Docebo

DCBO

Market cap $621M

I'm downgrading Docebo Inc. to a Sell due to a slowing revenue growth rate, lack of near-term catalysts, and unpredictable U.S. federal contract outcomes. DCBO's top line growth is projected at 11.4% for 2025, lagging both industry peers and broader SaaS benchmarks, despite a strong e-learning market outlook. While capital allocation remains shareholder-friendly with disciplined stock buybacks and low SBC, competitive pressures and deal elongation challenge sustained outperformance.

Docebo Inc. ( DCBO:CA ) Q3 2025 Earnings Call November 7, 2025 8:00 AM EST Company Participants Michael McCarthy - Vice President of Investor Relations Alessio Artuffo - CEO, President & Director Brandon Farber - Chief Financial Officer Conference Call Participants George Sutton - Craig-Hallum Capital Group LLC, Research Division Hoi-Fung Wong - Oppenheimer & Co. Inc., Research Division Ryan MacDonald - Needham & Company, LLC, Research Division Robert Young - Canaccord Genuity Corp., Research Division Josh Baer - Morgan Stanley, Research Division Yi Lee - Cantor Fitzgerald & Co., Research Division Erin Kyle - CIBC Capital Markets, Research Division Suthan Sukumar - Stifel Nicolaus Canada Inc., Research Division Richard Tse - National Bank Financial, Inc., Research Division Presentation Operator Good morning, everyone, and welcome to the Docebo Q3 2025 Earnings Call. [Operator Instructions] I'd now like to turn the call over to Docebo's Vice President of Investor Relations, Mike McCarthy.

While the top- and bottom-line numbers for Docebo (DCBO) give a sense of how the business performed in the quarter ended September 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Docebo Inc. (DCBO) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.27 per share a year ago.

TORONTO--(BUSINESS WIRE)--Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“Docebo” or the “Company”), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced financial results for the three and nine months ended September 30, 2025. All amounts are expressed in US dollars unless otherwise stated. “Docebo delivered another solid quarter, with results exceeding expectations, both enabled by the pace with which we are bringing innovation to our custome.

TORONTO--(BUSINESS WIRE)--Docebo Inc. (Nasdaq:DCBO; TSX:DCBO) ("Docebo" or the "Company"), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced today that it will hold a conference call to discuss its third quarter fiscal year 2025 results on Friday, November 7, 2025 at 8:00 a.m. (ET). Alessio Artuffo, President and Chief Executive Officer, and Brandon Farber, Chief Financial Officer will host a live question and answer session to disc.

Three software stocks have landed in the bottom 10% of value percentile rankings this week, suggesting their valuations are out of sync with underlying fundamentals and could be poised for correction.

Revenue grew 14% y/y to $60.7M with subscription revenue up 15% y/y, alongside solid profitability and cash generation. Enterprise momentum validated by a major “Big 5” tech expansion and new FedRAMP Authorization unlocking a $2.7B U.S. government TAM. Guidance implies growth deceleration, AWS non-renewal creates a $4M ARR headwind, and macro headwinds keep me at a hold rating.

Docebo Inc. (NASDAQ:DCBO ) Q2 2025 Earnings Conference Call August 8, 2025 8:00 AM ET Company Participants Alessio Artuffo - CEO, President & Director Brandon Farber - Chief Financial Officer Michael W. McCarthy - Vice President of Investor Relations Conference Call Participants Gavin Fairweather - Cormark Securities Inc., Research Division George Frederick Sutton - Craig-Hallum Capital Group LLC, Research Division Joshua Phillip Baer - Morgan Stanley, Research Division Kevin Krishnaratne - Scotiabank Global Banking and Markets, Research Division Robert Young - Canaccord Genuity Corp., Research Division Suthan Sukumar - Stifel Nicolaus Canada Inc., Research Division Yi Fu Lee - Cantor Fitzgerald & Co., Research Division Operator Good morning, everyone, and welcome to the Docebo Q2 2025 Earnings Call.

Docebo Inc. (DCBO) came out with quarterly earnings of $0.29 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.26 per share a year ago.