DHI Group (DHX) Q4 2025 earnings summary

Executive summary

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

• Q4 2025 revenue was $31.4M, down 10% YoY; full-year 2025 revenue was $127.8M, down 10% YoY.

• ClearanceJobs bookings returned to growth (+3% YoY in Q4), while Dice continued to face a challenging tech hiring environment with revenue down 17% YoY.

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

• Adjusted EBITDA for 2025 was $35.1M (27% margin); Q4 Adjusted EBITDA margin was 30%.

Financial highlights

• Q4 net income was $1.4M (4% margin), up from $1.0M (3% margin) YoY; non-GAAP EPS for Q4 was $0.09 (up from $0.07).

• Q4 bookings were $31.2M (–5% YoY); ClearanceJobs bookings up 3%, Dice down 11%.

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

• Debt at year-end was $30M with leverage ratio below 1.0x; cash balance was $2.9M.

• Repurchased 5.5M shares for $11.4M in 2025; $69M in share repurchases since 2021.

Outlook and guidance

• FY 2026 revenue guidance: $118M–$122M; Q1 2026 revenue guidance: $28M–$30M.

• ClearanceJobs 2026 revenue expected at $56M–$58M; Dice at $62M–$64M.

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

• Positioned for double-digit growth in a normalized demand environment, with anticipated defense sector tailwinds.