TeamViewer (TMV) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked a DEX turnaround and inflection point, driving rapid TeamViewer ONE adoption, strong enterprise momentum, and the highest-value ARR bucket up 11% year-over-year at constant currency.

• Major enterprise customers recommitted via larger multi-year agreements, with SMB churn stabilizing to its lowest level since the 1E acquisition.

• Strategic ServiceNow partnership, FedRAMP milestone, and multiple analyst recognitions (Gartner, IDC, Frost & Sullivan, PAC) reinforced the platform's leadership and long-term growth prospects.

• TeamViewer ONE and AI-driven Autonomous Endpoint Management drove innovation, with 49k customers and 2.8m AI sessions by July 2026.

• Sales and marketing underwent restructuring to support new product momentum.

Financial highlights

• Q2 2026 revenue was €182.7m, down 1.4% year-over-year at constant currency; ARR was €736.8m, nearly flat year-over-year.

• Adjusted EBITDA reached €78.9m (margin 43.2%), down 6% year-over-year; net income rose 33% to €30.1m; adjusted EPS was €0.27.

• Levered free cash flow was €40.8m, down 31% year-over-year, with cash conversion at 52%.

• Net leverage ratio improved to 2.5x, with a clear path to reach 2.3x by year-end.

• Gross margin remained high at 92%, stable year-over-year.

Outlook and guidance

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

• ARR growth acceleration anticipated in H2 2026, supported by improving SMB churn and enterprise momentum.

• FX headwinds expected to impact full-year revenue growth by -2.4 percentage points.