Docebo (DCBO) financial statements
Docebo reported revenue of $243M in fiscal 2025, up 34.3% a year over 6 years.
Net income was $38M and the operating margin 9.6%, against -23.7% in 2019.
Free cash flow was $27M.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Docebo's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $41M | $63M | $104M | $143M | $181M | $217M | $243M |
| Cost of revenue | $8M | $12M | $21M | $28M | $34M | $41M | $48M |
| Gross profit | $33M | $51M | $83M | $115M | $146M | $176M | $195M |
| Research and development | $9M | $13M | $20M | $25M | $35M | $44M | $50M |
| Selling, general and admin | $13M | $17M | $28M | $30M | $34M | $33M | $35M |
| Operating income | -$10M | -$8M | -$13M | $4M | -$4M | $21M | $23M |
| Pre-tax income | -$11M | -$8M | -$13M | $8M | $5M | $24M | $24M |
| Income tax | $609,000 | $336,000 | $172,000 | $764,000 | $2M | -$3M | -$13M |
| Net income | -$12M | -$8M | -$14M | $7M | $3M | $27M | $38M |
| EPS (diluted) | -$0.49 | -$0.28 | -$0.41 | $0.21 | $0.08 | $0.86 | $1.28 |
| Diluted shares | 24M | 29M | 33M | 34M | 34M | 31M | 29M |
| Gross margin | 79.8% | 81.7% | 80.1% | 80.3% | 80.9% | 81.0% | 80.3% |
| Operating margin | -23.7% | -12.1% | -12.9% | 2.9% | -2.1% | 9.8% | 9.6% |
| Net margin | -28.7% | -12.7% | -13.0% | 4.9% | 1.6% | 12.3% | 15.5% |
Balance sheet
Fiscal years, from Docebo's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $46M | $220M | $215M | $216M | $72M | $93M | $74M |
| Receivables | $10M | $16M | $28M | $38M | $42M | $46M | $55M |
| Total current assets | $59M | $240M | $252M | $264M | $127M | $154M | $152M |
| Property, plant and equipment | $1M | $2M | $3M | $3M | $2M | $2M | $2M |
| Goodwill | $0 | $6M | $5M | $6M | $14M | $14M | $15M |
| Total assets | $64M | $254M | $268M | $284M | $158M | $191M | $207M |
| Total current liabilities | $29M | $46M | $69M | $84M | $101M | $129M | $124M |
| Long-term debt | $16,000 | $0 | — | — | — | — | — |
| Total liabilities | $32M | $54M | $78M | $91M | $108M | $133M | $133M |
| Shareholders' equity | $31M | $200M | $191M | $192M | $51M | $58M | $74M |
| Net debt | -$46M | -$220M | -$215M | -$216M | -$72M | -$93M | -$74M |
Cash flow
Fiscal years, from Docebo's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5M | $5M | -$3M | $2M | $16M | $29M | $28M |
| Capital spending | $366,000 | $1M | $1M | $1M | $635,000 | $1M | $981,000 |
| Free cash flow | -$5M | $3M | -$4M | $1M | $15M | $28M | $27M |
| Stock-based compensation | $659,000 | $2M | $2M | $5M | $6M | $7M | $6M |
| Share buybacks (net) | — | — | — | — | — | -$18M | — |
| Net borrowing | -$14M | -$299,000 | -$15,000 | $0 | — | — | — |
| Free cash flow margin | -11.9% | 5.3% | -4.2% | 0.8% | 8.5% | 12.9% | 11.2% |
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Open DCBO in InvestinglyQuestions
What was Docebo's revenue in 2025?
$243M in fiscal 2025, from its 10-K filing.
How much free cash flow does Docebo generate?
$27M in fiscal 2025 (operating cash flow minus capital spending).
From Docebo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.