Quarterly Results
Annual Performance Context
For the full year of 2025, N-able posted revenue of $511.4 million, up 9.7% from $466.1 million in 2024. GAAP operating income was $36.8 million, down from $82.4 million in 2024, and non-GAAP operating income was $124.9 million, compared with $142.9 million the prior year. The company reported a GAAP net loss of $17.0 million versus GAAP net income of $31.0 million in 2024. Non-GAAP net income was $73.6 million, compared with $89.6 million prior. Adjusted EBITDA for 2025 was $153.2 million, reflecting a 30.0% margin, versus $169.4 million and a 36.3% margin in 2024.
Business and Operations Update
N-able President and CEO, John Pagliuca, noted the company entered 2026 “with momentum following another year of profitable growth”. Describing cybersecurity as “a matter of survival,” he highlighted their AI-powered platform and “focused strategy”. CFO, Tim O’Brien, stated the company intends in 2026 “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”. Initiatives included enhanced agentic AI capabilities, appointing Patrick Pulvermueller to the board, and launching a $100,000 cyber warranty program for Adlumin MDR. As of December 31, 2025, cash stood at $111.8 million with total debt at $393.9 million.
Forward Outlook
Management forecasts first-quarter 2026 revenue between $131 million and $132 million, representing 11% to 12% growth on a reported basis, with adjusted EBITDA between $35.5 million and $36.5 million. For full-year 2026, the company projects total ARR of $581 million to $586 million, implying 8% to 9% growth, total revenue of $554 million to $559 million, and adjusted EBITDA between $167 million and $171 million, corresponding to an adjusted EBITDA margin of 30% to 31%.
Performance Summary
N-able delivered double-digit fourth-quarter revenue growth and expanded ARR, while GAAP results shifted to net losses compared with earlier profits. Margins narrowed in 2025, though the company successfully maintained a 30.0% adjusted EBITDA margin. Liquidity metrics reflected $111.8 million in cash against $393.9 million in debt. Management outlined plans for continued AI investment and go-to-market initiatives alongside a 2026 outlook explicitly targeting mid-single-digit to high-single-digit growth and 30% margins.