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Citigroup's Tyler Radke raised their price target on Smartsheet (NYSE: SMAR) by 14.5% from $55 to $63 on 2024/09/06. The analyst maintained their Strong Buy rating on the stock.

Smartsheet reported its Q2 2025 earnings on 2024/09/05.

Against the backdrop of "another Reuters report of takeover talks," Radke summarized the print as "a softer than typical" revenue beat driven by a services headwind offset by a "solid beat-and-raise" to subscriber revenue.

Overall, the analyst said that "Smartsheet's enterprise momentum continued along with early positive indicators on the pricing change."

Earnings Report

For Q2 2025, Smartsheet reported:

• EPS of $0.44, which beat the Zacks Consensus Estimate of $0.29 and, by 175%, Q2 2024's $0.16.
• Revenue of $276.41M, which beat the Zacks Consensus Estimate by 0.86% and Q2 2024's $235.59M by 17.3%.

Management guided:

For Q3 2025:

• EPS of $0.29 to $0.31.
• Revenue of $282M to $285M, representing Y/Y growth of 15% to 16%.

For FY 2025:

• EPS of $1.36 to $1.39.
• Revenue of $1.116B to $1.121B, representing Y/Y growth of 16% to 17%.

CEO Mark Mader commented: "Q2 was a strong quarter highlighted by continued growth in the enterprise.

“Our customers are scaling their work on Smartsheet, with over 70 customers expanding their Smartsheet annualized recurring revenue by more than $100,000 this quarter.

"We have a significant opportunity ahead to drive durable, long-term growth.

"We’ve been investing in product innovations that empower our customers to manage their work at an even larger scale on our platform, which we look forward to sharing more about at our annual customer conference, ENGAGE Seattle, in a few weeks."