Revenue growth has decelerated to 12.9% as of 2026Q1, though the company maintains structural resilience with gross margins consistently near the 75.2% level.
| Sales/Revenue | 250.39M | 246.94M | 216.93M | 180.84M | 142.91M | 104.24M | 62.92M | 41.44M | 27.07M | 17.13M |
| Revenue Growth % | 12.37% | 13.83% | 19.96% | 26.54% | 37.1% | 65.68% | 51.82% | 53.07% | 58.09% | - |
| Cost of Goods Sold | 54.11M | 51.93M | 41.3M | 34.5M | 28.18M | 20.79M | 11.54M | 8.37M | 5.65M | 4.35M |
| COGS % of Revenue | - | 21.03% | 19.04% | 19.08% | 19.72% | 19.94% | 18.34% | 20.18% | 20.87% | 25.42% |
| Gross Profit | 196.28M | 195M | 175.64M | 146.34M | 114.73M | 83.46M | 51.38M | 33.08M | 21.42M | 12.77M |
| Gross Margin % | 78.39% | 78.97% | 80.96% | 80.92% | 80.28% | 80.06% | 81.66% | 79.82% | 79.13% | 74.58% |
| Gross Profit Growth % | - | 11.03% | 20.02% | 27.55% | 37.48% | 62.44% | 55.32% | 54.4% | 67.73% | - |
| Operating Expenses | 174.55M | 170.1M | 154.34M | 150.05M | 110.55M | 96.91M | 59.01M | 42.89M | 29.36M | 19.18M |
| OpEx % of Revenue | - | 68.88% | 71.15% | 82.97% | 77.35% | 92.96% | 93.78% | 103.48% | 108.45% | 111.98% |
| Selling, General & Admin | 120.75M | 119.1M | 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 | 52.01M | 51M | 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 | 1000K | 0 | 999K | 7.53M | -8.78M | 2.49M | 2.98M | 1.61M | 0 | 0 |
| Operating Income | 21.72M | 24.91M | 21.29M | -3.71M | 4.18M | -13.45M | -7.63M | -9.81M | -8.95M | -6.88M |
| Operating Margin % | 8.68% | 10.09% | 9.82% | -2.05% | 2.93% | -12.9% | -12.12% | -23.67% | -33.08% | -40.18% |
| Operating Income Growth % | - | 16.98% | 673.91% | -188.65% | 131.12% | -76.33% | 22.24% | -9.54% | -30.14% | - |
| EBITDA | 26.01M | 28.15M | 24.68M | -569K | 6.52M | -11.43M | -6.42M | -9.12M | -8.79M | -6.69M |
| EBITDA Margin % | 10.39% | 11.4% | 11.38% | -0.31% | 4.56% | -10.96% | -10.2% | -22% | -32.48% | -39.06% |
| EBITDA Growth % | 17.49% | 14.08% | 4436.73% | -108.73% | 157.03% | -78.09% | 29.6% | -3.65% | -31.46% | - |
| D&A (Non-Cash Add-back) | 4.29M | 3.24M | 3.38M | 3.14M | 2.33M | 2.02M | 1.21M | 693K | 160.42K | 190.86K |
| EBIT | 22.73M | 25.52M | 23.9M | 5.14M | 8.16M | -12.94M | -7.25M | -10.55M | -11.08M | -8.07M |
| Net Interest Income | 149.7K | 1.24M | 2.33M | 7.81M | 3.48M | 7.93K | -136.87K | -814.5K | 568K | -231.07K |
| Interest Income | 1.41M | 1.89M | 2.55M | 8.11M | 3.76M | 433.15K | 333.75K | 0 | 568K | 8.31K |
| Interest Expense | 1.26M | 647.13K | 222.76K | 297.35K | 278.51K | 425.23K | 470.61K | 814.5K | 0 | 172.83K |
| Other Income/Expense | -1.46M | -34.59K | 2.42M | 8.56M | 3.6M | 20K | -53K | -1.5M | -2.7M | -1.36M |
| Pretax Income | 20.26M | 24.87M | 23.71M | 4.85M | 7.78M | -13.43M | -7.68M | -11.3M | -11.65M | -8.24M |
| Pretax Margin % | 8.09% | 10.07% | 10.93% | 2.68% | 5.45% | -12.88% | -12.21% | -27.28% | -43.03% | -48.11% |
| Income Tax | -14.53M | -13.3M | -3.02M | 2.01M | 764K | 172K | 336K | 609K | -2.13M | 0 |
| Effective Tax Rate % | -71.69% | -53.45% | -12.75% | 41.39% | 9.82% | -1.28% | -4.38% | -5.39% | 18.26% | 0% |
| Net Income | 34.79M | 38.17M | 26.74M | 2.84M | 7.02M | -13.6M | -8.02M | -11.91M | -11.27M | -7.31M |
| Net Margin % | 13.89% | 15.46% | 12.32% | 1.57% | 4.91% | -13.05% | -12.74% | -28.75% | -41.63% | -42.7% |
| Net Income Growth % | 50.98% | 42.76% | 841.41% | -59.53% | 151.6% | -69.67% | 32.72% | -5.7% | -54.13% | - |
| Net Income (Continuing) | 34.79M | 38.17M | 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) | 1.24 | 1.30 | 0.86 | 0.08 | 0.20 | -0.41 | -0.26 | -0.49 | -0.37 | -0.24 |
| EPS Growth % | 60.42% | 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 | 28.08M | 29.37M | 30.94M | 33.68M | 34.04M | 32.87M | 28.93M | 24.36M | 30.09M | 30.09M |
| Basic Shares Outstanding | 28.08M | 28.69M | 30.22M | 32.53M | 33.07M | 32.87M | 28.93M | 24.36M | 30.09M | 28.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Enterprise Software Consolidation Headwinds
As reported in recent financial statements, Docebo's year-over-year revenue growth has decelerated from 26.5% in 2023Q4 to 12.9% in 2026Q1, signaling a transition from hyper-growth to a more sustainable, albeit slower, expansion phase as the company scales its enterprise-focused learning platform within a competitive market.
The consistent decline in quarterly growth rates suggests that the company is encountering the natural law of large numbers as it attempts to penetrate deeper into the enterprise segment. Investors should monitor whether the current 12.9% growth rate represents a floor or if further deceleration is likely as corporate training budgets face increased scrutiny.
Based on the provided income statement data, Docebo has maintained a robust gross margin profile, consistently hovering near the 80% threshold, which underscores the inherent scalability of its cloud-based delivery model despite recent fluctuations in the broader revenue mix and professional services engagement levels.
The ability to sustain margins above 75% even during periods of slower top-line growth indicates significant pricing power and a high-value software architecture. This structural efficiency provides a necessary buffer for the company to absorb potential increases in customer acquisition costs while maintaining its path toward consistent operating profitability.
According to the latest quarterly filings, Docebo has successfully transitioned from operating losses to positive operating margins, peaking at 14.9% in 2025Q4, which demonstrates a disciplined approach to managing SG&A expenses relative to the company's gross profit generation during this period of maturation.
The shift toward positive operating income suggests that management is successfully pivoting from a 'growth at all costs' strategy to one focused on operational efficiency. However, the recent dip into negative operating income in 2026Q1 warrants further investigation to determine if this is a temporary seasonal anomaly or a sign of renewed spending pressure.
As evidenced by the reported figures, net income has exhibited significant quarterly volatility, ranging from a $1.6M loss in 2026Q1 to a $27.3M gain in 2025Q4, largely influenced by non-operating items and the timing of stock-based compensation expenses that complicate the underlying earnings quality.
The wide variance in net income suggests that investors should prioritize adjusted EBITDA or cash flow metrics to gauge the true health of the business. The reliance on non-cash adjustments to reach profitability highlights the importance of monitoring the sustainability of these earnings as the company matures.
Based on the competitive landscape, the increasing integration of learning tools into productivity suites like Microsoft Viva poses a material risk to Docebo's market share, potentially pressuring the company's ability to maintain its premium valuation if enterprise customers choose consolidation over specialized, standalone learning platforms.
Short-sellers may focus on the potential for margin compression if the company is forced to increase R&D and marketing spend to defend its niche against larger, platform-integrated competitors. The sustainability of the 'Extended Enterprise' moat remains an open question that requires ongoing validation through NRR and active user metrics.
Quick answers to the most common questions about buying DCBO stock.
For fiscal year 2025, Docebo Inc. (DCBO) reported total revenue of $246.9M. This represents a 1341.9% increase compared to $17.1M in 2017.
Docebo Inc. (DCBO) is profitable, generating $38.2M 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 $24.9M, 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 $195.0M in gross profit for the year, representing a gross profit margin of 79.0%. This demonstrates the company's core pricing power and production efficiency.