N-able, Inc. (NYSE:NABL) has reported its fourth quarter results for 2025, showing a total revenue of $130.3 million, which represents an 11.8% year-over-year growth. Subscription revenue also saw an increase of 12.1% year-over-year, totaling $129.0 million. The company's total ARR reached $539.7 million, showcasing an 11.9% year-over-year growth.
The company's financial report also indicates a GAAP gross margin of 76.2% and a non-GAAP gross margin of 79.8%. Notably, the adjusted EBITDA amounted to $38.6 million, representing an adjusted EBITDA margin of 29.6%.
Looking at the full-year 2026 outlook, N-able projects a constant currency ARR growth of 8% to 9% year-over-year, with an adjusted EBITDA outlook of 30% to 31%. In terms of financial position, as of December 31, 2025, N-able recorded total cash and cash equivalents of $111.8 million and total debt, net of debt issuance costs, of $393.9 million.
The company also provided its financial outlook for the first quarter of 2026, anticipating total revenue in the range of $131 to $132 million, representing approximately 11% to 12% year-over-year growth. Additionally, for the full-year 2026, N-able expects total ARR to be in the range of $581 to $586 million, representing approximately 8% to 9% year-over-year growth on both a reported and constant currency basis.
N-able's CEO, John Pagliuca, expressed confidence in the company's ability to drive continued strong performance, emphasizing the critical role of cybersecurity in business resilience. The company's CFO, Tim O’Brien, highlighted their intention to make further investments in AI innovation and go-to-market expansion, aiming to achieve over 30% adjusted EBITDA margins and a significant improvement in unlevered free cash flow year-over-year.
N-able's recent business highlights include the introduction of enhanced AI capabilities and the appointment of Patrick Pulvermueller to the board of directors, signaling a strategic emphasis on strengthening security-driven innovation and business resilience.
The company's financial outlook, including forward-looking non-GAAP financial information, provides insight into its expectations for the impact of changing foreign exchange rates and current macroeconomic dynamics. N-able's reported results reconcile non-GAAP financial measures to their nearest GAAP equivalents, offering transparency in its financial reporting practices.
N-able's constant efforts to drive growth and profitability, coupled with its strategic investments and outlook for the future, position the company for continued momentum and a strong financial profile in the cybersecurity industry. The market has reacted to these announcements by moving the company's shares -6.8% to a price of $6.58. Check out the company's full 8-K submission here.
