Docebo raises full-year targets as Q2 revenue jumps 14 percent and ARR hits $233M
Learning platform provider posts double-digit growth, updates guidance, and reports new customer wins across multiple sectors.
Docebo has reported second quarter 2025 results showing revenue growth of 14 percent year over year, alongside an increase in annual recurring revenue (ARR) and an upward revision to its full-year guidance.
For the three months ended June 30, 2025, total revenue reached $60.7 million compared to $53.1 million in the same period last year. Subscription revenue, which accounted for 94 percent of the total, was $57.1 million, up 15 percent from $49.8 million a year earlier. On a constant currency basis, subscription revenue grew 13 percent. Gross profit rose to $49.1 million, representing 80.9 percent of revenue, slightly above last year’s 80.7 percent margin.
Net income for the quarter was $3.1 million, or $0.10 per share, compared to $4.7 million, or $0.15 per share, in Q2 2024. Adjusted net income increased to $8.9 million from $7.9 million, while adjusted earnings per share rose to $0.30 from $0.26. Adjusted EBITDA stood at $9.2 million, equal to 15.2 percent of revenue, up from $8.0 million and 15.0 percent in the prior-year period. Free cash flow was $11.4 million, representing 18.7 percent of revenue, compared to $8.4 million, or 15.9 percent, a year ago. ARR reached $233.1 million at quarter end, a 13 percent increase from $205.9 million last year.
President and CEO Alessio Artuffo says, “Docebo delivered a solid quarter, outperforming our guidance on both revenue and profitability while maintaining disciplined execution in a still-uncertain macro environment.”
Customer growth across sectors
The quarter saw new and expanded customer contracts across technology, education, retail, and government. Wins included a cross-sell with a major U.S.-based global technology company, Big Brothers Big Sisters of America replacing its legacy LMS to improve onboarding analytics and support audience segmentation, and a global education provider choosing Docebo to deliver learning in more than 80 languages. Other highlights included a North American men’s fashion retailer implementing Docebo for sales enablement across multiple brands, and new state-level government deals in Connecticut and Utah, plus an upsell in Kentucky.
For the third quarter of 2025, Docebo expects total revenue between $61.0 million and $61.2 million, with an adjusted EBITDA margin of 19.0 to 19.5 percent. Full-year 2025 guidance now calls for subscription revenue growth of 10.75 to 11.75 percent, total revenue growth of 10.0 to 11.0 percent, and an adjusted EBITDA margin between 17.0 and 18.0 percent.
Artuffo adds, “We continue to invest with focus—advancing our AI-first strategy, strengthening our leadership team, and achieving FedRAMP Moderate Authorization to expand our public sector reach. These milestones position us well to support our customers’ evolving needs and to drive durable, long-term growth.”
