Via Transportation, Inc. (VIA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$491.7M

Net income, last twelve months

-$98.5M

Gross margin

39.8%

Operating margin

-18.0%

Net margin

-20.0%

Free cash flow

-$42.2M

Return on equity

-15.9%

Market value

$3.0B

Cash

$335.9M

Debt

$0

Debt to equity

0.00

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of fiscal year 2026 results, filed 6 August 2026.

• Revenue grew 27% year-over-year. Quarterly revenue was $135.7 million against $107.1 million a year earlier. Six-month revenue was $263.1 million against $205.8 million.
• Annual run-rate revenue rose 27%. Platform Annual Run-Rate Revenue is calculated as quarterly platform revenue multiplied by four, and grew 27% year-over-year.
• Adjusted net loss declined. Adjusted net loss was $0.8 million against $9.2 million; adjusted net loss per share was $0.01 against $0.72.
• United States revenue up 35%. Management said revenue in the United States grew 35% year-over-year, compared with 36% growth reported for the first quarter.
• Customer count up 23%. Customer count was up 23% year-over-year, measured as distinct legal entities that generated platform revenue in the quarter.
• Downtowner acquisition added customers. The Downtowner acquisition contributed 94 customers to the second-quarter count.
• Pipeline doubled for second quarter. Pipeline doubled year-over-year for a second consecutive quarter, according to the release headline and the chief executive's comment.
• Demand cited as pipeline driver. The release attributes pipeline expansion to increasing demand for Via’s platform, alongside revenue growth of 27%.
• Management described a large market. Management said its end-to-end platform has unlocked a large market that is difficult to penetrate.
• Gross margin rose to 41%. GAAP gross margin was 41% against 39% a year earlier; adjusted gross margin was 41% against 40%.
• G&A rose with stock compensation. General and administrative expense was $30.1 million against $19.4 million, with stock-based compensation within it at $8.0 million against $1.8 million.
• Stock compensation more than tripled. Total stock-based compensation and related employer payroll taxes was $16.0 million against $4.7 million a year earlier.
• R&D and sales spend increased. Research and development was $26.1 million against $22.7 million, and sales and marketing was $21.1 million against $16.0 million.
• Adjusted EBITDA loss narrowed. Adjusted EBITDA was negative $3.4 million against negative $9.1 million, and the margin was negative 3% against negative 8%.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 7 held.

Every filing

The newest filings with the SEC of 41 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

157 funds held it at 30 Jun 2026: 86 added and 20 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

Via Transportation sells cloud-based software and technology-enabled services that cities, transit agencies and other organizations use to plan and run public transportation. The company describes its platform as covering planning, daily operations, passenger apps and data insights, with machine learning and artificial intelligence built into the software. As of 31 December 2025 it had 821 customers in more than 30 countries. It had 1,040 corporate and local operational employees across 18 countries, with headquarters in New York City.

What it sells

Via's platform has five parts: planning and scheduling, operating software, technology-enabled services, passenger tools, and data and insights. Planning software lets transportation planners simulate changes to bus routes, on-demand service and street networks. Fixed-route scheduling tools work from GTFS data and labor rules. The Via Operations Console is the daily workflow system for dispatchers. It includes the Via Hub and Ride Plan for watching vehicles and passengers in real time, plus a Driver App and a Shift Optimizer for fleet and driver management.

Passenger tools include white-label rider apps, such as Peery Park Rides in Sunnyvale, California, and Link On Demand in Lone Tree, Colorado. Via acquired the Citymapper journey-planning app in 2023. The filing says Citymapper has been used by more than 50 million users in over 100 cities. Customers can co-brand in the app and earn in-app advertising revenue.

Customers can add technology-enabled services one at a time or as a full turnkey package. These cover driver management, fleet management, customer support and autonomous vehicles. For fleets, Via works with leasing companies including Avis and Voyager Global Mobility. A dedicated, branded fleet of rented vehicles is typically rotated every 1.5 to 2 years. Via also integrates autonomous shuttles into transit networks.

How it makes money

Customers pay recurring subscription fees for access to the platform. Contracts are typically multi-year and generally include a volume component measured by fleet size, minimum number of vehicles, or total number of vehicle-hours. 97% of revenue came from these subscription fees in both 2025 and 2024. The remainder came from consulting, advertising, implementation fees and other one-time fees. The company reports one operating segment, Platform, which was 100% of 2025 revenue. A Legacy segment ended after its last contract expired in 2024.

Cost of revenue includes the cost of providing tech-enabled services such as driver management, fleet management and customer support, along with local operations staff and cloud hosting. Demand can shift with seasons and weather, including holidays, winter storms and school calendars, because customers adjust their volume to match.

Who buys from it

Customers include government transit agencies, cities, universities and corporations. The filing gives New York City's MTA and the Blackfeet Reservation in rural Montana as examples. Customers often start with one solution, typically planning or microtransit. They later grow volume or add other transportation verticals such as paratransit, scheduling or school transport. Via says a deal in one region often leads to others nearby.

Where it operates and how it sells

Via says about 70% of its revenue came from customers in North America in each of 2024 and 2025. Its customers are primarily in North America and Western Europe. It has started sales efforts in the Middle East, Australia, New Zealand, Japan and Latin America. The company estimates about 63,000 potential customers in North America and Western Europe, based on a report it commissioned. It says it has captured less than 1% of its serviceable addressable market.

Sales run through two routes: a direct salesforce, and a business development team that responds to Requests for Proposals in public procurements. Consulting teams use Via's simulation software to model the impact of changes for customers. A public policy team helps customers find funding. A customer success team looks for expansion opportunities after launch.

How it competes

The filing describes the market as fragmented and highly competitive. Competitors include legacy software providers, large technology and mobility companies, transit operators, auto manufacturers offering mobility solutions, and smaller start-ups. The company says it believes it is the category leader in digitizing public transit systems. It points to the breadth of its platform, data from hundreds of millions of trips, proprietary algorithms, its procurement expertise and its customer references. It has grown partly by acquisition: its planning product came from Remix and its passenger app and insights from Citymapper. It also acquired Downtowner Transportation LLC on 12 December 2025, a company serving destination cities in the United States.

Its people, technology and rules

Engineering and data science teams are mostly in Tel Aviv, New York, San Francisco and London. As of 28 February 2026, Via held 17 issued United States patents, 10 registered patents outside the United States, 14 pending United States applications and 3 pending applications outside the United States. It owns 41 registered trademarks, including Via, Remix and Citymapper.

The business is subject to transit-related rules such as US Department of Transportation funding and procurement regulations, Federal Transit Administration guidelines and the Americans with Disabilities Act. It also faces data privacy laws including the GDPR and the California Consumer Privacy Act, as well as the EU Artificial Intelligence Act and state and local rules on autonomous vehicles.

*From Via's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm)*

From the company's 10-K.