TeamViewer (TMV) Q4 2025 earnings summary

Executive summary

• FY 2025 was a transitional year with the integration of 1E, strong enterprise momentum, and a focus on revitalizing SMB and global sales, while AI integration and the launch of TeamViewer One became key differentiators.

• Achieved FY 2025 pro forma revenue of €767.5m, up 5% year-over-year in constant currency, meeting guidance with growth across all regions.

• Adjusted EBITDA grew 8% to €340.3m, with a margin of 44.3%, reflecting strong profitability and a 2 percentage point improvement over 2024.

• Enterprise ARR grew 19% year-over-year in constant currency, with new ARR doubling and strategic wins in DEX and Frontline, including the largest-ever deal.

• 1E business saw a turnaround in Q4 2025, with sequential ARR growth and key DEX contract wins.

Financial highlights

• FY 2025 pro forma revenue: €767.5m (+5% cc yoy); ARR: €759.7m (+2% cc yoy).

• Adjusted EBITDA: €340.3m (+8% yoy); margin: 44.3% (+2pp yoy).

• Adjusted basic EPS increased 17% year-over-year to €1.23.

• Q4 2025 revenue: €194.6m; Q4 Adjusted EBITDA margin: 45%.

• Adjusted levered free cash flow for 2025 was €208.3m, with a cash conversion rate of 61%.

Outlook and guidance

• FY 2026 revenue growth is guided at 0–3% in constant currency, with adjusted EBITDA margin expected around 43%.

• Net leverage ratio targeted to improve to around 2.3x by year-end 2026.

• Midterm outlook anticipates a re-acceleration to mid- to high-single-digit growth, with ARR uptick expected in 2027 and revenue growth following.