N-able ended 2025 with 2,671 customers generating more than $50,000 of annual recurring revenue, up approximately 14% year-over-year, as larger customers accounted for a growing share of the cybersecurity company’s recurring revenue base.
Customers with more than $50,000 of ARR represented approximately 61% of N-able’s total ARR at December 31, up from approximately 57% a year earlier. The number of customers above that threshold increased from 2,349 to 2,671.
Total ARR reached approximately $539.7 million, increasing 11.9% from $482.5 million at the end of 2024. N-able attributed the increase to continued demand for its solutions as well as the contribution from its November 2024 acquisition of Adlumin.
Fourth-quarter revenue increased 11.8% to $130.3 million, while subscription revenue increased 12.1% to $129 million. Adjusted EBITDA reached $38.6 million, representing an adjusted EBITDA margin of 29.6%.
N-able is positioning its platform around cybersecurity, business resilience and increasing automation as artificial intelligence changes both cyber threats and the complexity of IT environments. Management also plans continued investment in AI innovation and go-to-market expansion.
The upmarket trend continued into 2026. By March 31, N-able had 2,710 customers generating more than $50,000 of ARR, up 13% year-over-year, and those customers represented approximately 62% of total ARR. Total ARR increased to $548 million.
For full-year 2026, N-able expects ARR of $581 million to $586 million and revenue of $554 million to $559 million. Adjusted EBITDA is expected between $167 million and $171 million, representing approximately 30% to 31% of revenue.
KEY QUOTES:
“Cybersecurity is a matter of survival and our AI-powered cybersecurity platform delivers the business resilience customers need.”
John Pagliuca, President And CEO Of N-able
