cflt-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________________________________________________________________________________________________________________

FORM 10-K/A

Amendment No. 1

_______________________________________________________________________________________________________________________________________________

(Mark One)


x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-40526

_______________________________________________________________________________________________________________________________________________

CONFLUENT, INC.

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________________________________________________________________________________


Delaware			47-1824387
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
899 W. Evelyn Avenue Mountain View, California			94041
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (800) 439-3207

_______________________________________________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

CFLT

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o

Non-accelerated filer	o	Smaller reporting company	o

Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The aggregate market value of the shares of common stock held by non-affiliates of the Registrant, based on the closing price of the Registrant’s shares of common stock on the Nasdaq Global Select Market on June 30, 2025, was approximately $7,196.8 million.

As of February 18, 2026, there were 310,285,561 shares of the Registrant’s Class A common stock and 48,982,935 shares of the Registrant’s Class B common stock, each with a par value of $0.00001 per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.


		Page
PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	1
Item 11.	Executive Compensation	4
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	25
Item 13.	Certain Relationships and Related Transactions, and Director Independence	29
Item 14.	Principal Accountant Fees and Services	31

PART IV
Item 15.	Exhibits and Financial Statement Schedules	32
Signatures		36


Name						Position(s)
Jay Kreps						Chief Executive Officer, Co-Founder and Chairman
Rohan Sivaram						Chief Financial Officer
Ryan Mac Ban						Chief Revenue Officer(1)
Stephanie Buscemi						Chief Marketing Officer
Melanie Vinson						Former Chief Legal Officer(2)


AppFolio [APPF]			Okta [OKTA]
Asana [ASAN]			Procore Technologies [PCOR]
Datadog [DDOG]			Rubrik [RBRK]
Dynatrace [DT]			Samsara [IOT]
Elastic [ESTC]			Smartsheet [SMAR](2)
Freshworks [FRSH]			Twilio [TWLO]
GitLab [GTLB]			UiPath [PATH]
HashiCorp [HCP](1)			Zeta Global Holdings [ZETA]
MongoDB [MDB]


Named Executive Officer	Annualized Base Salary as of December 31, 2025(1)		Percentage Change in Base Salary from Prior Year
Jay Kreps	$	65,000	0.0	%
Rohan Sivaram	$	475,000	6.7	%
Ryan Mac Ban	$	475,000	N/A
Stephanie Buscemi	$	440,000	2.3	%
Melanie Vinson	$	440,000	4.8	%


Named Executive Officer	Target Annual Bonus (Percentage of Base Salary)		Target Annual Bonus Amount		Payout Percentage (As a Percentage of Target Bonus)		Payout Amount
Jay Kreps	N/A		N/A		N/A		N/A
Rohan Sivaram	75	%	$	356,250	92.5	%	$	329,531
Ryan Mac Ban(1)	100	%	$	357,877	92.5	%	241,445(2)
Stephanie Buscemi	50	%	$	220,000	92.5	%	$	203,500
Melanie Vinson(3)	50	%	$	220,000	N/A		N/A


Named Executive Officer						# of RSUs
Rohan Sivaram						214,597
Stephanie Buscemi						164,569
Melanie Vinson						122,240


Name and Principal Position	Year	Salary ($)	Stock Awards ($)(1)	Option Awards ($)(1)	Non-Equity Incentive Plan Compensation ($)(2)	All Other Compensation ($)	Total ($)
Jay Kreps	2025	65,000	—	—	—	48,086(3)	113,086
Chief Executive Officer and Chairman	2024	65,000	15,040,701	—	—	—	15,105,701
	2023	65,000	—	—	—	—	65,000
Rohan Sivaram	2025	475,000	6,607,442	—	329,531	45,490(4)	7,457,463
Chief Financial Officer	2024	439,077	9,325,216	—	260,325	—	10,024,618
	2023	386,916	5,759,953	—	213,667	—	6,360,536
Ryan Mac Ban(5) Chief Revenue Officer	2025	453,077	4,248,746	—	322,812(6)	132,049(7)	5,156,685
Stephanie Buscemi	2025	440,000	7,134,349	—	203,500	45,490(8)	7,823,339
Chief Marketing Officer	2024	429,154	2,005,402	—	209,625	—	2,644,181
	2023	425,000	1,942,690	—	223,125	—	2,590,815
Melanie Vinson(9) Former Chief Legal Officer	2025	202,923	3,763,770	—	—	—	3,966,693


				Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)			All Other Stock Awards: Number of Shares of Stock or Units (#)	Grant Date Fair Value of Stock and Option Awards ($)(2)
Name	Type of Award	Grant Date	Approval Date	Threshold ($)	Target ($)	Maximum ($)
Jay Kreps	—	—	—	—	—	—	—	—
Rohan Sivaram	Time-based RSUs	2/26/2025	2/23/2025	—	—	—	214,597	6,607,442
	Cash Incentive Bonus Plan	—	—	276,094	356,250	596,719	—	—
Ryan Mac Ban	Time-based RSUs	3/26/2025	3/22/2025	—	—	—	34,482	895,153
	Time-based RSUs	4/28/2025	4/25/2025	—	—	—	139,211	3,353,593
	Cash Incentive Bonus Plan	—	—	277,354	357,877	599,443	—	—
	Sales Compensation Plan(3)	—	—	—	400,000	—	—	—
Stephanie Buscemi	Time-based RSUs	2/26/2025	2/23/2025	—	—	—	164,569	5,067,080
	Time-based RSUs	5/27/2025	5/26/2025	—	—	—	90,869	2,067,270
	Cash Incentive Bonus Plan	—	—	170,500	220,000	368,500	—	—
Melanie Vinson	Time-based RSUs	2/26/2025	2/23/2025	—	—	—	122,240	3,763,770
	Cash Incentive Bonus Plan	—	—	170,500	220,000	368,500	—	—


		Option Awards				Stock Awards
Name	Grant Date(1)	Number of Securities Underlying Unexercised Options Exercisable (#)	Number of Securities Underlying Unexercised Options Unexercisable (#)	Option Exercise Price ($)	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares or Units of Stock That Have Not Vested ($)(2)
Jay Kreps	10/22/2018	1,219,153(3)	—	2.24	10/21/2028	—	—
	10/22/2018	1,725,153(4)	—	2.24	10/21/2028	—	—
	3/19/2021	2,347,999(5)	—	15.68	3/18/2031	—	—
	2/26/2024	—	—	—	—	339,367(6)	10,262,458
Rohan Sivaram	10/29/2020	91,813(7)	—	7.34	10/28/2030	—	—
	2/28/2022	—	—	—	—	2,626(8)	79,410
	8/28/2023	—	—	—	—	50,328(9)	1,521,919
	2/26/2024	—	—	—	—	116,893(10)	3,534,844
	2/26/2025	—	—	—	—	200,942(11)	6,076,486
Ryan Mac Ban	11/26/2024	—	—	—	—	184,290(12)	5,572,930
	3/26/2025	—	—	—	—	25,862(13)	782,067
	4/28/2025	—	—	—	—	116,010(14)	3,508,142
Stephanie Buscemi	3/19/2021	312,564(15)	—	15.68	3/18/2031	—	—
	2/28/2022	—	—	—	—	15,753(16)	476,371
	2/27/2023	—	—	—	—	6,726(17)	203,394
	2/26/2024	—	—	—	—	28,281(18)	855,217
	2/26/2025	—	—	—	—	131,128(11)	3,965,311
	5/27/2025	—	—	—	—	75,725(14)	2,289,924
Melanie Vinson	—	—	—	—	—	—	—


Name	Involuntary Termination that is not a Change in Control Termination(1)				Change in Control Termination(2)
	Cash Severance ($)	Continued Benefits ($)	Equity Acceleration ($)	Total ($)	Cash Severance ($)	Continued Benefits ($)	Equity Acceleration ($)	Total ($)
Jay Kreps	65,000(3)	32,669(4)	—	97,669	97,500(5)	49,004(6)	10,262,458(7)	10,408,962
Rohan Sivaram	237,500(3)	134(4)	—	237,634	831,250(5)	269(6)	11,212,659(7)	12,044,178
Ryan Mac Ban	237,500(3)	15,989(4)	—	253,489	832,877(5)	31,977(6)	9,863,139(7)	10,727,993
Stephanie Buscemi	220,000(3)	16,335(4)	—	236,335	660,000(5)	32,669(6)	7,790,217(7)	8,482,886


Name	Fees Earned or Paid in Cash ($)(1)	Stock Awards ($)(2)(3)(4)	Option Awards ($)(4)	Total ($)
Lara Caimi	41,500	199,995	—	241,495
Jonathan Chadwick	55,000	199,995	—	254,995
Alyssa Henry	49,000	199,995	—	248,995
Matthew Miller	—	—	—	—
Neha Narkhede	40,000	199,995	—	239,995
Greg Schott	60,500	199,995	—	260,495
Eric Vishria	40,000	199,995	—	239,995
Michelangelo Volpi	—	—	—	—


Name	Number of RSUs Outstanding as of December 31, 2025	Number of Shares Underlying Outstanding Options as of December 31, 2025
Lara Caimi	8,302	—
Jonathan Chadwick	8,302	—
Alyssa Henry	8,302	187,500
Matthew Miller	—	—
Neha Narkhede	8,302	1,086,870
Greg Schott	8,302	450,944
Eric Vishria	8,302	—
Michelangelo Volpi	—	—


Position	2025 Retainer
Member of our Board of Directors	$	30,000
Lead Independent Director of our Board of Directors	$	18,000
Audit Committee Chairperson(1)	$	20,000
Audit Committee Member	$	10,000
Compensation Committee Chairperson(1)	$	15,000
Compensation Committee Member	$	7,500
Nominating and Governance Committee Chairperson(1)	$	10,000
Nominating and Governance Committee Member	$	5,000
Mergers and Acquisitions Committee Chairperson(1)	$	8,000
Mergers and Acquisitions Committee Member	$	4,000


Plan Category	(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1)	(b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights(2)		(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))(3)
Equity plans approved by stockholders(4)	33,554,008	$	8.25	61,327,522
Equity plans not approved by stockholders	—	—		—


	Shares Beneficially Owned					% of Total Voting Power(1)
Name of Beneficial Owner	Class A + Class B	Class A		Class B
	%	Shares	%	Shares	%
5% Stockholders
Jay Kreps(2)	6.0	37,707	*	21,692,289	40.0	23.1
Entities affiliated with Jun Rao(16)	6.4	—	*	22,904,410	46.8	27.4
Trouvaille ANK Trust(17)	2.0	—	*	7,179,319	14.7	9.0
The Vanguard Group(18)	8.7	31,019,643	10.0	—	*	3.9


	Year Ended December 31,
	2025		2024
	(in thousands)
Audit Fees(1)	$	3,523	$	3,489
Audit-Related Fees	—		—
Tax Fees(2)	635		875
All Other Fees(3)	2		2
Total Fees	$	4,160	$	4,366


Exhibit Number	Description	Form	File No.	Exhibit	Filing Date	Filed Herewith
2.1#	Agreement and Plan of Merger, dated as of December 7, 2025, by and among International Business Machines Corporation, Corvo Merger Sub, Inc. and Confluent, Inc.	8-K	001-40526	2.1	12-8-2025
3.1	Amended and Restated Certificate of Incorporation of Confluent, Inc.	8-K	001-40526	3.1	6-28-2021
3.2	Amended and Restated Bylaws of Confluent, Inc.	10-Q	001-40526	3.2	5-3-2023
4.1	Reference is made to Exhibits 3.1 and 3.2.
4.2	Form of Class A Common Stock Certificate.	S-1/A	333-256693	4.1	6-16-2021
4.3	Indenture, dated as of December 13, 2021, by and between Confluent, Inc. and U.S. Bank National Association, as Trustee.	8-K	001-40526	4.1	12-14-2021
4.4	Form of Global Note, representing Confluent, Inc.’s 0% Convertible Senior Notes due 2027 (included as Exhibit A to the Indenture filed as Exhibit 4.3).	8-K	001-40526	4.2	12-14-2021
4.5	Description of Securities.	10-K	001-40526	4.5	2-18-2025
10.1+	Amended and Restated 2014 Stock Plan.	S-1/A	333-256693	10.2	6-16-2021
10.2+	Forms of Option Agreement, Stock Option Grant Notice, Exercise Agreement, and Early Exercise Notice and Restricted Stock Purchase Agreement under the 2014 Stock Plan.	S-1/A	333-256693	10.3	6-16-2021
10.3+	Forms of Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement under the 2014 Stock Plan.	S-1/A	333-256693	10.4	6-16-2021
10.4+	2021 Equity Incentive Plan.	S-1/A	333-256693	10.5	6-16-2021
10.5+	Forms of Notice of Stock Option Grant, Global Stock Option Agreement, and Exercise Notice under the 2021 Equity Incentive Plan.	S-1/A	333-256693	10.6	6-16-2021
10.6+	Form of Restricted Stock Unit Award Agreement under the 2021 Equity Incentive Plan.	S-1/A	333-256693	10.7	6-16-2021
10.7+	2021 Employee Stock Purchase Plan.	S-1/A	333-256693	10.8	6-16-2021
10.8+	Form of Indemnification Agreement entered into by and between the Registrant and each director and executive officer.	S-1	333-256693	10.9	6-1-2021
10.9+	Confirmatory Offer Letter by and between the Registrant and Edward Jay Kreps, dated May 28, 2021.	S-1/A	333-256693	10.10	6-16-2021
10.10+	Promotion Letter between Confluent, Inc. and Rohan Sivaram, dated August 1, 2023.	8-K	001-40526	10.1	8-2-2023


10.11+	Confirmatory Offer Letter by and between the Registrant and Stephanie Buscemi, dated October 21, 2022.	10-Q	001-40526	10.1	11-2-2022
10.12+	Confirmatory Offer Letter by and between the Registrant and Melanie Vinson, dated March 6, 2025.	10-Q	001-40526	10.1	4-30-2025
10.13+	Promotion Letter by and between the Registrant and Ryan Mac Ban, dated April 25, 2025	10-Q	001-40526	10.1	7-30-2025
10.14	Net Lease Agreement by and between the Registrant and West Evelyn Bryant Office Partners, L.P., dated April 11, 2019.	S-1	333-256693	10.13	6-1-2021
10.15+	Non-Employee Director Compensation Policy.	10-K	001-40526	10.16	2-21-2024
10.16+	Executive Officer Change in Control/Severance Benefit Plan and related participation agreement.	10-K	001-40526	10.16	2-18-2025
10.17+	Cash Incentive Bonus Plan.	S-1	333-256693	10.16	6-1-2021
10.18	Form of Confirmation for Capped Call Transactions.	8-K	001-40526	10.1	12-14-2021
10.19#	Voting Agreement, dated as of December 7, 2025, by and among International Business Machines Corporation, Corvo Merger Sub, Inc., Confluent, Inc. and the persons listed on Schedule A thereto who are signatories to such agreement.	8-K	001-40526	10.1	12-8-2025
19	Confluent, Inc. Insider Trading Policy.	10-K	001-40526	19	2-18-2025
21.1	List of Subsidiaries of the Registrant.	10-K	001-40526	21.1	2-11-2026
23.1	Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm.	10-K	001-40526	23.1	2-11-2026
24.1	Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K).	10-K	001-40526	24.1	2-11-2026
31.1	Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	10-K	001-40526	31.1	2-11-2026
31.2	Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	10-K	001-40526	31.2	2-11-2026
31.3	Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X


31.4	Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
32.1*	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	10-K	001-40526	32.1	2-11-2026
32.2*	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	10-K	001-40526	32.2	2-11-2026
97	Confluent, Inc. Incentive Compensation Recoupment Policy.	10-K	001-40526	97	2-21-2024
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.	10-K	001-40526	101.INS	2-11-2026
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document.	10-K	001-40526	101.SCH	2-11-2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).	10-K	001-40526	104	2-11-2026


	Confluent, Inc.

Date: February 26, 2026	By:	/s/ Rohan Sivaram
		Rohan Sivaram
		Chief Financial Officer

Amendment: SEC Form 10-K/A filed by Confluent Inc.