Docebo (DCBO) Company Report

Analyst Coverage

Research analysts who have asked questions during Docebo earnings calls.

George Sutton

Craig-Hallum

4 questions for DCBO

Also covers: ACIW, AEYE, AGYS +26 more

Josh Baer

Morgan Stanley

4 questions for DCBO

Also covers: ASAN, BIGC, BOX +18 more

Robert Young

Canaccord Genuity

4 questions for DCBO

Also covers: CLS, DSGX, EGLXF +2 more

Suthan Sukumar

Stifel Financial Corp.

4 questions for DCBO

Also covers: GIB, LSPD, SANG +1 more

Kevin Krishnaratne

Scotiabank

3 questions for DCBO

Also covers: DSGX, EGLXF, GIB +4 more

Richard Tse

National Bank Financial

3 questions for DCBO

Also covers: GIB, LSPD, NVEI +2 more

Yi Fu Lee

Cantor Fitzgerald

3 questions for DCBO

Also covers: COUR, CSGS, DOMO +4 more

Erin Kyle

CIBC World Markets

2 questions for DCBO

Also covers: CIGI, FSV

Gavin Fairweather

BMO Capital Markets

2 questions for DCBO

Also covers: ALYAF, SANG

Matthew Shea

Needham & Company

2 questions for DCBO

Also covers: AGL, AMWL, CHGG +5 more

Ryan MacDonald

Needham & Company

2 questions for DCBO

Also covers: ACCD, AMWL, BNED +21 more

Stephanie Price

CIBC World Markets

2 questions for DCBO

Also covers: BCE, DSGX, GIB +7 more

Daniel Chan

TD Cowen

1 question for DCBO

Also covers: BB, CLS, DSGX +1 more

Kevin Kumar

Goldman Sachs

1 question for DCBO

Also covers: AKAM, GWRE, SPNS

Kiran Sritharan

Eight Capital

1 question for DCBO

Also covers: HWAIF, SABOF

Martin Toner

ATB Capital Markets

1 question for DCBO

Also covers: BITF, GLXY, LSPD +3 more

Latest news

Recent press releases and 8-K filings for DCBO.

Docebo Reports Q4 2025 Results, Details 365Talents Integration and 2026 Outlook

DCBO

Earnings

M&A

Guidance Update

Docebo reported 9% growth in Q4 2025, with 9.5% subscription growth. The company anticipates reaccelerating organic growth starting in Q3 2026 and continuing into Q4 2026.
For 2025, Docebo's net dollar retention was 99%, which would have been 101% excluding AWS. Management expects strong NRR trends in Q2, Q3, and Q4 2026, with the 365Talents acquisition anticipated to accelerate this metric.
The acquisition of 365Talents is a significant strategic move, with integration efforts underway to leverage its AI-forward technology and expand cross-sell opportunities to Docebo's existing customer base, particularly in H2 2026.
Docebo undertook a force reduction to align product capabilities closer to customers and expects to expand EBITDA margins by approximately 2% year-over-year in 2026. The company plans to continue its share buyback program (SIB) if share valuations remain depressed and is unlikely to pursue another large acquisition in 2026.

10 hours ago

Transcript

Docebo Discusses Q4 2025 Results and Strategic Initiatives

DCBO

Earnings

M&A

Guidance Update

Docebo reported 9% growth in Q4 2025 and provided 2026 guidance of 10%-11%. Gross bookings in Q4 2025 were the strongest since Q4 2021. Total ARR growth, excluding Salesforce and AWS, was closer to 14.5%.
The acquisition of 365Talents is considered strategically relevant due to its AI-forward technology and incremental data mode, with integration designed to be phased. 365Talents is expected to contribute approximately $9 million pro rata to revenue.
The net dollar retention for 2025 was 99%, but would have been 101% excluding AWS. The company anticipates strong trends in net retention for 2026 and is focused on improving this metric.
A force reduction occurred after the quarter, primarily aimed at improving performance and moving product capabilities closer to North American customers. While not primarily for cost savings, Docebo expects to expand EBITDA margins by approximately 2% year-over-year in 2026 due to continued discipline.

11 hours ago

Transcript

Docebo Discusses Q4 2025 Results, 365Talents Integration, and 2026 Outlook

DCBO

M&A

Revenue Acceleration/Inflection

Guidance Update

Docebo is strategically integrating its 365Talents acquisition, which is expected to accelerate net retention rate (NRR) improvement in 2026 and drive cross-selling to existing customers starting in H2 2026.
The company anticipates reaccelerating organic growth from Q3 2026 onwards, following the lapsing impacts of Dayforce wind-down and AWS.
Docebo expects to achieve approximately 2% EBITDA leverage year-over-year in 2026 through continued discipline across its operations.
Net retention, excluding AWS, showed sequential improvement from Q2 to Q4 2025, and sales cycles have become more efficient, shaving off weeks in mid-market and mid-enterprise segments.

11 hours ago

Transcript

Docebo Reports Strong Q4 and FY 2025 Results, Issues 2026 Guidance, and Continues Share Buyback

DCBO

Earnings

Guidance Update

Share Buyback

Docebo Inc. reported Q4 2025 total revenue of $63.0 million, an 11% increase from the prior year, with net income of $26.9 million ($0.93 per share) and Adjusted EBITDA of $13.3 million, representing 21.2% of total revenue.
For the full fiscal year ended December 31, 2025, total revenue was $242.7 million, and Adjusted EBITDA reached $43.9 million, representing 18.1% of total revenue. Annual Recurring Revenue (ARR) grew 8.4% year-over-year to $238.1 million as of December 31, 2025.
The company provided Q1 2026 guidance for total revenue between $63.5 million and $63.7 million and Adjusted EBITDA between $10.3 million and $10.5 million. For the full fiscal year 2026, total revenue is projected to be between $267.5 million and $269.5 million, with Adjusted EBITDA between $52.5 million and $54.5 million.
Docebo announced it has waived the share price condition related to its substantial issuer bid to repurchase up to US$60,000,000 of its common shares at US$20.40 per share, with the offer set to expire on March 10, 2026.

13 hours ago

6-K

Docebo Reports Strong Q4 and FY 2025 Results, Issues 2026 Guidance, and Announces Share Buyback

DCBO

Earnings

Guidance Update

Share Buyback

Docebo reported Fourth Quarter 2025 Total Revenue of $63.037 million and Adjusted EBITDA of $13.341 million, achieving an Adjusted EBITDA margin of 21.2%. For the Fiscal Year 2025, Total Revenue reached $242.687 million and Adjusted EBITDA was $43.891 million.
The company provided financial guidance for Q1 2026, projecting Total Revenue between $63.5 million and $63.7 million and Adjusted EBITDA between $10.3 million to $10.5 million. For Fiscal Year 2026, Total Revenue is expected to be between $267.5 million and $269.5 million and Adjusted EBITDA between $52.5 million and $54.5 million.
Docebo announced a Substantial Issuer Bid to repurchase up to US$60,000,000 of its common shares at US$20.40 per share, with the offer expiring on March 10, 2026. The company also highlighted its AI-First strategy and the integration of 365Talents as key to its multi-product future.

14 hours ago

Press Release

Docebo provides update on substantial issuer bid

DCBO

Share Buyback

Debt Issuance

Docebo Inc. provided an update on its previously announced substantial issuer bid to repurchase up to US$60,000,000 of its outstanding common shares at a price of US$20.40 per Common Share.
Intercap Equity Inc., which beneficially owns approximately 56.6% of Docebo's issued and outstanding common shares, has informed the Company that it may participate in the Offer to maintain its approximate current ownership interest.
The Company's board of directors remains committed to the Offer, believing the current trading price of the Common Shares does not fully reflect the value of the Company's business and future prospects.
Docebo intends to fund the Offer through a combination of approximately US$30,000,000 of cash on hand and an approximate US$30,000,000 draw down on its credit facility.
The Company has increased its secured revolving credit facility from US$50,000,000 to US$100,000,000 with National Bank of Canada. The Offer will expire on March 10, 2026, unless extended, varied, or withdrawn.

Feb 18, 2026, 12:09 PM

6-K

Docebo provides update on substantial issuer bid

DCBO

Share Buyback

Debt Issuance

Docebo Inc. is proceeding with a substantial issuer bid to repurchase up to US$60,000,000 of its common shares at a price of US$20.40 per share.
Intercap Equity Inc., which beneficially owns approximately 56.6% of Docebo's shares, may participate in the offer to maintain its approximate current ownership interest due to internal capital management considerations.
The company plans to fund the offer using US$30,000,000 in cash on hand and a US$30,000,000 draw from its credit facility, which has been increased to US$100,000,000.
The offer is scheduled to expire on March 10, 2026, unless extended, varied, or withdrawn.

Feb 18, 2026, 12:00 PM

Press Release

Docebo Announces Commencement of Substantial Issuer Bid

DCBO

Share Buyback

Docebo Inc. announced the formal commencement of a substantial issuer bid.
The company will offer to repurchase for cancellation up to 2,941,176 of its outstanding common shares at a price of US$20.40 per Common Share.
The aggregate price for the repurchase will not exceed US$60,000,000.
The offer commenced on February 3, 2026, and is scheduled to expire on March 10, 2026, unless extended, varied, or withdrawn.

Feb 3, 2026, 9:36 PM

6-K

Docebo Commences Substantial Issuer Bid

DCBO

Share Buyback

Docebo Inc. has formally commenced a substantial issuer bid to repurchase up to 2,941,176 of its outstanding common shares.
The company will repurchase shares at a price of US$20.40 per Common Share, for an aggregate amount not exceeding US$60,000,000.
The offer began on February 3, 2026, and is scheduled to expire on March 10, 2026, unless extended, varied, or withdrawn.

Feb 3, 2026, 9:01 PM

Press Release

Docebo Announces Share Buyback and Provides FY26 Guidance

DCBO

Share Buyback

Guidance Update

Debt Issuance

Docebo announced a $60 million fixed-price share buyback at $20.40 per share, which will be partially financed by borrowings.
The company provided Q4 2025 revenue guidance of $62.7–63.0 million and adjusted EBITDA guidance of $12.9–13.2 million.
For FY26, Docebo projects revenue of $267.5–269.5 million and adjusted EBITDA of $52.5–54.5 million, with the adjusted EBITDA guidance running above Street estimates.
Needham analyst Ryan MacDonald reiterated a Buy rating on Docebo, citing the buyback, better-than-expected preliminary Q4 results, and strong guidance as signals of management confidence and solid demand.