Kinaxis Inc. Reports Record Fourth Quarter 2025 Results

News > Business News

Audio By Carbonatix

5:01 PM on Wednesday, March 4

The Associated Press

OTTAWA, Ontario--(BUSINESS WIRE)--Mar 4, 2026--

Kinaxis® (TSX:KXS), a global leader in end-to-end supply chain orchestration, reported record results for its fourth quarter ended December 31, 2025. All amounts are in U.S. dollars. All figures are prepared in accordance with IFRS Accounting Standards (IFRS) unless otherwise indicated.

“Our team delivered a record fourth quarter and fiscal 2025. The results demonstrate the growing need for organizations to manage unprecedented levels of volatility in demand and supply with Maestro, our market-leading AI-enabled supply chain planning, decision-making and orchestration platform,” said Razat Gaurav, chief executive officer at Kinaxis. “Our improved focus on large, global organizations that run complex supply chains is paying off, including new wins with leaders in semiconductors, data storage, oil and gas, among others. We also had a record year expanding with our installed base, reflecting enhanced focus and execution in that key go-to-market motion and a much broader set of capabilities in Maestro. Our customers are strategically partnering with Kinaxis to reimagine their supply chain planning, leverage state-of-the-art data and semantic architectures, and rapidly innovate with our composable agentic orchestration capabilities.”

Q4 2025 Highlights

$ USD thousands, except as otherwise indicated	Q4 2025	Q4 2024	Change
Total Revenue (constant currency2)	144,235 140,786	123,935	16% 14%
SaaS (constant currency2)	97,153 94,974	81,856	19% 16%
Subscription term licenses	1,716	1,592	8 %
Professional services	39,951	35,092	14 %
Maintenance and support	5,415	5,395	—%
Gross profit Margin	94,259 65%	75,102 61%	26%
Profit (loss) Per diluted share	19,501 $0.68	(16,316) $(0.58)	— (1)
Adjusted EBITDA 2 Margin	37,575 26%	31,462 25%	19%
Cash flows from operating activities	29,942	24,117	24%

(1) The Percentage change has been excluded as it is not meaningful.
(2) “Adjusted EBITDA” and constant currency metrics are non-IFRS measures that are not a recognized, defined or standardized measure under IFRS. These measures as well as any other non-IFRS financial measures reported by Kinaxis are defined in the “Non-IFRS Measures” section of this news release.

FY 2025 Highlights

$ USD thousands, except as otherwise indicated	FY 2025	FY 2024	Change
Total Revenue (constant currency2)	548,030 540,204	483,111	13% 12%
SaaS (constant currency2)	362,427 357,501	309,243	17% 16%
Adjusted EBITDA 2 Margin	138,370 25%	106,085 22%	30%

Key Performance Indicators

The company’s Annual Recurring Revenue 3 (ARR), which includes subscription amounts related to both SaaS and on-premise contracts, rose 20% to $433 million at the end of the quarter (18% growth in constant currency 2).

$USD millions	Q4 2025	Q4 2024	Change
Annual recurring revenue 3	433	360	20 %

(3) Annual Recurring Revenue (ARR) is the total annualized value of recurring subscription amounts (ultimately recognized as SaaS, Subscription term licenses and Maintenance and support revenue) of all subscription contracts at a point in time. Annualized subscription amounts are determined solely by reference to the underlying contracts, normalizing for the varying revenue recognition treatments under IFRS 15 for cloud-based versus on-premise subscription amounts. It excludes one-time fees, such as for non-recurring professional services, and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely. We believe that this measure provides a more current indication of our performance in the growth of our subscription business than other metrics.

The nature of the company’s long-term contracts provides visibility into future, contracted revenue. The following table presents revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at December 31, 2025.

$USD millions	2026	2027	2028 and later	Total
SaaS	374.5	273.0	254.6	902.1
Maintenance and support	20.3	16.4	10.6	47.3
Subscription term licenses	18.1	3.4	0.3	21.8
Total	412.9	292.8	265.5	971.2

Financial Guidance

Kinaxis is initiating its fiscal 2026 financial guidance, as follows.

	FY 2026 Guidance
Total revenue	$620-635 million
SaaS revenue growth	17-19% growth
Adjusted EBITDA 2 margin	25-26%

“2025 was an outstanding year for Kinaxis, both from a growth and profitability perspective. We roughly doubled the number of wins with large enterprise customers and saw over 100 software deals above $1 million in total software contract value and more than 20 deals above $1 million in average annual software contract value. We exited the year with ARR growing 18% in constant currency versus 14% last year, which creates an opportunity for momentum in SaaS revenue and Adjusted EBITDA margin in 2026, even as we make important investments in AI and in our high-performing go-to-market organization,” said Blaine Fitzgerald, chief financial officer at Kinaxis.

Guidance in this press release is provided to enhance visibility into Kinaxis’ expectations for financial targets for the periods indicated. Please refer to the section regarding forward-looking statements that forms an integral part of this release. This press release along with the financial statements and MD&A for the quarter ended December 31, 2025 are available on Kinaxis’ website and on SEDAR+ at www.sedarplus.ca.

Conference Call

Kinaxis will host a conference call tomorrow, March 5, 2026, to discuss these results. Razat Gaurav, chief executive officer, and Blaine Fitzgerald, chief financial officer, will host the call starting at 8:30 a.m. Eastern Time. A question and answer session will follow management's presentation.

DATE:		Thursday, March 5, 2026
TIME:		8:30 a.m. Eastern Time
WEBCAST		https://events.q4inc.com/attendee/567578009 (available for three months)

About Kinaxis Inc.

Kinaxis is a global leader in modern supply chain orchestration, powering complex global supply chains and supporting the people who manage them. Our powerful, AI-infused supply chain orchestration platform, Maestro™, combines proprietary technologies and techniques that provide full transparency and agility across the entire supply chain — from multi-year strategic planning to last-mile delivery. We are trusted by renowned global brands to provide the agility and predictability needed to navigate today’s volatility and disruption. For more news and information, please visit kinaxis.com or follow us on LinkedIn.

Non-IFRS Measures

This press release makes reference to Adjusted Profit and Adjusted EBITDA, which are non-IFRS financial measures, as well as Adjusted EBITDA margin which expresses Adjusted EBITDA as a percentage of revenue. Adjusted Profit, Adjusted EBITDA and Adjusted EBITDA margin are not recognized, defined or standardized measures under IFRS. We use these measures to provide investors with supplemental information on our operating performance and to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Providing these non-IFRS measures provides useful information because they portray the financial results of the Company before certain expenses that do not impact the ongoing operating decisions taken by management. Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements, and to determine components of employee compensation.

Adjusted Profit represents profit adjusted to exclude our equity compensation plans, special charges, and restructuring expenses. Adjusted EBITDA represents profit adjusted to exclude our equity compensation plans, special charges, restructuring expenses, income tax expense, depreciation and amortization, foreign exchange loss (gain) and net finance (income) expense. Adjusted EBITDA margin expresses Adjusted EBITDA as a percentage of revenue. Our definitions of Adjusted Profit, Adjusted EBITDA and Adjusted EBITDA margin will likely differ from those used by other companies (including our peers) and therefore comparability may be limited. Non-IFRS measures should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures. Kinaxis has reconciled Adjusted Profit and Adjusted EBITDA to the most comparable IFRS financial measure as follows:

		Three months ended December 31,		Year ended December 31,
		2025			2024		2025		2024
	(In thousands of USD)		(In thousands of USD)
Profit (loss)		19,501				(16,316	)	70,699		56
Share-based compensation		9,263				10,228		39,015		39,581
Special charges (1)		—				18,191		—		21,365
Restructuring expenses (2)		—				(71	)	—		7,249
Adjusted profit		28,764				12,032		109,714		68,251
Income tax expense		7,329				17,068		22,187		25,096
Depreciation and amortization		4,586				6,046		19,847		24,928
Foreign exchange gain		(356	)			(927	)	(2,561	)	(682	)
Net finance income		(2,748	)			(2,757	)	(10,817	)	(11,508	)
		8,811				19,430		28,656		37,834
Adjusted EBITDA		37,575				31,462		138,370		106,085
Adjusted EBITDA as a percentage of revenue		26	%			25	%	25	%	22	%

Note:
(1) Costs associated with business transformation activities.
(2) Costs associated with the restructuring initiative

We also present certain IFRS measures, SaaS revenue and total revenue, and non-IFRS supplementary measures, ARR, under constant currency. We believe that presenting these measures under constant currency provides a useful framework for assessing estimates of how our business would have performed excluding the effect of foreign currency rate fluctuations. The presentation of financial results under constant currency is considered to be a non-IFRS measure and does not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies (including our peers). For SaaS revenue and total revenue under constant currency, results for entities reporting in currencies other than U.S. Dollars (“USD”) are converted into USD at the average exchange rates in effect during the comparison period, rather than the actual average exchange rates in effect during the current period. For constant currency ARR, we convert all non-USD-denominated recurring subscription amounts at the exchange rates in effect at the end of the comparison period, rather than the exchange rates in effect at the end of the current period. The outlook for constant currency SaaS revenue growth rate is derived by applying the average exchange rates in effect during the comparison period rather than the exchange rates expected during the guidance period. We believe the presentation of the above results and metrics, and applicable related growth rates, adjusted for constant currency facilitates the corresponding year‑over‑year comparisons.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements, future-oriented financial information and financial outlook within the meaning of applicable securities laws. Forward-looking statements, future-oriented financial information and financial outlook include statements as to our expectations for:

growth of annual total revenue, annual SaaS revenue growth, and our expectations for Adjusted EBITDA margin achievement, in each case looking forward for our fiscal year ending December 31, 2026;
SaaS growth and increased profitability in years beyond 2026; and
contracted revenue in future periods, including 2026, 2027 and 2028 and later.

This release also includes forward-looking statements as to Kinaxis’ growth opportunities and the potential benefits of, and markets and demand for, Kinaxis’ products and services. These statements are subject to certain assumptions, risks and uncertainties, including our view of the relative position of Kinaxis’ products and services compared to competitive offerings in the industry.

In particular, our guidance for 2026 annual total revenue, annual SaaS revenue growth and annual Adjusted EBITDA margin, as well as our comments on our expectations for SaaS growth and increased profitability in years beyond 2026, are subject to certain assumptions and associated risks including:

our ability to win business from new customers and expand business from existing customers;
the timing of new customer wins and expansion decisions by our existing customers;
maintaining our customer retention levels, and specifically, that customers will renew contractual commitments on a periodic basis as those commitments come up for renewal, at rates consistent with our historic experience;
anticipated trends, standards and challenges in our business and the markets we operate in;
fluctuations in the value of foreign currencies relative to the U.S. Dollar; and
with respect to Adjusted EBITDA and profitability, our ability to contain expense levels while expanding our business.

Our guidance and commentary for achievement of contracted revenue in future periods, including in 2026, 2027 and 2028 and later, is based on assumptions and associated risks including:

our ability to satisfy material unperformed obligations under our long-term contracts; and
the continued financial capacity and creditworthiness of our customers under long-term contracts.

These and other assumptions, risks and uncertainties may cause Kinaxis’ actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements, future-oriented financial information or financial outlook. Material risks and uncertainties relating to our business are described under the headings “Forward-Looking Statements” and “Risks and Uncertainties” in our annual MD&A dated March 4, 2026, and under the heading “Risk Factors” in our Annual Information Form dated March 4, 2026, which are available at www.sedarplus.ca. Readers are cautioned that the assumptions used in the preparation of forward-looking statements, future-oriented financial information and financial outlook, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on such information. Our actual results, performance and achievements could differ materially from those expressed in, or implied by, such forward-looking statements, future-oriented financial information or financial outlook. Forward-looking statements, future-oriented financial information and financial outlook are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kinaxis assumes no obligation to update or revise any forward-looking statements, future-oriented financial information or financial outlook whether as a result of new information, future events or otherwise, except as expressly required by law.

SOURCE: Kinaxis Inc.

Kinaxis Inc. Condensed Consolidated Interim Statements of Financial Position (Expressed in thousands of USD)

	December 31, 2025	December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	149,614		$	172,192
Short-term investments		175,095			126,307
Trade and other receivables		165,781			156,394
Prepaid expenses		15,743			18,244
		506,233			473,137
Non-current assets:
Unbilled receivables		1,596			1,448
Other receivables		1,047			867
Prepaid expenses		1,558			2,072
Deferred tax assets		18,225			11,016
Contract acquisition costs		37,038			32,005
Property and equipment		28,526			32,486
Right-of-use assets		43,090			46,705
Intangible assets		10,804			12,865
Goodwill		76,597			72,735
		218,481			212,199

	$	724,714		$	685,336

Liabilities and Shareholders’ Equity
Current liabilities:
Trade payables and accrued liabilities	$	90,040		$	94,913
Deferred revenue		161,060			140,008
Lease obligations		5,938			5,587
		257,038			240,508
Non-current liabilities:
Lease obligations		42,065			43,348
Deferred tax liabilities		4,042			5,969
		46,107			49,317
Shareholders’ equity:
Share capital		363,246			329,312
Contributed surplus		—			12,078
Accumulated other comprehensive loss		(223	)		(3,847	)
Retained earnings		58,546			57,968
		421,569			395,511

	$	724,714		$	685,336

Kinaxis Inc. Condensed Consolidated Interim Statements of Comprehensive Income (Expressed in thousands of USD, except share and per share data)

	Three months ended December 31,	Year ended December 31,
	2025	2024	2025	2024
Revenue	$	144,235		$	123,935		$	548,030	$	483,111

Cost of revenue		49,976			48,833			193,752		188,528

Gross profit		94,259			75,102			354,278		294,583

Operating expenses:
Selling and marketing		28,216			25,624			115,083		100,531
Research and development		25,648			21,310			94,041		87,653
General and administrative		16,607			31,172			65,672		93,661
		70,471			78,106			274,796		281,845

		23,788			(3,004	)		79,482		12,738

Other income:
Foreign exchange gain		356			927			2,561		682
Net finance and other income		2,686			2,829			10,843		11,732
		3,042			3,756			13,404		12,414

Profit before income taxes		26,830			752			92,886		25,152

Income tax expense		7,329			17,068			22,187		25,096

Profit (loss)		19,501			(16,316	)		70,699		56

Other comprehensive income (loss):
Items that are or may be reclassified subsequently to profit
Foreign currency translation differences - foreign operations		(1,226	)		(4,660	)		2,285		(3,563	)
Change in valuation of cash flow hedges		479			(1,389	)		1,339		(1,644	)
		(747	)		(6,049	)		3,624		(5,207	)

Total comprehensive income (loss)	$	18,754		$	(22,365	)	$	74,323	$	(5,151	)

Basic earnings (loss) per share	$	0.70		$	(0.58	)	$	2.51	$	—
Weighted average number of basic Common Shares		28,019,320			28,132,782			28,153,453		28,243,305
Diluted earnings (loss) per share	$	0.68		$	(0.58	)	$	2.45	$	—
Weighted average number of diluted Common Shares		28,586,942			28,132,782			28,845,750		28,939,759

Kinaxis Inc. Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Expressed in thousands of USD)

		Accumulated other comprehensive income (loss)
	Share capital	Contributed surplus	Cash flow hedges	Currency translation adjustments	Total	Retained earnings	Total equity

Balance, December 31, 2023	$	307,327		$	44,339		$	441		$	919		$	1,360		$	101,802		$	454,828

Profit		—			—			—			—			—			56			56
Other comprehensive loss		—			—			(1,644	)		(3,563	)		(5,207	)		—			(5,207	)
Total comprehensive income (loss)		—			—			(1,644	)		(3,563	)		(5,207	)		56			(5,151	)

Share options exercised		28,065			(6,512	)		—			—			—			—			21,553
Restricted share units vested		14,992			(14,992	)		—			—			—			—			—
Deferred share units vested		1,396			(1,396	)		—			—			—			—			—
Performance share units vested		5,533			(5,533	)		—			—			—			—			—
Share-based payments		—			40,723			—			—			—			—			40,723
Shares repurchased		(9,837	)		(44,551	)		—			—			—			(43,890	)		(98,278	)
Obligations related to share repurchases		(18,164	)		—			—			—			—			—			(18,164	)
Total shareholder transactions		21,985			(32,261	)		—			—			—			(43,890	)		(54,166	)

Balance, December 31, 2024	$	329,312		$	12,078		$	(1,203	)	$	(2,644	)	$	(3,847	)	$	57,968		$	395,511

Profit		—			—			—			—			—			70,699			70,699
Other comprehensive income		—			—			1,339			2,285			3,624			—			3,624
Total comprehensive income		—			—			1,339			2,285			3,624			70,699			74,323

Share options exercised		26,742			(6,390	)		—			—			—			—			20,352
Restricted share units vested		24,937			(24,937	)		—			—			—			—			—
Deferred share units vested		810			(810	)		—			—			—			—			—
Performance share units vested		3,553			(3,553	)		—			—			—			—			—
Share-based payments		—			40,380			—			—			—			—			40,380
Shares repurchased		(10,141	)		(16,768	)		—			—			—			(70,121	)		(97,030	)
Change in obligation for share repurchases		(11,967	)		—			—			—			—			—			(11,967	)
Total shareholder transactions		33,934			(12,078	)		—			—			—			(70,121	)		(48,265	)

Balance, December 31, 2025	$	363,246		$	—		$	136		$	(359	)	$	(223	)	$	58,546		$	421,569

Kinaxis Inc. Condensed Consolidated Interim Statements of Cash Flows (Expressed in thousands of USD)

	Three months ended December 31,	Year ended December 31,
	2025	2024	2025	2024

Cash flows from operating activities

Profit (loss)	$	19,501		$	(16,316	)	$	70,699		$	56
Items not affecting cash:
Depreciation of property and equipment and right-of-use assets		3,732			4,726			16,502			19,614
Amortization of intangible assets		854			1,320			3,345			5,314
Impairment loss on intangible assets		—			4,521			—			4,521
Share-based payments		9,263			10,228			39,015			39,581
Net finance income		(2,748	)		(2,757	)		(10,817	)		(11,508	)
Income tax expense		7,329			17,068			22,187			25,096
Investment tax credits recoverable		—			11,271			—			8,362
Change in operating assets and liabilities		(5,922	)		(8,814	)		3,478			900
Interest received		3,651			3,750			13,257			14,137
Interest paid		(554	)		(437	)		(2,004	)		(1,714	)
Income taxes paid		(5,164	)		(443	)		(37,862	)		(5,146	)
		29,942			24,117			117,800			99,213
Cash flows from (used in) investing activities

Purchase of property and equipment		(674	)		(2,268	)		(5,689	)		(4,515	)
Purchase of short-term investments		(164,608	)		(103,316	)		(619,089	)		(342,076	)
Redemption of short-term investments		196,936			87,855			569,684			332,972
		31,654			(17,729	)		(55,094	)		(13,619	)
Cash flows used in financing activities

Payment of lease obligations		(1,471	)		(1,603	)		(5,838	)		(6,963	)
Repurchase of shares		(36,008	)		(19,996	)		(97,030	)		(98,278	)
Proceeds from exercise of stock options		742			7,969			20,352			21,553
		(36,737	)		(13,630	)		(82,516	)		(83,688	)

Increase (decrease) in cash and cash equivalents		24,859			(7,242	)		(19,810	)		1,906

Cash and cash equivalents, beginning of year		126,476			183,228			172,192			174,844

Effects of exchange rates on cash and cash equivalents		(1,721	)		(3,794	)		(2,768	)		(4,558	)
Cash and cash equivalents, end of year	$	149,614		$	172,192		$	149,614		$	172,192

View source version on businesswire.com:https://www.businesswire.com/news/home/20260304540878/en/

CONTACT: Investor Relations

Rick Wadsworth | Kinaxis

[email protected]

613-907-7613Media Relations

Vanessa Cohen | Kinaxis

[email protected]

647-822-8540

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY TRANSPORT SOFTWARE LOGISTICS/SUPPLY CHAIN MANAGEMENT RETAIL DATA MANAGEMENT SUPPLY CHAIN MANAGEMENT ARTIFICIAL INTELLIGENCE

SOURCE: Kinaxis Inc.

PUB: 03/04/2026 05:01 PM/DISC: 03/04/2026 05:02 PM

http://www.businesswire.com/news/home/20260304540878/en