Docebo Posts Quarterly Revenue of $70.3 Million and Higher Net Income in Third Quarter
Key Facts
Docebo reported total revenue of $70.3 million in the third quarter of 2026, up 14% from the same period a year earlier, according to results published by the company on November 6. The company posted net income of $9.4 million, or $0.38 per share, compared with $6.1 million and $0.21 per share in the third quarter of 2025. The results reflect year-over-year growth in revenue and improvement in net income and earnings per share. At the same time, liquidity and borrowings remained part of the balance-sheet picture at the end of September. Docebo said cash and cash equivalents were $42.5 million, while total borrowings were $88.2 million on September 30.
Revenue growth followed the company's report of $68.7 million in the second quarter of 2026, up 13% from the year-earlier period. Subscription revenue in that quarter was $63.8 million, up 12% year over year, according to Docebo's quarterly results. In the third quarter, total revenue rose to $70.3 million, with year-over-year growth of 14%. These figures set out the reported quarterly sequence for the year, with each quarter measured against a different year-earlier comparison period. Net income moved from $2.3 million, or $0.09 per share, in the second quarter to $9.4 million, or $0.38 per share, in the third quarter.
Free cash flow improved to $6.1 million in the third quarter, equal to 8.7% of revenue, compared with $5.7 million and 9.2% of revenue in the year-earlier period of 2025. Free cash flow therefore increased in dollar terms year over year, while its share of revenue declined from the level recorded a year earlier. In the second quarter of 2026, free cash flow was $3.1 million, or 4.5% of revenue, compared with $11.4 million and 18.7% in the comparable quarter of 2025. The second- and third-quarter data show that free cash flow in the third quarter exceeded the second-quarter level, while the year-over-year comparison of free cash flow as a share of revenue differed between the two periods. The company reported its cash and borrowings figures at the end of September in the same results.
Cash and cash equivalents were $42.5 million on September 30, against total borrowings of $88.2 million. At the end of June, the second-quarter results showed $45.7 million in cash and cash equivalents and $88.0 million in total borrowings. Comparing the two dates, the reported cash balance declined while total borrowings increased. Third-quarter net income of $9.4 million was also higher than the $2.3 million reported in the second quarter, according to the figures published for the two periods. These indicators provide financial context for the company's results and operating outlook for the following period.
In March 2026, the company reported a separate capital-return transaction: a filing with the U.S. Securities and Exchange Commission disclosed the repurchase and cancellation of 2,941,176 shares on March 10, for $60.0 million in cash. EL7 news in July and August also covered a $70 million share buyback offer, including a change to the offer price and an extension of its period. Those events are distinct from any cash dividend announcement; the evidence available here does not include documented details of a special dividend, its amount or payment date. In its earlier offer circular, the company said it "does not currently expect to pay dividends on its common shares," and that any future decision would be up to the board of directors and depend on factors including its financial position, cash requirements and contractual restrictions. The earlier buyback remains a disclosed transaction relating to March, separate from the third-quarter results.
Docebo provided its outlook for the quarter ending December 31, 2026, forecasting total revenue of between $71.9 million and $72.1 million and adjusted earnings before interest, taxes, depreciation and amortization of between $16.9 million and $17.1 million. The company had announced that its third-quarter results call would be held on November 6, 2026, at 8:00 a.m. Eastern time, with results due that morning before the call. The outlook sets numerical ranges for fourth-quarter revenue and adjusted earnings, following third-quarter revenue of $70.3 million. These figures also mark the next part of the results schedule the company set for the period ending in December. Docebo shares, listed under the ticker DCBO, closed at $30.4 in the November 5 session, according to EL7 data.