N-Able (NABL) Q4 2025 earnings summary

Executive summary

• Achieved $540 million ARR as of December 31, 2025, with up to 12% year-over-year growth and nearly 100% recurring revenue.

• Maintained strong profitable growth and business resilience, driven by AI-powered products, Adlumin integration, and channel expansion.

• Recognized in the 2026 Gartner Magic Quadrant for Endpoint Management Tools and by other leading analysts for product leadership.

• Introduced new AI workflow assistants, a cyber warranty program, and appointed a seasoned cybersecurity leader to the board.

Financial highlights

• FY 2025 revenue was $511 million, up 10% year-over-year, with Q4 revenue at up to $135 million and subscription revenue at $129 million.

• Adjusted EBITDA margin was 30% for the year ($153 million), with Q4 at $39 million (29–30% margin).

• Non-GAAP gross margin was 80% for the year, with Q4 at 79.8%.

• Unlevered free cash flow was $101 million for the year, with $28 million in Q4.

• Non-GAAP EPS was $0.06 in Q4 and $0.39 for the year, both impacted by $0.02 in one-time debt facility fees.

Outlook and guidance

• FY 2026 revenue guidance is $554–$559 million (8–9% year-over-year growth), with ARR outlook of $581–$586 million (8–9% growth).

• Q1 2026 revenue expected at $131–$132 million, up 11–12% year-over-year; adjusted EBITDA projected at $35.5–$36.5 million (27–28% margin).

• FY 2026 adjusted EBITDA guidance is $167–$171 million, margin of 30–31%.

• Unlevered free cash flow for 2026 expected at $114–$118 million, up 17% at the high end.

• CapEx to be about 5% of revenue in 2026.