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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
TOTVS
TOTVS (TOTS3) investor relations material
TOTVS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Consolidated net revenue exceeded R$1.5 billion in Q4 2025, up 16% year-over-year, and surpassed R$5.7 billion for the full year, reflecting strong recurring revenue growth and operational momentum.
Adjusted EBITDA reached R$409 million in Q4 2025, up 24% year-over-year, with margin expansion to 27.1%; full-year adjusted EBITDA grew 22%.
Adjusted net income totaled R$258 million in Q4 2025 (+14% y/y), and R$910 million for the year (+26% y/y), with EPS up 25%.
SaaS and cloud revenue grew 24% in Q4 and 28% for the year, with strong sales and migration to the cloud.
Official launch of LYNN, the first proprietary AI foundation in Brazil, with significant CapEx planned for AI and cloud initiatives.
Financial highlights
Recurring revenue increased 18% year-over-year in Q4 2025, now 91% of total revenue, and rose 20% for the full year.
Management and RD SaaS revenue rose 22%, with BRL 200 million net ARR addition in the quarter.
EBITDA margin improved by 170 basis points year-over-year in Q4 2025, reaching 27.1%; full-year margin was 26.2%.
TechFin segment's adjusted EBITDA grew 43% year-over-year, with margin up from 10.6% to 13.4%.
Free Cash Flow in Q4 2025 was R$317 million (+19% y/y); full year reached R$889 million (+21% y/y), converting 98% of Adjusted Net Income.
Outlook and guidance
Management expects continued margin improvement and accelerated AI-driven revenue growth, with 26% margin seen as a strong year ahead.
Integration of Linx expected to bring significant synergies and value extraction.
AI and cloud investments to accelerate, with R$600 million CapEx planned over four years.
Tax reform seen as both a challenge and opportunity, with ongoing client support and product updates.
Detail LYNN's TaaS revenue growth drivers
RD Station's path to sustained margin growth
Impact of R$3B debenture on capital structure
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Next TOTVS earnings date
Q1 20267 May, 2026
TOTVS
Next TOTVS earnings date
Q1 20267 May, 2026
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Frequently asked questions
TOTVS S.A., provides business management systems and platforms, and related services in Brazil and internationally. It offers TOTVS Business Management System software solutions, including DANFE Viewer for mobile phones; e-Social that manages social security information for employers’ employees; Fagga MX, a cloud-based business management solution; TOTVS Protheus/Fiori, an on-premises cloud solution; and TOTVS TMS Solution Web that enables companies to control their means of transportation. The company also provides Microsiga Protheus, which provides integrated solutions ranging from financial management to production, materials management, and sales; education technology solutions; ERP solutions; omnichannel retail solutions; human resource solutions comprising time recording systems and human resources administration systems. In addition, it offers corporate performance management software solutions to planning, budgeting and consolidation processes. Further, the company provides support and training services through telephone assistance system or internet portal; implementation services; cloud platform services and technical support service plan; content authorization services; desktop outsourcing services and technical support services for implementation of PROtheus platform.
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