Docebo posts double-digit revenue growth and expands public sector reach
Docebo reports 11% revenue growth and stronger US and European public sector adoption in Q3 2025.
Docebo has reported another quarter of steady growth, with revenue up 11% year on year and subscription income representing 94% of total revenue for the third quarter of 2025. The learning platform provider, listed on the Nasdaq and Toronto Stock Exchange, said performance exceeded expectations as it continued to execute on its AI-First platform strategy.
Total revenue for the three months ended 30 September 2025 reached $61.6 million, with subscription revenue at $58.0 million, a 10% increase from the same period last year. Gross profit rose to $49.5 million, maintaining an 80% margin, slightly lower than 81% a year earlier. Adjusted EBITDA improved to $12.4 million, or 20.1% of revenue, compared to 15.7% a year earlier.
Net income grew to $6.1 million, or $0.21 per share, while adjusted net income was $9.9 million, up from $8.3 million in 2024. Annual recurring revenue (ARR) reached $235.6 million, representing a 10% increase year on year. Excluding the company’s largest OEM customer, ARR growth was approximately 14%.
Chief executive and president Alessio Artuffo said the results reflected the company’s ability to deliver innovation and scale through partnerships. ‘Docebo delivered another solid quarter, with results exceeding expectations, both enabled by the pace with which we are bringing innovation to our customers through our AI-First platform strategy,’ he said.
During the quarter, Docebo added several large enterprise and government customers. Wins included a global industrial services firm with 200,000 employees that will consolidate multiple regional systems into a single learning platform, and the Latvian School of Public Administration, which selected Docebo to modernise learning for 60,000 civil servants across 160 public entities.
In North America, the company added a leading beverage manufacturer, choosing Docebo Creator for content and translation capabilities, and expanded its relationship with Amazon Health to support unified learning across its healthcare operations.
The company also strengthened its position in the public sector, with new federal contracts at the US Department of Energy and the Air Force Cyber Academy, as well as state and education deals with Wisconsin’s Department of Public Instruction, Temple University and the City of Sugar Land, Texas.
Looking ahead, Docebo guided for fourth-quarter revenue between $62.0 million and $62.2 million and an adjusted EBITDA margin of 20.5-21%. It updated its full-year outlook, now forecasting total revenue growth of 11.4% and subscription revenue growth of 11.75%.
Artuffo said the company would continue to prioritise disciplined execution and long-term value creation for customers and shareholders as it closed out the year.