DOCEBO beats top-line and bottom-line estimates; initiates Q4 and updates FY outlook

* DOCEBO press release [https://seekingalpha.com/pr/20298547-docebo-reports-third-quarter-2025-results] (DCBO [https://seekingalpha.com/symbol/DCBO]): Q3 Non-GAAP EPS of $0.34 beats by $0.01.
* Revenue of $61.62M (+11.2% Y/Y) beats by $0.71M.
* Subscription revenue of $58.0 million, an increase of 10% from the comparative period in the prior year, represented 94% of total revenue.
* ARR was $235.6 million, an increase of 10.1% from the comparative period in the prior year. ARR was negatively impacted in the quarter by $0.2 million due to the effects of foreign exchange.
* Our largest OEM customer represented 6.2% of ARR as at September 30, 2025, compared to 9.4% as at September 30, 2024
* Excluding our largest OEM customer, ARR increased by approximately 14.0% from the comparative period in the prior year.
* Adjusted EBITDA1 of $12.4 million, representing 20.1% of total revenue, compared to $8.7 million, representing 15.7% of total revenue, for the comparative period in the prior year.
* Cash flow from operating activities of $5.3 million, compared to $4.3 million for the comparative period in the prior year.
* Free Cash Flow1 of $5.7 million, representing 9.2% of total revenue for the three months ended September 30, 2025, compared to $4.5 million, representing 8.2% of total revenue, for the comparative period in the prior year.

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FINANCIAL OUTLOOK

DOCEBO IS PROVIDING FINANCIAL GUIDANCE FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AS FOLLOWS:

* Total revenue between $62.0 million and $62.2 million VS. CONSENSUS OF $61.28M
* Adjusted EBITDA as a percentage of total revenue between 20.5% to 21.0%

Management expects subscription revenue to be in line with total revenue growth.

DOCEBO IS REVISING FINANCIAL GUIDANCE FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 AS FOLLOWS:

* Subscription revenue growth of 11.75%
* Total revenue growth of 11.40% (PRIOR 10.0% TO 11.0% VS. ESTIMATED GROWTH OF 10.68% Y/Y)
* Adjusted EBITDA as a percentage of total revenue of 18.0%

MORE ON DOCEBO INC.

* Docebo: Rating Downgrade As Near-Term Growth Disappoints [https://seekingalpha.com/article/4814685-docebo-rating-downgrade-as-near-term-growth-disappoints]
* DOCEBO Q3 2025 Earnings Preview [https://seekingalpha.com/news/4517407-docebo-q3-2025-earnings-preview]
* Seeking Alpha’s Quant Rating on Docebo Inc. [https://seekingalpha.com/symbol/DCBO:CA/ratings/quant-ratings]
* Historical earnings data for Docebo Inc. [https://seekingalpha.com/symbol/DCBO:CA/earnings]
* Financial information for Docebo Inc. [https://seekingalpha.com/symbol/DCBO:CA/income-statement]