0001628280-26-032550
SEC filingDocebo Inc. reported first quarter 2026 financial results showing 15% year-over-year total revenue growth to $65.6 million, improved free cash flow of $27.6 million, raised full-year guidance, and announced renewal of its NCIB to repurchase up to 1.27 million shares.
Docebo delivered a materially stronger first quarter in 2026, marked by accelerated top-line growth, significant improvement in profitability metrics, and robust cash generation. Total revenue grew 15% year-over-year to $65.6 million, driven primarily by subscription revenue growth of 12% — with approximately 3 percentage points attributable to favorable foreign exchange impacts from USD weakness. Professional services revenue surged 60%, indicating strong implementation demand and cross-sell traction. Gross margin declined modestly to 78.1% from 80.1%, reflecting continued investment in platform capabilities and infrastructure scaling. The most notable shift was in profitability: while GAAP net income swung to a $1.6 million loss due to higher operating expenses tied to growth initiatives and AI platform expansion, Adjusted Net Income rose 17% to $9.9 million, and Adjusted EBITDA expanded to $11.0 million (16.8% of revenue), signaling improving operational leverage. Free cash flow more than tripled to $27.6 million (42% of revenue), underscoring the scalability of Docebo’s SaaS model and disciplined capital allocation. Management attributed the outperformance to enterprise adoption of its AI-powered platform, citing wins across high-profile verticals including luxury hospitality, financial regulation, cloud data intelligence (Databricks), Fortune 100 tech, life sciences, and autonomous vehicles (Zoox). Critically, ARR grew 10.6% year-over-year to $248.9 million, but ex-OEM customer and FX-adjusted growth reached 13.7%, confirming underlying strength despite the ongoing reduction in contribution from its largest OEM partner (down from 9.4% to 3.2% of ARR). In response, Docebo raised full-year guidance across all key metrics and renewed its NCIB — a clear signal of management confidence in sustained cash flow generation and long-term value creation. The combination of accelerating organic growth, expanding margins, and strong capital return makes this a high-materiality earnings event for investors.