Thryv Holdings, Inc. reported a total revenue of $785.0 million for the fiscal year ending December 31, 2025, a decrease of 4.7% from $824.2 million in 2024. The decline was primarily driven by a significant drop in the Marketing Services segment, which saw revenues fall by 32.6% to $324.0 million, compared to $480.7 million in the previous year. In contrast, the Software as a Service (SaaS) segment experienced a notable increase, generating $461.0 million, up 34.2% from $343.5 million in 2024. The company achieved a net income of $0.3 million, a recovery from a net loss of $74.2 million in 2024, reflecting improved operational efficiency and cost management.
The company has been actively transitioning its business model from traditional Marketing Services to a SaaS-focused approach, with plans to exit the Marketing Services segment entirely by the end of 2028. As part of this strategy, Thryv accelerated the conversion of clients from its Digital marketing services to its SaaS platform, resulting in an increase of $30.4 million in SaaS revenue from these conversions. By the end of 2025, approximately 230,000 small and medium-sized business (SMB) clients were served, with 100,000 in the SaaS segment and 171,000 in Marketing Services.
Operationally, Thryv's SaaS segment has shown strong engagement metrics, with a monthly average revenue per user (ARPU) of $356, an increase of 8% from the previous year. The company also reported a Seasoned Net Revenue Retention (NRR) rate of 94% for its SaaS clients, indicating a slight decline from 98% in 2024, primarily due to client downgrades and cancellations. The total employee headcount as of December 31, 2025, was 2,729, reflecting a focus on maintaining a skilled workforce to support its SaaS offerings.
Looking ahead, Thryv's management remains optimistic about the growth potential of its SaaS platform, driven by ongoing product enhancements and geographic expansion. The company plans to continue investing in its technology infrastructure and product development to meet the evolving needs of SMBs. However, management cautioned that the transition from Marketing Services to SaaS may present challenges, including potential client churn and the need to effectively manage operational growth. The company is also closely monitoring market conditions and competitive dynamics as it navigates this strategic shift.
About Thryv Holdings, Inc.
Thryv Holdings, Inc. provides cloud-based software solutions and marketing services for small and medium-sized businesses. Its core offerings include an all-in-one SaaS platform for business management, customer relationship management, marketing automation, and payment processing, alongside print and digital marketing solutions. Serving primarily U.S. SMBs, the company leverages extensive sales channels and industry expertise to help clients attract customers, streamline operations, and compete effectively.
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