Fivetran
Fivetran automates moving and transforming data between databases, apps, and warehouses.
On the record
Checkpoint: First full post-merger earnings/growth update showing dbt integration and churn trend
The call
Fivetran built real lock-in through thousands of connectors and customers, but cheaper AI-built pipelines, warehouse-native rivals, and pricing backlash are testing whether that lock-in still holds a price premium.
Fivetran moves data from many sources into data warehouses, and it has built up over 700 pre-made connectors that customers rely on. But three big problems hit at once: giant cloud companies like Databricks and Snowflake are now building their own data-moving tools for free, AI is making it easier for anyone to build custom connectors without paying Fivetran, and customers are already switching to cheaper rivals like Airbyte because Fivetran raised prices. Fivetran just bought dbt Labs to add a data planning tool, but this merger is brand new (seven weeks old) and might not work if dbt's open-source community rebels against Fivetran's paid model or if customers keep leaving anyway.
Why
01
AI pressure: AI coding agents and dlt/Airbyte open-source connector generators. AI writes connector code cheaply, so the hard part Fivetran sells, 700+ maintained pipes, gets easier for rivals to copy. Could AI do the core job? Only partly.
02
Bigger players: Databricks (LakeFlow, via Arcion) and Snowflake native ingestion. Warehouse makers now build ingestion into the warehouse itself, cutting out the need for a separate Fivetran layer. Could a giant copy it? Probably.
03
What protects it. 7,700+ customers already wired into its connectors, plus the new dbt merger tying data movement to data modeling.
What would change this call
Fivetran discloses combined-entity ARR growth rate in next earnings update or funding disclosure. shows whether growth has reaccelerated above 35% or kept decelerating toward 20%.
dbt-core open-source community activity (forks, maintainer departures, GitHub contribution trends) over next 12 months. reveals whether the dbt merger is fracturing the open-source community or integrating cleanly.
New primary funding round or IPO filing pricing the merged entity above or below the $5.6B 2021 valuation. confirms whether investor confidence has risen or fallen since the last priced round.
dbt-core open-source community activity (forks, maintainer departures, GitHub contribution trends) over next 12 months. reveals whether the dbt merger is fracturing the open-source community or integrating cleanly.
New primary funding round or IPO filing pricing the merged entity above or below the $5.6B 2021 valuation. confirms whether investor confidence has risen or fallen since the last priced round.
Key numbers
- ~$600M combined ARR after dbt Labs merger
- Growth slowed from 50% to 33% YoY
- $5.6B valuation, last confirmed round
Named risks
- dbt Labs merger integration could fracture open-source community or trigger culture-clash customer attrition.
- Pricing backlash from March 2025 MAR change actively driving churn to Airbyte and Hevo.
- Growth deceleration from 50% (2023) toward 33% (2024) YoY with no confirmed up-round since 2021.
- AI-based connector building tools commoditizing Fivetran's core managed-connector value proposition.
- Pending California wage-and-hour class action filed November 26, 2025.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Airbyte | gaining on | Cited top direct competitor March 31, 2026; churn reported from Fivetran pricing backlash 2025-2026 |
| Hevo Data | gaining on | Reported destination for customer migration post March 2025 pricing change (as of June 30, 2026) |
| Databricks (LakeFlow via Arcion) | contesting | Shipped native ingestion competing with Fivetran, 2025 to 2026 |
| Snowflake (Openflow) | contesting | Ships native ingestion product, first announced June 2, 2025 |
| Informatica / Qlik-Talend | contesting | Enterprise incumbents competing at high end per ZoomInfo, July 14, 2026 |
Questions people ask
- Is Fivetran profitable in 2026?
- No profitability figures are disclosed. Fivetran reported $300M+ ARR as of September 27, 2024, and projected combined ARR of about $600M with dbt Labs at the October 13, 2025 merger announcement, but no net income or profitability data has been published.
- Who owns Fivetran?
- Fivetran is privately held, founded in 2012 by George Fraser and Taylor Brown. Investors include Andreessen Horowitz, Matrix Partners, General Catalyst, D1 Capital and ICONIQ. Its last confirmed valuation was $5.6B from a September 2021 Series D led by a16z.
- Did Fivetran merge with dbt Labs?
- Yes. Fivetran completed an all-stock merger with dbt Labs on June 1, 2026, after announcing the deal on October 13, 2025. George Fraser remains CEO and former dbt Labs CEO Tristan Handy became President of the combined company.
- Is Fivetran losing customers to Airbyte or Hevo?
- Multiple 2025-2026 sources report active customer migration to Airbyte and Hevo after Fivetran's March 2025 pricing change moved billing to per-connection Monthly Active Rows and removed bulk discounts, with a further $5 per-connection base charge added in 2026.
- Could AI replace Fivetran's core connector-building business?
- AI coding agents and tools like Airbyte, dlt, and LLM-based SQL generation are commoditizing connector-building labor, Fivetran's original moat. Fivetran responded by shipping its own AI Connector Agent in 2025-2026 to auto-generate connectors, betting on managed reliability over raw building.
- Who is Fivetran's biggest competitor?
- Airbyte is the most frequently cited direct competitor in managed ELT as of March 31, 2026, per Airbyte's own comparison. Fivetran also faces Databricks LakeFlow and Snowflake's native ingestion tools, plus Informatica and Qlik/Talend at the enterprise end.
Timeline
- 2026-06-15Named Gartner Challenger for 6th consecutive year in Data Integration Tools Magic Quadrant
- 2026-06-01Fivetran and dbt Labs complete all-stock merger; Fraser CEO, Handy President
- 2026-04-21Fivetran surpasses 18 trillion monthly rows ingested into BigQuery, +30% YoY
- 2026-03Fivetran adds $5 base charge per connection, deleted rows become billable
- 2025-11-26California wage-and-hour class action filed against Fivetran in Alameda County
- 2025-10-13Fivetran and dbt Labs announce merger, projecting ~$600M combined ARR
- 2025-08Fivetran acquires Tobiko Data, adding SQLMesh transformation technology
- 2025-03Fivetran shifts MAR pricing to per-connection billing, removes bulk discounts
- 2024-09-27Fivetran surpasses $300M ARR milestone
- 2023-02-22Fivetran surpasses $200M ARR run rate with 50% YoY growth
Head to head
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Fivetran IPO: Investment Opportunities & Pre-IPO Valuations (2025-11-14)
- Fivetran + dbt Labs Complete Merger to Create the Data Infrastructure for Trusted AI Agents (2026-06-01)
- Data Integration Tech Developer Fivetran Raises $100M In Financing
- Fivetran, DBT Labs complete merger to form data layer for AI (2026-06-01)
- Fivetran revenue, valuation & funding (2026-05-11)
- Valuation, Funding Rounds & Stock Price (2026-05-31)
- Fivetran and dbt Labs Unite to Set the Standard for Open Data Infrastructure (2025-10-13)
- Fivetran 2026 Company Profile
- Fivetran Extends Growth Streak (2023-02-22)
- Fivetran Surpasses $300M ARR (2024-09-27)
- Fivetran - Overview, News & Similar companies (2026-07-14)
- $300M Est. ARR, $5.6B Valuation (2025-11-27)