Docebo (DCBO) Q4 2025 earnings summary

Executive summary

• Achieved $238.1M in Annual Recurring Revenue (ARR) as of December 31, 2025, with a 20.2% subscription revenue CAGR from 2022 to 2025 and strong customer adoption of multi-year contracts.

• Q4 2025 marked one of the strongest quarters, with record gross bookings since 2021 and Adjusted EBITDA margins at 21.2% driven by the AI-First strategy.

• Expanded platform capabilities through AI-first innovation, strategic M&A (notably 365Talents), and new partnerships, transitioning to a multi-product company.

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

• Major enterprise customer wins in diverse sectors, including global restaurant chains, logistics, engineering, and public sector agencies.

Financial highlights

• Q4 2025 total revenue was $63.0M, up 11% year-over-year; subscription revenue was $59.1M, up 9.5% and 94% of total revenue.

• Q4 2025 Adjusted EBITDA margin reached 21.2%, up from 16.7% in Q4 2024.

• Free Cash Flow for FY 2025 was $38.4M (15.8% of revenue), up from $32.3M prior year.

• Adjusted net income for Q4 2025 was $13.3M, with adjusted diluted EPS of $0.45.

• Annual Recurring Revenue (ARR) reached $238.1M, up 8.4% year-over-year; excluding the largest OEM customer, ARR grew ~12.5%.

Outlook and guidance

• FY 2026 revenue guidance: $267.5M–$269.5M; subscription revenue: $251.5M–$253.5M; Adjusted EBITDA: $52.5M–$54.5M.

• Guidance assumes stable FX rates, macro conditions similar to 2025, and no new large contracts over $1M ARR.

• Focused on expanding into government and enterprise verticals, leveraging FedRAMP authorization and 365Talents integration.

• Organic growth acceleration is modeled for Q3 and Q4 2026 as Dayforce and AWS headwinds lapse.

• Continued investment in AI-driven platform enhancements and workflow orchestration.