N-able Cuts 2026 ARR Outlook After Growth Slows

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $137.5 million, up 4.9% from a year earlier, and the company now sees full-year ARR of $558 million to $560 million.

N-able, Inc. (NABL), a global cybersecurity company delivering business resilience, reported third-quarter revenue of $137.5 million, up 4.9% from a year earlier, or 4.6% on a constant-currency basis, as year-over-year growth slowed for a second consecutive quarter.

Subscription revenue was $136.3 million, up 5.0% from a year earlier, or 4.7% in constant currency. Total annual recurring revenue stood at $553.1 million, up 4.7% year-over-year on both a reported and constant-currency basis.

The company said it exceeded third-quarter revenue and adjusted EBITDA guidance. Adjusted EBITDA was $43.6 million, a 31.7% margin, versus $39.9 million and a 28.9% margin in the second quarter. GAAP gross margin compressed to 74.9% from 76.8%; non-GAAP gross margin fell to 78.4% from 80.2%.

GAAP results swung to a net loss of $4.4 million, or $0.02 a share, from net income of $1.8 million, or $0.01 a share, in the second quarter. Non-GAAP net income rose to $22.9 million, or $0.12 a share, from $18.7 million, or $0.10 a share.

President and CEO John Pagliuca said the company delivered another quarter of profitable growth and that its AI-powered platform protects over 500,000 businesses. CFO Tim O’Brien said the cybersecurity backdrop remains positive and that the company continues to operate with discipline.

Management cut its full-year 2026 ARR outlook to $558 million to $560 million, representing about 3% to 4% year-over-year growth on a reported basis and 5% in constant currency, from the $562 million to $565 million range given after the second quarter. Full-year revenue is now expected at $541 million to $542 million, about 6% to 7% year-over-year reported and 5% in constant currency. Full-year adjusted EBITDA is expected at $158.5 million to $159.5 million, about 29% of revenue.

For the fourth quarter of 2026, N-able expects total revenue of $133 million to $134 million, about 3% to 4% year-over-year reported and 4% to 5% in constant currency, and adjusted EBITDA of $39.6 million to $40.6 million, about 30% of revenue.

In the third quarter the company repurchased about 10.2 million shares for about $38.7 million, representing about 5% of shares outstanding, after an August 2026 $50 million increase to the repurchase authorization that brought total authorization to $125 million. About $56 million remained on the authorization as of quarter-end.

Cash and cash equivalents were $92.5 million at September 30, 2026, down from $115.8 million at June 30. Total debt, net of unamortized discount and issuance costs, was $392.7 million. Subsequent to quarter-end, N-able borrowed the full $75 million available under its delayed-draw term loan facility.

The company said Cove now protects more than 4 million Microsoft 365 mailboxes and over 200,000 businesses, and that it expanded its SentinelOne partnership to AI, cloud, identity, and managed response. It also launched AI-accelerated vulnerability and patch management in Unified Endpoint Management and announced a distribution partnership with Leader in Australia.