Docebo Inc. announced robust fourth-quarter results for 2025, showcasing 11% year-over-year total revenue growth and the strongest gross bookings since 2021. The company reported subscription revenue of $59.1 million, up 9% from the prior year, while Adjusted EBITDA reached $13.3 million, or 21.2% of revenue.3032
Q4 2025 Financial Highlights
Total revenue climbed to $63.0 million, reflecting 11% growth (9% FX-adjusted). Gross profit stood at $50.3 million, representing 79.8% of revenue. Net income surged to $26.9 million, or $0.93 per share, compared to $11.9 million, or $0.39 per share, in Q4 2024. Adjusted net income came in at $13.3 million, or $0.46 per share.30
Free cash flow generated $12.3 million, or 19.6% of revenue, underscoring strong cash generation capabilities.31
Full-Year 2025 Performance
For the fiscal year, subscription revenue expanded 11.8% to $228.4 million, driving total revenue to $242.7 million, up 11.9%. Adjusted EBITDA margins improved to 18.1%, with free cash flow reaching $38.4 million. Net income totaled $37.5 million, or $1.31 per share.30
Key Metrics and Customer Growth
Annual Recurring Revenue (ARR) grew 8.4% to $238.1 million, with growth accelerating to about 12.5% excluding the largest OEM customer and FX impacts. Average Contract Value rose 20.5% to $66.5 thousand, while the Net Dollar Retention rate measured 99%. Docebo added customers strategically, reaching 3,578 total, with emphasis on enterprise and government sectors.3231
AI Strategy and 365Talents Integration
Docebo advanced its AI-first roadmap, featuring automatic skill tagging, AI content creation, and personalized learning paths. The acquisition of 365Talents positions the company as a multi-product leader in skills intelligence and learning execution. CEO Alessio Artuffo stated, “Q4 was one of Docebo’s strongest quarters on record, with gross bookings performance being the strongest since 2021 and Adjusted EBITDA margins reaching 21.2%, both reflecting the compounding payoff of the AI-First strategy.”3032
New wins included major U.S. casual dining chains, global quick-service restaurants, and U.S. financial regulators, validating enterprise traction.30
2026 Outlook
Management guides for Q1 2026 total revenue of $63.5-$63.7 million and Adjusted EBITDA of $10.3-$10.5 million. Full-year 2026 targets include subscription revenue of $251.5-$253.5 million, total revenue of $267.5-$269.5 million, and Adjusted EBITDA of $52.5-$54.5 million.30
Share Repurchase Program
Docebo launched a substantial issuer bid, waiving the share price condition to repurchase up to $60 million in shares at $20.40 each, expiring March 10, 2026.30
