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Yubico
Yubico (YUBICO) investor relations material
Yubico Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record Q4 2025 bookings in fixed currency, reaching SEK 705m, driven by strong growth in small and mid-size orders and expanding industry diversification, despite FX headwinds and fewer large deals.
Subscription and ARR growth remained robust, with YubiKey as a Service representing 28% of total bookings and ARR up 21% year-over-year to SEK 391m.
Product innovation continued with the upcoming sixth-generation YubiKey, YaaS self-service, post-quantum cryptography authentication, and expansion into digital identity services.
Leadership transition: Jerrod Chong appointed Acting CEO in December 2025, emphasizing execution and continuity.
Investor Day in November 2025 outlined a long-term strategy focused on security leadership, digital identity expansion, and profitability improvement for 2026.
Financial highlights
Net sales for Q4 2025 were SEK 548.3m, down 12% year-over-year, with full-year net sales at SEK 2.2bn and a 30% CAGR from 2020–2025.
Subscription sales in Q4 grew 26.6% to SEK 94.1m, now 17.2% of net sales; subscription bookings rose 36.1% to SEK 198.7m, now 28.2% of total bookings.
Gross margin for Q4 2025 was 75.5% (down from 84.1%); full-year gross margin was 77.9%.
EBIT margin dropped to 1% in Q4 2025, impacted by FX, increased overhead, and non-recurring expenses.
Net cash at year-end was SEK 856m–895m, with positive cash flow supported by inventory reduction and working capital improvements.
Outlook and guidance
Gross margin for 2026 expected in the 75–80% range, with Q4 2025 likely marking the trough, assuming current USD/SEK trends.
Continued investment in product innovation, go-to-market strategies, and digital identity expansion, with a focus on execution and profitability.
Working capital improvements and inventory reductions expected to support cash flow; no dividend proposed for 2025.
Selective headcount growth, primarily in R&D, with a more cautious approach in 2026.
Path to 20% EBIT margin target?
Quantify subscription revenue recognition delay.
Reconcile share buyback with no dividend.
What drives large deal conversion beyond tech win?
Key levers for 2026 gross margin improvement?
How will APAC expansion impact margins?
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Next Yubico earnings date
Q1 20265 May, 2026
Yubico
Next Yubico earnings date
Q1 20265 May, 2026
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Frequently asked questions
Yubico is a global cybersecurity most known for its invention of the YubiKey, a device that provides phishing-resistant multi-factor authentication (MFA). The company has made significant contributions to the development of the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, positioning itself as a leader in hardware-based security solutions for digital access. Yubico's products, including the YubiKey and YubiHSM, are designed to offer enhanced security for a wide range of IT systems and online services, ensuring secure access and data protection for individuals and organizations worldwide. The company's solutions are used by customers in over 160 countries, including a significant portion of Fortune 500 companies, highlighting its widespread acceptance and trust in the cybersecurity community. The company is headquartered in Stockholm, Sweden and its shares are listed on the Nasdaq First North Growth Market Stockholm.
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