N-able Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
Did NABL Beat Earnings? Q4 2025 Results
N-able delivered a split verdict in Q4 2025, beating revenue expectations while falling short on the bottom line, a combination that captures the company's deliberate but costly growth push. Total revenue of $130.27 million grew 11.8% year-over-year, clearing the $127.07 million consensus estimate by 2.52%, with subscription revenue of $129.01 million accounting for nearly the entire top line. But non-GAAP EPS of $0.06 missed the $0.10 estimate by 40%, as a debt refinancing that drove interest expense to $12.21 million, up sharply from $7.27 million a year ago, combined with heavier spending across sales, R&D, and G&A to compress margins and flip GAAP results to a net loss of $7.23 million. Total ARR reached $539.70 million, up 11.9% year-over-year, signaling that demand remains intact even as profitability absorbs the investment cycle. The company's shares have already felt pressure, recently touching a 52-week low. Looking ahead, N-able guided full-year 2026 revenue of $554 to $559 million and adjusted EBITDA margins of 30 to 31%, framing the near-term pain as a foundation for durable growth.
- Subscription revenue growth of 12.1% YoY driven by cybersecurity demand
- Total ARR growth of 11.9% YoY to $539.7 million
- Constant currency subscription revenue growth of 9.3%
- Favorable foreign currency exchange rate impact of 2.8 percentage points on total revenue growth
“We enter 2026 with momentum following another year of profitable growth and with confidence that we can drive continued strong performance. Cybersecurity is a matter of survival and our AI-powered cybersecurity platform delivers the business resilience customers need. We believe our strong financial profile, durable position in cybersecurity, and focused strategy set a sturdy, scalable foundation for what comes next. 2026 is a year of execution for N-able and we are excited to deliver.”
N-able CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, N-able expects total revenue of $131 to $132 million (approximately 11-12% YoY growth reported, 6-7% constant currency) and adjusted EBITDA of $35.5 to $36.5 million (approximately 27-28% of total revenue). For full-year 2026, the company expects total ARR of $581 to $586 million (approximately 8-9% YoY growth), total revenue of $554 to $559 million (approximately 8-9% reported growth, 7-8% constant currency), and adjusted EBITDA of $167 to $171 million (approximately 30-31% of total revenue). The company intends to make further investments in AI innovation and go-to-market expansion while driving over 30% adjusted EBITDA margins and meaningfully improving unlevered free cash flow year-over-year.
NABL YoY Financials
NABL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.