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OneSpan (OSPN) investor relations material
OneSpan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY 2025 revenue was flat at $243.2M, with strong Digital Agreements growth offsetting a slight decline in Cybersecurity revenue due to hardware weakness.
Subscription revenue grew 12% to $156.1M, and ARR increased 11.5% to $187M.
Adjusted EBITDA reached $78M (32% margin), up from $73M in FY 2024, driven by cost reductions and operational improvements.
Strategic acquisitions (Nok Nok Labs completed, Build38 pending) and investments (ThreatFabric) enhanced technology and customer value.
Returned $32M to shareholders through $18.5M in dividends and $13.1M in share repurchases in 2025.
Financial highlights
Q4 2025 revenue: $62.9M, up 3% year-over-year; full year revenue flat at $243.2M.
Q4 adjusted EBITDA: $19.4M (30.9% margin); full year adjusted EBITDA: $77.6M (31.9% margin).
Q4 GAAP operating income: $12.5M; full year: $48.4M.
Q4 GAAP EPS: $1.13; full year GAAP EPS: $1.88. Q4 non-GAAP EPS: $0.36; full year non-GAAP EPS: $1.49.
ARR at year-end: $187M, up 11.5% year-over-year.
Subscription revenue grew 12% for the year to $156.1M.
Gross margin for 2025: 74%, up from 72% in 2024.
Outlook and guidance
2026 software and services revenue expected at $201M–$204M (4–5% growth); hardware revenue $43M–$45M (8–12% decline).
Total 2026 revenue guidance: $244M–$249M (0–2% growth).
2026 ARR expected at $192M–$196M (3–5% growth).
2026 adjusted EBITDA guidance: $64M–$68M, including Build38 acquisition impact.
Board approved an 8% increase in quarterly dividend to $0.13/share for 2026.
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