Docebo CFO Sees Some EBITDA Margin Expansion in 2027, Points to February

Docebo Inc. Chief Financial Officer Brandon Farber expects some EBITDA margin expansion in 2027, though he offered no numerical target and said the company would provide more detailed EBITDA guidance in February. Docebo’s formal financial outlook currently covers 2026.

“Without giving you a full guide, yes, you’ll see some EBITDA margin expansion. Stay tuned in February for more guidance on EBITDA,” Farber said during the company’s Nov. 6 third-quarter earnings call, which began at 8 a.m. ET (13:00 UTC). He made the remarks during a discussion of capital allocation and investment plans.

Farber’s comment described an expected direction for margins but did not set a 2027 target. He said he was not giving a full guide and pointed to February for more detail.

Docebo’s 2026 forecast calls for adjusted EBITDA of US$55.8 million and revenue of US$276.7 million. For the fourth quarter ending Dec. 31, the company projected adjusted EBITDA of US$16.9 million to US$17.1 million and revenue of US$71.9 million to US$72.1 million.

For the quarter ended Sept. 30, adjusted EBITDA was US$16.654 million, equal to 23.7% of revenue. A year earlier, adjusted EBITDA was US$12.404 million, or 20.1% of revenue. Revenue increased 14.1% to US$70.333 million.

The capital allocation discussion came on the same day Docebo declared a one-time cash dividend of approximately US$60 million, or US$2.42 per common share. The company said it would fund the payment with additional borrowing under its existing US$150 million credit facility and that shareholders should not expect the dividend to recur. The special dividend terms set Nov. 16 as the record date and Nov. 30 as the payment date.