Docebo (DCBO) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a record quarter with the strongest gross bookings since 2021 and Adjusted EBITDA margins at 21.2%, driven by an AI-First strategy and integration of 365Talents, with positive customer feedback and major enterprise wins across diverse sectors.

• Annual Recurring Revenue (ARR) reached $238.1M as of December 31, 2025, with a 20.2% subscription revenue CAGR from 2022 to 2025 and 93% of ARR added in 2025 from multi-year contracts.

• Expanded platform capabilities through AI-driven innovation, strategic M&A (notably 365Talents), and new partnerships, transitioning to a multi-product company.

• Recognized as a leader in enterprise learning management by G2 and other industry analysts.

Financial highlights

• Q4 2025 total revenue was $63.0M, up 11% year-over-year; subscription revenue was $59.1M, up 9% and 94% of total revenue.

• Q4 2025 Adjusted EBITDA margin reached 21.2%, up from 16.7% in Q4 2024; Adjusted EBITDA for Q4 was $13.3M.

• Free Cash Flow for FY 2025 was $38.4M (15.8% of revenue), with Q4 Free Cash Flow at $12.3M (19.6% of revenue).

• Net dollar retention for 2025 was 99%, with sequential improvements through Q2–Q4.

• Average contract value increased 20.5% year-over-year to $66.5K.

Outlook and guidance

• FY 2026 revenue guidance: $267.5M–$269.5M; subscription revenue: $251.5M–$253.5M; Adjusted EBITDA: $52.5M–$54.5M.

• Guidance assumes stable FX rates, macro conditions similar to 2025, and no new large contracts over $1M ARR.

• Focused on expanding into government and enterprise verticals, leveraging FedRAMP authorization and continued AI-driven platform enhancements.

• 365Talents is expected to contribute ~$9M pro rata in 2026, with aggressive growth targets.

• Organic growth acceleration is modeled for Q3 and Q4 2026 as Dayforce and AWS headwinds lapse.