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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Docebo (DCBO) investor relations material
Docebo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved $235.6M in Annual Recurring Revenue (ARR) as of September 30, 2025, with 3,978 customers and 94% of revenue from subscriptions, and 14% year-over-year business growth excluding Dayforce for the second consecutive quarter, driven by strong mid-market and EMEA performance.
Subscription revenue CAGR of 36% from 2020 to 2024, with robust growth across multiple industries and continued expansion in enterprise and government markets.
Focused on AI-driven platform innovation, strategic partnerships, and expansion into federal, SLED, and enterprise markets, with early federal wins post-FedRAMP listing.
Continued disciplined execution and improvements in core business retention, supported by new CRO and CMO leadership.
Financial highlights
ARR increased by $2.5M sequentially, reaching $235.6M, with 14% year-over-year growth excluding Dayforce and 10.1% overall; Q3 2025 subscription revenue grew 10.3% year-over-year.
Adjusted EBITDA margin reached 20.1% in Q3 2025, up from 15.7% in Q3 2024, with expectations for further margin expansion.
Free Cash Flow margin was 9.2% in Q3 2025, with $66M generated since 2016.
Adjusted net income for Q3 2025 was $9.9M ($0.34/share), with total revenue at $61.6M, up 11% year-over-year.
Dayforce now represents 6.2% of ARR, expected to decline to 3.5%-4.5% of total revenues in 2026 and become immaterial thereafter.
Outlook and guidance
Q4 expected to be seasonally strong for enterprise, with continued mid-market momentum and further ACV growth; Q4 2025 revenue guidance: $62.0M–$62.2M, Adjusted EBITDA margin: 20.5%–21.0%.
FY2025 guidance: subscription revenue growth of 11.75%, total revenue growth of 11.40%, Adjusted EBITDA margin of 18.0%.
Federal pipeline expected to reignite in fiscal 2026 as government shutdown concerns subside.
Dayforce and AWS contract roll-offs will impact ARR, but underlying business growth remains robust.
Long-term EBITDA margin target of 25% driven by G&A leverage, without sacrificing R&D or sales and marketing investments.
Dayforce wind-down impact on 2026/2027 ARR
AI credit system monetization details
When to expect material government contracts
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