N‑able: Fiscal 4Q25 and FY25 Financial Results

Summary:

Full-Year 2025 Results All Above Guidance
Full-Year 2026 Constant Currency ARR Outlook of 8% to 9% YoY Growth
Full-Year 2026 Adjusted EBITDA Outlook of 30% to 31%

N‑able, Inc., a cybersecurity company delivering business resilience, reported results for its fourth quarter ended December 31, 2025.“We enter 2026 with momentum following another year of profitable growth and with confidence that we can drive continued strong performance,” said John Pagliuca, president and CEO, N-able. “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.”

“Our financial profile and results reflect consistent execution and a balanced approach to driving both growth and profit,” added Tim O’Brien, CFO, N-able. “In 2026, we intend to make further investments in AI innovation and go-to-market expansion while driving over 30% adjusted EBITDA margins and meaningfully improving our unlevered free cash flow year-over-year.”

Fourth quarter 2025 financial highlights:

Total revenue of $130.3 million, representing 8% year-over-year growth, or 9.0% YoY growth on a constant currency basis
Subscription revenue of $129.0 million, representing 1% year-over-year growth, or 9.3% YoY growth on a constant currency basis
Total ARR of $539.7 million, representing 9% year-over-year growth, or 7.7% YoY growth on a constant currency basis
GAAP gross margin of 2% and non-GAAP gross margin of 79.8%
GAAP net loss of $7.2 million, or $0.04 per diluted share, and non-GAAP net income of $10.8 million, or $0.06 per diluted share
Adjusted EBITDA of $38.6 million, representing an adjusted EBITDA margin of 6%

Additional recent business highlights:

N‑able ushers in new era of business resilience fueled by AI. N‑able introduced enhanced, agentic AI capabilities across endpoint management, security operations, and data protection to help organizations anticipate risk, automate response, and recover faster with confidence, powered by telemetry from more than 11 million endpoints
N‑able appoints Patrick Pulvermueller to Board of Directors. Patrick Pulvermueller, former Acronis CEO and longtime cybersecurity leader, brings decades of technology leadership to support the company’s mission of strengthening security‑driven innovation and business resilience
N‑able introduces new Cyber Warranty Program. The $100,000 cyber warranty for Adlumin MDR gives customers fast reimbursement for eligible breach costs and helps MSPs boost confidence, close gaps left by cyber insurance, and accelerate recovery
N‑able has been recognized in the 2026 Gartner® Magic Quadrant for Endpoint Management Tools.* We believe N‑able’s recognition underscores its ability to deliver secure, autonomous endpoint management that reduces attack surfaces, strengthens resilience, and streamlines operations at scale

*Gartner, Magic Quadrant for Endpoint Management Tools, 5 January 2026. GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and/or its affiliates. Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this earnings press release) and the opinions expressed in the Gartner Content are subject to change without notice.

Balance Sheet
As of December 31, 2025, total cash and cash equivalents were $111.8 million and total debt, net of debt issuance costs, was $393.9 million.

The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until N‑able files its annual report on Form 10-K for the period. Information about N‑able’s use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”

Financial Outlook
As of February 19, 2026, N‑able is providing its financial outlook for the first quarter of 2026 and full-year 2026. The financial information below includes forward-looking non-GAAP financial information, including adjusted EBITDA. These non-GAAP financial measures exclude, among other items mentioned below, amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We have not reconciled our estimates of these non-GAAP financial measures to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, these excluded items in future periods. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.

The financial outlook provided below reflects N‑able’s expectations, as of the date of this release, regarding the impact on its business of changing foreign exchange rates and current macroeconomic dynamics.

Financial Outlook for the First Quarter of 2026
N‑able management currently expects to achieve the following results for the first quarter of 2026:

Total revenue in the range of $131 to $132 million, representing approximately 11% to 12% YoY growth on a reported basis and 6% to 7% on a constant currency basis
Adjusted EBITDA in the range of $35.5 to $36.5 million, representing approximately 27% to 28% of total revenue

Financial Outlook for Full-Year 2026
N‑able management currently expects to achieve the following results for the full-year 2026:

Total ARR in the range of $581 to $586 million, representing approximately 8% to 9% YoY growth on a reported and constant currency basis
Total revenue in the range of $554 to $559 million, representing approximately 8% to 9% YoY growth on a reported basis and 7% to 8% on a constant currency basis
Adjusted EBITDA in the range of $167 to $171 million, representing approximately 30% to 31% of total revenue