TeamViewer (TMV) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €183.2m, broadly stable year-over-year at -0.4% constant currency, with ARR at €737.3m (+0.2% cc yoy).

• Enterprise ARR grew 8% cc year-over-year, offsetting SMB softness and one-off churn effects.

• Adjusted EBITDA increased 2% year-over-year to €83.0m, with a margin of 45.3%.

• TeamViewer ONE adoption accelerated, with ARR doubling quarter-over-quarter and average daily billings doubling since December 2025.

• AI adoption is scaling rapidly, with over 1.4 million cumulative AI sessions and strong customer traction.

Financial highlights

• ARR reached €737.3m (+0.2% cc yoy); revenue was €183.2m (-0.4% cc yoy), both broadly flat year-over-year.

• Adjusted EBITDA was €83.0m (+2% yoy), margin 45.3% (+2pp yoy).

• Net income increased 15% year-over-year to €34.2m; adjusted EPS was €0.29.

• Levered Free Cash Flow (FCFE) was €23.8m, down 47% year-over-year due to timing and one-off legal payments.

• Net debt reduced to €870.0m; net leverage ratio improved to 2.5x.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: constant currency revenue growth of 0–3% versus 2025 and adjusted EBITDA margin around 43%.

• ARR growth acceleration expected in H2 2026 as temporary headwinds subside.

• SMB churn to remain elevated in Q2, then stabilize.

• Levered free cash flow expected between €190m and €210m for 2026.

• Currency fluctuations, especially USD, expected to negatively impact reported revenue by 2.5 percentage points.