N-able (NABL) FY2025 results: revenue $509 million, up 9.2% on the year
N-able, Inc. (NABL) reported revenue of $509 million for fiscal 2025, the year ended 31 December 2025, up 9.2% on the year before. Net income was -$19 million, and diluted earnings per share $-0.10. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$509 million
+9.2% on the year
FY2019FY2025
Operating margin
6.7%
17.6% a year earlier
FY2019FY2025
Net income
-$19 million
FY2019FY2025
Diluted EPS
-$0.10
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Q4 revenue and subscription grew: Total revenue was $130.3 million, up 11.8% reported and 9.0% constant currency. Subscription revenue was $129.0 million, up 12.1%. Third-quarter revenue was $131.7 million.
Q4 GAAP net loss against prior profit: GAAP net loss was $7.2 million, or $0.04 per diluted share, compared with net income of $3.3 million a year earlier. Net interest expense rose to $12.2 million from $7.3 million.
Full-year revenue grew 9.7%: Revenue for 2025 was $511.4 million, up 9.7% (8.5% constant currency). Subscription revenue was $506.2 million, up 10.3%, while other revenue fell 27.9% to $5.2 million.
Agentic AI added across platform: Enhanced agentic AI was introduced across endpoint management, security operations and data protection, to help organizations anticipate risk, automate response and recover faster.
Adjusted EBITDA margin declined: Q4 adjusted EBITDA was $38.6 million, a 29.6% margin, against 32.7% a year earlier and 31.4% in the third quarter. The 2025 margin was 30.0%, against 36.3% in 2024.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
93.2
79.4
90.1
+17.3%
Capital expenditure
18.1
17.6
13.8
+3.2%
Free cash flow
75.1
61.9
76.3
+21.3%
Free cash flow margin
14.8%
13.3%
18.1%
Cash from investing
-29.0
-122
-22.3
Cash from financing
-40.6
-22.6
-15.2
Depreciation and amortisation
44.4
25.9
21.7
+71.1%
Share-based compensation
46.6
45.4
43.6
+2.7%
Diluted shares, weighted
188m
188m
186m
-0.3%
Shares outstanding at period end
187m
188m
183m
-0.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
802
759
711
+5.6%
Debt
394
333
335
+18.2%
Operating lease liabilities
29.3
30.1
33.1
-2.6%
Other liabilities
185
216
83.4
-14.6%
Total liabilities and equity
1,410
1,339
1,163
+5.3%
Fixed assets
38.4
36.6
36.8
+5.0%
Goodwill
1,024
977
838
+4.8%
Intangible assets
64.8
83.2
6.7
-22.1%
Cash and equivalents
112
85.2
153
+31.3%
Receivables
50.0
44.5
40.0
+12.2%
Other assets
121
112
87.7
+7.3%
Total assets
1,410
1,339
1,163
+5.3%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.