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Sep 30
N-able Q3 2025 Earnings Report
N-able reported strong third quarter 2025 results, exceeding revenue and adjusted EBITDA guidance, and delivering 14% year-over-year ARR growth.
Key Takeaways
N-able delivered robust financial results in the third quarter of 2025, driven by strong demand for cybersecurity solutions. The company exceeded its revenue and adjusted EBITDA guidance, reporting total revenue of $131.7 million and adjusted EBITDA of $41.4 million. Total ARR grew by 14.2% year-over-year to $528.1 million, reflecting strong top-line growth and healthy free cash flow.
Total revenue reached $131.7 million, marking a 13.1% year-over-year increase.
Total ARR grew by 14.2% year-over-year, reaching $528.1 million.
Adjusted EBITDA was $41.4 million, with an adjusted EBITDA margin of 31.4%.
GAAP net income was $1.4 million, or $0.01 per diluted share, while non-GAAP net income was $25.4 million, or $0.13 per diluted share.
N-able
N-able
N-able Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
N-able provided an optimistic financial outlook for the fourth quarter and full-year 2025, raising its full-year ARR outlook and projecting continued revenue and adjusted EBITDA growth.
Positive Outlook
- Full-year 2025 Total ARR is expected to be in the range of $530 million to $531 million, representing 10% year-over-year growth.
- Full-year 2025 Total revenue is projected to be between $507.7 million and $508.7 million, indicating approximately 9% year-over-year growth.
- Full-year 2025 Adjusted EBITDA is anticipated to be in the range of $148.2 million to $149.2 million, with an approximate 29% margin.
- Fourth quarter 2025 Total revenue is expected to be between $126.5 million and $127.5 million, representing approximately 9% year-over-year growth.
- Fourth quarter 2025 Adjusted EBITDA is projected to be between $33.6 million and $34.6 million, representing approximately 27% of total revenue.
Challenges Ahead
- Fourth quarter 2025 revenue growth on a constant currency basis is projected to be lower at 7% to 8% compared to reported growth.
- Full-year 2025 ARR growth on a constant currency basis is projected to be lower at approximately 8% compared to reported growth.
- Full-year 2025 revenue growth on a constant currency basis is projected to be lower at approximately 8% compared to reported growth.
- Adjusted EBITDA margin for Q4 2025 is projected to be 27%, which is lower than the 31.4% achieved in Q3 2025.
- The forward-looking statements are subject to various risks and uncertainties, including adverse economic conditions and the impact of foreign exchange rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income