November 7, 2025 — Leads & Copy — Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) has released its financial results for the third quarter and the first nine months of 2025, ending on September 30. The learning platform provider, which specializes in artificial intelligence (AI) and innovation, reported all figures in U.S. dollars unless otherwise noted.
According to Alessio Artuffo, CEO and President of Docebo, the company’s strong Q3 performance surpassed expectations, thanks to its AI-First platform strategy. He cited steady progress, partnerships with systems integrators, and a growing presence in federal and SLED markets as factors driving the company’s success.
Key financial highlights from Q3 2025 include:
Subscription revenue reached $58.0 million, a 10% increase year-over-year, making up 94% of total revenue. Adjusting for currency fluctuations, the increase was 9%.
Total revenue was $61.6 million, up 11% from the previous year. Adjusting for currency fluctuations, the increase was 10%.
Gross profit totaled $49.5 million, a 10% increase year-over-year, representing 80.3% of revenue, slightly lower than the 81.1% in the comparative period.
Net income was $6.1 million, or $0.21 per share, compared to $5.0 million, or $0.16 per share, in the prior year.
Adjusted Net Income was $9.9 million, or $0.34 per share, compared to $8.3 million, or $0.27 per share, in the previous year.
Annual Recurring Revenue (ARR) was $235.6 million, a 10.1% increase year-over-year, with a $0.2 million negative impact from foreign exchange.
The largest Original Equipment Manufacturer (OEM) customer accounted for 6.2% of ARR as of September 30, 2025, down from 9.4% in 2024.
Excluding the largest OEM customer, ARR increased by approximately 14.0% year-over-year.
Adjusted EBITDA was $12.4 million, representing 20.1% of total revenue, compared to $8.7 million, or 15.7% of total revenue, in the prior year.
Cash flow from operating activities was $5.3 million, compared to $4.3 million in the prior year.
Free Cash Flow was $5.7 million, representing 9.2% of total revenue, compared to $4.5 million, or 8.2% of total revenue, in the prior year.
Customer updates for Q3 2025 include new contracts with:
A global provider in the industrial and environmental services sector (200,000+ employees) to unify regional learning systems.
Valsts Administrācijas Skola (VAS), Latvia’s School of Public Administration, to modernize employee experience learning systems with EU funding.
A North American beverage company (25,000+ employees, 100+ brands) to replace its compliance training platform.
Amazon Health, which expanded its partnership with Docebo to power a unified learning ecosystem across its health services portfolio.
Docebo also signed federal deals with the U.S. Department of Energy and the Department of Defense’s Air Force Cyber Academy. New SLED deals included the State of Wisconsin Department of Public Instruction, Temple University, and the City of Sugar Land, Texas.
Docebo’s financial outlook for Q4 2025 includes:
Total revenue between $62.0 million and $62.2 million.
Adjusted EBITDA as a percentage of total revenue between 20.5% to 21.0%.
Management anticipates subscription revenue to align with total revenue growth.
The revised financial guidance for fiscal year 2025 includes:
Subscription revenue growth of 11.75%.
Total revenue growth of 11.40%.
Adjusted EBITDA as a percentage of total revenue of 18.0%.
Docebo hosted a conference call on November 7, 2025, to discuss these results. An archived recording is available on the investor relations website.
The unaudited condensed consolidated interim financial statements and Management’s Discussion & Analysis are available on SEDAR+ and EDGAR, and on Docebo’s investor relations website.
For more information, please contact Docebo’s Investor Relations team.
Source: Docebo
