Docebo Inc. (NASDAQ: DCBO) reported its preliminary unaudited financial results for the quarter ended March 31 2026, showing a 14.3% year‑over‑year increase in revenue to an estimated US$65.4–65.6 million and a 22.5% rise in adjusted EBITDA to US$10.8–11.0 million. The company’s annual recurring revenue (ARR) reached US$248.9 million, up 10.6% from US$225.1 million in March 2025, after a negative foreign‑exchange impact of US$1.4 million. The largest OEM customer’s share of ARR fell to 3.2% from 9.4% in the prior year, indicating a broader, more diversified customer base.
The revenue growth was driven by strong demand for Docebo’s AI‑first learning platform, which integrates learning, enterprise knowledge, and skills intelligence into a single hub. The company’s acquisition of 365Talents has expanded its skills‑intelligence capabilities, further fueling demand. Despite the FX headwind, underlying ARR growth excluding the OEM customer and FX effects was 13.7%, underscoring robust organic expansion.
Adjusted EBITDA margin in Q1 2026 was approximately 16.6%–16.9%, slightly lower than the 21.2% margin reported in Q4 2025. The sequential dip reflects increased investment in AI capabilities and platform development, which temporarily compressed margins while positioning the company for higher long‑term profitability.
Management raised its full‑year 2026 guidance across all key metrics. Total revenue guidance was increased to US$271.0–273.0 million from US$267.5–269.5 million, subscription revenue to US$253.5–255.5 million from US$251.5–253.5 million, and adjusted EBITDA to US$54.5–56.5 million from US$52.5–54.5 million. The upward revisions signal confidence in sustained demand for the AI‑enabled platform and the effectiveness of cost‑control measures.
CEO Alessio Artuffo said, "Docebo delivered an exceptional start to 2026, exceeding our expectations across the board and reinforcing the strength of our market positioning. Our performance reflects both disciplined execution and growing demand for our AI workforce readiness platform as organizations prioritize workforce readiness in an increasingly complex operating environment." He added, "With Docebo Inspire beginning today in Miami, we look forward to showcasing innovations that further strengthen our position in the market." The company is also pursuing FedRAMP certification, which could open significant opportunities in the U.S. federal government market.
The results and guidance reinforce Docebo’s strategic focus on AI, its expanding customer base, and its commitment to delivering integrated learning solutions, positioning the company for continued growth in the evolving enterprise learning market.
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