Docebo (DCBO) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a record quarter with the strongest gross bookings since 2021 and Adjusted EBITDA margins at 21.2%, driven by an AI-First strategy and the integration of 365Talents, enhancing skills intelligence and learning execution.

• Achieved $238.1M in Annual Recurring Revenue (ARR) as of December 31, 2025, with a 20.2% subscription revenue CAGR from 2022 to 2025.

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

• Expanded platform capabilities through AI-first innovation, strategic M&A (notably 365Talents), and new partnerships.

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

Financial highlights

• Q4 2025 total revenue was $63.0M, up 11% year-over-year; subscription revenue was $59.1M, up 9% and 94% of total revenue.

• Q4 gross bookings were the strongest since Q4 2021, with 12.5% total ARR growth excluding the largest OEM customer.

• Adjusted EBITDA for Q4 was $13.3M (21.2% margin), up from $9.5M (16.7%).

• Free Cash Flow for FY 2025 was $38.4M (15.8% of revenue), up from $32.3M (14.9%) prior year.

• Adjusted net income for Q4 2025 was $13.3M, with adjusted diluted EPS of $0.45–$0.46.

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.

• Organic growth reacceleration is modeled to begin in Q3 and Q4 2026 as Dayforce and AWS headwinds lapse.

• Government segment expected to contribute more meaningfully in 2027, with only three months of revenue impact in 2026.

• Long-term goal to maintain a "Rule of 40" balance between growth and profitability.