Definitive Healthcare Reports 29% Adjusted EBITDA Margin on $61.5M Q4 Revenue
Definitive Healthcare’s Q4 revenue fell 1% to $61.5M while adjusted EBITDA rose to $18.0M, a 29% margin, and net loss narrowed to $17.1M including $19.5M goodwill impairment. Full-year 2025 revenue dropped to $241.5M and adjusted EBITDA margin held at 29%, with 2026 guidance at $220–226M revenue and 24–26% EBITDA margin.
1. Fourth Quarter 2025 Financial Results
Definitive Healthcare reported Q4 revenue of $61.5M, down 1% year-over-year, with net loss narrowing to $17.1M, which included $19.5M of goodwill impairment charges. Adjusted EBITDA rose to $18.0M, or 29% of revenue, while cash flow from operations reached $2.7M and unlevered free cash flow was $2.5M.
2. Full Year 2025 Performance
For the full year, revenue totaled $241.5M, a decline from $252.2M in 2024, and net loss narrowed to $199.3M, inclusive of $196.1M in goodwill impairments. Adjusted net income was $34.9M and adjusted EBITDA reached $70.4M (29% margin), with operating cash flow of $53.8M and unlevered free cash flow of $54.9M.
3. Recent Business Wins
In Q4, the company secured new contracts including a nonprofit academic-affiliated integrated health system adopting its Population Intelligence platform, a regional health system renewal driven by proactive customer success, and a global therapy solutions leader choosing its data for U.S. market expansion.
4. 2026 Financial Outlook
First quarter 2026 guidance calls for $54.0–56.0M in revenue, $9.5–10.5M in adjusted operating income, $12.0–13.0M in adjusted EBITDA (22–23% margin), and $4.0–5.0M in adjusted net income ($0.03 per share). Full-year guidance projects $220.0–226.0M in revenue, $41.5–46.5M in adjusted operating income, $53.0–58.0M in adjusted EBITDA (24–26% margin), and $21.0–26.0M in adjusted net income ($0.14–0.17 per share).