As of Q4'25, Confluent's ( CFLT ) P/E ratio stands at -33.57, reflecting a continued negative earnings environment for the company. This latest figure marks a significant decline from the previous quarter ( Q3'25 ), where the P/E ratio was -25.40. Over the period from Q1'23 to Q4'25, the P/E ratio has remained negative, with notable volatility and a general downward trend. After a sharp drop from -12.01 in Q1'23 to -23.00 by Q4'23, the ratio fluctuated but deepened further into negative territory, reaching its lowest point at -33.82 in Q4'24 before a brief recovery and another decline. This persistent negative P/E ratio suggests ongoing net losses and highlights the company's challenges in achieving profitability during the observed timeframe.