Docebo (DCBO) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong enterprise and mid-market performance, with notable growth in pipeline quality, customer engagement at Inspire, and double-digit revenue growth exceeding expectations.

• AI-driven innovation, including AgentHub and 365Talents, is central to product differentiation and workforce readiness, expanding into skills intelligence and talent marketplace.

• Expansion into government (Federal and SLED) markets is progressing, supported by renewed FedRAMP certification and a growing pipeline.

• Customer base reached 3,578 with over 900 employees and operations in 10 global offices.

• Recognized as a leader in enterprise learning management by G2 and other industry analysts.

Financial highlights

• Q1 2026 total revenue rose 15% year-over-year to $65.6M, with subscription revenue up 12% to $60.6M and Adjusted EBITDA margin at 16.8%.

• Free cash flow margin reached 42% in Q1 2026, driven by working capital benefits and high-quality prepayments.

• Adjusted Net Income for Q1 2026 was $9.9M (Adjusted EPS $0.34–$0.35).

• ARR reached $248.9M as of March 31, 2026, up 10.6% year-over-year.

• Record new logo dollar per customer achieved in Q1 2026.

Outlook and guidance

• Revenue guidance for FY 2026 was raised, with total revenue expected at $271.0M–$273.0M and Adjusted EBITDA at $54.5M–$56.5M.

• Management remains conservative on enterprise outlook, awaiting sustained strength before revising assumptions.

• Q2 2026 guidance: total revenue $66.7M–$66.9M, Adjusted EBITDA $10.9M–$11.1M.

• FY26 Adjusted EBITDA margin guidance is approximately 20.5%.

• Focus on double-digit revenue growth through new customer acquisition and net retention.