Filing Flows › Definitive Healthcare (DH) › Q3 2025
Definitive Healthcare (DH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Definitive Healthcare (DH) reported revenue of $60.0M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -1% from the quarter before. Operating margin was -14.5%, net loss $17.8M (29.6% of revenue).
Definitive Healthcare, Q3 2025: revenue $60.0M (-4% year over year), operating margin -14.5%, net loss $17.8M, operating cash flow $15.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $60.0M | -1% | -4% |
| Operating profit | −$8.7M | — | — |
| Net earnings | −$17.8M | — | — |
| Operating cash flow | $15.7M | +69% | -19% |
| Free cash flow | $13.4M | +91% | -28% |
What changed
Revenue was $60.0M in Q3 2025, down 4% year over year and down 1% from the previous quarter. Subscription Services was the largest line at 97% of revenue. Subscription Services lost $2.7M year over year (down 4%), 101% of the total change.
Gross margin was 76.6%, down 1.6 points from a year earlier. Operating costs exceeded revenue by $8.7M, an operating margin of -14.5%. Operating expenses fell 80% while revenue fell 4%. The quarter ended with a net loss of $17.8M, wider than the previous quarter's $9.3M loss. Minority interests bore $3.0M of it: to shareholders the quarter was a loss of $14.8M.
Operating cash flow was $15.7M (down 19% year over year). Non-cash charges added back $853K of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items added $25.9M. Capital expenditures of $2.3M left free cash flow of $13.4M.
Questions
What was Definitive Healthcare's revenue in the third quarter 2025?
Definitive Healthcare (DH) reported revenue of $60.0M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -1% from the quarter before.
Was Definitive Healthcare profitable in the third quarter 2025?
Operating loss was $8.7M (-14.5% of revenue) and net loss $17.8M.