dbt Labs

dbt Labs builds data transformation software that helps analysts and engineers turn warehouse data into reusable, tested models for analytics and AI. Its product family includes dbt Core and the commercial dbt Cloud platform, which supports development, management, and governance of analytics workflows. Shared business logic and semantic context help teams define what their data means for downstream applications and agents.

Founded by Tristan Handy, Drew Banin, and Connor McArthur, the company grew from Fishtown Analytics, a consulting business supporting dbt’s development. dbt launched in 2016, applying software engineering practices to analytics. Its dbt Fusion engine incorporates acquired SDF technology: built in Rust, it understands SQL, validates code locally without querying the warehouse, and uses project and warehouse state to avoid unnecessary rebuilds. The company completed its all-stock merger with Fivetran in June 2026, combining data movement with dbt’s transformation capabilities. The combined business initially operates as Fivetran + dbt Labs, with George Fraser as CEO and Handy as president.

In 2025, dbt Labs reported exceeding $100 million in annual recurring revenue, up from $2 million four years earlier, alongside more than 5,000 dbt Cloud customers, a 30% annual increase. By June 2026, the company reported more than 100,000 data teams using dbt globally. Financial terms of the Fivetran merger were undisclosed.