Docebo Reports Third Quarter 2026 Results
TORONTO--( BUSINESS WIRE)--Docebo Inc. (NASDAQ: DCBO; TSX: DCBO) (“Docebo” or the “Company”), the Enterprise Platform for the AI-era workforce, unifying skills intelligence, learning, and knowledge in one closed loop, announced its financial results for the three and nine months ended September 30, 2026. All amounts are expressed in US dollars unless otherwise stated.
“Docebo delivered another strong quarter, exceeding our revenue and profitability guidance as disciplined execution drives our growth,” said Alessio Artuffo, President and Chief Executive Officer of Docebo. “Enterprises and mid-market organizations are embedding AI across their operations and are partnering with Docebo to connect learning, skills intelligence and agentic AI to build more capable, informed and adaptable teams. Our differentiated, multi-product Workforce Readiness platform is further strengthening our competitive position while helping customers improve performance, increase employee efficiency and deliver measurable economic value.”
Third Quarter 2026 Financial Highlights
Third Quarter 2026 Customer Updates
1 Please refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” section of this press release.
Financial Outlook
Docebo is providing financial guidance for the three months ending December 31, 2026 as follows:
Docebo is providing financial guidance for the fiscal year ending December 31, 2026 as follows:
The information in this section is forward-looking. Please see the sections entitled “Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures” and “Key Performance Indicators” in this press release for how we define “Adjusted EBITDA” and the section entitled “Forward-Looking Information.” A reconciliation of forward-looking “Adjusted EBITDA” to the most directly comparable IFRS measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Docebo believes that this type of guidance provides useful insight into the anticipated performance of its business.
Third Quarter 2026 Results
Selected Financial Measures
Three months ended September 30,
Nine months ended September 30,
2026
2025
Change
Change
2026
2025
Change
Change
$
$
$
%
$
$
$
%
Subscription Revenue (in thousands of US dollars)
65,247
58,046
7,201
12.4
%
189,731
169,295
20,436
12.1
%
Professional Services (in thousands of US dollars)
5,086
3,576
1,510
42.2
%
14,872
10,355
4,517
43.6
%
Total Revenue (in thousands of US dollars)
70,333
61,622
8,711
14.1
%
204,603
179,650
24,953
13.9
%
Gross Profit (in thousands of US dollars)
55,758
49,490
6,268
12.7
%
161,559
144,539
17,020
11.8
%
Percentage of Total Revenue
79.3
%
80.3
%
79.0
%
80.5
%
Net Income (in thousands of US dollars)
9,426
6,109
3,317
54.3
%
10,065
10,659
(594
)
(5.6
)%
Earnings per Share - Basic
0.38
0.21
0.17
81.0
%
0.38
0.36
0.02
5.6
%
Earnings per Share - Diluted
0.37
0.21
0.16
76.2
%
0.38
0.35
0.03
8.6
%
Cash Provided by Operating Activities
(in thousands of US dollars)
4,146
5,293
(1,147
)
(21.7
)%
25,879
19,482
6,397
32.8
%
Key Performance Indicators and Non-IFRS Measures
As at September 30,
2026
2025
Change
Change %
Annual Recurring Revenue (in millions of US dollars)
261.5
235.6
25.9
11.0
%
Average Contract Value (in thousands of US dollars)
77.9
62.8
15.1
24.0
%
Three months ended September 30,
Nine months ended September 30,
2026
2025
Change
Change
2026
2025
Change
Change
$
$
$
%
$
$
$
%
Adjusted EBITDA (in thousands of US dollars)
16,654
12,404
4,250
34.3
%
38,880
30,550
8,330
27.3
%
Adjusted Net Income (in thousands of US dollars)
14,045
9,901
4,144
41.9
%
33,346
27,310
6,036
22.1
%
Adjusted Earnings per Share - Basic
0.56
0.34
0.22
64.7
%
1.28
0.93
0.35
37.6
%
Adjusted Earnings per Share - Diluted
0.55
0.34
0.21
61.8
%
1.25
0.90
0.35
38.9
%
Working Capital (in thousands of US dollars)
(34,168
)
5,561
(39,729
)
(714.4
)%
(34,168
)
5,561
(39,729
)
(714.4
)%
Free Cash Flow (in thousands of US dollars)
6,110
5,663
447
7.9
%
36,743
26,036
10,707
41.1
%
Conference Call
Management will host a conference call on Friday, November 6, 2026 at 8:00 a.m. ET to discuss these third quarter results. To access the conference call, please dial +1-585-542-9983 or +1-833-461-5787 and use meeting code 916-506-347, or access the webcast at https://docebo.inc/events-and-presentations/default.aspx. The Company will post Prepared Management Remarks (in .pdf format) regarding its Q3 2026 results, which will be the subject of this call, on the Investor Relations section of Docebo’s website at https://investors.docebo.com.
The unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2026 and Management’s Discussion & Analysis for the same period have been filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at https://investors.docebo.com.
An archived recording of the conference call will be available by telephone until November 13, 2026 and on our website for 90 days. To listen to the recording, please visit the webcast link which can be found on Docebo’s investor relations website at https://docebo.inc/events-and-presentations/default.aspx or call +1-929-828-5978 or +1-833-309-1852 and enter passcode 916-506-347.
Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws.
In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.
The forward-looking information in this press release includes, but is not limited to, statements regarding the Company’s business; the guidance for the three months ending December 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue and for the fiscal year ending December 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue discussed under “Financial Outlook” in this press release; the impact of AI on our business; the expected deployment and benefits of new and expanded customer agreements discussed under “Third Quarter 2026 Customer Updates” in this press release; future financial position and business strategy; Docebo’s position in the learning management industry; our growth rates and growth strategies; addressable markets for our solutions; and the achievement of advances in and expansion of our platform. This forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions include: our ability to build our market share and enter new markets and industry verticals; our ability to attract and retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion plans, including, but not limited to, our ability to expand upon AI components of our platform; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; our ability to execute on profitability initiatives; our ability to maintain the authorization required for use of our platform across the public sector; currency exchange and interest rates; the impact of inflation and global macroeconomic conditions; the impact of competition; our ability to respond to the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management’s expectations.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to:
Our guidance for the three months ending December 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue and for the fiscal year ending December 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue, is in each case subject to certain assumptions and associated risks as stated above under this “Forward-Looking Information,” section and in particular the following:
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in the “Summary of Factors Affecting our Performance” section of our MD&A for the nine months ended September 30, 2026 and in the “Risk Factors” section of our AIF should be considered carefully by prospective investors.
Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
Additional information relating to Docebo, including our AIF, can be found on SEDAR+ at www.sedarplus.ca.
About Docebo
Docebo (NASDAQ: DCBO; TSX: DCBO) is the enterprise platform for the AI-era workforce, unifying skills intelligence, learning, and knowledge in one closed loop. Docebo gives organizations the tools to close skills gaps, develop talent, and perform at their best in an AI-driven world.
Learn why businesses around the world love Docebo by visiting our customer stories page.
Results of Operations
The following table outlines our unaudited condensed consolidated interim statements of income and comprehensive income for the following periods:
Three months ended September 30,
Nine months ended September 30,
(In thousands of US dollars, except per share data)
2026
2025
2026
2025
$
$
$
$
Revenue
70,333
61,622
204,603
179,650
Cost of revenue
14,575
12,132
43,044
35,111
Gross profit
55,758
49,490
161,559
144,539
Operating expenses
General and administrative
9,224
9,173
30,048
26,292
Sales and marketing
18,691
17,600
62,539
58,348
Research and development
11,715
11,905
40,162
38,007
Share-based compensation
2,358
1,925
6,098
4,447
Foreign exchange loss
89
96
3,818
1,161
Depreciation and amortization
2,395
743
6,520
2,388
44,472
41,442
149,185
130,643
Operating income
11,286
8,048
12,374
13,896
Finance expense (income), net
1,397
(198)
2,891
(1,388)
Other (income), net
—
—
—
(2)
Income before income taxes
9,889
8,246
9,483
15,286
Income tax expense (recovery)
463
2,137
(582)
4,627
Net income
9,426
6,109
10,065
10,659
Other comprehensive loss (income)
Item that may be reclassified subsequently to income:
Exchange loss (gain) on translation of foreign operations
743
91
(1,423)
(1,072)
Comprehensive income
8,683
6,018
11,488
11,731
Earnings per share - basic
0.38
0.21
0.38
0.36
Earnings per share - diluted
0.37
0.21
0.38
0.35
Weighted average number of common shares outstanding - basic
24,956,337
28,746,111
26,150,884
29,517,317
Weighted average number of common shares outstanding - diluted
25,624,604
29,460,738
26,701,428
30,200,616
Key Statement of Financial Position Information
(In thousands of US dollars, except percentages)
September 30,
2026
December 31,
2025
Change
Change
$
$
$
%
Cash and cash equivalents
42,488
74,037
(31,549)
(42.6)%
Total assets
241,710
206,647
35,063
17.0%
Total liabilities
247,389
132,556
114,833
86.6%
Total non-current liabilities
97,135
8,757
88,378
1,009.2%
Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures
This press release makes reference to certain non-IFRS measures and ratios including key performance indicators used by management and typically used by our competitors in the SaaS industry. These measures and ratios are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures and ratios are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures and ratios should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and ratios are used to provide investors with alternative measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures and ratios. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and ratios, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of executive compensation. The non-IFRS measures referred to in this press release include “Annual Recurring Revenue”, “Average Contract Value”, “Adjusted EBITDA”, “Adjusted Net Income”, “Adjusted Earnings per Share - Basic and Diluted”, “Working Capital” and “Free Cash Flow”. The non-IFRS ratios referred to in this press release include “Adjusted EBITDA as a percentage of total revenue” and “Free Cash Flow as a percentage of total revenue”.
Key Performance Indicators
We recognize subscription revenues ratably over the term of the subscription period under the provisions of our agreements with customers. The terms of our agreements, combined with high customer retention rates, provide us with a significant degree of visibility into our near-term revenues. Management uses a number of metrics, including the ones identified below, to measure the Company’s performance and customer trends, which are used to prepare financial plans and shape future strategy. Our key performance indicators may be calculated in a manner different from similar key performance indicators used by other companies.
Annual Recurring Revenue and Average Contract Value as at September 30, 2026 and 2025 were as follows:
2026
2025
Change
Change %
Annual Recurring Revenue (in millions of US dollars)
261.5
235.6
25.9
11.0
%
Average Contract Value (in thousands of US dollars)
77.9
62.8
15.1
24.0
%
Adjusted EBITDA
Adjusted EBITDA is defined as net income excluding net finance income, depreciation and amortization, income taxes, share-based compensation and related payroll taxes, other income, foreign exchange gains and losses, acquisition-related compensation, transaction related expenses and restructuring costs, if any. Adjusted EBITDA as a percentage of revenue is defined as Adjusted EBITDA divided by total revenue.
The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net income.
The following table reconciles Adjusted EBITDA to net income for the periods indicated:
Three months ended September 30,
Nine months ended September 30,
(In thousands of US dollars)
2026
2025
2026
2025
$
$
$
$
Net income
9,426
6,109
10,065
10,659
Finance income, net (1)
1,397
(198
)
2,891
(1,388
)
Depreciation and amortization (2)
2,395
743
6,520
2,388
Income tax expense
463
2,137
(582
)
4,627
Share-based compensation (3)
2,358
1,925
6,098
4,447
Other income (4)
—
—
—
(2
)
Foreign exchange loss (5)
89
96
3,818
1,161
Acquisition related compensation (6)
225
1,015
1,780
3,074
Transaction related expenses (7)
296
6
1,833
470
Restructuring (8)
5
571
6,457
5,114
Adjusted EBITDA
16,654
12,404
38,880
30,550
Adjusted EBITDA as a percentage of total revenue 1
23.7
%
20.1
%
19.0
%
17.0
%
(1) Finance income, net, is primarily related to interest income earned on cash and cash equivalents as the funds are invested in highly liquid short-term interest-bearing marketable securities which is offset by interest expenses incurred on lease obligations and borrowings, as well as bank fees and other expenses.
(2) Depreciation and amortization expense is primarily related to depreciation expense on right-of-use assets, property and equipment and acquired intangible assets.
(3) These expenses represent non-cash expenditures recognized in connection with the issuance of share-based compensation to our employees and directors and cash payroll taxes paid on gains earned by option holders when stock options are exercised.
(4) Other income, net is primarily comprised of rental income from subleasing office space.
(5) These non-cash gains and losses relate to foreign exchange translation.
(6) These costs represent the earn-out portion of the consideration paid to the vendors of previously acquired businesses that is associated with the achievement of certain acquisition related performance metrics and other obligations, which may include continued employment.
(7) These expenses relate to professional, legal, consulting, accounting and other fees related to acquisition activities that would not otherwise have been incurred and are not considered indicative of continuing operations.
(8) There was a reduction in workforce that resulted in severance accruals and payments to employees.
Adjusted Net Income and Adjusted Earnings per Share - Basic and Diluted
Adjusted Net Income is defined as net income excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, restructuring costs, foreign exchange gains and losses, and deferred income taxes.
Adjusted Earnings per Share - Basic and Diluted is defined as Adjusted Net Income divided by the weighted average number of common shares (basic and diluted).
The IFRS measure most directly comparable to Adjusted Net Income presented in our financial statements is net income.
The following table reconciles net income to Adjusted Net Income for the periods indicated:
Three months ended September 30,
Nine months ended September 30,
(In thousands of US dollars)
2026
2025
2026
2025
$
$
$
$
Net income for the period
9,426
6,109
10,065
10,659
Amortization of intangible assets
1,707
179
4,492
528
Share-based compensation
2,358
1,925
6,098
4,447
Acquisition related compensation
225
1,015
1,780
3,074
Transaction related expenses
296
6
1,833
470
Restructuring
5
571
6,457
5,114
Foreign exchange loss
89
96
3,818
1,161
Deferred income tax (recovery) expense
(61)
—
(1,197)
1,857
Adjusted net income
14,045
9,901
33,346
27,310
Weighted average number of common shares - basic
24,956,337
28,746,111
26,150,884
29,517,317
Weighted average number of common shares - diluted
25,624,604
29,460,738
26,701,428
30,200,616
Adjusted earnings per share - basic
0.56
0.34
1.28
0.93
Adjusted earnings per share - diluted
0.55
0.34
1.25
0.90
Working Capital
Working Capital as at September 30, 2026 and 2025 was $(34.2) million and $5.6 million, respectively. Working Capital is defined as current assets, excluding the current portion of the net investment in finance lease and contract costs, minus current liabilities, excluding borrowings, if any, and the current portion of contingent consideration and lease obligations. The decrease in Working Capital from September 30, 2025 to September 30, 2026 was driven by the use of cash and cash equivalents to purchase shares under the NCIB and SIB. Working Capital is not a recognized measure under IFRS.
The following table represents the Company’s working capital position as at September 30, 2026 and 2025:
2026
2025
$
$
Current assets
120,489
137,318
Less: Current portion of contract costs
(9,970)
(11,553)
Current assets, net of net investment in finance lease and contract costs
110,519
125,765
Current liabilities
150,254
121,068
Deduct:
Less: Current portion of contingent consideration
(3,730)
—
Less: Current portion of lease obligations
(1,837)
(864)
Current liabilities, net of lease obligations
144,687
120,204
Working capital
(34,168)
5,561
Free Cash Flow
Free Cash Flow is defined as cash flows from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as the payment of acquisition-related compensation, the payment of transaction-related costs, and the payment of restructuring costs. Free Cash Flow as a percentage of revenue is defined as Free Cash Flow divided by total revenue. Free Cash Flow and Free Cash Flow as a percentage of revenue are not recognized measures under IFRS. The IFRS measure most directly comparable to Free Cash Flow presented in our financial statements is cash flow from operating activities.
The following table reconciles our cash flows from operating activities to Free Cash Flow for the periods indicated:
Three months ended September 30,
Nine months ended September 30,
(In thousands of US dollars)
2026
2025
2026
2025
$
$
$
$
Cash flow from (used in) operating activities
4,146
5,293
25,879
19,482
Purchases of property and equipment
(260
)
(223
)
(541
)
(809
)
Acquisition related compensation paid
654
—
1,963
2,690
Transaction related expenses paid
506
8
2,120
537
Restructuring costs paid
1,064
585
7,322
4,136
Free cash flow
6,110
5,663
36,743
26,036
Free cash flow as a percentage of total revenue 1
8.7
%
9.2
%
18.0
%
14.5
%