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N-Able (NABL) investor relations material
N-Able Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 14% year-over-year ARR growth, reaching $528.1M for Q3 2025, with 100% recurring revenue and strong customer engagement.
Q3 revenue was $131.7M, up 13.1% year-over-year, driven by data protection, security, and unified endpoint management, and supported by the Adlumin acquisition.
Adjusted EBITDA margin for Q3 2025 was 31.4%, with non-GAAP EPS of $0.13 and strong cash flow.
AI integration and new proactive threat detection features are fueling innovation and competitive differentiation.
Recognized with industry awards and hosted the first annual Cyber Resilience Summit, reinforcing market leadership.
Financial highlights
Q3 2025 total revenue was $131.7M, up 13.1% year-over-year, with subscription revenue at $130.5M, up 13.5%.
Adjusted EBITDA was $41.4M (31.4% margin), exceeding guidance; unlevered free cash flow was $22.6M.
Gross margin was 81.1% (non-GAAP), with GAAP gross margin at 77.5%.
Ended Q3 with $101.4M in cash and $331.7M–$336M in debt (net leverage 1.5x).
Non-GAAP net income was $25.4M ($0.13 per diluted share) on 188.4M shares.
Outlook and guidance
Q4 2025 revenue expected at $126.5M–$127.5M (9% year-over-year growth); adjusted EBITDA at $33.6M–$34.6M (27% margin).
Full-year 2025 revenue outlook raised to $507.7M–$508.7M (9% year-over-year growth); ARR outlook raised to $530M–$531M (10% growth).
Full-year adjusted EBITDA outlook raised to $148.2M–$149.2M (29% margin); CapEx expected at ~6% of revenue.
Non-GAAP tax rate expected at 23% for Q4 and 21% for the full year.
Committed to returning adjusted EBITDA margin to 30% in FY 2026 while balancing growth and profitability.
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