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Thryv (THRY) investor relations material

Thryv Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • SaaS revenue grew 34.2% year-over-year to $461.0 million for 2025, now representing the majority of total revenue and marking a strategic inflection point in the shift from Marketing Services to SaaS.

  • The company serves over 100,000 small business subscribers, with ARPU and quality customer count both increasing year-over-year.

  • The unified Thryv Platform, powered by AI, will launch in 2026, consolidating multiple products into a single growth platform.

  • AI-enabled platform enhancements and the Keap acquisition have driven subscriber and revenue growth.

  • Strategic focus is shifting to quality customers spending $400+ per month, now representing 69% of Q4 revenue.

Financial highlights

  • Q4 2025 SaaS revenue was $119.0 million, up 14.1% year-over-year; full-year SaaS revenue rose 34.2% to $461.0 million.

  • SaaS adjusted gross margin was 70.4% in Q4 and 72.7% for the year.

  • SaaS adjusted EBITDA reached $20 million in Q4 and $73.8 million for the year, with margins of 16.8% and 16% respectively.

  • Free cash flow for 2025 was $56.2 million, with net debt reduced by $15 million to $251 million and leverage ratio at 1.7x.

  • Full-year consolidated net income was $0.3 million, reversing a net loss of $74.2 million in 2024.

Outlook and guidance

  • FY 2026 total revenue is projected at $611M–$631M, with adjusted EBITDA of $100M–$110M.

  • SaaS revenue for FY 2026 is expected to be $461M–$471M, with adjusted EBITDA of $70M–$75M.

  • Marketing Services revenue for 2026 expected at $150M–$160M, with adjusted EBITDA of $30M–$35M.

  • Guidance is conservative due to ongoing platform transition, with growth expected to re-accelerate later in the year.

Address SaaS margin dilution from Marketing Services
Explain SaaS NRR below 100% and retention plans
How does AI specifically drive Marketing Center growth
How will platform transition affect near-term growth?
How does Thryv manage sub-$200/month customers?
How does AI simplify SMB customer experience?
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Frequently asked questions

Thryv Holdings, Inc. provides software services, applications and tools to enable small-to-medium sized businesses (SMBs) to manage their daily marketing tasks efficiently. Thryv offers a flexible platform – tailored to meet specific needs of different businesses by integrating with existing business applications and tools – that includes automated email marketing solution for better customer engagement, real-time social engagement monitoring & dashboards for better customer care delivery, along with other SMB marketing needs.

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