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D2L (DTOL) investor relations material
D2L Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Sep, 2025
Executive summary
Q2 FY2026 total revenue grew 11% to $54.8M, driven by 14% SaaS and subscription revenue growth to $50.1M, and ARR rose 7% to $212.6M year-over-year.
Adjusted EBITDA increased to $7.5M (13.7% margin), up from $4.2M (8.6% margin) a year ago.
Net income improved to $2.7M from a $0.3M loss year-over-year.
Strong customer wins in higher education and corporate learning, with new clients in North America, India, South Africa, and Australia.
Continued product innovation, especially in AI (D2L Lumi), and recognition with industry awards.
Financial highlights
Adjusted Gross Profit increased 15% to $38.7M (70.6% margin), and Gross Profit rose 14% to $38.1M.
Subscription and support revenue grew 14% to $50.1M; Professional Services revenue declined 10% to $4.6M.
Free cash flow was $14.9M, impacted by timing of compensation and collections.
Strong balance sheet with $102.5M in cash and no debt at quarter end.
Repurchased and canceled 244,600 shares for $2.5M under NCIB.
Outlook and guidance
SaaS revenue guidance raised to $198M–$200M (10–11% growth), up from $194M–$196M.
Adjusted EBITDA guidance unchanged due to FX impact on expenses; total revenue guidance unchanged as Professional Services revenue expected to remain soft.
Expect continued gross margin expansion post-cloud migration, with a temporary 200 bps margin impact through fiscal 2027.
Medium Term Target Operating Model for FY2028 remains unchanged.
Guidance reflects strong first-half performance, offset by cautious spending in U.S. Higher Education and currency impacts.
Impact of U.S. Higher Ed market on services?
Q3 Free Cash Flow outlook given Q2 timing?
Explain ARR growth vs. subscription revenue growth.
Cloud migration's long-term margin impact?
What caused K-12 market churn in Q2?
How does AI influence sales cycle decisions?
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Q3 20264 Dec, 2025
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Frequently asked questions
D2L Inc. is a global learning technology company. The company provides cloud-based learning solutions, primarily through its platform Brightspace, which serves multiple markets including K-12 schools, higher education institutions, and corporate clients. D2L’s offerings also include Creator+, a suite of tools for content creation, and Performance+, which leverages advanced analytics to improve learning outcomes. The company is headquartered in Kitchener, Canada, and its shares are listed on the Toronto Stock Exchange.
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