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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.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.
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