SaaS Median Net Revenue Retention Falls to 101% — Down 24 Points from 2022 Peak of 125%

SaaS Capital·medium signal

SaaS Capital's 2026 benchmarking data shows median public SaaS NRR has fallen to 101%, an 18-point drop from the Q2 2022 peak of 125%, with bootstrapped SaaS companies at $3-20M ARR seeing median NRR of 103%. Enterprise segment (ACV >$100K) holds at 118%, but SMB (<$25K) has dropped to 97% — indicating small-business SaaS is already contracting. The trend confirms that AI-driven seat compression is hitting revenue retention hardest at the bottom of the market, where 'thin-layer' SaaS without proprietary data is most vulnerable to replacement.