Thryv (THRY) Q4 2025 earnings summary

Executive summary

• SaaS revenue became the majority of total revenue in Q4 2025, growing 34.2% year-over-year to $461.0 million and marking a strategic inflection point in the shift from Marketing Services to SaaS.

• The company serves over 100,000 small business subscribers, with ARPU and quality customer count both increasing year-over-year.

• Transition from legacy print and marketing services to a unified, AI-enabled SaaS platform is well underway, with the new platform launching in 2026.

• Strategic acquisition of Keap in October 2024 accelerated product roadmap, platform capabilities, and subscriber growth.

• Full-year consolidated net income was $0.3 million, reversing a net loss of $74.2 million in 2024.

Financial highlights

• Q4 2025 SaaS revenue was $119.0 million, up 14.1% year-over-year; full-year SaaS revenue reached $461.0 million.

• SaaS adjusted gross margin was 70.4% in Q4 and 72.7% for the year; SaaS adjusted EBITDA reached $20.0 million in Q4 and $73.8 million for the year.

• Marketing Services revenue was $72.6 million in Q4 and $324.0 million for the year, with adjusted EBITDA margin at 25.9% in Q4.

• Free cash flow for 2025 was $56.2 million, up from $31.1 million in 2024.

• Net debt reduced by $15 million to $251 million; leverage ratio at 1.7x.

Outlook and guidance

• FY 2026 total revenue is projected at $611M–$631M, with adjusted EBITDA of $100M–$110M.

• SaaS revenue for FY 2026 is expected to be $461M–$471M, with adjusted EBITDA of $70M–$75M.

• Marketing Services revenue for 2026 expected at $150M–$160M, with adjusted EBITDA of $30M–$35M.

• Guidance is conservative due to ongoing platform transition, with growth expected to re-accelerate later in the year.