Docebo Inc. cash flow statement

In fiscal 2025, Docebo Inc.'s operations generated $28.2m of cash; it spent $981,000 on capital projects, leaving free cash flow of $27.2m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Docebo Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−5	5	−3	2	16	29	28
Depreciation and amortisation	1	1	2	2	3	3	3
Stock-based pay	1	2	2	5	6	7	6
Capital spending	0	1	1	1	1	1	1
Free cash flow	−5	4	−4	1	15	28	27
Free cash flow after stock pay	−6	2	−7	−4	9	21	21

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Docebo Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Docebo Inc.