures of $15.6M exceeded it, leaving free cash flow of −$919.3M.
Questions
What was Happen's revenue in the fourth quarter 2025?
Happen (HAPN) reported revenue of $266M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +0.1% from the quarter before.
Was Happen profitable in the fourth quarter 2025?
Operating profit was $50.0M (18.8% of revenue) and net earnings $41.6M.
Source: Happen 10-K on SEC EDGAR.