Filing Flows › Definitive Healthcare (DH) › Q4 2025
Definitive Healthcare (DH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Definitive Healthcare (DH) reported revenue of $61.5M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +2% from the quarter before. Operating margin was -43.3%, net loss $17.1M (27.9% of revenue).
Definitive Healthcare, Q4 2025: revenue $61.5M (-1% year over year), operating margin -43.3%, net loss $17.1M, operating cash flow $2.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.5M | +2% | -1% |
| Operating profit | −$26.6M | — | — |
| Net earnings | −$17.1M | — | — |
| Operating cash flow | $2.7M | -83% | -67% |
What changed
Revenue was $61.5M in Q4 2025, down 1% year over year and up 2% from the previous quarter. Subscription Services was the largest line at 95% of revenue.
Gross margin was 76.2%, down 0.2 points from a year earlier. Operating costs exceeded revenue by $26.6M, an operating margin of -43.3%. Operating expenses fell 50% while revenue fell 1%. The fastest-growing cost line was General & admin (+68%). The quarter ended with a net loss of $17.1M, narrower than the previous quarter's $17.8M loss. Minority interests bore $7.8M of it: to shareholders the quarter was a loss of $9.3M. Non-operating items added $9.4M, -55% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.7M (down 67% year over year). Non-cash charges added back $1.0M of depreciation and amortization and $8.2M of share-based compensation. Working capital and other items added $10.7M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$1.7M.
Questions
What was Definitive Healthcare's revenue in the fourth quarter 2025?
Definitive Healthcare (DH) reported revenue of $61.5M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +2% from the quarter before.
Was Definitive Healthcare profitable in the fourth quarter 2025?
Operating loss was $26.6M (-43.3% of revenue) and net loss $17.1M.