TL;DR: After building the de-facto standard for the T in ETL—transformations—dbt Labs is now under pressure from partners (Snowflake, Databricks) and startups alike as every player in the modern data stack looks to own their customer's key workflows. Sacra estimates dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, up 14% YoY, as they expand into cataloging, orchestration, and observability. For more, check out our full report and dataset on dbt Labs...