Watch for Q3 cash flow trends, dilution from debt service, and customer feedback on the 365Talents/Zive integration. The $70M SIB announced post-quarter adds further leverage pressure.
Price Chart
Executive Summary
Docebo reported Q2 2026 earnings with total revenue up 13% YoY to $68.7M, subscription revenue up 12% to $63.8M, and net income of $2.3M. The company raised its full-year 2026 guidance for subscription revenue ($255.5M-$257.5M) and Adjusted EBITDA ($54.5M-$56.5M), citing disciplined execution and enterprise customer momentum. However, GAAP net income declined YoY ($0.09 vs $0.10 EPS), operating cash flow turned negative (-$3.1M) vs positive $6.2M a year ago, and the company's deficit widened to -$230.5M from -$184M, while it now holds $88M in borrowings against only $45.7M cash.
Key Facts
- Total revenue Q2 2026: $68.7M (+13% YoY); subscription revenue $63.8M (+12% YoY)
- Net income Q2 2026: $2.3M ($0.09 EPS basic) vs $3.1M ($0.10 EPS) Q2 2025 — declined 27%
- Adjusted Net Income Q2 2026: $9.4M ($0.37 per share) vs $8.9M ($0.30) YoY
- Adjusted EBITDA Q2 2026: $11.2M (16.4% of revenue) vs $9.2M (15.2%) YoY
- ARR as of June 30, 2026: $255.1M (+9.5% YoY); largest OEM customer declined to 2.5% of ARR from 8.4%
- Cash from operations Q2 2026: -$3.1M vs +$6.2M a year ago; free cash flow $3.1M (4.5% revenue) vs $11.4M (18.7%)
- Cash and cash equivalents: $45.7M vs borrowings of $88.0M; shareholders' equity turned negative to -$306K from +$74.1M
- Completed two AI acquisitions in H1 2026: 365Talents ($60.4M) and Zive ($7.1M), funded via debt draws
- Repurchased 4,018,720 shares for cancellation in H1 2026 at total cash cost of ~$80.9M; announced new $70M substantial issuer bid on July 17, 2026
- FY 2026 guidance raised: subscription revenue $255.5M-$257.5M; total revenue $274.5M-$276.5M; Adjusted EBITDA $54.5M-$56.5M
Financial Impact
Revenue growth of 13% and raised guidance are positive, but GAAP net income declined 27%, cash from operations swung negative, and shareholders' equity went negative. The company spent ~$80.9M on buybacks and ~$60.4M on acquisitions while increasing debt to $88M — a highly leveraged capital allocation strategy.
Risk Factors
- Negative working capital (-$30.2M) and negative shareholders' equity (-$306K) signal heightened financial leverage risk
- Debt of $88M against $45.7M cash; debt-funded buybacks and acquisitions reduce financial flexibility
- GAAP net income declining despite revenue growth — fixed costs (D&A, interest, restructuring) are scaling faster than gross profit
- Largest OEM customer declined from 8.4% to 2.5% of ARR; further OEM attrition could slow growth
- $6.5M in restructuring costs in H1 2026 indicate ongoing operational friction
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-054559 |
| Document: docebo2026q2mda.htm | 0001628280-26-054559 |
| Document: docebo2026q2pr.htm | 0001628280-26-054559 |
| Document: docebo-20260630_d2.htm | 0001628280-26-054559 |
| Document: ifrs_tsxxinterimxeceoq22026.htm | 0001628280-26-054559 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 6w ago | 6-K | $24.25 | awaiting T+60 | — | $30.45 (+25.57%) |
Aug 7, 2026 11w ago | 6-K | $22.30 | awaiting T+60 | — | $30.45 (+36.58%) |
Jul 17, 2026 14w ago | 6-K | $20.38 $25.61 | ▲ +25.66% | ▲ +20.98% | $30.45 (+49.41%) |
May 8, 2026 24w ago | 6-K | $21.20 $20.62 | ▼ −2.74% | ▼ −7.58% | $30.45 (+43.63%) |
Apr 21, 2026 26w ago | 6-K | $18.21 $18.54 | ▲ +1.81% | ▼ −5.09% | $30.45 (+67.22%) |
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