Thryv Achieves SaaS Revenue Growth of 34% in Full Year 2025, Shifts Focus to AI-Enabled "Market, Sell, Grow" Platform to Empower SMBs
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue o...
– Q4 SaaS Revenue Grows to over 62% of Total Revenue
– 2025 SaaS Adjusted EBITDA Margin Expands 400 Basis Points Year-Over-Year
– Q4 SaaS Monthly ARPU Increases 15% Year-Over-Year to $373
– Q4 Marketing Center Revenue Growth of Over 50% Year-Over-Year
DALLAS: Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 14% year-over-year in the fourth quarter of 2025 and grew 34% year-over-year for the full year 2025.
Fourth Quarter Financial 2025 Highlights:
- SaaS revenue was $119.0 million, a 14.1% increase year-over-year
- SaaS revenue excluding Keap was $102.8 million, a 13.1% increase year-over-year
- Marketing Services revenue was $72.6 million, an 11.7% decrease year-over-year
- Consolidated total revenue was $191.6 million, an increase of 2.7% year-over-year
- Consolidated net loss was $9.7 million, or $(0.22) per diluted share; compared to net income of $7.9 million, or $0.19 per diluted share, for the fourth quarter of 2024
- Consolidated Adjusted EBITDA was $38.9 million, representing an Adjusted EBITDA margin of 20.3%
- SaaS Adjusted EBITDA was $20.0 million, representing an Adjusted EBITDA margin of 16.8%
- Marketing Services Adjusted EBITDA was $18.8 million, representing an Adjusted EBITDA margin of 25.9%
- Consolidated Gross Profit was $130.3 million
- Consolidated Adjusted Gross Profit1 was $133.6 million
- SaaS Gross Profit was $81.7 million, representing a Gross Margin of 68.7%
- SaaS Adjusted Gross Profit1 was $83.8 million, representing an Adjusted Gross Margin of 70.4%
Full-Year 2025 Financial Highlights:
- SaaS revenue was $461.0 million, a 34.2% increase year-over-year
- SaaS revenue excluding Keap was $391.4 million, an 18.6% increase year-over-year
- Marketing Services revenue was $324.0 million, a 32.6% decrease year-over-year
- Consolidated total revenue was $785.0 million, a decrease of 4.7% year-over-year
- Consolidated net income was $0.3 million, or $0.01 per diluted share, compared to net loss of $74.2 million, or $(2.00) per diluted share, for last year
- Consolidated Adjusted EBITDA was $151.8 million, representing an Adjusted EBITDA margin of 19.3%
- SaaS Adjusted EBITDA was $73.8 million, representing an Adjusted EBITDA margin of 16.0%
- Marketing Services Adjusted EBITDA was $78.0 million, representing an Adjusted EBITDA margin of 24.1%
- Consolidated Gross Profit was $532.7 million
- Consolidated Adjusted Gross Profit1 was $548.2 million
- SaaS Gross Profit was $325.8 million, representing a Gross Margin of 70.7%
- SaaS Adjusted Gross Profit1 was $335.0 million, representing an Adjusted Gross Margin of 72.7%
- Operating cash flow was $63.5 million
- Free cash flow2 was $31.1 million
Recent Business Highlights and Metrics
- Quality customers3 (defined as those contributing more than $400 in monthly recurring revenue) accounted for 69% of SaaS revenue3 in the fourth quarter of 2025
- SaaS clients were 100 thousand at the end of the fourth quarter of 2025
- Seasoned Net Revenue Retention4 was 94% as of December 31, 2025
- SaaS monthly Average Revenue per Unit (“ARPU”)5 was $373 for the fourth quarter of 2025, an increase of 15% year-over-year
- In the fourth quarter of 2025, Marketing Center revenue increased 56% year-over-year
- For 2025, Marketing Center revenue increased over 100% year-over-year
“We delivered solid full-year 2025 results, with SaaS revenue growth of 34% year-over-year and SaaS Adjusted EBITDA margin of 16.0%,” said Joe Walsh, Thryv Chairman and CEO. “During the year, we have successfully transitioned from legacy print and marketing services into a leading SMB software company, with SaaS revenue now contributing over 62% of total revenue. Looking ahead, we are shifting to a unified growth offering enabled by AI-the Thryv Platform-designed to help small businesses market, sell, and grow.”
Earnings Conference Call Information
Thryv will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter 2025 results and outlook.
To listen to this conference call, please use this link. After registering, a confirmation email will be sent, including access details. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.
| ____________________ | ||
1 | Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense. | |
2 | Defined as net cash provided by operating activities minus additions to fixed assets and capitalized software. | |
3 | Excludes customers and revenue attributed to the Keap acquisition. | |
4 | Seasoned NRR is calculated by dividing the revenue of all clients that have had one or more SaaS offerings for at least two years as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago. Seasoned NRR excludes clients acquired in the Keap acquisition. | |
5 | Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month. This is a weighted-average calculation and inclusive of the impact from the Keap acquisition. | |
Thryv Holdings, Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Operations and Comprehensive (loss) Income | ||||||||||||||||
| Three Months Ended |
| Years Ended | |||||||||||||
| December 31, |
| December 31, | |||||||||||||
(in thousands, except share and per share data) | 2025 |
| 2024 |
| 2025 |
| 2024 | |||||||||
Revenue | $ | 191,619 |
|
| $ | 186,596 |
|
| $ | 785,015 |
|
| $ | 824,156 |
| |
Cost of services |
| 61,282 |
|
|
| 63,569 |
|
|
| 252,305 |
|
|
| 286,919 |
| |
Gross profit |
| 130,337 |
|
|
| 123,027 |
|
|
| 532,710 |
|
|
| 537,237 |
| |
|
|
|
|
|
|
|
| |||||||||
Operating expenses: |
|
|
|
|
|
|
| |||||||||
Sales and marketing |
| 52,146 |
|
|
| 61,534 |
|
|
| 225,692 |
|
|
| 254,433 |
| |
Research and development |
| 9,473 |
|
|
| 6,628 |
|
|
| 39,111 |
|
|
| 15,713 |
| |
General and administrative |
| 58,554 |
|
|
| 62,067 |
|
|
| 211,198 |
|
|
| 217,296 |
| |
Impairment charges |
| - |
|
|
| - |
|
|
| - |
|
|
| 83,094 |
| |
Total operating expenses |
| 120,173 |
|
|
| 130,229 |
|
|
| 476,001 |
|
|
| 570,536 |
| |
|
|
|
|
|
|
|
| |||||||||
Operating income (loss) |
| 10,164 |
|
|
| (7,202 | ) |
|
| 56,709 |
|
|
| (33,299 | ) | |
Other income (expense): |
|
|
|
|
|
|
| |||||||||
Interest expense |
| (5,548 | ) |
|
| (4,940 | ) |
|
| (23,430 | ) |
|
| (36,494 | ) | |
Interest expense, related party |
| (2,600 | ) |
|
| (4,783 | ) |
|
| (11,328 | ) |
|
| (10,277 | ) | |
Net periodic pension (cost) benefit |
| (6,606 | ) |
|
| 29,549 |
|
|
| (8,817 | ) |
|
| 24,806 |
| |
Other income (expense) |
| 278 |
|
|
| (3,163 | ) |
|
| 3,909 |
|
|
| (10,734 | ) | |
(Loss) income before income tax expense |
| (4,312 | ) |
|
| 9,461 |
|
|
| 17,043 |
|
|
| (65,998 | ) | |
Income tax expense |
| (5,348 | ) |
|
| (1,578 | ) |
|
| (16,736 | ) |
|
| (8,218 | ) | |
Net (loss) income | $ | (9,660 | ) |
| $ | 7,883 |
|
| $ | 307 |
|
| $ | (74,216 | ) | |
Other comprehensive (loss) income: |
|
|
|
|
|
|
| |||||||||
Foreign currency translation adjustment, net of tax |
| (39 | ) |
|
| (882 | ) |
|
| (570 | ) |
|
| 250 |
| |
Comprehensive (loss) income | $ | (9,699 | ) |
| $ | 7,001 |
|
| $ | (263 | ) |
| $ | (73,966 | ) | |
|
|
|
|
|
|
|
| |||||||||
Net (loss) income per common share: |
|
|
|
|
|
|
| |||||||||
Basic | $ | (0.22 | ) |
| $ | 0.19 |
|
| $ | 0.01 |
|
| $ | (2.00 | ) | |
Diluted | $ | (0.22 | ) |
| $ | 0.19 |
|
| $ | 0.01 |
|
| $ | (2.00 | ) | |
|
|
|
|
|
|
|
| |||||||||
Weighted-average shares used in computing basic and diluted net (loss) income per common share: |
|
|
|
|
|
|
| |||||||||
Related news
Last NewsRSA at Cybertech Europe 2024Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurityG11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem growAlways keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries Sparkle and Telsy test Quantum Key Distribution in practiceSuccessfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most readInception Launches Mercury 2, the Fastest Reasoning LLM — 5x Faster Than…Inception, the company behind the first commercial diffusion large language models (dLLMs), today announced the launch of Mercury 2, the fastest reasoning… Cobalt AI Launches Advanced Data Infrastructure for AI LabsCobalt AI, a San Francisco-based startup, is scaling up its comprehensive platform that provides expert-curated datasets, evaluation frameworks, and specialized… New KlariVis Analysis: 9 in 10 Community Banks Have Active Deposit Pathways…KlariVis, a performance intelligence platform serving over 150 community banks, today released The Quiet Spread, an analysis of 225,577 Coinbase-related… FIS Reports Full-Year 2025 Results and Introduces 2026 OutlookFIS® (NYSE:FIS), a global leader in financial technology, today reported its fourth quarter and full-year 2025 results. “We are entering 2026 with continued… G11 Media Networks
InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , 
| ||||||||||||||||