Thryv Holdings reported third‑quarter 2025 revenue of $201.6 million, up 12.1% year‑over‑year, driven by a 33% increase in SaaS revenue to $115.9 million. SaaS monthly average revenue per user rose 19% to $365, reflecting deeper product adoption among the company’s 103,000 SaaS subscribers.
Operating income reached $20.0 million, and net income was $5.7 million, translating to earnings per share of $0.13. Adjusted EBITDA for the quarter was $40.8 million, well above the guidance range of $19.2–$21.2 million for Q3. Operating cash flow was $22 million, underscoring the firm’s ability to generate free cash from its SaaS business.
In comparison, Q3 2024 net income was a loss of $96.1 million, or $(2.65) per diluted share, while Q2 2025 net income was $3.2 million. Operating income in Q3 2025 was $20.0 million versus $3.5 million in Q3 2024, illustrating a sharp turnaround driven by the elimination of prior impairment charges and lower operating expenses.
For the fourth quarter, Thryv is guiding SaaS revenue of $118.0–$121.0 million and adjusted EBITDA of $19.2–$21.2 million. Full‑year 2025 guidance now projects SaaS revenue of $460.0–$463.0 million and adjusted EBITDA of $73.0–$75.0 million, while marketing‑services revenue is expected to be $323.0–$325.0 million with adjusted EBITDA of $76.0–$78.0 million.
Net debt fell to $274 million, improving leverage to 2.2×. The company is continuing to reduce debt and strengthen its balance sheet as part of its broader transformation strategy.
Thryv’s results highlight a strategic pivot toward a SaaS‑first model, with SaaS revenue now representing 58% of total revenue. The company is expanding AI‑powered features to increase customer lifetime value and plans to exit its marketing‑services division by 2028. Management noted that the decline in marketing‑services revenue was due to a shift in customer demand and the company’s focus on higher‑margin SaaS offerings. Thryv is also cooperating with an SEC Division of Enforcement subpoena related to client platform conversion, a potential risk factor for investors.
The company’s CEO, Joe Walsh, emphasized strong demand for its SaaS products, disciplined cost management, and the importance of AI and automation in driving future growth.
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