Docebo Inc. (DCBO): Financial results for Q2 2026
Docebo Inc. (DCBO) furnished an SEC Form 6-K — earnings release. Docebo Reports Second Quarter 2026 Results TORONTO, ONTARIO - August 7, 2026 - Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“ Docebo ” or the “ Company ”), the Enterprise Platform for the AI-era workforce, unifying skills intelligence, learning, and knowledge in one closed loop, announc
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on revenue growth, profitability and forward guidance, which were not publicly available before this filing.
Market read
First‑report earnings with raised outlook offers actionable insight for traders in the ed‑tech space.
What to watch
Currency headwinds and reduced cash flow generation could pressure valuation.
Docebo Reports Second Quarter 2026 Results
Total revenue, subscription revenue, ARR and Adjusted EBITDA increased from the comparative period, and the Company raised its full-year outlook. However, IFRS net income declined, gross-profit margin declined, quarterly operating cash flow turned negative, Free Cash Flow declined, and cash and cash equivalents fell while total liabilities increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Subscription Revenueother | $63,841 (in thousands of US dollars) | – | 11.9% |
| Professional Servicesother | $4,809 (in thousands of US dollars) | – | 31.2% |
| Total Revenueother | $68,650 (in thousands of US dollars) | – | 13.0% |
| Cost of revenueother | $14,116 (in thousands of US dollars) | – | – |
| Gross Profitother | $54,534 (in thousands of US dollars) | – | 11.0% |
| Gross profit as a percentage of total revenueother | 79.4% | – | – |
| General and administrative expenseother | $9,486 (in thousands of US dollars) | – | – |
| Sales and marketing expenseother | $22,543 (in thousands of US dollars) | – | – |
| Research and development expenseother | $12,990 (in thousands of US dollars) | – | – |
| Share-based compensationother | $2,456 (in thousands of US dollars) | – | – |
| Foreign exchange lossother | $2,275 (in thousands of US dollars) | – | – |
| Depreciation and amortizationother | $2,203 (in thousands of US dollars) | – | – |
| Operating incomeother | $2,581 (in thousands of US dollars) | – | – |
| Finance costs (income), netother | $1,084 (in thousands of US dollars) | – | – |
| Income before income taxesother | $1,497 (in thousands of US dollars) | – | – |
| Income tax (recovery) expenseother | $(761) (in thousands of US dollars) | – | – |
| Net incomeother | $2,258 (in thousands of US dollars) | – | (26.6)% |
| Earnings per share - Basicother | $0.09 | – | (10.0)% |
| Earnings per share - Dilutedother | $0.08 | – | (20.0)% |
| Weighted average number of common shares outstanding - basicother | 25,455,554 | – | – |
| Weighted average number of common shares outstanding - dilutedother | 26,796,908 | – | – |
| Cash flow from (used in) operating activitiesother | $(3,073) (in thousands of US dollars) | – | (149.2)% |
| Annual Recurring Revenuenon-GAAP | $255.1 million | – | 9.5% |
| Average Contract Valuenon-GAAP | $74.8 thousand | – | 27.0% |
| Adjusted EBITDAnon-GAAP | $11,232 (in thousands of US dollars) | – | 21.8% |
| Adjusted EBITDA as a percentage of total revenuenon-GAAP | 16.4% | – | – |
| Adjusted Net Incomenon-GAAP | $9,391 (in thousands of US dollars) | – | 5.4% |
| Adjusted Earnings per Share - Basicnon-GAAP | $0.37 | – | 23.3% |
| Adjusted Earnings per Share - Dilutednon-GAAP | $0.35 | – | 20.7% |
| Working Capitalnon-GAAP | $(30,211) (in thousands of US dollars) | – | 491.8% |
| Free Cash Flownon-GAAP | $3,066 (in thousands of US dollars) | – | (73.1)% |
| Free Cash Flow as a percentage of total revenuenon-GAAP | 4.5% | – | – |
| Six-month Subscription Revenueother | $124,484 (in thousands of US dollars) | – | 11.9% |
| Six-month Professional Servicesother | $9,786 (in thousands of US dollars) | – | 44.4% |
| Six-month Total Revenueother | $134,270 (in thousands of US dollars) | – | 13.8% |
| Six-month Gross Profitother | $105,801 (in thousands of US dollars) | – | 11.3% |
| Six-month gross profit as a percentage of total revenueother | 78.8% | – | – |
| Six-month Operating incomeother | $1,088 (in thousands of US dollars) | – | – |
| Six-month Net incomeother | $639 (in thousands of US dollars) | – | (86.0)% |
| Six-month Earnings per share - Basicother | $0.02 | – | (86.7)% |
| Six-month Earnings per share - Dilutedother | $0.02 | – | (86.7)% |
| Six-month Cash flow from operating activitiesother | $21,733 (in thousands of US dollars) | – | 53.2% |
| Six-month Adjusted EBITDAnon-GAAP | $22,226 (in thousands of US dollars) | – | 22.5% |
| Six-month Adjusted EBITDA as a percentage of total revenuenon-GAAP | 16.6% | – | – |
| Six-month Adjusted Net Incomenon-GAAP | $19,301 (in thousands of US dollars) | – | 10.9% |
| Six-month Adjusted Earnings per Share - Basicnon-GAAP | $0.75 | – | 29.3% |
| Six-month Adjusted Earnings per Share - Dilutednon-GAAP | $0.72 | – | 26.3% |
| Six-month Free Cash Flownon-GAAP | $30,633 (in thousands of US dollars) | – | 50.4% |
| Six-month Free Cash Flow as a percentage of total revenuenon-GAAP | 22.8% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Subscription RevenueApproximately 1 percentage point of positive impact resulted from the weakening of the US dollar relative to foreign currencies. | $63,841 (in thousands of US dollars) | – | 11.9% |
| Professional ServicesNot separately stated. | $4,809 (in thousands of US dollars) | – | 31.2% |
Three months ending September 30, 2026; fiscal year ending December 31, 2026 outlook
- RevenueThree months ending September 30, 2026: Subscription revenue is expected to be between $64.9 million and $65.1 million; Total revenue between $69.5 million and $69.7 million. Fiscal year ending December 31, 2026: Subscription revenue between $255.5 million and $257.5 million; Total revenue between $274.5 million and $276.5 million.
- NoteThree months ending September 30, 2026: Adjusted EBITDA between $15.9 million to $16.1 million.
- NoteFiscal year ending December 31, 2026: Adjusted EBITDA between $54.5 million and $56.5 million.
Capital returns
- The decrease in working capital from June 30, 2026 to June 30, 2025 was driven by the use of cash and cash equivalents to purchase shares under the NCIB and SIB.
What drove it
- Total revenue increased 13.0%, including approximately 1 percentage point of positive impact from the weakening of the US dollar relative to foreign currencies.
- ARR was $255.1 million and increased 9.5%; ARR was negatively impacted in the quarter by $0.4 million due to the effects of foreign exchange.
- Excluding the largest OEM customer, acquired ARR from acquisitions and the noted foreign-exchange impact, ARR increased by approximately 13.9% from the comparative period in the prior year.
- Average Contract Value increased 27.0% to $74.8 thousand.
- Customer activity included enterprise learning and skills-platform wins, a FedRAMP win with a private-sector energy company, public-sector expansion with the Commonwealth of Kentucky, and new public-sector wins with the Indiana Public Retirement System and the State of Mississippi.
Concerns
- Gross profit as a percentage of total revenue was 79.4%, compared to 80.9% for the comparative period in the prior year.
- Net income declined 26.6% to $2,258 (in thousands of US dollars), while operating income declined to $2,581 (in thousands of US dollars) from $4,140 (in thousands of US dollars).
- Foreign exchange loss was $2,275 (in thousands of US dollars), compared to $942 (in thousands of US dollars).
- Cash flow from operating activities was $(3,073) (in thousands of US dollars), compared with $6,244 (in thousands of US dollars), and Free Cash Flow declined 73.1% to $3,066 (in thousands of US dollars).
- The largest OEM customer represented 2.5% of ARR as at June 30, 2026, compared to 8.4% as at June 30, 2025.
- Working Capital was $(30,211) (in thousands of US dollars), compared to $(5,105) (in thousands of US dollars).
What to watch
- Execution against third-quarter guidance of subscription revenue between $64.9 million and $65.1 million, total revenue between $69.5 million and $69.7 million, and Adjusted EBITDA between $15.9 million to $16.1 million.
- Execution against fiscal-year guidance of subscription revenue between $255.5 million and $257.5 million, total revenue between $274.5 million and $276.5 million, and Adjusted EBITDA between $54.5 million and $56.5 million.
- The stated assumptions that 2026 revenue from the largest OEM customer will be approximately 3%-4% of 2026 total revenue and 2026 revenue from 365Talents will be approximately US$9,000,000.
- Whether the Company contains expense levels while expanding its business, as assumed in its Adjusted EBITDA guidance.
- Cash flow conversion, cash and cash equivalents, total borrowings, and the working-capital position.
Balance sheet and cash flow
- Cash and cash equivalents were $45,715 (in thousands of US dollars) as at June 30, 2026, compared to $74,037 (in thousands of US dollars) as at December 31, 2025, a change of $(28,322) (in thousands of US dollars), or (38.3)%.
- Total assets were $242,716 (in thousands of US dollars) as at June 30, 2026, compared to $206,647 (in thousands of US dollars) as at December 31, 2025, a change of $36,069 (in thousands of US dollars), or 17.5%.
- Total liabilities were $243,022 (in thousands of US dollars) as at June 30, 2026, compared to $132,556 (in thousands of US dollars) as at December 31, 2025, a change of $110,466 (in thousands of US dollars), or 83.3%.
- Total non-current liabilities were $97,512 (in thousands of US dollars) as at June 30, 2026, compared to $8,757 (in thousands of US dollars) as at December 31, 2025, a change of $88,755 (in thousands of US dollars), or 1,013.5%.
- As at June 30, 2026, total borrowings are $88.0 million.
- Cash flows used in operating activities were $3.1 million for the three months ended June 30, 2026, compared to $6.2 million generated during the comparative period in the prior year.
- Free Cash Flow was $3.1 million for the three months ended June 30, 2026, compared to $11.4 million for the comparative period in the prior year.
Analysis
Docebo reported Q2 2026 total revenue of $68,650 (in thousands of US dollars), up 13.0%, led by Subscription Revenue of $63,841 (in thousands of US dollars), up 11.9%, and Professional Services of $4,809 (in thousands of US dollars), up 31.2%. The Company said the weakening of the US dollar relative to foreign currencies contributed approximately 1 percentage point of positive impact to subscription and total revenue growth. ARR reached $255.1 million, up 9.5%, while Average Contract Value increased 27.0% to $74.8 thousand. Management also identified approximately 13.9% ARR growth excluding its largest OEM customer, acquired ARR from acquisitions, and the stated foreign-exchange impact.
Profitability was mixed. Gross Profit increased 11.0% to $54,534 (in thousands of US dollars), but gross profit as a percentage of total revenue declined to 79.4% from 80.9%. Operating income was $2,581 (in thousands of US dollars), compared with $4,140 (in thousands of US dollars), and net income was $2,258 (in thousands of US dollars), down 26.6%. Foreign exchange loss increased to $2,275 (in thousands of US dollars) from $942 (in thousands of US dollars). On a non-IFRS basis, Adjusted EBITDA increased 21.8% to $11,232 (in thousands of US dollars), and its margin expanded to 16.4% from 15.2%. Adjusted Net Income increased 5.4% to $9,391 (in thousands of US dollars).
Quarterly cash generation weakened despite improved first-half cash flow. Cash flow from operating activities was $(3,073) (in thousands of US dollars), compared with $6,244 (in thousands of US dollars), while Free Cash Flow fell 73.1% to $3,066 (in thousands of US dollars), or 4.5% of total revenue. For the six months ended June 30, 2026, cash flow from operating activities was $21,733 (in thousands of US dollars) and Free Cash Flow was $30,633 (in thousands of US dollars). Cash and cash equivalents were $45,715 (in thousands of US dollars) at June 30, 2026, total borrowings were $88.0 million, and total liabilities were $243,022 (in thousands of US dollars).
Capital allocation included purchases of shares under the NCIB and SIB, which the Company cited as the driver of the decline in working capital to $(30,211) (in thousands of US dollars). The largest OEM customer represented 2.5% of ARR at June 30, 2026, compared with 8.4% a year earlier. New customer activity covered large enterprise, public-sector, regulated-industry and FedRAMP use cases, including learning, skills intelligence, compliance, certifications, e-commerce and workforce planning.
Management raised its full-year financial outlook and guided Q3 subscription revenue to between $64.9 million and $65.1 million, total revenue to between $69.5 million and $69.7 million, and Adjusted EBITDA to between $15.9 million to $16.1 million. Full-year guidance calls for subscription revenue between $255.5 million and $257.5 million, total revenue between $274.5 million and $276.5 million, and Adjusted EBITDA between $54.5 million and $56.5 million. The outlook assumes, among other items, that 2026 revenue from the largest OEM customer will be approximately 3%-4% of 2026 total revenue, 365Talents revenue will be approximately US$9,000,000, and expense levels will be contained while the business expands.
Management, verbatim
Q2 was another milestone quarter for Docebo as disciplined execution and long-term investment continued to strengthen our position with enterprise customers around the world.
Alessio Artuffo, President and Chief Executive Officer
As organizations transition from AI experimentation to enterprise-scale workforce transformation, they are increasingly choosing Docebo as their trusted partner. This sustained traction gives us the confidence to once again raise our full-year financial outlook.
Alessio Artuffo, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Quarter-over-quarter comparisons for reported metrics were not provided.
- Formal reportable operating segments were not provided.
- Guidance for gross margin, operating expenses and tax rate was not provided.
- Dividend information was not provided.
- The amount of share repurchases under the NCIB and SIB was not provided.
- Detailed debt maturities, interest rates and debt composition were not provided.
- A reconciliation of forward-looking Adjusted EBITDA to the most directly comparable IFRS measure was not available without unreasonable effort.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Docebo is a cloud‑based learning platform targeting enterprise customers, recently expanding into government and regulated sectors.
Ticker impact
Docebo Inc. filed its Q2 2026 earnings release with revenue up 13% YoY and raised full-year outlook.
Potential modest price appreciation in the near term as investors price in higher guidance.
Revenue growth, improved adjusted EBITDA guidance and new enterprise wins indicate stronger operating momentum.
Market effects
Positive earnings may lift the broader enterprise software and LMS sector.
North American tech markets could see a slight boost.
Limited to investors tracking AI‑enabled learning platforms.
Counterpoint
Guidance still modest; execution risk remains if new enterprise wins stall.
Key entities
- CompanyDocebo Inc.
Provider of AI‑driven learning and skills platforms.
- ExecutiveAlessio Artuffo
President and CEO of Docebo, quoted in the release.
