Revenue growth has decelerated to 13.0% in 2026Q2, while operating margins have swung from a peak of 14.9% in 2025Q4 to 7.1% in the latest quarter, indicating inconsistent operating leverage.
Docebo Inc. (DCBO) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 258.93M | 242.69M | 216.93M | 180.84M | 142.91M | 104.24M | 62.92M | 41.44M | 27.07M | 17.13M |
| Revenue Growth % | 12.33% | 11.87% | 19.96% | 26.54% | 37.1% | 65.68% | 51.82% | 53.07% | 58.09% | - |
| Cost of Goods Sold | 53.34M | 47.85M | 41.3M | 34.5M | 28.18M | 20.79M | 11.54M | 8.37M | 5.65M | 4.35M |
| COGS % of Revenue | - | 19.72% | 19.04% | 19.08% | 19.72% | 19.94% | 18.34% | 20.18% | 20.87% | 25.42% |
| Gross Profit | 205.59M | 194.84M | 175.64M | 146.34M | 114.73M | 83.46M | 51.38M | 33.08M | 21.42M | 12.77M |
| Gross Margin % | 79.4% | 80.28% | 80.96% | 80.92% | 80.28% | 80.06% | 81.66% | 79.82% | 79.13% | 74.58% |
| Gross Profit Growth % | - | 10.93% | 20.02% | 27.55% | 37.48% | 62.44% | 55.32% | 54.4% | 67.73% | - |
| Operating Expenses | 183.21M | 170.36M | 156.73M | 150.05M | 110.55M | 96.91M | 59.01M | 42.89M | 29.36M | 19.18M |
| OpEx % of Revenue | - | 70.2% | 72.25% | 82.97% | 77.35% | 92.96% | 93.78% | 103.48% | 108.45% | 111.98% |
| Selling, General & Admin | 125.07M | 117.05M | 109.44M | 107.04M | 94.55M | 74.05M | 42.64M | 31.84M | 22.58M | 15.09M |
| SG&A % of Revenue | - | 48.23% | 50.45% | 59.19% | 66.16% | 71.04% | 67.77% | 76.82% | 83.41% | 88.1% |
| Research & Development | 52.47M | 50.12M | 43.91M | 35.48M | 24.78M | 20.36M | 13.38M | 9.44M | 6.61M | 3.91M |
| R&D % of Revenue | - | 20.65% | 20.24% | 19.62% | 17.34% | 19.53% | 21.27% | 22.77% | 24.42% | 22.81% |
| Other Operating Expenses | 3.54M | 3.19M | 3.38M | 7.53M | -8.78M | 2.49M | 2.98M | 1.61M | 0 | 0 |
| Operating Income | 22.38M | 24.48M | 18.91M | -3.71M | 4.18M | -13.45M | -7.63M | -9.81M | -8.95M | -6.88M |
| Operating Margin % | 8.64% | 10.09% | 8.72% | -2.05% | 2.93% | -12.9% | -12.12% | -23.67% | -33.08% | -40.18% |
| Operating Income Growth % | - | 29.47% | 609.62% | -188.65% | 131.12% | -76.33% | 22.24% | -9.54% | -30.14% | - |
| EBITDA | 28.05M | 27.66M | 22.29M | -569K | 6.52M | -11.43M | -6.42M | -9.12M | -8.79M | -6.69M |
| EBITDA Margin % | 10.83% | 11.4% | 10.28% | -0.31% | 4.56% | -10.96% | -10.2% | -22% | -32.48% | -39.06% |
| EBITDA Growth % | 33.56% | 24.11% | 4017.57% | -108.73% | 157.03% | -78.09% | 29.6% | -3.65% | -31.46% | - |
| D&A (Non-Cash Add-back) | 5.67M | 3.19M | 3.38M | 3.14M | 2.33M | 2.02M | 1.21M | 693K | 160.42K | 190.86K |
| EBIT | 18.8M | 24.59M | 23.9M | 5.14M | 8.16M | -12.94M | -7.25M | -10.55M | -11.08M | -8.07M |
| Net Interest Income | -933K | 1.71M | 2.33M | 7.81M | 3.48M | 7.93K | -136.87K | -814.5K | 568K | -231.07K |
| Interest Income | 871K | 1.86M | 2.55M | 8.11M | 3.76M | 433.15K | 333.75K | 0 | 568K | 8.31K |
| Interest Expense | 1.8M | 146K | 222.76K | 297.35K | 278.51K | 425.23K | 470.61K | 814.5K | 0 | 172.83K |
| Other Income/Expense | -5.38M | -34K | 4.81M | 8.56M | 3.6M | 20K | -53K | -1.5M | -2.7M | -1.36M |
| Pretax Income | 17M | 24.45M | 23.71M | 4.85M | 7.78M | -13.43M | -7.68M | -11.3M | -11.65M | -8.24M |
| Pretax Margin % | 6.57% | 10.07% | 10.93% | 2.68% | 5.45% | -12.88% | -12.21% | -27.28% | -43.03% | -48.11% |
| Income Tax | -16.6M | -13.07M | -3.02M | 2.01M | 764K | 172K | 336K | 609K | -2.13M | 0 |
| Effective Tax Rate % | -97.66% | -53.45% | -12.75% | 41.39% | 9.82% | -1.28% | -4.38% | -5.39% | 18.26% | 0% |
| Net Income | 33.6M | 37.51M | 26.74M | 2.84M | 7.02M | -13.6M | -8.02M | -11.91M | -11.27M | -7.31M |
| Net Margin % | 12.98% | 15.46% | 12.32% | 1.57% | 4.91% | -13.05% | -12.74% | -28.75% | -41.63% | -42.7% |
| Net Income Growth % | 56.87% | 40.31% | 841.41% | -59.53% | 151.6% | -69.67% | 32.72% | -5.7% | -54.13% | - |
| Net Income (Continuing) | 33.6M | 37.51M | 26.74M | 2.84M | 7.02M | -13.6M | -8.02M | -11.91M | -11.65M | -8.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.05M |
| EPS (Diluted) | 1.25 | 1.30 | 0.86 | 0.08 | 0.20 | -0.41 | -0.26 | -0.49 | -0.37 | -0.24 |
| EPS Growth % | 69.18% | 51.16% | 920.17% | -57.85% | 148.78% | -57.69% | 46.94% | -32.43% | -54.17% | - |
| EPS (Basic) | - | 1.33 | 0.88 | 0.09 | 0.20 | -0.41 | -0.26 | -0.49 | -0.37 | -0.26 |
| Diluted Shares Outstanding | 26.8M | 29.37M | 30.94M | 33.68M | 34.04M | 32.87M | 28.93M | 24.36M | 30.09M | 30.09M |
| Basic Shares Outstanding | 25.46M | 28.69M | 30.22M | 32.53M | 33.07M | 32.87M | 28.93M | 24.36M | 30.09M | 28.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DCBO stock.
For fiscal year 2025, Docebo Inc. (DCBO) reported total revenue of $242.7M. This represents a 1317.1% increase compared to $17.1M in 2017.
Docebo Inc. (DCBO) is profitable, generating $37.5M in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
Docebo Inc. (DCBO) reported an operating income of $24.5M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Docebo Inc. (DCBO) generated $194.8M in gross profit for the year, representing a gross profit margin of 80.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from rising costs
Growth Deceleration Amidst Scaling
Docebo's revenue growth has decelerated from a peak of 24.0% in 2024Q1 to 13.0% in 2026Q2, suggesting the company is maturing from a high-growth phase into a more normalized expansion trajectory.
The sequential decline in year-over-year revenue growth from the low-20s to the low-teens indicates the initial hyper-growth phase is concluding. This deceleration appears to be a natural consequence of a larger revenue base, but it raises questions about the durability of the growth engine and the company's ability to maintain its premium valuation multiple.
Gross Margin Resilience vs. SG&A Pressure
Gross margins have remained remarkably stable in the 79-81% range, indicating strong pricing power, but operating margins have been volatile, swinging from -0.1% to 14.9% over the last ten quarters.
The consistent high gross margin suggests Docebo's software platform enjoys significant pricing power and low variable costs. However, the volatility in operating margin, particularly the dip to near-breakeven in 2026Q1, indicates that operating leverage is not yet fully realized and that SG&A and R&D spending are scaling unevenly relative to revenue growth.
Inconsistent Operating Leverage Realization
Operating income has not consistently scaled faster than gross profit, with operating margins ranging from -0.1% to 14.9%, suggesting that overhead efficiency remains a work in progress despite strong top-line growth.
While gross profit has grown steadily, the conversion to operating income has been erratic. The significant operating loss in 2026Q1, despite solid revenue, points to a period of elevated investment or cost inefficiency. This inconsistency implies that management has not yet fully optimized its cost structure to deliver predictable operating leverage.
R&D and SG&A as Primary Cost Drivers
R&D and SG&A together consume approximately 70% of revenue, with SG&A being the largest single expense line, indicating that sales, marketing, and administrative overhead are the primary constraints on profitability.
The combined weight of R&D and SG&A highlights the company's investment in product development and customer acquisition. The fluctuation in SG&A as a percentage of revenue, from 49.1% in 2025Q2 to 52.3% in 2026Q2, suggests that sales and marketing efficiency may be deteriorating or that the company is investing ahead of revenue to capture market share.
Margin Sustainability Under Scrutiny
The strongest challenge to the income statement narrative is the potential for margin compression, as the recent 2026Q2 operating margin of 7.1% is significantly below the 14.9% peak in 2025Q4, raising questions about cost control.
Short-sellers would focus on the declining operating margin trend and the significant stock-based compensation expense of $2.5M in 2026Q2, which dilutes shareholders and masks true cash profitability. The combination of decelerating revenue growth and inconsistent operating leverage suggests that the path to sustained, high-margin profitability is less certain than the gross margin profile might imply.