How did Docebo (DCBO) raise its 2026 guidance?

Sonal Goyal

28 October 2026 05:16 PM AEDT

How did Docebo (DCBO) raise its 2026 guidance?

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Key Highlights

Docebo reported second-quarter 2026 total Revenue of $68.7 million, up 13 per cent, with adjusted EBITDA of $11.2 million.
Annual Recurring Revenue was $255.1 million, up 9.5 per cent, and the largest OEM customer fell to 2.5 per cent of recurring revenue from 8.4 per cent.
The company raised 2026 guidance to total revenue of $274.5 million to $276.5 million and adjusted EBITDA of $54.5 million to $56.5 million.

Second-quarter results

Docebo Inc. (NASDAQ:DCBO), the learning software company also listed on the Toronto Stock Exchange, announced second-quarter 2026 results on 7 August. Total revenue was $68.7 million, up 13 per cent from a year earlier, and subscription revenue was $63.8 million, up 12 per cent. Gross Profit was $54.5 million, a Margin of 79.4 per cent.

Net income was $2.3 million, or $0.09 per share, compared with $3.1 million a year earlier. Adjusted Net Income was $9.4 million, or $0.37 per share, up from $8.9 million. Adjusted EBITDA, a non-GAAP measure, was $11.2 million, a margin of 16.4 per cent, against $9.2 million a year earlier.

Cash flow and recurring revenue

Free Cash Flow was $3.1 million, 4.5 per cent of revenue, down from $11.4 million. Operating Cash Flow was negative $3.1 million compared with $6.2 million positive a year earlier. Cash was about $45.7 million and borrowings $88.0 million at 30 June.

Annual recurring revenue was $255.1 million, up 9.5 per cent. Excluding the largest original equipment manufacturer customer, acquisitions and currency effects, growth was about 13.9 per cent. That largest customer accounted for 2.5 per cent of recurring revenue, down from 8.4 per cent a year earlier, so dependence on it has fallen sharply.

The quarter's weaker cash generation relative to Earnings is worth tracking, because adjusted EBITDA rose while free cash flow fell.

Raised guidance

The company raised its full-year 2026 outlook. It now expects subscription revenue of $255.5 million to $257.5 million, total revenue of $274.5 million to $276.5 million, and adjusted EBITDA of $54.5 million to $56.5 million. For the third quarter, it guided to total revenue of $69.5 million to $69.7 million and adjusted EBITDA of $15.9 million to $16.1 million. These figures are forecasts, not results.

Chief executive Alessio Artuffo cited sustained traction as the basis for the raised outlook.

Quarterly revenue has risen steadily: $61.6 million in the third quarter of 2025, $63.0 million in the fourth, $65.6 million in the first quarter of 2026 and $68.7 million in the second. The third-quarter guidance of about $69.6 million at the midpoint is a smaller sequential step of roughly 1.4 per cent.

Margin expansion, rather than faster revenue growth, therefore carries more of the weight in the guidance.

Customers and what to watch

Customer examples cited by the company included a security services group covering about 130,000 employees, and public sector wins in Kentucky, Indiana and Mississippi. They are announcements, not audited metrics.

Third-quarter results are expected on 6 November, although the company's call notice was not read in full. Measurable markers include revenue against the $69.5 million to $69.7 million guidance, adjusted EBITDA margin, free cash flow recovery, recurring revenue growth excluding the largest customer, and any change to the 2026 ranges.

FAQs

Q: What revenue did Docebo report for the second quarter of 2026?

A: Total revenue was $68.7 million, up 13 per cent, and subscription revenue was $63.8 million, up 12 per cent. Adjusted EBITDA was $11.2 million.

Q: How did Docebo change its full-year 2026 outlook?

A: It raised the outlook to subscription revenue of $255.5 million to $257.5 million, total revenue of $274.5 million to $276.5 million, and adjusted EBITDA of $54.5 million to $56.5 million.

Q: How dependent is Docebo on its largest OEM customer?

A: The largest original equipment manufacturer customer accounted for 2.5 per cent of recurring revenue, down from 8.4 per cent a year earlier.

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