DHI Group (DHX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue declined 10% year-over-year to $31.4M, with ClearanceJobs up 1% and Dice down 17%.

• Net income for Q4 was $1.4M (4% margin), up from $1.0M (3% margin) in Q4 2024; non-GAAP EPS was $0.09.

• Full year 2025 revenue was $127.8M, down 10%, with a net loss of $13.5M due to $26.2M in restructuring and impairment charges.

• Operates two leading tech talent platforms, ClearanceJobs and Dice, with over 9 million profiles and AI-powered matching tools.

• SaaS business model with approximately 90% recurring revenue and high client retention.

Financial highlights

• Q4 Adjusted EBITDA was $9.4M (30% margin), up 2% year-over-year; full year Adjusted EBITDA was $35.1M (27% margin).

• Free cash flow for Q4 was $5.7M (up from $1.6M); full year free cash flow was $13.8M, up 94%.

• Q4 bookings dropped 5% to $31.2M; full year bookings decreased 10% to $125.8M.

• Debt at year-end was $30M with leverage ratio at 0.85x; cash balance was $2.9M.

• Repurchased 5.5M shares for $11.4M in 2025; new $10M repurchase program launched for 2026-2027.

Outlook and guidance

• FY 2026 revenue guidance: $118M–$122M; ClearanceJobs $56M–$58M, Dice $62M–$64M.

• Q1 2026 revenue guidance: $28M–$30M; ClearanceJobs $13M–$14M, Dice $15M–$16M.

• Targeting FY 2026 Adjusted EBITDA margin of 25% (ClearanceJobs 40%, Dice 22%).

• Management expects defense sector tailwinds and tech investment to drive growth.

• CJ revenue expected to decline slightly in Q1 due to prior bookings miss, returning to growth in Q2.