Thryv Holdings, Inc. reported a revenue of $201.6 million for the third quarter of 2025, marking a 12.1% increase from $179.9 million in the same period of 2024. The company's SaaS segment saw significant growth, generating $115.9 million, a 33.1% increase from $87.1 million year-over-year. In contrast, the Marketing Services segment experienced a decline, with revenue falling to $85.7 million from $92.8 million, a decrease of 7.7%. For the nine months ending September 30, 2025, total revenue was $593.4 million, down 6.9% from $637.6 million in the prior year, primarily due to a substantial drop in Marketing Services revenue.
The company achieved a net income of $5.7 million for the third quarter, a significant turnaround from a net loss of $96.1 million in the same quarter of 2024. This improvement was attributed to a reduction in operating expenses, which totaled $116.4 million, down from $200.6 million a year earlier, largely due to the absence of impairment charges that had impacted the previous year's results. The gross profit margin also improved to 67.7%, compared to 62.3% in the prior year, reflecting better cost management and a shift towards higher-margin SaaS offerings.
Thryv's operational metrics indicate a strategic shift in its client base, with approximately 250,000 small-to-medium-sized business (SMB) clients as of September 30, 2025. The company reported a decrease of 63,000 Marketing Services clients, a 25% decline, attributed to the ongoing transition from print to digital services and increased competition. Conversely, SaaS clients increased by 7,000, or 7%, reflecting successful conversions from Marketing Services to the Thryv Platform. The company also noted a decrease in average revenue per user (ARPU) for Marketing Services, which fell to $106 from $126, while SaaS ARPU increased to $365 from $307.
Looking ahead, Thryv Holdings is focused on expanding its SaaS offerings and enhancing client retention. The company plans to continue transitioning clients from its Marketing Services to its SaaS platform, which is expected to drive future revenue growth. However, the company acknowledges potential risks, including competition and economic conditions that could impact SMB spending. Thryv remains committed to leveraging strategic acquisitions, such as the recent acquisition of Keap, to bolster its market position and expand its service offerings. The company anticipates that these initiatives will support its long-term growth strategy while maintaining profitability.
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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